DEFAULT AND BANKRUPTCY. In the event that: (a) The LESSEE shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten (10) days after written notice thereof; or (b) The LESSEE shall default in the observance or performance of any other of the LESSEE'S covenants, agreements, or obligations hereunder and such default shall not be corrected within thirty (30) days after written notice thereof; or (c) The LESSEE shall be declared bankrupt or insolvent according to law, or, if any assignment be made of XXXXXX'S property for the benefit of creditors, then the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premises, to declare the term of this Lease ended, and remove the LESSEE'S effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE shall indemnify the LESSOR against all loss of rent and other payments which the LESSOR may incur by reason of such termination during the residue of the term. If the LESSEE shall default, after reasonable covenants on LESSEE'S part to be observed or performed under or by virtue of any of the provisions in any article of this Lease, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEE. If the LESSOR 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, such sums paid or obligations incurred, with interest at the rate of twelve (12) percent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent.
Appears in 3 contracts
Samples: Commercial Lease (First Marblehead Corp), Commercial Lease (First Marblehead Corp), Commercial Lease (First Marblehead Corp)
DEFAULT AND BANKRUPTCY. In the event that:
(a) The LESSEE shall default in the payment of any installment of or rent or other sum herein specified and such default shall continue for ten (10) days after written notice thereof; or
(b) The LESSEE shall default in the observance or performance of any other of the LESSEE'S ’S covenants, agreements, or obligations hereunder and such default shall not be corrected cured within thirty (30) days after written notice thereof, provided, that, if such default is curable but cure cannot reasonably be effected within such thirty (30) day period, such default shall not be a default hereunder so long as LESSEE promptly commences cure within such thirty (30) day period and thereafter diligently prosecutes such cure to completion; or
(c) The LESSEE shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXX'S LESSEE’S property for the benefit of creditors, then the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premises, to declare the term of this Lease ended, and remove the LESSEE'S effectsmay, without prejudice to any remedies which might otherwise be otherwise used available for arrears of rent Base Rent and Additional Rent or any other defaultcharges or preceding breach of covenant, immediately or at any time thereafter while such failure continues terminate this Lease by giving notice to LESSEE. The LESSEE shall indemnify the LESSOR against all loss of rent and other payments which the LESSOR may incur by reason of such termination during the residue of the termterm but, in the event that the Leasehold or part thereof shall be relet by LESSOR (and LESSOR hereby agrees to use diligent efforts to relet the Leasehold), LESSEE shall be entitled to a credit in the net amount of rent received by LESSOR in reletting, after deduction of all reasonable expenses incurred in reletting the Leasehold and in collecting the rent in connection therewith. If the LESSEE shall default, after reasonable notice thereof, in the observance or performance of any conditions or covenants on LESSEE'S ’S part to be observed or performed under or by virtue of any of the provisions in any article of this Lease, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEE. If the LESSOR 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, such sums paid or obligations incurred, with interest at the rate of twelve (12) percent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent.
Appears in 2 contracts
Samples: Commercial Lease (T2 Biosystems, Inc.), Commercial Lease (T2 Biosystems, Inc.)
DEFAULT AND BANKRUPTCY. In the event that:: ----------------------
(a) 19.1. The LESSEE shall default in the payment of any installment of rent or other sum herein specified specified, and such default shall continue for ten (10) days after written notice thereof; or
(b) 19.2. The LESSEE shall default in the observance or performance of any other of the LESSEE'S 's covenants, agreements, agreements or obligations hereunder hereunder, and such default shall not be corrected within thirty (30) days after written notice thereof; or
(c) 19.3. The LESSEE shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXX'S LESSEE's property for the benefit of creditors, then the LESSOR shall have the right thereafter, while such default continues, to re-enter reenter and take complete possession of the leased premises, to declare the term of this Lease the lease ended, and remove the LESSEE'S 's effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE shall indemnify the LESSOR against all loss of rent and other default. The LESSEE shall indemnify the LESSOR against all loss of rent and other payments which the LESSOR may incur by reason of such termination during the residue of the term. If the LESSEE shall default, after reasonable notice thereof, in the observance or performance of any conditions of covenants on LESSEE'S 's part to be observed or performed under or by virtue of any of the provisions in any article of this Leaselease, the LESSOR, without being under any obligation to do so so, and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEE. If the LESSOR makes any expenditures or incurs any obligations for the payment of money in connection therewith, including including, but not limited to, reasonable attorney's fees in instituting, prosecuting or defending any action or proceeding, such sums paid or obligations incurred, with interest at the rate of twelve (12%) percent per annum annum, and costs, shall be paid to the LESSOR by the LESSEE as additional rent. In any litigation between the LESSOR and the LESSEE, the LESSEE shall pay the LESSOR's costs and attorney's fees in the event that the final judgment is in favor of the LESSOR and the LESSOR shall pay the LESSEE's costs and attorney's fees in the event that the final judgment is in favor of the LESSEE. The LESSEE further covenants that in case the LESSOR shall, without fault on LESSOR's part, be made a party to any litigation commenced against the LESSEE, then the LESSEE shall pay all expenses, costs and reasonable attorney's fees incurred by or imposed upon the LESSOR in connection with such litigation, and such expenses, costs and attorney's fees shall be additional rent due on the last rent day after service of notice of such payment or payments, together with interest at the rate of twelve (12) percent per annum from the date of payment, and shall be collected as any other rent specifically reserved herein, unless the LESSOR shall be made a party by reason of any independent liability of the LESSOR caused by some act or omission on the part of the LESSOR and not resulting from any act or omission on the part of the LESSEE or from the execution of the lease by the LESSOR.
Appears in 2 contracts
Samples: Lease Agreement (Millitech Corp), Lease Agreement (Telaxis Communications Corp)
DEFAULT AND BANKRUPTCY. In the event that:
(a) The LESSEE shall default in the payment of any installment of rent or other sum su herein specified and such default shall continue for ten (10) days after written notice thereof; or
(b) The LESSEE shall default in the observance or performance of any other of the LESSEE'S ’s covenants, agreements, or obligations hereunder and such default shall not be corrected within thirty (30) days or within a period of time in excess to remedy any default that could not be reasonably corrected within such a period so long as the LESSEE continuously and diligently attempts to remedy the default except for a financial default after written notice thereof; or
(c) The LESSEE shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXX'S LESSEE’s property for the benefit of creditors, then the LESSOR shall have the right thereafter, while such default continues, to re-enter reenter and take complete possession of the leased premises, to declare the term of this Lease lease ended, and remove the LESSEE'S ’s effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE shall indemnify the LESSOR against all loss of rent and other payments which the LESSOR may incur by reason of such termination during the residue of the term. If the LESSEE shall default, after reasonable notice thereof, in the observance or performance of any conditions or covenants on LESSEE'S ’s part to be observed or performed under or by virtue of any of the provisions in any article of this Leaselease, the LESSOR, without being under any obligation to do so and without thereby waiving such default, after five business days’ written notice to LESSEE, may remedy such default for the account and at the expense of the LESSEE. If the LESSOR makes any expenditures or incurs any obligations for the payment of money in connection therewith, including but not limited to, reasonable attorney's ’s fees in instituting, prosecuting or defending any action or proceeding, such sums paid or obligations incurredinsured, with interest at the rate of twelve (12) percent BankBoston Prime +4% per cent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent.
Appears in 2 contracts
Samples: Commercial Lease (Choicetel Communications Inc /Mn/), Commercial Lease (Choicetel Communications Inc /Mn/)
DEFAULT AND BANKRUPTCY. (Fill in) In the event that:
(aA) The LESSEE shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten (10) days after written notice thereof; or
(b) 1. The LESSEE shall default in the observance or performance of any other of the LESSEE'S 's covenants, agreementsagreement, or obligations hereunder and such default shall not be corrected within thirty (30) days after written notice thereof; or
(c) 2. The LESSEE shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXX'S LESSEE's property for the benefit of creditors, then . Then the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premises, to declare the term of this Lease lease ended, and remove the LESSEE'S effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE shall indemnify the LESSOR against all loss of rent and other payments which the LESSOR may incur by reason of such termination during the residue of the term. If the LESSEE shall default, after reasonable notice thereof, in the observance of performance of any conditions or covenants on LESSEE'S part to be observed or performed under or by virtue of any of the provisions in any article of this Leaselease, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEE. If the LESSOR 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, such sums paid or obligations incurredinsured, with interest at the rate of twelve (12) percent per cent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent.
Appears in 2 contracts
Samples: Commercial Lease (National Boston Medical Inc), Commercial Lease (National Boston Medical Inc)
DEFAULT AND BANKRUPTCY. In the event that:
(a) The LESSEE shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten (10) days after written notice thereof; or
(b) The LESSEE shall default in the observance or performance of any other of the LESSEE'S ’s covenants, agreements, or obligations hereunder and such default shall not be corrected within thirty (30) days after written notice thereof; or
or (c) The LESSEE shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXX'S LESSEE’s property for the benefit of creditors, then Then the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premises, to declare the term of this Lease lease ended, and remove the LESSEE'S ’s effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE shall indemnify the LESSOR against all loss of rent and other payments which the LESSOR may incur by reason of such termination during the residue of the term. If the LESSEE shall default, after reasonable notice thereof, in the observance or performace of any conditions or covenants on LESSEE'S ’s part to be observed or performed under or by virtue of any of the provisions in any article of this Leaselease, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may may, after reasonable notice to LESSEE, remedy such default for the account and at the expense of the LESSEE. If the LESSOR makes any expenditures or incurs any obligations for the payment of money in connection therewith, including but not limited to, reasonable attorney's ’s fees in instituting, prosecuting or defending any action or proceeding, such sums paid or obligations incurredinsured, with interest at the rate of twelve (12%) percent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent.
Appears in 2 contracts
Samples: Commercial Lease (LiveWire Mobile, Inc.), Commercial Lease (LiveWire Mobile, Inc.)
DEFAULT AND BANKRUPTCY. In the event that:
(a) The LESSEE Lessee shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten fourteen (1014) days after receipt of written notice thereofthat said sum is due and payable ; or
(b) The LESSEE Lessee shall default in the observance or performance of any other of the LESSEE'S Lessee's covenants, agreements, or obligations hereunder and the Lessee shall not cure such default shall not be corrected within thirty (30) days after receipt of written notice thereofthereof or if such default cannot be cured within thirty (30) days, then if Lessee shall not commence to cure the same within thirty (30) days and diligently pursue the curing of the same; or
(c) The LESSEE shall be declared bankrupt Lessee files a voluntary petition under the Bankruptcy Act or insolvent according to lawany other law seeking relief from debts, or, or if any assignment shall be made of XXXXXX'S Xxxxxx's property for the benefit of creditors, then or if any involuntary such proceeding shall be filed against the LESSOR Lessee not discharged within sixty (60) days thereof. Then the Lessor shall have the right thereafterafter the due process of law, while such default continues, to re-enter and take complete possession of the leased premisesLeased Premises, to declare the term of this Lease ended, and remove the LESSEE'S Lessee's effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE Lessee shall indemnify the LESSOR Lessor against all loss and reasonable payment of rent and other payments which the LESSOR Lessor may incur by reason of such termination during the residue of the term. In the event of default, Lessor shall use its reasonable efforts to re-let the Leased Premises so as to mitigate any damages to the Lessee hereunder. If Lessor re-lets the Leased Premises, Lessee may offset its payable rent against the amount of rent received by Lessor. If the LESSEE Lessor shall default, after reasonable written notice thereof in the observance or performance of any conditions or covenants on LESSEE'S its part to be observed or performed under or by virtue of any of the provisions in any article of this Lease, and Lessor shall not cure such default within thirty (30) days after written notice thereof, or if such default cannot be cured within thirty (30) days, then if Lessor shall not commence to cure the LESSORsame within thirty (30) days and diligently pursue the curing of the same, then Lessee, without being under any obligation to do so, may remedy such default for the account and at the expense of Lessor or may terminate the Lease, but in no event shall Lessee set off such claim against its rental obligation. If the Lessee shall default, after written notice thereof as provided herein, in the observance or performance of any conditions or covenants on its part to be observed or performed under or by virtue of any of the provisions of this Lease and after the expiration of any period within which the Lessee is entitled to cure such default as is provided above in this Paragraph 24, the Lessor without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEELessee. If the LESSOR Lessor 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, such sums paid or obligations incurred, with interest at the rate of twelve eight (128.0%) percent per annum and costs, shall be paid to the LESSOR Lessor by the LESSEE Lessee as additional rent. Lessor shall not be liable to Lessee for any compensation or reduction of rent by reason of inconvenience or annoyance or for loss of business arising from the necessity of Lessor or its agents entering the Leased Premises, or for Lessor's repairing the Leased Premises if such repair is not performed by Lessee, or for making repairs to the Leased Premises or part thereof, however the necessity may occur. In case Lessor is prevented or delayed from making any such repairs, or supplying the utilities or services provided for herein, or performing any other covenant or duty to be performed on Lessor's part, by reason of any cause beyond Lessor's control, Lessor shall not be liable to Lessee therefor, nor shall Lessee be entitled to any abatement or reduction of rent by reason thereof, nor shall the same give rise to a claim in Lessee's favor that such failure constitutes actual or constructive, total or partial, eviction from the Leased Premises, or any portion thereof, provided however that if such failure to provide utilities, services, or repairs shall render the Leased Premises untenantable and shall continue for five (5) consecutive days after written notice from Lessee to Lessor, then Lessee shall be entitled to an abatement of rent and if the failure continues for a total of twenty (20) consecutive days then Lessee may terminate this Lease.
Appears in 2 contracts
Samples: Lease Agreement (Merrill Corp), Lease Agreement (Merrill Corp)
DEFAULT AND BANKRUPTCY. In the event that:
that (a) The the LESSEE shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten (10) days after written notice thereofof payment default, or if such written notice of payment default is required in three events or more in any calendar year, thereafter ten days after the payment due date without written notice being required for the balance of such year; or
or (b) The the LESSEE shall default in the observance or performance of any other of the LESSEE'S material covenants, agreementsagreement, or obligations hereunder and such default shall not be corrected within thirty (30) days after written notice thereofthereof from LESSOR, of if such default is not susceptible to cure within thirty days, in the event the LESSEE shall fail to commence to cure within the thirty days or thereafter diligently to prosecute such cure to completion; or
or (c) The the LESSEE shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXXLESSEE'S property for the benefit of creditors, then the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premisesLeased Premises, to declare the term of this Lease lease ended, and remove the LESSEE'S effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE shall indemnify the LESSOR against all loss of rent and other payments which the LESSOR may incur by reason of such termination during the residue of the term. LESSOR shall make reasonable efforts to relet the Leased Premises, and net rents received by the LESSOR shall be credited to the LESSEE'S obligations hereunder. If the LESSEE shall default, after reasonable notice thereof, in the observance or performance of any conditions or covenants on LESSEE'S part to be observed or performed under or by virtue of any of the provisions in any article of this Leaselease and shall fail to cure such default within the applicable cure period, then the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEE. If the LESSOR 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, such sums paid or obligations incurredinsured, with interest at the rate of twelve (12) percent 12 per cent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent.
Appears in 2 contracts
Samples: Commercial Lease (Synta Pharmaceuticals Corp), Commercial Lease (Synta Pharmaceuticals Corp)
DEFAULT AND BANKRUPTCY. In the event that:
(a) The LESSEE shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten (10) days after written notice thereof; or
(b) The LESSEE shall default in the observance or performance of any other of the LESSEE'S 's covenants, agreementsagreement, or obligations hereunder and such default shall not be corrected within thirty (30) days after written notice thereof; or
(c) The LESSEE shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXX'S LESSEE's property for the benefit of creditors, then the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premises, to declare the term of this Lease lease ended, and remove the LESSEE'S 's effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE shall indemnify the LESSOR against all loss of rent and other payments which the LESSOR may incur by reason of such termination during the residue of the term. If the LESSEE shall default, after reasonable notice thereof, in the observance or performance of any conditions or covenants on LESSEE'S 's part to be observed or performed under or by virtue of any of the provisions in any article of this Leaselease, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEE. If the LESSOR 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, such sums paid or obligations incurredinsured, with interest at the rate of twelve (12) percent 15 per cent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent.
Appears in 2 contracts
Samples: Commercial Lease (Interleukin Genetics Inc), Commercial Lease (Interleukin Genetics Inc)
DEFAULT AND BANKRUPTCY. A. In the event that:
(ai) The LESSEE shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten five (105) days Business Days after written notice thereof; or
(bii) The LESSEE shall default in the observance or performance of any other of the LESSEE'S covenants, agreements, or obligations hereunder and such default shall not be corrected within thirty (30) days after written notice thereofthereof (provided, however, if such default cannot be cured within said thirty (30) day period, LESSEE shall not be deemed in default hereunder so long as LESSEE commenced the cure of such default within said thirty (30) day period and is diligently prosecuting such cure to completion in not more than an addition thirty (30) day period; or
(ciii) The LESSEE files or has filed against it in any bankruptcy, insolvency or reorganization petition, which petition is not dismissed within sixty (60) days or
(iv) The LESSEE shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXXLESSEE'S property for the benefit of creditors, or
(v) Any attachment is made by LESSEE'S creditors of the leasehold interest outlined in this Lease; or
(vi) LESSEE violates the terms of Section 13 "Assignment & Subleasing"; or
(vii) A receiver is appointed to conduct LESSEE'S business (whether or not LESSOR has re-entered the premises) then the LESSOR shall have the right thereafter, while such default continues, as permitted by applicable law, to re-enter and take complete possession of the leased premisesPremises, to declare the term of terminate this Lease endedlease, and remove the LESSEE'S effects, effects without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE shall indemnify the LESSOR against all loss of rent and additional rent and other payments which the LESSOR may incur by reason of such termination during the residue of the term. If the LESSEE shall default, after reasonable covenants on LESSEE'S part to be observed or performed under or by virtue of any of the provisions in any article of this Lease, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEE. If the LESSOR 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, such sums paid or obligations incurred, with interest at the rate of twelve (12) percent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent.
Appears in 2 contracts
Samples: Commercial Lease (First Marblehead Corp), Commercial Lease (First Marblehead Corp)
DEFAULT AND BANKRUPTCY. In the event that:
(a) The LESSEE Tenant shall default in the payment of any installment of rent Rent or any other sum herein specified and if such default shall continue for ten five (105) days after written receipt of notice thereoffrom Landlord that said payment is due; or
(b) The LESSEE Tenant shall default in the observance or performance of any other of the LESSEE'S Tenant's covenants, agreements, or obligations hereunder and such default shall not be corrected within thirty (30) days after written notice thereof, or in the event such default shall require more than thirty (30) days to be cured, if Tenant shall not within such period commence to cure such default, and thereafter, with due diligence, prosecute the curing of such default to completion, but in no event shall such default continue for more than one hundred twenty (120) days in the aggregate; or
(c) The LESSEE shall be declared bankrupt Tenant or insolvent according to lawany guarantor of any of Tenant’s obligations under this Lease admits in writing that it is not paying its debts as such debts become due, orbecomes insolvent, if files or has filed against it (and in the case of an involuntary petition such is not dismissed within sixty (60) days after the filing) a petition under any chapter of the U.S. Bankruptcy Code (or any similar petition under any insolvency law of any jurisdiction), proposes any dissolution, liquidation, composition, financial reorganization or recapitalization with creditors, makes an assignment be made of XXXXXX'S property or trust mortgage for the benefit of creditors, or if a receiver, trustee, custodian or similar agent is appointed or takes possession with respect to any property or business of Tenant or such guarantor which appointment remains unvacated or unstayed for a period of thirty (30) days, then the LESSOR Landlord shall have the right thereafter, while such default continues, to re-enter reenter and take complete possession of the leased premisesPremises, to declare the term of this Lease ended, and remove the LESSEE'S Tenant's effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE Tenant shall indemnify the LESSOR Landlord against all loss of rent and other payments payments, which the LESSOR Landlord may incur incur, by reason of such termination during the residue of the term. All Rent, utility charges, taxes, and all other charges (including, but not limited to, reasonable attorney’s fees, other costs of collection, or costs incurred by Landlord arising from a default of Tenant's obligations under this Lease) shall constitute rent due and payable under this Lease. Landlord agrees to use reasonable efforts to relet the Premises. If the LESSEE Tenant shall default, after reasonable notice thereof (except in the event of an emergency or when necessary to prevent damage to property or injury to persons, in which case no notice shall be necessary), in the observance or performance of any condition or covenants on LESSEE'S Tenant's part to be observed or performed under or by virtue of any of the provisions in any article of this Lease, the LESSORLandlord, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEETenant. If In the LESSOR event of a Tenant default, if the 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, such sums paid or obligations incurred, with interest at the rate of twelve (12) percent per annum and costs, incurred shall be paid to the LESSOR Landlord by the LESSEE Tenant as additional rent.
Appears in 2 contracts
Samples: Lease Agreement (Ascend Wellness Holdings, LLC), Lease Agreement (Ascend Wellness Holdings, LLC)
DEFAULT AND BANKRUPTCY. (a) In the event that:(each an “Event of Default”):
(ai) The LESSEE Lessee shall default in the payment of fail to pay any installment of rent Base Rent, Additional Rent or other sum sums herein specified and such default shall continue for ten (10) days after written notice thereof; or, provided, however, Lessor shall not be required to give more than three (3) notices in any calendar year with regard to the late payment of Base Rent;
(bii) The LESSEE Lessee shall default in the observance fail to perform or performance of observe any other of the LESSEE'S Lessee’s covenants, agreements, or obligations hereunder and such default shall not be corrected within thirty (30) days after written notice thereof; thereof or, if thirty (30) days is not a reasonably sufficient time within which to cure such default, provided the Lessee has promptly commenced and is diligently proceeding the cure such longer time as is reasonable necessary;
(ciii) The LESSEE Lessee shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXX'S Lessee’s property for the benefit of creditorscreditors or any receiver or trustee is appointed for all or any portion of the Lessee’s property or any involuntary or voluntary proceedings are begun under any bankruptcy or similar laws for reorganization or arrangements to settle, satisfy or extend payment of debts and such declaration or proceedings are not set aside within ninety (90) days thereafter; or
(iv) The Lessee’s interest in this Lease shall be taken by execution or other process of law; then the LESSOR Lessor shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premises, to declare the term of this Lease ended, and remove the LESSEE'S effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE .
(b) If this Lease shall indemnify have been terminated as provided in Section 19(a), then Lessor may, but only after obtaining an order from a court of competent jurisdiction, re-enter the LESSOR against Premises either by summary proceedings, ejectment or otherwise, and to remove and dispossess Lessee and all loss other persons and any and all property from the same, as if this Lease had not been made.
(c) In the event that this Lease is terminated under any of the provisions contained in Section 19(a) or shall be otherwise terminated by breach of any obligation of Lessee, Lessee covenants and agrees forthwith to pay and be liable for, on the days originally fixed herein for the payment thereof, amounts equal to the several installments of Base Rent and Additional Rent and charges reserved as they would, under the terms of this Lease, become due if this Lease had not been terminated or if Lessor has not entered or re-entered, as aforesaid, and whether the Premises be relet or remain vacant, in whole or in part, or for a period less than the remainder of the Term, and for the whole thereof, but in the event the Premises be relet by Lessor, Lessee shall be entitled to a credit in the net amount of rent and other payments which the LESSOR may incur charges received by reason of such termination during the residue of the term. If the LESSEE shall defaultLessor in reletting, after deduction of all reasonable covenants on LESSEE'S part to expenses incurred (and not reimbursed by third parties) in reletting the Premises (including, without limitation, fit-out costs, brokerage fees, attorney fees and the like), and in collecting the rent in connection therewith, in the following manner: Amounts received by Lessor after reletting shall first be observed or performed applied against such Lessor’s reasonable expenses, until the same are recovered, and until such recovery, Lessee shall pay, as of each day when a payment would fall due under or by virtue of any of the provisions in any article of this Lease, the LESSORamount which Lessee is obligated to pay under the terms of this Lease (Lessee’s liability prior to any such reletting and such recovery not in any way to be diminished as a result of the fact that such reletting might be for a rent higher than the rent provided for in this Lease); when and if such expenses have been completely recovered, without being the amounts received from reletting by Lessor as have not previously been applied shall be credited against Lessee’s obligations as of each day when a payment would fall due under this Lease, and only the net amount therefor shall be payable by Lessee. Further, amounts received by Lessor from such reletting for any obligation period shall be credited only against obligations of Lessee allocable to do so such period, and without thereby waiving shall not be credited against obligations of Lessee hereunder accruing subsequent or prior to such defaultperiod; nor shall any credit of any kind be due for any period after the date when the term of this Lease is scheduled to expire according to its terms.
(d) (i) At any time within eighteen (18) months after such termination and whether or not Lessor shall have collected any damages as aforesaid, may remedy as liquidated final damages and in lieu of all other damages beyond the date of notice from Lessor to Lessee, at Lessor’s election, Lessee shall pay to Lessor such default for the account and a sum as at the expense time of the LESSEE. If giving of such notice represents the LESSOR makes any expenditures or incurs any obligations amount of the total rent and additional rent which would have accrued to Lessor under this Lease from the date of such notice for what would be the payment of money in connection therewith, including then unexpired Lease Term discounted to present value at a six (6%) percent interest rate (but not limited to, reasonable attorney's fees in instituting, prosecuting or defending any action or proceeding, such sums paid or obligations incurred, including unexercised Renewal Options) if the Lease terms had been fully complied with interest at the rate of twelve (12) percent per annum and costs, by Lessee. The foregoing amount shall be paid reduced by, or the Lessee shall receive a credit against any judgment received by Lessor pursuant to the LESSOR this Section 19(d), by the LESSEE as additional rentgreater of the following amounts: (1) the credit Lessee would have received under Section 19(c) following Lessor’s election pursuant to this Section 19(d) and (ii), if Lessor fails to make commercially reasonable efforts to re-let the Premises, the amount Lessor would have received had Lessor made such efforts. For purposes of this Section 19(d), the listing of the Premises for lease at a market rate with a broker experienced in the leasing of commercial space in the North Shore of Boston shall constitute commercially reasonable efforts to re-let the Premises.
Appears in 1 contract
Samples: Lease Agreement (Abiomed Inc)
DEFAULT AND BANKRUPTCY. In the event that:: ----------------------
(a) The LESSEE LESSEE, or any guarantor of LESSEE's obligations hereunder, shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten (10) days after written notice thereofspecified; or
(b) The LESSEE shall default in the observance or performance of any other of the LESSEE'S 's covenants, agreements, or obligations hereunder (except as provided in Paragraph 18(a) above) and the LESSEE shall not cure such default shall not be corrected within thirty (30) days after written notice thereofthereof or if such default cannot be cured within thirty (30) days, then if LESSEE shall not commence to cure the same within thirty (30) days and diligently pursue the curing of the same; or
(c) The LESSEE shall be declared bankrupt or insolvent according to law, or, if any guarantor of LESSEE's obligations under this Lease makes any assignment be made of XXXXXX'S property for the benefit of creditors, commits any act of bankruptcy or files a petition under any bankruptcy or insolvency law; or if such a petition is filed against LESSEE or any guarantor of LESSEE's obligations under this Lease and is not dismissed within ninety (90) days; or if a receiver or similar officer becomes entitled to LESSEE's leasehold hereunder and it is not returned to LESSEE within ninety (90) days, or if such leasehold is taken on execution or other process of law in any action against LESSEE; then in any such case the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premisesLeased Premises, to declare the term Term of this Lease ended, and remove the LESSEE'S effects's effects at LESSEE's sole cost and expense, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE shall indemnify the LESSOR against all loss and reasonable payment of rent and other payments which the LESSOR may incur by reason of such termination during the residue of the termTerm. In the event of default, LESSOR shall use its reasonable efforts to re-let the Leased Premises so as to mitigate any damages to the LESSEE hereunder. If LESSOR re-lets the Leased Premises, LESSEE may off- set its payable rent by the amount of rent received by LESSOR. If the LESSEE shall default, after reasonable written notice thereof as provided herein, in the observance or performance of any conditions or covenants on LESSEE'S its part to be observed or performed under or by virtue of any of the provisions in any article of this LeaseLease and after the expiration of any period within which the LESSEE is entitled to cure such default as is provided above in this Paragraph 18, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEE. If the LESSOR makes any expenditures or incurs any obligations for the payment of money in connection therewith, including including, but not limited to, reasonable attorney's attorneys' fees (except for unsuccessful suits against the LESSEE) in instituting, prosecuting or defending any action or proceeding, such sums paid or obligations incurred, with interest at the rate of twelve (12%) percent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent. Nothing contained in this Lease shall limit or prejudice the right of LESSOR to claim and obtain in proceedings for bankruptcy, insolvency or like proceedings by reason of the termination of 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 the damages are to be claimed or proved, whether or not the amount be greater, equal to, or less than the amount of the loss or damages referred to above.
Appears in 1 contract
Samples: Lease (Giga Information Group Inc)
DEFAULT AND BANKRUPTCY. In the event that:
(a) The LESSEE Lessee shall default in the payment of any installment of rent Rent or other sum Additional Rent herein specified and such default shall continue for ten (10) days after written notice thereof; provided, however, that if a rental payment default shall occur three times within any twelve month period, then Lessor shall not thereafter be required to give such notice of default to Lessee and to accord Lessee said right to cure; or
(b) The LESSEE Lessee shall default in the observance or performance of any other of the LESSEE'S Lessee's covenants, agreements, or obligations hereunder and such default shall has not be been corrected within thirty (30) days after written notice thereofthereof or such additional time as is reasonably required to correct such default provided Lessee is diligently prosecuting the correction, or immediately if the default has been corrected and Lessee is again in default in the same manner; or
(c) The LESSEE shall be declared bankrupt Lessee or insolvent according to law, or, if any guarantor makes any assignment be made of XXXXXX'S property for the benefit of creditors, commits any act of bankruptcy or files a petition under any bankruptcy or insolvency law; or if such a petition is filed against Lessee or any guarantor and is not dismissed within thirty (30) days; or if a receiver or similar officer becomes entitled to Lessee's leasehold hereunder and it is not returned to Lessee within thirty (30) days, or if such is taken on execution or other process of law in any action against Lessee; or
(d) any representation or warranty made herein or in any certificate, financial statement or other instrument furnished in connection with this Lease shall prove to be materially false;
(e) any attempted assignment of this Lease or any attempted subletting of all or any part of the Leased Premises without the prior written consent of Lessor; NOVIRIO LEASE AUGUST 21, 2001
(f) if, after any permitted assignment or sublease in accordance with the provisions of Section 14 hereof, Lessee shall be subject to any of the conditions or events specified in Subsection 20 (c) hereof, then the LESSOR Lessor shall have the right thereafter, while such default continues, to re-enter and take the complete possession of the leased premisesLeased Premises, to declare the term of this Lease ended, ended (forcibly if necessary and to the extent permitted by law) and to remove the LESSEE'S Lessee's effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other defaultdefault and without being deemed guilty of any manner of trespass. The LESSEE Lessee shall be liable for the Base Rent, Additional Rent and any other charges due from Lessee as current damages for the residue of the Term and shall indemnify the LESSOR Lessor against all loss of rent and other payments which the LESSOR Lessor may incur by reason of such termination during the residue of the termTerm. Lessor agrees that it shall use commercially reasonable efforts to re-let the Leased Premises, provided, however, that this obligation shall be deemed satisfied if Lessor lists the Leased Premises for lease with a real estate broker or rental agent having experience with leasing commercial real estate in the City of Cambridge, Massachusetts. At any time within 120 days from such termination, whether or not Lessor shall have collected any such current charges payable under any of the foregoing provisions of this Section, Lessor may elect to recover, and Lessee shall forthwith pay, as liquidated final damages in lieu of such current damages beyond the date of such election, an amount equal to the excess, if any, of the Base Rent, Additional Rent and any other charges due from Lessee for the residue of the Term minus the fair market value rent for the Leased Premises for the same period of time. Lessee agrees that Lessor may re-let the Leased Premises, or any portions thereof, for a period which may, at Lessor's option, be less than or exceed the balance of the Term of this Lease, and may grant concessions or free rent. Lessor may make such alterations, repairs, replacements and decorations to the Leased Premises as Lessor, in Lessor's reasonable judgment, considers advisable or necessary for the purpose of re-letting the Leased Premises. If Lessee shall default in the LESSEE shall default, after reasonable observance of any conditions or covenants on LESSEE'S Lessee's part to be observed or performed under or by virtue of any of the provisions in any article provisions of this LeaseLease (including, but not limited to, the LESSORtimely payment of Base Rent or Additional Rent), Lessor, without being under any obligation to do so and without thereby waiving such default, may may, upon ten (10) days notice to Lessee (except in the event of an emergency), remedy such default for the account and at the expense of the LESSEELessee. If the LESSOR Lessor makes any expenditures or incurs any obligations for the payment of money in connection therewiththerewith including, including but not limited to, reasonable attorney's fees in instituting, prosecuting or defending any action or proceeding, such sums paid or obligations incurred, incurred shall be paid with interest at the rate of twelve the Wall Street Journal Prime Rate plus four (124) percent per annum and costs, shall be paid costs to the LESSOR Lessor by the LESSEE Lessee as additional rentAdditional Rent.
Appears in 1 contract
DEFAULT AND BANKRUPTCY. In the event that:
(a) The LESSEE shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten seven (107) days after written notice thereof; or
(b) The LESSEE shall default in the observance or performance of any other of the LESSEE'S covenants, agreementsLeases, or obligations hereunder and such default shall not be corrected within thirty (30) days after written notice thereofthereof or, if such default shall reasonably require longer than thirty (30) days to cure, shall not within said period commence and diligently proceed to cure such default; or
(c) The LESSEE shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXX'S LESSEE's property for the benefit of creditors, then the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premises, continues to declare the term of this Lease ended, and remove the LESSEE'S effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE shall indemnify the LESSOR against all loss of rent and other payments Payments which the LESSOR may incur by reason of such termination during the residue of the term. If the LESSEE shall default, after reasonable written notice thereof, in observance or performance of any conditions or covenants on LESSEE'S 's part to be observed or performed under or by virtue of any of the provisions in any article of this Lease, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEE. If the LESSOR 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 prosecuting, or defending any action or proceeding, such sums paid or obligations incurred, obligation incurred with interest at the rate of twelve (12) percent 18% per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent.
Appears in 1 contract
DEFAULT AND BANKRUPTCY. In the event that:
(a) : The LESSEE Tenant shall default in the payment of any installment of rent or other sum herein specified and such when due which default shall continue for ten is not corrected within seven (107) days after written notice thereof; or
(b) or The LESSEE Tenant shall default in the observance or performance of any other of the LESSEE'S Tenant's covenants, agreements, or obligations hereunder and such default shall not be corrected within thirty ten (3010) days after written notice thereof; or
(c) or The LESSEE leasehold hereby created shall be declared bankrupt taken on execution, or insolvent according to by other process of law, or, if any ; or Any assignment shall be made of XXXXXX'S Tenant's property for the benefit of creditors, or a receiver, guardian, conservator, trustee in bankruptcy or similar officer shall be appointed by a court of competent jurisdiction to take charge of all or any part of Tenant’s property, or petition is filed by Tenant under any bankruptcy, insolvency or other debtor relief law, then and in any of said cases (notwithstanding any license of any former breach of covenant or waiver of the LESSOR benefit hereof or consent in a former instance), Landlord shall have be entitled to all remedies available to Landlord at law and equity, including without limitation, the right remedy of forcible entry and detainer, and Landlord lawfully may, immediately or at any time thereafter, while such default continuesand without demand or notice, mail a notice of termination to re-the Tenant, or, if permitted by law, enter into and take complete possession upon the Leased Premises or any part thereof in the name of the leased premises, to declare whole and repossess the term same as of this Lease endedits former estate, and expel Tenant and those claiming through or under it and remove the LESSEE'S effectsit or their effects without being deemed guilty of any manner or trespass, and without prejudice to any remedies which might otherwise be otherwise used for arrears of rent or other default. The LESSEE preceding breach of covenant, and upon such mailing or entry as aforesaid, this Lease shall indemnify terminate; and Tenant covenants and agrees, notwithstanding any entry or reentry by Landlord, whether by summary proceedings, termination, or otherwise, that Tenant shall, as of the LESSOR against all loss of rent and other payments which the LESSOR may incur by reason date of such termination during termination, immediately be liable for and pay to Landlord the residue entire unpaid rental and all other balances due under this Lease for the remainder of the term. If In addition, Xxxxxx agrees to pay to Landlord, as damages for any above described breach, all costs of reletting the LESSEE shall default, after reasonable covenants on LESSEE'S part Leased Premises including real estate commissions and costs of renovating the Premises to be observed or performed under or by virtue of suit any of the provisions in any article of this Lease, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEE. If the LESSOR 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, such sums paid or obligations incurred, with interest at the rate of twelve (12) percent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rentnew tenant.
Appears in 1 contract
Samples: Commercial Lease
DEFAULT AND BANKRUPTCY. In the event that:
(a) The LESSEE shall default in the payment of any installment of rent or other sum specified herein specified and such default shall continue for ten (10) days after written notice thereof; orand/or
(b) The LESSEE shall default in the observance or performance of any other of the LESSEE'S 's covenants, agreements, agreements or obligations hereunder and such default shall be not be corrected within thirty (30) days after written notice thereof; orthereof and/or
(c) The LESSEE shall be declared to be bankrupt or insolvent according to law, or, or if any assignment shall be made of XXXXXX'S the LESSEE's property for the benefit of creditors. In such event, then while such default occurs, the LESSOR shall have the right thereafter, while such default continues, thereafter to re-enter reenter and take complete possession of the leased premises, to declare the term terms of this Lease ended, tenancy ended and to remove the LESSEE'S effects, 's effects without prejudice to any remedies which might otherwise be otherwise used for arrears of rent or other default. Any such action by the LESSOR shall not constitute an acceptance of the LESSEE's surrender of the PREMISES and shall not operate to release the LESSEE from its obligations for unpaid rent for the remainder of the term of this lease and additional rent, if any, as set forth hereunder. This paragraph 18 is intended to contain and be constituted by Lease Termination Provisions as contemplated by Massachusetts General Laws Chapter 186 Section llA clause (i). The LESSEE shall be given written notice of its payment obligations by monthly (and other) statements from the LESSOR by postage prepaid mail, rather than pursuant to the Notice provisions in Paragraph 19 below; after such statement Notice the LESSEE shall have the right to a fifteen (15) day cure period which may only be exercised once during its entire tenancy. If the LESSEE is in default for nonpayment after exercising its single cure period then the LESSOR may terminate the tenancy immediately at its sole discretion. The LESSEE shall indemnify the LESSOR against all loss of rent and other payments costs which the LESSOR may incur by reason of such termination actions during the residue of the term. If the LESSEE shall default, after reasonable covenants on LESSEE'S part to be observed or performed under or by virtue of any of the provisions in any article of this Lease, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEE. If the LESSOR makes any expenditures or incurs any obligations for the payment of money in connection therewith, including but not limited to, : brokers' commissions or fees; and/or reasonable attorney's fees in instituting, prosecuting or defending any action or proceeding, ; and/or clean-up costs. Any such sums amount paid or obligations incurred, together with interest interest, at the rate of twelve six percent (126%) percent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent.
Appears in 1 contract
Samples: Commercial Lease (Foilmark Inc)
DEFAULT AND BANKRUPTCY. In the event that:
(a) The LESSEE shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten (10) days after written notice thereof; or
(b) The LESSEE Lessee shall default in the observance or performance of any other of the LESSEE'S covenants, agreements, or obligations hereunder and such default shall not be corrected within thirty (30) days after written notice thereof; or
(c) The LESSEE shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXXLESSEE'S property for the benefit of creditors, then the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premises, to declare the term of this Lease lease ended, and remove the LESSEE'S effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE shall indemnify the LESSOR against all loss of rent and other payments payments, which the LESSOR may incur by reason of such termination during the residue of the term. If the LESSEE shall default, after reasonable notice thereof, in the observance or performance of any conditions or covenants on LESSEE'S part to be observed or performed under or by virtue of any of the provisions in any article of this Leaselease, the LESSOR, without being under any obligation to do so and without thereby waiving waving such default, may remedy such default for the account and at the expense of the LESSEE. If the LESSOR 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, such sums paid or obligations incurredinsured, with interest at the rate of twelve eighteen percent (1218%) percent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent.
Appears in 1 contract
Samples: Commercial Lease (Medwave Inc)
DEFAULT AND BANKRUPTCY. In the event that:
(a) The LESSEE LESSEE, shall default in the payment of any installment of rent or other sum herein specified and such default shall continue continuing for ten five (105) days after written notice thereoffrom LESSOR to LESSEE; or
(b) The LESSEE shall default in the observance or performance of any other of the LESSEE'S 's covenants, agreements, or obligations hereunder (except as provided in Paragraph 18(a) above) and the LESSEE shall not cure such default shall not be corrected within thirty (30) days after written notice thereofthereof or if such default cannot be cured within thirty (30) days, then if LESSEE shall not commence to cure the same within thirty (30) days and diligently pursue the curing of the same; or
(c) The LESSEE shall be declared bankrupt or insolvent according to law, or, if makes any assignment be made of XXXXXX'S property for the benefit of creditors, commits any act of bankruptcy or files a petition under any bankruptcy or insolvency law; or if such a petition is filed against LESSEE and is not dismissed within ninety (90) days; or if a receiver or similar officer becomes entitled to LESSEE's leasehold hereunder and it is not returned to LESSEE within ninety (90) days, or if such leasehold is taken on execution or other process of law in any action against LESSEE; then in any such case the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premisesLeased Premises, to declare the term of this Lease ended, and remove the LESSEE'S effectseffects at LESSEE's sole cost and expense, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE shall indemnify the LESSOR against all loss and reasonable payment of rent and other payments which the 30 -30- LESSOR may incur by reason of such termination during the residue of the term. In the event of default LESSOR shall use its reasonable efforts to re-let the Leased Premises so as to mitigate any damages to the LESSEE hereunder. If LESSOR re-lets the Leased Premises, LESSEE may offset its payable rent by the amount of rent received by LESSOR. If the LESSEE shall default, after reasonable written notice thereof as provided herein, in the observance or performance of any conditions or covenants on LESSEE'S its part to be observed or performed under or by virtue of any of the provisions in any article of this LeaseLease and after the expiration of any period within which the LESSEE is entitled to cure such default as is provided above in this Paragraph 18, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEE. If the LESSOR makes any expenditures or incurs any obligations for the payment of money in connection therewith, including including, but not limited to, reasonable attorney's fees (except for unsuccessful suits against the LESSEE) in instituting, prosecuting or defending any action or proceeding, such sums paid or obligations incurred, with interest at the rate of twelve (12) percent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent. 18A. DEFAULT OF LANDLORD AND MORTGAGEE RIGHTS. LESSOR shall in no event be in default in the performance of any of LESSOR's obligations hereunder unless and until LESSOR shall have failed to perform such obligations within thirty (30) days, or such additional time as is reasonably required to correct any such default, after receipt of written notice by LESSEE to LESSOR properly specifying wherein LESSOR has failed to perform any such obligation. LESSEE agrees to give any mortgagee, by registered mail, a copy of any notice of default served upon the LESSOR, provided that prior to such notice the LESSEE has been notified in writing of the identity and address (by way of Notice of Assignment of Rents and Leases or otherwise) of the address of such mortgagee. The LESSEE further agrees that if the LESSOR shall have failed to cure such default within the time provided for in this Lease, then the mortgagee shall have an additional sixty (60) days within which to cure such default or if such default cannot be cured within that time, then such additional time as may be necessary if within sixty (60) days the mortgagee has commenced and is diligently pursuing the remedies necessary to cure such default (including but not limited to commencement of foreclosure proceedings, if necessary to effect such cure) in which event this Lease shall not be terminated while such remedies are being so diligently pursued.
Appears in 1 contract
Samples: Lease Agreement (Leukosite Inc)
DEFAULT AND BANKRUPTCY. (A) In the event that:
(a) The LESSEE shall default in the payment of any installment of rent rent, additional rent, or other sum herein specified and such default shall continue for ten five (105) business days following written notice; provided that the LESSEE shall only be entitled to two (2) such notice per calendar year; after the second five (5) business day notice in any calendar year, a default shall occur for a default in the payment of any installment of rent, additional rent, or other sum herein specified and such default shall continue for five (5) business days after written notice thereofthe date said payment is due; or
(b) The LESSEE shall default in the observance or performance of any other of the LESSEE'S ’S covenants, agreements, or obligations hereunder and such default shall not be corrected within thirty (30) days after written notice thereofthereof plus such reasonable additional time, not to exceed ninety (90) days, as may be necessary to cure the default so long as LESSEE diligently proceeds to cure the default and continues to take all steps necessary to complete the same; or
(c) The LESSEE shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXX'S LESSEE’S property for the benefit of creditors, or if the LESSEE shall be otherwise dissolved, then the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premisesLeased Premises, to declare the term of this Lease lease ended, and remove the LESSEE'S LESSEES effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE shall indemnify the LESSOR against all loss of rent rem and other payments which the LESSOR may incur by reason of such termination during the residue of the term, or the LESSOR may elect to be indemnified for loss of rent and other sums due under this lease by a lump sum payment representing the then present value of the amount of all sums which would have been paid in accordance with this lease for the remainder of the term minus the then present value of the aggregate market rate, as defined below, and additional charges payable for the Leased Premises for the remainder of the term, taking into account reasonable projections of vacancy and time required to re-lease the Leased Premises, For purposes hereof, market rate shall be the then current effective rate of rent (adjusted, if necessary, to reflect any free rent or comparable concessions), being charged for comparable space in comparable buildings. For the purposes of calculating the rent which would have been paid hereunder for the lump sum payment calculation described herein, the most recent full year’s tax and operating expense payments shall be deemed constant for each year thereafter. The Federal Reserve discount rate (or equivalent) plus 3% shall be used in calculating present values, If the LESSEE shall default, after reasonable notice thereof, in the observance or performance of any conditions or covenants on LESSEE'S LESSEES part to be observed or performed under or by virtue of any of the provisions in any article of this Leaselease, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may elect to remedy such default for the account and at the expense of the LESSEE. If the LESSOR makes any expenditures or incurs any obligations for the payment of money in connection therewith, including but not limited to, reasonable attorney's ’s fees in instituting, prosecuting or defending any action or proceeding, such sums paid or obligations incurredinsured, with interest at the rate of twelve (12) percent 12 per cent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent. It is expressly understood and agreed that the LESSEE’S obligation to pay rent, and any and all additional charges, is independent of any obligation or covenant entered into by the LESSOR.
(B) If LESSOR shall default in the performance or observance of its agreements contained in Article 11B hereof or the one (1) year warranty for LESSOR’S Work as stated in Exhibit B hereto, and shall not cure such default within thirty (30) days after written notice from LESSEE specifying the default (or shall not within said period commence to cure such default, and thereafter prosecute the curing of such default to completion with due diligence), LESSEE may, at its option, at any time thereafter cure such default for the account of LESSOR, and any amount paid in so doing shall (except to the extent that LESSEE is required to reimburse the same to LESSOR pursuant to said paragraph) be deemed paid or incurred for the account of LESSOR, and LESSOR agrees to reimburse LESSEE therefore or save LESSEE harmless therefrom; provided that LESSEE may cure any such default as aforesaid prior to the expiration of said waiting period but after written notice to LESSOR, if the curing of such default prior to the expiration of said waiting period is reasonably necessary to protect real estate or LESSEE’S interest therein, or to prevent injury or damage to persons or property. LESSOR shall pay such reimbursement to LESSEE within thirty (30) days from demand. Such demand shall be accompanied by an itemized xxxx therefore in reasonable detail.
Appears in 1 contract
DEFAULT AND BANKRUPTCY. In the event that:
(a) The a. LESSEE shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of LESSEE’S property for the benefit of creditors; or
b. LESSEE shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten (10) days after written notice thereof; or
(b) The c. LESSEE shall default in the observance or performance of any other of the LESSEE'S ’S covenants, agreements, agreements or obligations hereunder and such default shall not be corrected within thirty (30) days after written notice thereof; or
(c) The LESSEE shall be declared bankrupt or insolvent according to law, or, if any assignment be made of XXXXXX'S property for the benefit of creditors, then the … Then LESSOR shall have the right thereafter, while such default continues, to re-enter reenter and take complete possession of the leased premises, to declare the term terms of this Lease lease ended, and to remove the LESSEE'S ’S effects, (forcibly if necessary) space without being deemed guilty of any manner of trespass and without prejudice to any remedies which might be otherwise used for arrears of rent or other defaultdefault or breach of covenant. The LESSEE shall indemnify the LESSOR against all loss of rent and other payments payments, which the LESSOR may incur by reason of such termination during the residue residual of the term. If the LESSEE shall default, after reasonable notice thereof, in the observance or performance of any conditions, or covenants on LESSEE'S LESEE’S part to be observed or performed under or by virtue of any of the provisions in any article of this Leaselease, the LESSOR, without being under any obligation to do so and without thereby waiving waving such default, may remedy such default for the account count and at the expense of the LESSEE. If the LESSOR makes any expenditures or incurs any obligations for the payment of money in connection therewith, therewith including but not limited to, to reasonable attorney's ’s fees in instituting, prosecuting or defending any action or proceeding, such sums paid or for obligations incurred, with interest at the then existing prime rate of twelve (12) percent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent. In the event that the exploration date of this lease passes without a new lease being executed, and the LESSOR and/or their belongings remain on the property, the LESSEE and the LESSOR agree that the lease continues as a “Xxxxxxx at Will” lease with all terms and conditions of original lease, until such time as a new lease is executed. Notwithstanding the forgoing, LESSEE agrees to pay reasonable attorney’s fees incurred by LESSOR in enforcing any or all obligations of LESSEE under this lease at any time.
Appears in 1 contract
Samples: Commercial Lease
DEFAULT AND BANKRUPTCY. In the event that:
(a) The LESSEE A. the Sublessee shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten five (105) days after written notice thereof; or
(b) The LESSEE B. the Sublessee shall default in the observance or performance of any other of the LESSEE'S Sublessee's covenants, agreements, or obligations hereunder and such default shall not be corrected within thirty (30) days after written. notice or such longer period as may be reasonably .necessary to cure such default, provided that Sublessee commences to cure such default within thirty (30) days after written notice thereofand diligently prosecutes such default to completion; or
(c) The LESSEE C. the Sublessee shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXX'S Sublessee's property for the benefit of creditors, then the LESSOR Sublessor shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premisesPremises, to declare the term of this Lease Term ended, and remove the LESSEE'S effects, Sublessee's effects without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE Sublessee shall indemnify the LESSOR Sublessor against all loss of rent and other payments which the LESSOR Sublessor may incur by reason of such termination during during. the residue of the term. If the LESSEE Sublessee shall default, after reasonable notice thereof, in the observance or performance of any conditions or covenants on LESSEE'S Sublessee's part to be observed or performed under or by virtue of any of the provisions in any article of this LeaseSublease, the LESSORSublessor, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEESublessee. If the LESSOR Sublessor 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 prosecuting, or defending any action or proceeding, such sums paid or obligations incurred, with interest at the rate of twelve eight percent (128%) percent per annum and costs, shall be paid to the LESSOR Sublessor by the LESSEE Sublessee as additional rent.
Appears in 1 contract
Samples: Sublease (Converse Inc)
DEFAULT AND BANKRUPTCY. In the event that:
that (a) The the LESSEE shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten five (105) days after written notice thereof; or
by LESSOR, or (b) The the LESSEE shall default in the observance or performance of any other of the LESSEE'S 's material covenants, agreements, agreement; or obligations hereunder and such default shall not be corrected within thirty (30) days after written notice thereofthereof from LESSOR, of if such default is not susceptible to cure within thirty days, in the event the LESSEE shall fail to commence to cure within the thirty days or thereafter diligently to prosecute such cure to completion; or
or (c) The the LESSEE shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXX'S LESSEE's property for the benefit of creditors, then the LESSOR shall have the right thereafter, while such default continues, to re-re- enter and take complete possession of the leased premisesLeased Premises, to declare the term of this Lease lease ended, and remove the LESSEE'S 's effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE shall indemnify the LESSOR against all loss of rent and other payments which the LESSOR may incur by reason of such termination during the residue of the term. LESSOR shall make reasonable efforts to relet the Leased Premises, and net rents received by the LESSOR shall be credited to the LESSEE's obligations hereunder. If the LESSEE shall default, after reasonable notice thereof, in the observance or performance of any conditions or covenants on LESSEE'S 's part to be observed or performed under or by virtue of any of the provisions in any article of this Leaselease and shall fail to cure such default within the applicable cure period, then the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEE. If the LESSOR 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, such sums paid or obligations incurredinsured, with interest at the rate of twelve (12) percent 12 per cent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent.
Appears in 1 contract
DEFAULT AND BANKRUPTCY. In the event that:
(a) The LESSEE shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten (10) days after LESSEE’S receipt of written notice thereof; , or
(b) The LESSEE shall default in the observance or performance of any other of the LESSEE'S ’S covenants, agreements, or obligations hereunder and such default shall not be corrected within thirty (30) days after LESSEE’S receipt of written notice thereof; or
(c) The LESSEE shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXX'S LESSEE’S property for the benefit of creditors, . then the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premises, to declare the term of this Lease lease ended, and to remove the LESSEE'S ’S effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE shall indemnify the LESSOR against all loss of rent and other payments which the LESSOR may incur by reason of such termination during the residue of the term. If the LESSEE shall default, after reasonable notice thereof, in the observance or performance of any conditions or covenants on LESSEE'S ’S part to be observed or performed under or by virtue of any of the provisions in any article of this Leaselease, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEE. If the LESSOR makes any expenditures or incurs any obligations for the payment of money in connection therewith, including but not limited to, reasonable attorney's ’s fees in instituting, prosecuting prosecuting, or defending any action or proceeding, such sums paid or obligations incurredinsured, with interest at the a rate of twelve (12) percent 12 per rent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent.
Appears in 1 contract
Samples: Commercial Lease (Osmetech PLC)
DEFAULT AND BANKRUPTCY. In the event that:
(a) The LESSEE TENANT shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten (10) days after written notice thereof; or
(b) The LESSEE TENANT shall default in the observance or performance of any other of the LESSEE'S TENANT's covenants, agreements, or obligations hereunder and such default shall not be corrected within thirty (30) days after written notice thereof; provided however, that the TENANT will be given such reasonable extensions of time as are necessary to cure if after the TENANT's receipt of the initial notice of default TENANT has taken prompt steps to cure such default and has diligently pursued the curing of such default and continues to do so; or
(c) The LESSEE TENANT shall be declared bankrupt or insolvent according to law, or, or if any assignment shall be made of XXXXXX'S TENANT's property for the benefit of creditors, and not discharged within thirty (30) days; then the LESSOR LANDLORD shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premisesLeased Premises, to declare the term of this Lease ended, and to remove the LESSEE'S TENANT's effects, without prejudice to any remedies which might be otherwise used for arrears of or rent or other default. The LESSEE TENANT shall indemnify the LESSOR LANDLORD against all loss of rent and other payments which the LESSOR LANDLORD may incur by reason of such termination during the residue of the term. If the LESSEE TENANT shall default, after reasonable notice thereof, in the observance or performance of any conditions or covenants on LESSEE'S Marvid Crabyl, LLC/Dover Saddlery, Inc. Commercial Lease TENANT's part to be observed or performed under or by virtue of any of the provisions in any article of this Lease, the LESSORLANDLORD, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEETENANT. If the LESSOR 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, such sums paid or obligations incurred, with interest at the rate of twelve six percent (126%) percent per annum and costs, shall be paid to the LESSOR LANDLORD by the LESSEE TENANT as additional rent.
Appears in 1 contract
DEFAULT AND BANKRUPTCY. In the event that:
(a) The the LESSEE shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten (10) days after written notice thereof; or
(b) The LESSEE shall default in the observance or performance of any other of the LESSEE'S covenants, agreements, or obligations hereunder and such default shall not be corrected within thirty (30) days after written notice thereofthereof provided that if such default is not susceptible of being cured within such period of thirty (30) days, the LESSEE shall have such additional period of time to cure as may be reasonably required to effect such cure so long as the LESSEE seasonably commences the curative action and continually and diligently pursues the same; or
(c) The LESSEE shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXXLESSEE'S property for the benefit of creditors, ; then the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premises, Premises; to declare the term of this Lease ended, ; and to remove the LESSEE'S effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other reasonable default. The LESSEE shall indemnify the LESSOR against all loss of rent and other reasonable payments which the LESSOR may incur by reason of such termination during the residue of the term. If the LESSEE shall default, after reasonable notice thereof, in the observance or performance of any conditions or covenants on LESSEE'S part to be observed or performed under or by virtue of any of the provisions in any article of this Lease, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEE. If the LESSOR makes any reasonable and necessary expenditures or incurs any reasonable and necessary 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, such sums paid or obligations incurredinsured, with interest at the rate of twelve ten (1210) percent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent. The LESSOR specifically recognizes the obligation to minimize damages and will use commercially reasonable efforts to relet the Premises.
Appears in 1 contract
Samples: Commercial Lease (Biopure Corp)
DEFAULT AND BANKRUPTCY. (a) In the event that:(each an “Event of Default”):
(ai) The LESSEE Lessee shall default in the payment of fail to pay any installment of rent Base Rent, Additional Rent or other sum sums herein specified and such default shall continue for ten (10) days after written notice thereof; or, provided, however, Lessor shall not be required to give more than three (3) notices in any calendar year with regard to the late payment of Base Rent;
(bii) The LESSEE Lessee shall default in the observance fail to perform or performance of observe any other of the LESSEE'S Lessee’s covenants, agreements, or obligations hereunder and such default shall not be corrected within thirty (30) days after written notice thereof; thereof or, if thirty (30) days is not a reasonably sufficient time within which to cure such default, provided the Lessee has promptly commenced and is diligently proceeding the cure such longer time as is reasonable necessary;
(ciii) The LESSEE Lessee shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXX'S Lessee’s property for the benefit of creditorscreditors or any receiver or trustee is appointed for all or any portion of the Lessee’s property or any involuntary or voluntary proceedings are begun under any bankruptcy or similar laws for reorganization or arrangements to settle, satisfy or extend payment of debts and such declaration or proceedings are not set aside within sixty (60) days thereafter;
(iv) If the Lessee’s interest in this Lease shall be taken by execution or other process of law; then the LESSOR Lessor shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premises, to declare the term of this Lease ended, and remove the LESSEE'S effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE .
(b) If this Lease shall indemnify have been terminated as provided in Section 19(a), then Lessor may, but only after obtaining an order from a court of competent jurisdiction, re-enter the LESSOR against Premises either by summary proceedings, ejectment or otherwise, and to remove and dispossess Lessee and all loss other persons and any and all property from the same, as if this Lease had not been made.
(c) In the event that this Lease is terminated under any of the provisions contained in Section 19(a) or shall be otherwise terminated by breach of any obligation of Lessee, Lessee covenants and agrees forthwith to pay and be liable for, on the days originally fixed herein for the payment thereof, amounts equal to the several installments of Base Rent and Additional Rent and charges reserved as they would, under the terms of this Lease, become due if this Lease had not been terminated or if Lessor has not entered or re-entered, as aforesaid, and whether the Premises be relet or remain vacant, in whole or in part, or for a period less than the remainder of the Term, and for the whole thereof, but in the event the Premises be relet by Lessor, Lessee shall be entitled to a credit in the net amount of rent and other payments which the LESSOR may incur charges received by reason of such termination during the residue of the term. If the LESSEE shall defaultLessor in reletting, after deduction of all reasonable covenants on LESSEE'S part to expenses incurred (and not reimbursed by third parties) in reletting the Premises (including, without limitation, fit-out costs, brokerage fees, attorney fees and the like), and in collecting the rent in connection therewith, in the following manner: Amounts received by Lessor after reletting shall first be observed or performed applied against such Lessor’s reasonable expenses, until the same are recovered, and until such recovery, Lessee shall pay, as of each day when a payment would fall due under or by virtue of any of the provisions in any article of this Lease, the LESSORamount which Lessee is obligated to pay under the terms of this Lease (Lessee’s liability prior to any such reletting and such recovery not in any way to be diminished as a result of the fact that such reletting might be for a rent higher than the rent provided for in this Lease); when and if such expenses have been completely recovered, without being the amounts received from reletting by Lessor as have not previously been applied shall be credited against Lessee’s obligations as of each day when a payment would fall due under this Lease, and only the net amount therefor shall be payable by Lessee. Further, amounts received by Lessor from such reletting for any obligation period shall be credited only against obligations of Lessee allocable to do so such period, and without thereby waiving shall not be credited against obligations of Lessee hereunder accruing subsequent or prior to such defaultperiod; nor shall any credit of any kind be due for any period after the date when the term of this Lease is scheduled to expire according to its terms.
(d) (i) At any time within eighteen (18) months after such termination and whether or not Lessor shall have collected any damages as aforesaid, may remedy as liquidated final damages and in lieu of all other damages beyond the date of notice from Lessor to Lessee, at Lessor’s election, Lessee shall pay to Lessor such default for the account and a sum as at the expense time of the LESSEE. If the LESSOR makes any expenditures or incurs any obligations for the payment giving of money in connection therewith, including but not limited to, reasonable attorney's fees in instituting, prosecuting or defending any action or proceeding, such sums paid or obligations incurred, with interest at the rate of twelve (12) percent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent.notice
Appears in 1 contract
Samples: Lease Agreement (Abiomed Inc)
DEFAULT AND BANKRUPTCY. In the event that:
(a) The A. LESSEE shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten (10) days after written notice thereof; or
(b) The B. LESSEE shall default in the observance or performance of any other of the LESSEE'S 's covenants, agreementsagreement, or obligations hereunder and such default shall not be corrected within thirty (30) days after written notice thereof; or
(c) The C. LESSEE shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXX'S LESSEE's property for the benefit of creditors, ; then the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premisesLeased Premises, to declare the term of this Lease lease ended, and remove the LESSEE'S 's effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other defaultavailable to LESSOR. The LESSEE shall indemnify the indemnity LESSOR against all loss of rent and other payments payments, which the LESSOR may incur by reason of such termination during the residue of the term. If the LESSEE shall default, after reasonable notice thereof, in the observance or performance of any conditions or covenants on LESSEE'S 's part to be performed or observed or performed under or by virtue of any of the provisions in any article of this Leaselease, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEE. If the LESSOR 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, such sums paid or obligations incurredinsured, with the interest at the rate of twelve percent (12%) percent per annum and costs, costs shall be paid to the LESSOR by the LESSEE as additional rent.
D. If LESSOR breaches or defaults on its obligations under sections 7 and 23D of this lease, which breach or default continues for thirty days after written notice of said breach to LESSOR by LESSEE, then in that event, LESSEE may cure the breach or default on LESSOR's behalf and make the appropriate deduction from LESSEE's rent.
Appears in 1 contract
DEFAULT AND BANKRUPTCY. In the event that:
(a) The LESSEE shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten five (105) days after written notice thereof; or
(b) The LESSEE shall default in the observance or of performance of any other of the LESSEE'S 's covenants, agreements, agreements or obligations hereunder and such default shall not be corrected within thirty (30) days after written notice thereof, or if such default cannot be cured within thirty (30) days, then if LESSEE has not diligently commenced curing such default within such thirty (30) day period, and shall not thereafter with diligence and good faith, proceed to remedy or cure such default and shall cure such default within ninety (90) days thereafter; or
(c) The LESSEE shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXX'S LESSEE's property for the benefit of creditors, then the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premisesPREMISES, to declare the term of this Lease ended, and remove the LESSEE'S 's effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE shall indemnify the LESSOR against all loss of rent and other payments which the LESSOR may incur by reason of such termination during the residue of the term. If the LESSEE shall default, after reasonable notice thereof and the expiration of any applicable cure period, in the observance or performance of any conditions or covenants on LESSEE'S 's part to be observed or performed under or by virtue of any of the provisions in any article of this Leaseperformed, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEE. If the LESSOR makes any expenditures or incurs any obligations for the payment of money in connection therewith, including but not limited to, reasonable attorney's attorneys' fees in instituting, prosecuting or defending any action actions or proceeding, such sums paid or obligations incurredinsured, with interest at the rate of higher of (i) the rate of twelve (12%) percent per annum or (ii) the Prime Rate as published by the Wall Street Journal plus five (5%) percent per annum, and costs, shall be paid to the LESSOR by the LESSEE as additional rent, pursuant to Paragraph 5 herein.
(d) Upon the termination of this Lease xxxxx xxx xxxxxxxxxx xx xxxx Xxxicle, LESSEE shall pay to LESSOR the Rent payable by LESSEE to LESSOR up to the time of such termination, shall continue to be liable for any preceding breach of covenant, and in addition, shall pay to LESSOR as damages, at the election of LESSOR either:
Appears in 1 contract
Samples: Lease (Bridgeline Software, Inc.)
DEFAULT AND BANKRUPTCY. In The provisions of this paragraph shall not apply insofar as rent is concerned, as the full rent has been paid to Lessor upon execution of said Leasx. Xxwever, insofar as any additional rent obligation created by ongoing monthly expenses which constitute additional rent, then, in the event that:
(a) The LESSEE a. Lessee shall be declared bankrupt or insolvent according to law, or if any assignment shall be made of Lessxx'x xroperty for the benefit of creditors; or
b. Lessee shall default in the payment of any installment of additional rent or other sum sums herein specified and such default shall continue for ten (10) days after written notice thereof; or
(b) The LESSEE c. Lessee shall default in the observance or performance of any other of the LESSEE'S Lessee's covenants, agreements, or obligations hereunder and such default shall not be corrected within thirty (30) days after written notice thereof; or
(c) The LESSEE shall be declared bankrupt or insolvent according to law, or, if any assignment be made of XXXXXX'S property for the benefit of creditors, then the LESSOR Then Lessor shall have the right thereafter, thereafter while such default continues, to re-enter and take complete possession of the leased premisesPremises, to declare the term of this Lease lease ended, and remove the LESSEE'S effectsLessxx'x xffects, without being deemed guilty of any manner of trespass and without prejudice to any remedies which might be otherwise used for arrears of additional rent or other default. The LESSEE default or breach of covenants, Lessee shall indemnify the LESSOR Lessor against all loss of additional rent and other payments which the LESSOR Lessor may incur by reason of such termination during the residue of the term. If the LESSEE Lessee shall default, after reasonable notice thereof, in the observance or performance of any conditions or covenants on LESSEE'S part Lessxx'x xart to be observed or performed under or by virtue of any of the provisions in any article of this Leaselease, the LESSORlessor, without being under any obligation to do so and without thereby waiving such default, may remedy such default for to the account and at the expense of the LESSEELessee. If the LESSOR makes any expenditures or incurs any obligations for the payment of money in connection therewith, including but not limited to, to reasonable attorney's fees in instituting, prosecuting or defending any action or proceeding, such sums paid or obligations incurred, with interest at the rate of twelve (12) percent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent.or
Appears in 1 contract
DEFAULT AND BANKRUPTCY. In the event that:
(a) The LESSEE shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten (10) days after written notice thereofspecified; or
(b) The LESSEE shall default in the observance or performance of any other of the LESSEE'S covenants, agreements, or obligations hereunder and such default shall not be corrected within thirty (30) days after written notice thereofhereunder; or
(c) The LESSEE shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXXLESSEE'S property for the benefit of creditors, then the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premises, to declare the term of this Lease lease ended, and remove the LESSEE'S effects, without prejudice to any remedies which might be otherwise used for arrears of rent or of other default. The LESSEE shall indemnify the LESSOR against all loss of rent and other payments which the LESSOR may incur by reason of such termination during the residue of the term. If the LESSEE shall default, after reasonable in the observance or performance of any conditions or covenants on LESSEE'S part to be observed or performed under or by virtue of any of the provisions in any article of this Leaselease, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEE. If the LESSOR makes any reasonable and customary 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, such sums paid or obligations incurredinsured, with interest at the rate of twelve (12) 10 percent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent.
Appears in 1 contract
DEFAULT AND BANKRUPTCY. In the event that:
(a) The LESSEE shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten (10) days after written notice thereof; or
(b) The LESSEE shall default in the observance or performance of any other of the LESSEE'S 's covenants, agreements, or obligations hereunder and such default shall not be corrected within thirty (30) days after written notice thereof; or
(c) The LESSEE shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXX'S LESSEE's property for the benefit of creditors, then the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premises, to declare the term of this Lease lease ended, and remove the LESSEE'S effects's affects, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE shall indemnify the LESSOR against all loss of rent and other payments which the LESSOR may reasonably incur by reason of such termination during the residue of the term. If the LESSEE shall default, after reasonable covenants on LESSEE'S part to be observed notice thereof, in the observance or performed under or by virtue of any of the provisions in any article of this Leaselease, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEELESEE. If the LESSOR 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, such sums paid or obligations incurredinsured, with interest at the rate of twelve six (126) percent per cent annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent.
Appears in 1 contract
DEFAULT AND BANKRUPTCY. In the event that:
(a) The LESSEE shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten (10) days after written notice thereof; or
(b) The LESSEE shall default in the observance or performance of any other of the LESSEE'S 's covenants, agreementsagreement, or obligations hereunder and such default shall not be corrected within thirty (30) days after written notice thereof; or
(c) The LESSEE shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXX'S LESSEE's property for the benefit of creditors, ; then the LESSOR LESSOR, shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased Leased premises, to declare the term of this Lease ended, and remove the LESSEE'S 's effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other defaultavailable to LESSOR. The LESSEE shall indemnify the LESSOR against all loss of rent and other payments payments, which the LESSOR may incur by reason of such termination during the residue of the term. If the LESSEE shall default, after reasonable notice thereof, in the observance or performance of any conditions or covenants on LESSEE'S 's part to be performed or observed or performed under or by virtue of any of the provisions in any article of this Lease, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEE. If the LESSOR 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, such sums paid or obligations incurred, with the interest at the rate of twelve percent (12%) percent per annum and costs, costs shall be paid to the LESSOR by the LESSEE as additional rent.
(d) If LESSOR breaches or defaults on its obligations under sections 7 and 23D of this Lease, which breach or default continues for thirty days after written notice of said breach to LESSOR by LESSEE, then in that event, LESSEE may cure the breach or default on LESSOR's behalf and make the appropriate deduction from LESSEE's rent.
Appears in 1 contract
Samples: Lease (Photogen Technologies Inc)
DEFAULT AND BANKRUPTCY. In the event that:
(a) The LESSEE Tenant shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten (10I 0) days after written notice thereofdays; or
(b) The LESSEE Tenant shall default in the observance or performance of any other of the LESSEE'S Tenant’s covenants, agreements, agreement or obligations hereunder and such default shall not be corrected within thirty (30) days after written notice thereof; or
(c) The LESSEE Tenant shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXX'S Tenant’s property for the benefit of creditors, then the LESSOR Landlord shall have the right thereafter, while which such default continues, continues to re-enter and take complete possession of the leased demised premises, to declare the term of this the Lease ended, and remove the LESSEE'S Tenant’s effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE Tenant shall indemnify the LESSOR Landlord against all loss of rent and other payments which the LESSOR Landlord may incur by reason of such termination during the residue of the term. If the LESSEE Tenant shall default, default after reasonable notice thereof, in the observance of performance of any conditions or covenants on LESSEE'S Tenant’s part to be observed or performed under or by virtue of any of the provisions in any article section of this Lease, the LESSORLandlord, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEETenant. If the LESSOR Landlord makes any expenditures or incurs any obligations for the payment of money in connection therewiththere with, including but not limited to, to reasonable attorney's ’s fees in instituting, prosecuting or defending any action or proceeding, such sums paid or obligations incurred, with interest at the rate of twelve (12) percent per annum and costs, shall be paid to the LESSOR Landlord by the LESSEE Tenant as additional rent., hi the event of a default by the Tenant and re-entry and termination of the Lease, the value, at the time of termination, of the excess, if any, of the amount of rent and additional rent reserved in the Lease for the remainder of the stated term over the then reasonable rental value of the Premises for the remainder of the stated term shall become immediately due and payable at Landlord’s option and Tenant waives all rights and claims for anticipatory breach of the Lease. In all cases, Landlord shall use commercially reasonable efforts to mitigate its damages. 21 SIGNS: Landlord shall have a right of prior approval of all signs to be utilized by Tenant on his door or outside of the demised premises. Landlord shall also have a right of prior approval of any signs placed by Tenant on the window areas of the demised premises for viewing from outside of the building. Any of such approvals shall not be unreasonably withheld. To the extent that any signs referred to in the Section are subject to local zoning ordinances or rules and regulations of any governmental agency or authority, all such signs will be in compliance therewith. Landlord at its cost shall install building standard signage on the first floor lobby and on the floor directory
Appears in 1 contract
Samples: Lease (Gi Dynamics, Inc.)
DEFAULT AND BANKRUPTCY. (a) In the event that:(each an "Event of Default"):
(ai) The LESSEE Lessee shall default in the payment of fail to pay any installment of rent Base Rent, Additional Rent or other sum sums herein specified (including but not limited to the Buy-Out Amount) and such default shall continue for ten (10) days after written notice thereof; or, provided, however, Lessor shall not be required to give more than three (3) notices in any calendar year with regard to the late payment of Base Rent;
(bii) The LESSEE Lessee shall default in the observance fail to perform or performance of observe any other of the LESSEE'S Lessee's covenants, agreements, or obligations hereunder and such default shall not be corrected within thirty (30) days after written notice thereof; thereof or, if thirty (30) days is not a reasonably sufficient time within which to cure such default, provided the Lessee has promptly commenced and is diligently proceeding the cure such longer time as is reasonable necessary not to exceed in any event one hundred twenty (120) days;
(ciii) The LESSEE Lessee shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXX'S Lessee's property for the benefit of creditorscreditors or any receiver or trustee is appointed for all or any portion of the Lessee's property or any involuntary or voluntary proceedings are begun under any bankruptcy or similar laws for reorganization or arrangements to settle, satisfy or extend payment of debts and such declaration or proceedings are not set aside within sixty (60) days thereafter;
(iv) If the Lessee's interest in this Lease shall be taken by execution or other process of law; then the LESSOR Lessor shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premises, to declare the term of this Lease ended, and remove the LESSEE'S effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE .
(b) If this Lease shall indemnify have been terminated as provided in Section 19(a), then Lessor may, but only after obtaining an order from a court of competent jurisdiction, re-enter the LESSOR against Premises either by summary proceedings, ejectment or otherwise, and to remove and dispossess Lessee and all loss other persons and any and all property from the same, as if this Lease had not been made.
(c) In the event that this Lease is terminated under any of the provisions contained in Section 19(a) or shall be otherwise terminated by breach of any obligation of Lessee, Lessee covenants and agrees forthwith to pay and be liable for, on the days originally fixed herein for the payment thereof, amounts equal to the several installments of Base Rent and Additional Rent and charges reserved as they would, under the terms of this Lease, become due if this Lease had not been terminated or if Lessor has not entered or re-entered, as aforesaid, and whether the Premises be relet or remain vacant, in whole or in part, or for a period less than the remainder of the Term, and for the whole thereof, but in the event the Premises be relet by Lessor, Lessee shall be entitled to a credit in the net amount of rent and other payments which the LESSOR may incur charges received by reason of such termination during the residue of the term. If the LESSEE shall defaultLessor in reletting, after deduction of all reasonable covenants on LESSEE'S part to expenses incurred (and not reimbursed by third parties) in reletting the Premises (including, without limitation, fit-out costs, brokerage fees, attorney fees and the like), and in collecting the rent in connection therewith, in the following manner: Amounts received by Lessor after reletting shall first be observed or performed applied against such Lessor's reasonable expenses, until the same are recovered, and until such recovery, Lessee shall pay, as of each day when a payment would fall due under or by virtue of any of the provisions in any article of this Lease, the LESSORamount which Lessee is obligated to pay under the terms of this Lease (Lessee's liability prior to any such reletting and such recovery not in any way to be diminished as a result of the fact that such reletting might be for a rent higher than the rent provided for in this Lease); when and if such expenses have been completely recovered, without being the amounts received from reletting by Lessor as have not previously been applied shall be credited against Lessee's obligations as of each day when a payment would fall due under this Lease, and only the net amount therefor shall be payable by Lessee. Further, amounts received by Lessor from such reletting for any obligation period shall be credited only against obligations of Lessee allocable to do so such period, and without thereby waiving shall not be credited against obligations of Lessee hereunder accruing subsequent or prior to such defaultperiod; nor shall any credit of any kind be due for any period after the date when the term of this Lease is scheduled to expire according to its terms.
(d) (i) At any time within eighteen (18) months after such termination and whether or not Lessor shall have collected any damages as aforesaid, may remedy as liquidated final damages and in lieu of all other damages beyond the date of notice from Lessor to Lessee, at Lessor's election, Lessee shall pay to Lessor such default for the account and a sum as at the expense time of the LESSEE. If giving of such notice represents the LESSOR makes any expenditures or incurs any obligations amount of the total rent and other benefits which would have accrued to Lessor under this Lease from the date of such notice for what would be the payment of money in connection therewith, including then unexpired Lease Term discounted to present value at a six (6%) percent interest rate (but not limited to, reasonable attorney's fees in instituting, prosecuting or defending any action or proceeding, such sums paid or obligations incurred, including unexercised Renewal Options) if the Lease terms had been fully complied with interest at the rate of twelve (12) percent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rentLessee.
Appears in 1 contract
Samples: Lease (Abiomed Inc)
DEFAULT AND BANKRUPTCY. In the event that:
(a) The LESSEE shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten (10) FIVE days after written notice thereof; or
(b) The LESSEE shall default in the observance or performance of any other of the LESSEE'S 's covenants, agreements, or obligations hereunder and such default shall not be corrected within thirty (30) THIRTY days after written notice thereof; or
(c) The LESSEE shall be declared bankrupt or insolvent according to law, or, law or if any assignment shall be made of XXXXXX'S LESSEE's property for the benefit of creditors, ; then the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premisesUnit, to declare the term of this Lease ended, lease ended and to remove the LESSEE'S 's effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE shall indemnify the LESSOR against all loss of rent and other payments which the LESSOR may incur by reason of such termination termination, during the residue remainder of the term. If the LESSEE shall default, after reasonable notice thereof, in the observance or performance of any conditions or covenants on LESSEE'S 's part to be observed or performed under or by virtue of any of the provisions in any article of this Leaselease, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEE. If the LESSOR makes any expenditures or incurs any obligations for the payment of money in connection therewiththerewith or in connection with any such termination, including including, but not limited to, reasonable attorney's fees in instituting, prosecuting or defending any action or proceeding, such sums paid or obligations incurred, with interest at the rate of twelve eighteen (12l8%) percent per annum annum, and costs, costs shall be paid to the LESSOR by the LESSEE as additional rent.
Appears in 1 contract
Samples: Lease Agreement (Gomez Advisors Inc)
DEFAULT AND BANKRUPTCY. In the event that:
(a) The LESSEE shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten (10) days after written notice thereof; or
(b) The LESSEE shall default in the observance or performance of any other of the LESSEE'S ’s covenants, agreements, or obligations hereunder and such default shall not be corrected cured within thirty (30) days after written notice thereof; , or
(c) The LESSEE shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXX'S LESSEE’s property for the benefit of creditors, then the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premises, to declare the term of this Lease lease ended, and remove the LESSEE'S ’s effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE shall indemnify the LESSOR against all loss of rent and other payments which the LESSOR may incur by reason of such termination during the residue of the term. If the LESSEE shall default, after reasonable notice thereof, in the observance or performance of any conditions or covenants on LESSEE'S ’s part to be observed or performed under or by virtue of any of the provisions in any article of this Leaselease, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may upon at least 10 days’ notice to LESSEE remedy such default for the account and at the expense of the LESSEE. If the LESSOR makes any expenditures or incurs any obligations for the payment of money in connection therewith, including but not limited to, reasonable attorney's ’s fees in instituting, prosecuting or defending any action or proceeding, such sums paid or obligations incurred, with interest at the rate of twelve (12) percent per annum and costs, incurred shall be paid to the LESSOR by the LESSEE as additional rent.
Appears in 1 contract
DEFAULT AND BANKRUPTCY. In the event that:: ----------------------
(a) The LESSEE LESSEE, or any guarantor of LESSEE's obligations hereunder, shall default in the payment of any installment of rent [within 5 days of the date the same is due (/s/ XXX XXX CPS) or other sum herein specified and such default shall continue for ten (10) days after written notice thereofspecified; or
(b) The LESSEE shall default in the observance or performance of any other of the LESSEE'S 's covenants, agreements, or obligations hereunder (except as provided in Paragraph 18(a) above) and the LESSEE shall not cure such default shall not be corrected within thirty (30) days after written notice thereofthereof or if such default cannot be cured within thirty (30) days, then if LESSEE shall not commence to cure the same within thirty (30) days and diligently pursue the curing of the same; or
(c) The LESSEE shall be declared bankrupt or insolvent according to law, or, if makes any assignment be made of XXXXXX'S property for the benefit of creditors, commits any act of bankruptcy or files a petition under any bankruptcy or insolvency law; or if such a petition is filed against LESSEE and is not dismissed within ninety (90) days; or if a receiver or similar officer becomes entitled to LESSEE's leasehold hereunder and it is not returned to LESSEE within ninety (90) days, or if such leasehold is taken on execution or other process of law in any action against LESSEE; then in any such case the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premisesLeased Premises, to declare the term Term of this Lease ended, and remove the LESSEE'S effects's effects at LESSEE's sole cost and expense, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE shall indemnify the LESSOR against all loss and reasonable payment of rent and other payments which the LESSOR may incur by reason of such termination during the residue of the termTerm. In the event of default, LESSOR shall use its reasonable efforts to re-let the Leased Premises so as to mitigate any damages to the LESSEE hereunder. If LESSEE re-lets the Leased Premises, LESSEE may offset its payable rent by the amount of rent received by LESSOR. If the LESSEE shall default, after reasonable written notice thereof as provided herein, in the observance or performance of any conditions or covenants on LESSEE'S its part to be observed or performed under or by virtue of any of the provisions in any article of this LeaseLease and after the expiration of any period within which the LESSEE is entitled to cure such default as is provided above in this Paragraph 18, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEE. If the LESSOR makes any expenditures or incurs any obligations for the payment of money in connection therewith, including including, but not limited to, reasonable attorney's fees (except for unsuccessful suits against the LESSEE) in instituting, prosecuting or defending any action or proceeding, such sums paid or obligations incurred, with interest at the rate of twelve (12%) percent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent. Nothing contained in this Lease shall limit or prejudice the right of LESSOR to claim and obtain in proceedings for bankruptcy, insolvency or like proceedings by reason of the termination of 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 the damages are to be claimed or proved, whether or not the amount be greater, equal to, or less than the amount of the loss or damages referred to above.
Appears in 1 contract
Samples: Lease (Call Points Inc)
DEFAULT AND BANKRUPTCY. In the event that:
(a) The LESSEE shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten five (105) days after written notice thereof; or
(b) The LESSEE shall default in the observance or performance of any other of the LESSEE'S covenants, agreements, or obligations hereunder and such default shall not be corrected within thirty fifteen (3015) days after written notice thereof; or
(c) The LESSEE shall file or be filed against in any bankruptcy, insolvency or reorganization petition; or
(d) The LESSEE shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXXLESSEE'S property for the benefit of creditors, or
(e) Any attachment is made of the leasehold interest outlined in this lease; or
(f) The LESSEE shall abandon the premises; or
(g) A receiver is appointed to conduct LESSEE'S business (whether or not LESSOR has re-entered the premises) then the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premisesPremises, to declare the term of terminate this Lease endedlease, and remove the LESSEE'S effects, effects without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE shall indemnify the LESSOR against all loss of rent and additional rent and other payments which the LESSOR may incur by reason of such termination during the residue of the term. If the LESSEE shall default, after reasonable notice thereof; in the observance or performance of any conditions or covenants on LESSEE'S part to be observed or performed under or by virtue of any of the provisions in any article of this Leaselease, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEE. If the LESSOR 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, such sums paid or obligations incurredinsured, with interest at the rate of twelve (12) percent 18 per annum cent per annum. and costs, shall be paid to the LESSOR by the LESSEE as additional rent. Any sums not paid when due shall bear interest at 18 per cent per annum until paid. LESSEE shall pay an administrative fee if a check does not clear.
Appears in 1 contract
DEFAULT AND BANKRUPTCY. In the event that:
(a) The LESSEE shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten (10) days after written notice thereof; or
(b) The LESSEE shall default in the observance or performance of any other of the LESSEE'S 's covenants, agreements, or obligations hereunder and such default shall not be corrected within thirty (30) days after written notice thereof; or
or (c) The LESSEE shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXX'S 's property for the benefit of creditors, then the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premises, to declare the term of this Lease lease ended, and remove the LESSEE'S 's effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE shall indemnify the LESSOR against all loss of rent and other payments which the LESSOR may incur by reason of such termination during the residue of the term. If the LESSEE shall default, after reasonable notice thereof, in the observance or performance of any conditions or covenants on LESSEE'S 's part to be observed or performed under or by virtue of any of the provisions in any article of this Leaselease, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEE. If the LESSOR 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, such sums paid or obligations incurredinsured, with interest at the rate of twelve (12) percent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent.
Appears in 1 contract
DEFAULT AND BANKRUPTCY. In the event that:
that (a) The the LESSEE shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten fifteen (1015) days after written notice thereofthe payment due date; or
or (b) The the LESSEE shall default in the observance or performance of any other of the LESSEE'S 's covenants, agreementsagreement, or obligations hereunder and such default shall not be corrected within thirty (30) days after written notice thereof; or
or (c) The the LESSEE shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXX'S LESSEE's property for the benefit of creditors, then the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premises, to declare the term of this Lease lease ended, and remove the LESSEE'S 's effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE shall indemnify the LESSOR against all loss of rent and other payments which the LESSOR may incur by reason of such termination during the residue of the term. If the LESSEE shall default, after reasonable notice thereof, in the observance or performance of any conditions or covenants on LESSEE'S 's part to be observed or performed under or by virtue of any of the provisions in any article of this Leaselease, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEE. If the LESSOR 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, such sums paid or obligations incurredinsured, with interest at the rate of twelve (12) percent 12 per cent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent.
Appears in 1 contract
Samples: Lease Agreement (Access Integrated Technologies Inc)
DEFAULT AND BANKRUPTCY. In the event that:
(a) The LESSEE shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten (10) days after written notice thereof; or
(b) The LESSEE shall default in the observance or performance of any other of the LESSEE'S covenants, agreements, or obligations hereunder and such default shall not be corrected within thirty (30) days after written notice thereofthereof or, if such default shall reasonably require longer than thirty (30) days to cure, shall not within said period commence and diligently proceed to cure such default; or
(c) The LESSEE shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXXLESSEE'S property for the benefit of creditors, then the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premises, continues to declare the term of this Lease lease ended, and remove the LESSEE'S effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE shall indemnify the LESSOR against all loss of rent and other payments which the LESSOR may incur by reason of such termination during the residue of the term. If the LESSEE shall default, after reasonable notice thereof, in the observance or performance of any conditions or covenants on LESSEE'S part to be observed or performed under or by virtue of any of the provisions in any article of this Leaselease, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEE. If the LESSOR makes any expenditures or incurs any obligations for the payment of money in connection therewith, including including, but not limited to, reasonable attorney's attorneys' fees in instituting, prosecuting or defending any action or proceeding, such sums paid or obligations incurred, incurred with interest at the rate of twelve (12) percent 18% per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent.
Appears in 1 contract
Samples: Commercial Lease (Unidigital Inc)
DEFAULT AND BANKRUPTCY. In the event that:
(a) The LESSEE shall default in the payment of any installment of rent Base Rent, Additional Rent or other sum due LESSOR as provided herein specified and such default shall continue for ten (10) days after written notice thereoffrom Lessor, provided that no such written notice shall be required if there shall have been more than two (2) such defaults within one (1) calendar year; or
(b) The LESSEE shall default in the observance or performance of any other of the LESSEE'S covenants, agreements, or obligations hereunder and such default shall not be corrected within thirty sixty (3060) days after the receipt of written notice thereofthereof or if such default cannot reasonable be cured within sixty (60) days, such additional time as is necessary to effect the cure, provided LESSEE has and continues to use all due diligence to effect the cure; or
(c) The LESSEE shall be declared a bankrupt or insolvent according to law, or, or if any assignment shall be made of XXXXXXLESSEE'S property for the benefit of creditors, ; or
(d) If a lien or other involuntary encumbrance in a material sum is filed against tenant's leasehold and is not discharged or bonded off within sixty (60) days; then the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premisesDemised Premises, to declare the term of this Lease ended, and remove the LESSEE'S 's effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE shall indemnify the LESSOR against remain fully responsible for all loss of rent and other payments which the LESSOR may incur by reason of such termination was entitled to receive during the residue balance of the term. If In such event the LESSEE shall default, after LESSOR agrees to use reasonable covenants on efforts to mitigate the LESSEE'S part to be observed or performed under or by virtue of damages which mitigation shall take into account the rents which the LESSOR may thereafter receive from any reletting of the provisions in any article Demised Premises after deducting all costs associated therewith. Upon the occurrence of this Leasea default by the LESSEE, the LESSOR, without being under any obligation to do so and without thereby waiving waving such default, may remedy such default for the account and at the expense of the LESSEE. If the LESSOR makes any expenditures expenditure or incurs any obligations for the payment of money in connection therewithand enforcing its rights under this Lease, whether or not suit has been instituted and including but not limited to, reasonable attorney's fees in instituting, prosecuting or and defending any action or proceedingrelated thereto, such sums paid or obligations incurred, including but not limited to reasinable attorney's fees, with interest at the rate of twelve (12) often percent per annum (10%) and costs, shall be paid to the LESSOR by the LESSEE as additional rentAdditional Rent. If any sections of this Lease specify a grace or other period for certain occurrances, which differ from the periods set forth in this section, the shorter period shall prevail. Any and all rights and remedies which the LESSOR may have under this Lease, and at law and equity, shall be cumulative and shall not be deemed inconsistent with each other, and two or more of such rights and remedies may be exercised at the same time against the LESSEE and also, if applicable, against any other assignee or sublessee insofar as permitted by law.
Appears in 1 contract
Samples: Commercial Lease (Rowecom Inc)
DEFAULT AND BANKRUPTCY. In the event that:
(a) The LESSEE shall shall, after the applicable five (5) day grace period, default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten (10) days after written notice thereofspecified; or
(b) The LESSEE shall default in the observance or performance of any other of the LESSEE'S 's covenants, agreements, or obligations hereunder (except as provided in Paragraph 18(a) above) and the LESSEE shall not cure such default shall not be corrected within thirty (30) days after written notice thereofthereof or if such default cannot be cured within thirty (30) days, then if LESSEE shall not commence to cure the same within thirty (30) days and diligently pursue the curing of the same; or
(c) The LESSEE shall be declared bankrupt or insolvent according to law, or, if makes any assignment be made of XXXXXX'S property for the benefit of creditors, commits any act of bankruptcy or files a petition under any bankruptcy or insolvency law; or if such a petition is filed against LESSEE or any guarantor of LESSEE's obligations under this Lease and is not dismissed within thirty (30) days; or if a receiver or similar offer becomes entitled to LESSEE's leasehold hereunder and it is not returned to LESSEE within thirty (30) days, or if such leasehold is taken on execution or other process of law in any action against LESSEE; then in any such case the LESSOR shall have the right thereafter, while such default continues, to rereenter and-enter and take complete possession of the leased premisesLeased Premises, to declare the term of this Lease ended, and remove the LESSEE'S effects's effects at LESSEE's sole cost and expense, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE shall indemnify the LESSOR against all loss and reasonable payment of rent and other payments which the LESSOR may incur by reason of such termination during the residue of the term. In the event of default, LESSOR shall use its reasonable efforts to re-let the Leased Premises so as 30 to mitigate any damages to the LESSEE hereunder. If the LESSEE shall default, after reasonable in the observance or performance of any conditions or covenants on LESSEE'S its part to be observed or performed under or by virtue of any of the provisions in any article of this LeaseLease and after the expiration of any period within which the LESSEE is entitled to cure such default as is provided above in this Paragraph 18, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEE. If the LESSOR makes any expenditures or incurs any obligations for the payment of money in connection therewith, including but not limited to, reasonable attorney's fees fees, (except for unsuccessful suits against the LESSEE) in instituting, prosecuting prosecuting, or defending any action or proceeding, such sums paid or obligations incurred, with interest at the rate of twelve (12%) percent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent. Nothing contained in this Lease shall limit or prejudice the right of LESSOR to claim and obtain in proceedings for bankruptcy, insolvency or like proceedings by reason of the termination of 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 the damages are to be claimed or proved, whether or not the amount be greater, equal to or less than the amount of the loss or damages referred to above.
Appears in 1 contract
Samples: Lease Agreement (Net Genesis Corp)
DEFAULT AND BANKRUPTCY. In the event that:
(a) The LESSEE that TENANT shall default in the payment of or any installment of rent or other sum herein specified beyond the applicable due date hereunder and such default shall continue for ten (10) days after written notice thereof; or
(b) The LESSEE TENANT shall default in the observance or performance of any other of the LESSEE'S covenants, agreements, TENANT's covenants or agreements or obligations hereunder and hereunder. In such default shall not be corrected within when thirty (30) days after written notice thereof; or
(c) The LESSEE or the TENANT shall be declared bankrupt or insolvent according accordingly to law, or, if in any assignment shall be made of XXXXXX'S TENANT's property for the benefit of creditors, then the LESSOR LANDLORD shall have the right thereafter, while such default continues, continues to re-enter reenter and take complete possession of the leased hired premises, to declare the term of this Lease she tenancy at will ended, and remove the LESSEE'S effects, TENANT's effects without prejudice to any other remedies which might be otherwise used available for arrears of rent or other sums due hereunder, or for any other default. The LESSEE TENANT shall indemnify the LESSOR LANDLORD against all loss of rent and other payments which the LESSOR LANDLORD may incur by reason of such termination during the residue of the termtermination. If the LESSEE TENANT shall default, after reasonable covenants default in the observance or performance of any condition or covenant on LESSEE'S TENANT's part to be observed or performed under or by virtue of any of the provisions in any article provision of this Leasetenancy at will, the LESSORLANDLORD may, but without being under any obligation to do so and without thereby waiving such defaultresult, may remedy such default for the account and at the expense of TENANT, the LESSEE. If the LESSOR makes any expenditures or incurs any obligations for the payment cost and expense of money in connection therewithwhich, including but not limited to, to reasonable attorney's attorneys fees in instituting, prosecuting or defending any such action or proceeding, such sums paid or obligations incurred, together with interest at the rate of twelve (12) percent 18% per annum and costsannum, shall be paid by TENANT to the LESSOR by the LESSEE LANDLORD as additional rentrent hereunder. Regardless of the provisions hereof, TENANT acknowledges and agrees that LANDLORD may terminate this tenancy at will, at any time, consistent with paragraph 5 hereof.
Appears in 1 contract
Samples: Commercial Tenancy at Will Agreement (NxStage Medical, Inc.)
DEFAULT AND BANKRUPTCY. In the event that:
(a) The LESSEE shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten (10) days after written notice thereof; , or
(b) The LESSEE shall default in the observance or performance of any other of the LESSEE'S covenants, agreements, or obligations hereunder and such default shall not be corrected within thirty (30) days after written notice thereof; or
(c) The LESSEE shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXXLESSEE'S property for the benefit of creditors, then the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premises, to declare the term of this Lease lease ended, and remove the LESSEE'S effects, without prejudice to any remedies which might be otherwise used for arrears wears of rent or other default. The LESSEE shall indemnify the LESSOR against all loss of rent and other payments which the LESSOR may incur by reason of such termination during the residue of the term. If the LESSEE shall default, after reasonable notice thereof; in the observance or performance of any conditions or covenants on LESSEE'S part to be observed or performed under or by virtue of any of the provisions in any article of this Leaselease, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense expenses of the LESSEE. If the LESSOR 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, such sums paid or obligations incurredinsured, with interest at the rate of twelve six (126) percent per cent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent.
Appears in 1 contract
DEFAULT AND BANKRUPTCY. In the event that:
(a) The LESSEE shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten (10) days after written notice thereof; or
(b) The LESSEE shall default in the observance or performance of any other of the LESSEE'S 's covenants, agreements, or obligations hereunder and such default shall not be corrected within thirty (30) days after written notice thereof; or
(c) The LESSEE shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXX'S LESSEE's property for the benefit of creditors, then the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premises, to declare the term terms of this Lease lease ended, and remove the LESSEE'S 's effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE shall indemnify the LESSOR against all loss of rent and other payments which the LESSOR may incur by reason of such termination during the residue of the term. If the LESSEE shall default, after reasonable notice thereof, in the observance or performance of any conditions or covenants on LESSEE'S 's part to be observed or performed under or by virtue of any of the provisions in any article of this Leaselease, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEE. If the LESSOR 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, such sums paid or obligations incurredinsured, with interest at the rate of twelve six (126) percent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent.
Appears in 1 contract
DEFAULT AND BANKRUPTCY. In the event that:
(a) The LESSEE shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten (10) days after written notice thereof; or
(b) The LESSEE shall default in the observance or performance of any other of the LESSEE'S 's covenants, agreements, or obligations hereunder and such default shall not be corrected within thirty (30) days after written notice thereof; or
(c) The LESSEE shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXX'S LESSEE's property for the benefit of creditors, then the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premises, to declare the term remainder of this Lease lease ended, and remove the LESSEE'S 's effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE shall indemnify the LESSOR against all loss of rent and other payments which the LESSOR may incur by reason of such termination during the residue of the term. If the LESSEE shall default, after reasonable notice thereof, in the observance or performance of any conditions or covenants on LESSEE'S 's part to be observed or performed under or by virtue of any of the provisions in any article of this Leaselease, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEE. If the LESSOR 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, such sums paid or obligations incurredinsured, with interest at the rate of twelve (12) percent Prime plus 1 per cent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent.
Appears in 1 contract
Samples: Lease (Synplicity Inc)
DEFAULT AND BANKRUPTCY. In the event that:
(a) The LESSEE shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten five (105) days after written notice thereofthe date said payment is due; or
(b) The LESSEE shall default in the observance or performance of any other of the LESSEE'S ’s covenants, agreementsagreement, or obligations hereunder and such default shall not be corrected within thirty (30) days after written notice thereof; or
(c) The LESSEE shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXX'S LESSEE’s property for the benefit of creditors, then the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premises, to declare the term of this Lease lease ended, and remove the LESSEE'S ’s effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE shall indemnify the LESSOR against all loss of rent and other payments which the LESSOR may incur by reason of such termination during the residue of the term, or the LESSOR may elect to be indemnified for loss of rent and other sums due under this lease by a lump sum payment representing the then present value of the amount of all sums which would have been paid in accordance with this lease for the remainder of the term minus the then present value of the aggregate market rate, as defined below, and additional charges payable for the premises for the remainder of the term, taking into account reasonable projections of vacancy and time required to re-lease the premises. For purposes hereof, market rate shall be the then current effective rate of rent (adjusted, if necessary, to reflect any free rent or comparable concessions), being charged for comparable space in comparable buildings. For the purposes of calculating the rent which would have been paid hereunder for the lump sum payment calculation describe herein, the most recent full year’s tax and operating expense payments shall be deemed constant for each year thereafter. The Federal Reserve discount rate (or equivalent) plus 3% shall be used in calculating present values. If the LESSEE shall default, after reasonable notice thereof, in the observance or performance of any conditions or covenants on LESSEE'S ’s part to be observed or performed under or by virtue of any of the provisions in any article of this Leaselease, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may elect to remedy such default for the account and at the expense of the LESSEE. If the LESSOR makes any expenditures or incurs any obligations for the payment of money in connection therewith, including but not limited to, reasonable attorney's ’s fees in instituting, prosecuting or defending any action or proceeding, such sums paid or obligations incurredinsured, with interest at the rate of twelve (12) percent 12 per cent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent. It is expressly understood and agreed that the LESSEE’s obligation to pay rent, and any and all additional charges, is independent of any obligation or covenant entered into by the LESSOR.
Appears in 1 contract
DEFAULT AND BANKRUPTCY. In the event that:
(a) The LESSEE shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten (10) days after written notice thereof; or;
(b) The LESSEE shall default in the observance or performance of any other of the LESSEE'S 's covenants, agreements, or obligations hereunder and such default shall not be corrected within thirty (30) days after written notice thereofthereof or such longer time as shall be reasonably required to complete such cure in the exercise of due diligence; or
(c) The LESSEE shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXX'S LESSEE's property for the benefit of creditors, then the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premisesLeased Premises, to declare the term of this Lease lease ended, and remove the LESSEE'S 's effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. In lieu of re-entry, LESSOR may send notice by mail terminating this lease. The LESSEE shall indemnify the LESSOR against all loss of rent and other payments which the LESSOR may incur by reason of such termination during the residue of the term. If the LESSEE shall default, after reasonable notice thereof, in the observance or performance of any conditions or covenants on LESSEE'S 's part to be observed or performed under or by virtue of any of the provisions in any article of this Leaselease, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEELESSER. If the LESSOR 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, such sums paid or obligations incurred, incurred with interest at the rate of twelve two percent (122%) percent per annum and costsabove the prime rate charged from time to time by the Bank of Boston to its most credit-worthy commercial customers, shall be paid to the LESSOR by the LESSEE as additional rent.
Appears in 1 contract
Samples: Sublease (Viacell Inc)
DEFAULT AND BANKRUPTCY. In the event that:
(a) The the LESSEE shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten (10) days after written notice thereof; or
(b) The the LESSEE shall default in the observance or performance of any other of the LESSEE'S covenants, agreements, or obligations hereunder and such default shall not be corrected within thirty (30) days after written notice thereof; or
(c) The the LESSEE shall be declared bankrupt or insolvent according to law, or, or if any assignment shall be made of XXXXXXLESSEE'S property for the benefit of creditors, ; then the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premises, to declare the term of this Lease ended, and remove the but shall store LESSEE'S effects's effects for a period of up to 45 days, without prejudice to any remedies which might be otherwise used for arrears of rent or other defaultat LESSEE's expense, in accordance with customary business practices. The LESSEE shall indemnify the LESSOR against all loss of rent and other payments which the LESSOR may incur by reason of such termination during the residue of the term. If the LESSEE shall default, after reasonable covenants on LESSEE'S part to be observed or performed under or by virtue of any of the provisions in any article of this Lease, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEE. If the LESSOR 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, such sums paid or obligations incurred, with interest at the rate of twelve ten (1210%) percent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent.
Appears in 1 contract
DEFAULT AND BANKRUPTCY. In the event that:
(a) The LESSEE shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten (10) days after written notice thereof; : or
(b) The LESSEE shall default in the observance or performance of any other of the LESSEE'S 's covenants, agreements, or obligations hereunder and such default shall not be corrected within thirty (30) days after written notice thereof; : or
(c) The LESSEE shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXX'S LESSEE's property for the benefit of creditors, then the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premises, to declare the term of this Lease lease ended, and remove the LESSEE'S 's effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE shall indemnify the LESSOR against all loss of rent and other payments which the LESSOR may incur by reason of such termination during the residue of the term. If the LESSEE shall default, after reasonable notice thereof, in the observance or performance of any conditions or covenants on LESSEE'S 's part to be observed or performed under or by virtue of any of the provisions in any article of this Leaselease, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEE. If the LESSOR 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, such sums paid or obligations incurredinsured, with interest at the rate of twelve (12) 18 percent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent. The LESSOR shall use best efforts to relet the promises.
Appears in 1 contract
Samples: Commercial Lease (Fibercore Inc)
DEFAULT AND BANKRUPTCY. In the event that:
(a) The LESSEE shall default in the payment of fail to pay any installment of rent Rent, or other sum herein specified specified, and such default shall continue for ten five (105) business days after written notice thereof, however, such notice shall only be required to be given twice in any twelve (12) month period and following such one notice, no further notices of such failure shall be required to constitute a default during such twelve month period; or
(b) The LESSEE shall default in the observance or performance of any other of the LESSEE'S ’S covenants, agreements, or obligations hereunder hereunder, and such default shall not be corrected within thirty twenty (3020) days after written notice thereof, or if such default is of such a nature that it cannot be completely remedied within said period of twenty (20) days if LESSEE shall not within twenty (20) days institute and thereafter diligently prosecute to completion all steps necessary to remedy the same; or
(c) The LESSEE shall be declared bankrupt abandon the Leased Premises and cease paying any Rent due under this Lease; or
(d) The LESSEE shall become insolvent, or insolvent according to lawshall make a transfer in fraud of creditors, or, if any or shall make an assignment be made of XXXXXX'S property for the benefit of creditors; or
(e) The LESSEE shall file or there shall be filed against LESSEE a petition in bankruptcy or reorganization or for an arrangement for the benefit of creditors under any Article or chapter if the United States bankruptcy laws or under any similar law or statute of any State; or
(f) A receiver or trustee shall be appointed for all or substantially all of the assets of LESSEE. Then a default under this Lease shall be deemed to exist and the LESSOR may terminate this Lease by written notice to LESSEE, specifying a date not less than five (5) days after the giving of such notice on which this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration of the Term of this Lease and LESSEE will then quit and surrender the Leased Premises to LESSOR, but LESSEE shall remain liable as hereinafter provided. In the event LESSEE fails to surrender the Leased Premises, the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premises, to declare the term of this Lease endedLeased Premises, and remove the LESSEE'S ’S effects, without prejudice to any remedies which might be otherwise used for arrears of rent any Rent or other default. The LESSEE shall indemnify the LESSOR against all loss of rent Rent and other payments which the LESSOR may incur by reason of such termination during the residue of the term. If the LESSEE shall default, after reasonable covenants on LESSEE'S part to be observed or performed under or by virtue of any of the provisions in any article of this Lease, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEETerm. If the LESSOR makes any expenditures or incurs any obligations for the payment of money in connection connecting therewith, including but not limited to, reasonable attorney's ’s fees in for instituting, prosecuting or defending any action or proceeding, such sums paid or obligations incurredinsured, with interest at the prime rate of twelve then published in The Wall Street Journal plus three percent (123%) percent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rentrent (the “Additional Rent”). The LESSEE covenants and agrees, notwithstanding any termination of this Lease as aforesaid or any entry or re-entry by the LESSOR, whether by summary proceedings, termination, or otherwise, to pay and be liable for on the days originally fixed herein for the payment thereof amounts equal to the several installments of rent and other charges reserved as they would, under the terms of this lease, become due if this lease had not been terminated or if the LESSOR had not entered or re-entered, as aforesaid, and whether the Leased Premises be relet or remain vacant, in whole or in part, or for a period less than the remainder of the term, and for the whole thereof; but in the event the Leased Premises be relet by the LESSOR, the LESSEE shall be entitled to a credit in the net amount of rent received by the LESSOR in reletting, after deduction of all reasonable expenses incurred in reletting the Leased Premises (including, without limitation, commercially reasonable remodeling costs, brokerage fees, and the like), and in collecting the rent in connection therewith. and the LESSEE hereby waives, to the extent permitted by applicable law, any obligation the LESSOR may have to mitigate the LESSOR’s damages; provided, however, that after the termination of this lease as a result of an event of default, the LESSOR shall use reasonable efforts to re-let the demised premises As an alternative, at the election of the LESSOR, the LESSEE will upon such termination pay to the LESSOR, as damages, such a sum as at the time of such termination represents the amount of the excess, if any, of the then value of the total rent and other benefits which would have accrued to the LESSOR under this lease for the remainder of the lease term if the lease terms had been fully complied with by the LESSEE over and above the then cash rental value (in advance) of the premises for the balance of the term. To induce the LESSOR to enter into this lease, each party hereby waives any right to trial by jury in any action, proceeding or counterclaim brought by the other party on any matter whatsoever arising out of or in any way connected with this Lease, the relationship of the LESSOR and the LESSEE and the LESSEE’s use and occupancy of the Leased Premises and/or any claim of injury or damage. Nothing contained in this Lease shall, however, limit or prejudice the right of LESSOR to prove for and obtain in proceeding under any federal or state law relating to bankruptcy or reorganization or arrangement, 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, the damages are to be proved, whether or not the amount be greater than the amount of the loss or damages referred to above. Any and all rights and remedies which LESSOR may have under this Lease, and at law and equity, shall be cumulative and shall not be deemed inconsistent with each other, and any two or more of all such rights and remedies may be exercised at the same time insofar as permitted by law. Any consent or permission by LESSOR to any act or omission which otherwise would be a breach of any covenant or condition herein, or any waiver by LESSOR of the breach of any covenant or condition herein, shall not in any way be held or construed (unless expressly so declared) to operate so as to impair the continuing obligation of any covenant or condition herein, or except as to the specific instance, operate to permit similar acts or omissions. The failure of LESSOR to seek redress for violation or to insist upon the strict performance of, any covenant or condition of this Lease shall not be deemed a waiver of such violation nor percent a subsequent act, which would have originally constituted a violation, from having all the force and effect of an original violation. The receipt by LESSOR of Rent with knowledge of the breach of any covenant of this Lease shall not be deeded to have been a waiver of such breach or covenant of this Lease and shall not be deemed to have been a waiver of such breach by LESSOR unless such waiver is in writing signed by the LESSOR. No consent or waiver, express or implied, by LESSOR to or of any breach of any agreement or duty shall be construed as a waiver or consent to or of any other breach of the same or any other agreement or duty.
Appears in 1 contract
Samples: Commercial Lease (Zafgen, Inc.)
DEFAULT AND BANKRUPTCY. In the event that:
(aa.) The LESSEE shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten (10) days after written notice thereof; or
(bb.) The LESSEE shall default in the observance or performance of any other of the LESSEE'S covenants, agreements, or obligations hereunder and such default shall not be corrected within thirty (30) days after written notice thereof; or
(cc.) The LESSEE shall be declared bankrupt or insolvent according to law, or, or if any assignment shall be made of XXXXXXLESSEE'S property for the benefit of creditors, then the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premises, to declare the term of this Lease lease ended, and remove the LESSEE'S effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The No termination or repossession provided for in this lease shall relieve the LESSEE of its liability and obligations under this Lease, all of which shall survive such termination or repossession. In the event of any such termination or repossession, the LESSEE shall indemnify pay the LESSOR against all loss of rent and any other payments which such sums as hereinbefore provided up to the LESSOR may incur by reason time of such termination during the residue of the termtermination. If the LESSEE shall default, after reasonable notice thereof, in the observance or performance of any conditions or covenants on LESSEE'S part to be observed or performed under or by virtue of any of the provisions in any article of this Lease, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEE. If the LESSOR 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, such sums paid or obligations incurredinsured, with interest at the rate of twelve six (126) percent per cent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent. LESSOR shall provide LESSEE reasonable notice and opportunity to remove any inventory, supplies or product access to which LESSEE is required by law or regulation to restrict.
Appears in 1 contract
Samples: Commercial Lease (Sabratek Corp)
DEFAULT AND BANKRUPTCY. In the event thatIf:
(a) The LESSEE shall default in the payment of any installment of base rent, additional rent or other sum herein specified and such default shall continue for ten five (105) days following written notice; provided that the LESSEE shall only be entitled to two (2) such notices per calendar year; after the second five (5) day notice in any calendar year, a default shall occur for a default in the payment of any installment of base rent, additional rent or other sum herein specified and such default shall continue for five (5) days after written notice thereofthe date said payment is due; or
(b) The LESSEE shall default in the observance or performance of any other of the LESSEE'S ’S covenants, agreements, or obligations hereunder and such default shall not be corrected within thirty (30) days after written notice thereof, provided, however, that if such default of LESSEE is one not normally or particularly susceptible of cure within thirty (30) days and LESSEE has commenced and is diligently proceeding with cure of said default, LESSEE shall have a reasonable period of time to cure such default not to exceed ninety (90) days; or
(c) The LESSEE shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXX'S LESSEE’S property for the benefit of creditors, then the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premisesLeased Premises, to declare the term of this Lease lease ended, and remove the LESSEE'S ’S effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE shall indemnify the LESSOR against all loss of rent and other payments which the LESSOR may incur by reason of such termination during the residue of the term, or the LESSOR may elect to be indemnified for loss of rent and other sums due under this lease by a lump sum payment representing the then present value of the amount of all sums which would have been paid in accordance with this lease for the remainder of the term minus the then present value of the aggregate market rate, as defined below, and additional charges payable for the Leased Premises for the remainder of the term, taking into account reasonable projections of vacancy and time required to re-lease the Leased Premises. For purposes hereof, market rate shall be the then current effective rate of rent (adjusted, if necessary, to reflect any free rent or comparable concessions), being charged for comparable space in comparable buildings. For the purposes of calculating the rent which would have been paid hereunder for the lump sum payment calculation described above, the most recent full year’s tax and operating expense payments shall be deemed constant for each year thereafter. The Federal Reserve discount rate (or equivalent) plus three percent (3%) shall be used in calculating present values. If the LESSEE shall default, after reasonable notice thereof, in the observance or performance of any conditions or covenants on LESSEE'S ’S part to be observed or performed under or by virtue of any of the provisions in any article of this Leaselease, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may elect to remedy such default for the account and at the expense of the LESSEE. If the LESSOR makes any expenditures or incurs any obligations for the payment of money in connection therewith, including but not limited to, reasonable attorney's ’s fees in instituting, prosecuting or defending any action or proceeding, such sums paid or obligations incurredinsured, with interest at the rate of twelve percent (12%) percent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent. It is expressly understood and agreed that the LESSEE’S obligation to pay base rent, additional rent, and any and all additional charges, is independent of any obligation or covenant entered into by the LESSOR.
Appears in 1 contract
DEFAULT AND BANKRUPTCY. In the event that:: (fill in)
(a) The LESSEE shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten (10) days after written notice thereof; or
(b) The LESSEE shall default in the observance or performance of any other of the LESSEE'S 's covenants, agreements, or obligations hereunder and such default shall not be corrected within thirty (30) days after written notice thereof; oror (continued in addendum paragraph 51)
(c) The LESSEE shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXX'S LESSEE's property for the benefit of creditors, then the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premises, to declare the term of this Lease lease ended, and remove the LESSEE'S 's effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE shall indemnify the LESSOR against all loss of rent and other payments which the LESSOR may incur by reason of such termination during the residue of the term. If the LESSEE shall default, after reasonable notice thereof, in the observance or performance of any conditions or covenants on LESSEE'S 's part to be observed or performed under or by virtue of any of the provisions in any article of this Leaselease, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEE. If the LESSOR 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, such sums paid or obligations incurredinsured, with interest at the rate of twelve (12) percent 18 per cent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent.
Appears in 1 contract
DEFAULT AND BANKRUPTCY. In the event that:
(a) The the LESSEE shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten (10) days after written notice thereof; or
(b) The LESSEE shall default in the observance or performance of any other of the LESSEE'S covenants, agreements, or obligations hereunder and such default shall not be corrected within thirty (30) days after written notice thereofthereof provided that if such default is not susceptible of being cured within such period of thirty (30) days, the LESSEE shall have such additional period of time to cure as may be reasonably required to effect such cure so long as the LESSEE seasonably commences the curative action and continually and diligently pursues the same; or
(c) The LESSEE shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXXLESSEE'S property for the benefit of creditors, ; then the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete Complete possession of the leased premises, ; to declare the term of this Lease lease ended, ; and remove the LESSEE'S effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other reasonable default. The LESSEE shall indemnify the LESSOR against all loss of rent and other reasonable payments which the LESSOR may incur by reason of such termination during the residue of the term. If the LESSEE shall default, after reasonable notice thereof, in the observance or performance of any conditions or covenants on LESSEE'S part to be observed or performed under or by virtue of any of the provisions in any article of this Leaselease, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEE. If the LESSOR makes any reasonable and necessary expenditures or incurs any reasonable and necessary 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, such sums paid or obligations incurredinsured, with interest at the rate of twelve ten (1210) percent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent. The LESSOR specifically recognizes the obligation to minimize damages and will use commercially reasonable efforts to relet the Premises.
Appears in 1 contract
Samples: Commercial Lease (Biopure Corp)
DEFAULT AND BANKRUPTCY. A) In the event that:
(ai) The LESSEE shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten five (105) days after written notice thereof; or
(bii) The LESSEE shall default in the observance or performance of any other of the LESSEE'S ’S covenants, agreements, or obligations hereunder and such default shall not be corrected within thirty fifteen (3015) days after written notice thereof, provided that if LESSEE undertakes diligent efforts to correct but such default cannot, despite such efforts be corrected within such fifteen (15) day period, than such fifteen day period shall be extended for an additional period, not to exceed thirty (30) days, sufficient to complete correction of such default; or
(ciii) The LESSEE or any guarantor of LESSEE’S obligations under the lease, files or is filed against in any bankruptcy, insolvency or reorganization petition; or
(iv) The LESSEE shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXX'S LESSEE’S property for the benefit of creditors, or
(v) Any attachment is made of the leasehold interest outlined in this lease; or
(vi) The LESSEE fails to take possession of Premises within seven (7) days of the Commencement Date or shall abandon the Premises; or
(vii) LESSEE violates the terms of Section 13 “Assignment & Subleasing”; or
(viii) A receiver is appointed to conduct LESSEE’S business (whether or not LESSOR has re-entered the premises) then the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premisesPremises, to declare the term of terminate this Lease endedlease, and remove the LESSEE'S effects, ’S effects without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE shall indemnify the LESSOR against all loss of rent and additional rent and other payments which the LESSOR may incur by reason of such termination during the residue of the term. If the LESSEE shall default, after reasonable notice thereof; in the observance or performance of any conditions or covenants on LESSEE'S ’S part to be observed or performed under or by virtue of any of the provisions in any article of this Leaselease, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEE. If the LESSOR makes any expenditures or incurs any obligations for the payment of money in connection therewith, including but not limited to, reasonable attorney's ’s fees in instituting, prosecuting or defending any action or proceeding, such sums paid or obligations incurredinsured, with interest at the rate of twelve (12) percent 18 per cent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent. Any sums not paid when due shall bear interest at 18 per cent per annum until paid. LESSEE shall pay an administrative fee if a check does not clear.
Appears in 1 contract
Samples: Commercial Lease (Glycogenesys Inc)
DEFAULT AND BANKRUPTCY. In the event that:
(a) The LESSEE LESSEE, or any guarantor of LESSEE's obligations hereunder, shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten (10) more than five days after such payment is due provided that LESSOR shall be required to notify LESSEE in writing of any default in the payment of amounts due but this requirement of providing written notice thereofshall be for one (1) written notice in any twelve- (12) month period; or
(b) The LESSEE shall default in the observance or performance of any other of the LESSEE'S 's covenants, agreements, or obligations hereunder (except as provided in Paragraph 18(a) above) and the LESSEE shall not cure such default shall not be corrected within thirty (30) days after written notice thereofthereof or if such default cannot be cured within thirty (30) days, then if LESSEE shall not commence to cure the same within thirty (30) days and diligently pursue the curing of the same; or
(c) The LESSEE shall be declared bankrupt or insolvent according to law, or, if makes any assignment be made of XXXXXX'S property for the benefit of creditors, commits any act of bankruptcy or files a petition under any bankruptcy or insolvency law; or if such a petition is filed against LESSEE and is not dismissed within ninety (90) days; or if a receiver or similar officer becomes entitled to LESSEE's leasehold hereunder and it is not returned to LESSEE within ninety (90) days, or if such leasehold is taken on execution or other process of law in any action against LESSEE; then in any such case the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premisesLeased Premises, to declare the term Term of this Lease ended, and remove the LESSEE'S effects's effects at LESSEE's sole cost and expense, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE shall indemnify the LESSOR against all loss and reasonable payment of rent and other payments which the LESSOR may incur by reason of such termination during the residue of the termTerm. In the event of default, LESSOR shall use its reasonable efforts to re-let the Leased Premises so as to mitigate any damages to the LESSEE hereunder. If LESSOR re-lets the Leased Premises, LESSEE may offset its payable rent by the amount of rent received by LESSOR. If the LESSEE shall default, after reasonable written notice thereof as provided herein, in the observance or performance of any conditions or covenants on LESSEE'S its part to be observed or performed under or by virtue of any of the provisions in any article of this LeaseLease and after the expiration of any period within which the LESSEE is entitled to cure such default as is provided above in this Paragraph 18, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEE. If the LESSOR makes any expenditures or incurs any obligations for the payment of money in connection therewith, including including, but not limited to, reasonable attorney's fees (except for unsuccessful suits against the LESSEE) in instituting, prosecuting or defending any action or proceeding, such sums paid or obligations incurred, with interest at the rate of twelve (12%) percent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent. Nothing contained in this Lease shall limit or prejudice the right of LESSOR to claim and obtain in proceedings for bankruptcy, insolvency or like proceedings by reason of the termination of 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 the damages are to be claimed or proved, whether or not the amount be greater, equal to, or less than the amount of the loss or damages referred to above.
Appears in 1 contract
DEFAULT AND BANKRUPTCY. In the event that:
(a) The LESSEE shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten seven (107) days after written notice thereof; or
(b) The LESSEE shall default in the observance or performance of any other of the LESSEE'S 's covenants, agreementsSubleases, or obligations hereunder and such default shall not be corrected within thirty (30) days after written notice thereofthereof or, if such default shall reasonably require longer than thirty (30) days to cure, shall not within said period commence and diligently proceed to cure such default; or
(c) The LESSEE shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXX'S LESSEE's property for the benefit of creditors, then the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premises, continues to declare the term of this Lease Sublease ended, and remove the LESSEE'S effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE shall indemnify the LESSOR against all loss of rent and other payments Payments which the LESSOR may incur by reason of such termination during the residue of the term. If the LESSEE shall default, after reasonable written notice thereof, in observance or performance of any conditions or covenants on LESSEE'S 's part to be observed or performed under or by virtue of any of the provisions in any article of this LeaseSublease, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEE. If the LESSOR 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 prosecuting, or defending any action or proceeding, such sums paid or obligations incurred, obligation incurred with interest at the rate of twelve (12) percent 18% per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent.
Appears in 1 contract
DEFAULT AND BANKRUPTCY. In the event that:
(a) The LESSEE shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten (10) days after written notice thereof; or
(b) The LESSEE shall default in the observance or performance of any other of the LESSEE'S ’s covenants, agreements, or obligations hereunder and such default shall not be corrected cured within thirty (30) days after written notice thereof; , or
(c) The LESSEE shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXX'S LESSEE’s property for the benefit of creditors, then the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premises, to declare the term of this Lease lease ended, and remove the LESSEE'S ’s effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE shall indemnify the LESSOR against all loss of rent and other payments which the LESSOR may incur by reason of such termination during the residue of the term. If the LESSEE shall default, after reasonable notice thereof, in the observance or performance of any conditions or covenants on LESSEE'S ’s part to be observed or performed under or by virtue of any of the provisions in any article of this Leaselease, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may upon at least 10 days’ notice to LESSEE remedy such default for the account and at the expense of the LESSEE. If the LESSOR makes any expenditures or incurs any obligations for the payment of money in connection therewith, including but not limited to, reasonable attorney's ’s fees in instituting, prosecuting or defending any action or proceeding, such sums paid or obligations incurred, with interest at the rate of twelve (12) percent per annum and costs, incurred shall be paid to the LESSOR by the LESSEE as additional rent.
Appears in 1 contract
DEFAULT AND BANKRUPTCY. In the event that:
(a) A. The LESSEE shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten five (105) days after written notice thereof; or
(b) B. The LESSEE shall default in the observance or performance of any other of the LESSEE'S covenantsconvenants, agreements, or obligations hereunder and such default shall not be corrected within thirty (30) days after written notice thereofthereof or, if such default shall reasonably require longer than thirty (30) days to cure, shall not within said period commence diligently proceed to cure such default; or
(c) C. The LESSEE shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXXLESSEE'S property for the benefit of creditors, . then the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premises, continues to declare the term of this Lease the lease ended, and remove the LESSEE'S effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE shall indemnify the LESSOR against all loss of rent and from other payments which the LESSOR may incur by reason of such termination during the residue of the term. If the LESSEE shall default, after reasonable notice thereof, in observance or performance of any conditions or covenants on LESSEE'S part to be observed or performed under or by virtue of any of the other provisions in any article of this Leaselease, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEE. If the LESSOR 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, such sums paid or obligations incurred, obligation incurred with interest at the rate of twelve (12) percent 18% per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent.
Appears in 1 contract
DEFAULT AND BANKRUPTCY. In the event that:
(a) The LESSEE shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten (10) days after written notice thereofspecified; or
(b) The LESSEE shall default in the observance or performance of any other of the LESSEE'S 's covenants, agreements, or obligations hereunder (except as provided in Paragraph 18(a) above) and the LESSEE shall not cure such default shall not be corrected within thirty (30) days after written notice thereofthereof or if such default cannot be cured within thirty (30) days, then if LESSEE shall not commence to cure the same within thirty (30) days and diligently pursue the curing of the same; or
(c) The LESSEE shall be declared bankrupt or insolvent according to law, or, if any guarantor of LESSEE's obligations under this Lease makes a general assignment be made of XXXXXX'S property for the benefit of creditors, commits any act of bankruptcy or files a petition under any bankruptcy or insolvency law; or if such a petition is filed against LESSEE or any guarantor of LESSEE's obligations under this Lease and is not dismissed within sixty (60) days; or if a receiver or similar officer becomes entitled to LESSEE's leasehold hereunder and it is not returned to LESSEE within sixty (60) days, or if such leasehold is taken on execution or other process of law in any action against LESSEE; then in any such case the LESSOR shall have the right thereafterafter the expiration of any applicable grace or cure periods set forth herein, while such default continues, to re-enter reenter and take complete possession of the leased premisesLeased Premises, to declare the term of this Lease ended, and remove the LESSEE'S effects's effects at LESSEE's sole cost and expense, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE shall indemnify the LESSOR against all loss and reasonable payment of rent and other payments which the LESSOR may incur by reason of such termination during the residue of the term, such as Base Rent, additional rent and other charges to be paid in the same increments and on the same dates and terms as provided herein. In the event of default, LESSOR shall use its reasonable efforts to re-let the Leased Premises so as to mitigate any damages to the LESSEE hereunder. If the LESSEE shall default, after reasonable in the observance or performance of any conditions or covenants on LESSEE'S its part to be observed or performed under or by virtue of any of the provisions in any article of this LeaseLease and after the expiration of any period within which the LESSEE is entitled to cure such default as is provided above in this Paragraph 18, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEE. If the LESSOR makes any expenditures or incurs any obligations for the payment of money in connection therewith, including but not limited to, reasonable attorney's fees fees, (except for unsuccessful suits against the LESSEE) in instituting, prosecuting prosecuting, or defending any action or proceeding, such sums paid or obligations incurred, with interest at the rate of twelve (12%) percent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent. Nothing contained in this Lease shall limit or prejudice the right of LESSOR to claim and obtain in proceedings for bankruptcy, insolvency or like proceedings by reason of the termination of 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 the damages are to be claimed or proved, whether or not the amount be greater, equal to, or less than the amount of the loss or damages referred to above.
Appears in 1 contract
Samples: Lease (Rowecom Inc)
DEFAULT AND BANKRUPTCY. In the event that:
(a) A. The LESSEE shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten (10) days after written notice thereof; or
(b) B. The LESSEE shall default in on the observance or of performance of any other of the LESSEE'S 's covenants, agreements, or obligations hereunder and such default shall not be corrected within thirty (30) days after written notice thereof; or
(c) C. The LESSEE shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXX'S LESSEE's property for the benefit of creditors, then the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premises, to declare the term of this Lease lease ended, and remove the LESSEE'S 's effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE shall indemnify the LESSOR against all loss of rent and other payments which the LESSOR may incur by reason of such termination during the residue of the term. If the LESSEE shall default, after reasonable notice thereof, in the observance or performance of any conditions or covenants on LESSEE'S 's part to be observed or performed under or by virtue of any of the provisions in any article of this Leaselease, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEE. If the LESSOR Lessor 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, instituting prosecuting or defending any action or proceeding, such sums paid or obligations incurredinsured, with interest at the rate of twelve eighteen (1218) percent per cent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent.
Appears in 1 contract
Samples: Commercial Lease (Tekgraf Inc)
DEFAULT AND BANKRUPTCY. (a) In the event that:
(a) The LESSEE shall default in the payment of any installment failure of Tenant to pay any rent or other sum herein specified and such default shall continue for ten due hereunder, including additional rent, within fourteen (1014) days after written notice thereof; or
(b) The LESSEE shall of such default in the observance has been given to Tenant or performance of any failure to perform any other of the LESSEE'S covenantsterms, agreements, conditions or obligations hereunder and such default shall not covenants of this lease to be corrected within thirty observed or performed by Tenant for more than.thirty (30) days after written notice thereof; orof such default shall be given to Tenant or if Tenant shall have declared bankruptcy or insolvency or filed any debtor proceedings or if there shall have been taken against Tenant, and the Tenant shall have not applied to a court of competent jurisdiction within thirty (30) days and shall not have had the same discontinued or terminated within ninety (90) days subsequent to said filing in any court pursuant to any statute either of the United States or of any State, a petition of bankruptcy or insolvency or for reorganization or for the appointment of a receiver of trustee of all or any part of Tenant's property, or if Tenant makes an assignment for the benefit of creditors or petitions for or enters into an arrangement or if Tenant shall abandon the demised premises or suffer this lease to be taken under any writ of execution, then Landlord, in addition to any and all other rights or remedies it may have, shall have the immediate right of re-entry and may remove all persons and property from the demised premises and such property may be removed and stored in a public warehouse or elsewhere at the cost of and for the account of Tenant all without service of notice or resort to legal process and all without being deemed guilty of trespass or becoming liable for any loss which may be occasioned thereby.
(b) Should Landlord elect to re-enter as herein provided or should it take possession pursuant to legal proceedings or pursuant to any notice provided by law, it may either terminate this lease or may, from time to time, without terminating this lease, make such alterations and repairs as may be necessary to relet the demised premises and relet said demised premises or any part thereof for such term or terms and at such rental or rentals and upon such other terms and conditions as Landlord in its discretion deemed advisable. Upon each such reletting, all rentals received by the Landlord from such reletting shall be applied in the order set forth below:
(1) To the payment of any indebtedness, other than rent due hereunder from Tenant to Landlord.
(2) To the payment of any costs and expenses of such reletting including brokerage fees, attorney's fees and costs of such alterations and repairs.
(3) To the payment of rent due and unpaid hereunder.
(4) The balance, if any, shall be held by Landlord and applied in payment of future rents or expenses if the same may become due and payable in accordance with the order set forth above. If such rentals received from such reletting during any month shall be less than the amount to be paid during that month by Tenant pursuant to this lease, then Tenant shall pay to Landlord any such deficiency, said deficiency to be calculated and paid monthly. No such re-entry or taking possession of the demised premises by Landlord shall be construed as an election on its part to terminate this lease unless a written notice of such intention shall be given to Tenant or unless the termination of this lease shall be decreed by a court of competent jurisdiction.
(c) The LESSEE shall be declared bankrupt or insolvent according to lawNotwithstanding any such reletting without termination, orLandlord may, if at any assignment be made of XXXXXX'S property for the benefit of creditors, then the LESSOR shall have the right time thereafter, while elect to terminate this lease for such default continuesprevious breach. Should Landlord at any time terminate this lease for any breach, to re-enter and take complete possession of the leased premises, to declare the term of this Lease ended, and remove the LESSEE'S effects, without prejudice in addition to any other remedies which might be otherwise used for arrears of rent or other default. The LESSEE shall indemnify the LESSOR against it may have, it may recover from Tenant all loss of rent and other payments which the LESSOR damages it may incur by reason of such termination during breach including the residue cost of recovering the term. If the LESSEE shall default, after reasonable covenants on LESSEE'S part to be observed or performed under or by virtue of any of the provisions in any article of this Lease, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEE. If the LESSOR makes any expenditures or incurs any obligations for the payment of money in connection therewith, including but not limited to, demised premises reasonable attorney's fees in instituting, prosecuting or defending any action or proceeding, such sums paid or obligations incurred, with interest and including the worth at the rate time of twelve (12) percent per annum and costssuch termination of the excess, if any, of the amount of rent, including additional rent, reserved in this lease for the remainder of the stated term, all of which amounts shall be paid immediately due and payable by Tenant to the LESSOR by the LESSEE as additional rentLandlord.
Appears in 1 contract
DEFAULT AND BANKRUPTCY. In the event that:
(a) The LESSEE shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten (10) days after written notice thereof; or
(b) The LESSEE shall default in the observance or performance of any other of the LESSEE'S ’s covenants, agreements, or obligations hereunder and such default shall not be corrected within thirty (30) days after written notice thereof; , or
(c) The LESSEE shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXX'S LESSEE’s property for the benefit of creditors, then the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premises, to declare the term of this Lease leased ended, and remove the LESSEE'S ’ effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE shall indemnify the LESSOR against all loss of rent and other payments which the LESSOR may incur by reason of such termination during the residue of the term. If the LESSEE shall default, after reasonable notice thereof, in the observance or performance of any conditions or covenants on LESSEE'S ’s part to be observed or performed under or by virtue of any of the provisions in any article of this Leaselease, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEE. If the LESSOR makes any expenditures or incurs any obligations for the payment of money in connection therewith, including but not limited to, reasonable attorney's ’s fees in instituting, prosecuting or defending any action or proceeding, such sums paid or obligations incurredinsured, with interest at the rate of twelve (12) 18 percent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent.
Appears in 1 contract
Samples: Commercial Lease (EP Floors, Inc.)
DEFAULT AND BANKRUPTCY. In the event that:
(a) The LESSEE the Lessee shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten five (105) days after written notice thereof; or
(b) The LESSEE the Lessee shall default in the observance or performance of any other of the LESSEE'S Lessee's covenants, agreements, or obligations hereunder and such default shall not be corrected within thirty twenty (3020) days after written notice thereof; ortheretofor.
(c) The LESSEE the Lessee shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXX'S Lessee's property for the benefit of creditors, then the LESSOR Lessor shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premisesPremises, to declare the term Term of this Lease ended, and remove the LESSEE'S effects, Lessee's effects without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE Lessee shall indemnify the LESSOR Lessor against all loss of rent and other payments which the LESSOR Lessor may incur by reason of such termination during the residue of the term. If the LESSEE Lessee shall default, after reasonable notice thereof, in the observance or performance of any conditions or covenants on LESSEE'S or Lessee's part to be observed or performed under or by virtue of any of the provisions in any article of this Leaselease, the LESSORLessor, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEELessee. If the LESSOR Lessor makes any expenditures or incurs any obligations for the payment of money in connection therewith, including but not limited to, to reasonable attorney's fees fees, in instituting, prosecuting or defending any action or legal proceeding, such sums paid or obligations incurred, with interest at the rate of twelve eighteen percent (1218%) percent per annum and costs, shall be paid to the LESSOR Lessor by the LESSEE Lessee as additional rentdamages for Lessee's breach.
Appears in 1 contract
DEFAULT AND BANKRUPTCY. In the event that:
(a) The LESSEE Lessee shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten (10) days after written notice thereof; or
(b) The LESSEE Lessee shall default in the observance or performance of any other of the LESSEE'S Lessee’s covenants, agreements, or obligations hereunder and such default shall not be corrected within thirty (30) days after written notice thereof; provided, however, that if the default that is complained of is of such a nature that the same cannot be rectified or cured within such thirty (30) day period, then Lessee shall not be in default if Lessee, within such thirty (30) day period, shall have commenced to cure and shall continue thereafter with due diligence to cause such cure to be completed; or
(c) The LESSEE Lessee shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXX'S Lessee’s property for the benefit of creditorscreditors ((a), (b), and (c), or any of them, are sometimes referred to as “Events of Default”), then the LESSOR Lessor shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premisesLeased Premises, to declare the term of this Lease Term ended, and remove the LESSEE'S Lessee’s effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE Lessee shall indemnify the LESSOR Lessor against all loss of rent and other payments which the LESSOR Lessor may incur by reason of such termination during the residue of the termTerm. If the LESSEE Lessee shall default, after reasonable notice thereof, in the observance or performance of any conditions or covenants on LESSEE'S Lessee’s part to be observed or performed under or by virtue of any of the provisions in any article section of this Lease, the LESSORLessor, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEELessee. If the LESSOR Lessor makes any expenditures or incurs any obligations for the payment of money in connection therewith, including but not limited to, reasonable attorney's ’s fees in instituting, prosecuting or defending any action or proceeding, such sums paid or obligations incurredinsured, with interest at the rate of twelve prime plus one percent (121%) percent per annum and costs, shall be paid to the LESSOR Lessor by the LESSEE Lessee as additional rent.
Appears in 1 contract
DEFAULT AND BANKRUPTCY. In the event that:
(a) The LESSEE TENANT shall default in the payment of any installment of rent or other sum herein specified and such when due which default shall continue for ten is not corrected within Ten (10) days after written notice thereof; or
(b) The LESSEE TENANT shall default in the observance or performance of any other of the LESSEE'S TENANT's covenants, agreements, or obligations hereunder and such default shall not be corrected within thirty three (303) days after written notice thereof; or
(c) The LESSEE leasehold hereby created shall be declared bankrupt taken on execution, or insolvent according to by other process of law, ; or, if any
(d) Any assignment shall be made of XXXXXX'S TENANT's property for the benefit of creditors, or a receiver, guardian, conservator, trustee in bankruptcy or similar officer shall be appointed by a court of competent jurisdiction to take charge of all or any part of TENANT' s property, or a petition is filed by TENANT under any bankruptcy, insolvency or other debtor relief law, then and in any of said cases (notwithstanding any license of any former breach of covenant or waiver of the LESSOR benefit hereof or consent in a former instance), LANDLORD shall have be entitled to all remedies available to LANDLORD at law and equity, including without limitation, the right remedy of forcible entry and detainer, and LANDLORD lawfully may, immediately or at any time thereafter, while such default continuesand without demand or notice, mail a notice of termination to re-the TENANT, or enter into and take complete possession upon the leased premises or any part thereof in the name of the leased premises, to declare whole and repossess the term same as of this Lease endedits former estate, and expel TENANT and those claiming through or under it and remove the LESSEE'S effectsit or their effects without being deemed guilty of any manner of trespass, and without prejudice to any remedies which might otherwise be otherwise used for arrears of rent or other default. The LESSEE preceding breach of covenant, and upon such mailing or entry as aforesaid, this lease shall indemnify terminate; and TENANT covenants and agrees, notwithstanding any entry or re-entry by LANDLORD, whether by summary proceedings, termination, or otherwise, that TENANT shall, as of the LESSOR against all loss of rent and other payments which the LESSOR may incur by reason date of such termination during termination, immediately be liable for and pay to LANDLORD the residue entire unpaid rental and all other balances due under this Lease for the remainder of the term. If In addition, TENANT agrees to pay to LANDLORD, as damages for any above described breach, all costs of reletting the LESSEE shall default, after reasonable covenants on LESSEE'S part Leased Premises including real estate commissions and costs of renovating the Premises to be observed or performed under or by virtue of suit any of the provisions in any article of this Lease, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEE. If the LESSOR 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, such sums paid or obligations incurred, with interest at the rate of twelve (12) percent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rentnew tenant.
Appears in 1 contract
Samples: Commercial Lease (Growlife, Inc.)
DEFAULT AND BANKRUPTCY. In the event that:
(a) The LESSEE shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten (10) days after receipt of written notice thereof; or
(b) The LESSEE shall default in the observance or performance of any other of the LESSEE'S ’S covenants, agreements, or obligations hereunder and such default shall not be corrected within thirty (30) days after receipt of written notice thereofthereof or, if such default shall reasonably require longer than thirty (30) days to cure, shall not within said period commence and diligently proceed to cure such default; or
(c) The LESSEE shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXX'S LESSEE’S property for the benefit of creditors, and the LESSEE is otherwise in default under the Lease. then the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premises, continues to declare the term of this Lease lease ended, and remove the LESSEE'S effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE shall indemnify the LESSOR against all loss of rent and other payments which the LESSOR may incur by reason of such termination during the residue of the term. If the LESSEE shall default, after reasonable notice thereof, in observance or performance of any conditions or covenants on LESSEE'S ’S part to be observed or performed under or by virtue of any of the provisions in any article of this Leaselease, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEE. If the LESSOR makes any expenditures or incurs any obligations for the payment of money in connection therewith, including but not limited to, reasonable attorney's ’s fees in instituting, prosecuting or defending any action or proceeding, such sums paid or obligations incurred, obligation incurred with interest at the rate of twelve (12) percent % per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent.
Appears in 1 contract
Samples: Industrial Lease (Swank, Inc.)
DEFAULT AND BANKRUPTCY. In the event that:
(a) The LESSEE shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten (10) days after written notice thereof; or
(b) The LESSEE shall default in the observance or performance of any other of the LESSEE'S 's covenants, agreements, or obligations hereunder and such default shall not be corrected within thirty (30) days after written notice thereof; or
(c) The LESSEE shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXX'S LESSEE's property for the benefit of creditors, then the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premises, to declare the term of this Lease lease ended, and remove the LESSEE'S 's effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE shall indemnify the LESSOR against all loss of rent and other payments which the LESSOR may incur by reason of such termination during the residue of the term. If the LESSEE shall default, after reasonable notice thereof, in the observance or performance of any conditions or covenants on LESSEE'S 's part to be observed or performed under or by virtue of any of the provisions in any article of this Leaselease, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEE. If the LESSOR 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, such sums paid or obligations incurredinsured, with interest at the rate of twelve (12) percent _____ per cent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent.
Appears in 1 contract
DEFAULT AND BANKRUPTCY. In the event that:
(a) The LESSEE LESSEE, shall default in the payment of any installment of rent or other sum herein specified and such default shall continue continuing for ten five (105) days after written notice thereoffrom LESSOR to LESSEE; or
(b) The LESSEE shall default in the observance or performance of any other of the LESSEE'S 's covenants, agreements, or obligations hereunder (except as provided in Paragraph 18 (a) above) and the LESSEE shall not cure such default shall not be corrected within thirty (30) days after written notice thereofthereof or if such default cannot be cured within thirty (30) days, then if LESSEE shall not commence to cure the same within thirty (30) days and diligently pursue the curing of the same; or
(c) The LESSEE shall be declared bankrupt or insolvent according to law, or, if makes any assignment be made of XXXXXX'S property for the benefit of creditors, commits any act of bankruptcy or files a petition under any bankruptcy or insolvency law; or if such a petition is filed against LESSEE and is not dismissed within ninety (90) days; or if a receiver or similar officer becomes entitled to LESSEE's leasehold hereunder and it is not returned to LESSEE within ninety (90) days, or if such leasehold is taken on execution or other process of law in any action against LESSEE; then in any such case the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premisesLeased Premises, to declare the term of this Lease ended, and remove the LESSEE'S effectseffects at LESSEE's sole cost and expense, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE shall indemnify the LESSOR against all loss and reasonable payment of rent and other payments which the LESSOR may incur by reason of such termination during the residue of the term. In the event of default, LESSOR shall use its reasonable efforts to re-let the Leased Premises so as to mitigate any damages to the LESSEE hereunder. If LESSOR re-lets the Leased Premises, LESSEE may offset its payable rent by the amount of rent received by LESSOR. If the LESSEE shall default, after reasonable written notice thereof as provided herein, in the observance or performance of any conditions or covenants on LESSEE'S its part to be observed or performed under or by virtue of any of the provisions in any article of this LeaseLease and after the expiration of any period within which the LESSEE is entitled to cure such default as is provided above in this Paragraph 18, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEE. If the LESSOR makes any expenditures or incurs any obligations for the payment of money in connection therewith, including including, but not limited to, reasonable attorney's fees (except for unsuccessful suits against the LESSEE) in instituting, prosecuting or defending any action or proceeding, such sums paid or obligations incurred, with interest at the rate of twelve (12%) percent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent. Nothing contained in this Lease shall limit or prejudice the right of LESSOR to claim and obtain in proceedings for bankruptcy, insolvency or like proceedings by reason of the termination of 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 the damages are to be claimed or proved, whether or not the amount be greater, equal to, or less than the amount of the loss or damages referred to above.
Appears in 1 contract
Samples: Sublease (Interliant Inc)
DEFAULT AND BANKRUPTCY. In the event that:
(a) The LESSEE shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten (10) days after written notice thereof; or
(b) The the LESSEE shall default in the observance or performance of any other of the LESSEE'S 's covenants, agreements, or obligations hereunder and such default shall not be corrected within thirty (30) days after written notice thereof; or
(c) The LESSEE shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of XXXXXX'S 's property for the benefit of creditors, then the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premises, to declare the term of this Lease lease ended, and remove the LESSEE'S 's effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE shall indemnify indemnity the LESSOR against all loss of rent and other payments which the LESSOR may incur by reason of such termination during the residue of the term. If the LESSEE shall default, default after reasonable notice thereof, in the observance or performance of any conditions or covenants on LESSEE'S part to be observed or performed under or by virtue of any of the provisions in any article of this Leaselease, the LESSOR, without being under any obligation to do so and without thereby waiving such default, . may remedy such default for the account and at the expense of the LESSEE. If the LESSOR makes any expenditures or incurs any obligations for the payment of money in In connection therewith, including but not limited to, reasonable attorney's fees in instituting, prosecuting or defending any action or proceeding, proceeding such sums paid or obligations incurredinsured, with interest at the rate of twelve (12) percent per annum and costscost, shall be paid to the LESSOR by the LESSEE as additional rent.
Appears in 1 contract
Samples: Commercial Lease (Infoactiv Inc)
DEFAULT AND BANKRUPTCY. In the event that:
(aA) The LESSEE shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten (10) days after written notice thereof; or
(bB) The LESSEE shall default in the observance or performance of any other of the LESSEE'S covenants, agreements, agreements or obligations hereunder and such default shall not be corrected within thirty (30) days after written notice thereof; or
(cC) The LESSEE shall be declared bankrupt or insolvent according to law, or, or if any assignment shall be made of XXXXXX'S LESSEE’S property for the benefit of creditors, then LESSOR may at any time thereafter, at its election by written notice to LESSEE: (i) terminate this Lease but LESSEE shall remain liable as hereinafter provided; and/or (ii) pursue any remedies provided for under this Lease or at law or in equity. Upon the termination of this Lease it shall be lawful for LESSOR, without formal demand or notice of any kind, to re-enter the Premises by summary dispossession proceedings or any other action or proceeding authorized by law and to remove LESSEE and all persons and property therefrom. If LESSOR re-enters the Premises, LESSOR shall have the right thereafterto keep in place and use, while such default continues, to re-enter or remove and take complete possession store all of the leased premisesfixtures, to declare the term of this Lease ended, and remove the LESSEE'S effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE shall indemnify the LESSOR against all loss of rent equipment and other payments which the LESSOR may incur by reason property of such termination during the residue of the term. If the LESSEE shall default, after reasonable covenants on LESSEE'S part to be observed or performed under or by virtue of any of the provisions in any article of this Lease, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and left at the expense of the LESSEE. If the LESSOR 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, such sums paid or obligations incurred, with interest at the rate of twelve (12) percent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent.the
Appears in 1 contract
Samples: Lease Agreement
DEFAULT AND BANKRUPTCY. In the event that:
(a) The LESSEE shall default in the payment of fail to pay any installment of rent Rent, or other sum herein specified specified, and such default shall continue for ten five (105) business days after written notice thereof; or
(b) The LESSEE shall default in the observance or performance of any other of the LESSEE'S ’S covenants, agreements, or obligations hereunder hereunder, and such default shall not be corrected within thirty twenty (3020) days after written notice thereof, or if such default is of such a nature that it cannot be completely remedied within said period of twenty (20) days if LESSEE shall not within twenty (20) days institute and thereafter diligently prosecute to completion all steps necessary to remedy the same; or
(c) The LESSEE shall be declared bankrupt abandon the Leased Premises and cease paying any Rent due under this Lease; or
(d) The LESSEE shall become insolvent, or insolvent according to lawshall make a transfer in fraud of creditors, or, if any or shall make an assignment be made of XXXXXX'S property for the benefit of creditors; or
(e) The LESSEE shall file or there shall be filed against LESSEE a petition in bankruptcy or reorganization or for an arrangement for the benefit of creditors under any Article or chapter if the United States bankruptcy laws or under any similar law or statute of any State; or
(f) A receiver or trustee shall be appointed for all or substantially all of the assets of LESSEE. Then a default under this Lease shall be deemed to exist and the LESSOR may terminate this Lease by written notice to LESSEE, specifying a date not less than five (5) days after the giving of such notice on which this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration of the Term of this Lease and LESSEE will then quit and surrender the Leased Premises to LESSOR, but LESSEE shall remain liable as hereinafter provided. In the event LESSEE fails to surrender the Leased Premises, the LESSOR shall have the right thereafter, while such default continues, to re-enter and take complete possession of the leased premises, to declare the term of this Lease endedLeased Premises, and remove the LESSEE'S ’S effects, without prejudice to any remedies which might be otherwise used for arrears of rent any Rent or other default. The LESSEE shall indemnify covenants and agrees, notwithstanding any termination of this Lease as aforesaid or any entry or re-entry by the LESSOR against all loss LESSOR, whether by summary proceedings, termination, or otherwise, to pay and be liable for on the days originally fixed herein for the payment thereof amounts equal to the several installments of rent and other payments which charges reserved as they would, under the terms of this lease, become due if this lease had not been terminated or if the LESSOR had not entered or re-entered, as aforesaid, and whether the Leased Premises be relet or remain vacant, in whole or in part, or for a period less than the remainder of the term, and for the whole thereof; but in the event the Leased Premises be relet by the LESSOR, the LESSEE shall be entitled to a credit in the net amount of rent received by the LESSOR in reletting, after deduction of all reasonable expenses incurred in reletting the Leased Premises (including, without limitation, commercially reasonable remodeling costs, brokerage fees, and the like), and in collecting the rent in connection therewith. and the LESSEE hereby waives, to the extent permitted by applicable law, any obligation the LESSOR may incur by reason have to mitigate the LESSOR’s damages; provided, however, that after the termination of this lease as a result of an event of default, the LESSOR shall use reasonable efforts to re-let the demised premises As an alternative, at the election of the LESSOR, the LESSEE will upon such termination pay to the LESSOR, as damages, such a sum as at the time of such termination during represents the residue amount of the excess, if any, of the then value of the total rent and other benefits which would have accrued to the LESSOR under this lease for the remainder of the lease term if the lease terms had been fully complied with by the LESSEE over and above the then cash rental value (in advance) of the premises for the balance of the term. If To induce the LESSEE shall defaultLESSOR to enter into this lease, after reasonable covenants on LESSEE'S part each party hereby waives any right to be observed or performed under or trial by virtue of any of the provisions jury in any article action, proceeding or counterclaim brought by the other party on any matter whatsoever arising out of or in any way connected with this Lease, the LESSORrelationship of the LESSOR and the LESSEE and the LESSEE’s use and occupancy of the Leased Premises and/or any claim of injury or damage. Nothing contained in this Lease shall, without being however, limit or prejudice the right of LESSOR to prove for and obtain in proceeding under any obligation federal or state law relating to do so bankruptcy or reorganization or arrangement, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and without thereby waiving such defaultgoverning the proceedings in which, the damages are to be proved, whether or not the amount be greater than the amount of the loss or damages referred to above. Any and all rights and remedies which LESSOR may remedy such default for the account have under this Lease, and at the expense of the LESSEE. If the LESSOR 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, such sums paid or obligations incurred, with interest at the rate of twelve (12) percent per annum law and costsequity, shall be paid cumulative and shall not be deemed inconsistent with each other, and any two or more of all such rights and remedies may be exercised at the same time insofar as permitted by law. Any consent or permission by LESSOR to any act or omission which otherwise would be a breach of any covenant or condition herein, or any waiver by LESSOR of the breach of any covenant or condition herein, shall not in any way be held or construed (unless expressly so declared) to operate so as to impair the continuing obligation of any covenant or condition herein, or except as to the specific instance, operate to permit similar acts or omissions. The failure of LESSOR to seek redress for violation or to insist upon the strict performance of, any covenant or condition of this Lease shall not be deemed a waiver of such violation nor percent a subsequent act, which would have originally constituted a violation, from having all the force and effect of an original violation. The receipt by LESSOR of Rent with knowledge of the breach of any covenant of this Lease shall not be deeded to have been a waiver of such breach or covenant of this Lease and shall not be deemed to have been a waiver of such breach by LESSOR unless such waiver is in writing signed by the LESSEE LESSOR. No consent or waiver, express or implied, by LESSOR to or of any breach of any agreement or duty shall be construed as additional renta waiver or consent to or of any other breach of the same or any other agreement or duty.
Appears in 1 contract
Samples: Commercial Lease (Zafgen, Inc.)
DEFAULT AND BANKRUPTCY. In the An event thatof Default shall occur if:
(a) The LESSEE shall default in the have failed to make any payment of any installment of rent Rent, Additional Rent or other sum herein specified and such default shall continue for ten within Five (105) days after written notice thereofof its due date; or
(b) The LESSEE shall default in breach the observance or performance of any other of the LESSEE'S ’S covenants, agreements, or obligations hereunder and such default breach shall not be corrected within thirty with (30) days after written notice thereof; or
(c) The LESSEE shall be declared bankrupt or insolvent according to law, or, be in receivership or if any assignment shall be made of XXXXXX'S LESSEE’S property for the benefit of creditors, then the LESSOR shall have the right thereafter, while such default continues, to re-enter and take immediate and complete control and possession of the leased premisesLeased Premises, to declare the term of this Lease ended, and remove the LESSEE'S ’S effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. The LESSEE shall indemnify the LESSOR against all loss of rent and other payments payment, which the LESSOR may incur by reason of such termination during the residue of the term. If the LESSEE shall default, after reasonable notice thereof, except in the case of the payment of Rent, Additional Rent or any other sum due hereunder, in the observance or performance of any conditions or covenants on LESSEE'S ’S part to be observed or performed under or by virtue of any of the provisions in any article of this Lease, the then LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the LESSEE. If LESSEE is in default of any term, condition or covenant of this Lease or if the LESSOR makes any expenditures or incurs any obligations for the payment of money in connection therewith, including including, but not limited to, reasonable attorney's ’s fees in instituting, prosecuting or defending any action or proceeding, then such sums owed by LESSEE, paid or obligations incurred, with interest at the rate of twelve (12) percent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rentAdditional Rent with costs and interest at the rate of twenty (20%) per cent per annum.
Appears in 1 contract