Common use of Default and Insolvency Clause in Contracts

Default and Insolvency. a. The occurrence of any one or more of the following events shall constitute a default and breach of this Lease by Tenant: (1) The failure by Tenant to make any payment of Rent or any other payment required to be made by Tenant hereunder, as and when due provided Landlord has given five (5) days' written notice to Tenant of non-payment; or (2) More than three defaults by Tenant within any one year of the term of the lease for the nonpayment of rent hereunder, necessitating that Landlord, because of such defaults, shall have served upon Tenant within said year more than three written notices. This default shall be deemed a non-curable default; or (3) The failure by Tenant to observe or perform any of the covenants, conditions or provisions of this Lease to be observed or performed by Tenant, other than paragraph (1) above, where such failure shall continue for a period of thirty (30) business days after written notice thereof from Landlord to Tenant; or (4) The insolvency of the Tenant or the execution by Tenant of an assignment for the benefit of creditors; or (5) The filing by or for reorganization or arrangement under any law relating to bankruptcy or insolvency if said petition remains undischarged for ninety (90) days; or (6) The appointment of a receiver or trustee to take possession of substantially all of Tenant's assets located at the Demised Premises or of Tenant's interest in this Lease; or (7) The vacating or abandonment of the Demised Premises for a period of three (3) days or more. b. Upon the occurrence of any event of default, Landlord shall have the right at any time thereafter to pursue any one or more of the following remedies with or without notice or demand. Pursuit of any of the following remedies shall not preclude pursuit of any of the other remedies herein provided by law, nor shall pursuit of any remedy herein provided constitute a forfeiture or waiver of any rents due to Landlord hereunder or of any damages accruing to Landlord by reason of the Tenant's violation of any of the terms, conditions or covenants herein contained. (1) Terminate this Lease, in which event Tenant shall immediately surrender the Demised Premises to Landlord, and if Tenant fails to do so, Landlord may, without prejudice to any other remedy which it may have for possession or arrearages in rents, enter upon and take possession of the Demised Premises and expel or remove Tenant and any other person who may by occupying the Demised Premises or any part thereof, by force if necessary, without being liable for prosecution or any claim or damages therefor. Tenant agrees to pay to Landlord on demand the amount of all loss and damage which Landlord may suffer by reason of such termination, whether through inability to relet the Demised Premises on satisfactory terms or otherwise. (2) Enter upon and take possession of the Demised Premises and expel or remove Tenant and any other person who may be occupying the Demised Premises, without being liable for prosecution or any claim for damages therefor, and relet the Demised Premises and receive the rents therefrom. Tenant agrees to pay to Landlord on demand any deficiency that may arise by reason of such reletting. (3) Enter upon the Demised Premises without being liable for prosecution or any claim for damages therefor, and do whatever Tenant is obligated to do under the terms of this Lease. Tenant agrees to reimburse Landlord on demand for expenses which Landlord may incur in effecting compliance with Tenant's obligations under this Lease, and Tenant further agrees that Landlord shall not be liable for any damages resulting to the Tenant from such action. (4) At its option, declare the rents for the entire remaining term of the Lease, and other indebtedness, if any, immediately due and payable without regard to whether or not possession shall have been surrendered to or taken by Landlord, and may commence action immediately thereupon and recover judgment therefor provided same shall not relieve Landlord of its duty to mitigate its damages by reasonable action. Any rents which may be due Landlord, whether by acceleration or otherwise, as provided herein, shall include the minimum rent, and any additional amounts provided for herein. c. In the event of any default under this lease by Landlord, Tenant may, without being judged in default hereunder, withhold payments of rent or other sums due Landlord (provided that Tenant has given Landlord written notice and thirty (30) days to cure such default unless a shorter period is required to prevent Tenant from suffering damage or loss) by Tenant, and apply same to cure any such default by Landlord. In addition to the foregoing rights, each party shall have such other and further rights as are allowed by law or in equity. Failure to exercise any right hereunder on any one or more occasions shall not be deemed a waiver of such right or any subsequent right. In the event either party is in default in the performance of any term, covenant, agreement or condition contained in this lease, the defaulting party shall reimburse the non-defaulting party for all costs and expense, including without limitation, court costs and reasonable attorneys' fees incurred by it in protecting the interests, whether or not litigation is involved.

Default and Insolvency. a. The occurrence of any one or more of the following events shall constitute a default and breach of this Lease by Tenant: (1) The failure by Tenant to make any payment of Rent or any other payment required to be made by Tenant hereunder, as and when due provided Landlord has given five (5) days' written notice to Tenant of non-payment; or (2) More than three defaults by Tenant within any one year of the term of the lease for the nonpayment of rent hereunder, necessitating that Landlord, because of such defaults, shall have served upon Tenant within said year more than three written notices. This default shall be deemed a non-curable default; or (3) The failure by Tenant to observe or perform any of the covenants, conditions or provisions of this Lease to be observed or performed by Tenant, other than paragraph (1i) above, where such failure shall continue for a period of thirty (30) business days after written notice thereof from Landlord to Tenant; or (4) The insolvency of the Tenant or the execution by Tenant of an assignment for the benefit of creditors; or (5) The filing by or for reorganization or arrangement under any law relating to bankruptcy or insolvency if said petition remains undischarged for ninety (90) days; or (6) The appointment of a receiver or trustee to take possession of substantially all of Tenant's assets located at the Demised Premises or of Tenant's interest in this Lease; or (7) The vacating or abandonment of the Demised Premises for a period of three (3) days or more. b. Upon the occurrence of any event of default, Landlord shall have the right at any time thereafter to pursue any one or more of the following remedies with or without notice or demand. Pursuit of any of the following remedies shall not preclude pursuit of any of the other remedies herein provided by law, nor shall pursuit of any remedy herein provided constitute a forfeiture or waiver of any rents due to Landlord hereunder or of any damages accruing to Landlord by reason of the Tenant's violation of any of the terms, conditions or covenants herein contained. (1) Terminate this Lease, in which event Tenant shall immediately surrender the Demised Premises to Landlord, and if Tenant fails to do so, Landlord may, without prejudice to any other remedy which it may have for possession or arrearages in rents, enter upon and take possession of the Demised Premises and expel or remove Tenant and any other person who may by occupying the Demised Premises or any part thereof, by force if necessary, without being liable for prosecution or any claim or damages therefor. Tenant agrees to pay to Landlord on demand the amount of all loss and damage which Landlord may suffer by reason of such termination, whether through inability to relet the Demised Premises on satisfactory terms or otherwise. (2) Enter upon and take possession of the Demised Premises and expel or remove Tenant and any other person who may be occupying the Demised Premises, without being liable for fix prosecution or any claim for damages therefor, and relet the Demised Premises and receive the rents therefrom. Tenant agrees to pay to Landlord on demand any deficiency that may arise by reason of such reletting. (3) Enter upon the Demised Premises without being liable for prosecution or any claim for damages therefor, and do whatever Tenant is obligated to do under the terms of this Lease. Tenant agrees to reimburse Landlord on demand for expenses which Landlord may incur in effecting compliance with Tenant's Tenants obligations under this Lease, and Tenant further agrees that Landlord shall not be liable for any damages resulting to the Tenant from such action. (4) At its option, declare the rents for the entire remaining term of the Lease, and other indebtedness, if any, immediately due and payable without regard to whether or not possession shall have been surrendered to or taken by Landlord, and may commence action immediately thereupon and recover judgment therefor provided same shall not relieve Landlord of its Its duty to mitigate its damages by reasonable action. Any rents which may be due Landlord, whether by acceleration or otherwise, as provided herein, shall include the minimum rent, and any additional amounts provided for herein. c. In the event of any default under this lease by Landlord, Tenant may, without being judged in default hereunder, withhold payments of rent or other sums due Landlord (provided that Tenant has given Landlord written notice and thirty (30) days to cure such default unless a shorter period is required to prevent Tenant from suffering damage or loss) by Tenant, and apply same to cure any such default by Landlord. In addition to the foregoing rights, each party shall have such other and further rights as are allowed by law or in equity. Failure to exercise any right hereunder on any one or more occasions shall not be deemed a waiver of such right or any subsequent right. In the event either party is in default in the performance of any term, covenant, agreement or condition contained in this lease, the defaulting party shall reimburse the non-defaulting party for all costs and expense, including without limitation, court costs and reasonable attorneys' fees incurred by it in protecting the interests, whether or not litigation is involved.

Default and Insolvency. a. The occurrence Default in the performance of any one covenant, agreement, obligation or more of the following events shall constitute a default and condition herein, or breach of this Lease by Tenant: (1) The failure by Tenant to make any payment warranty or representation herein, voluntary institution of Rent any insolvency proceedings or any other payment required to be made by Tenant hereundersteps, as and when due provided debtor or insolvent, whether such default, breach or institution be on the part of Tenant or Landlord, or involuntary insolvency proceedings brought against either Tenant or Landlord has given five which are not dismissed within sixty (560) days' written , shall entitle the other party, at its option, to terminate this lease, if, after giving notice by such other party to Tenant of non-payment; or (2) More than three defaults by Tenant within any one year of the term of the lease for the nonpayment of rent hereunder, necessitating that Landlord, because offending party of such defaultsintention to terminate, shall have served upon Tenant setting forth the grounds therefor, the offending party does not within said year more than three written notices. This default shall be deemed a non-curable default; or (3) The failure by Tenant to observe or perform any of the covenants, conditions or provisions of this Lease to be observed or performed by Tenant, other than paragraph (1) above, where such failure shall continue for a period of thirty (30) business days after written notice thereof from Landlord take prompt and diligent steps to Tenant; or (4) remedy such ground or grounds of termination. The insolvency party which has the option of terminating this lease under the provisions of the Tenant or the execution by Tenant of an assignment for the benefit of creditors; or (5) The filing by or for reorganization or arrangement under any law relating to bankruptcy or insolvency if said petition remains undischarged for ninety (90) days; or (6) The appointment of a receiver or trustee to take possession of substantially all of Tenant's assets located at the Demised Premises or of Tenant's interest in this Lease; or (7) The vacating or abandonment of the Demised Premises for a period of three (3) days or more. b. Upon the occurrence of any event of default, Landlord shall have the right at any time thereafter to pursue any one or more of the following remedies with or without notice or demand. Pursuit of any of the following remedies shall not preclude pursuit of any of the other remedies herein provided by law, nor shall pursuit of any remedy herein provided constitute a forfeiture or waiver of any rents due to Landlord hereunder or of any damages accruing to Landlord by reason of the Tenant's violation of any of the terms, conditions or covenants herein contained. (1) Terminate this Lease, in which event Tenant shall immediately surrender the Demised Premises to Landlord, and if Tenant fails to do so, Landlord preceding sentence may, without prejudice to any other remedy which it may have for possession or arrearages in rents, enter upon and take possession of the Demised Premises and expel or remove Tenant and any other person who may by occupying the Demised Premises or any part thereof, by force if necessary, without being liable for prosecution or any claim or damages therefor. Tenant agrees to pay to Landlord on demand the amount of all loss and damage which Landlord may suffer by reason of such termination, whether through inability to relet the Demised Premises on satisfactory terms or otherwise. (2) Enter upon and take possession of the Demised Premises and expel or remove Tenant and any other person who may be occupying the Demised Premises, without being liable for prosecution or any claim for damages therefor, and relet the Demised Premises and receive the rents therefrom. Tenant agrees to pay to Landlord on demand any deficiency that may arise by reason of such reletting. (3) Enter upon the Demised Premises without being liable for prosecution or any claim for damages therefor, and do whatever Tenant is obligated to do under the terms of this Lease. Tenant agrees to reimburse Landlord on demand for expenses which Landlord may incur in effecting compliance with Tenant's obligations under this Lease, and Tenant further agrees that Landlord shall not be liable for any damages resulting to the Tenant from such action. (4) At at its option, declare and in lieu of its other rights and remedies, correct such default and charge the rents for reasonable cost thereof to the entire remaining term offending party, which said charge shall constitute a legal and valid debt of the Lease, and other indebtedness, if any, immediately due and payable without regard to whether or not possession shall have been surrendered to or taken by Landlord, and may commence action immediately thereupon and recover judgment therefor provided same shall not relieve Landlord of its duty to mitigate its damages by reasonable actionparty so charged. Any rents which may be due Landlord, whether by acceleration or otherwise, as provided herein, shall include the minimum rent, and any additional amounts provided for herein. c. In the event of any default under this lease by Landlord, Tenant maymay after obtaining a judgment against Landlord, without being judged in default hereunder, withhold payments of rent or other sums due Landlord (provided that Tenant has given Landlord written notice and thirty (30) days to cure such default unless a shorter period is required to prevent Tenant from suffering damage or loss) by Tenant, and apply same to cure any such default by Landlord. Upon any such termination for any default of Tenant, Landlord, its agent or attorney, shall have the right, without further notice or demand, to reenter and remove all persons and Tenant's property therefrom without being deemed guilty of any manner of trespass, or Landlord, its agent or attorney, may resume possession of the Demised Premises and re-let the same for the remainder of the term at the best rent Landlord, its agent or attorney, may obtain, making reasonable efforts in connection therewith, for the account of Tenant which shall make good any deficiency. In addition to the foregoing rights, each party shall have such other and further rights as are allowed by law or in equity. Failure to exercise any right hereunder on any one or more occasions shall not be deemed .deemed a waiver of such right or any subsequent right. In the event either party is in default in the performance of any term, covenant, agreement or condition contained in this lease, the defaulting party shall reimburse the non-defaulting party for all costs and expense, including without limitation, court costs and reasonable attorneys' fees incurred by it in protecting the interests, whether or not litigation is involved.