Common use of DEFAULT AND CONDITIONAL LIMITATIONS Clause in Contracts

DEFAULT AND CONDITIONAL LIMITATIONS. 28.1 Any of the following shall constitute a default under this Lease: (a) if Tenant fails to pay any installment of the Rent herein provided or any other sum required by this Lease to be paid to Landlord, or any part thereof as and when due; or (b) if Tenant fails to observe or perform any of the covenants or conditions as set forth in Articles 12, 19, or 20 hereof on its part agreed to be performed; (c) if Tenant fails to perform any other covenants or conditions on its part agreed to be performed and such failure to perform continues for ten (10) days after notice of such failure from Landlord to Tenant; or (d) if a petition or proceeding under the federal Bankruptcy Act or any amendment thereto is filed or commenced by or against Tenant or any guarantor of this Lease, and if against Tenant, said proceedings shall not be dismissed within sixty (60) days following commencement thereof; or (e) if Tenant is adjudged insolvent, makes an assignment for the benefit of its creditors or enters into an arrangement with its creditors; or (f) if a writ of attachment or execution is levied on the leasehold estate hereby created and is not released or satisfied within sixty (60) days thereafter, or (g) if a receiver is appointed in any proceeding or action to which Tenant is a party with authority to take possession or control of the Premises or the business conducted thereon by Tenant or the property of any guarantor of this Lease and such receiver is not discharged within a period of thirty (30) days after his appointment; or (h) Tenant abandons or vacates the Premises. Abandonment shall be presumed if the Premises are not occupied by at least two (2) employees of Tenant four (4) days a week, six (6) hours a day. 28.2 Upon a default by Tenant as defined in Section 28.1 Landlord, or Landlord's agents and employees shall have the right and option to: (a) prosecute and maintain an action or actions, as often as Landlord deems advisable, for collection of rent, other charges and damages as the same accrue, without entering into possession and without terminating this Lease. No judgment obtained shall constitute a merger or otherwise bar prosecution of subsequent actions for rent and other charges and damages as they accrue. Tenant agrees to pay Landlord all costs of collection of past due rent, including court costs and attorney's fees. (b) immediately or at any time thereafter reenter and take possession of the Premises and remove Tenant, Tenant's agents, any subtenants, licensees, concessionaires, or invitees and any or all of their property from the Premises. Reentry and removal may be effected by summary proceedings or any other action or proceedings at law, by force or otherwise. Landlord shall not be liable in any way in connection with any action taken under this paragraph. No action taken, commenced or prosecuted by Landlord, no execution on any judgment and no act or forbearance on the part of Landlord in taking or accepting possession of the Premises shall be construed as an election to terminate this Lease unless Landlord expressly exercises this option under Section 28.2(c). Upon taking possession of the Premises Landlord may from time to time, without termination of this Lease relet the Premises or any part thereof as agent for Tenant for such rental terms and conditions (which may be for a term extending beyond the Lease Term) as Landlord, in its sole discretion, may deem advisable, with the right to make alterations and repairs to said Premises required for reletting. The rents received by Landlord from such reletting shall be applied first to the payment of any costs of reletting and second to the payment of rent or other costs due and unpaid under this Lease. The residue, if any, shall be held by Landlord and applied in payment of future rent as the same may become due and payable under this Lease. If the rents received from such reletting during any month are insufficient to reimburse Landlord for any costs of reletting or rent due and payable, Tenant shall pay any deficiency to Landlord. Such deficiency shall be calculated and paid monthly. Notwithstanding any such reletting without termination, Landlord may at any time thereafter, elect to terminate this Lease for such previous breach. (c) elect to terminate this Lease by written notice to Tenant. Upon such termination, Tenant agrees to immediately surrender possession of the Premises. If Tenant fails or refuses to surrender the Premises, Landlord may take possession in accordance with Section (b) above. If Landlord terminates this Lease, Tenant shall have no further interest in this Lease or in the Premises, however, Tenant shall remain liable to Landlord for all damages Landlord may sustain by reason of Tenant's default, including without limitation (1) the cost of reletting the Premises, and (2) either (i) an amount equal to the rent which, but for termination of this Lease, would have been payable by Tenant during the remainder of the Lease Term, less any proceeds from reletting the Premises; or (ii) an amount equal to the present worth (immediately prior to termination) of the rent which, but for termination of this Lease, would have been payable during the remainder of the Lease Term, less the then reasonable rental value of the Premises, which amount shall be payable to Landlord upon demand. Rent which would have been payable for the remainder of the Lease Term, shall be calculated on the basis of the Minimum Monthly Rent and additional rent payable by Tenant at the time of default plus any future increases which are determinable at the time of calculation. (d) obtain the appointment of a receiver in any court of competent jurisdiction, and the receiver may take possession of any personal property belonging to the Tenant and used in the conduct of the business of the Tenant being carried on in the Premises. Tenant agrees that the entry upon the Premises or possession of said personal property by said receiver shall not constitute an eviction of the Tenant from the Premises or any portion thereof, and the Tenant hereby agrees to hold the Landlord safe and harmless from any claim of any character by any person arising out of or in any way connected with the entry by said receiver in taking possession of the Premises and/or said personal property. 28.3 As used in this Article "costs of reletting" means any reasonable costs necessary to collect past due rent, take possession of the Premises and lease the Premises to another tenant, including, but not limited to: (a) legal costs and expenses of collecting past due rent and recovery of the Premises including court costs and attorney's fees, (b) brokerage and advertising costs for leasing, (c) costs and expenses of alterations, repairs and improvements, Lease, (d) indebtedness other than minimum rent due from Tenant to Landlord under this (e) costs of protecting the Premises, and

Appears in 1 contract

Samples: Lease Agreement (Globalnet Financial Com Inc)

AutoNDA by SimpleDocs

DEFAULT AND CONDITIONAL LIMITATIONS. 28.1 Any of the following shall constitute a default under this Lease: (a) if Tenant fails to pay any installment of the Rent herein provided or any other sum required by this Lease to be paid to Landlord, or any part thereof as and when due; or (b) if Tenant fails to observe or perform any of the covenants or conditions as set forth in Articles 12, 19, or 20 hereof on its part agreed to be performed; (c) if Tenant fails to perform any other covenants or conditions conditions'' on its part agreed to be performed and such failure to perform continues for ten (10) days after notice of such failure from Landlord to Tenant; or (d) if a petition or proceeding under the federal Bankruptcy Act or any amendment thereto is filed or commenced by or against Tenant or any guarantor of this Lease, and if against Tenant, said proceedings shall not be dismissed within sixty (60) days following commencement thereof; or (e) if Tenant is adjudged insolvent, makes an assignment for the benefit of its creditors or enters into an arrangement with its creditors; or (f) if a writ of attachment or execution is levied on the leasehold estate hereby created and is not released or satisfied within sixty (60) days thereafter, or (g) if a receiver is appointed in any proceeding or action to which Tenant is a party with authority to take possession or control of the Premises or the business conducted thereon by Tenant or the property of any guarantor of this Lease and such receiver is not discharged within a period of thirty (30) days after his appointment; or (h) Tenant abandons or vacates the Premises. Abandonment shall be he presumed if the Premises are not occupied by at least two (2) employees of Tenant four (4) days a week, six (6) hours a day. 28.2 Upon a default by Tenant as defined in Section 28.1 Landlord, or Landlord's agents and employees shall have the right and option to: (a) prosecute and maintain an action or actions, as often as Landlord deems advisable, for collection of rent, other charges and damages as the same accrue, without entering into possession and without terminating this Lease. No judgment obtained shall constitute a merger or otherwise bar prosecution of subsequent actions for rent and other charges and damages as they accrue. Tenant agrees to pay Landlord all costs of collection of past due rent, including court costs and attorney's fees. (b) immediately or at any time thereafter reenter and take possession of the Premises and remove Tenant, Tenant's agents, any subtenants, licensees, concessionaires, or invitees and any or all of their property from the Premises. Reentry and removal may be effected by summary proceedings or any other action or proceedings at law, by force or otherwise. Landlord shall not be liable in any way in connection with any action taken under this paragraph. No action taken, commenced or prosecuted by Landlord, no execution on any judgment and no act or forbearance on the part of Landlord in taking or accepting possession of the Premises shall be construed as an election to terminate this Lease unless Landlord expressly exercises this option under Section 28.2(c). - - Upon taking possession of the Premises Landlord may from time to timetinge, without termination of this Lease relet the Premises or any part thereof as agent for Tenant for such rental terms and conditions (which may be for a term extending beyond the Lease Term) as Landlord, in its sole discretion, may deem advisable, with the right to make alterations and repairs to said Premises required for reletting. The rents received by Landlord from such reletting shall be applied first to the payment of any costs of reletting and second to the payment of rent or other costs due and unpaid under this Lease. The residue, if any, shall be held by Landlord and applied in payment of future rent as the same may become due and payable under this Lease. If the rents received from such reletting during any month are insufficient to reimburse Landlord for any costs of reletting or rent due and payable, Tenant shall pay any deficiency to Landlord. Such deficiency shall be calculated and paid monthly. Notwithstanding any such reletting without termination, Landlord may at any time thereafter, elect to terminate this Lease for such previous breach. (c) elect to terminate this Lease by written notice to Tenant. Upon such termination, Tenant agrees to immediately surrender possession of the Premises. If Tenant fails or refuses to surrender the Premises, Landlord may take possession in accordance with Section (b) above. If Landlord terminates this Lease, Tenant shall have no further interest in this Lease or in the Premises, however, Tenant shall remain liable to Landlord for all damages Landlord may sustain by reason of Tenant's default, including without limitation (11 ) the cost of reletting the Premises, and (2) either (i) an amount equal to the rent which, but for termination of this Lease, would have been payable by Tenant during the remainder of the Lease Term, less any proceeds from reletting the Premises; or (ii) an amount equal to the present worth (immediately prior to termination) of the rent which, but for termination of this Lease, would have been payable during the remainder of the Lease Term, less the then reasonable rental value of the Premises, which amount shall be payable to Landlord upon demand. Rent which would have been payable for the remainder of the Lease Term, shall be calculated on the basis of the Minimum Monthly Rent and additional rent payable by Tenant at the time of default plus any future increases which are determinable at the time of calculation. (d) obtain the appointment of a receiver in any court of competent jurisdiction, and the receiver may take possession of any personal property belonging to the Tenant and used in the conduct of the business of the Tenant being carried on in the Premises. Tenant agrees that the entry upon the Premises or possession of said personal property by said receiver shall not constitute an eviction of the Tenant from the Premises or any portion thereof, and the Tenant hereby agrees to hold the Landlord safe and harmless from any claim of any character by any person arising out of or in any way connected with the entry by said receiver in taking possession of the Premises and/or said personal property. 28.3 As used in this Article "costs of reletting" means any reasonable costs necessary to collect past due rent, take possession of the Premises and lease the Premises to another tenant, including, but not limited to: (a) legal costs and expenses of collecting past due rent and recovery of the Premises including court costs and attorney's fees, (b) brokerage and advertising costs for leasing,, -- (c) costs and expenses of alterations, repairs and improvements, Lease, (d) indebtedness other than minimum rent due from Tenant to Landlord under this Lease, (e) costs of protecting the Premises, and (f) removal and storage of Tenant's property. 28.4 No act or conduct of the Landlord, whether consisting of reentry, taking possession or reletting the Premises or obtaining appointment of a receiver or accepting the keys to the Premises, or otherwise, prior to the expiration of the Lease Term shall be deemed to be or constitute an acceptance of the surrender of the Premises by the Landlord or an election to terminate this Lease unless Landlord exercises its election under Section 28.2(c) of this Lease. Such acceptance or election by Landlord shall only be effected, and must be evidenced, by written acknowledgment of acceptance of surrender or notice of election to terminate signed by Landlord. 28.5 In addition to any statutory lien for rent in Landlord's favor, Landlord shall have, and Tenant hereby grants to Landlord, a continuing security interest for all rent and other sums of money becoming due under this Lease from Tenant, and for the performance of all other obligations of Tenant under this Lease, in all personal property of Tenant located on the Premises. In the event of a default under this Lease, Landlord shall have, in addition to any other remedies provided in this Lease or by law, all rights and remedies of a creditor under the Arizona Uniform Commercial Code. Any statutory lien for rent is not hereby waived, the express contractual lien herein granted being in addition and supplementary thereto.

Appears in 1 contract

Samples: Lease Agreement (Globalnet Financial Com Inc)

DEFAULT AND CONDITIONAL LIMITATIONS. 28.1 Any of the The following shall constitute a default under this Lease: (a) if Tenant fails to pay any installment of the Minimum Monthly Rent or additional rent herein provided or any other sum required by this Lease to be paid to Landlord, or any part thereof as thereof, within five (5) business days following Landlord's written notice that the rent or sum is due and when dueunpaid; or (b) if Tenant fails to observe or perform any of the covenants or conditions as set forth in Articles 12, 19, or 20 hereof on its part agreed to be performed; (c) if Tenant fails to perform any other covenants or conditions on its part agreed to be performed and such failure to perform continues other covenants shall continue for ten thirty (1030) days after notice of such failure from Landlord to Tenant; oror except in the event of a default that requires more than thirty (30) days to cure as long as Tenant has initiated corrective action and is diligently pursuing cure. (dc) if a petition or proceeding under the federal Bankruptcy Act or any amendment thereto is filed or commenced by or against Tenant or any guarantor of this Lease, and if against Tenant, said proceedings shall not be dismissed within sixty (60) days following commencement thereof; or (ed) if Tenant or any guarantor of this Lease is adjudged insolvent, makes an assignment for the benefit of its creditors or enters into an arrangement with its creditors; or (fe) if a writ of attachment or execution is levied on the leasehold estate hereby created and is not released or satisfied within sixty (60) days thereafter, ; or (gf) if a receiver is appointed in any proceeding or action to which Tenant is a party with authority to take possession or control of the Premises or the business conducted thereon by Tenant or the property of any guarantor of this Lease and such receiver is not discharged within a period of thirty (30) days after his appointment; or (hg) Tenant abandons or vacates the Premises. Abandonment shall be presumed if the Premises are is not occupied by at least two (2) employees of Tenant four (4) days a week, six (6) hours a day. 28.2 Upon a default by of Tenant as defined in Section 28.1 Landlord, or Landlord's agents and employees shall have the right and option to: (a) prosecute and maintain an action or actions, as often as Landlord deems advisable, for collection of rent, other charges and damages as the same accrue, without entering into possession and without terminating this Lease. No judgment obtained shall constitute a merger or otherwise bar prosecution of subsequent actions for rent and other charges and damages as they accrue. Tenant agrees to pay Landlord all costs of collection of past due rent, including court costs and attorney's fees. (b) immediately or at any time thereafter reenter and take possession of the Premises and remove Tenant, Tenant's agents, any subtenants, licensees, concessionaires, or invitees and any or all of their property from the Premises. Reentry and removal may be effected by summary proceedings or any other action or proceedings at law, by force or otherwise. Landlord shall not be liable in any way in connection with any action taken under this paragraph. No action taken, commenced or prosecuted by Landlord, no execution on any judgment and no act or forbearance on the part of Landlord in taking or accepting possession of the Premises shall be construed as an election to terminate this Lease unless Landlord expressly exercises this option under Section 28.2(c). Upon taking possession of the Premises Landlord may from time to time, without termination of this Lease relet the Premises or any part thereof as agent for Tenant for such rental terms and conditions reasonably consistent with like space in the market (which may be for a term extending beyond the Lease Term) as Landlord, in its sole discretion, may deem advisable), with the right to make alterations and repairs to said Premises required for reletting. The rents received by Landlord from such reletting shall be applied first to the payment of any costs of reletting and second to the payment of rent or other costs due and unpaid under this Leasehereunder. The residue, if any, shall be held by Landlord and applied in payment of future rent as the same may become due and payable under this Leasehereunder. If the rents received from such reletting during any month are insufficient to reimburse Landlord for any costs of reletting or rent due and payable, Tenant shall pay any deficiency to Landlord. Such deficiency shall be calculated and paid monthly. Notwithstanding any such reletting without termination, Landlord may at any time thereafter, elect to terminate this Lease for such previous breach. (c) elect to terminate this Lease by written notice to Tenant. In the event of such termination, Tenant agrees to immediately surrender possession of the Premises. Upon such termination, Tenant agrees to immediately surrender possession of the Premises. If Tenant fails or refuses to surrender the Premises, Landlord may take possession in accordance with Section Paragraph (b) above. If Landlord terminates this Lease, Tenant shall have no further interest in this Lease or in the Premises, however, Tenant shall remain liable to Landlord for all damages Landlord may sustain by reason of Tenant's default, including without limitation (1) the cost of reletting the Premises, and (2) either (i) an amount equal to the rent which, but for termination of this Lease, would have been payable by Tenant during the remainder of the Lease Term, less any proceeds from reletting the Premises; or (ii) an amount equal to the present worth (immediately prior to termination) of the rent which, but for termination of this Lease, would have been payable during the remainder of the Lease Term, less the then reasonable rental value of the Premises, which amount shall be payable to Landlord upon demand. Rent which would have been payable for the remainder of the Lease Term, shall be calculated on the basis of the Minimum Monthly Rent and additional rent payable by Tenant at the time of default plus any future increases which are determinable at the time of calculation. (d) obtain the appointment of a receiver in any court of competent jurisdiction, and the receiver may take possession of any personal property belonging to the Tenant and used in the conduct of the business of the Tenant being carried on in the Premises. Tenant agrees that the entry upon the Premises or possession of said personal property by said receiver shall not constitute an eviction of the Tenant from the Premises or any portion thereof, and the Tenant hereby agrees to hold the Landlord safe and harmless from any claim of any character by any person arising out of or in any way connected with the entry by said receiver in taking possession of the Premises and/or said personal property. 28.3 As used in this Article "costs of reletting" means any reasonable costs necessary to collect past due rent, take possession of the Premises and lease the Premises to another tenant, including, but not limited to: (a) legal costs and expenses of collecting past due rent and recovery of the Premises including court costs and attorney's fees, (b) brokerage and advertising costs for leasing, (c) costs and expenses of alterations, repairs and improvements, Lease, (d) indebtedness other than minimum rent due from Tenant to Landlord under this Lease, (e) costs of protecting the Premises, and (f) removal and storage of Tenant's property. 28.4 No act or conduct of the Landlord, whether consisting of reentry, taking possession or reletting the Premises or obtaining appointment of a receiver or accepting the keys to the Premises, or otherwise, prior to the expiration of the Lease Term shall be deemed to be or constitute an acceptance of the surrender of the Premises by the Landlord or an election to terminate this Lease unless Landlord exercises its election under Section 28.2(c) of this Lease. Such acceptance or election by Landlord shall only be effected, and must be evidenced, by written acknowledgment of acceptance of surrender or notice of election to terminate signed by Landlord. 28.5 Subject to Tenant's rights to cure outlined in Article 28.1, Tenant agrees that in the event it is due to render performance in accordance with any term or condition of this Lease and it fails to render such performance within ten (10) days after written notification thereof is given in accordance-with the notice provision hereof or immediately if required for protection of the Premises, Landlord shall have the right, but not the obligation, to render such performance and to charge all costs and expenses incurred in connection therewith to Tenant. All amounts so charged shall be considered additional rent and shall be due and payable immediately to Landlord upon presentment of a statement to Tenant indicating the amount and nature of such cost or expense. 28.6 No remedy herein conferred upon Landlord shall be considered exclusive of any other remedy, but the same shall be cumulative and shall be in addition to every other remedy given hereunder, or now or hereafter existing at law or in equity or by statute. No delay or omission of Landlord to exercise any right or power arising from any default shall impair any such right or power, or shall be construed to be a waiver of any such default or an acquiescence therein. 28.7 Any requirement that Landlord provide a consent or approval under this Lease shall be subject to the condition that at the time the approval or consent is requested that Tenant shall not be in default under this Lease, and no circumstances shall exist, which with the giving of notice and the passage of any grace period would constitute a default by Tenant under this Lease.

Appears in 1 contract

Samples: Office Lease Agreement (Vistacare Inc)

AutoNDA by SimpleDocs

DEFAULT AND CONDITIONAL LIMITATIONS. 28.1 Any of the 29.1 The following shall constitute a default under this Lease: (a) if Tenant fails to pay any installment of the Minimum Monthly Rent or Additional Rent herein provided or any other sum required by this Lease to be paid to Landlord, or any part thereof as and when duethereof, within ten (10) days of the due date or in the manner provided; or (b) if Tenant fails to observe or perform any of the covenants or conditions as set forth in Articles 12, 19, or 20 hereof on its part agreed to be performed; (c) if Tenant fails to perform any other covenants or conditions on its part agreed to be performed and such failure to perform continues other covenants shall continue for ten thirty (1030) days after notice of such failure thereof from Landlord to Tenant; or (dc) if a petition or proceeding under the federal Bankruptcy Act or any amendment thereto is filed or commenced by or against Tenant or any guarantor of this Lease, and if against Tenant, said proceedings shall not be dismissed within sixty (60) days following commencement thereof; or (ed) if Tenant or any guarantor of this Lease is adjudged by a court of competent jurisdiction insolvent, makes an assignment for the benefit of its creditors or enters into an arrangement with its creditors; or (fe) if a writ of attachment or execution is levied on the leasehold estate hereby created and is not released or satisfied within sixty (60) days thereafter, ; or (gf) if a receiver is appointed in any proceeding or action to which Tenant is a party with authority to take possession or control of the Premises or the business conducted thereon by Tenant or the property of any guarantor of this Lease and such receiver is not discharged within a period of thirty (30) days after his appointment; or (hg) Tenant abandons or vacates the Premises. Abandonment shall be presumed if the Premises are not occupied by at least two (2) employees of Tenant four (4) days a week, six (6) hours a day. 28.2 29.2 Upon a default by of Tenant as defined in Section 28.1 29.1 Landlord, or Landlord's agents and employees shall have the right and option to: (a) prosecute and maintain an action or actions, as often as Landlord deems advisable, for collection of rentthe Rents, other charges and damages as the same accrue, without entering into possession and without terminating this Lease. No judgment obtained shall constitute a merger or otherwise bar prosecution of subsequent actions for rent Rents and other charges and damages as they accrue. Tenant agrees to pay Landlord all costs of collection of past due rent, including court costs and attorney's fees. (b) immediately or at any time thereafter reenter and take possession of the Premises and remove Tenant, Tenant's agents, any successors, assignees, subtenants, licensees, concessionaires, or invitees and any or all of their property from the Premises. Reentry and removal may be effected by summary proceedings or any other action or proceedings at law, by force or otherwise. Landlord shall not be liable in any way in connection with any action taken under this paragraph. No action taken, commenced or prosecuted by Landlord, no execution on any judgment and no act or forbearance on the part of Landlord in taking or accepting possession of the Premises shall be construed as an election to terminate this Lease unless Landlord expressly exercises this option under Section 28.2(c29.2(c). Upon taking possession of the Premises Landlord may from time to timewill use its best faith efforts, without termination of this Lease to relet the Premises or any part thereof as agent for Tenant for such rental terms and conditions (which may be for a term extending beyond the Lease Term) as Landlord, in its sole discretion, may deem advisable, with the right to make alterations and repairs to said Premises required for reletting. The rents received by Landlord from such reletting shall be applied first to the payment of any costs of reletting and second to the payment of rent or other costs due and unpaid under this Leasehereunder. The residue, if any, shall be held by Landlord and applied in payment of future rent as the same may become due and payable under this Leasehereunder. If the rents received from such reletting during any month are insufficient to reimburse Landlord for any costs of reletting or rent due and payable, Tenant shall pay any deficiency to Landlord. Such deficiency shall be calculated and paid monthly. Notwithstanding any such reletting without termination, Landlord may at any time thereafter, elect to terminate this Lease for such previous breach. (c) elect to terminate this Lease by written notice to Tenant. Upon In event of such termination, Tenant agrees to immediately surrender possession of the Premises. If Tenant fails or refuses to surrender the Premises, Landlord may take possession in accordance with Section (b) above29.2(b). If Should Landlord terminates terminate this Lease, Tenant shall have no further interest in this Lease or in the Premises, however, and the Landlord may recover from Tenant shall remain liable to Landlord for all damages Landlord it may sustain incur by reason of Tenant's default, including without limitation (1) the cost of reletting the Premises, and (2) either (i) an amount equal to the rent which, but for worth at the time of such termination of the excess, if any, of the amount of rent and charges equivalent to rent reserved in this Lease, would have been payable by Tenant during Lease for the remainder of the Lease Term, less any proceeds from reletting the Premises; or (ii) an amount equal to the present worth (immediately prior to termination) of the rent which, but for termination of this Lease, would have been payable during the remainder of the Lease Term, less Term over the then reasonable rental value of the Premises, which amount shall be payable to Landlord upon demand. Rent which would have been payable Premises for the remainder of the Lease TermTerm all of which amounts shall be immediately due and payable at Landlord's election from Tenant to Landlord. In determining the rent which would be payable by Tenant hereunder subsequent to default, the monthly rent for the unexpired term shall be calculated on the basis of the Minimum Monthly Rent and additional rent payable by Tenant at the time of default plus any future increases which are determinable at the time of calculation. (d) obtain the appointment of a receiver in any court of competent jurisdiction, and the receiver may take possession of any personal property belonging to the Tenant and used in the conduct of the business of the Tenant being carried on in the Premises. Tenant agrees that the entry upon the Premises or possession of said personal property by said receiver shall not constitute an eviction of the Tenant from the Premises or any portion thereof, and the Tenant hereby agrees to hold the Landlord safe and harmless from any claim of any character by any person arising out of or in any way connected with the entry by said receiver in taking possession of the Premises and/or said personal property. 28.3 29.3 As used in this Article "costs of or reletting" means any reasonable costs necessary to collect past due rent, take possession of the Premises and lease the Premises to another tenant, including, but not limited toto the following reasonable costs: (a) legal costs and expenses of collecting past due rent and recovery of the Premises including court costs and attorney's fees, (b) brokerage and advertising costs for leasing, (c) costs and expenses of alterations, repairs and improvements, Lease, (d) indebtedness other than minimum rent Minimum Monthly Rent due from Tenant to Landlord under this Lease, (e) costs of protecting the Premises, (f) removal and storage of Tenant's property, and (g) costs of providing security for the Premises, Tenant's property, or both. 29.4 No act or conduct of the Landlord, whether consisting of reentry, taking possession or reletting the Premises or obtaining appointment of a receiver or accepting the keys to the Premises, or otherwise, prior to the expiration of the Lease Term shall be deemed to be or constitute an acceptance of the surrender of the Premises by the Landlord or an election to terminate this Lease unless Landlord exercises its election under Section 29.2(c) of this Lease. Such acceptance or election by Landlord shall only be effected, and must be evidenced, by written acknowledgement of acceptance of surrender or notice of election to terminate signed by Landlord. 29.5 Tenant agrees that in the event it is due to tender performance in accordance with any term or condition of this Lease and it fails to render such performance within ten (10) days after written notification thereof is given in accordance with the notice provision hereof or immediately if required for protection of the Premises, Landlord shall have the right, but not the obligation, to render such performance and to charge all costs and expenses incurred in connection therewith to Tenant; Provided, however, that if Tenant has commenced within such ten (10) day period such action as is necessary to render such performance and in good faith diligently carries it forward to completion, then Landlord shall not exercise such right. This "grace period" shall not apply to the payment of money due from Tenant to Landlord. All amounts so charged shall be considered Additional Rent and shall be due and payable immediately to Landlord upon presentment of a statement to Tenant indicating the amount and nature of such cost or expense. 29.6 No remedy herein conferred upon Landlord or Tenant shall be considered exclusive of any other remedy, but the same shall be cumulative and shall be in addition to every other remedy given hereunder, or now or hereafter existing at law or in equity or by statute. No delay or omission of Landlord or Tenant to exercise any right or power arising from any default shall impair any such right or power, or shall be construed to be a waiver of any such default or any acquiescence therein.

Appears in 1 contract

Samples: Sublease Agreement (Royal Financial Corp)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!