Common use of DEFAULT AND RE-ENTRY Clause in Contracts

DEFAULT AND RE-ENTRY. If any rents reserved, or other obligations provided herein, or any part thereof, shall be and remain unpaid when the same shall become due, or if Tenant shall violate or default in any of the covenants and agreements herein contained, then the Lessor may cancel this lease upon giving the notice required bylaw, and re-enter said Premises, using such force as may be required. Notwithstanding such re-entry by the lessor, the liability of the Tenant for the rent provided for herein shall not be extinguished for the balance of the term of this lease, and Tenant covenants and agrees to make good to the Lessor any deficiency arising from a re-entry and reletting of the Premises at a lesser rental than agreed to herein. Lessor shall have the right to declare the entire balance of the rent for the remainder of the term of this lease to be due and payable immediately, and upon demand Tenant shall pay to Landlord the net present value of such rent (using a discount rate that is one percentage point above the discount rate then in effect at the Federal Reserve Bank nearest to the Premises) or otherwise calculated by Landlord in any manner not inconsistent with applicable law. Accelerated payments payable under this lease shall not constitute a penalty or forfeiture or liquidated damages, but shall merely constitute payment of rent in advance. In the event it becomes reasonably necessary to make any changes, alterations or additions to the Premises or any part thereof for the purpose of reletting said Premises or any part thereof, Tenant shall be responsible for such cost.

DEFAULT AND RE-ENTRY. If the lessee fails to pay rent when due; if the lessee fails to perform any rents reserved, or other obligations provided herein, under this agreement within 10 days after receiving written notice of the default from the lessor; if the lessee makes any assignment for the benefit of creditors or any part thereof, shall be and remain unpaid when a receiver is appointed for the same shall become due, lessee or its property; or if Tenant shall violate any proceedings are instituted by or default in against the lessee for bankruptcy (including reorganization) or under any of insolvency laws, the covenants and agreements herein containedlessor may terminate this lease, then the Lessor may cancel this lease upon giving the notice required bylaw, and re-enter said Premisesthe premises, using such force as may be requiredand seek to relet the premises on whatever terms the lessor deems advisable. Notwithstanding such re-entry by the lessor, the liability of lessee shall continue to be liable to the Tenant lessor for rent owed under this lease and for any rent deficiency that results from reletting the rent provided for herein shall not be extinguished for the balance of premises during the term of this lease. Notwithstanding any reletting without termination, the lessor may at any time elect to terminate this lease for any default by the lessee by giving the lessee written notice of the termination. In addition to the lessor's other rights and remedies as stated in this lease, and Tenant covenants and agrees without waiving any of those rights, if the lessor deems necessary any repairs that the lessee is required to make good or if the lessee defaults in the performance of any of its obligations under this lease, the lessor may make repairs or cure defaults and shall not be responsible to the Lessor lessee for any deficiency arising from a re-entry and reletting of the Premises at a lesser rental than agreed to hereinloss or damage that is caused by that action. Lessor The lessee shall have the right to declare the entire balance of the rent for the remainder of the term of this lease to be due and payable immediately, and upon demand Tenant shall immediately pay to Landlord the net present value of such lessor, on demand, the lessor's costs for curing any defaults, as additional rent (using a discount rate that is one percentage point above the discount rate then in effect at the Federal Reserve Bank nearest to the Premises) or otherwise calculated by Landlord in any manner not inconsistent with applicable law. Accelerated payments payable under this lease shall not constitute a penalty or forfeiture or liquidated damages, but shall merely constitute payment of rent in advance. In the event it becomes reasonably necessary to make any changes, alterations or additions to the Premises or any part thereof for the purpose of reletting said Premises or any part thereof, Tenant shall be responsible for such costlease.