Common use of Default and Remedies Clause in Contracts

Default and Remedies. If: (a) the Lessee fails to comply with any term, provision, condition, or covenant of this Agreement; (b) the Lessee deserts or vacates the Premises; (c) any petition is filed by or against the Lessee under any section or chapter of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States or any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee makes an assignment for the benefit of creditors; or (f) a receiver is appointed for the Lessee or any of the assets of the Lessee, then in any of such events, the Lessee shall be in default and the Lessor shall have the option to do any one or more of the following: (i) enter the Premises either with or without process of law and to expel, remove and put out the Lessee or any other persons thereon, together with all personal property; (ii) terminate this Agreement; (iii) rent said Premises or any part thereof for such term or terms and at such terms and conditions as the Lessor in its sole discretion may deem advisable, with the right to repair, renovate, remodel, redecorate, alter, and change said Premises. At the option of the Lessor, rents received by the Lessor from such reletting shall be applied in order as follows: to the payment of any indebtedness from the Lessee to the Lessor other than Rent due; to the payment of any costs and expenses of such reletting, including, but not limited to, attorney's fees, advertising fees, and brokerage fees, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of Rent and additional Rent due and payable hereunder and interest thereon; and, if after applying said rentals there is any deficiency in the Rent and additional rent and interest to be paid by the Lessee under this Agreement, the Lessee shall pay any such deficiency to the Lessor and such deficiency shall be calculated and collected by the Lessor on a monthly basis. No such re-entry or taking possession of said Premises shall be construed as an election on the Lessor's part to terminate this Agreement unless a written notice of such intention is given to the Lessee. Notwithstanding any such reletting without termination, the Lessor may at any time terminate this Agreement by reason of any default, in addition to any other remedy it may have.

Appears in 37 contracts

Samples: Commercial Lease Agreement, Commercial Lease Agreement, Commercial Lease Agreement

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Default and Remedies. If: (a) the Lessee fails to comply with any term, provision, condition, or covenant of this Agreement; (b) the Lessee deserts or vacates the Premises; (c) any petition is filed by or against the Lessee under any section or chapter of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States or any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee makes an assignment for the benefit of creditors; or (f) a receiver is appointed for the Lessee or any of the assets of the Lessee, then in any of such events, the Lessee shall be in default and the Lessor shall have the option to do any one or more of the following: (i) enter the Premises either with or without process of law and to expel, remove and put out the Lessee or any other persons thereon, together with all personal property; (ii) terminate this Agreement; (iii) rent said Premises or any part thereof for such term or terms and at such terms and conditions as the Lessor in its sole discretion may deem advisable, with the right to repair, renovate, remodel, redecorate, alter, and change said Premises. At the option of the Lessor, rents received by the Lessor from such reletting shall be applied in order as follows: to the payment of any indebtedness from the Lessee to the Lessor other than Rent due; to the payment of any costs and expenses of such reletting, including, but not limited to, attorney's fees, advertising fees, and brokerage fees, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of Rent and additional Rent due and payable hereunder and interest thereon; and, if after applying said rentals there is any deficiency in the Rent and additional rent and interest to be paid by the Lessee under this Agreement, the Lessee shall pay any such deficiency to the Lessor and such deficiency shall be calculated and collected by the Lessor on a monthly basis. No such re-entry or taking possession of said Premises shall be construed as an election on the Lessor's part to terminate this Agreement unless a written notice of such intention is given to the Lessee. Notwithstanding any such reletting without termination, the Lessor may at any time terminate this Agreement by reason of any default, in addition to any other remedy it may have.is

Appears in 29 contracts

Samples: Commercial Lease Agreement, Commercial Lease Agreement, Commercial Lease Agreement

Default and Remedies. If: (a) the Lessee Tenant fails to comply with any term, provision, condition, condition or covenant of this AgreementLease; (b) the Lessee Tenant deserts or vacates the Premises; (c) any petition is filed by or against the Lessee Tenant under any section or chapter of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States or any state thereof; (d) the Lessee Tenant becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee Tenant makes an assignment for the benefit of creditors; or (f) a receiver is appointed for the Lessee Tenant or any of the assets of the LesseeTenant, then in any of such events, the Lessee Tenant shall be in default and the Lessor Landlord shall have the option to do any one or more of the following: upon ten (i10) days prior written notice, excepting the payment of rent or additional rent for which no demand or notice shall be necessary, in addition to and not in limitation of any other remedy permitted by law, to enter upon the Premises either with or without process of law law, and to expel, remove and put out the Lessee Tenant or any other persons thereon, together with all personal property; (ii) and, Landlord may terminate this Agreement; (iii) Lease or it may from time to time, without terminating this Lease, rent said Premises or any part thereof for such term or terms (which may be for a term extending beyond the Term) and at such rental or rentals and upon such other terms and conditions as the Lessor Landlord in its sole discretion may deem advisable, with the right to repair, renovate, remodel, redecorate, alter, alter and change said Premises. At the option of the LessorLandlord, rents received by the Lessor Landlord from such reletting shall be applied in order as follows: first to the payment of any indebtedness from the Lessee Tenant to the Lessor Landlord other than Rent duerent and additional rent due hereunder; second, to the payment of any costs and expenses of such reletting, including, but not limited tolimited, attorney's fees, advertising fees, fees and brokerage fees, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, alterations and changes in the Premises; : third, to the payment of Rent rent and additional Rent rent due and payable hereunder and interest thereon; and, if after applying said rentals there is any deficiency in the Rent rent and additional rent and interest to be paid by the Lessee Tenant under this AgreementLease, the Lessee Tenant shall pay any such deficiency to the Lessor Landlord and such deficiency shall be calculated and collected by the Lessor on a monthly basisLandlord monthly. No such re-entry or taking possession of said Premises shall be construed as an election on the LessorLandlord's part to terminate this Agreement Lease unless a written notice of such intention is given to the LesseeTenant. Notwithstanding any such reletting without termination, the Lessor Landlord may at any time terminate this Agreement Lease by reason of any default, in addition to any other remedy it may have, it may recover from Tenant the worth at the time of such termination of the excess of the amount of rent and additional rent reserved in this Lease for the balance of the Term over the then reasonable rental value of the Premises for the same period. Landlord shall have the right and remedy to seek redress in the courts at any time to correct or remedy any default of Tenant by injunction or otherwise, without such resulting or being deemed a termination of this Lease, and Landlord, whether this Lease has been or is terminated or not, shall have the absolute right by court action or otherwise to collect any and all amounts of unpaid rent or unpaid additional rent or any other sums due from Tenant to Landlord under this Lease which were or are unpaid at the date of termination. If it is necessary for Landlord to bring any action under this Lease, to consult with an attorney concerning or for the enforcement of any of Landlord's rights, then Tenant agrees in each and any such case to pay to Landlord, Landlord's reasonable attorney's fees. In addition to the remedies set forth herein, Tenant shall pay a late charge in the amount of % of any payment due hereunder which remains unpaid on the tenth day after same is otherwise due hereunder. Said late charge shall be deemed additional rent, and the assessment or collection of same shall not limit or delay Landlord's pursuit of any remedy arising hereunder upon Tenant's default.

Appears in 7 contracts

Samples: Commercial Lease Contract, Commercial Lease Agreement, Commercial Lease Contract

Default and Remedies. If: (a) the Lessee Tenant fails to comply with any term, provision, condition, condition or covenant of this AgreementLease; (b) the Lessee Tenant deserts or vacates the Premises; (c) any petition is filed by or against the Lessee Tenant under any section or chapter of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States or any state thereof; (d) the Lessee Tenant becomes insolvent or makes a transfer in fraud of creditors; ; (e) the Lessee Tenant makes an assignment for the benefit of creditors; or (f) a receiver is appointed for the Lessee Tenant or any of the assets of the LesseeTenant, then in any of such events, the Lessee Tenant shall be in default and the Lessor Landlord shall have the option to do any one or more of the following: upon ten (i10) enter days prior written notice, excepting the Premises either with payment of rent or without process additional rent for which no demand or notice shall be necessary, in addition to and not in limitation of law and to expel, remove and put out the Lessee or any other persons thereonremedy permitted by law, together with all personal property; (ii) Landlord may terminate this Agreement; (iii) Lease or it may from time to time, without terminating this Lease, rent said Premises or any part thereof for such term or terms (which may be for a term extending beyond the Term) and at such rental or rentals and upon such other terms and conditions as the Lessor Landlord in its sole discretion may deem advisable, with the right to repair, renovate, remodel, redecorate, alter, alter and change said Premises. At the option of the LessorLandlord, rents received by the Lessor Landlord from such reletting shall be applied in order as follows: first to the payment of any indebtedness from the Lessee Tenant to the Lessor Landlord other than Rent duerent and additional rent due hereunder; second, to the payment of any costs and expenses of such reletting, including, but not limited tolimited, attorney's fees, advertising fees, fees and brokerage fees, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, alterations and changes in the Premises; : third, to the payment of Rent rent and additional Rent rent due and payable hereunder and interest thereon; and, if after applying said rentals there is any deficiency in the Rent rent and additional rent and interest to be paid by the Lessee Tenant under this AgreementLease, the Lessee Tenant shall pay from the earning of property any such deficiency to the Lessor Landlord and such deficiency shall be calculated and collected by the Lessor on a monthly basisLandlord monthly. No such reRe-entry or taking possession of said Premises shall be construed as an election on the LessorLandlord's part to terminate this Agreement unless a Lease regardless if written notice of such intention is given to the LesseeTenant. Notwithstanding any such reletting without terminationreletting, the Lessor Landlord may at any time terminate this Agreement Lease by reason of any default, in addition to any other remedy it may have, it may recover from Tenant the worth at the time of such termination of the excess of the amount of rent. Landlord shall have the right and remedy to seek redress in the courts at any time to correct or remedy any default of Tenant by injunction or otherwise, without such resulting or being deemed a termination of this Lease, and Landlord, whether this Lease has been or is terminated or not, shall have the absolute right by court action or otherwise to collect any and all amounts of unpaid rent or unpaid additional rent or any other sums due from Mt Royal Vacations (tenant) to Landlord under this Lease which were or are unpaid at the date of termination. If it is necessary for Landlord to bring any action under this Lease, then Tenant agrees in each and any such case to pay to Landlord, Landlord's reasonable attorney's fees.

Appears in 4 contracts

Samples: Commercial Lease Contract, Commercial Lease Contract, Commercial Lease Contract

Default and Remedies. If: If and whenever an Event of Default occurs, then, without prejudice to any other rights which it has pursuant to this Lease or at law, the Landlord shall have the following rights and remedies, which are cumulative and not alternative: (a) to terminate this Lease by notice to the Lessee fails Tenant or to comply with re-enter the Premises and repossess them and, in either case, enjoy them as of its former estate, and to remove all persons and property from the Premises and store such property at the expense and risk of the Tenant or sell or dispose of such property in such manner as the Landlord sees fit without notice to the Tenant. If the Landlord enters the Premises without notice to the Tenant as to whether it is terminating this Lease under this Article 12.02(a) or proceeding under Article 12.02(b) or any term, provision, condition, or covenant other provision of this Agreement; Lease, the Landlord shall be deemed to be proceeding under Article 12.02(b), and the Lease shall not be terminated, nor shall there be any surrender by operation of law, but the Lease shall remain in full force and effect until the Landlord notifies the Tenant that it has elected to terminate this Lease. No entry by the Landlord during the Term shall have the effect of terminating this Lease without notice to that effect to theTenant; (b) to enter the Lessee deserts or vacates the Premises; (c) any petition is filed by or against the Lessee under any section or chapter Premises as agent of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States or any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee makes an assignment for the benefit of creditors; or (f) a receiver is appointed for the Lessee or any of the assets of the Lessee, then in any of such events, the Lessee shall be in default and the Lessor shall have the option Tenant to do any one or more all of the following: : (i) enter re-let the Premises either with or without process of law for whatever length and on such terms as the Landlord, in its discretion, may determine, and to expel, remove and put out receive the Lessee or any other persons thereon, together with all personal property; rent therefor; (ii) terminate this Agreement; take possession of any property of the Tenant on the Premises, store such property at the expense and risk of the Tenant, or sell or otherwise dispose of such property in such manner as the Landlord sees fit without notice to the Tenant; (iii) rent said make alterations to the Premises to facilitate their re-letting; and (iv) apply the proceeds of any such sale or re-letting first, to the payment of any part thereof for such term or terms and at such terms and conditions as the Lessor in its sole discretion may deem advisable, with the right to repair, renovate, remodel, redecorate, alter, and change said Premises. At the option of the Lessor, rents received expenses incurred by the Lessor from Landlord with respect to any such reletting shall be applied in order as follows: re-letting or sale, second, to the payment of any indebtedness from of the Lessee Tenant to the Lessor Landlord other than Rent due; to the payment of any costs and expenses of such reletting, including, but not limited to, attorney's fees, advertising feesRent, and brokerage feesthird, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of Rent in arrears, with the residue to be held by the Landlord and additional applied to payment of future Rent as it becomes due and payable, provided that the Tenant shall remain liable for any deficiency to the Landlord; (c) to remedy or attempt to remedy any default of the Tenant under this Lease for the account of the Tenant and to enter on the Premises for such purposes. No notice of the Landlord's intention to remedy or attempt to remedy such default need be given to the Tenant unless expressly required by this Lease, and the Landlord shall not be liable to the Tenant for any loss, injury or damages caused by acts of the Landlord in remedying or attempting to remedy such default. The Tenant shall pay to the Landlord all expenses incurred by the Landlord in connection therewith; (d) to recover from the Tenant all damages, costs and expenses incurred by the Landlord as a result of any default by the Tenant including, if the Landlord terminates this Lease, any deficiency between those amounts which would have been payable by the Tenant for the portion of the Term following such termination and the net amounts actually received by the Landlord during such period of time with respect to the Premises; and (e) to recover from the Tenant the full amount of the current month's rent together with the equivalent of three (3) months' rent, all of which shall immediately become due and payable hereunder and interest thereon; and, if after applying said rentals there is any deficiency in the Rent and additional rent and interest to be paid by the Lessee under this Agreement, the Lessee shall pay any such deficiency to the Lessor and such deficiency shall be calculated and collected by the Lessor on a monthly basis. No such re-entry or taking possession of said Premises shall be construed as an election on the Lessor's part to terminate this Agreement unless a written notice of such intention is given to the Lessee. Notwithstanding any such reletting without termination, the Lessor may at any time terminate this Agreement by reason of any default, in addition to any other remedy it may haveaccelerated rent.

Appears in 3 contracts

Samples: Lease Agreement, Lease Agreement, Lease Agreement

Default and Remedies. If: (a) the Lessee Tenant fails to comply with any term, provision, condition, condition or covenant of this AgreementLease; (b) the Lessee Tenant deserts or vacates the Premises; (c) any petition is filed by or against the Lessee Tenant under any section or chapter of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States or any state thereof; (d) the Lessee Tenant becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee Tenant makes an assignment for the benefit of creditors; or (f) a receiver is appointed for the Lessee Tenant or any of the assets of the LesseeTenant, then in any of such events, the Lessee Tenant shall be in default and the Lessor Landlord shall have the option to do any one or more of the following: upon ten (i10) days prior written notice, excepting the payment of rent or additional rent for which no demand or notice shall be necessary, in addition to and not in limitation of any other remedy permitted by law, to enter upon the Premises either with or without process of law law, and to expel, remove and put out the Lessee Tenant or any other persons thereon, together with all personal property; (ii) and, Landlord may terminate this Agreement; (iii) Lease or it may from time to time, without terminating this Lease, rent said Premises or any part thereof for such term or terms (which may be for a term extending beyond the Term) and at such rental or rentals and upon such other terms and conditions as the Lessor Landlord in its sole discretion may deem advisable, with the right to repair, renovate, remodel, redecorate, alter, alter and change said Premises. At the option of the LessorLandlord, rents received by the Lessor Landlord from such reletting shall be applied in order as follows: first to the payment of any indebtedness from the Lessee Tenant to the Lessor Landlord other than Rent duerent and additional rent due hereunder; second, to the payment of any costs and expenses of such reletting, including, but not limited tolimited, attorney's ’s fees, advertising fees, fees and brokerage fees, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, alterations and changes in the Premises; : third, to the payment of Rent rent and additional Rent rent due and payable hereunder and interest thereon; and, if after applying said rentals there is any deficiency in the Rent rent and additional rent and interest to be paid by the Lessee Tenant under this AgreementLease, the Lessee Tenant shall pay any such deficiency to the Lessor Landlord and such deficiency shall be calculated and collected by the Lessor on a monthly basisLandlord monthly. No such re-entry or taking possession of said Premises shall be construed as an election on the Lessor's Landlord’s part to terminate this Agreement Lease unless a written notice of such intention is given to the LesseeTenant. Notwithstanding any such reletting without termination, the Lessor Landlord may at any time terminate this Agreement Lease by reason of any default, in addition to any other remedy it may have., it may recover from Tenant the worth at the time of such termination of the excess of the amount of rent and additional rent reserved in this Lease for the balance of the Term over the then reasonable rental value of the Premises for the same period. Landlord shall have the right and remedy to seek redress in the courts at any time to correct or remedy any default of Tenant by injunction or otherwise, without such resulting or being deemed a termination of this Lease, and Landlord, whether this Lease has been or is terminated or not, shall have the absolute right by court action or otherwise to collect any and all amounts of unpaid rent or unpaid additional rent or any other sums due from Tenant to Landlord under this Lease which were or are unpaid at the date of termination. If it is necessary for Landlord to bring any action under this Lease, to consult with an attorney concerning or for the enforcement of any of Landlord’s rights, then Tenant agrees in each and any such case to pay to Landlord, Landlord’s reasonable attorney’s fees. In addition to the remedies set forth

Appears in 2 contracts

Samples: Commercial Industrial Lease, Commercial Lease Agreement

Default and Remedies. If: In the event: (a) the Lessee LESSEE fails to comply with any term, provision, condition, or covenant of this Agreementlease; (b) the Lessee LESSEE deserts or vacates the Premisespremises; (c) any petition is filed by or against the Lessee LESSEE under any section or chapter of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States or any state thereof; , (d) the Lessee LESSEE becomes insolvent or makes a transfer in fraud of creditors; ; (e) the Lessee LESSEE makes an any assignment for the benefit of creditors; or or (f) a receiver is appointed for the Lessee LESSEE or any of the the: assets of the LesseeLESSEE, then in any of such events, the Lessee events LESSEE shall be in default and the Lessor and, LESSOR shall have the option to do any one or more of the following: following upon ten (i10) days prior written notice, excepting the payment of rent or additional rent for which no demand or notice shall be necessary, in addition to and not in limitation of any other remedy permitted by law; to enter upon the Premises premises or any part thereof either with or without process of law law, and to expel, remove and put out the Lessee LESSEE or any other persons who might be thereon, together with all personal propertyproperty found therein; (ii) and, LESSOR may terminate this Agreement; (iii) lese or it may from time to time, without terminating this lease, rent said Premises premises or any part thereof for such term or terms (which may be for a term extending beyond the term of this lease) and at such rental or rentals and upon such other terms and conditions as the Lessor LESSOR in its sole discretion may deem advisable, with the right to repair, renovate, remodel, redecorate, alter, alter and change said Premisespremises. At the option of the LessorLESSOR, rents received by the Lessor LESSOR from such reletting shall be applied in order as follows: first to the payment of any indebtedness from the Lessee LESSEE to the Lessor LESSOR other than Rent due; rent and additional rent due hereunder, second, to the payment of any costs and expenses of such reletting, including, reletting including but not limited to, attorney's to attorneys' fees, advertising fees, and brokerage fees, alterations and changes in the premises; third, to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of Rent rent and additional Rent rent due and payable hereunder and interest thereon; and, and if after applying said rentals there is any deficiency in the Rent rent and additional rent and interest to be paid by the Lessee LESSEE under this Agreementlease, the Lessee LESSEE shall pay any such deficiency to the Lessor LESSOR and such deficiency shall be calculated and collected by the Lessor on a monthly basisLESSOR monthly. No such re-entry or taking possession of said Premises premises shall be construed as an election on the Lessorof LESSOR's part to terminate this Agreement lease unless a written notice of such intention is be given to the LesseeLESSEE. Notwithstanding any such reletting without termination, the Lessor LESSOR may at any time thereafter elect to terminate this lease for such previous breach and default. Should LESSOR at any time terminate this Agreement lease by reason of any default, in addition to any other remedy it may have, it may recover from LESSEE the worth at the time of such termination of the excess of the amount of rent and additional rent reserved in this lease for the balance of the term hereof over the then reasonable rental value of the premises for the same period LESSOR shall have the right and remedy to seek redress in the courts at any time to correct or remedy any default of LESSEE by injunction or otherwise. Without such resulting or being deemed a termination of this lease, and LESSOR, whether this; lease has been or is terminated or not shall have the absolute right by court action or otherwise to collect any and all amounts of unpaid rent or unpaid additional rent reserved in this lease for the balance of the term hereof over the then reasonable rental value of the premises for the same period LESSOR shall have the right and remedy to seek redress in the courts at any time to correct or remedy any default of LESSEE by injunction or otherwise, without such resulting or being deemed a termination or not, shall have the absolute right by court action or otherwise to collect any and all amounts of unpaid rent or unpaid additional rent or any other sums due from LESSEE to LESSOR under this lease which were or are unpaid at the date of termination. In case it should be necessary for LESSOR to bring any action under this lease, to consult or place said lease or any amount payable by LESSEE hereunder with an attorney concerning or for the enforcement of any LESSOR's rights hereunder, the LESSEE agrees in each and any such rise to pay to LESSOR, LESSOR's reasonable attorney's fees.

Appears in 2 contracts

Samples: Industrial Lease Agreement (Circle Group Internet Inc), Industrial Lease Agreement (Circle Group Internet Inc)

Default and Remedies. If: (a) The security constituted by this Deed shall become immediately enforceable if an Event of Default occurs and is continuing pursuant to the Lessee fails to comply with any term, provision, condition, or covenant of this Agreement; (b) the Lessee deserts or vacates the Premises; (c) any petition is filed by or against the Lessee under any section or chapter terms of the Federal Bankruptcy ActLoan Agreement. After the security constituted by this Deed has become enforceable, as amended, or under any similar law or statute the Beneficiary may (without the restrictions contained in Section 93 and 103 of the United States or any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud Law of creditors; (e) the Lessee makes an assignment for the benefit of creditors; or (f) a receiver is appointed for the Lessee or any of the assets of the Lessee, then in any of such events, the Lessee shall be in default and the Lessor shall have the option to do any one or more of the following: Property Act 1925): (i) enter take possession of the Premises either with or without process of law and to expel, remove and put out the Lessee or any other persons thereon, together with all personal property; (ii) terminate this Agreement; (iii) rent said Premises Charged Property or any part thereof and for that purpose to enter upon any premises or any vessel owned or operated by the Grantor where the Charged Property or such part thereof may be located; (ii) sell, call in, collect and convert into money the Charged Property or any part thereof by public or private contract; (iii) settle, arrange, compromise or submit to arbitration any accounts, claims, questions or disputes whatsoever which may arise in connection with the Charged Property; (iv) bring, take, defend, compromise, submit to arbitration or discontinue any actions, suits or proceedings whatsoever, civil or criminal, in relation to the Charged Property; (v) manage or lease the Charged Property for such term or terms and terms, at such terms rents and generally in such manner and upon such conditions and stipulations as the Lessor Beneficiary shall reasonably think fit; (vi) execute and do all such acts, deeds and things which are reasonably necessary for or in its sole discretion may deem advisable, with the right relation to repair, renovate, remodel, redecorate, alter, and change said Premises. At the option any of the Lessor, rents received purposes aforesaid; and (vii) appoint a Receiver of all or any part of the Charged Property and from time to time remove any Receiver so appointed and appoint another in his stead. A Receiver will be deemed to be the agent of the Beneficiary for all purposes and accordingly will be deemed to be in the same position as a Receiver duly appointed by a beneficiary under the Lessor from such reletting Law of Property Xxx 0000. (b) The proceeds of any enforcement of this Deed pursuant to this Clause 6 shall be applied in order as follows: to the or towards payment of the Secured Obligations in accordance with the Loan Agreement. (c) Sections 109(6) and 109(8) of the Law of Property Xxx 0000 shall not apply in relation to any indebtedness from the Lessee to the Lessor other than Rent due; to the payment of Receiver appointed under this Clause 6. (d) No Beneficiary or Receiver shall be liable for any loss, costs and expenses of such reletting, including, but not limited to, attorney's fees, advertising fees, and brokerage fees, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of Rent and additional Rent due and payable hereunder and interest thereon; and, if after applying said rentals there is any deficiency in the Rent and additional rent and interest to be paid or expense incurred by the Lessee under Grantor as a result of taking any action permitted by this AgreementDeed, any neglect or default in connection with the Lessee shall pay any such deficiency to Charged Property or the Lessor and such deficiency shall be calculated and collected by the Lessor on a monthly basis. No such re-entry or taking possession of said Premises shall be construed as an election on or realising any part of the Lessor's part to terminate Charged Property except in the case of gross negligence or wilful default. (e) The Beneficiary may enforce its rights under this Agreement unless a written notice of such intention is given to the Lessee. Notwithstanding Deed without taking any such reletting without termination, the Lessor may at action or making any time terminate this Agreement by reason of any default, in addition to claim against any other remedy it may haveperson.

Appears in 2 contracts

Samples: Vendor Loan Agreement, Vendor Loan Agreement (Hc2 Holdings, Inc.)

Default and Remedies. If: (a) In addition to all other rights and remedies granted to it under this Security Agreement, the Lessee fails Credit Agreement, the other Loan Documents, the Note Agreement, and under any other instrument or agreement securing, evidencing or relating to comply with any termof the Obligations, provisionupon the occurrence and during the continuance of any Event of Default, conditionthe Collateral Agent, as agent for the Secured Parties, may, subject to the provisions of the Intercreditor Agreement, exercise all rights and remedies of a secured party under the UCC. Without limiting the generality of the foregoing, the Debtor expressly agrees that in any such event the Collateral Agent, without demand of performance or other demand, advertisement or notice of any kind (except the notice specified below of time and place of public or private sale) to or upon the Debtor or any other Person (all and each of which demands, advertisements and notices are hereby expressly waived to the maximum extent permitted by the UCC and other applicable law), may forthwith enter upon the premises of the Debtor where any Collateral is located through self-help, without judicial process, without first obtaining a final judgment or giving the Debtor or any other Person notice and opportunity for a hearing on the Collateral Agent’s claim or action and may collect, receive, assemble, process, appropriate and realize upon the Collateral, or covenant of this Agreement; (b) the Lessee deserts any part thereof, and may forthwith sell, lease, license, assign, give an option or vacates the Premises; (c) any petition is filed by or against the Lessee under any section or chapter of the Federal Bankruptcy Act, as amendedoptions to purchase, or under any similar law sell or statute otherwise dispose of and deliver the United States Collateral (or contract to do so), or any state part thereof; (d) , in one or more parcels at a public or private sale or sales, at any exchange at such prices as it may deem acceptable, for cash or on credit or for future delivery without assumption of any credit risk. The Collateral Agent shall have the Lessee becomes insolvent right upon any such public sale or makes a transfer in fraud of creditors; (e) sales and, to the Lessee makes an assignment extent permitted by law, upon any such private sale or sales, to purchase for the benefit of creditors; the Collateral Agent and the Secured Parties the whole or any part of the Collateral so sold, free of any right or equity of redemption, which equity of redemption the Debtor hereby releases. Such sales may be adjourned and continued from time to time with or without notice. The Collateral Agent shall have the right to conduct such sales on the Debtor’s premises or elsewhere and shall have the right to use the Debtor’s premises without charge for such time or times as the Collateral Agent deems necessary or advisable. Expenses of retaking, holding, preparing for sale, selling and the like shall include the reasonable attorneys’ fees and legal expenses of the Collateral Agent and the Secured Parties, and each of them. (fb) After the occurrence and during the continuance of any Event of Default, the Debtor further agrees, at the Collateral Agent’s request, to assemble the Collateral and make it available to the Collateral Agent at a place or places designated by the Collateral Agent which are reasonably convenient to the Collateral Agent and the Debtor, whether at the Debtor’s premises or elsewhere. Until the Collateral Agent is able to effect a sale, lease, or other disposition of Collateral, the Collateral Agent shall have the right to hold or use Collateral, or any part thereof, to the extent that it deems appropriate for the purpose of preserving the Collateral or its value or for any other purpose deemed appropriate by the Collateral Agent. The Collateral Agent shall have no obligation to the Debtor to maintain or preserve the rights of the Debtor as against third parties with respect to Collateral while Collateral is in the possession of the Collateral Agent. The Collateral Agent may, if it so elects, seek the appointment of a receiver is appointed for the Lessee or keeper to take possession of Collateral and to enforce any of the assets Collateral Agent’s remedies (for the benefit of the LesseeCollateral Agent and the Secured Parties), then with respect to such appointment without prior notice or hearing as to such appointment. The Collateral Agent shall apply the net proceeds of any such collection, recovery, receipt, appropriation, realization or sale to the Obligations in such order of application as is required by the Intercreditor Agreement, and only after so paying over such net proceeds, and after the payment by the Collateral Agent of any other amount required by any provision of such eventslaw, need the Collateral Agent account for the surplus, if any, to the Debtor. To the maximum extent permitted by applicable law, the Lessee shall be in default Debtor waives all claims, damages, and demands against the Lessor shall have the option to do any one or more Collateral Agent and each Secured Party arising out of the following: (i) enter repossession, retention or sale of the Premises either with Collateral except such as arise solely out of the gross negligence or without process willful misconduct of law and to expel, remove and put out the Lessee Collateral Agent or any other persons thereon, together with all personal property; (ii) terminate this Agreement; (iii) rent said Premises Secured Party as finally determined by a court of competent jurisdiction. The Collateral Agent will give the Debtor reasonable notice of the time and place of any public sale of the Collateral or any part thereof for such term or terms and at such terms and conditions as the Lessor in its sole discretion may deem advisable, with the right to repair, renovate, remodel, redecorate, alter, and change said Premises. At the option of the Lessor, rents received by time after which any private sale or any other intended disposition thereof is to be made. The Debtor and the Lessor from such reletting Collateral Agent agree that the requirements of reasonable notice shall be applied in order as follows: to the payment of any indebtedness from the Lessee to the Lessor other than Rent due; to the payment of any costs and expenses of met if such reletting, including, but not limited to, attorney's fees, advertising fees, and brokerage fees, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of Rent and additional Rent due and payable hereunder and interest thereon; and, if after applying said rentals there is any deficiency in the Rent and additional rent and interest to be paid by the Lessee under this Agreement, the Lessee shall pay any such deficiency to the Lessor and such deficiency shall be calculated and collected by the Lessor on a monthly basis. No such re-entry or taking possession of said Premises shall be construed as an election on the Lessor's part to terminate this Agreement unless a written notice of such intention is given to the LesseeDebtor at the address of the Debtor specified in Section 10.2 of this Security Agreement (or such other address that the Debtor may provide to the Collateral Agent in writing) at least ten (10) days before the time of the sale or disposition, but nothing contained herein shall be construed to mean that any other notice or a shorter period of time does not constitute reasonable notice for the sale of the Collateral or any part thereof. Notwithstanding The Debtor shall remain liable for any deficiency if the proceeds of any sale or disposition of the Collateral are insufficient to pay all Obligations, including any attorneys’ fees or other expenses incurred by the Collateral Agent or any Secured Party to collect such reletting without terminationdeficiency. (c) After the occurrence and during the continuance of any Event of Default, the Lessor may Collateral Agent shall have the right to enter upon the premises of the Debtor at any time terminate this Agreement for the purpose of reducing to possession the Accounts (including Chattel Paper) and all cash or non-cash proceeds thereof, for the purpose of taking possession of and using the current version of the Debtor’s accounts receivable computer software, and/or for the purpose of inspecting the Inventory and inspecting and/or auditing the books, records and procedures of the Debtor. The Collateral Agent may deduct its expenses in collecting the Accounts from the proceeds applicable to the Obligations. Such expenses shall include, without limitation, the costs of posting transactions to the books of the Debtor and performing such other bookkeeping and accounting tasks as the Collateral Agent may deem appropriate to collect any Account. (d) Except as otherwise specifically provided herein, the Debtor hereby waives presentment, demand, protest or any notice (to the maximum extent permitted by reason applicable law) of any defaultkind in connection with this Security Agreement or any Collateral. (e) For the purpose of enabling the Collateral Agent to exercise rights and remedies under this Section 9 (including, without limiting the terms of this Section, in addition order to take possession of, hold, preserve, process, assemble, prepare for sale, market for sale, sell or otherwise dispose of Collateral) at such time as the Collateral Agent shall be lawfully entitled to exercise such rights and remedies, the Debtor hereby grants to the Collateral Agent, for the benefit of the Collateral Agent and the Secured Parties, an irrevocable, nonexclusive license (exercisable without payment of royalty or other compensation to the Debtor) to use, license or sublicense any other remedy it Proprietary Rights now owned or hereafter acquired by the Debtor, and wherever the same may havebe located, and including in such license access to all media in which any of the licensed items may be recorded or stored and to all computer software and programs used for the compilation or printout thereof.

Appears in 2 contracts

Samples: Security Agreement, Security Agreement (Trex Co Inc)

Default and Remedies. If: (a) the Lessee fails to comply with any term, provision, condition, or covenant If and whenever an Event of this Agreement; (b) the Lessee deserts or vacates the Premises; (c) any petition is filed by or against the Lessee under any section or chapter of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States or any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee makes an assignment for the benefit of creditors; or (f) a receiver is appointed for the Lessee or any of the assets of the LesseeDefault occurs, then in without prejudice to any of such eventsother rights which it has pursuant to this Lease or at law, the Lessee shall be in default and the Lessor Landlord shall have the option to do any one or more of the following: following rights and remedies which are cumulative and not alternative: (i) on providing the Tenant with notice of the default, and allowing 15 (fifteen) days to remedy said default, to terminate this Lease whether or not the Landlord has, with respect to the same or another Event of Default, previously elected or pursued a right or remedy which is inconsistent with termination of this Lease; (ii) to enter the Premises either with or without process as agent of law the Tenant and to expelrelet the Premises for whatever term, remove and put out the Lessee or any other persons thereon, together with all personal property; (ii) terminate this Agreement; (iii) rent said Premises or any part thereof for such term or terms and at on such terms and conditions as the Lessor Landlord in its sole discretion may deem advisable, with determine and to receive the right to repair, renovate, remodel, redecorate, alter, Rent therefor and change said Premises. At the option as agent of the LessorTenant to take possession of any property of the Tenant on the Premises, rents received to store such property at the expense and risk of the Tenant or to sell or otherwise dispose of such property in such manner as the Landlord may see fit without notice to the Tenant; to make alterations to the Premises to facilitate their reletting; and to apply the proceeds of any such sale or reletting first, to the payment of any expenses incurred by the Lessor from Landlord with respect to any such reletting shall be applied in order as follows: or sale; second, to the payment of any indebtedness from of the Lessee Tenant to the Lessor Landlord other than Rent dueRent; to the payment of any costs and expenses of such relettingthird, including, but not limited to, attorney's fees, advertising fees, and brokerage fees, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of Rent in arrears; with the residue to be held by the Landlord and additional applied in payment of future Rent as it becomes due and payable. The Tenant shall remain liable for any deficiency to the Landlord. If any reletting extends for a period beyond the end of the Term, such reletting shall not constitute a termination of this Lease, but a reletting as agent of the Tenant up to the end of the Term and a letting thereafter by the Landlord for its own account; (iii) to recover from the Tenant all damages, and expenses incurred by the Landlord as a result of any breach by the Tenant including, if the Landlord terminates this Lease, any deficiency between those amounts which would have been payable by the Tenant for the portion of the Term following such termination and the net amounts actually received by the Landlord during such period of time with respect to the Premises; (iv) to remedy or attempt to remedy any default of the Tenant under this Lease for the account of the Tenant and to enter upon the Premises for such purposes. No notice of the Landlord's intention to perform such covenants need be given the Tenant unless expressly required by this Lease. The Landlord shall not be liable to the Tenant for any loss, injury or damage caused by acts of the Landlord in remedying or attempting to remedy such default and the Tenant shall pay to the Landlord all expenses incurred by the Landlord in connection with remedying or attempting to remedy such default; and (v) to recover from the Tenant the full amount of the current month's Rent together with the next 3 month's installments of Rent, all of which shall immediately become due and payable hereunder as accelerated rent. (b) Notwithstanding any provision of this Lease or any provision of applicable legislation, none of the goods and interest thereon; and, if after applying said rentals there is any deficiency in chattels of the Rent and additional rent and interest to be paid by the Lessee under this Agreement, the Lessee shall pay any such deficiency to the Lessor and such deficiency shall be calculated and collected by the Lessor on a monthly basis. No such re-entry or taking possession of said Premises shall be construed as an election Tenant on the Lessor's part to terminate this Agreement unless a written notice of such intention is given to the Lessee. Notwithstanding any such reletting without termination, the Lessor may Premises at any time terminate during the Term shall be exempt from levy by distress for Rent in arrears, and the Tenant waives any such exemption. If the Landlord makes any claim against the goods and chattels of the Tenant by way of distress, this Agreement by reason provision may be pleaded as an estoppel against the Tenant in any action brought to test the right of any default, in addition the Landlord to any other remedy it may havelevy such distress.

Appears in 2 contracts

Samples: Lease Agreement (Bingo Com Inc), Lease Agreement (Fortune Entertainment Corp /De/)

Default and Remedies. If: (a) the Lessee fails If and whenever an Event of Default occurs, then, without prejudice to comply with any termother rights which it has pursuant to this Lease or at law, provision, condition, or covenant of this Agreement; (b) the Lessee deserts or vacates the Premises; (c) any petition is filed by or against the Lessee under any section or chapter of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States or any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee makes an assignment for the benefit of creditors; or (f) a receiver is appointed for the Lessee or any of the assets of the Lessee, then in any of such events, the Lessee shall be in default and the Lessor shall have the option following rights and remedies, which are cumulative and not alternative: (a) to terminate this Lease by notice to the Lessees or to re-enter the Leased Premises and repossess them and, in either case, enjoy them as of its former estate, and to remove all persons and property from the Leased Premises and store such property at the expense and risk of the Lessees or sell or dispose of such property in such manner as the Lessor sees fit without notice to the Lessees. If the Lessor enters the Leased Premises without notice to the Lessees as to whether it is terminating this Lease under this Section or proceeding under Section 5.2(b) or any other provision of this Lease, the Lessor shall be deemed to be proceeding under Section 5.2(b), and the Lease shall not be terminated, nor shall there be any surrender by operation of law, but the Lease shall remain in full force and effect until the Lessor notifies the Lessees that it has elected to terminate this Lease. No entry by the Lessor during the Term shall have the effect of terminating this Lease without notice to that effect to the Lessees; (b) to enter the Leased Premises as agent of the Lessees to do any one or more all of the following: : (i) enter relet the Leased Premises either with or without process of law for whatever length and on such terms as the Lessor, in its discretion, may determine and to expel, remove and put out receive the Lessee or any other persons thereon, together with all personal property; rent therefor; (ii) terminate this Agreement; take possession of any property of the Lessees on the Leased Premises, store such property at the expense and risk of the Lessees, and sell or otherwise dispose of such property in such manner as the Lessor sees fit without notice to the Lessees; (iii) rent said make alterations to the Leased Premises to facilitate their reletting; and (iv) apply the proceeds of any such sale or reletting first, to the payment of any part thereof for such term or terms and at such terms and conditions as the Lessor in its sole discretion may deem advisable, with the right to repair, renovate, remodel, redecorate, alter, and change said Premises. At the option of the Lessor, rents received expenses incurred by the Lessor from with respect to any such reletting shall be applied in order as follows: or sale, second, to the payment of any indebtedness from of the Lessee Lessees to the Lessor other than Rent due; rent, and third, to the payment of rent in arrears, with the residue to be held by the Lessor and applied to payment of future rent as it becomes due and payable, provided that the Lessees shall remain liable for any deficiency to the Lessor; (c) to remedy or attempt to remedy any default of the Lessees under this Lease for the account of the Lessees and to enter on the Leased Premises for such purposes. No notice of the Lessor’s intention to remedy or attempt to remedy such default need be given to the Lessees unless expressly required by this Lease, and the Lessor shall not be liable to the Lessees for any loss, injury or damages caused by acts of the Lessor in remedying or attempting to remedy such default. The Lessees shall pay to the Lessor all expenses incurred by the Lessor in connection therewith; (d) to recover from the Lessees all damages, costs and expenses incurred by the Lessor as a result of such reletting, any default by the Lessees including, but not limited toif the Lessor terminates this Lease, attorney's fees, advertising fees, any deficiency between those amounts which would have been payable by the Lessees for the portion of the term following such termination and brokerage fees, and the net amounts actually received by the Lessor during such period of time with respect to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Leased Premises; and (e) to recover from the payment Lessees the full amount of Rent and additional Rent the current month’s rent together with the next three (3) months’ installments of rent, all of which shall immediately become due and payable hereunder and interest thereon; and, if after applying said rentals there is any deficiency in the Rent and additional rent and interest to be paid by the Lessee under this Agreement, the Lessee shall pay any such deficiency to the Lessor and such deficiency shall be calculated and collected by the Lessor on a monthly basis. No such re-entry or taking possession of said Premises shall be construed as an election on the Lessor's part to terminate this Agreement unless a written notice of such intention is given to the Lessee. Notwithstanding any such reletting without termination, the Lessor may at any time terminate this Agreement by reason of any default, in addition to any other remedy it may have.accelerated rent

Appears in 2 contracts

Samples: Commercial Lease Agreement, Commercial Lease Agreement

Default and Remedies. If: 7.1 Without prejudice toany of its other rights and remedies if the customer, or any related company of the customer as definedinthe Corporations Act(Aust): (a) the Lessee fails to comply with commits any term, provision, condition, or covenant breach of this Agreementor any other agreement with the Supplier including and without limitation, failing to pay anymoneys when due; or (b) the Lessee deserts or vacates the Premisesbeinga natural person, dies orcommitsan act of bankruptcy; or (c) any petition is filed by being a company, has an application or against an ordermade, proceedings commenced, a resolution passed orproposed in a notice of meeting or an application to a court or other steps taken for the Lessee under any section or chapter winding up, dissolution, official management oradministration of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States or any state thereofthat company; or (d) the Lessee becomes insolvent enters into any arrangement, compromise or makes a transfer in fraud of creditors; (e) the Lessee makes an composition with or assignment for the benefit of its creditors or any class ofits creditors; or (e) ceases, suspends or threatens to cease or suspend the conduct of its business or disposes or threatens to dispose of its assets otherthaninthe ordinary course ofbusiness; (f) is, or is deemed under any applicable legislation to be, or admits in writing that it is, unable to pay its debts as and whenthey fall due orstops orsuspends or threatens tostop orsuspendthe payment of all orany class ofits debts; or (g) has a receiver, receiver is and manager, administrator, provisional liquidator or liquidator or similar official appointed for the Lessee to it or over its assets, or any part of its assets, or permits a judgement against the assets customer to be unsatisfied for 7 days ora distress, attachment orotherexecutionislevied orenforced against the customerorits assets; (h) terminate the agreement immediately, withdraw the bailment granted in respect of any goods supplied by the Lessee, then in Supplier and/orwithdraw any of such events, credit facilities extendedtothe customerby the Lessee shall be in default and the Lessor shall have the option to do any one or more of the following: Supplier; (i) enter the Premises either with or without process of law and to expel, remove and put out the Lessee or any other persons thereon, together with all personal property; (ii) terminate this Agreement; (iii) rent said Premises or any part thereof for such term or terms and at such terms and conditions as the Lessor in its sole discretion may deem advisable, with the right to repair, renovate, remodel, redecorate, alter, and change said Premises. At the option of the Lessor, rents received declareallmoneys owing by the Lessor from such reletting shall be applied in order as follows: customertothe Supplierimmediately due and payable; (j) suspend ordeferdelivery ofany further goodstothe customer; (k) require immediate return ofanygoods forwhich the Supplier has not been paid; (l) without notice, resell thegoods toa third party; and/or (m) enterupon any premisesowned oroccupied bythecustomerand repossess suchgoods underclause 6.4(c). 7.2 If the customer becomes insolvent, the customer remains liable under this agreement for payment of all moneys due, evenifthe Supplier receives a dividend orpayment asa result ofthe customerbeinginsolvent. 7.3 In the event of termination, the Supplier shall, after taking into account any payments made by the customer to the payment of any indebtedness from the Lessee to the Lessor other than Rent due; to the payment of any costs and expenses of such relettingSupplier, including, but not limited to, attorney's fees, advertising fees, and brokerage fees, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of Rent and additional Rent due and payable hereunder and interest thereon; and, if after applying said rentals there is any deficiency in the Rent and additional rent and interest be entitled to be paid by the Lessee customer for work done and expenditure made under this Agreementagreement up to and including the date of termination and any direct and indirect loss suffered by the Supplier including, without limitation, the Lessee shall pay any Supplier’s loss of profit of such deficiency order and the legal costs of the Supplier (on a full indemnity basis) incurred in relation to the Lessor termination and such deficiency any prior breach and in exercising any rights and remedies as a consequence of the termination and any prior breach. Termination of the order shall be calculated and collected by the Lessor on a monthly basis. No such re-entry or taking possession of said Premises shall be construed as an election on the Lessor's part to terminate this Agreement unless a written notice of such intention is given without prejudice to the Lessee. Notwithstanding any such reletting without rights ofthe Supplier accruing uptothe date of termination, the Lessor may at any time terminate this Agreement by reason of any default, in addition . 7.4 Without prejudice to any other remedy it rights, the Supplier may havecharge interest on any overdue payment. Interest shall accrue daily from the due date for payment at the rate of 12% per annum until receipt of payment whether or not judgementis obtained. 7.5 Timeis ofthe essencein the performance of the customer'sobligations underthis agreement

Appears in 2 contracts

Samples: Terms and Conditions of Sale, Terms and Conditions of Sale

Default and Remedies. If: If and whenever an Event of Default occurs, then without prejudice to any other rights which it has pursuant to this Lease or at law, the Landlord shall have the following rights and remedies, which are cumulative and not alternative: (a) the Lessee fails to comply with any term, provision, condition, or covenant of this Agreement; (b) the Lessee deserts or vacates the Premises; (c) any petition is filed by or against the Lessee under any section or chapter of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States or any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee makes an assignment for the benefit of creditors; or (f) a receiver is appointed for the Lessee or any of the assets of the Lessee, then in any of such events, the Lessee shall be in default and the Lessor shall have the option to do any one or more of the following: (i) re-enter the Premises either with or without process of law and to expel, remove and put out the Lessee or any other persons thereon, together with all personal property; (ii) terminate this Agreement; (iii) rent said Premises or any part thereof in the name of the whole and the same to have again, repossess, and enjoy as of the Landlord's former estate, anything herein contained to the contrary notwithstanding; (b) to terminate this Lease, with or without notice to the Tenant, whether or not the Landlord has, with respect to the same or another Event of Default, previously elected or pursued a right or remedy which is inconsistent with termination of this Lease; (c) enter the Premises as agent of the Tenant and to relet the Premises for such term or terms whatever term, and at on such terms and conditions as the Lessor Landlord in its sole discretion may deem advisable, with determine and to receive the right to repair, renovate, remodel, redecorate, alter, Rent therefor and change said Premises. At the option as agent of the LessorTenant to take possession of any property of the Tenant on the Premises, rents received to store such property at the expense and risk of the Tenant or to sell or otherwise dispose of such property in such manner as the Landlord may see fit without notice to the Tenant; to make alterations to the Premises to facilitate their reletting; and to apply the proceeds of any such sale or reletting first, to the payment of any expenses incurred by the Lessor from Landlord with respect to any such reletting shall be applied in order as follows: or sale; second, to the payment of any indebtedness from of the Lessee Tenant to the Lessor Landlord other than Rent dueRent; to the payment of any costs and expenses of such relettingthird, including, but not limited to, attorney's fees, advertising fees, and brokerage fees, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of Rent in arrears; with the residue to be held by the Landlord and additional applied in payment of future Rent as it becomes due and payable. The Tenant shall remain liable for any deficiency to the Landlord. If any reletting extends for a period beyond the end of the Term, such reletting shall not constitute a termination of this Lease, but a reletting as agent of the Tenant up to the end of the Term and a letting thereafter by the Landlord for its own account. The Tenant acknowledges and agrees that if the Tenant has abandoned property on the Premises after notice from the Landlord to remove such property, the Landlord has no obligation whatsoever to store such property for any period of time; (d) to remedy or attempt to remedy any default of the Tenant under this Lease for the account of the Tenant and to enter upon the Premises for such purposes. No notice of the Landlord's intention to perform such covenants need be given the Tenant unless expressly required by this Lease. The Landlord shall not be liable to the Tenant for any loss, injury or damage caused by acts of the Landlord in remedying or attempting to remedy such default and the Tenant shall pay to the Landlord all expenses incurred by the Landlord in connection with remedying or attempting to remedy such default; (e) to recover from the Tenant all damages, and expenses incurred by the Landlord as a result of any breach by the Tenant including, if the Landlord terminates this Lease, any deficiency between those amounts which would have been payable by the Tenant for the portion of the Term following such termination and the net amounts actually received by the Landlord during such period of time with respect to the Premises; (f) to recover from the Tenant the full amount of the current month's Rent together with 3 months' instalments of Rent, all of which shall immediately become due and payable hereunder as accelerated rent and may be held and applied by the Landlord without interest thereonagainst the last Rent due under this Lease; and (g) if this Lease has been terminated in accordance with Section 9.01(b), if after applying said rentals there is to recover from the Tenant the unamortized portion of any deficiency in the Rent and additional rent and interest to be leasehold improvement allowance or inducement paid or given by the Lessee Landlord under the terms of this AgreementLease or the Lease Proposal, calculated from the Lessee shall pay any such deficiency to date which is the Lessor and such deficiency shall be calculated and collected later of the date of payment by the Lessor Landlord or the Commencement Date, on the basis of an assumed rate of depreciation on a monthly basis. No such re-entry or taking possession straight line basis to zero over the initial Term of said Premises shall be construed as an election on the Lessor's part to terminate this Agreement unless a written notice of such intention is given to the Lessee. Notwithstanding any such reletting without termination, the Lessor may at any time terminate this Agreement by reason of any default, in addition to any other remedy it may haveLease.

Appears in 2 contracts

Samples: Lease Agreement (Braintech Inc/Bc), Lease Agreement (Sideware Systems Inc)

Default and Remedies. If: If and whenever an Event of Default occurs, then without prejudice to any other rights which it has pursuant to this Lease or at law, the Landlord shall have the following rights and remedies, which are cumulative and not alternative: (a) the Lessee fails to comply with any term, provision, condition, or covenant of this Agreement; (b) the Lessee deserts or vacates the Premises; (c) any petition is filed by or against the Lessee under any section or chapter of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States or any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee makes an assignment for the benefit of creditors; or (f) a receiver is appointed for the Lessee or any of the assets of the Lessee, then in any of such events, the Lessee shall be in default re-enter into and the Lessor shall have the option to do upon any one or more of the following: (i) enter the Premises either with or without process of law and to expel, remove and put out the Lessee or any other persons thereon, together with all personal property; (ii) terminate this Agreement; (iii) rent said Premises Properties or any part thereof and repossess and enjoy them as of its former estate and to remove all persons and property from the Properties (any such property may be removed and stored in a public warehouse or elsewhere at the cost of or for such term the account of the Tenant), all without service of notice or terms resort to legal process and at without being considered guilty of trespass or becoming liable for loss or damage occasioned thereby, anything herein to the contrary notwithstanding; (b) to enter any one or more of the Properties or any part thereof as agent of the Tenant, either by force or otherwise, and to relet the Properties or parts thereof for whatever term, and on such terms and conditions as the Lessor Landlord in its sole discretion may deem advisable, with determine and to receive the right to repair, renovate, remodel, redecorate, alter, rent therefor and change said Premises. At the option as agent of the LessorTenant to take possession of any property of the Tenant on the Properties, rents received to store such property at the cost and risk of the Tenant or to sell or otherwise dispose of such property in such manner as the Landlord may see fit without notice to the Tenant; to make alterations to any one or more of the Properties or any part thereof to facilitate their reletting; and to apply the proceeds of any such sale or reletting first, to the payment of any expenses incurred by the Lessor from Landlord with respect to any such reletting shall be applied in order as follows: or sale; second, to the payment of any indebtedness from of the Lessee Tenant to the Lessor Landlord other than Rent dueRent; to the payment of any costs and expenses of such relettingthird, including, but not limited to, attorney's fees, advertising fees, and brokerage fees, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of Rent and additional other monies payable by the Tenant hereunder in arrears; with the residue to be held by the Landlord and applied in payment of future Rent and other monies payable by the Tenant hereunder as it becomes due and payable hereunder and interest thereon; and, if after applying said rentals there is payable. The Tenant shall remain liable for any deficiency in the Rent and additional rent and interest to be paid by the Lessee under this Agreement, the Lessee shall pay any such deficiency to the Lessor and Landlord; (c) to remedy or attempt to remedy any default of the Tenant under this Lease for the account of the Tenant and, for such deficiency shall purpose to do such things as may be calculated and collected by required including, without limitation, entering upon any of the Lessor on a monthly basisProperties for such purposes. No notice of the Landlord’s intention to perform the obligations of the Tenant in this Lease need be given to the Tenant unless expressly required by this Lease. The Landlord shall not be liable for any loss, injury (including death) or damage to property or Persons caused by acts of the Landlord (unless the acts are grossly negligent) in remedying or attempting to remedy such default and any such acts shall not be a re-entry or taking possession breach of said Premises any covenant for quiet enjoyment in this Lease. The Tenant shall be construed as an election on pay to the Lessor's part Landlord all costs incurred by the Landlord in connection with remedying or attempting to terminate this Agreement unless remedy such default plus a written notice sum equal to fifteen percent (15%) of such intention is given costs representing the Landlord’s overhead; (d) to recover from the Tenant all damages and expenses suffered or incurred by the Landlord as a result of any breach by the Tenant including, without limitation, if the Landlord terminates this Lease, any deficiency between those amounts which would have been payable by the Tenant for the remainder of the Term following such termination and the net amounts actually received by the Landlord during such period of time with respect to the Lessee. Notwithstanding any such reletting without terminationProperties; and (e) to recover from the Tenant the full amount of the current month’s Rent plus Other Taxes due thereon together with the next three (3) months’ instalments of Rent plus Other Taxes due thereon, the Lessor may at any time terminate this Agreement by reason all of any default, in addition to any other remedy it may havewhich shall accrue on a day-to-day basis and shall immediately become due and payable as accelerated rent.

Appears in 2 contracts

Samples: Lease Agreement (Maxim Mortgage Corp/), Lease Agreement (Maxim Mortgage Corp/)

Default and Remedies. If: (a) In the Lessee fails event that the Purchaser defaults on any of his obligations contained in this Agreement, makes any assignment to comply with creditors, files for bankruptcy or files any consumer proposal or becomes insolvent on or before Closing, including without limitation, breaching or failing in the performance or observance of any covenant, term, provisionagreement, conditionrestriction, stipulation or covenant provision of this Agreement; (b) the Lessee deserts or vacates the Premises; (c) any petition is filed by or against the Lessee under any section or chapter of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States or any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee makes an assignment for the benefit of creditors; or (f) a receiver is appointed for the Lessee or any of the assets of the Lessee, then in any of such events, the Lessee shall Agreement to be in default and the Lessor shall have the option to do any one or more of the following: (i) enter the Premises either with or without process of law and to expel, remove and put out the Lessee or any other persons thereon, together with all personal property; (ii) terminate this Agreement; (iii) rent said Premises or any part thereof for such term or terms and at such terms and conditions as the Lessor in its sole discretion may deem advisable, with the right to repair, renovate, remodel, redecorate, alter, and change said Premises. At the option of the Lessor, rents received performed and/or observed by the Lessor from such reletting shall be applied in order as follows: to the payment of any indebtedness from the Lessee to the Lessor other than Rent due; to the payment of any costs and expenses of such reletting, including, but not limited to, attorney's fees, advertising fees, and brokerage fees, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of Rent and additional Rent due and payable hereunder and interest thereon; and, Purchaser or if after applying said rentals there is any deficiency in lien, execution or encumbrance arising from any action or default whatsoever of the Rent and additional rent and interest to be paid by Purchaser being charged against or affecting the Lessee under this AgreementProperty, the Lessee shall pay any such deficiency to the Lessor and such deficiency shall be calculated and collected by Purchaser fails to remedy such default forthwith upon request, then the Lessor on a monthly basis. No such re-entry or taking possession of said Premises shall be construed as an election on the Lessor's part to terminate this Agreement unless a written notice of such intention is given to the Lessee. Notwithstanding any such reletting without termination, the Lessor may at any time terminate this Agreement by reason of any defaultVendor, in addition to any other remedy it rights or remedies this Agreement provides, may, at its sole option, unilaterally suspend all of the Purchaser's rights, benefits and privileges contained herein (including without limitation, the right to make colour and finish selections with respect to the Dwelling as hereinbefore provided or contemplated), and/or unilaterally declare the Purchaser in default and\or this Agreement to be terminated and of no further force or effect, whereupon, save and except as provided in the Addendum to the contrary, all Deposits and Extras theretofore paid, together with all interest accrued thereon at the prescribed rate, if any, shall be retained by the Vendor as its liquidated damages, and not as a penalty, in addition to (and without prejudice to) any other rights or remedies available to the Vendor at law or in equity. The Purchaser shall be obliged to execute such releases and any other documents or assurances as the Vendor may require, in order to confirm that the Purchaser, in accordance with the terms of this Agreement, does not have (nor could be deemed or construed to have) any interest whatsoever in the Property and/or this Agreement, and in the event the Purchaser fails or refuses to execute same, the Purchaser hereby appoints the Vendor to be his lawful attorney in order to execute such releases, documents and assurances in the Purchaser's name, place and stead, and in accordance with the provisions of The Powers of Attorney Act R.S.O. 1990, as amended and/or The Substitute Decisions Act, 1992, as amended, the Purchaser hereby declares that this power of attorney may be exercised by the Vendor during any subsequent legal incapacity on the part of the Purchaser.

Appears in 2 contracts

Samples: Agreement of Purchase and Sale, Agreement of Purchase and Sale

Default and Remedies. If: (a) the Lessee Tenant fails to comply with any term, provision, condition, condition or covenant of this AgreementLease; (b) the Lessee Tenant deserts or vacates the Premises; (c) any petition is filed by or against the Lessee Tenant under any section or chapter of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States or any state thereof; (d) the Lessee Tenant becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee Tenant makes an assignment for the benefit of creditors; or (f) a receiver is appointed for the Lessee Tenant or any of the assets of the LesseeTenant, then in any of such events, the Lessee Tenant shall be in default and the Lessor Landlord shall have the option to do any one or more of the following: upon ten (i10) days prior written notice, excepting the payment of rent or additional rent for which no demand or notice shall be necessary, in addition to and not in limitation of any other remedy permitted by law, to enter upon the Premises either with or without process of law law, and to expel, remove and put out the Lessee Tenant or any other persons thereon, together with all personal property; (ii) and, Landlord may terminate this Agreement; (iii) Lease or it may from time to time, without terminating this Lease, rent said Premises or any part thereof for such term or terms (which may be for a term extending beyond the Term) and at such rental or rentals and upon such other terms and conditions as the Lessor Landlord in its sole discretion may deem advisable, with the right to repair, renovate, remodel, redecorate, alter, alter and change said Premises. At the option of the LessorLandlord, rents received by the Lessor Landlord from such reletting shall be applied in order as follows: first to the payment of any indebtedness from the Lessee Tenant to the Lessor Landlord other than Rent duerent and additional rent due hereunder; second, to the payment of any costs and expenses of such reletting, including, but not limited tolimited, attorney's fees, advertising fees, fees and brokerage fees, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, alterations and changes in the Premises; : third, to the payment of Rent rent and additional Rent rent due and payable hereunder and interest thereon; and, if after applying said rentals there is any deficiency in the Rent rent and additional rent and interest to be paid by the Lessee Tenant under this AgreementLease, the Lessee Tenant shall pay any such deficiency to the Lessor Landlord and such deficiency shall be calculated and collected by the Lessor on a monthly basisLandlord monthly. No such re-entry or taking possession of said Premises shall be construed as an election on the LessorLandlord's part to terminate this Agreement Lease unless a written notice of such intention is given to the LesseeTenant. Notwithstanding any such reletting without termination, the Lessor Landlord may at any time terminate this Agreement Lease by reason of any default, in addition to any other remedy it may have, it may recover from Tenant the worth at the time of such termination of the excess of the amount of rent and additional rent reserved in this Lease for the balance of the Term over the then reasonable rental value of the Premises for the same period. Landlord shall have the right and remedy to seek redress in the courts at any time to correct or remedy any default of Tenant by injunction or otherwise, without such resulting or being deemed a termination of this Lease, and Landlord, whether this Lease has been or is terminated or not, shall have the absolute right by court action or otherwise to collect any and all amounts of unpaid rent or unpaid additional rent or any other sums due from Tenant to Landlord under this Lease which were or are unpaid at the date of termination. If it is necessary for Landlord to bring any action under this Lease, to consult with an attorney concerning or for the enforcement of any of Landlord's rights, then Xxxxxx agrees in each and any such case to pay to Landlord, Xxxxxxxx's reasonable attorney's fees. In addition to the remedies set forth herein, Tenant shall pay a late charge in the amount of % of any payment due hereunder which remains unpaid on the tenth day after same is otherwise due hereunder. Said late charge shall be deemed additional rent, and the assessment or collection of same shall not limit or delay Landlord's pursuit of any remedy arising hereunder upon Xxxxxx's default.

Appears in 2 contracts

Samples: Commercial Lease Contract, Commercial Lease Contract

Default and Remedies. If: If and whenever an Event of Default occurs, then, without prejudice to any other rights which it has pursuant to this Lease or at law, LUCAN BIDDULPH shall have the following rights and remedies, which are cumulative and not alternative: (a) to terminate this Lease by notice to the Lessee fails Tenant or to comply with re‐enter the Premises and repossess them and, in either case, enjoy them as of its former estate, and to remove all persons and property from the Premises and store such property at the expense and risk of the Tenant or sell or dispose of such property in such manner as XXXXX XXXXXXXX sees fit without notice to the Tenant. If XXXXX XXXXXXXX enters the Premises without notice to the Tenant as to whether it is terminating this Lease under this Section 15.02(a) or proceeding under Section 15.02(b) or any term, provision, condition, or covenant other provision of this Agreement; Lease, LUCAN BIDDULPH shall be deemed to be proceeding under Section 15.02(b), and the Lease shall not be terminated, nor shall there be any surrender by operation of law, but the Lease shall remain in full force and effect until XXXXX XXXXXXXX notifies the Tenant that it has elected to terminate this Lease. No entry by XXXXX XXXXXXXX during the Term shall have the effect of terminating this Lease without notice to that effect to the Tenant; (b) to enter the Lessee deserts or vacates the Premises; (c) any petition is filed by or against the Lessee under any section or chapter Premises as agent of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States or any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee makes an assignment for the benefit of creditors; or (f) a receiver is appointed for the Lessee or any of the assets of the Lessee, then in any of such events, the Lessee shall be in default and the Lessor shall have the option Tenant to do any one or more all of the following: : (i) enter relet the Premises either with or without process of law for whatever length and on such terms as XXXXX XXXXXXXX, in its discretion, may determine, and to expel, remove and put out receive the Lessee or any other persons thereon, together with all personal property; rent therefor; (ii) terminate this Agreement; take possession of any property of the Tenant on the Premises, store such property at the expense and risk of the Tenant, or sell or otherwise dispose of such property in such manner as XXXXX XXXXXXXX sees fit without notice to the Tenant; (iii) rent said make alterations to the Premises to facilitate their reletting; and (iv) apply the proceeds of any such sale or reletting first, to the payment of any part thereof for such term or terms and at such terms and conditions as the Lessor in its sole discretion may deem advisable, expenses incurred by LUCAN BIDDULPH with the right respect to repair, renovate, remodel, redecorate, alter, and change said Premises. At the option of the Lessor, rents received by the Lessor from any such reletting shall be applied in order as follows: or sale, second, to the payment of any indebtedness from of the Lessee Tenant to the Lessor LUCAN BIDDULPH other than Rent due; to the payment of any costs and expenses of such reletting, including, but not limited to, attorney's fees, advertising feesRent, and brokerage feesthird, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of Rent in arrears, with the residue to be held by LUCAN BIDDULPH and additional applied to payment of future Rent as it becomes due and payable, provided that the Tenant shall remain liable for any deficiency to LUCAN BIDDULPH; (c) to remedy or attempt to remedy any default of the Tenant under this Lease for the account of the Tenant and to enter on the Premises for such purposes. No notice of XXXXX XXXXXXXX's intention to remedy or attempt to remedy such default need be given to the Tenant unless expressly required by this Lease, and LUCAN BIDDULPH shall not be liable to the Tenant for any loss, injury or damages caused by acts of XXXXX XXXXXXXX in remedying or attempting to remedy such default. The Tenant shall pay to LUCAN BIDDULPH all expenses incurred by XXXXX XXXXXXXX in connection therewith; (d) to recover from the Tenant all damages, costs and expenses incurred by XXXXX XXXXXXXX as a result of any default by the Tenant including, if LUCAN BIDDULPH terminates this Lease, any deficiency between those amounts which would have been payable by the Tenant for the portion of the Term following such termination and the net amounts actually received by XXXXX XXXXXXXX during such period of time with respect to the Premises; and (e) to recover from the Tenant the full amount of the current month's Rent together with the next three (3) months' instalments of Rent, all of which shall immediately become due and payable hereunder and interest thereon; and, if after applying said rentals there is any deficiency in the Rent and additional rent and interest to be paid by the Lessee under this Agreement, the Lessee shall pay any such deficiency to the Lessor and such deficiency shall be calculated and collected by the Lessor on a monthly basis. No such re-entry or taking possession of said Premises shall be construed as an election on the Lessor's part to terminate this Agreement unless a written notice of such intention is given to the Lessee. Notwithstanding any such reletting without termination, the Lessor may at any time terminate this Agreement by reason of any default, in addition to any other remedy it may haveaccelerated rent.

Appears in 2 contracts

Samples: Lease Agreement, Lease Agreement

Default and Remedies. If: In the event any representation or warranty herein of Assignor shall be found to be untrue when made or in the event Assignor shall default in the payment of any Indebtedness (aas hereinafter defined) or in the Lessee fails observance or performance of any other Obligation (as hereinafter defined), after the expiration of all applicable grace or cure periods, if any, set forth in the Deed of Trust, then, in each such instance, the same shall constitute an "Event of Default" hereunder and under the Loan Documents (as defined in the Deed of Trust), thereby entitling Assignee to comply declare all Indebtedness immediately due and payable and to exercise any and all of the rights and remedies provided thereunder and hereunder as well as by law or in equity. Specifically, but without limiting the generality of the foregoing, upon or at any time after the occurrence of an Event of Default, Assignee, at its option, shall have the complete right, power and authority to exercise and enforce any or all of the following rights and remedies: (i) to terminate and revoke the license granted to Assignor hereunder and collect the Receipts, and without taking possession of the Property, in Assignee's own name, to demand, collect, receive, sue for, attach and levy the Receipts, to give proper receipts, releases and acquittance therefor, and after deducting all reasonably necessary and proper costs and expenses of operation and collection, as determined in Assignee's sole judgment, and including reasonable attorneys' fees, to apply the net proceeds thereof, together with any termfunds of Assignor deposited with Assignee, provisionupon the Indebtedness and in such order as Assignee may determine in its sole discretion; and (ii) without regard to the adequacy of the security, conditionwith or without any action or proceeding, through any person or by agent, by the Trustee under the Deed of Trust, or covenant by a receiver appointed by a court of this Agreement; (b) competent jurisdiction, and irrespective of Assignor's possession, to enter upon, take possession of, manage and operate the Lessee deserts Property, or vacates any part thereof or interest therein, make, modify, enforce, cancel or accept surrender of, any of the Premises; (c) Leases, remove and evict any petition is filed by Lessee, increase or against the Lessee decrease rents under any section or chapter of the Federal Bankruptcy ActLeases, clean and repair any premises under any of the Leases, and otherwise do any act or incur any costs or expenses as Assignee deems necessary or proper to protect the rights of Assignee therein, as amendedfully and to the same extent as Assignor could do if in possession, and in such event to apply the Receipts so collected to the operation and management of the Property, in such order as the Assignee shall deem proper in its sole discretion, including payment of reasonable management, brokerage and attorneys' fees, payment of the Indebtedness and maintenance, without interest (unless interest is actually earned on those reserves, and then only to the extent of interest earned), of reserves for replacements. In no event, however, shall Assignee (nor any successor or assignee of Assignee) execute any document, agreement or instrument which purports to create, or under take any similar law action with the specific intent to create, any personal liability of Assignor to third parties pursuant to the foregoing. Any document, agreement or statute of the United States instrument executed by Assignee with or any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee makes an assignment for the benefit of creditors; or (f) a receiver is appointed for third party pursuant to this Paragraph shall be deemed to include the Lessee or any limitations on the personal liability of Assignor set forth in Paragraph 32 of the assets Deed of Trust. Collection of Receipts hereunder, and application thereof as specified above, and/or the entry upon and taking possession of the LesseeProperty, then in any of such events, the Lessee shall be in default and the Lessor shall have the option to do any one or more of the following: (i) enter the Premises either with or without process of law and to expel, remove and put out the Lessee or any other persons thereon, together with all personal property; (ii) terminate this Agreement; (iii) rent said Premises or any part thereof for or interest therein, shall not cure or waive any default or waive, modify or affect any notice of default under any Loan Documents, or invalidate any act done pursuant to such term or terms and at such terms and conditions as the Lessor in its sole discretion may deem advisable, with the right to repair, renovate, remodel, redecorate, alternotice, and change said Premisesthe enforcement of such right or remedy by Assignee, once exercised, shall continue for so long as Assignee shall elect. At If Assignee shall thereafter elect to discontinue the option of the Lessor, rents received by the Lessor from such reletting shall be applied in order as follows: to the payment exercise of any indebtedness from the Lessee to the Lessor other than Rent due; to the payment of any costs and expenses of such reletting, including, but not limited to, attorney's fees, advertising fees, and brokerage fees, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of Rent and additional Rent due and payable hereunder and interest thereon; and, if after applying said rentals there is any deficiency in the Rent and additional rent and interest to be paid by the Lessee under this Agreementright or remedy, the Lessee shall pay same or any such deficiency to the Lessor and such deficiency shall other right or remedy hereunder may be calculated and collected by the Lessor on a monthly basis. No such re-entry or taking possession of said Premises shall be construed as an election on the Lessor's part to terminate this Agreement unless a written notice of such intention is given to the Lessee. Notwithstanding any such reletting without termination, the Lessor may reasserted at any time terminate this Agreement and from time to time following any subsequent Event of Default. A demand upon any Lessee made by Assignee for payment of Receipts by reason of any default, in addition to Event of Default claimed by Assignee hereunder or under any other remedy it may haveLoan Documents shall be sufficient to warrant to said Lessee to make future payments of all Receipts to Assignee without the necessity for further consent by Assignor.

Appears in 2 contracts

Samples: Promissory Note (JMB Income Properties LTD Xiii), Promissory Note (JMB Income Properties LTD Xii)

Default and Remedies. If: (a) a. If the Lessee shall default in fulfilling any of its terms, conditions, covenants or provisions of this Agreement, including but not limited to: 1. Payment of fixed Monthly Rental Charges and/or any other charges hereunder within ten days of the date such charges become due; 2. Becomes comes insolvent, makes an assignment for benefit or creditors, or files a voluntary petition under any bankruptcy or insolvency law, or has filed against it an involuntary petition under any such law; 3. Defaults in fulfilling any of the terms, conditions, covenants or provisions of this Agreement including but not limited to the breach of any of the terms and conditions set forth in the exhibits attached hereto; 4. The abandonment and/or vacatur of the Premises by the Lessee; then, after five days notice of any such default(s), the Lessor may, at its sole discretion, terminate this Agreement upon five days notice to the Lessee, and upon the expiration of such notice period, the Lessee shall quit and surrender the Premises to the Lessor. In the event that the Lessee fails to comply with any term, provision, condition, or covenant of this Agreement; (b) the Lessee deserts or vacates quit and surrender the Premises; (c) any petition is filed by or against , the Lessee under any section or chapter Lessor may re-enter and take possession of the Federal Bankruptcy ActPremises and remove all persons and property therefrom, as amended, or under well as disconnect any similar law or statute of the United States or any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee makes an assignment telephone lines installed for the benefit of creditors; Lessee, without any liability whatsoever to Lessee. In addition, Lessor may elect concurrently or (f) a receiver is appointed for alternately to accelerate all of Lessee's obligations hereunder including without limitation the Lessee or any rental, direct expenses, Schedule B Costs, and Telephone Services costs, and/or the re-letting of the assets of the Lessee, then in any of such events, the Lessee shall be in default and the Lessor shall have the option to do any one or more of the following: (i) enter the Premises either with or without process of law and to expel, remove and put out the Lessee or any other persons thereon, together with all personal property; (ii) terminate this Agreement; (iii) rent said Premises or any part thereof thereof, for such term all or terms and any part of the remainder of said term, to a party satisfactory to Lessor, at such terms and conditions as the Lessor any monthly rental rate. Lessor, in its sole discretion discretion, may deem advisableaccept notwithstanding the foregoing. Lessor shall have no obligation, implied or otherwise, to mitigate its damage(s) under such circumstances. b. Should Lessor be unable to re-let the Premises, or should each monthly re-rental be less than the rental, Lessee is obligated to pay under this Agreement or any renewal thereof, at Lessor's option Lessee shall pay the amount of such deficiency, plus the expenses of reletting, immediately in one lump sum (if allowable under law) to Lessor upon demand and/or as such obligations accrue. c. If Lessee shall default in the observance or performance of any term or covenant on Lessee's part to be observed or performed under or by virtue of any of the terms or provisions in any article of this lease, then, unless otherwise provided elsewhere in this lease. Lessor may immediately or at any time thereafter and with notice perform the right to repair, renovate, remodel, redecorate, alterobligation of Lessee thereunder, and change said Premises. At if Lessor in connection therewith or in connection with any default by Lessee in the option of the Lessorcovenant to pay rent hereunder, rents received by the Lessor from such reletting shall be applied in order as follows: to makes any expenditures or incurs any obligations for the payment of any indebtedness from the Lessee to the Lessor other than Rent due; to the payment of any costs and expenses of such relettingmoney, including, including but not limited to, to attorney's fees, advertising feesin instituting, prosecuting or defending any actions or proceeding, such sums so paid or obligations incurred with interest and brokerage fees, and costs shall be deemed to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of Rent and be additional Rent due and payable rent hereunder and interest thereon; and, if after applying said rentals there is any deficiency in the Rent and additional rent and interest to shall be paid by Lessee to Lessor rendition of any xxxx or statement to Lessee therefor, and if Lessee's lease term shall have expired at the Lessee under this Agreementtime of making of such expenditures or incurring of such obligations, the Lessee shall pay any such deficiency to the Lessor and such deficiency sums shall be calculated and collected recoverable by the Lessor on a monthly basis. No such re-entry or taking possession of said Premises shall be construed as an election on the Lessor's part to terminate this Agreement unless a written notice of such intention is given to the Lessee. Notwithstanding any such reletting without termination, the Lessor may at any time terminate this Agreement by reason of any default, in addition to any other remedy it may havedamages.

Appears in 1 contract

Samples: Lease and Service Agreement (Network 1 Security Solutions Inc)

Default and Remedies. If: (a) a. If the Lessee shall default in fulfilling any of its terms, conditions, covenants or provisions of this Agreement, including but not limited to: 1. Payment of fixed Monthly Rental Charges and/or any other charges hereunder within ten days of the date such charges become due; 2. Becomes insolvent, makes an assignment for benefit of creditors, or files a voluntary petition under any bankruptcy or insolvency law, or has filed against it an involuntary petition under any such law; 3. Defaults in fulfilling any of the terms, conditions, covenants or provisions of this Agreement including but not limited to the breach of any of the terms and conditions set forth in the exhibits attached hereto; 4. The abandonment and/or vacatur of the Premises by the Lessee; then, after five days notice of any such default(s), the Lessor may, at its sole discretion, terminate this Agreement upon five days notice to the Lessee, and upon the expiration of such notice period, the Lessee shall quit and surrender the Premises to the Lessor. In the event that the Lessee fails to comply with any term, provision, condition, or covenant of this Agreement; (b) the Lessee deserts or vacates quit and surrender the Premises; (c) any petition is filed by or against , the Lessee under any section or chapter Lessor may reenter and take possession of the Federal Bankruptcy ActPremises and remove all persons and property therefrom, as amended, or under well as disconnect any similar law or statute of the United States or any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee makes an assignment telephone lines installed for the benefit of creditors; Lessee, without any liability whatsoever to Lessee. In addition, Lessor may elect concurrently or (f) a receiver is appointed for alternately to accelerate all of Lessee's obligations hereunder including without limitation the Lessee or any rental, direct expenses, Schedule B Costs, and Telephone Services costs, and/or the re-letting of the assets of the Lessee, then in any of such events, the Lessee shall be in default and the Lessor shall have the option to do any one or more of the following: (i) enter the Premises either with or without process of law and to expel, remove and put out the Lessee or any other persons thereon, together with all personal property; (ii) terminate this Agreement; (iii) rent said Premises or any part thereof thereof, for such term all or terms and any part of the remainder of said term, to a party satisfactory to Lessor, at such terms and conditions as the Lessor any monthly rental rate. Lessor, in its sole discretion may deem advisablediscretion, with shall have no obligation, implied or otherwise, to mitigate its damage(s) under such circumstances. b. Should Lessor be unable to re-let the right Premises, or should each monthly re-rental be less than the rental, Lessee is obligated to repair, renovate, remodel, redecorate, alterpay under this Agreement or any renewal thereof, and change said Premises. At at Lessor's option Lessee shall pay the option amount of such deficiency, plus the expenses of relating, immediately in one lump sum (if allowable under law) to Lessor upon demand and/or as such obligations accrue. c. If Lessee shall default in the observance or performance of any term or covenant on Lessee's part to be observed or performed under or by virtue of any of the terms or provisions in any article of this lease, then, unless otherwise provided elsewhere in this lease, Lessor may immediately or at any time thereafter and with notice perform the obligation of Lessee thereunder, and if Lessor, rents received in connection therewith or in connection with any default by Lessee in the Lessor from such reletting shall be applied in order as follows: covenant to pay rent hereunder, makes any expenditures or incurs any obligations for the payment of any indebtedness from the Lessee to the Lessor other than Rent due; to the payment of any costs and expenses of such relettingmoney, including, including but not limited to, to attorney's fees, advertising feesin instituting, prosecuting or defending any actions or proceeding, such sums so paid or obligations incurred with interest and brokerage fees, and costs shall be deemed to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of Rent and be additional Rent due and payable rent hereunder and interest thereon; and, if after applying said rentals there is any deficiency in the Rent and additional rent and interest to shall be paid by Lessee to Lessor rendition of any xxxx or statement to Lessee therefor, and if Lessee's lease term shall have expired at the Lessee under this Agreementtime of making of such expenditures or incurring of such obligations, the Lessee shall pay any such deficiency to the Lessor and such deficiency sums shall be calculated and collected recoverable by the Lessor on a monthly basis. No such re-entry or taking possession of said Premises shall be construed as an election on the Lessor's part to terminate this Agreement unless a written notice of such intention is given to the Lessee. Notwithstanding any such reletting without termination, the Lessor may at any time terminate this Agreement by reason of any default, in addition to any other remedy it may havedamages.

Appears in 1 contract

Samples: Lease and Service Agreement (Embedded Support Tools Corp)

Default and Remedies. If: If and whenever an Event of Default occurs, then without prejudice to any other rights which it has pursuant to this Lease or at law, the Landlord shall have the following rights and remedies, which are cumulative and not alternative: (a) terminate this Lease by notice to the Lessee fails Tenant, whether or not the Landlord has, with respect to comply the same or another Event of Default, previously elected or pursued a right or remedy which is inconsistent with any term, provision, condition, or covenant termination of this Agreement; Lease; (b) the Lessee deserts or vacates the Premises; (c) any petition is filed by or against the Lessee under any section or chapter of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States or any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee makes an assignment for the benefit of creditors; or (f) a receiver is appointed for the Lessee or any of the assets of the Lessee, then in any of such events, the Lessee shall be in default and the Lessor shall have the option to do any one or more of the following: (i) enter the Premises either with or without process as agent of law the Tenant and to expelrelet the Premises for whatever term, remove and put out the Lessee or any other persons thereon, together with all personal property; (ii) terminate this Agreement; (iii) rent said Premises or any part thereof for such term or terms and at on such terms and conditions as the Lessor Landlord in its sole discretion may deem advisable, with determine and to receive the right to repair, renovate, remodel, redecorate, alter, rent therefor and change said Premises. At the option as agent of the LessorTenant to take possession of any property of the Tenant on the Premises, rents received to store such property at the expense and risk of the Tenant or to sell or otherwise dispose of such property in such manner as the Landlord may see fit without notice to the Tenant; to make alterations to the Premises to facilitate their reletting; and to apply the proceeds of any such sale or reletting first, to the payment of any expenses incurred by the Lessor from Landlord with respect to any such reletting shall be applied in order as follows: or sale; second, to the payment of any indebtedness from of the Lessee Tenant to the Lessor Landlord other than Rent dueRent; to the payment of any costs and expenses of such relettingthird, including, but not limited to, attorney's fees, advertising fees, and brokerage fees, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of Rent in arrears; with the residue to be held by the Landlord and additional applied in payment of future Rent as it becomes due and payable. The Tenant shall remain liable for any deficiency to the Landlord. If any reletting extends for a period beyond the end of the Term, such reletting shall not constitute a termination of this Lease, but a reletting as agent of the Tenant up to the end of the Term and a letting thereafter by the Landlord for its own account; (c) to remedy or attempt to remedy any default of the Tenant under this Lease for the account of the Tenant and to enter upon the Premises for such purposes. No notice of the Landlord’s intention to perform such covenants need be given the Tenant unless expressly required by this Lease. The Landlord shall not be liable to the Tenant for any loss, injury or damage caused by acts of the Landlord in remedying or attempting to remedy such default and the Tenant shall pay to the Landlord all expenses incurred by the Landlord in connection with remedying or attempting to remedy such default; (d) to recover from the Tenant all damages, and expenses incurred by the Landlord as a result of any breach by the Tenant including, if the Landlord terminates this Lease, any deficiency between those amounts which would have been payable by the Tenant for the portion of the Term following such termination and the net amounts actually received by the Landlord during such period of time with respect to the Premises; (e) to recover from the Tenant the full amount of the current month’s Rent together with the next three (3) months’ installments of Rent, all of which shall accrue on a day-to-day basis and shall immediately become due and payable hereunder and interest thereonas accelerated rent; and (f) if the Lease has been terminated in accordance with Section 9.01(a), if after applying said rentals there is to recover from the Tenant the unamortized portion of any deficiency in the Rent and additional rent and interest to be leasehold improvement allowance or inducement paid or given by the Lessee Landlord under the terms of this AgreementLease, calculated from the Lessee shall pay any such deficiency to date which is the Lessor and such deficiency shall be calculated and collected later of the date of payment by the Lessor Landlord or the Commencement Date, on the basis of an assumed rate of depreciation on a monthly basisstraight line basis to zero over the initial Term of this Lease. No such reHSBC Office Master Mar 2012 SIERRA ONCOLOGY-entry or taking possession of said Premises shall be construed as an election on the Lessor's part to terminate this Agreement unless a written notice of such intention is given to the Lessee. Notwithstanding any such reletting without termination, the Lessor may at any time terminate this Agreement by reason of any default, in addition to any other remedy it may have.HSBC 2150-MAY 2 2017/LT

Appears in 1 contract

Samples: Office Lease (Sierra Oncology, Inc.)

Default and Remedies. If: (a) the Lessee fails to comply with any term, provision, condition, or covenant of this Agreement; (b) the Lessee deserts or vacates the Premises; (c) any petition is filed by or against the Lessee under any section or chapter of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States or any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee makes an assignment for the benefit of creditors; or (f) a receiver is appointed for the Lessee or any of the assets of the Lessee, then in any of such events, the Lessee shall be in default Default ("DEFAULT") if ------------------------- (1) Lessee fails to pay any Rent Payment or any other amount due under this Lease within five (5) days after the same becomes due and payable; (2) Lessee fails to make any payments on any lease or indebtedness of Lessee to Lessor arising independently of this Lease, in each case within five (5) days after the same becomes due and payable; (3) Lessee fails to perform or observe any term or covenant contained in this Lease, or any other instrument or document executed in connection with this Lease; (4) Lessee becomes insolvent (however defined), ceases business as a going concern, makes (7) Lessee commits or fails to commit any act which results in jeopardizing the rights of Lessor or causes Lessor to deem itself insecure as to its rights. (b) If Lessee is in Default, Lessor, with or without notice to Lessee, shall have the option right to do exercise concurrently or separately, and without any one election of remedies to be deemed made, the following remedies: (1) declare all Rent Payments due hereunder immediately due and payable; (2) terminate this Lease; (3) without incurring any liability to Lessee, enter upon Lessee's premises and without any court order or more other process of law remove the following: (i) enter the Premises either Equipment with or without process of law and notice to expel, remove and put out the Lessee or any other persons thereon, together with all personal propertyLessee; (ii4) terminate this Agreementsell or lease the Equipment at public auction or by private sale or lease; (iii5) rent said Premises bring an action for damages or any part thereof for such term or terms and at such terms and conditions as the Lessor in its sole discretion may deem advisable, with the right to repair, renovate, remodel, redecorate, alter, and change said Premises. At the option of the Lessor, rents received by the Lessor from such reletting shall be applied in order as follows: to the payment of any indebtedness from the Lessee to the Lessor other than Rent due; to the payment of any costs and expenses of such reletting, including, but not limited to, attorney's fees, advertising fees, and brokerage fees, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of Rent and additional Rent due and payable hereunder and interest thereon; and, if after applying said rentals there is any deficiency in the Rent and additional rent and interest to be paid by the Lessee under this Agreement, the Lessee shall pay any such deficiency to the Lessor and such deficiency shall be calculated and collected by the Lessor on a monthly basis. No such re-entry or taking possession of said Premises shall be construed as an election on the Lessor's part to terminate this Agreement unless a written notice of such intention is given to the Lessee. Notwithstanding any such reletting without termination, the Lessor may at any time terminate this Agreement by reason of any default, in addition to pursue any other remedy it available at law or equity. (c) Whether or not Lessor exercises any of its rights described in this paragraph 10, Lessor may have.recover from Lessee as liquidated damages, and not as a penalty, a sum equal to: (1) all unpaid Rent Payments including unpaid taxes (together with interest thereon) due up to the date of delivery of the Equipment to Lessor; plus (2) all expenses of any kind incurred by Lessor as a result of Lessee's Default, including costs of recovery, repair, storage, renting and sale, and attorney's fees and costs; plus

Appears in 1 contract

Samples: Equipment Lease Agreement (Appiant Technologies Inc)

Default and Remedies. If: (a) the Lessee fails to comply with any term, provision, condition, or covenant If and whenever an Event of this Agreement; (b) the Lessee deserts or vacates the Premises; (c) any petition is filed by or against the Lessee under any section or chapter of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States or any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee makes an assignment for the benefit of creditors; or (f) a receiver is appointed for the Lessee or any of the assets of the LesseeDefault occurs, then in without prejudice to any of such eventsother rights which it has pursuant to this Lease or at law, the Lessee shall be in default and the Lessor Landlord shall have the option to do any one or more of the following: following rights and remedies which are cumulative and not alternative: (i) on providing the Tenant with notice of the default, and allowing 15 (fifteen) days to remedy said default, to terminate this Lease whether or not the Landlord has, with respect to the same or another Event of Default, previously elected or pursued a right or remedy which is inconsistent with termination of this Lease; (ii) to enter the Premises either with or without process as agent of law the Tenant and to expelrelet the Premises~ for whatever term, remove and put out the Lessee or any other persons thereon, together with all personal property; (ii) terminate this Agreement; (iii) rent said Premises or any part thereof for such term or terms and at on such terms and conditions as the Lessor Landlord in its sole discretion may deem advisable, with detennine and to receive the right to repair, renovate, remodel, redecorate, alter, Rent theretbr and change said Premises. At the option as agent of the LessorTenant to take possession of any property of the Tenant on the Premises, rents received to store such property at the expense and risk of the Tenant or to sell or otherwise dispose of such property in such manner as the Landlord may see fit without notice to the Tenant; to make alterations to the Premises to facilitate their reletting; and to apply the proceeds of any such sale or reletting first, to the payment of' any expenses incurred by the Lessor from Landlord with respect to any such reletting shall be applied in order as follows: or sale; second, to the payment of any indebtedness from of the Lessee Tenant to the Lessor other Landlord othor than Rent dueRent; to the payment of any costs and expenses of such relettingthird, including, but not limited to, attorney's fees, advertising fees, and brokerage fees, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of Rent in arrears; with the residue to be held by the Landlord and additional applied in payment of future Rent as it becomes due and payable. The Tenant shall remain liable for any deficiency to the Landlord. if any reletting extends for a period beyond the end of the Term such reietting shall not constitute a termination of this Lease, but a reletting as agent of the Tenant up to the end of the Term and a letting thereafter by the Landlord for its own account; (iii) to recover from the Tenant all damages, and expenses incurred by the Landlord as a result of any breach by the Tenant including, if the Landlord terminates this Lease, any deficiency between those amounts which would have been payable by the Tenant for the portion of the Term following such termination and the net amounts actually receIved by the Landlord during such period of time with respect to the Premises; (iv) to remedy or attempt to remedy any default of the Tenant under this Lease for the account of the Tenant and to enter upon the Premises for such purposes. No notice of the Landlord's intention to perform such covenants need be given the Tenant unless expressly required by this Least The Landlord shall not be liable to the Tenant for any loss, injuty or damage caused by acts of the Landlord in remedying or attempting to remedy such default and the Tenant shall pay to the Landlord all expenses incurred by the Landlord in connection with remedying or attempting to remedy such default; and (v) to recover from the Tenant the full amount of the current month's Rent together with the next 3 month's installments of Rent, all of which shall immediately become due and payable hereunder as accelerated rent. (b) NotwithstMding any provision of this Lease or any provision of applicable legislation, none of the goods and interest thereon; and, if after applying said rentals there is any deficiency in chattels of the Rent and additional rent and interest to be paid by the Lessee under this Agreement, the Lessee shall pay any such deficiency to the Lessor and such deficiency shall be calculated and collected by the Lessor on a monthly basis. No such re-entry or taking possession of said Premises shall be construed as an election Tenant on the Lessor's part to terminate this Agreement unless a written notice of such intention is given to the Lessee. Notwithstanding any such reletting without termination, the Lessor may Premises at any time terminate during the Term shall be exempt from levy by distress for Rent in arrears, and the Tenant waives any such exemption. If the Landlord makes any claim against the goods and chattels of the Tenant by way of' distress, this Agreement by reason provision may be pleaded as an estoppel against the Tenant in any action brought to test the right of any default, in addition the Landlord to any other remedy it may have.xxxx xxxx' distress

Appears in 1 contract

Samples: Lease Agreement (Cathayonline Inc)

Default and Remedies. If: Each of the following shall be considered an “Event of Default”: (a) the The Lessee fails to comply with defaults in respect of any term, provision, condition, or covenant of this Agreement; payment hereunder; (b) The Lessee defaults in the Lessee deserts or vacates the Premises; performance of any other covenant in this Agreement and such default continues for ten (10) days after written notice thereof by Lessor; (c) any The Lessee files a petition in bankruptcy or is adjudged a bankrupt, or a petition in bankruptcy is filed by or against the Lessee under any section or chapter of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States or any state thereof; Lessee; (d) the The Lessee becomes insolvent insolvent, takes advantage of legislation for creditor relief, has a receiver or makes a transfer receiver-manager appointed in fraud of creditorsrelation to its assets; or (e) the The Lessee makes an assignment for the benefit of creditors; or (f) a receiver is appointed for the Lessee or any of the assets of discontinues the Lessee’s business. Upon the occurrence of an Event of Default, then in any of such events, the Lessee shall be in default and the Lessor shall have the option right to do exercise any one or more of the following: following remedies: (f) To declare all Rental Amounts hereunder immediately due and payable as to any or all Leased Items, without notice or demand to the Lessee; (g) To xxx for and recover all Rental Amounts, and any other payments, fees and charges, then accrued or thereafter accruing, with respect to any or all of the Leased Items; (h) To take possession of any or all of the Leased Items without demand or notice, or legal process. The Lessee hereby waives any and all damages occasioned by such taking of possession. Any such taking of possession shall not constitute a termination of this Agreement as to any or all of the Leased Items unless the Lessor expressly so notifies the Lessee in writing; (i) enter To terminate this Agreement as to any or all of the Premises either with Leased Items; and (j) To pursue any other remedy at law or without process of law and to expel, remove and put out the Lessee in equity. Despite any such repossession or any other persons thereon, together with all personal property; (ii) terminate this Agreement; (iii) rent said Premises or any part thereof for such term or terms and at such terms and conditions as action which the Lessor in its sole discretion may deem advisable, with the right to repair, renovate, remodel, redecorate, alter, and change said Premises. At the option of the Lessor, rents received by the Lessor from such reletting shall be applied in order as follows: to the payment of any indebtedness from the Lessee to the Lessor other than Rent due; to the payment of any costs and expenses of such reletting, including, but not limited to, attorney's fees, advertising fees, and brokerage fees, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of Rent and additional Rent due and payable hereunder and interest thereon; and, if after applying said rentals there is any deficiency in the Rent and additional rent and interest to be paid by the Lessee under this Agreementtake, the Lessee shall be and remain liable for the full performance of all obligations on the part of the Lessee to be performed under this Agreement. The Lessee shall pay any such deficiency to the Lessor all costs and such deficiency shall be calculated and collected expenses, including legal fees, incurred by the Lessor on a monthly basis. No such re-entry or taking possession in exercising any of said Premises shall be construed as an election on the Lessor's part to terminate ’s rights or remedies under this Agreement unless a written notice or in enforcing any of such intention is given to the Lessee. Notwithstanding any such reletting without terminationterms, the Lessor may at any time terminate conditions or provisions of this Agreement by reason including the collection of any default, in addition to any other remedy it may haveall past due amounts.

Appears in 1 contract

Samples: Rental Agreement

Default and Remedies. If: (a) a. If the Lessee shall default in fulfilling any of its terms, conditions, covenants or provisions of this Agreement, including but not limited to: 1. Payment of fixed Monthly Rental Charges and/or any other charges hereunder within ten days of the date such charges become due; 2. Becomes comes insolvent, makes an assignment for benefit of creditors, or files a voluntary petition under any bankruptcy or insolvency law, or has filed against it an involuntary petition under any such law; 3. Defaults in fulfilling any of the terms, conditions, covenants or provisions of this Agreement including but not limited to the breach of any of the terms and conditions set forth in the exhibits attached hereto; 4. The abandonment and/or vacatur of the Premises by the Lessee; then, after five days notice of any such default(s), the Lessor may, at its sole discretion, terminate this Agreement upon five days notice to the Lessee, and upon the expiration of such notice period, the Lessee shall quit and surrender the Premises to the Lessor. In the event that the Lessee fails to comply with any term, provision, condition, or covenant of this Agreement; (b) the Lessee deserts or vacates quit and surrender the Premises; (c) any petition is filed by or against , the Lessee under any section or chapter Lessor may re-enter and take possession of the Federal Bankruptcy ActPremises and remove all persons and property therefrom, as amended, or under well as disconnect any similar law or statute of the United States or any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee makes an assignment telephone lines installed for the benefit of creditors; Lessee, without any liability whatsoever to Lessee. In addition, Lessor may elect concurrently or (f) a receiver is appointed for alternately to accelerate all of Lessee's obligations hereunder including without limitation the Lessee or any rental, direct expenses, Schedule B Costs, and Telephone Services costs, and/or the re-letting of the assets of the Lessee, then in any of such events, the Lessee shall be in default and the Lessor shall have the option to do any one or more of the following: (i) enter the Premises either with or without process of law and to expel, remove and put out the Lessee or any other persons thereon, together with all personal property; (ii) terminate this Agreement; (iii) rent said Premises or any part thereof thereof, for such term all or terms and any part of the remainder of said term, to a party satisfactory to Lessor, at such terms and conditions as the Lessor any monthly rental rate. Lessor, in its sole discretion discretion, may deem advisableaccept notwithstanding the foregoing, Lessor shall have no obligation, implied or otherwise, to mitigate its damage(s) under such circumstances. b. Should Lessor be unable to re-let the Premises, or should each monthly re-rental be less than the rental, Lessee is obligated to pay under this Agreement or any renewal thereof, at Lessor's option Lessee shall pay the amount of such deficiency, plus the expenses of reletting, immediately in one lump sum (if allowable under law) to Lessor upon demand and/or as such obligations accrue. c. If Lessee shall default in the observance or performance of any term or covenant on Lessee's part to be observed or performed under or by virtue of any of the terms or provisions in any article of this lease, then, unless otherwise provided elsewhere in this lease, Lessor may immediately or at any time thereafter and with notice perform the right to repair, renovate, remodel, redecorate, alterobligation of Lessee thereunder, and change said Premises. At the option of the if Lessor, rents received in connection therewith or in connection with any default by Lessee in the Lessor from such reletting shall be applied in order as follows: covenant to pay rent hereunder, makes any expenditures or incurs any obligations for the payment of any indebtedness from the Lessee to the Lessor other than Rent due; to the payment of any costs and expenses of such relettingmoney, including, including but not limited to, to attorney's fees, advertising feesin instituting, prosecuting or defending any actions or proceeding, such sums so paid or obligations incurred with interest and brokerage fees, and costs shall be deemed to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of Rent and be additional Rent due and payable rent hereunder and interest thereon; and, if after applying said rentals there is any deficiency in the Rent and additional rent and interest to shall be paid by Lessee to Lessor rendition of any xxxx or statement to Lessee therefor, and if Lessee's lease term shall have expired at the Lessee under this Agreementtime of making of such expenditures or incurring of such obligations, the Lessee shall pay any such deficiency to the Lessor and such deficiency sums shall be calculated and collected recoverable by the Lessor on a monthly basis. No such re-entry or taking possession of said Premises shall be construed as an election on the Lessor's part to terminate this Agreement unless a written notice of such intention is given to the Lessee. Notwithstanding any such reletting without termination, the Lessor may at any time terminate this Agreement by reason of any default, in addition to any other remedy it may havedamages.

Appears in 1 contract

Samples: Lease and Service Agreement (U S Digital Communications Inc)

Default and Remedies. If: (a) a. If the Lessee shall default in fulfilling any of its terms, conditions, covenants or provisions of this Agreement, including but not limited to: 1. Payment of fixed Monthly Rental Charges and/or any other charges hereunder within ten days of the date such charges become due; 2. Becomes comes insolvent, makes an assignment for benefit of creditors, or files a voluntary petition under any bankruptcy or insolvency law, or has filed against it an involuntary petition under any such law; 3. Defaults in fulfilling any of the terms, conditions, covenants or provisions of this Agreement including but not limited to the breach of any of the terms and conditions set forth in the exhibits attached hereto; 4. The abandonment and/or vacatur of the Premises by the Lessee; then, after five days notice of any such default(s), the Lessor may, at its sole discretion, terminate this Agreement upon five days notice to the Lessee, and upon the expiration of such notice period, the Lessee shall quit and surrender the Premises to the Lessor. In the event that the Lessee fails to comply with any term, provision, condition, or covenant of this Agreement; (b) the Lessee deserts or vacates quit and surrender the Premises; (c) any petition is filed by or against , the Lessee under any section or chapter Lessor may re-enter and take possession of the Federal Bankruptcy ActPremises and remove all persons and property therefrom, as amended, or under well as disconnect any similar law or statute of the United States or any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee makes an assignment telephone lines installed for the benefit of creditors; Lessee, without any liability whatsoever to Lessee. In addition, Lessor may elect concurrently or (f) a receiver is appointed for alternately to accelerate all of Lessee's xxxxxxtions hereunder including without limitation the Lessee or any rental, direct expenses, Schedule B Costs, and Telephone Services costs, and/or the re-letting of the assets of the Lessee, then in any of such events, the Lessee shall be in default and the Lessor shall have the option to do any one or more of the following: (i) enter the Premises either with or without process of law and to expel, remove and put out the Lessee or any other persons thereon, together with all personal property; (ii) terminate this Agreement; (iii) rent said Premises or any part thereof thereof, for such term all or terms and any part of the remainder of said term, to a party satisfactory to Lessor, at such terms and conditions as the Lessor any monthly rental rate. Lessor, in its sole discretion discretion, may deem advisableaccept notwithstanding the foregoing, Lessor shall have no obligation, implied or otherwise, to mitigate its damage(s) under such circumstances. b. Should Lessor be unable to re-let the Premises, or should each monthly re-rental be less than the rental, Lessee is obligated to pay under this Agreement or any renewal thereof, at Lessor's option Lessee shall pay the amount of such deficiency, plus the expenses of reletting, immediately in one lump sum (if allowable under law) to Lessor upon demand and/or as such obligations accrue. c. If Lessee shall default in the observance or performance of any term or covenant on Lessee's xxxx to be observed or performed under or by virtue of any of the terms or provisions in any article of this lease, then, unless otherwise provided elsewhere in this lease, Lessor may immediately or at any time thereafter and with notice perform the right to repair, renovate, remodel, redecorate, alterobligation of Lessee thereunder, and change said Premises. At the option of the if Lessor, rents received in connection therewith or in connection with any default by Lessee in the Lessor from such reletting shall be applied in order as follows: covenant to pay rent hereunder, makes any expenditures or incurs any obligations for the payment of any indebtedness from the Lessee to the Lessor other than Rent due; to the payment of any costs and expenses of such relettingmoney, including, including but not limited to, to attorney's fees, advertising feesin instituting, prosecuting or defending any actions or proceeding, such sums so paid or obligations incurred with interest and brokerage fees, and costs shall be deemed to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of Rent and be additional Rent due and payable rent hereunder and interest thereon; and, if after applying said rentals there is any deficiency in the Rent and additional rent and interest to shall be paid by Lessee to Lessor rendition of any bill or statement to Lessee therefor, and if Lessee's xxxxx term shall have expired at the Lessee under this Agreementtime of making of such expenditures or incurring of such obligations, the Lessee shall pay any such deficiency to the Lessor and such deficiency sums shall be calculated and collected recoverable by the Lessor on a monthly basis. No such re-entry or taking possession of said Premises shall be construed as an election on the Lessor's part to terminate this Agreement unless a written notice of such intention is given to the Lessee. Notwithstanding any such reletting without termination, the Lessor may at any time terminate this Agreement by reason of any default, in addition to any other remedy it may havedamages.

Appears in 1 contract

Samples: Lease and Service Agreement (Certicom Corp)

Default and Remedies. If: (a) the Lessee Tenant fails to comply with any term, provision, condition, condition or covenant of this AgreementLease; (b) the Lessee Tenant deserts or vacates the Premises; (c) any petition is filed by or against the Lessee Tenant under any section or chapter of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States or any state thereof; (d) the Lessee Tenant becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee Tenant makes an assignment for the benefit of creditors; or (f) a receiver is appointed for the Lessee Tenant or any of the assets of the LesseeTenant, then in any of such events, the Lessee Tenant shall be in default and the Lessor Landlord shall have the option to do any one or more of the following: upon ten (i10) days prior written notice, excepting the payment of rent or additional rent for which no demand or notice shall be necessary, in addition to and not in limitation of any other remedy permitted by law, to enter upon the Premises either with or without process of law law, and to expel, remove and put out the Lessee Tenant or any other persons thereon, together with all personal property; (ii) and, Landlord may terminate this Agreement; (iii) Lease or it may from time to time, without terminating this Lease, rent said Premises or any part thereof for such term or terms (which may be for a term extending beyond the Term) and at such rental or rentals and upon such other terms and conditions as the Lessor Landlord in its sole discretion may deem advisable, with the right to repair, renovate, remodel, redecorate, alter, alter and change said Premises. At the option of the LessorLandlord, rents received by the Lessor Landlord from such reletting shall be applied in order as follows: first to the payment of any indebtedness from the Lessee Tenant to the Lessor Landlord other than Rent duerent and additional rent due hereunder; second, to the payment of any costs and expenses of such reletting, including, but not limited tolimited, attorney's fees, advertising fees, fees and brokerage fees, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, alterations and changes in the Premises; : third, to the payment of Rent rent and additional Rent rent due and payable hereunder and interest thereon; and, if after applying said rentals there is any deficiency in the Rent rent and additional rent and interest to be paid by the Lessee Tenant under this AgreementLease, the Lessee Tenant shall pay any such deficiency to the Lessor Landlord and such deficiency shall be calculated and collected by the Lessor on a monthly basisLandlord monthly. No such re-entry or taking possession of said Premises shall be construed as an election on the LessorLandlord's part to terminate this Agreement Lease unless a written notice of such intention is given to the LesseeTenant. Notwithstanding any such reletting without termination, the Lessor Landlord may at any time terminate this Agreement Lease by reason of any default, in addition to any other remedy it may have, it may recover from Tenant the worth at the time of such termination of the excess of the amount of rent and additional rent reserved in this Lease for the balance of the Term over the then reasonable rental value of the Premises for the same period. Landlord shall have the right and remedy to seek redress in the courts at any time to correct or remedy any default of Tenant by injunction or otherwise, without such resulting or being deemed a termination of this Lease, and Landlord, whether this Lease has been or is terminated or not, shall have the absolute right by court action or otherwise to collect any and all amounts of unpaid rent or unpaid additional rent or any other sums due from Tenant to Landlord under this Lease which were or are unpaid at the date of termination. If it is necessary for Landlord to bring any action under this Lease, to consult with an attorney concerning or for the enforcement of any of Landlord's rights, then Tenant agrees in each and any such case to pay to Landlord, Landlord's reasonable attorney's fees. In addition to the remedies set forth herein, Tenant shall pay a late charge in the amount of  % of any payment due hereunder which remains unpaid on the tenth day after same is otherwise due hereunder. Said late charge shall be deemed additional rent, and the assessment or collection of same shall not limit or delay Landlord's pursuit of any remedy arising hereunder upon Tenant's default.

Appears in 1 contract

Samples: Commercial Lease Contract

Default and Remedies. IfSubsection (a)(iii) is hereby amended and replaced with the following: "Debtor breaches any of its insurance obligations under Section 4 and such breach could result in a reduction or termination of coverage in any material respect;" Subsection (aa)(iv) is hereby amended and replaced with the Lessee fails to comply with following: "Debtor breaches any term, provision, condition, or covenant of this Agreement; (b) the Lessee deserts or vacates the Premises; (c) any petition is filed by or against the Lessee its other material obligations under any section or chapter of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States or any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee makes an assignment for the benefit of creditors; or (f) a receiver is appointed for the Lessee or any of the assets of Debt Documents and fails to cure that breach within thirty (30) days after written notice from Secured Party;" Subsection (a)(v) is hereby amended and replaced with the Lesseefollowing: "Any warranty, then representation or statement made by Debtor in any of such events, the Lessee Debt Documents or otherwise in connection with any of the Indebtedness shall be false or misleading in default and any material respect at the Lessor shall have the option to do any one or more of the followingtime made;" CERTIFIED COPY OF RESOLUTION OF BOARD OF DIRECTORS The undersigned hereby certifies: (i) enter that he/she is the Premises either with or without process Asst. Secretary of law and to expelBeyond Genomics, remove and put out the Lessee or any other persons thereonInc., together with all personal propertya Delaware corporation; (ii) terminate this Agreementthat the following is a true, accurate and complete transcript of resolutions duly adopted at a meeting of the Board of Directors of said Corporation duly held on the 1st day of August, 2001, at which a quorum was present, and that the proceedings were in accordance with the Articles and by-laws of said Corporation; and, (iii) rent that said Premises resolutions have not been amended or revoked, and are in full force and effect: "RESOLVED, that each of the officers of this Corporation, whose name appears below, or the duly elected or appointed successor in office of any or all of them, be and hereby is authorized and empowered in the name and on behalf of this Corporation to borrow from General Electric Capital Corporation or its successors and assigns (hereinafter referred to as "Secured Party") from time to time, such sum or sums of money as in the judgment of such officer or officers the Corporation may require and to execute on behalf of the Corporation and to deliver to Secured Party in the form required by Secured Party a promissory note or notes of this Corporation evidencing the amount or amounts borrowed or any part thereof for renewals and/or extensions thereof, such term note or terms notes to bear such rate of interest and at be payable in such installments and on such terms and conditions as the Lessor in its sole discretion such officer may deem advisableagree to by his signature thereon. FURTHER RESOLVED, with the right to repair, renovate, remodel, redecorate, alter, and change said Premises. At the option that any of the Lessoraforesaid officers, rents received by the Lessor from such reletting shall or his duly elected or appointed successor in office, be applied in order as follows: and hereby is authorized and empowered to the payment of do any indebtedness from the Lessee to the Lessor other than Rent due; to the payment of any costs and expenses of such relettingacts, including, but not limited to, attorney's feesthe mortgage, advertising feespledge, or hypothecation from time to time with Secured Party of any or all the assets of this Corporation to secure such loan or loans and brokerage feesany other indebtedness or obligations, now existing or hereafter arising, of this Corporation to Secured Party, and to execute in the payment name of and on behalf of this Corporation, any repairschattel mortgages, renovationnotes, remodelingsecurity agreements, redecorationsfinancing statements, alterationsrenewal, extension or consolidation agreements, and changes any other instruments or agreements deemed necessary or proper by Secured Party in respect of the collateral securing any indebtedness of this Corporation, and to affix the seal of this Corporation to any mortgage, pledge, or other such instrument if so required or requested by Secured Party. FURTHER RESOLVED, that each said officer of this Corporation is hereby authorized to do and perform all other acts and deeds that may be requisite or necessary to carry fully into effect the foregoing resolutions. FURTHER RESOLVED, that the officers referred to in the Premises; foregoing resolutions, their names and signatures are as follows: N. Xxxxxxx Xxxx President /s/ N. XXXXXXX XXXX FURTHER RESOLVED, that Secured Party is authorized to rely upon the payment aforesaid resolutions until receipt by it of Rent and additional Rent due and payable hereunder and interest thereon; and, if after applying said rentals there is any deficiency in the Rent and additional rent and interest to be paid by the Lessee under this Agreement, the Lessee shall pay any such deficiency to the Lessor and such deficiency shall be calculated and collected by the Lessor on a monthly basis. No such re-entry or taking possession of said Premises shall be construed as an election on the Lessor's part to terminate this Agreement unless a written notice of such intention is given any changes, which changes of whatever nature shall not be effective as to Secured Party to the Lessee. Notwithstanding any such reletting without termination, extent that it has theretofore relied upon the Lessor may at any time terminate this Agreement by reason of any default, aforesaid resolutions in addition to any other remedy it may havethe above form."

Appears in 1 contract

Samples: Master Security Agreement (BG Medicine, Inc.)

Default and Remedies. IfIf and whenever an Event of Default occurs, then without prejudice to any other rights which it has pursuant to this Lease or at law, the Landlord shall have the following rights and remedies, which are cumulative and not alternatives: ================================================================================ (a) the Lessee fails to comply with any term, provision, condition, or covenant of terminate this Agreement; Lease; (b) the Lessee deserts or vacates the Premises; (c) any petition is filed by or against the Lessee under any section or chapter of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States or any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee makes an assignment for the benefit of creditors; or (f) a receiver is appointed for the Lessee or any of the assets of the Lessee, then in any of such events, the Lessee shall be in default and the Lessor shall have the option to do any one or more of the following: (i) enter the Premises either with or without process as agent of law the Tenant and to expelrelet the Premises for whatever term, remove and put out the Lessee or any other persons thereon, together with all personal property; (ii) terminate this Agreement; (iii) rent said Premises or any part thereof for such term or terms and at on such terms and conditions as the Lessor Landlord in its sole discretion may deem advisable, with determine and to receive the right to repair, renovate, remodel, redecorate, alter, Rent therefor and change said Premises. At the option as agent of the LessorTenant to take possession of any property of the Tenant on the Premises, rents received to store such property at the expense and risk of the Tenant or to sell or otherwise dispose of such property in such manner as the Landlord may see fit without notice to the Tenant; to make alterations to the Premises to facilitate their reletting; and to apply the proceeds of any such sale or reletting first, to the payment of any expenses incurred by the Lessor from Landlord with respect to any such reletting shall be applied in order as follows: or sale; second, to the payment of any indebtedness from of the Lessee Tenant to the Lessor Landlord other than Rent dueRent; to the payment of any costs and expenses of such relettingthird, including, but not limited to, attorney's fees, advertising fees, and brokerage fees, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of Rent in arrears; with the residue to be held by the Landlord and additional applied in payment of future Rent as it becomes due and payable. The Tenant shall remain liable for any deficiency to the Landlord; (c) to remedy or attempt to remedy any default of the Tenant under this Lease for the account of the Tenant and to enter upon the Premises for such purposes. No notice of the Landlord's intention to perform such covenants need be given the Tenant unless expressly required by this Lease. The Landlord shall not be liable to the Tenant for any loss injury or damage caused by acts of the Landlord in remedying or attempting to remedy such default and the Tenant shall pay to the Landlord all expenses incurred by the Landlord in connection with remedying or attempting to remedy such default; (d) to recover from the Tenant all damages and expenses incurred by the Landlord as a result of any breach by the Tenant including, if the Landlord terminates this Lease, any deficiency between those amounts which would have been payable by the Tenant for the portion of the Term following such termination and the net amounts actually received by the Landlord during such period of time with respect to the Premises; (e) to recover from the Tenant the full amount of the current month's Rent together with the next three (3) months' instalments of Rent, all of which shall accrue on a day-to-day basis and shall immediately become due and payable hereunder and interest thereon; and, if after applying said rentals there is any deficiency in the Rent and additional rent and interest to be paid by the Lessee under this Agreement, the Lessee shall pay any such deficiency to the Lessor and such deficiency shall be calculated and collected by the Lessor on a monthly basis. No such re-entry or taking possession of said Premises shall be construed as an election on the Lessor's part to terminate this Agreement unless a written notice of such intention is given to the Lessee. Notwithstanding any such reletting without termination, the Lessor may at any time terminate this Agreement by reason of any default, in addition to any other remedy it may haveaccelerated Rent.

Appears in 1 contract

Samples: Lease Extension Agreement (Avesta Technologies Inc)

Default and Remedies. If: (a) the Lessee fails to comply with any term, provision, condition, or covenant of this Agreement; (b) the Lessee deserts or vacates the Premises; (c) any petition is filed by or against the Lessee under any section or chapter of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States or any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee makes an assignment for the benefit of creditors; or (f) a receiver is appointed for the Lessee or any of the assets of the Lessee, then in any of such events, the Lessee Buyer shall be in default under this Security Agreement if it fails to pay the purchase price for the purchased goods in accordance with the applicable payment terms. Upon the occurrence of an event of default hereunder, and at any time thereafter, Seller may exercise, without further notice, all rights and remedies of a secured party under the Lessor shall have Uniform Commercial Code of any applicable jurisdiction. In addition, Seller may exercise the option following rights and remedies to do any one the extent permitted by law, with or more without judicial process or the aid and assistance of the followingothers: (i) enter upon any premises on which any of the Premises either with purchased goods may be located and, without resistance or without process interference by Buyer, take possession of law and to expel, remove and put out the Lessee or any other persons thereon, together with all personal propertypurchased goods; (ii) terminate this Agreementrequire Buyer, at Buyer's expense, to assemble and make available to Seller any part or all of the purchased goods at any place and time designated by Seller and reasonably convenient to both parties; and (iii) rent said Premises sell, resell, lease, assign and deliver, grant options to purchase or otherwise dispose of any part or all of the purchased goods in their then-existing condition or following any commercially reasonable preparation or processing, at public or private sale(s), or by contract(s), in one or more parcels, for cash and/or credit, upon such terms, at such places and times and to such persons as Seller deems best, all without demand or notice of any kind to Buyer or any part thereof for such term other person, except that, where an applicable statute requires reasonable notice of sale or terms other disposition, Buyer hereby agrees that the giving of five (5) days' written notice shall be deemed reasonable notice. The rights, powers and at such remedies given to Seller by this Security Agreement shall be in addition to all rights, powers and remedies given Seller by virtue of any statute, rule of law or any of the other terms and conditions as the Lessor set forth herein. Any forbearance, failure, or delay by Seller in its sole discretion may deem advisableexercising any right, with the right power or remedy under this Security Agreement shall not be deemed to repairbe a waiver of such right, renovate, remodel, redecorate, alterpower or remedy, and change said Premises. At the option of the Lessor, rents received by the Lessor from such reletting shall be applied in order as follows: to the payment any single or partial exercise of any indebtedness from the Lessee right, power or remedy under this Security Agreement shall not be deemed to the Lessor other than Rent due; to the payment be a wavier of such right, power or remedy, and any single or partial exercise of any costs and expenses of such relettingright, including, but not limited to, attorney's fees, advertising fees, and brokerage fees, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of Rent and additional Rent due and payable hereunder and interest thereon; and, if after applying said rentals there is any deficiency in the Rent and additional rent and interest to be paid by the Lessee power or remedy under this AgreementSecurity Agreement shall not preclude the further exercise thereof; and every right, the Lessee power and remedy of Seller shall pay any continue in full force and effect until such deficiency to the Lessor and such deficiency shall be calculated and collected right, power or remedy is specifically waived by the Lessor on a monthly basis. No such re-entry or taking possession of said Premises shall be construed as an election on the Lessor's part to terminate this Agreement unless a written notice of such intention is given to the Lessee. Notwithstanding any such reletting without termination, the Lessor may at any time terminate this Agreement instrument in writing executed by reason of any default, in addition to any other remedy it may haveSeller.

Appears in 1 contract

Samples: General Terms Agreement

Default and Remedies. If: (a) the Lessee Tenant fails to comply with any term, provision, condition, condition or covenant of this AgreementLease; (b) the Lessee Tenant deserts or vacates the Premises; (c) any petition is filed by or against the Lessee Tenant under any section or chapter of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States or any state thereof; (d) the Lessee Tenant becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee Tenant makes an assignment for the benefit of creditors; or (f) a receiver is appointed for the Lessee Tenant or any of the assets of the LesseeTenant, then in any of such events, the Lessee Tenant shall be in default and the Lessor Landlord shall have the option to do any one or more of the following: upon ten (i10) days prior written notice, excepting the payment of rent or additional rent for which no demand or notice shall be necessary, in addition to and not in limitation of any other remedy permitted by law, to enter upon the Premises either with or without process of law law, and to expel, remove and put out the Lessee Tenant or any other persons thereon, together with all personal property; (ii) and, Landlord may terminate this Agreement; (iii) Lease or it may from time to time, without terminating this Lease, rent said Premises or any part thereof for such term or terms (which may be for a term extending beyond the Term) and at such rental or rentals and upon such other terms and conditions as the Lessor Landlord in its sole discretion may deem advisable, with the right to repair, renovate, remodel, redecorate, alter, alter and change said Premises. At the option of the LessorLandlord, rents received by the Lessor Landlord from such reletting shall be applied in order as follows: first to the payment of any indebtedness from the Lessee Tenant to the Lessor Landlord other than Rent duerent and additional rent due hereunder; second, to the payment of any costs and expenses of such reletting, including, but not limited tolimited, attorney's ’s fees, advertising fees, fees and brokerage fees, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, alterations and changes in the Premises; : third, to the payment of Rent rent and additional Rent rent due and payable hereunder and interest thereon; and, if after applying said rentals there is any deficiency in the Rent rent and additional rent and interest to be paid by the Lessee Tenant under this AgreementLease, the Lessee Tenant shall pay any such deficiency to the Lessor Landlord and such deficiency shall be calculated and collected by the Lessor on a monthly basisLandlord monthly. No such re-entry or taking possession of said Premises shall be construed as an election on the Lessor's Landlord’s part to terminate this Agreement Lease unless a written notice of such intention is given to Tenant. Tenant agrees that, notwithstanding Landlord’s possession of the LesseePremises, Tenant shall remain liable for and shall pay Landlord an amount equal to the entire rent payable to the end of the then applicable term of this Lease. Notwithstanding This amount may either (i) be accelerated and become payable at once, or (ii) become due and be payable monthly, at the sole option of Landlord. In addition, Tenant shall be liable for and shall pay to Landlord any such loss or deficiency sustained by Landlord because of Tenant’s default; In case the Premises are relet, Tenant shall pay the difference between the amount of rent payable during the remainder of the then applicable Lease term and the net rent actually received by Landlord during the term after deducting all expenses for repairs, alterations, recovering possession and reletting without terminationthe same, which difference shall either (i) accrue and be payable monthly, or (ii) be accelerated and become payable at once, at Landlord’s sole option. Landlord shall have the Lessor may right and remedy to seek redress in the courts at any time terminate to correct or remedy any default of Tenant by injunction or otherwise, without such resulting or being deemed a termination of this Agreement Lease, and Landlord, whether this Lease has been or is terminated or not, shall have the absolute right by reason court action or otherwise to collect any and all amounts of unpaid rent or unpaid additional rent or any other sums due from Tenant to Landlord under this Lease which were or are unpaid at the date of termination. If it is necessary for Landlord to bring any action under this Lease, to consult with an attorney concerning or for the enforcement of any defaultof Landlord’s rights, then Xxxxxx agrees in each and any such case to pay to Landlord, Xxxxxxxx’s reasonable attorney’s fees. In addition to the remedies set forth herein, Tenant shall pay a late charge in the amount of % of any other payment due hereunder which remains unpaid on the tenth day after same is otherwise due hereunder. Said late charge shall be deemed additional rent, and the assessment or collection of same shall not limit or delay Landlord’s pursuit of any remedy it may havearising hereunder upon Xxxxxx’s default.

Appears in 1 contract

Samples: Commercial Full Service Office Lease

Default and Remedies. IfIn the event: (a) the Lessee Tenant fails to comply with any term, provision, condition, or covenant of this AgreementLease including the payment of all monies due; (b) the Lessee Tenant deserts or vacates the PremisesPremises for 30 consecutive days or more without notice to Landlord and without making the current rental payment; (c) any Any petition is filed by or against the Lessee Tenant under any section Section or chapter Chapter of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States or any state thereof; (d) the Lessee Tenant becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee Tenant makes an assignment for the benefit of creditors; or (f) a A receiver is appointed for the Lessee Tenant or any of the assets of the Lessee, Tenant; then in any of such events, the Lessee Tenant shall be in default and the Lessor Landlord shall have the option to do any one or more of the following: (i1) Upon ten (10) days prior written notice, excepting the payment of rent or additional rent for which no demand or notice shall be necessary, in addition to, and not in limitation of, any other remedy permitted by law; to enter upon the Premises or any part thereof, either with or without process of law law, and to expel, remove and put out the Lessee Tenant or any other persons who might be thereon, together with all personal propertyproperty found therein; or (ii2) Landlord may terminate this Agreement; (iii) rent Lease, or it may from time to time, without terminating this Lease, relet said Premises or any part thereof for such term or terms and at such rent and upon such other terms and conditions as the Lessor Landlord in its sole discretion may deem advisable, with the right to repair, renovate, remodel, redecorate, alter, alter and change said Premises. At the option of the LessorLandlord, rents received by the Lessor Landlord from such reletting shall be applied in order as follows: first to the payment of any indebtedness from the Lessee Tenant to the Lessor Landlord other than Rent due; rent and additional rent due hereunder, second to the payment of any costs cost and expenses of such reletting, including, but not limited to, attorney's fees, advertising fees, fees and real estate brokerage fees, and to the payment of any repairs, renovationrenovations, remodeling, redecorations, alterations, alterations and changes in the Premises; third to the payment of Rent rent and additional Rent rent due and payable hereunder and interest thereon; and, and if after applying said rentals monies there is any deficiency in the Rent rent and additional rent and interest to be paid by the Lessee Tenant under this AgreementLease, the Lessee Tenant shall pay any such deficiency to the Lessor Landlord and such deficiency shall be calculated and collected by the Lessor on a monthly basisLandlord monthly. No such re-entry or taking possession of said Premises shall be construed as an election on the LessorLandlord's part to terminate this Agreement Lease unless a written notice of such intention is be given to Tenant. If Tenant vacates or abandons the LesseePremises, any property that Tenant leaves on the Premises shall be deemed to have been abandoned and may either be retained by Landlord as the property of Landlord or may be disposed of at public or private sale in accordance with applicable law as Landlord shall determine in its sole discretion. Notwithstanding The proceeds of any public or private sale of Tenant's property, or the then current fair market value of any property retained by Landlord, shall be applied by Landlord against (i) the expenses of Landlord for removal, storage or sale of the property; (ii) the arrears of rent or future rents payable under this Lease; and (iii) any other damages to which Landlord may be entitled hereunder. Notwithstanding, any such reletting without termination, the Lessor Landlord may at any time thereafter elect to terminate this Lease for such previous breach and default. Should Landlord at any time terminate this Agreement Lease by reason of any default, in addition to any other remedy it may have., it may recover from Tenant the amount at the time of such termination of the excess of the amount of rent and additional rent reserved in this Lease for the balance of the term hereof over the then reasonable rental value of the Premises for the same period. Landlord shall have the right and remedy to seek redress in the courts at any time to correct or remedy any default of Tenant by injunction or otherwise, without such resulting or being deemed a termination of this Lease, and Landlord, whether this Lease has been or is terminated or not, shall have the absolute right by court action or otherwise to collect any and all amounts of unpaid rent or unpaid additional rent or any other sums due from Tenant to Landlord under this Lease which were or are unpaid at the date of termination. In case it should be necessary for Landlord to bring any action under this Lease, to consult or place said Lease or any amount payable by Tenant thereunder with an attorney concerning or for the enforcement of any of Landlord's rights hereunder, then Tenant agrees in each and any such case to reimburse Landlord for its reasonable attorney's fees. All other remedies herein provided shall be cumulative to all other rights or remedies herein given to Landlord by law. A waiver by Landlord of any default by Tenant in the performance of any of the covenants, terms or conditions hereof shall not be considered or treated as a waiver of any subsequent or other default as to the same or any other matter. If Tenant shall default in the performance of any covenant, agreement, provision or condition herein contained, Landlord, without thereby waiving such default, may perform the same for the account and at the expense of Tenant, without notice in the case of emergency. Bills for any expense incurred by Landlord in connection with any such performance by Landlord for the account of Tenant, as well as bills for any property, material, labor or services provided, furnished or rendered, or caused to be provided, furnished or rendered, by Landlord to Tenant may be sent by Landlord to Tenant monthly, or immediately, at Landlord's option and shall be due and payable by Tenant upon notice of the amount or amounts and the amount or amounts thereof shall be deemed to be Additional Rent under this Lease. Tenant shall promptly give to Landlord notice as herein provided of any defects in the Premises including the failure of Landlord to do anything required to be done by law or by the terms of this Lease or the doing or permitting to be done anything prohibited by law or by the terms of this Lease. Unless Tenant has given said notice and Landlord has failed to commence to cause the cure of said defect within ten (10) days after receipt of said notice, Tenant shall have no right to terminate the said Lease or to declare a forfeiture and in no event shall rent xxxxx except as in this Lease specifically provided. Landlord shall not be obligated to notify Tenant of the due date of rent nor demand payment thereof on its due date, the same being expressly waived by Tenant. The acceptance of any sums of money from the Tenant that is less than the actual amount owed is considered a partial payment and does not relieve Tenant from the full amount that is owed Landlord. SECURITY DEPOSIT

Appears in 1 contract

Samples: Office Lease

Default and Remedies. IfIn the event: (a) the Lessee Tenant fails to comply with any term, provision, condition, or covenant of this AgreementLease including the payment of all monies due; (b) the Lessee Tenant deserts or vacates the PremisesPremises for 30 consecutive days or more without notice to Landlord and without making the current rental payment; (c) any Any petition is filed by or against the Lessee Tenant under any section Section or chapter Chapter of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States or any state thereof; (d) the Lessee Tenant becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee Tenant makes an assignment for the benefit of creditors; or (f) a A receiver is appointed for the Lessee Tenant or any of the assets of the Lessee, Tenant; then in any of such events, the Lessee Tenant shall be in default and the Lessor Landlord shall have the option to do any one or more of the following: (i1) Upon ten (10) days prior written notice, excepting the payment of rent or additional rent for which no demand or notice shall be necessary, in addition to, and not in limitation of, any other remedy permitted by law; to enter upon the Premises or any part thereof, either with or without process of law law, and to expel, remove and put out the Lessee Tenant or any other persons who might be thereon, together with all personal propertyproperty found therein; or (ii2) Landlord may terminate this Agreement; (iii) rent Lease, or it may from time to time, without terminating this Lease, relet said Premises or any part thereof for such term or terms and at such rent and upon such other terms and conditions as the Lessor Landlord in its sole discretion may deem advisable, with the right to repair, renovate, remodel, redecorate, alter, alter and change said Premises. At the option of the LessorLandlord, rents received by the Lessor Landlord from such reletting shall be applied in order as follows: first to the payment of any indebtedness from the Lessee Tenant to the Lessor Landlord other than Rent due; rent and additional rent due hereunder, second to the payment of any costs cost and expenses of such reletting, including, but not limited to, attorney's fees, advertising fees, fees and real estate brokerage fees, and to the payment of any repairs, renovationrenovations, remodeling, redecorations, alterations, alterations and changes in the Premises; third to the payment of Rent rent and additional Rent rent due and payable hereunder and interest thereon; and, and if after applying said rentals monies there is any deficiency in the Rent rent and additional rent and interest to be paid by the Lessee Tenant under this AgreementLease, the Lessee shall pay any such deficiency to the Lessor and TGeneatntmshoarllepfaryoamnyhstutcph:/d/efwicwienwcy.gteotLfoarnmdlosr.doragnd such deficiency shall be calculated and collected by the Lessor on a monthly basisLandlord monthly. No such re-entry or taking possession of said Premises shall be construed as an election on the LessorLandlord's part to terminate this Agreement Lease unless a written notice of such intention is be given to Tenant. If Tenant vacates or abandons the LesseePremises, any property that Tenant leaves on the Premises shall be deemed to have been abandoned and may either be retained by Landlord as the property of Landlord or may be disposed of at public or private sale in accordance with applicable law as Landlord shall determine in its sole discretion. Notwithstanding The proceeds of any public or private sale of Tenant's property, or the then current fair market value of any property retained by Landlord, shall be applied by Landlord against (i) the expenses of Landlord for removal, storage or sale of the property; (ii) the arrears of rent or future rents payable under this Lease; and (iii) any other damages to which Landlord may be entitled hereunder. Notwithstanding, any such reletting without termination, the Lessor Landlord may at any time thereafter elect to terminate this Lease for such previous breach and default. Should Landlord at any time terminate this Agreement Lease by reason of any default, in addition to any other remedy it may have., it may recover from Tenant the amount at the time of such termination of the excess of the amount of rent and additional rent reserved in this Lease for the balance of the term hereof over the then reasonable rental value of the Premises for the same period. Landlord shall have the right and remedy to seek redress in the courts at any time to correct or remedy any default of Tenant by injunction or otherwise, without such resulting or being deemed a termination of this Lease, and Landlord, whether this Lease has been or is terminated or not, shall have the absolute right by court action or otherwise to collect any and all amounts of unpaid rent or unpaid additional rent or any other sums due from Tenant to Landlord under this Lease which were or are unpaid at the date of termination. In case it should be necessary for Landlord to bring any action under this Lease, to consult or place said Lease or any amount payable by Tenant thereunder with an attorney concerning or for the enforcement of any of Landlord's rights hereunder, then Tenant agrees in each and any such case to reimburse Landlord for its reasonable attorney's fees. All other remedies herein provided shall be cumulative to all other rights or remedies herein given to Landlord by law. A waiver by Landlord of any default by Tenant in the performance of any of the covenants, terms or conditions hereof shall not be considered or treated as a waiver of any subsequent or other default as to the same or any other matter. If Tenant shall default in the performance of any covenant, agreement, provision or condition herein contained, Landlord, without thereby waiving such default, may perform the same for the account and at the expense of Tenant, without notice in the case of emergency. Bills for any expense incurred by Landlord in connection with any such performance by Landlord for the account of Tenant, as well as bills for any property, material, labor or services provided, furnished or rendered, or caused to be provided, furnished or rendered, by Landlord to Tenant may be sent by Landlord to Tenant monthly, or immediately, at Landlord's option and shall be due and payable by Tenant upon notice of the amount or amounts and the amount or amounts thereof shall be deemed to be Additional Rent under this Lease. Tenant shall promptly give to Landlord notice as herein provided of any defects in the Premises including the failure of Landlord to do anything required to be done by law or by the terms of this Lease or the doing or permitting to be done anything prohibited by law or by the terms of this Lease. Unless Tenant has given said notice and Landlord has failed to commence to cause the cure of said defect within ten (10) days after receipt of said notice, Tenant shall have no right to terminate the said Lease or to declare a forfeiture and in no event shall rent xxxxx except as in this Lease specifically provided. Landlord shall not be obligated to notify Tenant of the due date of rent nor demand payment thereof on its due date, the same being expressly waived by Tenant. The acceptance of any sums of money from the Tenant that is less than the actual amount owed is considered a partial payment and does not relieve Tenant from the full amount that is owed Landlord. SECURITY DEPOSIT

Appears in 1 contract

Samples: Office Lease

Default and Remedies. If: If (ai) Lessee defaults in any payment required under this Lease or any Schedules or under any other lease or agreement between Lessor and Lessee, or (ii) Lessee breaches any of the Lessee representations or warranties contained herein or fails to comply with perform any termof the terms, provision, condition, covenants or covenant conditions of this Agreement; Lease or any Schedule or (biii) the Lessee deserts a petition in bankruptcy, arrangement, insolvency or vacates the Premises; (c) any petition reorganization is filed by or against the Lessee under or any section or chapter guarantor of the Federal Bankruptcy Act, as amendedLessee's obligations hereunder, or under any similar law or statute of the United States (iv) Lessee or any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud guarantor of creditors; (e) the Lessee Lessee's obligations makes an assignment for the benefit of creditors; , or (fv) without Lessor's written consent, which shall not be unreasonably withheld, Lessee sells all or a receiver substantial part of Lessee's assets or a majority of Lessee's voting stock is appointed for transferred, or (vi) during the term of the Lease or any Schedule there is a material adverse change in the financial condition of Lessee or any guarantor of Lessee's obligations then Lessor may, to the assets of the Lesseeextent permitted by law, then in any of such events, the Lessee shall be in default and the Lessor shall have the option to do exercise any one or more of the followingfollowing remedies: (ia) enter to declare the Premises either entire balance of rent for the full term of any or all Schedules covered hereby immediately due and payable and to similarly accelerate the balances under any other leases or agreements between Lessor and Lessee without notice or demand, (b) to sue for and recover all rents, and other monies due and to become due under any or all Schedules hereunder and the residual value of the Equipment covered thereby discounted to the date of default at five (5%) percent per annum; (c) to require Lessee at Lessee's expense, to assemble all the Equipment at a place reasonably designated by Lessor, (d) to remove any physical obstructions for removal of the Equipment from the place where the Equipment is located and take possession of any or all items of Equipment, without demand or notice, wherever same may be located, disconnecting separating all such Equipment from any other property, with or without any court order or pre-taking hearing or other process of law law, it being understood that facility of repossession in the event of default is a basis for the financial accommodation reflected by this Lease. Lessee hereby waives any and all damages occasioned by such retaking. Lessor may, at its option, use, ship, store, repair or lease all Equipment so removed and sell or otherwise dispose of any such Equipment at a private or public sale. Lessor may expose and resell the Equipment at Lessee's premises at reasonable business hours without being required to expelremove the Equipment. In the event Lessor takes possession of the Equipment, remove Lessor shall give Lessee credit for any sums received by Lessor from the sale, or present value of the rental, of the Equipment computed at the implicit rate of the Schedule after deduction of the expenses of sale or rental. Lessee shall also be liable for and put out the Lessee or any other persons thereon, together with shall pay to Lessor on demand (a) all personal property; (ii) terminate this Agreement; (iii) rent said Premises or any part thereof for such term or terms and at such terms and conditions as the expenses incurred by Lessor in its sole discretion may deem advisable, connection with the right enforcement of any of Lessor's remedies, including all expenses of repossession, storing, shipping, repairing and selling the Equipment, (b) Lessor's reasonable attorney's fees and (c) interest on all sums due Lessor from the date of default until paid at the rate of one and one-half (1.5%) percent per month, but only to repairthe extent permitted by law. Xxxxxx and Xxxxxx acknowledge the difficulty in establishing a value for the unexpired Lease term and owing to such difficulty agree that the provisions of this paragraph represent an agreed measure of damages and are not to be deemed a forfeiture or penalty. Whenever any payment hereunder is not made by Xxxxxx within ten (10) days when due, renovateXxxxxx agrees to pay to Lessor, remodelnot later than one month thereafter, redecoratean amount calculated at the rate of ten cents per one dollar of each such delayed payment, alteras an administrative fee to offset Lessor's collection costs, and change said Premisesbut only to the extent allowed by law. At the option Such amount shall be payable in addition to all amounts payable by Xxxxxx as a result of exercise of any of the Lessorremedies herein provided. All remedies of Lessor hereunder are cumulative, rents received by the Lessor from such reletting shall be applied in order as follows: to the payment of any indebtedness from the Lessee to the Lessor other than Rent due; to the payment of any costs and expenses of such reletting, including, but not limited to, attorney's fees, advertising fees, and brokerage fees, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of Rent and additional Rent due and payable hereunder and interest thereon; and, if after applying said rentals there is any deficiency in the Rent and additional rent and interest to be paid by the Lessee under this Agreement, the Lessee shall pay any such deficiency to the Lessor and such deficiency shall be calculated and collected by the Lessor on a monthly basis. No such re-entry or taking possession of said Premises shall be construed as an election on the Lessor's part to terminate this Agreement unless a written notice of such intention is given to the Lessee. Notwithstanding any such reletting without termination, the Lessor may at any time terminate this Agreement by reason of any default, are in addition to any other remedies provided for by law, and may, to the extent permitted by law, be exercised concurrently or separately. The exercise of any one remedy it may haveshall not be deemed to be an election of such remedy or to preclude the exercise of any other remedy. No failure on the part of the Lessor to exercise and no delay in exercising any right or remedy shall operate as a waiver thereof or modify the terms of this Lease. A waiver of default by Lessor on any one occasion shall not be deemed a waiver of any other or subsequent default. In the event this Lease is determined to be a security agreement, Xxxxxx's recovery shall in no event exceed the maximum permitted by law.

Appears in 1 contract

Samples: Equipment Lease (Mendocino Brewing Co Inc)

Default and Remedies. If: (a) In addition to the Lessee fails to comply with circumstances hereinbefore set forth, the occurrence of any term, provision, condition, or covenant of the following shall constitute a material breach and default of this Agreement; Lease by Tenant: (bi) the Lessee deserts The filing of any voluntary petition or vacates the Premises; (c) any petition is filed by or against the Lessee similar pleading under any section or chapter sections of any bankruptcy or insolvency act by or against Tenant or the Federal Bankruptcy Actinstitution of any voluntary or involuntary proceeding in any court or tribunal to declare Tenant insolvent or unable to pay Tenant’s debts as they mature and, as amendedin the case of an involuntary petition or proceeding, the petition or proceeding is not dismissed within thirty (30) days from the date it is filed, or under any similar law or statute the making of the United States or any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee makes an assignment for the benefit of creditors; its creditors by Tenant, or (f) the appointment of a trustee or receiver is appointed for Tenant or for the Lessee or any major part of Tenant’s property; (ii) Tenant’s failure to pay the assets of the Lessee, then in any of such events, the Lessee shall be in default and the Lessor shall have the option to do any one or more of the following: (i) enter the Premises either with or without process of law and to expel, remove and put out the Lessee Base Monthly Rental or any other persons thereonsum due hereunder, together with all personal propertyif such nonpayment continues for ten (10) or more days after the same is due and payable, or Tenant’s default in the prompt and full performance of any other provision of this Lease and Tenant does not cure the default within thirty (30) days after written demand by Landlord that the default be cured (unless the default involves a hazardous condition, which shall be cured forthwith upon Landlord’s demand); (ii) terminate this Agreement; (iii) rent said Premises or any part thereof for such term or terms and (which may be for a term extending beyond the Term of this Lease) at such rental or rentals and upon such other terms and conditions as the Lessor Landlord in its sole discretion may deem advisableadvisable or acceptable; upon each reletting, with the right to repair, renovate, remodel, redecorate, alter, and change said Premises. At the option of the Lessor, rents all rentals received by the Lessor Landlord from such reletting shall be applied in order as follows: first, to the payment of any indebtedness from the Lessee to the Lessor other than Rent due; rent due hereunder from Tenant to Landlord, second, to the payment of any costs and expenses of such reletting, including, but not limited to, attorney's fees, advertising reletting including brokerage fees and attorneys’ fees, and brokerage feesof costs of such alterations and repairs, and third, to the payment of any repairs, renovation, remodeling, redecorations, alterationsthe Base Monthly Rental, and changes in other charges due and unpaid hereunder, and the Premises; to residue, if any, shall be held by Landlord and applied against payments of future Base Monthly Rental or other charges as the payment of Rent and additional Rent same my become due and payable hereunder hereunder; in no event shall Tenant be entitled to any excess rental received by Landlord over and interest thereonabove charges that Tenant is obligated to pay hereunder, including Base Monthly Rental and all other charges; and, if after applying said such rentals there is from such reletting during any deficiency in the Rent and additional rent and interest month are less than those to be paid during the month by the Lessee under this AgreementTenant hereunder, the Lessee including Base Monthly Rental and al1 other charges, Tenant shall pay any such deficiency to the Lessor and such Landlord, which deficiency shall be calculated and collected paid monthly. Tenant shall also pay Landlord as soon as ascertained and upon demand all costs and expenses incurred by the Lessor on a monthly basis. No such re-entry or taking possession of said Premises shall be construed as an election on the Lessor's part to terminate this Agreement unless a written notice of such intention is given to the Lessee. Notwithstanding any Landlord in connection with such reletting without termination, the Lessor Landlord may at any time thereafter elect to terminate this Agreement Lease for such previous breach. (c) Land1ord’s reentry, demand for possession, notice that the tenancy hereby created will be terminated on the date therein named, institution of an action of forcible detainer or ejectment or the entering of a judgment for possession in such action or any other act or acts resulting in the termination of Tenant’s right to possession of the Premises shall not relieve any Base Monthly Rental or other charges due from Tenant, and the payment thereof shall not constitute a waiver of or affect any notice or demand given, suit instituted or judgment obtained by reason Landlord, or be held to waive, affect, change, modify or alter the rights or remedies which Landlord has in equity or at law or by virtue of this Lease, (d) In the event Landlord commences any proceedings for nonpayment of Base Monthly Rental or other sums due hereunder, Tenant will not interpose any counterclaim of whatever nature or description which is not directly related to the Lease in any such proceeding. This shall not, however, be construed as a waiver of Tenant’s right to assert such claims in any separate action or actions brought by Tenant. Tenant hereby expressly and voluntarily waives any right to jury trial with respect to any action brought under or with respect to this Lease, and Landlord and Tenant acknowledge and agree that any such action must be brought in a court located in Hall County, Georgia and having jurisdiction therein. (e) All sums past due under this Lease shall bear interest at eighteen percent (18%) per annum, but in no event in excess of the maximum lawful rate, from due date until paid-ill-full. (f) Except as expressly provided in this Lease, Tenant hereby waives any and every form of demand and notice prescribed by statute or other law, including without limitation the notice of any defaultelection of remedies made by Landlord under this Paragraph, in addition demand for payment of any rent, or demand for possession. (g) All rights and remedies of Landlord created or otherwise existing at law are cumulative, and the exercise of one or more rights or remedies shall not be taken to exclude or waive the right to exercise any other remedy it may haveother.

Appears in 1 contract

Samples: Lease Agreement (Allied Bancshares Inc)

Default and Remedies. If: (a) the Lessee Tenant fails to comply with any term, provision, condition, or covenant material term of this AgreementLease; (b) the Lessee Tenant deserts or vacates the Premisespremises; (c) any petition is filed by or against the Lessee under any section or chapter of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States or any state thereofbankruptcy law; (d) the Lessee Tenant becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee or Tenant makes an assignment for the benefit of creditors; or (f) a receiver is appointed for the Lessee Tenant or any of the assets of the LesseeTenant, then in any of such events, the Lessee Tenant shall be in default and the Lessor Landlord shall have the option to do any one anyone or more of the following: upon thirty (i30) days’ prior written notice, excepting the payment of rent or additional rent for which no demand or notice shall be necessary, in addition to and not in limitation of any other remedy permitted by law, to enter upon the Premises premises or any part thereof either with or without process of law law, and to expel, remove and put out the Lessee Tenant or any other persons who might be thereon, together with all personal propertyproperty found therein; (ii) and, Landlord may terminate this Agreement; (iii) Lease or it may from time to time, without termination this Lease, rent said Premises the premises or any part thereof for such term or terms (which may be for a term extending beyond the lease term) and at such rent and upon such terms and conditions as the Lessor s Landlord in its sole discretion may deem advisable, with the right to repair, renovate, remodel, redecorate, alter, alter and change said Premisesthe premises. At the option of the LessorLandlord, rents received by the Lessor Landlord from such reletting shall be applied in order as follows: first to the payment of any indebtedness from the Lessee tenant to the Lessor Landlord other than Rent duerent and additional rent due hereunder; second, to the payment of any costs and expenses of such reletting, including, but not limited towithout limitation, attorney's attorneys’ fees, advertising fees, fees and brokerage fees, and to the payment payment, exclusive of renovation for a new tenant, of any repairs, renovation, remodeling, redecorations, alterationsrent, and changes in the Premises; to the payment of Rent and additional Rent interest, due and payable hereunder and interest thereon; under this Lease, and, if after applying said rentals there is any deficiency in such rents against the Rent rent and additional rent and interest to be paid by the Lessee Tenant must pay Landlord under this Agreement, the Lessee shall pay any such deficiency to the Lessor and such deficiency shall be calculated and collected by the Lessor on Lease there remains a monthly basis. No such re-entry or taking possession of said Premises the premises shall be construed as an election on the Lessor's Landlord’s part to terminate or accept a surrender of this Agreement Lease unless Landlord gives Tenant a prior written notice of such intention is given thereafter elect to the Lesseeterminate this Lease for such previous breach and default. Notwithstanding any such reletting without termination, the Lessor may Should Landlord at any time terminate this Agreement Lease by reason of any default, in addition to any other remedy it may have, it may recover from Tenant the worth at the time of such termination of the excess of the amount of rent and additional rent reserved in this Lease for the balance of the lease term over the then reasonable rental value of the premises for the same period. The parties shall have the right and remedy to seek redress in the courts at any times to correct or remedy any default by injunction or otherwise, without such result being deemed a termination of or acceptance of surrender of this Lease, and Landlord, whether this Lease has been terminated or not, shall have the absolute right by court action or other wise to collect any and all amounts of unpaid rent or unpaid additional rent or any other sums due from Tenant to Landlord under this Lease which were or are unpaid at the date of termination. If either party uses an attorney to enforce its rights or to collect any amount payable under this Lease, then in each case the prevailing party shall receive reasonable attorneys’ fees and expenses incurred by it from the other party.

Appears in 1 contract

Samples: Commercial Lease (CleanTech Biofuels, Inc.)

Default and Remedies. If: A. The occurrence of any one of the following events shall be deemed an "Event of Default" under this Lease: (a) the Lessee fails to comply with pay any term, provision, condition, rent or covenant of this Agreementany other payment hereunder when due; or (b) the Lessee deserts fails to pay, when due, any indebtedness to Lessor arising independently of this Lease, including but not limited to, any other leases between Lessor and Lessee, and such default shall continue for five (5) days; or vacates the Premises; (c) Lessee fails to perform any petition is filed by or against the Lessee under any section or chapter of the Federal Bankruptcy Actterms, as amended, covenants or under any similar law or statute conditions of the United States this Lease or any state thereofother lease between Lessor and Lessee, other than as provided in (a) or (b) above, and such failure continues after ten (10) days written notice; or (d) any representation of Lessee contained in this Lease or any other related agreement, or in any credit or other information submitted to Lessor in connection with this transaction is untrue or incorrect; or (e) Lessee sells substantially all of its assets out of the ordinary course of business, merges or consolidates with any other person, or, sustains a change in its ownership of more than 20% in the aggregate; or (f) Lessee becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee makes an assignment for the benefit of creditors; or (fg) a receiver receiver, trustee, conservator or liquidator of Lessee or of all or a substantial part of its assets is appointed with or without the application or consent of Lessee; or (h) a petition is filed by or against Lessee under the Bankruptcy Code or any amendment thereto, or under any other insolvency law or laws, providing for the Lessee or any relief to debtors. B. Upon an Event of Default, Lessor may, to the assets of the Lesseeextent permitted by applicable law, then in any of such events, the Lessee shall be in default and the Lessor shall have the option to do exercise any one or more of the following: following remedies: (i) enter Terminate this Lease with respect to all or any part of Equipment; (ii) Recover from Lessee all rent and other amounts then due and as they shall thereafter become due hereunder; (iii) Take possession of any or all items of Equipment on any Schedule, wherever the Premises either with same may be located, without demand or notice, without any court order or other process of law and without liability to expelLessee for any damages occasioned by such taking of possession, remove and put out any such taking of possession shall not constitute a termination of this Lease; (iv) Declare the Lessee entire unpaid balance of rent and other amounts for the unexpired term of this Lease immediately due and payable and recover from Lessee, with respect to any and all items of Equipment and with or without repossessing the Equipment the sum of: 1. The unpaid balance of all rent and other amounts due for the balance of the term of this Lease, discounted at four (4%) percent per annum; and, 2. Lessor's anticipated residual recovery from the Equipment at the scheduled expiration of the initial term of this Lease, discounted at four (4%) percent per annum; provided, however, that upon repossession or surrender of Equipment, Lessor may sell, lease or otherwise dispose of Equipment in a commercially reasonable manner, with or without notice and on public or private bid, and if so, shall apply the net proceeds thereof (after deducting all expenses, including attorneys' fees and costs incurred in connection therewith), to the sum of (1) and (2) above; (v) Declare any other persons thereonleases between Lessor and Lessee in default and exercise with respect to such leases any of the remedies provided for herein; (vi) Pursue any other remedy available at law or in equity, together with including but not limited to seeking damages or specific performance and/or obtaining an injunction. C. Lessee shall be liable and shall pay to Lessor all personal property; (ii) terminate this Agreement; (iii) rent said Premises or any part thereof for such term or terms and at such terms and conditions as the expenses incurred by Lessor in its sole discretion may deem advisable, connection with the right to repair, renovate, remodel, redecorate, alter, pre and change said Premises. At the option post judgment enforcement of any of the Lessor's remedies, rents received by the Lessor from such reletting shall be applied in order as follows: to the payment of any indebtedness from the Lessee to the Lessor other than Rent due; to the payment of any costs and including all expenses of such relettingrepossessing, includingstoring, but not limited toshipping, attorney's fees, advertising feesrepairing, and brokerage feesselling the Equipment, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, Lessor's reasonable attorneys' fees and changes in the Premises; to the payment of Rent and additional Rent due and payable hereunder and interest thereon; and, if after applying said rentals there is any deficiency in the Rent and additional rent and interest to be paid by the Lessee under this Agreement, the Lessee shall pay any such deficiency to the costs. Lessor and Lessee acknowledge the difficulty in establishing a value for the unexpired lease term and owing to such deficiency shall difficulty agree that the provisions of this paragraph 14 represent an agreed measure of damages and are not to -6 of 8- be calculated and collected by the deemed a forfeiture or penalty. D. All remedies of Lessor on a monthly basis. No such re-entry or taking possession of said Premises shall be construed as an election on the Lessor's part to terminate this Agreement unless a written notice of such intention is given to the Lessee. Notwithstanding any such reletting without terminationhereunder are cumulative, the Lessor may at any time terminate this Agreement by reason of any default, are in addition to any other remedies provided for by law, and may, to the extent permitted by law, be exercised concurrently or separately. The exercise of any one remedy it may haveshall not be deemed to be an election of such remedy or to preclude the exercise of any other remedy. No failure on the part of the Lessor to exercise and no delay in exercising any right or remedy shall operate as a waiver thereof or modify the terms of this Lease. A waiver of default shall not be a waiver of any other or subsequent default. If this Lease is determined to be subject to any laws limiting the amount chargeable or collectible by Lessor then Lessor's recovery shall in no event exceed the maximum amounts permitted by law.

Appears in 1 contract

Samples: Master Lease Agreement (Virologic Inc)

Default and Remedies. If: (a) a. If the Lessee shall default in fulfilling any of its terms, conditions, covenants or provisions of this Agreement, including but not limited to: 1. Payment of fixed Monthly Rental Charges and/or any other charges hereunder within ten days of the date such charges become due; 2. Becomes insolvent, makes an assignment for benefit of creditors, or files a voluntary petition under any bankruptcy or insolvency law, or has filed against it an involuntary petition under any such law; 3. Defaults in fulfilling any of the terms, conditions, covenants or provisions of this Agreement including but not limited to the breach of any of the terms and conditions set forth in the exhibits attached hereto; 4. The abandonment and/or vacatur of the Premises by the Lessee; then, after five days notice of any such default(s), the Lessor may, at its sole discretion, terminate this Agreement upon five days notice to the Lessee, and upon the expiration of such notice period, the Lessee shall quit and surrender the Premises to the Lessor. In the event that the Lessee fails to comply with any term, provision, condition, or covenant of this Agreement; (b) the Lessee deserts or vacates quit and surrender the Premises; (c) any petition is filed by or against , the Lessee under any section or chapter Lessor may re-enter and take possession of the Federal Bankruptcy ActPremises and remove all persons and property therefrom, as amended, or under well as disconnect any similar law or statute of the United States or any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee makes an assignment telephone lines installed for the benefit of creditors; Lessee, without any liability whatsoever to Lessee. In addition, Lessor may elect concurrently or (f) a receiver is appointed for alternately to accelerate all of Lessee's obligations hereunder including without limitation the Lessee or any rental, direct expenses, Schedule B Costs, and Telephone Services costs, and/or the re-letting of the assets of the Lessee, then in any of such events, the Lessee shall be in default and the Lessor shall have the option to do any one or more of the following: (i) enter the Premises either with or without process of law and to expel, remove and put out the Lessee or any other persons thereon, together with all personal property; (ii) terminate this Agreement; (iii) rent said Premises or any part thereof thereof, for such term all or terms and any part of the remainder of said term, to a party satisfactory to Lessor, at such terms and conditions as the Lessor any monthly rental rate. Lessor, in its sole discretion discretion, may deem advisableaccept notwithstanding the foregoing, with the right Lessor shall have no obligation, implied or otherwise, to repair, renovate, remodel, redecorate, alter, and change said Premises. At the option of the Lessor, rents received by the mitigate its damage(s) under such circumstances. b. Should Lessor from such reletting shall be applied in order as follows: unable to the payment of any indebtedness from the Lessee to the Lessor other than Rent due; to the payment of any costs and expenses of such reletting, including, but not limited to, attorney's fees, advertising fees, and brokerage fees, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in re-let the Premises; , or should each monthly re-rental be less than the rental, Lessee is obligated to the payment of Rent and additional Rent due and payable hereunder and interest thereon; and, if after applying said rentals there is any deficiency in the Rent and additional rent and interest to be paid by the Lessee pay under this AgreementAgreement or any renewal thereof, the at Lessor's option Lessee shall pay any such deficiency to the Lessor and such deficiency shall be calculated and collected by the Lessor on a monthly basis. No such re-entry or taking possession of said Premises shall be construed as an election on the Lessor's part to terminate this Agreement unless a written notice amount of such intention is given deficiency, plus the expenses of reletting, immediately in one lump sum (if allowable under law) to the Lessee. Notwithstanding any Lessor upon demand and/or as such reletting without termination, the Lessor may at any time terminate this Agreement by reason of any default, in addition to any other remedy it may haveobligations accrue.

Appears in 1 contract

Samples: Lease and Service Agreement (Qorus Com Inc)

Default and Remedies. If: (a) If Client defaults in the Lessee fails to comply with performance of any term, provision, condition, or covenant provision of this Agreement; (b) the Lessee deserts , suspends business voluntarily or vacates the Premises; (c) any petition is filed by or against the Lessee under any section or chapter of the Federal Bankruptcy Actinvoluntarily, as amended, or under any similar law or statute of the United States or any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee makes an assignment for the benefit of creditors; or (f) , has a receiver is appointed for appointed, petitions voluntarily or involuntarily under the Lessee Bankruptcy Code or any amendment thereof, or a creditor's committee is named for Client, or in the event of occurrence of any act whatsoever amounting to a business failure by Client, or if Client fails to notify TCI of any change in senior management or key contacts or violates the assets requirements of the LesseeParagraph 14 relating to a transfer of its business, then in any of such eventsor does not meet Client's minimum monthly volume requirement as stated on attached Rate Sheet, the Lessee shall be in default and the Lessor TCI shall have the option following rights and remedies in addition to do all rights and remedies provided in this Agreement, in the Uniform Commercial Code---Secured Transactions, or provided under any one or more of the followingother law, such rights and remedies being cumulative and not exclusive: (ia) enter Client will, on demand, repurchase from TCI all the Premises either with or without process of law outstanding and to expelunpaid Accounts, remove and put out will pay TCI therefore the Lessee or any other persons aggregate principal amount owing thereon, together with all personal property; (ii) terminate this Agreement; (iii) rent said Premises or any part thereof for such term or terms and at such terms and conditions as the Lessor in its sole discretion may deem advisable, with the right to repair, renovate, remodel, redecorate, alter, and change said Premises. At the option of the Lessor, rents received by the Lessor from such reletting shall be applied in order as follows: to the payment of any indebtedness from the Lessee to the Lessor other than Rent due; to the payment of any costs and expenses of such reletting, including, but not limited toplus charges accrued thereon, attorney's fees, advertising feesinterest at the prime rate in effect at the date of default at Bank of America of Chicago, all expenses of collection, and brokerage feesother charges or expenses paid or incurred by TCI in respect of Accounts, Debtors, Clients, or guarantors, or in the prosecution or defense of any actions in respect of this Agreement, or Accounts purchased hereunder, less any amounts payable by TCI to Client hereunder, and upon Client’s failure to repurchase, TCI may liquidate Accounts and other Collateral by sale at public or private sale, on ten (10) days written notice by first class mail to Client, or on such notice as may be required from any right or equity of redemption of Client, and the net proceeds of such sale shall be applied against the repurchase price and TCI shall be entitled to any surplus, and Client shall pay any deficiency; (b) TCI may, at any time, enter upon any premises in which the Collateral or any part thereof may be located, and without resistance or interference by the Client, take possession of the Collateral; and dispose of all or any part of the Collateral on any premises of the Client; require the Client to assemble and make available to TCI all or any part of the Collateral at any place and time designated by TCI which is reasonable and convenient to TCI and the Client; remove all or any part of the Collateral from any premises on which any part may be located for the purpose of effecting sale or other disposition thereof; sell, resell, lease, assign and deliver, or otherwise dispose of, the Collateral or any part thereof in its existing condition or following any commercially reasonable preparation or processing, at public or private proceedings, in one or more parcels at the same or different times with or without having the Collateral at the place of sale or other disposition, for cash, upon credit or for future delivery, and in connection therewith TCI may grant options, at such place and time or times and to such persons, firms or corporations as TCI deems appropriate, and without demand for performance or any notice or advertisement whatsoever except that where applicable law requires reasonable notice of sale or other disposition, the Client hereby agrees that ten (10) days notice by first class mail, postage prepaid, to any address of the Client set forth on this Agreement, of the place and time of any public sale or of the place and time after which any private sale or other disposition may be made, shall be deemed reasonable notice of such sale or other disposition; or liquidate or dispose of the Collateral or any part thereof in any other commercially reasonable manner. Client hereby waives all equity and right of redemption. TCI may buy any part or all of the Collateral at any public sale and, if any part of or all of the Collateral is of a type customarily sold in a recognized market or is of a type which is the subject of widely distributed standard price quotations, TCI may buy at private sale, all free from any equity or right of redemption which is hereby waived and released by the Client, and TCI may make payment therefor by credit bidding all or part of the total amount Client owes TCI hereunder; (c) TCI may apply the cash proceeds actually received from any sale or other disposition to the reasonable expenses of retaking, holding, preparing for sale, selling, leasing and the like, to reasonable attorney's fees if this Agreement is referred to an attorney for enforcement, to all legal expenses, court costs, collection charges, travel and other expenses which may be incurred by TCI in attempting to collect the payment of any repairsobligations to Client or to enforce this Agreement and realize upon the Collateral, renovationor in the prosecution or defense of any action or proceeding related to the subject matter of this Agreement; and then to payment of any obligation to TCI, remodelingin such order as to principal or interest as TCI may desire; and the Client shall at all times be and remain liable and, redecorationsafter crediting the net proceeds of sale or other disposition as aforesaid, alterationswill pay TCI on demand any deficiency remaining, including interest thereon and the balance of any above-described expenses at any time unpaid, with any surplus to be paid to TCI; (d) TCI shall have the right to notify the U.S. Postal Service authorities to change the address for the delivery of mail addressed to Client to such address as TCI may designate and Client hereby grants to TCI an irrevocable Power of Attorney coupled with an interest to sign and execute all forms necessary for the change o f address, and changes Client hereby designates TCI as its agent to receive and open Client's mail; (e) It is agreed by and between the parties that the bankruptcy, insolvency or dissolution of any guarantor of this Agreement or the purported or attempted termination or repudiation of any guaranty of this Agreement, in whole or in part shall be deemed an incident of default with respect to this Agreement; (f) because the Premises; factoring fee percentage rates on the rate sheets are based on a minimum monthly volume of Accounts Client will be assigning to TCI for the payment term of Rent this Agreement, Client agrees that during the term of this Agreement (and additional Rent including any renewal or extension terms) Client will owe monthly factoring fees which are at least equal to an amount determined by multiplying the factoring fee percentage rates (for all discounts, interest and other factoring fees) set forth on attached rate sheets times the minimum monthly volume requirement of Client invoices as set forth on attached rate sheets, and such minimum amount of factoring fees (less factoring fees paid by Client) will accrue and accumulate during this Agreement and will be due and payable hereunder and interest thereon; andin full upon the demand of TCI or, if after applying said rentals there no demand is made, upon termination of this Agreement for any reason. The failure of TCI to collect such volume deficiency charge during any period shall not constitute a waiver by TCI of that right; (g) TCI may hold Client reserves in an amount equal to Client's default until that point in time that the default has been satisfied; (h) TCI may, at its option and without notice, adjust any rates, charges, or fees as set forth herein and in the Rent and additional rent and interest rate sheet; (i) TCI, in its sole discretion, may elect to be paid waive any default by Client under the Lessee under this AgreementAgreement or otherwise. If TCI elects to waive such default, it may, without notice to client, charge client a fee (the Lessee shall pay any such deficiency to the Lessor and such deficiency "Default Waiver Fee"). The Default Waiver Fee shall be the greater of one hundred twenty-five percent (125%) of any monetary damage or twenty-five dollars ($25.00). TCI may collect any Default Waiver Fee incurred by Client either directly from Client or as provided in paragraphs 1 and 2 of the Agreement. Default charges, at the election of TCI, may be calculated and collected by from the Lessor on a monthly basis. No such re-entry or taking possession date of said Premises shall be construed as an election on the Lessor's part to terminate this Agreement unless and are cumulative; (j) In the event Client has a written T-Chek fuel account and is in default hereunder, Client hereby authorizes TCI and T-Chek to transfer funds between the T-Chek fuel account and TCI; and (k) TCI could take the money from any of the Client’s deposit accounts without prior notice following the occurrence of such intention is given to a default (or even in the Lessee. Notwithstanding any such reletting without termination, absence of default) under the Lessor may at any time terminate this Agreement by reason of any default, in addition to any other remedy it may havefactoring agreement.

Appears in 1 contract

Samples: Factoring Agreement (Winland Electronics Inc)

Default and Remedies. If: If any of the following shall occur: (ai) Tenant shall fail, for any reason, to make any payment of Rent as and when the Lessee fails same is due to comply with be paid hereunder and such default shall continue for five (5) days after such payment was due, whether or not notice is given to Tenant; (ii) Tenant shall fail, for any termreason, provisionto perform any other covenant, condition, agreement or covenant other obligation on the part of Tenant to be observed or performed pursuant to this Agreement; Lease (bother than the payment of any Rent) or any other agreement between the Lessee deserts parties, whether or vacates not related to the Premises; , and such default shall continue for fifteen (c15) days after written notice thereof or such shorter period as expressly provided herein; (iii) any petition is filed of Landlord’s policies of insurance on the Project or any part or contents thereof shall be actually or threatened to be cancelled or adversely changed as a result of any use or occupancy of or contents in the Premises; (iv) Tenant shall purport to make a Transfer affecting the Premises, or the Premises shall be used by any person or against the Lessee under for any section purpose, other than in compliance with and as expressly authorized by this Lease; (v) Tenant or chapter any other person occupying any portion of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States or any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee makes Premises shall make an assignment for the benefit of creditors; creditors or become bankrupt or insolvent or take the benefit of any statute for bankrupt or insolvent debtors or make any proposal, assignment, arrangement or compromise with its creditors or, if any steps are taken or action or proceedings commenced by any person for the dissolution, winding up or other termination of Tenant’s existence or liquidation of its assets; (fvi) a receiver is trustee, receiver, receiver-manager, manager, agent or other like person shall be appointed for the Lessee or any in respect of the assets or business of Tenant or any other occupant of the LesseePremises; (vii) Tenant attempts to or does abandon the Premises or remove or dispose of any goods and chattels from the Premises so that there would not, then in any the event of such eventsremoval or disposal, be sufficient goods of Tenant on the Premises subject to distress to satisfy all arrears of Rent payable under this Lease and all Rent payable hereunder for a further period of at least twelve (12) months, or if the Premises shall be vacant or unoccupied for a period of five (5) consecutive days or more without the prior written consent of Landlord; (viii) Tenant makes any sale in bulk affecting any property on the Premises (other than in conjunction with a Transfer approved in writing by Landlord and made pursuant to all applicable legislation); (ix) this Lease or any goods or other property of Tenant shall at any time be seized or taken in execution or attachment which remains unsatisfied for a period of five (5) days or more; (x) termination or re-entry by Landlord is permitted under any provision of this Lease or at law; then, without prejudice to and in addition to any other rights and remedies to which Landlord is entitled pursuant hereto or at law, the Lessee then current and the next three (3) months’ Rent shall be in default forthwith due and the Lessor payable and Landlord shall have the option to do any one or more following rights and remedies, all of which are cumulative and not alternative, to: (i) terminate this Lease in respect of the following: whole or any part of the Premises by written notice to Tenant; if this Lease is terminated in respect of part of the Premises, this Lease shall be deemed to be amended by the appropriate amendments, and proportionate adjustments in respect of Rent and any other appropriate adjustments shall be made; (iii) enter the Premises either with or without process as agent of law Tenant and as such agent to expel, remove relet them for whatever term (which may be for a term extending beyond the Term) and put out the Lessee or any other persons thereon, together with all personal property; (ii) terminate this Agreement; (iii) rent said Premises or any part thereof for such term or terms and at such on whatever terms and conditions as the Lessor Landlord in its sole discretion may deem advisabledetermine and to receive the rent therefor and, with as the right agent of Tenant, to repairtake possession of any furniture, renovatefixtures, remodelequipment, redecoratestock or other property thereon and, alterupon giving written notice to Tenant, to store the same at the expense and change said Premises. At the option risk of Tenant or to sell or otherwise dispose of the Lessor, rents received by the Lessor from such reletting shall be applied in order as follows: to the payment of any indebtedness from the Lessee to the Lessor other than Rent due; to the payment of any costs and expenses of such reletting, including, but not limited to, attorney's fees, advertising fees, and brokerage feessame at public or private sale without further notice, and to make such alterations to the payment Premises in order to facilitate their reletting as Landlord shall determine, and to apply the net proceeds of the sale of any repairsfurniture, renovationfixtures, remodelingequipment, redecorations, alterations, and changes in stock or other property or from the reletting of the Premises; to , less all expenses incurred by Landlord in making the payment Premises ready for reletting and in reletting the Premises, on account of Rent and additional the Rent due and payable hereunder to become due under this Lease and interest thereon; and, if after applying said rentals there is Tenant shall be liable to Landlord for any deficiency in the Rent and additional rent and interest to be paid for all such expenses incurred by the Lessee under this Agreement, the Lessee shall pay any Landlord as aforesaid; no such deficiency to the Lessor and such deficiency shall be calculated and collected by the Lessor on a monthly basis. No such re-entry or taking possession of said or performing alterations to or reletting of the Premises by Landlord shall be construed as an election on the Lessor's Landlord’s part to terminate this Agreement Lease unless a written notice of such intention or termination is given by Landlord to Tenant; (iii) remedy or attempt to remedy any default of Tenant in performing any repairs, work or other covenants of Tenant hereunder and, in so doing, to make any payments due or claimed to be due by Tenant to third parties and to enter upon the Premises, without any liability to Tenant therefor or for any damages resulting thereby, and without constituting a re-entry of the Premises or termination of this Lease, and without being in breach of any of Landlord’s covenants hereunder and without thereby being deemed to infringe upon any of Tenant’s rights pursuant hereto, and in such case, Tenant shall pay to Landlord forthwith upon demand all amounts paid by Landlord to third parties in respect of such default and all reasonable costs of Landlord in remedying or attempting to remedy any such default plus ten (10%) percent of the amount of such costs for Landlord’s inspection and supervision plus a further ten (10%) percent for overhead and profit; (iv) obtain damages from Tenant including, without limitation, if this Lease is terminated by Landlord, all deficiencies between all amounts which would have been payable by Tenant for what would have been the balance of the Term, but for such termination, and all net amounts actually received by Landlord for such period of time; and (v) suspend or cease to supply any utilities, services, heating, ventilating, air-conditioning and humidity control to the Lessee. Notwithstanding Premises, all without liability of Landlord for any such reletting without terminationdamages, the Lessor may at any time terminate this Agreement by reason of any defaultincluding indirect or consequential damages, in addition to any other remedy it may havecaused thereby.

Appears in 1 contract

Samples: Sublease Agreement (Andretti Acquisition Corp.)

Default and Remedies. If: If and whenever an Event of Default occurs, then without prejudice to any other rights which it has pursuant to this Lease or at law, the Landlord shall have the following rights and remedies, which are cumulative and not alternative: (a) to terminate this Lease by notice to the Lessee fails Tenant or to comply with any termre-enter the Premises and repossess them and, provisionin either case, conditionenjoy them as of its former estate, and the Landlord may remove all Persons and property from the Premises and store such property at the expense and risk of the Tenant or covenant sell or dispose of this Agreement; such property in such manner as the Landlord sees fit without notice to the Tenant; (b) the Lessee deserts or vacates the Premises; (c) any petition is filed by or against the Lessee under any section or chapter of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States or any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee makes an assignment for the benefit of creditors; or (f) a receiver is appointed for the Lessee or any of the assets of the Lessee, then in any of such events, the Lessee shall be in default and the Lessor shall have the option to do any one or more of the following: (i) enter the Premises either with or without process as agent of law the Tenant and to expelrelet the Premises for whatever length, remove and put out the Lessee or any other persons thereon, together with all personal property; (ii) terminate this Agreement; (iii) rent said Premises or any part thereof for such term or terms and at on such terms and conditions as the Lessor Landlord in its sole discretion may deem advisable, with determine and to receive the right to repair, renovate, remodel, redecorate, alter, rent therefor and change said Premises. At the option as agent of the LessorTenant to take possession of any property of the Tenant on the Premises, rents received to store such property at the expense and risk of the Tenant or to sell or otherwise dispose of such property in such manner as the Landlord sees fit without notice to the Tenant; to make alterations to the Premises to facilitate their reletting; and to apply the proceeds of any such sale or reletting first, to the payment of any expenses incurred by the Lessor from Landlord with respect to any such reletting shall be applied in order as follows: or sale second, to the payment of any indebtedness from of the Lessee Tenant to the Lessor Landlord other than Rent due; to the payment of any costs and expenses of such relettingthird, including, but not limited to, attorney's fees, advertising fees, and brokerage fees, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of Rent in arrears, with the residue to be held by the Landlord and additional applied to payment of future Rent as it becomes due and payable; provided that the Tenant shall remain liable for any deficiency to the Landlord; (c) to remedy or attempt to remedy any default of the Tenant under this Lease for the account of the Tenant and to enter upon the Premises for such purposes; and no notice of the Landlord's intention to remedy or attempt to remedy such default need be given the Tenant unless expressly required by this Lease; and the Landlord shall not be liable to the Tenant for any loss, injury or damages caused by acts of the Landlord in remedying or attempting to remedy such default and the Tenant shall pay to the Landlord all expenses incurred by the Landlord in connection therewith; (d) to recover from the Tenant all damages, costs and expenses incurred by the Landlord as a result of any default by the Tenant including, if the Landlord terminates this Lease, any deficiency between those amounts which would have been payable by the Tenant for the portion of the Term following such termination and the net amounts actually received by the Landlord during such period of time with respect to the Premises; and (e) to recover from the Tenant the full amount of the current month's Rent together with the next three months' instalments of Rent, all of which shall accrue on a day to day basis and shall immediately become due and payable hereunder and interest thereon; and, if after applying said rentals there is any deficiency in the Rent and additional rent and interest to be paid by the Lessee under this Agreement, the Lessee shall pay any such deficiency to the Lessor and such deficiency shall be calculated and collected by the Lessor on a monthly basis. No such re-entry or taking possession of said Premises shall be construed as an election on the Lessor's part to terminate this Agreement unless a written notice of such intention is given to the Lessee. Notwithstanding any such reletting without termination, the Lessor may at any time terminate this Agreement by reason of any default, in addition to any other remedy it may haveaccelerated rent.

Appears in 1 contract

Samples: Lease Agreement (Pri Automation Inc)

Default and Remedies. If: (a) In the Lessee fails event of: (i) a material breach of the Purchase Option or this Agreement by Assignor prior to comply with any term, provision, conditionthe assignment of the Purchase Option to Assignee, or covenant (ii) a failure of this Agreement; (b) Assignor to execute the Lessee deserts or vacates the Premises; (c) any petition is filed by or against the Lessee under any section or chapter Conditional Assignment, following satisfaction of the Federal Bankruptcy Act, as amendedExercise Conditions and the nCino Assignment Conditions, or under any similar law or statute (iii) if following execution of the United States or any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee makes an assignment for the benefit of creditors; or (f) a receiver is appointed for the Lessee or any Conditional Assignment by Assignor and Assignee pursuant to Section 3 and Assignee’s delivery of the assets of Financial Assurance to Landlord pursuant to Section 4(a), Assignor shall fail to deliver the LesseeConditional Assignment to Landlord pursuant to Section 4(b) above, then in any of such eventseach case, the Lessee shall be in default and the Lessor Assignee shall have the option to do any one or more of as its sole and exclusive remedies the following: (iA) enter the Premises either with or without process of law and to expel, remove and put out the Lessee or any other persons thereon, together with all personal property; (ii) terminate this Agreement; (iii) rent said Premises or any part thereof for such term or terms and at such terms and conditions as the Lessor in its sole discretion may deem advisable, with the right to repair, renovate, remodel, redecorate, alter, and change said Premises. At the option of the Lessor, rents received by the Lessor from such reletting shall be applied in order as follows: to the payment of any indebtedness from the Lessee to the Lessor other than Rent due; to the payment of any costs and expenses of such reletting, including, but not limited to, attorney's fees, advertising fees, and brokerage fees, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of Rent and additional Rent due and payable hereunder and interest thereon; and, if after applying said rentals there is any deficiency in the Rent and additional rent and interest to be paid by the Lessee under this Agreement, the Lessee shall pay any such deficiency to the Lessor and such deficiency shall be calculated and collected by the Lessor on a monthly basis. No such re-entry or taking possession of said Premises shall be construed as an election on the Lessor's part to terminate this Agreement unless and receive a written return of the Cloud Deposit and to recover from Assignor all out of pocket expenses incurred by Assignee in connection with the negotiation and preparation of the LOI, the negotiation and preparation of this Agreement, preparation for consummation of the assignment of the Purchase Option and closing thereunder, and any other expenses incurred by Assignee as the result of (i), (ii) and (iii) above but in any event such recovery shall not exceed $500,000.00, and (B) the right to recover reasonable attorneys’ fees incurred by Assignee in connection with any of the foregoing. (b) (i) In the event of a material breach of this Agreement by Assignee, or (ii) if the nCino Assignment Conditions shall not be satisfied by Assignee after the Exercise Conditions and Cloud Assignment Conditions shall have been satisfied, or (iii) if, after the nCino Assignment Conditions and Cloud Assignment Conditions shall have been satisfied, the Property shall not be conveyed to Assignee no later than December 22, 2020, for any reasons other than (A) a Landlord default, as described in the third sentence of Section 33.04(B) of the Lease, (B) Landlord’s refusal to consent to the Conditional Assignment upon Landlord’s receipt of the deliveries pursuant to Sections 4(a) and 4(b) above, (C) a failure of Assignor to execute and deliver the Conditional Assignment upon satisfaction of the nCino Assignment Conditions, or (D) after execution of the Conditional Assignment by Assignor and Assignee, Assignor shall refuse to deliver the Conditional Assignment to Landlord, then in each such instance, Assignor may retain the Cloud Deposit free of any claims of Assignee and of any party claiming by, through or under Assignee, as fixed, agreed and liquidated damages and, as Assignor’s sole remedy, after which event neither party shall have any further liability hereunder except as expressly set forth in this Agreement. The parties hereto agree that in the event of a default by Assignee the actual damages thereby incurred by Assignor would be difficult to measure and that the receipt of the Cloud Deposit by Assignor from the Escrow Agent would in such circumstances represent reasonable compensation to Assignor on account thereof. (c) In the event of a breach of this Agreement by either party, including without limitation a breach of any representation contained herein and such breach is not discovered by a non-breaching party until after the WI/Cloud Closing under the Purchase Option, the non-breaching party shall provide to the breaching party notice of such intention breach and a period of time, not to exceed thirty (30) days to cure such breach. In the event the breach is given not cured within the thirty (30) day period, then the non-breaching party shall have the right to recover from the breaching party all actual out-of-pocket expenses, including without limitation attorneys’ fees, incurred by the non-breaching party due to the Lessee. Notwithstanding any such reletting without termination, breach by the Lessor may at any time terminate this Agreement by reason of any default, in addition to any other remedy it may havebreaching party.

Appears in 1 contract

Samples: Purchase Option Agreement (Ncino, Inc.)

Default and Remedies. If: (a) In the Lessee fails to comply with event (1) default is made in the payment of any term, provision, condition, part of the principal or covenant interest of this Agreement; (b) the Lessee deserts or vacates the Premises; (c) any petition is filed by or against the Lessee under any section or chapter of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States or any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee makes an assignment for the benefit of creditors; or (f) a receiver is appointed for the Lessee Note or any of the assets other Notes (as that term is defined in the Loan Agreement as such payments become due and payable), (2) default is made in the payment of any other sum due pursuant to the terms of this Note, any of the LesseeNotes, then the Loan Agreement or any Loan Document, or (3) if an event of default shall occur under and as defined in any of such eventsthe Notes, the Lessee shall be in default and the Lessor Loan Agreement or any Loan Document (collectively, "Events of Default"), Payee shall have the option option, without demand or notice, to do any one or more declare the unpaid principal of the following: (i) enter the Premises either with or without process of law and to expel, remove and put out the Lessee or any other persons thereonthis Note, together with all personal property; accrued interest and other sums owing hereunder, at once due and payable, and to exercise any and all other rights and remedies available in any Loan Document or at law or in equity. (iib) terminate this Agreement; (iii) rent said Premises The remedies of Payee, as provided herein, shall be cumulative and concurrent, and may be pursued singularly, successively or any part thereof for such term or terms and together, at such terms and conditions as the Lessor in its sole discretion may deem advisable, with the right to repair, renovate, remodel, redecorate, alterof Payee, and change said Premisesmay be exercised as often as occasion therefor shall arise. At the option No act of omission or commission of Payee, including specifically any failure to exercise any right, remedy or recourse, shall be deemed to be a waiver or release of the Lessorsame, rents received such waiver or release to be effected only through a written document executed by the Lessor from such reletting shall be applied in order as follows: Payee and then only to the payment extent specifically recited therein. A waiver or release with reference to any one event shall not be construed as continuing, as a bar to, or as a waiver or release of, any subsequent right, remedy or recourse as to a subsequent event. (c) Upon occurrence of an Event of Default, Borrower irrevocably authorizes any attorney of any indebtedness from the Lessee court of record to the Lessor other than Rent due; appear therein on its behalf and to the payment confess a judgment, without service of any process, against it in such amount as may then appear to be due and payable hereon, and all costs and expenses of such relettingincurred in connection therewith, including, but not limited to, attorney's fees, advertising including reasonable attorneys' fees, and brokerage fees, it hereby admits and to confesses the payment allegations of any repairscomplaint filed in connection with this Promissory Note, renovationwaives and releases any errors intervening in such proceedings and consents to an immediate execution on such judgment, remodeling, redecorations, alterations, hereby ratifying and changes in the Premises; to the payment of Rent and additional Rent due and payable hereunder and interest thereon; and, if after applying said rentals there is any deficiency in the Rent and additional rent and interest to be paid confirming all acts that attorney may perform by the Lessee under this Agreement, the Lessee shall pay any such deficiency to the Lessor and such deficiency shall be calculated and collected by the Lessor on a monthly basis. No such re-entry or taking possession of said Premises shall be construed as an election on the Lessor's part to terminate this Agreement unless a written notice of such intention is given to the Lessee. Notwithstanding any such reletting without termination, the Lessor may at any time terminate this Agreement by reason of any default, in addition to any other remedy it may havevirtue hereof.

Appears in 1 contract

Samples: Loan Agreement (Pioneer Railcorp)

Default and Remedies. If: (a) the Lessee fails to comply with any term, provision, condition, or covenant of this Agreement; (b) the Lessee deserts or vacates the Premises; (c) any petition is filed by or against the Lessee under any section or chapter Any of the Federal Bankruptcy Act, as amended, or following events shall constitute defaults under any similar law or statute of the United States or any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee makes an assignment for the benefit of creditors; or (f) a receiver is appointed for the Lessee or any of the assets of the Lessee, then in any of such events, the Lessee shall be in default this Pledge Agreement and the Lessor shall have the option to do any one or more of the followingNote: (i) enter Pledgor's failure to pay any principal or interest under the Premises either with Note when due; or without process of law and to expel, remove and put out the Lessee or any other persons thereon, together with all personal property; (ii) terminate Pledgor's failure to perform any covenant contained in the Note or this Agreement; Pledge Agreement (iiiother than for the payment of principal or interest on the Note) rent said Premises or which is not cured within three business days after notice from Pledgee. (b) If a default hereunder shall have occurred and be continuing and Pledgee has declared the outstanding balance on the Note due and payable, then (in accordance with all applicable state and federal security laws) in addition to the rights and remedies of a secured party under the Uniform Commercial Code in effect in California, Pledgee may, without being required to give any part thereof for such term or terms and at such terms and conditions notice except as hereinafter provided, (i) apply the Lessor in its sole discretion may deem advisablecash, with the right to repairif any, renovate, remodel, redecorate, alter, and change said Premises. At the option of the Lessor, rents received then held by the Lessor from such reletting shall be applied in order Pledgee as follows: collateral security hereunder to the payment of any indebtedness from Pledgor's obligations under the Lessee Note and (ii) if there be no such cash or if the cash so applied shall be insufficient to pay in full all Obligations, sell the Lessor other than Rent due; to Pledged Collateral on the payment public markets or at private sale for cash, on credit or for future delivery, and at such price or prices, as Pledgee may deem satisfactory, and Pledgee may be the purchaser of any costs or all of the Pledged Collateral so sold and expenses thereafter hold the same, absolutely free from any claim or right of whatsoever kind. Pledgee is authorized at any such reletting, including, but not limited to, attorney's fees, advertising fees, and brokerage fees, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of Rent and additional Rent due and payable hereunder and interest thereon; andsale, if after applying said rentals there is any deficiency in Pledgee deems it advisable so to do, to restrict the Rent and additional rent and interest prospective bidders or purchasers to be paid by the Lessee under this Agreement, the Lessee shall pay any such deficiency to the Lessor and such deficiency shall be calculated and collected by the Lessor on a monthly basis. No such re-entry or taking possession of said Premises shall be construed as an election on the Lessor's part to terminate this Agreement unless a written notice of such intention is given to the Lessee. Notwithstanding any such reletting without termination, the Lessor may at any time terminate this Agreement by reason of any default, in addition to any other remedy it may have.persons who will represent and

Appears in 1 contract

Samples: Retirement Agreement (Sybase Inc)

Default and Remedies. If: (a) This Sublease is upon the Lessee fails to comply with any term, provision, condition, that if the Sublessee shall neglect or covenant fail to perform or observe any of this Agreement; (b) the Lessee deserts Sublessee's covenants contained herein, or vacates if the Premises; (c) any estate hereby created shall be taken on execution, or by other process of law, or to the extent permitted by law, if a petition is shall be filed by or against the Lessee Sublessee under any section or chapter of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States Bankruptcy Code or acts amendatory thereof or supplemental thereto, or if any state thereof; (d) assignment shall be made of the Lessee becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee makes an assignment Sublessee's property for the benefit of creditors; , or (f) if a receiver is receiver, or other similar officer shall be appointed for to take charge of all or any part of the Lessee Sublessee's property by a court of competent jurisdiction, or if Sublessee vacates, deserts or abandons the Premises or discontinues the conduct of its business therein, then, and in any of the assets said cases (notwithstanding any license of any former breach of covenant or waiver of the Lessee, then benefit thereof or consent in any of such eventsa former instance), the Lessee shall be in default Sublessor lawfully may, without demand or notice, enter into and upon the Lessor shall have the option to do any one or more of the following: (i) enter the Premises either with or without process of law and to expel, remove and put out the Lessee or any other persons thereon, together with all personal property; (ii) terminate this Agreement; (iii) rent said Premises or any part thereof for such term or terms and at such terms and conditions as in the Lessor in its sole discretion may deem advisable, with name of the right to repair, renovate, remodel, redecorate, alterwhole, and change said Premises. At repossess the option same as of the LessorSublessor's former estate and expel the Sublessee and those claiming through or under the Sublessee and remove their effects (forcibly if necessary) without being deemed guilty of any manner of trespass, rents received by and without prejudice to any remedies which might otherwise be used for arrears of rent or preceding breach of covenant, and upon entry as aforesaid, this Sublease shall terminate; and the Lessor from Sublessee covenants that, in case of such reletting shall termination or of termination under the provisions of law for the Sublessee's default, the Sublessee will, at the election of the Sublessor, which election may be applied in order as followsmade or changed at any time: (a) pay to the payment of any indebtedness from the Lessee Sublessor sums equal to the Lessor other than Rent due; to the payment of any costs and expenses of such reletting, including, but not limited to, attorney's fees, advertising fees, and brokerage fees, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of Rent and additional Rent due and payable hereunder and interest thereon; and, if after applying said rentals there is any deficiency in the Rent and additional rent and interest other payments to be paid by the Lessee under Sublessee at the same times and in the same installments as specified in this AgreementSublease during the remainder of the term, less the Lessee shall net amount received by the Sublessor from reletting the Premises, after deducting all costs and expenses incurred in connection with such reletting; or, (b) pay any such deficiency to the Lessor Sublessor, as damages, such a sum as at the time of such termination or at the time to which installments under (a) above shall have been paid represents the excess of the rent and such deficiency shall other payments to be calculated and collected paid hereunder by the Lessor on a monthly basis. No such re-entry or taking possession Sublessee above the rental value of the Premises for the remainder of said Premises shall term; or, (c) indemnify the Sublessor against loss of the rent and other payments to be construed as an election on paid hereunder by the Lessor's part to terminate this Agreement unless a written notice Sublessee from the time of such intention is given termination or from the time to which installments under (a) above shall have been paid to the Lessee. Notwithstanding any such reletting without termination, the Lessor may at any time terminate this Agreement by reason expiration of any default, in addition to any other remedy it may havesaid term.

Appears in 1 contract

Samples: Sublease (Eprise Corp)

Default and Remedies. If: If and whenever an Event of Default occurs, then, without prejudice to any other rights which it has pursuant to this Lease or at law, the Landlord shall have the following rights and remedies, which are cumulative and not alternative: (a) to terminate this Lease by notice to the Lessee fails Tenant or to comply with re-enter the Premises and repossess them and, in either case, enjoy them as of its former estate, and to remove all persons and property from the Premises and store such property at the expense and risk of the Tenant or sell or dispose of such property in such manner as the Landlord sees fit without notice to the Tenant. If the Landlord enters the Premises without notice to the Tenant as to whether it is terminating this Lease under this Section 13.2(a) or proceeding under Section 13.2(b) or any term, provision, condition, or covenant other provision of this Agreement; Lease, the Landlord shall be deemed to be proceeding under Section 13.2(b), and the Lease shall not be terminated, nor shall there be any surrender by operation of law, but the Lease shall remain in full force and effect until the Landlord notifies the Tenant that it has elected to terminate this Lease. No entry by the Landlord during the Term shall have the effect of terminating this Lease without notice to that effect to the Tenant; (b) to enter the Lessee deserts or vacates the Premises; (c) any petition is filed by or against the Lessee under any section or chapter Premises as agent of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States or any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee makes an assignment for the benefit of creditors; or (f) a receiver is appointed for the Lessee or any of the assets of the Lessee, then in any of such events, the Lessee shall be in default and the Lessor shall have the option Tenant to do any one or more all of the following: (i) enter relet the Premises either with or without process of law for whatever length and on such terms as the Landlord, in its discretion, may determine, and to expel, remove and put out receive the Lessee or any other persons thereon, together with all personal propertyrent therefor; (ii) terminate this Agreementtake possession of any property of the Tenant on the Premises, store such property at the expense and risk of the Tenant, and sell or otherwise dispose of such property in such manner as the Landlord sees fit without notice to the Tenant; (iii) rent said make alterations to the Premises to facilitate their reletting; and (iv) apply the proceeds of any such sale or reletting first, to the payment of any part thereof for such term or terms and at such terms and conditions as the Lessor in its sole discretion may deem advisable, with the right to repair, renovate, remodel, redecorate, alter, and change said Premises. At the option of the Lessor, rents received expenses incurred by the Lessor from Landlord with respect to any such reletting shall be applied in order as follows: or sale, second, to the payment of any indebtedness from of the Lessee Tenant to the Lessor Landlord other than Rent due; to the payment of any costs and expenses of such reletting, including, but not limited to, attorney's fees, advertising feesRent, and brokerage feesthird, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of Rent in arrears, with the residue to be held by the Landlord and additional applied to payment of future Rent as it becomes due and payable, provided that the Tenant shall remain liable for any deficiency to the Landlord; (c) to remedy or attempt to remedy any default of the Tenant under this Lease for the account of the Tenant and to enter upon the Premises for such purposes. No notice of the Landlord’s intention to remedy or attempt to remedy such default need be given to the Tenant unless expressly required by this Lease, and the Landlord shall not be liable to the Tenant for any loss, injury or damages caused by acts of the Landlord in remedying or attempting to remedy such default. The Tenant shall pay to the Landlord all expenses incurred by the Landlord in connection therewith plus fifteen (15%) of the costs so incurred by the Landlord as an administration fee; (d) to recover from the Tenant all damages, costs and expenses incurred by the Landlord as a result of any default by the Tenant including, if the Landlord terminates this Lease, any deficiency between those amounts which would have been payable by the Tenant for the portion of the Term following such termination and the net amounts actually received by the Landlord during such period of time with respect to the Premises; and (e) to recover from the Tenant the full amount of the current month’s Rent together with the next three (3) months’ instalments of Rent, all of which shall immediately become due and payable hereunder and interest thereon; and, if after applying said rentals there is any deficiency in the Rent and additional rent and interest to be paid by the Lessee under this Agreement, the Lessee shall pay any such deficiency to the Lessor and such deficiency shall be calculated and collected by the Lessor on a monthly basis. No such re-entry or taking possession of said Premises shall be construed as an election on the Lessor's part to terminate this Agreement unless a written notice of such intention is given to the Lessee. Notwithstanding any such reletting without termination, the Lessor may at any time terminate this Agreement by reason of any default, in addition to any other remedy it may haveaccelerated rent.

Appears in 1 contract

Samples: Lease Agreement

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Default and Remedies. If: (a) Lessee shall be in default of any Equipment Schedule upon (i) failure to pay any installment of Monthly Rent or other charge payable by Lessee under such Equipment Schedule as and when the same becomes due and payable and such default continues for a period of five (5) days after written notice; (ii) failure to perform any other term, covenant or condition of such Equipment Schedule or the inaccuracy in any material respect of any representation or warranty made by the Lessee fails in such Equipment Schedule or in any document or certificate furnished to comply with any termthe Lessor in connection therewith, provision, conditionwhich default or inaccuracy shall continue for a period of ten (10) days after written notice; (iii) failure to maintain insurance as required by this Lease; (iv) the making of an assignment by Lessee for the benefit a is creditors or the admission by Lessee in writing of its inability to pay its debts as they become due, or covenant the insolvency of this Agreement; (b) Lessee, or the filing by Lessee deserts of a voluntary petition in bankruptcy, or vacates the Premises; (c) adjudication of Lessee as a bankrupt, or the filing by Lessee of any petition is filed by or against the Lessee answer seeking for itself any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under any section present or chapter future statute, law or regulation, or the filing of any answer by Lessee admitting, or the failure by Lessee to deny, the material allegations of a petition filed against it for any such relief, or the seeking or consenting by Lessee to, or acquiescence by Lessee in, the appointment of any trustee, receiver or liquidator of Lessee or of all or any substantial part of the properties of Lessee, or the inability of Lessee to pay its debts when due, or the commission by Lessee of any act of bankruptcy as defined in the Federal Bankruptcy Act, as amended; (v) failure by Lessee, within sixty (60) days after the commencement of any proceeding against Lessee seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any similar present or future statute, law or statute regulation, to obtain the dismissal of such proceeding or, within sixty (60) days after the appointment, without the consent or acquiescence of Lessee, of any trustee, receiver or liquidator of Lessee or of all or any substantial part of the United States or any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud properties of creditors; (e) the Lessee makes an assignment for the benefit of creditorsLessee, to vacate such appointment; or (fvi) a receiver is appointed for the default by Lessee under any other Equipment Schedule or any other agreement between Lessee and Lessor or its assignee or Secured Party hereunder. (b) Upon default, Lessor, at its option, may (1) proceed by appropriate court action or actions either at law or in equity to enforce performance by Lessee of the assets applicable covenants and terms of the applicable Equipment Schedule, or to recover from Lessee any and all damages or expenses, including reasonable attorneys' fees, which Lessor shall have sustained by reason of Lessee's default of any covenants of the applicable Equipment Schedule or on account of Lessor's enforcement of its remedies thereunder, or (2) upon notice, accelerate the balance of the Monthly Rent thereafter accruing under the applicable Equipment Schedule, to the present value thereof (discounted at a rate equal to nine (9%) per annum), which, together with all rent and other amounts then in any of such eventsdue shall become immediately due and payable, the Lessee shall be in default as liquidated damages and the not as a penalty, and Lessor shall have the option right to do any one or more of the followingextent permitted by law: (i) enter to recover all sums so due thereunder; (ii) to retake immediate possession of the Premises either with or Equipment without any process of law and for such purpose Lessor may enter upon premises where the Equipment may be located and may remove the same therefrom without notice, and without being liable to expel, remove and put out Lessee therefor except for damage caused by the Lessee gross negligence or any other persons thereon, together with all personal property; (ii) terminate this Agreementwillful misconduct of Lessor or its agents or representatives; (iii) rent said Premises to sell, lease or otherwise dispose of all or any part thereof for such term or terms and at such terms and conditions as portion of the Lessor in its sole discretion may deem advisableEquipment, with the right privilege of becoming the purchaser thereof, at public or private sale, for cash or on credit and without notice of its intention to repairdo so or of its doing so, renovatein which event Lessor shall apply the cash proceeds from any sale or other disposition (less the estimated Fair Market Value of the Equipment at the expiration of the Initial Term or any extension thereof), remodelor the present value (discounted at the Overdue Rate) of the monthly rent under any other lease for a term not to exceed the expiration of the Initial Term or any extension thereof (all such amounts to be called "Proceeds" hereinafter), redecorateless all costs and expenses incurred in connection with the recovery, alterrepair or storage of the Equipment or the transaction itself, against all sums due from Lessee and to the extent and in the manner permitted by law; Lessee shall be liable to Lessor for, and change said Premises. At Lessor may recover from Lessee, the option amount by which the Proceeds of any such transaction, less the expenses of retaking, storing, repairing and the transaction itself, including reasonable attorneys' fees incurred by Lessor, rents received are less than all sums due from Lessee under the applicable Equipment Schedule; and (iv) to pursue any other remedy permitted by law or equity. The above remedies, to the extent permitted by law, any one of which Lessor from need not, in its discretion, exercise, shall be deemed cumulative and may be exercised successively or concurrently. Lessee shall reimburse Lessor for all costs and expenses incurred in connection with the enforcement of any right or remedy under such reletting Equipment Schedule, including reasonable attorneys' fees. Except as set forth in this Section and to the extent permitted by applicable law, Lessee hereby waives any rights now or hereafter conferred by statute or otherwise which may require Lessor to sell, lease or otherwise use any Equipment in mitigation of Lessor's damage or which may otherwise limit or modify any of Lessor's rights or remedies, provided, however, that Lessor shall use its best efforts to sell or re-lease the Equipment in accordance with its usual business procedures and the proceeds therefrom shall be applied against the amounts owed by Lessee in order as follows: to accordance with the payment formula set forth above. Fair Market Value of any indebtedness from the Lessee to the Lessor other than Rent due; to the payment of any costs and expenses of such reletting, including, but not limited to, attorney's fees, advertising fees, and brokerage fees, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of Rent and additional Rent due and payable hereunder and interest thereon; and, if after applying said rentals there is any deficiency in the Rent and additional rent and interest to be paid by the Lessee under this Agreement, the Lessee shall pay any such deficiency to the Lessor and such deficiency Equipment shall be calculated determined on the basis of and collected by the Lessor on a monthly basis. No such re-entry or taking possession of said Premises shall be construed as the aggregate amount which would be obtainable at the expiration of the Initial Term or any extension thereof in an election on the Lessor's part arms-length transaction between an informed and willing buyer/user under no compulsion to terminate this Agreement unless a written notice of such intention is given buy and an informed and willing seller under no compulsion to the Lessee. Notwithstanding any such reletting without termination, the Lessor may at any time terminate this Agreement by reason of any default, in addition to any other remedy it may havesell.

Appears in 1 contract

Samples: Master Lease Agreement (Focal Inc)

Default and Remedies. If: 9.1 The occurrence of any of the following events or conditions (herein "Events of Default") shall, at the option of the Pledgee and without notice to or demand on the Pledgor, constitute an Event of Default hereunder: (a) any Default, under and as defined in the Lessee fails to comply with any termLoan Agreement, provision, condition, or covenant of this Agreementshall have occurred and be continuing; or (b) any breach, violation or non-performance or any warranty, covenant or undertaking on the Lessee deserts or vacates the PremisesPledgor's part hereunder; or (c) any petition is filed by breach, violation or against non-performance of any warranty, covenant or undertaking on the Lessee part of JRS under any section or chapter other agreement with the Pledgee. 9.2 Upon the occurrence of the Federal Bankruptcy Act, as amended, or under any similar law or statute Event of the United States or any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee makes an assignment for the benefit of creditors; or (f) a receiver is appointed for the Lessee or any of the assets of the Lessee, then in any of such eventsDefault, the Lessee shall be in default Pledgee may, at its option, without notice to or demand on the Pledgor, declare all Obligations immediately due and payable, and the Lessor Pledgee shall have the option to do any one or more following rights and remedies, all of the following: (i) enter the Premises either which may be exercised with or without process of law further notice to the Pledgor, at the Pledgee's sole option and to expel, remove and put out the Lessee or any other persons thereon, together with all personal property; (ii) terminate this Agreement; (iii) rent said Premises or any part thereof for such term or terms and at such terms and conditions as the Lessor Pledgee in its sole discretion may deem advisable: (a) the Pledgee may enforce any and all security which it may hold including the Collateral and may deal with or realize upon such of the Collateral as it may in its sole discretion deem fit; provided however, that the Pledgee shall not be bound to deal with the Collateral nor exercise any right or remedy thereunder and shall not be liable for any loss which may be occasioned by any failure to do so; (b) to settle, compromise or release, on terms acceptable to the Pledgee, in whole or in part, any amounts owing on the Collateral, and to extend the time of payment, in the Pledgee's name or in the name of Pledgor, in respect thereof; (c) to apply to the satisfaction of all Obligations, or set-off or collect the Collateral, notwithstanding any forfeiture of interest or loss of other rights of Pledgor against any obligor on the Collateral resulting from such action; and (d) to sell or otherwise dispose of the Collateral, or any part thereof, either at public or private sale, on any broker's board or securities exchange, in lots or in bulk, for cash, on credit or otherwise, with the right to repair, renovate, remodel, redecorate, alteror without representations or warranties, and change said Premises. At upon such terms as shall be acceptable to the option Pledgee. 9.3 The net cash proceeds resulting from the collection, liquidation, sale, or other disposition of the Lessor, rents received by the Lessor from such reletting Collateral shall be applied in order as follows: first, to the payment expenses (including all legal fees) of holding, storing, preparing for sale, selling collecting, liquidating and the like, including any indebtedness from the Lessee brokerage commissions and transfer taxes, and then to the Lessor other than Rent due; satisfaction of all Obligations secured hereby, application as to the payment of any costs and expenses of such reletting, including, but not limited to, attorney's fees, advertising fees, and brokerage fees, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of Rent and additional Rent due and payable hereunder and interest thereon; and, if after applying said rentals there is any deficiency in the Rent and additional rent and particular obligation or indebtedness or against principal or interest to be paid by in the Lessee under this Agreement, the Lessee shall pay any such deficiency to the Lessor and such deficiency shall be calculated and collected by the Lessor on a monthly basis. No such re-entry or taking possession of said Premises shall be construed as an election on the LessorPledgee's part to terminate this Agreement unless a written notice of such intention is given to the Lessee. Notwithstanding any such reletting without termination, the Lessor may at any time terminate this Agreement by reason of any default, in addition to any other remedy it may haveabsolute discretion.

Appears in 1 contract

Samples: Security Agreement (Securities) (3-D Geophysical Inc)

Default and Remedies. If: In the event: (a) the Lessee LESSEE fails to comply with any term, provision, condition, or covenant of this Agreementlease; (b) the Lessee LESSEE deserts or vacates the Premisespremises; (c) any petition is filed by or against the Lessee LESSEE under any section or chapter of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States or any state thereof; , (d) the Lessee LESSEE becomes insolvent or makes a transfer in fraud of creditors; ; (e) the Lessee LESSEE makes an any assignment for the benefit of creditors; or or (f) a receiver is appointed for the Lessee LESSEE or any of the assets of the LesseeLESSEE, then in any of such events, the Lessee events LESSEE shall be in default and the Lessor and, LESSOR shall have the option to do any one or more of the following: following upon ten (i10) days prior written notice, excepting the payment of rent or additional rent for which no demand or notice shall be necessary, in addition to and not in limitation of any other remedy permitted by law; to enter upon the Premises premises or any part thereof either with or without process of law law, and to expel, remove and put out the Lessee LESSEE or any other persons who might be thereon, together with all personal propertyproperty found therein; (ii) and, LESSOR may terminate this Agreement; (iii) lease or it may from time to time, without terminating this lease, rent said Premises premises or any part thereof for such term or terms (which may be for a term extending beyond the term of this lease) and at such rental or rentals and upon such other terms and conditions as the Lessor LESSOR in its sole discretion may deem advisable, with the right to repair, renovate, remodel, redecorate, alter, alter and change said Premisespremises. At the option of the LessorLESSOR, rents received by the Lessor LESSOR from such reletting shall be applied in order as follows: first to the payment of any indebtedness from the Lessee LESSEE to the Lessor LESSOR other than Rent duerent and additional rent due hereunder; second, to the payment of any costs and expenses of such reletting, including, including but not limited to, to attorney's fees, advertising fees, and brokerage fees, alterations and changes in the premises; third, to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of Rent rent and additional Rent rent due and payable hereunder and interest thereon; and, and if after applying said rentals there is any deficiency in the Rent rent and additional rent and interest to be paid by the Lessee LESSEE under this Agreementlease, the Lessee LESSEE shall pay any such deficiency to the Lessor LESSOR and such deficiency shall be calculated and collected by the Lessor on a monthly basisLESSOR monthly. No such re-entry or taking possession of said Premises premises shall be construed as an election on the Lessorof LESSOR's part to terminate this Agreement lease unless a written notice of such intention is be given to the LesseeLESSEE. Notwithstanding any such reletting without termination, the Lessor may LESSOR may, at any time thereafter elect to terminate this lease for such previous breach and default. Should LESSOR at any time terminate this Agreement lease by reason of any default, default in addition to any other remedy it may have., it may recover from LESSEE the worth at the time of such termination of the excess of the amount of rent and additional rent reserved in this lease for the balance of the term hereof over the then reasonable rental value of the premises for the same period LESSOR shall have the right and remedy to seek redress in the courts at any time to correct or remedy any default of LESSEE by injunction or otherwise, without such resulting or being deemed a termination of this lease, and LESSOR, whether this lease has been or is terminated or not, shall have the absolute right by court action or otherwise to collect any and all amounts of unpaid rent or unpaid additional rent reserved in this lease for the balance or the term hereof over the then reasonable rental value of the premises for the same period LESSOR shall have the right and remedy to seek redress in the courts at any time to correct or remedy any default of LESSEE by injunction or otherwise, without such resulting or being deemed a termination or not, shall have the absolute right by court action or otherwise to collect any and all amounts or unpaid rent or unpaid additional rent or any other sums due from LESSEE to LESSOR under this lease which were or are unpaid at the date of termination. In case it should be necessary for LESSOR to bring any action under this lease, to consult or place said lease or any amount payable by LESSEE hereunder with an attorney concerning or for the enforcement of any LESSOR'S rights hereunder, the LESSEE agrees in each and any such case to pay to LESSOR, LESSOR'S reasonable attorney's fees,

Appears in 1 contract

Samples: Industrial Lease Agreement (Circle Group Internet Inc)

Default and Remedies. If: (a) 8.1 The occurrence of an Event of Default under and as defined in the Lessee fails Loan Agreement shall constitute an "Event of Default" hereunder. 8.2 Upon the occurrence and during the continuation of any Event of Default, Pledgee may, at its option, without notice to comply with any termor demand on Pledgor, provisiondeclare all Obligations immediately due and payable, condition, or covenant and Pledgee shall have all the default rights and remedies of this Agreement; (b) the Lessee deserts or vacates the Premises; (c) any petition is filed by or against the Lessee a secured party under any section or chapter Chapter 5 of Division 9 of the Federal Bankruptcy ActArizona Uniform Commercial Code and other applicable law as well as the following rights and remedies, as amended, or under any similar law or statute all of the United States or any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee makes an assignment for the benefit of creditors; or (f) a receiver is appointed for the Lessee or any of the assets of the Lessee, then in any of such events, the Lessee shall which may be in default and the Lessor shall have the option to do any one or more of the following: (i) enter the Premises either exercised with or without process of law further notice to Pledgor, at Pledgee's sole option and to expel, remove and put out the Lessee or any other persons thereon, together with all personal property; (ii) terminate this Agreement; (iii) rent said Premises or any part thereof for such term or terms and at such terms and conditions as the Lessor Pledgee in its sole discretion may deem advisable: 8.2.1 to notify any and all obligors on the Collateral that the same has been assigned to Pledgee and that all payments thereon are to be made directly to Pledgee; 8.2.2 to settle, with compromise or release, on terms acceptable to Pledgee, in whole or in part, any amounts owing on the right to repair, renovate, remodel, redecorate, alterCollateral, and change said Premises. At to extend the option time of payment, in Pledgee's name or in the Lessorname of Pledgor, rents received by the Lessor from such reletting shall be applied in order as follows: respect thereof; 8.2.3 to apply to the payment of the Obligations, or collect the Collateral, notwithstanding any indebtedness forfeiture of interest or loss of other rights of Pledgor against any obligor on the Collateral resulting from such action; and 8.2.4 to sell or otherwise dispose of the Collateral, or any part thereof, either at public or private sale, on any broker's board or securities exchange, in lots or in bulk, for cash, on credit or otherwise, with or without representations or warranties, and upon such terms as shall be acceptable to Pledgee. 8.3 The net cash proceeds resulting from the Lessee collection, liquidation, sale, or other disposition of the Collateral shall be applied first, to the Lessor other than Rent due; expenses (including all attorneys' fees) of holding, storing, preparing for sale, selling, collecting, liquidating and the like, including any brokerage commissions and stamp or transfer taxes, and then to the payment satisfaction of all Obligations secured hereby, application as to any costs and expenses of such reletting, including, but not limited to, attorney's fees, advertising fees, and brokerage fees, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of Rent and additional Rent due and payable hereunder and interest thereon; and, if after applying said rentals there is any deficiency in the Rent and additional rent and particular obligation or indebtedness or against principal or interest to be paid by the Lessee under this Agreement, the Lessee shall pay any such deficiency to the Lessor and such deficiency shall be calculated and collected by the Lessor on a monthly basis. No such re-entry or taking possession of said Premises shall be construed as an election on the Lessorin Pledgee's part to terminate this Agreement unless a written notice of such intention is given to the Lessee. Notwithstanding any such reletting without termination, the Lessor may at any time terminate this Agreement absolute discretion. 8.4 If by reason of any defaultprohibition contained in the Securities Act of 1933, as now or hereafter in addition effect, or in applicable Arizona or other state securities laws, as now or hereafter in effect, or in any rules or regulations pertaining to any of the foregoing laws, Pledgee believes in its sole judgment that it is compelled to resort to one or more private sales of shares of stock constituting Collateral to a single purchaser or a restricted group of purchasers who will be obliged to agree, among other remedy things, to acquire such securities for their own account, for investment and not with a view to the distribution or resale thereof, Pledgor acknowledges and agrees that private sales of such Collateral may be held notwithstanding that such sales may be at prices and on other terms less favorable to Pledgor than if such Collateral were sold at public sale. Pledgor further agrees that Pledgee has no obligation to delay the sale of any such Collateral for the period of time necessary to permit registration of the Collateral, even if the issuer thereof would, or should, agree to register such Collateral for public sale under applicable securities laws. Pledgor specifically agrees that private sales made under the foregoing circumstances shall be deemed to have been made in a "commercially reasonable" manner. 8.5 Pledgor further acknowledges and recognizes that Pledgee may be unable to effect a public sale of all or a part of the Collateral and may be compelled to resort to one or more private sales of shares of stock constituting Collateral to a single purchaser or a restricted group of purchasers who will be obligated to agree, among other things, to acquire the Collateral for their own account, for investment and not with a view to the distribution or resale thereof. Pledgor acknowledges that any such private sales may be at prices and on terms less favorable to Pledgee than those of public sales, and agrees that such private sales shall be deemed to have been made in a commercially reasonable manner and that Pledgee has no obligation to delay the sale of any Collateral to permit the issuer thereof to register it may havefor public sale under the Securities Act.

Appears in 1 contract

Samples: Loan and Security Agreement (Javelin Systems Inc)

Default and Remedies. IfIn the event: (a) the Lessee Tenant fails to comply with any term, provision, condition, or covenant of this AgreementLease, including the payment of all monies due; (b) the Lessee Tenant deserts or vacates the PremisesPremises for thirty (30) consecutive days or more without notice to Landlord and without making the current rental payment; (c) any Any petition is filed by or against the Lessee Tenant under any section Section or chapter Chapter of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States or any state thereof; (d) the Lessee Tenant becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee Tenant makes an assignment for the benefit of creditors; or (fe) a A receiver is appointed for the Lessee Tenant or any of the assets of the Lessee, Tenant; then in any of such events, the Lessee Tenant shall be in default and the Lessor Landlord shall have the option to do any one or more of the following: (if) Upon ten [10] day’s prior written notice, excepting the payment of rent or additional rent for which no demand or notice shall be necessary, in addition to and not in limitation of any other remedy permitted by law, to enter upon the Premises or any part thereof, either with or without process of law law, and to expel, remove and put out the Lessee Tenant or any other persons who might be thereon, together with all personal propertyproperty found therein; or (ii) Landlord may terminate this Agreement; (iii) rent Lease, or it may from time to time, without terminating this Lease, relet said Premises or any part thereof for such term or terms and at such terms rent and upon such other term and conditions as the Lessor Landlord in its sole discretion may deem advisable, with the right to repair, renovate, remodel, redecorate, alter, alter and change said Premises. At the option of the LessorLandlord, rents received by the Lessor Landlord from such reletting shall be applied in order as follows: first to the payment of any indebtedness from the Lessee Tenant to the Lessor Landlord other than Rent duerent and additional rent due hereunder; second, to the payment of any costs cost and expenses of such reletting, including, but not limited to, attorney's ’s fees, advertising fees, fees and real estate brokerage fees, and to the payment of any repairs, renovationrenovations, remodeling, redecorations, alterations, alterations and changes in the Premises; third, to the payment of Rent rent and additional Rent rent due and payable hereunder and interest thereon; and, if and if, after applying said rentals monies there is any deficiency in the Rent rent and additional rent and interest to be paid by the Lessee Tenant under this Agreement, the Lessee Lease. Tenant shall pay any such deficiency to the Lessor Landlord and such deficiency shall be calculated and collected by the Lessor on a monthly basisLandlord monthly. No such re-entry or taking possession of said Premises shall be construed as an election on the Lessor's Landlord’s part to terminate term this Agreement Lease unless a written notice of such intention is be given to the Lessee. Notwithstanding any such reletting without termination, the Lessor may at any time terminate this Agreement by reason of any default, in addition to any other remedy it may haveTenant.

Appears in 1 contract

Samples: Office Lease

Default and Remedies. IfIn the event: (a) the Lessee Tenant fails to comply with any term, provision, condition, or covenant of this AgreementLease including the payment of all monies due; (b) the Lessee Tenant deserts or vacates the PremisesPremises for 30 consecutive days or more without notice to Landlord and without making the current rental payment; (c) any Any petition is filed by or against the Lessee Tenant under any section Section or chapter Chapter of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States or any state thereof; (d) the Lessee Tenant becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee Tenant makes an assignment for the benefit of creditors; or (f) a A receiver is appointed for the Lessee Tenant or any of the assets of the Lessee, Tenant; then in any of such events, the Lessee Tenant shall be in default and the Lessor Landlord shall have the option to do any one or more of the following: (i1) Upon ten (10) days prior written notice, excepting the payment of rent or additional rent for which no demand or notice shall be necessary, in addition to, and not in limitation of, any other remedy permitted by law; to enter upon the Premises or any part thereof, either with or without process of law law, and to expel, remove and put out the Lessee Tenant or any other persons who might be thereon, together with all personal propertyproperty found therein; or (ii2) Landlord may terminate this Agreement; (iii) rent Lease, or it may from time to time, without terminating this Lease, relet said Premises or any part thereof for such term or terms and at such rent and upon such other terms and conditions as the Lessor Landlord in its sole discretion may deem advisable, with the right to repair, renovate, remodel, redecorate, alter, alter and change said Premises. At the option of the LessorLandlord, rents received by the Lessor Landlord from such reletting shall be applied in order as follows: first to the payment of any indebtedness from the Lessee Tenant to the Lessor Landlord other than Rent due; rent and additional rent due hereunder, second to the payment of any costs cost and expenses of such reletting, including, but not limited to, attorney's fees, advertising fees, fees and real estate brokerage fees, and to the payment of any repairs, renovationrenovations, remodeling, redecorations, alterations, alterations and changes in the Premises; third to the payment of Rent rent and additional Rent rent due and payable hereunder and interest thereon; and, and if after applying said rentals monies there is any deficiency in the Rent rent and additional rent and interest to be paid by the Lessee Tenant under this AgreementLease, the Lessee Tenant shall pay any such deficiency to the Lessor Landlord and such deficiency shall be calculated and collected by the Lessor on a monthly basisLandlord monthly. No such re-entry or taking possession of said Premises shall be construed as an election on the LessorLandlord's part to terminate this Agreement Lease unless a written notice of such intention is be given to Tenant. If Tenant vacates or abandons the LesseePremises, any property that Tenant leaves on the Premises shall be deemed to have been abandoned and may either be retained by Landlord as the property of Landlord or may be disposed of at public or private sale in accordance with applicable law as Landlord shall determine in its sole discretion. Notwithstanding The proceeds of any public or private sale of Tenant's property, or the then current fair market value of any property retained by Landlord, shall be applied by Landlord against (i) the expenses of Landlord for removal, storage or sale of the property; (ii) the arrears of rent or future rents payable under this Lease; and (iii) any other damages to which Landlord may be entitled hereunder. Notwithstanding, any such reletting without termination, the Lessor Landlord may at any time thereafter elect to terminate this Lease for such previous breach and default. Should Landlord at any time terminate this Agreement Lease by reason of any default, in addition to any other remedy it may have., it may recover from Tenant the amount at the time of such termination of the excess of the amount of rent and additional rent reserved in this Lease for the balance of the term hereof over the then reasonable rental value of the Premises for the same period. Landlord shall have the right and remedy to seek redress in the courts at any time to correct or remedy any default of Tenant by injunction or otherwise, without such resulting or being deemed a termination of this Lease, and Landlord, whether this Lease has been or is terminated or not, shall have the absolute right by court action or otherwise to collect any and all amounts of unpaid rent or unpaid additional rent or any other sums due from Tenant to Landlord under this Lease which were or are unpaid at the date of termination. In case it should be necessary for Landlord to bring any action under this Lease, to consult or place said Lease or any amount payable by Tenant thereunder with an attorney concerning or for the enforcement of any of Landlord's rights hereunder, then Xxxxxx agrees in each and any such case to reimburse Landlord for its reasonable attorney's fees. All other remedies herein provided shall be cumulative to all other rights or remedies herein given to Landlord by law. A waiver by Landlord of any default by Tenant in the performance of any of the covenants, terms or conditions hereof shall not be considered or treated as a waiver of any subsequent or other default as to the same or any other matter. If Tenant shall default in the performance of any covenant, agreement, provision or condition herein contained, Landlord, without thereby waiving such default, may perform the same for the account and at the expense of Tenant, without notice in the case of emergency. Bills for any expense incurred by Landlord in connection with any such performance by Landlord for the account of Tenant, as well as bills for any property, material, labor or services provided, furnished or rendered, or caused to be provided, furnished or rendered, by Landlord to Tenant may be sent by Landlord to Tenant monthly, or immediately, at Landlord's option and shall be due and payable by Tenant upon notice of the amount or amounts and the amount or amounts thereof shall be deemed to be Additional Rent under this Lease. Tenant shall promptly give to Landlord notice as herein provided of any defects in the Premises including the failure of Landlord to do anything required to be done by law or by the terms of this Lease or the doing or permitting to be done anything prohibited by law or by the terms of this Lease. Unless Tenant has given said notice and Xxxxxxxx has failed to commence to cause the cure of said defect within ten (10) days after receipt of said notice, Tenant shall have no right to terminate the said Lease or to declare a forfeiture and in no event shall rent xxxxx except as in this Lease specifically provided. Landlord shall not be obligated to notify Tenant of the due date of rent nor demand payment thereof on its due date, the same being expressly waived by Tenant. The acceptance of any sums of money from the Tenant that is less than the actual amount owed is considered a partial payment and does not relieve Tenant from the full amount that is owed Landlord. SECURITY DEPOSIT

Appears in 1 contract

Samples: Office Lease

Default and Remedies. If: (a) the Lessee Tenant fails to comply with any term, provision, condition, condition or covenant of this AgreementLease; (b) the Lessee Tenant deserts or vacates the Premises; (c) any petition is filed by or against the Lessee Tenant under any section or chapter of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States or any state thereof; (d) the Lessee Tenant becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee Tenant makes an assignment for the benefit of creditors; or (f) a receiver is appointed for the Lessee Tenant or any of the assets of the LesseeTenant, then in any of such events, the Lessee Tenant shall be in default and the Lessor Landlord shall have the option to do any one or more of the following: upon ten (i10) enter days prior written notice, excepting the Premises either with payment of rent or without process additional rent for which no demand or notice shall be necessary, in addition to and not in limitation of law and to expel, remove and put out the Lessee or any other persons thereonremedy permitted by law, together with all personal property; (ii) Landlord may terminate this Agreement; (iii) Lease or it may from time to time, without terminating this Lease, rent said Premises or any part thereof for such term or terms (which may be for a term extending beyond the Term) and at such rental or rentals and upon such other terms and conditions as the Lessor Landlord in its sole discretion may deem advisable, with the right to repair, renovate, remodel, redecorate, alter, alter and change said Premises. At the option of the LessorLandlord, rents received by the Lessor Landlord from such reletting shall be applied in order as follows: first to the payment of any indebtedness from the Lessee Tenant to the Lessor Landlord other than Rent duerent and additional rent due hereunder; second, to the payment of any costs and expenses of such reletting, including, but not limited tolimited, attorney's fees, advertising fees, fees and brokerage fees, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, alterations and changes in the Premises; : third, to the payment of Rent rent and additional Rent rent due and payable hereunder and interest thereon; and, if after applying said rentals there is any deficiency in the Rent rent and additional rent and interest to be paid by the Lessee Tenant under this AgreementLease, the Lessee Tenant shall pay from the earning of property any such deficiency to the Lessor Landlord and such deficiency shall be calculated and collected by the Lessor on a monthly basisLandlord monthly. No such reRe-entry or taking possession of said Premises shall be construed as an election on the LessorLandlord's part to terminate this Agreement unless a Lease regardless if written notice of such intention is given to the LesseeTenant. Notwithstanding any such reletting without terminationreletting, the Lessor Landlord may at any time terminate this Agreement Lease by reason of any default, in addition to any other remedy it may have, it may recover from Tenant the worth at the time of such termination of the excess of the amount of rent. Landlord shall have the right and remedy to seek redress in the courts at any time to correct or remedy any default of Tenant by injunction or otherwise, without such resulting or being deemed a termination of this Lease, and Landlord, whether this Lease has been or is terminated or not, shall have the absolute right by court action or otherwise to collect any and all amounts of unpaid rent or unpaid additional rent or any other sums due from HCS Atlanta Southwest LLC (tenant) to Landlord under this Lease which were or are unpaid at the date of termination. If it is necessary for Landlord to bring any action under this Lease, then Tenant agrees in each and any such case to pay to Landlord, Landlord's reasonable attorney's fees.

Appears in 1 contract

Samples: Commercial Lease Contract

Default and Remedies. Ifa. If the Lessee shall default in fulfilling any of its terms, conditions, covenants or provisions of this Agreement, including but not limited to: (a) DM Intials TG Initials -- -- 4 1. Payment of fixed Monthly Rental Charges and/or any other charges hereunder within ten days of the date such charges become due; 2. Becomes insolvent, makes an assignment for benefit of creditors, or files a voluntary petition under any bankruptcy or insolvency law, or has filed against it an involuntary petition under any such law; 3. Defaults in fulfilling any of the terms, conditions, covenants or provisions of this Agreement including but not limited to the breach of any of the terms and conditions set forth in the exhibits attached hereto; 4. The abandonment and/or vacatur of the Premises by the Lessee; then, after five days notice of any such default(s), the Lessor may, at its sole discretion, terminate this Agreement upon five days notice to the Lessee, and upon the expiration of such notice period, the Lessee shall quit and surrender the Premises to the Lessor. In the event that the Lessee fails to comply with any term, provision, condition, or covenant of this Agreement; (b) the Lessee deserts or vacates quit and surrender the Premises; (c) any petition is filed by or against , the Lessee under any section or chapter Lessor may re-enter and take possession of the Federal Bankruptcy ActPremises and remove all persons and property therefrom, as amended, or under well as disconnect any similar law or statute of the United States or any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee makes an assignment telephone lines installed for the benefit of creditors; Lessee, without any liability whatsoever to Lessee. In addition, Lessor may elect concurrently or (f) a receiver is appointed for alternately to accelerate all of Lessee's obligations hereunder including without limitation the Lessee or any rental, direct expenses, Schedule B Costs, and Telephone Services costs, and/or the re-letting of the assets of the Lessee, then in any of such events, the Lessee shall be in default and the Lessor shall have the option to do any one or more of the following: (i) enter the Premises either with or without process of law and to expel, remove and put out the Lessee or any other persons thereon, together with all personal property; (ii) terminate this Agreement; (iii) rent said Premises or any part thereof thereof, for such term all or terms and any part of the remainder of said term, to a party satisfactory to Lessor, at such terms and conditions as the Lessor any monthly rental rate. Lessor, in its sole discretion discretion, may deem advisableaccept notwithstanding the foregoing, Lessor shall have no obligation, implied or otherwise, to mitigate its damage(s) under such circumstances. b. Should Lessor be unable to re-let the Premises, or should each monthly re-rental be less than the rental, Lessee is obligated to pay under this Agreement or any renewal thereof, at Lessor's option Lessee shall pay the amount of such deficiency, plus the expenses of reletting, immediately in one lump sum (if allowable under law) to Lessor upon demand and/or as such obligations accrue. c. If Lessee shall default in the observance or performance of any term or covenant on Lessee's part to be observed or performed under or by virtue of any of the terms or provisions in any article of this lease, then, unless otherwise provided elsewhere in this lease, Lessor may immediately or at any time thereafter and with notice perform the right to repair, renovate, remodel, redecorate, alterobligation of Lessee thereunder, and change said Premises. At the option of the if Lessor, rents received in connection therewith or in connection with any default by Lessee in the Lessor from such reletting shall be applied in order as follows: covenant to pay rent hereunder makes any expenditures or incurs any obligations for the payment of any indebtedness from the Lessee to the Lessor other than Rent due; to the payment of any costs and expenses of such relettingmoney, including, including but not limited to, to attorney's fees, advertising feesin instituting, prosecuting or defending any actions or proceeding, such sums so paid or obligations incurred with interest and brokerage fees, and costs shall be deemed to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of Rent and be additional Rent due and payable rent hereunder and interest thereon; and, if after applying said rentals there is any deficiency in the Rent and additional rent and interest to shall be paid by Lessee to Lessor rendition of any xxxx or statement to Lessee therefor, and if Lessee's lease term shall have expired at the Lessee under this Agreementtime of making of such expenditures or incurring of such obligations, the Lessee shall pay any such deficiency to the Lessor and such deficiency sums shall be calculated and collected recoverable by the Lessor on a monthly basis. No such re-entry or taking possession of said Premises shall be construed as an election on the Lessor's part to terminate this Agreement unless a written notice of such intention is given to the Lessee. Notwithstanding any such reletting without termination, the Lessor may at any time terminate this Agreement by reason of any default, in addition to any other remedy it may havedamages.

Appears in 1 contract

Samples: Lease Agreement (Instant Video Technologies Inc)

Default and Remedies. IfIn the event: (a) the Lessee Tenant fails to comply with any term, provision, condition, or covenant of this AgreementLease, including the payment of all monies due; (b) the Lessee Tenant deserts or vacates the PremisesPremises for thirty (30) consecutive days or more without notice to Landlord and without making the current rental payment; (c) any Any petition is filed by or against the Lessee Tenant under any section Section or chapter Chapter of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States or any state thereof; (d) the Lessee Tenant becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee Tenant makes an assignment for the benefit of creditors; or (f) a A receiver is appointed for the Lessee Tenant or any of the assets of the Lessee, Tenant; then in any of such events, the Lessee Tenant shall be in default and the Lessor Landlord shall have the option to do any one or more of the following: (ig) Upon ten (10) day's prior written notice, excepting the payment of rent for which no demand or notice shall be necessary in addition to and not in limitation of any other remedy permitted by law, to enter upon the Premises or any part thereof, either with or without process of law law, and to expel, remove and put out the Lessee Tenant or any other persons who might be thereon, together with all personal propertyproperty found therein; or (ii) Landlord may terminate this Agreement; (iii) rent Lease, or it may from time to time, without terminating this Lease, relet said Premises or any part thereof for such term or terms and at such terms rent and upon such other term and conditions as the Lessor Landlord in its sole discretion may deem advisable, with the right to repair, renovate, remodel, redecorate, alter, alter and change said Premises. At the option of the LessorLandlord, rents received by the Lessor Landlord from such reletting shall be applied in order as follows: first to the payment of any indebtedness from the Lessee Tenant to the Lessor Landlord other than Rent duerent and additional rent due hereunder; second, to the payment of any costs cost and expenses of such reletting, including, but not limited to, attorney's fees, advertising fees, fees and real estate brokerage fees, and to the payment of any repairs, renovationrenovations, remodeling, redecorations, alterations, alterations and changes in the Premises; third, to the payment of Rent rent and additional Rent rent due and payable hereunder and interest thereon; and, if and if, after applying said rentals monies there is any deficiency in the Rent rent and additional rent and interest to be paid by the Lessee Tenant under this AgreementLease, the Lessee Tenant shall pay any such deficiency to the Lessor Landlord and such deficiency shall be calculated and collected by the Lessor on a monthly basisLandlord monthly. No such re-entry or taking possession of said Premises shall be construed as an election on the LessorLandlord's part to terminate term this Agreement Lease unless a written notice of such intention is given to the Lessee. Notwithstanding any such reletting without termination, the Lessor may at any time terminate this Agreement by reason of any default, in addition to any other remedy it may haveTenant.

Appears in 1 contract

Samples: Office Lease

Default and Remedies. If: If and whenever an Event of Default occurs, then without prejudice to any other rights which it has pursuant to this Lease or at law, the Landlord shall have the following rights and remedies, which are cumulative and not alternative: (a) the Lessee fails to comply with any term, provision, condition, or covenant of this Agreement; (b) the Lessee deserts or vacates the Premises; (c) any petition is filed by or against the Lessee under any section or chapter of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States or any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee makes an assignment for the benefit of creditors; or (f) a receiver is appointed for the Lessee or any of the assets of the Lessee, then in any of such events, the Lessee shall be in default and the Lessor shall have the option to do any one or more of the following: (i) re-enter the Premises either with or without process of law and to expel, remove and put out the Lessee or any other persons thereon, together with all personal property; (ii) terminate this Agreement; (iii) rent said Premises or any part thereof in the name of the whole and the same to have again, repossess, and enjoy as of the Landlord's former estate, anything herein contained to the contrary notwithstanding; (b) to terminate this Lease, with or without notice to the Tenant, whether or not the Landlord has, with respect to the same or another Event of Default, previously elected or pursued a right or remedy which is inconsistent with termination of this Lease; (c) to enter the Premises as agent of the Tenant and to relet the Premises for such term or terms whatever term, and at on such terms and conditions as the Lessor Landlord in its sole discretion may deem advisable, with determine and to receive the right to repair, renovate, remodel, redecorate, alter, Rent therefor and change said Premises. At the option as agent of the LessorTenant to take possession of any property of the Tenant on the Premises, rents received to store such property at the expense and risk of the Tenant or to sell or otherwise dispose of such property in such manner as the Landlord may see fit without notice to the Tenant; to make alterations to the Premises to facilitate their reletting; and to apply the proceeds of any such sale or reletting first, to the payment of any expenses incurred by the Lessor from Landlord with respect to any such reletting shall be applied in order as follows: or sale; second, to the payment of any indebtedness from of the Lessee Tenant to the Lessor Landlord other than Rent dueRent; to the payment of any costs and expenses of such relettingthird, including, but not limited to, attorney's fees, advertising fees, and brokerage fees, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of Rent in arrears; with the residue to be held by the Landlord and additional applied in payment of future Rent as it becomes due and payable. The Tenant shall remain liable for any deficiency to the Landlord. If any reletting extends for a period beyond the end of the Term, such reletting shall not constitute a termination of this Lease, but a reletting as agent of the Tenant up to the end of the Term and a letting thereafter by the Landlord for its own account. The Tenant acknowledges and agrees that if the Tenant has abandoned property on the Premises after notice from the Landlord to remove such property, the Landlord has no obligation whatsoever to store such property for any period of time; (d) to remedy or attempt to remedy any default of the Tenant under this Lease for the account of the Tenant and to enter upon the Premises for such purposes. No notice of the Landlord's intention to perform such covenants need be given the Tenant unless expressly required by this Lease. The Landlord shall not be liable to the Tenant for any loss, injury or damage caused by acts of the Landlord in remedying or attempting to remedy such default and the Tenant shall pay to the Landlord all expenses incurred by the Landlord in connection with remedying or attempting to remedy such default; (e) to recover from the Tenant all damages, and expenses incurred by the Landlord as a result of any breach by the Tenant including, if the Landlord terminates this Lease, any deficiency between those amounts which would have been payable by the Tenant for the portion of the Term following such termination and the net amounts actually received by the Landlord during such period of time with respect to the Premises; (f) to recover from the Tenant the full amount of the current month's Rent together with 3 months' instalments of Rent, all of which shall immediately become due and payable hereunder as accelerated rent and may be held and applied by the Landlord without interest thereonagainst the last Rent due under this Lease; and (g) if this Lease has been terminated in accordance with Section 9.01(b), if after applying said rentals there is to recover from the Tenant the unamortized portion of any deficiency in the Rent and additional rent and interest to be leasehold improvement allowance or inducement paid or given by the Lessee Landlord under the terms of this AgreementLease or the Lease Proposal, calculated from the Lessee shall pay any such deficiency to date which is the Lessor and such deficiency shall be calculated and collected later of the date of payment by the Lessor Landlord or the Commencement Date, on the basis of an assumed rate of depreciation on a monthly basis. No such re-entry or taking possession straight line basis to zero over the initial Term of said Premises shall be construed as an election on the Lessor's part to terminate this Agreement unless a written notice of such intention is given to the Lessee. Notwithstanding any such reletting without termination, the Lessor may at any time terminate this Agreement by reason of any default, in addition to any other remedy it may haveLease.

Appears in 1 contract

Samples: Office Lease (Phon Net Com Inc)

Default and Remedies. If: (a) the Lessee fails to comply with any term, provision, condition, or covenant If and whenever an Event of this Agreement; (b) the Lessee deserts or vacates the Premises; (c) any petition is filed by or against the Lessee under any section or chapter of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States or any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee makes an assignment for the benefit of creditors; or (f) a receiver is appointed for the Lessee or any of the assets of the LesseeDefault occurs, then in without prejudice to any of such eventsother rights which it has pursuant to this Lease or at law, the Lessee shall be in default and the Lessor Landlord shall have the option to do any one or more of the following: following rights and remedies which are cumulative and not alternative: (i) on providing the Tenant with notice of the default, and allowing 15 (fifteen) days to remedy said default, to terminate this Lease whether or not the Landlord has, with respect to the same or another Event of Default, previously elected or pursued a right or remedy which is inconsistent with termination of this Lease; (ii) to enter the Premises either with or without process as agent of law the Tenant and to expelrelet the Premises for whatever term, remove and put out the Lessee or any other persons thereon, together with all personal property; (ii) terminate this Agreement; (iii) rent said Premises or any part thereof for such term or terms and at on such terms and conditions as the Lessor Landlord in its sole discretion may deem advisable, with determine and to receive the right to repair, renovate, remodel, redecorate, alter, Rent therefor and change said Premises. At the option as agent of the LessorTenant to take possession of any property of the Tenant on the Premises, rents received to store such property at the expense and risk of the Tenant or to sell or otherwise dispose of such property in such manner as the Landlord may see fit without notice to the Tenant; to make alterations to the Promises to facilitate their reletting; and to apply the proceeds of any such sale or reletting first, to the payment of any expenses incurred by the Lessor from Landlord with respect to any such reletting shall be applied in order as follows: or sale; second, to the payment of any indebtedness from of the Lessee Tenant to the Lessor Landlord other than Rent due; to the payment of any costs and expenses of such reletting, including, but not limited to, attorney's fees, advertising feesRent, and brokerage feesthird, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of Rent in arrears; with the residue to be held by the Landlord and additional applied in payment of future Rent as it becomes due and payable. The Tenant shall remain liable for any deficiency to the Landlord. If any reletting extends for a period beyond the end of the Term, such reletting shall not constitute a termination of this Lease, but a reletting as agent of the Tenant up to the end of the Term and a letting thereafter by the Landlord for its own account; (iii) to recover from the Tenant all damages, and expenses incurred by the Landlord as a result of any breach by the Tenant including, if the Landlord terminates this Lease, any deficiency between those amounts which would have been payable by the Tenant for the portion of the Term following such termination and the net amounts actually received by the Landlord during such period of time with respect to the Premises; (iv) to remedy or attempt to remedy any default of the Tenant under this Lease for the account of the Tenant and to enter upon the Premises for such purposes. No notice of the Landlord's intention to perform such covenants need be given the Tenant unless expressly required by this Lease. The Landlord shall not be liable to the Tenant for any loss, injury or damage caused by acts of the Landlord in remedying or attempting to remedy such default and the Tenant shall pay to the Landlord all expenses incurred by the Landlord in connection with remedying or attempting to remedy such default; and (v) to recover from the Tenant the full amount of the current month's Rent together with the next 3 month's installments of Rent, all of which shall immediately become due and payable hereunder as accelerated rent. (b) Notwithstanding any provision of this Lease or any provision of applicable legislation, none of the goods and interest thereon; and, if after applying said rentals there is any deficiency in chattels of the Rent and additional rent and interest to be paid by the Lessee under this Agreement, the Lessee shall pay any such deficiency to the Lessor and such deficiency shall be calculated and collected by the Lessor on a monthly basis. No such re-entry or taking possession of said Premises shall be construed as an election Tenant on the Lessor's part to terminate this Agreement unless a written notice of such intention is given to the Lessee. Notwithstanding any such reletting without termination, the Lessor may Premises at any time terminate during the Term shall be exempt from levy by distress for Rent in arrears, and the Tenant waives any such exemption. If the Landlord makes any claim against the goods and chattels of the Tenant by way of distress, this Agreement by reason provision may be pleaded as an estoppel against the Tenant in any action brought to test the right of any default, in addition the Landlord to any other remedy it may havelevy such distress.

Appears in 1 contract

Samples: Lease Agreement (Fortune Entertainment Corp /De/)

Default and Remedies. If: If and whenever an Event of Default occurs, then without prejudice to any other rights which it has pursuant to this Lease or at law, the Landlord shall have the following rights and remedies, which are cumulative and not alternative: (a) to terminate this Lease by notice to the Lessee fails Tenant or to comply with any termre-enter the Premises and repossess them and, provisionin either case, conditionenjoy them as of its former estate, and the Landlord may remove all Persons and property from the Premises and store such property at the expense and risk of the Tenant or covenant sell or dispose of this Agreement; such property in such manner as the Landlord sees fit without notice to the Tenant; (b) the Lessee deserts or vacates the Premises; (c) any petition is filed by or against the Lessee under any section or chapter of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States or any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee makes an assignment for the benefit of creditors; or (f) a receiver is appointed for the Lessee or any of the assets of the Lessee, then in any of such events, the Lessee shall be in default and the Lessor shall have the option to do any one or more of the following: (i) enter the Premises either with or without process as agent of law the Tenant and to expelre-let the Premises for whatever length, remove (including for a term extending beyond the Term of this Lease) and put out the Lessee or any other persons thereon, together with all personal property; (ii) terminate this Agreement; (iii) rent said Premises or any part thereof for such term or terms and at on such terms and conditions as the Lessor Landlord in its sole discretion may deem advisable, with determine and to receive the right to repair, renovate, remodel, redecorate, alter, rent therefor and change said Premises. At the option as agent of the LessorTenant to take possession of any property of the Tenant on the Premises, rents received to store such property at the expense and risk of the Tenant or to sell, at a public or private sale, or otherwise dispose of such property in such manner as the Landlord sees fit without notice to the Tenant; to make alterations to the Premises as the Landlord shall determine to facilitate their re-letting; and to apply the proceeds of any such sale or re-letting first, to the payment of any expenses incurred by the Lessor from Landlord with respect to any such reletting shall be applied in order as follows: alterations, re-letting or sale second, to the payment of any indebtedness from of the Lessee Tenant to the Lessor Landlord other than Rent due; to the payment of any costs and expenses of such relettingthird, including, but not limited to, attorney's fees, advertising fees, and brokerage fees, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of Rent in arrears, with the residue to be held by the Landlord and additional applied to payment of future Rent as it becomes due and payable hereunder and interest thereonpayable; and, if after applying said rentals there is provided that the Tenant shall remain liable for any deficiency in the Rent and additional rent and interest to be paid by the Lessee under this Agreement, the Lessee shall pay any such deficiency to the Lessor and such deficiency shall be calculated and collected by the Lessor on a monthly basisLandlord. No such re-entry or taking possession of said or performing alterations to or re-letting of the Leased Premises by the Landlord shall be construed as an election on the Lessor's its part to terminate this Agreement Lease unless a written notice of such intention is given by the Landlord to the LesseeTenant; (c) lease or enter into and upon the Premises or any part thereof in the name of the whole and the same to have again, repossess and enjoy as of its former estate, anything in this Lease contained to the contrary notwithstanding, and it is agreed that no such re-entry and termination of this Lease by the Landlord shall prevent the Landlord from claiming and recovering damages from the Tenant, including all deficiencies between all amounts which would have been payable by the Tenant for what would have been the balance of the Term, but for such termination by the Landlord, and all net amounts actually received by the Landlord for such period of time; (d) to remedy or attempt to remedy any default of the Tenant under this Lease for the account of the Tenant and in so doing to make any payments due by the Tenant to third parties and to enter upon the Premises for such purposes; and no notice of the Landlord's intention to remedy or attempt to remedy such default need be given the Tenant unless expressly required by this Lease; and the Landlord shall not be liable to the Tenant for any loss, injury or damages caused by acts of the Landlord in remedying or attempting to remedy such default and the Tenant shall pay to the Landlord all expenses incurred by the Landlord in connection therewith. Notwithstanding Any such entry shall not constitute a re-entry of the Premises or termination of this Lease, and without being in breach of the covenant for quiet enjoyment, to do any such reletting without terminationwork or other things required therein; (e) to recover from the Tenant all damages, costs and expenses incurred by the Lessor may at any time terminate this Agreement by reason Landlord as a result of any defaultdefault by the Tenant including, in addition if the Landlord terminates this Lease, any deficiency between those amounts which would have been payable by the Tenant for the portion of the Term following such termination and the net amounts actually received by the Landlord during such period of time with respect to the Premises; (f) to recover from the Tenant the full amount of the current month's Rent together with the next three months' instalments of Rent, all of which shall accrue on a day to day basis and shall immediately become due and payable as accelerated rent; and (g) to suspend the supply to the Premises of any other remedy it may havebenefit, utility or service furnished by the Landlord.

Appears in 1 contract

Samples: Lease Agreement (Polar Wireless Corp.)

Default and Remedies. IfIn the event: (a) the Lessee Tenant fails to comply with any term, provision, condition, or covenant of this AgreementLease including the payment of all monies due; (b) the Lessee Tenant deserts or vacates the PremisesPremises for 30 consecutive days or more without notice to Landlord and without making the current rental payment; (c) any Any petition is filed by or against the Lessee Tenant under any section Section or chapter Chapter of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States or any state thereof; (d) the Lessee Tenant becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee Tenant makes an assignment for the benefit of creditors; or (f) a A receiver is appointed for the Lessee Tenant or any of the assets of the Lessee, Tenant; then in any of such events, the Lessee Tenant shall be in default and the Lessor Landlord shall have the option to do any one or more of the following: (i1) Upon ten (10) days prior written notice, excepting the payment of rent or additional rent for which no demand or notice shall be necessary, in addition to, and not in limitation of, any other remedy permitted by law; to enter upon the Premises or any part thereof, either with or without process of law law, and to expel, remove and put out the Lessee Tenant or any other persons who might be thereon, together with all personal propertyproperty found therein; or (ii2) Landlord may terminate this Agreement; (iii) rent Lease, or it may from time to time, without terminating this Lease, relet said Premises or any part thereof for such term or terms and at such rent and upon such other terms and conditions as the Lessor Landlord in its sole discretion may deem advisable, with the right to repair, renovate, remodel, redecorate, alter, alter and change said Premises. At the option of the LessorLandlord, rents received by the Lessor Landlord from such reletting shall be applied in order as follows: first to the payment of any indebtedness from the Lessee Tenant to the Lessor Landlord other than Rent due; rent and additional rent due hereunder, second to the payment of any costs cost and expenses of such reletting, including, but not limited to, attorney's fees, advertising fees, fees and real estate brokerage fees, and to the payment of any repairs, renovationrenovations, remodeling, redecorations, alterations, alterations and changes in the Premises; third to the payment of Rent rent and additional Rent rent due and payable hereunder and interest thereon; and, and if after applying said rentals monies there is any deficiency in the Rent rent and additional rent and interest to be paid by the Lessee Tenant under this AgreementLease, the Lessee shall pay any such deficiency to the Lessor and such TDenoanwt nshloalal dpaeydafnryosmuchhtdtepf:ic/i/enwcwy two .Ltiadndylfoorrdmansd.csoumch deficiency shall be calculated and collected by the Lessor on a monthly basisLandlord monthly. No such re-entry or taking possession of said Premises shall be construed as an election on the LessorLandlord's part to terminate this Agreement Lease unless a written notice of such intention is be given to Tenant. If Tenant vacates or abandons the LesseePremises, any property that Tenant leaves on the Premises shall be deemed to have been abandoned and may either be retained by Landlord as the property of Landlord or may be disposed of at public or private sale in accordance with applicable law as Landlord shall determine in its sole discretion. Notwithstanding The proceeds of any public or private sale of Tenant's property, or the then current fair market value of any property retained by Landlord, shall be applied by Landlord against (i) the expenses of Landlord for removal, storage or sale of the property; (ii) the arrears of rent or future rents payable under this Lease; and (iii) any other damages to which Landlord may be entitled hereunder. Notwithstanding, any such reletting without termination, the Lessor Landlord may at any time thereafter elect to terminate this Lease for such previous breach and default. Should Landlord at any time terminate this Agreement Lease by reason of any default, in addition to any other remedy it may have., it may recover from Tenant the amount at the time of such termination of the excess of the amount of rent and additional rent reserved in this Lease for the balance of the term hereof over the then reasonable rental value of the Premises for the same period. Landlord shall have the right and remedy to seek redress in the courts at any time to correct or remedy any default of Tenant by injunction or otherwise, without such resulting or being deemed a termination of this Lease, and Landlord, whether this Lease has been or is terminated or not, shall have the absolute right by court action or otherwise to collect any and all amounts of unpaid rent or unpaid additional rent or any other sums due from Tenant to Landlord under this Lease which were or are unpaid at the date of termination. In case it should be necessary for Landlord to bring any action under this Lease, to consult or place said Lease or any amount payable by Tenant thereunder with an attorney concerning or for the enforcement of any of Landlord's rights hereunder, then Tenant agrees in each and any such case to reimburse Landlord for its reasonable attorney's fees. All other remedies herein provided shall be cumulative to all other rights or remedies herein given to Landlord by law. A waiver by Landlord of any default by Tenant in the performance of any of the covenants, terms or conditions hereof shall not be considered or treated as a waiver of any subsequent or other default as to the same or any other matter. If Tenant shall default in the performance of any covenant, agreement, provision or condition herein contained, Landlord, without thereby waiving such default, may perform the same for the account and at the expense of Tenant, without notice in the case of emergency. Bills for any expense incurred by Landlord in connection with any such performance by Landlord for the account of Tenant, as well as bills for any property, material, labor or services provided, furnished or rendered, or caused to be provided, furnished or rendered, by Landlord to Tenant may be sent by Landlord to Tenant monthly, or immediately, at Landlord's option and shall be due and payable by Tenant upon notice of the amount or amounts and the amount or amounts thereof shall be deemed to be Additional Rent under this Lease. Tenant shall promptly give to Landlord notice as herein provided of any defects in the Premises including the failure of Landlord to do anything required to be done by law or by the terms of this Lease or the doing or permitting to be done anything prohibited by law or by the terms of this Lease. Unless Tenant has given said notice and Landlord has failed to commence to cause the cure of said defect within ten (10) days after receipt of said notice, Tenant shall have no right to terminate the said Lease or to declare a forfeiture and in no event shall rent xxxxx except as in this Lease specifically provided. Landlord shall not be obligated to notify Tenant of the due date of rent nor demand payment thereof on its due date, the same being expressly waived by Tenant. The acceptance of any sums of money from the Tenant that is less than the actual amount owed is considered a partial payment and does not relieve Tenant from the full amount that is owed Landlord. SECURITY DEPOSIT

Appears in 1 contract

Samples: Office Lease

Default and Remedies. If: (a) the Lessee Tenant fails to comply with any term, provision, condition, condition or covenant of this AgreementLease; (b) the Lessee Tenant deserts or vacates the Premises; (c) any petition is filed by or against the Lessee Tenant under any section or chapter of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States or any state thereof; (d) the Lessee Tenant becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee Tenant makes an assignment for the benefit of creditors; or (f) a receiver is appointed for the Lessee Tenant or any of the assets of the LesseeTenant, then in any of such events, the Lessee Tenant shall be in default and the Lessor Landlord shall have the option to do any one or more of the following: upon ten (i10) days prior written notice, excepting the payment of rent or additional rent for which no demand or notice shall be necessary, in addition to and not in limitation of any other remedy permitted by law, to enter upon the Premises either with or without process of law law, and to expel, remove and put out the Lessee Tenant or any other persons thereon, together with all personal property; (ii) and, Landlord may terminate this Agreement; (iii) Lease or it may from time to time, without terminating this Lease, rent said Premises or any part thereof for such term or terms (which may be for a term extending beyond the Term) and at such rental or rentals and upon such other terms and conditions as the Lessor Landlord in its sole discretion may deem advisable, with the right to repair, renovate, remodel, redecorate, alter, alter and change said Premises. At the option of the LessorLandlord, rents received by the Lessor Landlord from such reletting shall be applied in order as follows: first to the payment of any indebtedness from the Lessee Tenant to the Lessor Landlord other than Rent duerent and additional rent due hereunder; second, to the payment of any costs and expenses of such reletting, including, but not limited tolimited, attorney's ’s fees, advertising fees, fees and brokerage fees, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, alterations and changes in the Premises; : third, to the payment of Rent rent and additional Rent rent due and payable hereunder and interest thereon; and, if after applying said rentals there is any deficiency in the Rent rent and additional rent and interest to be paid by the Lessee Tenant under this AgreementLease, the Lessee Tenant shall pay any such deficiency to the Lessor Landlord and such deficiency shall be calculated and collected by the Lessor on a monthly basisLandlord monthly. No such re-entry or taking possession of said Premises shall be construed as an election on the Lessor's Landlord’s part to terminate this Agreement Lease unless a written notice of such intention is given to the LesseeTenant. Notwithstanding any such reletting without termination, the Lessor Landlord may at any time terminate this Agreement Lease by reason of any default, in addition to any other remedy it may have, it may recover from Tenant the worth at the time of such termination of the excess of the amount of rent and additional rent reserved in this Lease for the balance of the Term over the then reasonable rental value of the Premises for the same period. Landlord shall have the right and remedy to seek redress in the courts at any time to correct or remedy any default of Tenant by injunction or otherwise, without such resulting or being deemed a termination of this Lease, and Landlord, whether this Lease has been or is terminated or not, shall have the absolute right by court action or otherwise to collect any and all amounts of unpaid rent or unpaid additional rent or any other sums due from Tenant to Landlord under this Lease which were or are unpaid at the date of termination. If it is necessary for Landlord to bring any action under this Lease, to consult with an attorney concerning or for the enforcement of any of Landlord’s rights, then Xxxxxx agrees in each and any such case to pay to Landlord, Xxxxxxxx’s reasonable attorney’s fees. In addition to the remedies set forth herein, Tenant shall pay a late charge in the amount of % of any payment due hereunder which remains unpaid on the tenth day after same is otherwise due hereunder. Said late charge shall be deemed additional rent, and the assessment or collection of same shall not limit or delay Landlord’s pursuit of any remedy arising hereunder upon Xxxxxx’s default.

Appears in 1 contract

Samples: Commercial Industrial Lease

Default and Remedies. If: (a) During the Lessee fails existence of an Event of Default, the Secured Party may establish Collateral Accounts for the purpose of collecting the Receivables of the Debtor and holding the proceeds thereof, and may direct the Debtor to comply instruct all account debtors and obligors on the Receivables of the Debtor to make all payments on the Receivables of the Debtor directly to the Secured Party for deposit into such Collateral Account. After such direction to the Debtor and until such direction has been rescinded, (i) all collections and proceeds of the Receivables of the Debtor shall be directed to such Collateral Accounts, (ii) all proceeds of the Receivables of the Debtor which may from time to time come into the possession of the Debtor shall be held in trust for the Secured Party, segregated from the other funds of the Debtor, and delivered immediately to the Secured Party in the form received with any termnecessary endorsement for deposit into such Collateral Account, provisionsuch delivery in no event to be later than one Business Day after receipt thereof by the Debtor, conditionand (iii) the Debtor shall not adjust, settle, or covenant compromise the amount or payment of any Receivable of the Debtor, release wholly or partly any account debtor or obligor for any Receivable of the Debtor, or allow any credit or discount on any Receivable of the Debtor, without the advanced written consent of the Secured Party. (b) In connection with the foregoing, the Secured Party shall have the right at any time during the existence of an Event of Default to take any of the following actions, in the Secured Party's own name or in the name of the Debtor: change the accounts which shall be the Collateral Accounts for the Receivables of the Debtor; compromise or extend the time for payment of the Receivables of the Debtor upon such terms as the Secured Party may determine; endorse the name of the Debtor on checks, instruments, or other evidences of payment on the Receivables of the Debtor; make written or verbal requests for verification of amount owing on the Receivables of the Debtor from any Persons which the Secured Party believes are account debtors or obligors on the Receivables of the Debtor; open mail addressed to the Debtor and, to the extent of checks or other proceeds of the Receivables of the Debtor, dispose of same in accordance with this Agreement; (b) take action in the Lessee deserts Secured Party's name or vacates the PremisesDebtor's name to enforce collection; (c) any petition is filed and take all other action necessary to carry out this Agreement and give effect to the Secured Party's rights hereunder. Costs and expenses incurred by or against the Lessee under any section or chapter Secured Party in collection and enforcement of the Federal Bankruptcy Act, as amended, or under any similar law or statute Receivables of the United States or any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee makes an assignment for the benefit of creditors; or (f) a receiver is appointed for the Lessee or any of the assets of the LesseeDebtor, then in any of such eventsincluding attorneys' fees and out-of-pocket expenses, the Lessee shall be in default and the Lessor shall have the option to do any one or more of the following: (i) enter the Premises either with or without process of law and to expel, remove and put out the Lessee or any other persons thereon, together with all personal property; (ii) terminate this Agreement; (iii) rent said Premises or any part thereof for such term or terms and at such terms and conditions as the Lessor in its sole discretion may deem advisable, with the right to repair, renovate, remodel, redecorate, alter, and change said Premises. At the option of the Lessor, rents received reimbursed by the Lessor from such reletting shall be applied in order as follows: Debtor to the payment of any indebtedness from the Lessee to the Lessor other than Rent due; to the payment of any costs and expenses of such reletting, including, but not limited to, attorney's fees, advertising fees, and brokerage fees, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of Rent and additional Rent due and payable hereunder and interest thereon; and, if after applying said rentals there is any deficiency in the Rent and additional rent and interest to be paid by the Lessee under this Agreement, the Lessee shall pay any such deficiency to the Lessor and such deficiency shall be calculated and collected by the Lessor Secured Party on a monthly basis. No such re-entry or taking possession of said Premises shall be construed as an election on the Lessor's part to terminate this Agreement unless a written notice of such intention is given to the Lessee. Notwithstanding any such reletting without termination, the Lessor may at any time terminate this Agreement by reason of any default, in addition to any other remedy it may havedemand.

Appears in 1 contract

Samples: Security Agreement (Denali Inc)

Default and Remedies. If: (a) The occurrence of any of the Lessee following shall constitute "events of default": (i) The Base Rental (including any additional rent) or any other sum of money payable under this Lease, or both, is not paid when due; (ii) The Premises are deserted, vacated, or not used as would normally be expected for similar premises put to general office use, even though the Tenant continues to pay the stipulated monthly Base Rental; (iii) Tenant's interest in the Lease or the Premises shall be subjected to any attachment, levy, or sale pursuant to any order or decree entered against Tenant in any legal proceeding and such order or decree shall not be vacated within fifteen (15) days of entry thereof; or (iv) Tenant breaches or fails to comply with any term, provision, condition, or covenant of this Agreement; Lease, other than the payment of Base Rental and other charges, or with any of the Rules and Regulations now or future reasonable Rules and Regulations established from time to time by Landlord to govern the operation of the Building. (b) Upon the Lessee deserts or vacates the Premises; (c) any petition is filed by or against the Lessee under any section or chapter occurrence of the Federal Bankruptcy Actan event of default, as amended, or under any similar law or statute of the United States or any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee makes an assignment for the benefit of creditors; or (f) a receiver is appointed for the Lessee or any of the assets of the Lessee, then in any of such events, the Lessee shall be in default and the Lessor Landlord shall have the option to do and perform any one or more of the following: following in addition to, and not in limitation of, any other remedy or right permitted it by law or in equity or by this Lease: (i) enter the Premises either Landlord, with or without process terminating this Lease, may immediately or at any time thereafter reenter the Premises and correct or repair any condition which shall constitute a failure on Tenant's part to keep, observe, perform, satisfy, or abide by any term, condition, covenant, agreement, or obligation of law this Lease or of the Rules and Regulations now in effect or future reasonable Rules or Regulations adopted or of any notice given Tenant by Landlord pursuant to expelthe terms of this Lease, remove and put out the Lessee or any other persons thereon, together with all personal property; Tenant shall fully reimburse and compensate Landlord on demand; (ii) terminate Landlord, with or without terminating this Agreement; Lease, may immediately or at any time thereafter demand in writing that Tenant vacate the Premises and thereupon Tenant shall vacate the Premises and remove therefrom all property thereon belonging to or placed on the Premises by, at the direction of, or with consent of Tenant within ten (10) days of receipt by Tenant of such notice from Landlord, whereupon Landlord shall have the right to reenter and take possession of the Premises. Any such demand, reentry and taking possession of the Premises by Landlord shall not of itself constitute an acceptance by Landlord of a surrender of this Lease or of the Premises by Tenant and shall not of itself constitute a termination of this Lease by Landlord; (iii) rent said Landlord, with or without terminating this Lease, may immediately or at any time thereafter reenter the Premises and remove therefrom Tenant and all property belonging to or placed on the Premises by, at the direction of, or with consent of Tenant. Any such reentry and removal by Landlord shall not of itself constitute an acceptance by Landlord of a surrender of this Lease or of the Premises by Tenant and shall not of itself constitute a termination of this Lease by Landlord; (iv) Landlord, with or without terminating this Lease, may immediately or at any time thereafter relet the Premises or any part thereof for such term time or terms and times, at such rental or rentals and upon such other terms and conditions as the Lessor Landlord in its sole discretion may deem advisable, with the right to repair, renovate, remodel, redecorate, alter, and change said Premises. At the option of the Lessor, rents received by the Lessor from such reletting shall be applied in order as follows: Landlord may make any alterations or repairs to the payment of any indebtedness from the Lessee Premises which it may reasonably deem necessary or proper to the Lessor other than Rent duefacilitate such reletting; to the payment of any and Tenant shall pay all reasonable costs and expenses of such reletting, including, but not limited to, attorney's feesthe cost of any such alterations and repairs to the Premises, advertising attorneys' fees, and brokerage feescommissions; and if this Lease shall not have been terminated, Tenant shall continue to pay all rent and all other charges due under this Lease up to and including the date of beginning of payment of rent by any subsequent tenant of part or all of the Premises, and thereafter, Tenant shall pay monthly during the remainder of the term of this Lease the difference, if any, between the rent and other charges collected from any such subsequent tenant or tenants and the rent and other charges reserved in this Lease, but Tenant shall not be entitled to receive any excess of any such rents collected over the rents reserved herein; (v) Landlord may immediately or at any time thereafter terminate this Lease, and this Lease shall be deemed to have been terminated upon receipt by Tenant of written notice of such termination; upon such termination Landlord shall recover from Tenant all damages Landlord may suffer by reason of such termination, including, without limitation, unamortized sums expended by Landlord for construction of Tenant Improvements, all arrearages in rentals, costs, charges, additional rentals, and reimbursements, the cost (including court costs and attorneys' fees) of recovering possession of the Premises, the cost of any alteration of or repair to the payment of any repairsPremises which is necessary or proper to prepare the same for reletting and, renovationin addition thereto, remodeling, redecorations, alterations, Landlord at its election shall have and changes in the Premises; recover from Tenant either (1) an amount equal to the payment of Rent and additional Rent due and payable hereunder and interest thereon; andexcess, if after applying said rentals there is any deficiency in any, of the Rent total amount of all rents and additional rent and interest other charges to be paid by Tenant for the Lessee under remainder of the term of this AgreementLease over the then reasonable rental value of the Premises for the remainder of the term of this Lease, or (2) the Lessee shall pay any such deficiency rents and other charges which Landlord would be entitled to receive from Tenant pursuant to the Lessor and such deficiency provisions of clause (iv) of this Subparagraph (b) above if the Lease were not terminated. Such election shall be calculated made by Landlord by serving written notice upon Tenant of its choice of one of the two said alternatives within thirty (30) days of the notice of termination. (c) If Landlord reenters the Premises or terminates this Lease pursuant to any of the provisions of this Lease, Tenant hereby waives all claims for damages which may be caused by such reentry or termination by Landlord. Tenant shall and collected does hereby indemnify and hold Landlord harmless from any loss, costs (including court costs and attorneys' fees), or damages suffered by the Lessor on a monthly basisLandlord by reason of such reentry or termination. No such re-entry reentry or taking possession of said Premises termination shall be considered or construed as an election to be a forcible entry. (d) No course of dealing between Landlord and Tenant or any failure or delay on the Lessor's part to terminate of Landlord in exercising any rights of Landlord under this Agreement unless Paragraph 9.1 or under any other provisions of this Lease shall operate as a written notice of such intention is given to the Lessee. Notwithstanding any such reletting without termination, the Lessor may at any time terminate this Agreement by reason waiver of any rights of Landlord hereunder or under any other provisions of this Lease, nor shall any waiver of a default on one occasion operate as a waiver of any subsequent default or of any other default. No express waiver shall affect any condition, covenant, rule, or regulation other than the one specific in such waiver and that one only for the time and in the manner specifically stated. (e) The exercise by Landlord of any one or more of the rights and remedies provided in this Lease shall not prevent the subsequent exercise by Landlord of any one or more of the other rights and remedies herein provided unless precluded by operation of law. All remedies provided for in this Lease are cumulative and may, at the election of Landlord be exercised alternatively, successively, or in any other manner and are in addition to any other remedy it may haverights provided for or allowed by law or in equity.

Appears in 1 contract

Samples: Lease Agreement (E3 Corp)

Default and Remedies. IfIf and whenever an Event of Default occurs, then without prejudice to any other rights which it has pursuant to this lease or at law, the Landlord shall have the following rights and remedies, which are cumulative and not alternative: (a) to terminate this lease by notice to the Lessee fails to comply with any term, provision, condition, or covenant of this AgreementTenant; (b) the Lessee deserts or vacates the Premises; (c) any petition is filed by or against the Lessee under any section or chapter of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States or any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee makes an assignment for the benefit of creditors; or (f) a receiver is appointed for the Lessee or any of the assets of the Lessee, then in any of such events, the Lessee shall be in default and the Lessor shall have the option to do any one or more of the following: (i) enter the Premises either with or without process as agent of law the Tenant and to expelrelet the Premises for whatever term, remove and put out the Lessee or any other persons thereon, together with all personal property; (ii) terminate this Agreement; (iii) rent said Premises or any part thereof for such term or terms and at on such terms and conditions as the Lessor Landlord in its sole discretion may deem advisable, with determine and to receive the right to repair, renovate, remodel, redecorate, alter, rent therefor and change said Premises. At the option as agent of the LessorTenant to take possession of any property of the Tenant on the Premises, rents received to store such property at the expense and risk of the Tenant or to sell or otherwise dispose of such property in such manner as the Landlord may see fit without notice to the Tenant; to make alterations to the Premises to facilitate their reletting; and to apply the proceeds of any such sale or reletting first, to the payment of any expenses incurred by the Lessor from Landlord with respect to any such reletting shall be applied in order as follows: or sale; second, to the payment of any indebtedness from of the Lessee Tenant to the Lessor Landlord other than Rent dueRent; to the payment of any costs and expenses of such relettingthird, including, but not limited to, attorney's fees, advertising fees, and brokerage fees, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of Rent in arrears; with the residue to be held by the Landlord and additional applied in payment of future Rent as it becomes due and payable. The Tenant shall remain liable for any deficiency to the Landlord; (c) to remedy or attempt to remedy any default of the Tenant under this lease for the account of the Tenant and to enter upon the Premises for such purposes. No notice of the Landlord’s intention to perform such covenants need be given the Tenant unless expressly required by this lease. The Landlord shall not be liable to the Tenant for any loss, injury or damage caused by acts of the Landlord in remedying or attempting to remedy such default and the Tenant shall pay to the Landlord all expenses incurred by the Landlord in connection with remedying or attempting to remedy such default; (d) to recover from the Tenant all damages and expenses incurred by the Landlord as a result of any breach by the Tenant including, if the Landlord terminates this lease, any deficiency between those amounts which would have been payable by the Tenant for the portion of the Term following such termination and the net amounts actually received by the Landlord during such period of time with respect to the Premises; (e) to recover from the Tenant the full amount of the current month’s Rent together with the next 3 months’ instalments of Rent, all of which shall accrue on a day-to-day basis and shall immediately become due and payable hereunder as accelerated rent; and interest thereon; and(f) if this lease has been terminated in accordance with Section 7.01(a), if after applying said rentals there is to recover from the Tenant the unamortized portion of any deficiency in the Rent and additional rent and interest to be leasehold improvement allowance or inducement paid by the Lessee Landlord under the terms of this Agreementlease or the Lease Proposal, the Lessee shall pay any such deficiency amortization to the Lessor and such deficiency shall be calculated and collected from the date which is the later of the date of payment by the Lessor Landlord or the Commencement Date, and reducing on a monthly basis. No such re-entry or taking possession of said Premises shall be construed as an election on straight line basis to zero over the Lessor's part to terminate this Agreement unless a written notice of such intention is given to the Lessee. Notwithstanding any such reletting without termination, the Lessor may at any time terminate this Agreement by reason of any default, in addition to any other remedy it may haveinitial Term.

Appears in 1 contract

Samples: Lease Agreement (Patheon Inc)

Default and Remedies. If: (a) a. If the Lessee shall default in fulfilling any of its terms, conditions, covenants or provisions of this Agreement, including but not limited to: 1. Payment of fixed Monthly Rental Charges and/or any other charges hereunder within ten days of the date such charges become due; 2. Becomes comes insolvent, makes an assignment for benefit of creditors, or files a voluntary petition under any bankruptcy or insolvency law, or has filed against it an involuntary petition under any such law; 3. Defaults in fulfilling any of the terms, conditions, covenants or provisions of this Agreement including but not limited to the breach of any of the terms and conditions set forth in the exhibits attached hereto. 4. The abandonment and/or vacatur of the Premises by the Lessee; then, after five days notice of any such default(s), the Lessor may, at its sole discretion, terminate this Agreement upon five days notice to the Lessee, and upon the expiration of such notice period, the Lessee shall quit and surrender the Premises to the Lessor. In the event that the Lessee fails to comply with any term, provision, condition, or covenant of this Agreement; (b) the Lessee deserts or vacates quit and surrender the Premises; (c) any petition is filed by or against , the Lessee under any section or chapter Lessor may re-enter and take possession of the Federal Bankruptcy ActPremises and remove all persons and property therefrom, as amended, or under well as disconnect any similar law or statute of the United States or any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee makes an assignment telephone lines installed for the benefit of creditors; Lessee, without any liability whatsoever to Lessee. In addition, Lessor may elect concurrently or (f) a receiver is appointed for alternately to accelerate all of Lessee's obligations hereunder including without limitation the Lessee or any rental, direct expenses, Schedule B Costs, and Telephone Services costs, and/or the reletting of the assets of the Lessee, then in any of such events, the Lessee shall be in default and the Lessor shall have the option to do any one or more of the following: (i) enter the Premises either with or without process of law and to expel, remove and put out the Lessee or any other persons thereon, together with all personal property; (ii) terminate this Agreement; (iii) rent said Premises or any part thereof thereof, for such term all or terms and any part of the remainder of said term, to a party satisfactory to Lessor, at such terms and conditions as the Lessor any monthly rental rate. Lessor, in its sole discretion discretion, may deem advisableaccept notwithstanding the foregoing, Lessor shall have no obligation, implied or otherwise, to mitigate its damage(s) under such circumstances. b. Should Lessor be unable to re-let the Premises, or should each monthly re-rental be less than the rental, Lessee is obligated to pay under this Agreement or any renewal thereof, at Lessor's option Lessee shall pay the amount of such deficiency, plus the expenses of reletting, immediately in one lump sum (if allowable under law) to Lessor upon demand and/or as such obligations accrue. c. If Lessee shall default in the observance or performance of any term or covenant on Lessee's part to be observed or performed under or by virtue of any of the terms or provisions in any article of this lease, then, unless otherwise provided elsewhere in this lease, Lessor may immediately or at any time thereafter and with notice perform the right to repair, renovate, remodel, redecorate, alterobligation of Lessee thereunder, and change said Premises. At the option of the if Lessor, rents received in connection therewith or in connection with any default by Lessee in the Lessor from such reletting shall be applied in order as follows: covenant to pay rent hereunder, makes any expenditures or incurs any obligations for the payment of any indebtedness from the Lessee to the Lessor other than Rent due; to the payment of any costs and expenses of such relettingmoney, including, including but not limited to, to attorney's fees, advertising feesin instituting, prosecuting or defending any actions or proceeding, such sums so paid or obligations incurred with interest and brokerage fees, and costs shall be deemed to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of Rent and be additional Rent due and payable rent hereunder and interest thereon; and, if after applying said rentals there is any deficiency in the Rent and additional rent and interest to shall be paid by Lessee to Lessor rendition of any xxxx or statement to Lessee therefor, and if Lessee's lease term shall have expired at the Lessee under this Agreementtime of making of such expenditures or incurring of such obligations, the Lessee shall pay any such deficiency to the Lessor and such deficiency sums shall be calculated and collected recoverable by the Lessor on a monthly basis. No such re-entry or taking possession of said Premises shall be construed as an election on the Lessor's part to terminate this Agreement unless a written notice of such intention is given to the Lessee. Notwithstanding any such reletting without termination, the Lessor may at any time terminate this Agreement by reason of any default, in addition to any other remedy it may havedamages.

Appears in 1 contract

Samples: Lease and Service Agreement (Liquid Audio Inc)

Default and Remedies. If: (a) During the Lessee fails existence of an Event of Default, the Secured Party may establish Collateral Accounts for the purpose of collecting the Receivables of such Debtor and holding the proceeds thereof, and may direct such Debtor to comply instruct all account debtors and obligors on the Receivables of such Debtor to make all payments on the Receivables of such Debtor directly to the Secured Party for deposit into such Collateral Account. After such direction to such Debtor and until such direction has been rescinded (i) all collections and proceeds of the Receivables of such Debtor shall be directed to such Collateral Accounts, (ii) all proceeds of the Receivables of such Debtor which may from time to time come into the possession of such Debtor shall be held in trust for the Secured Party, segregated from the other funds of such Debtor, and delivered immediately to the Secured Party in the form received with any termnecessary endorsement for deposit into such Collateral Account, provisionsuch delivery in no event to be later than one Business Day after receipt thereof by such Debtor, conditionand (iii) such Debtor shall not adjust, settle, or covenant compromise the amount or payment of this Agreement; any Receivable of such Debtor, release wholly or partly any account debtor or obligor for any Receivable of such Debtor, or allow any credit or discount on any Receivable of such Debtor, without the advanced written consent of the Secured Party. (b) In connection with the Lessee deserts or vacates foregoing, the Premises; (c) Secured Party shall have the right at any petition is filed by or against time during the Lessee under any section or chapter existence of the Federal Bankruptcy Act, as amended, or under any similar law or statute an Event of the United States or any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee makes an assignment for the benefit of creditors; or (f) a receiver is appointed for the Lessee or Default to take any of the assets following actions, in the Secured Party's own name or in the name of such Debtor: change the accounts which shall be the Collateral Accounts for the Receivables of such Debtor; compromise or extend the time for payment of the Lessee, then in any Receivables of such events, the Lessee shall be in default and the Lessor shall have the option to do any one or more of the following: (i) enter the Premises either with or without process of law and to expel, remove and put out the Lessee or any other persons thereon, together with all personal property; (ii) terminate this Agreement; (iii) rent said Premises or any part thereof for such term or terms and at Debtor upon such terms and conditions as the Lessor in its sole discretion Secured Party may deem advisable, with determine; endorse the right to repair, renovate, remodel, redecorate, alter, and change said Premises. At the option of the Lessor, rents received by the Lessor from such reletting shall be applied in order as follows: to the payment of any indebtedness from the Lessee to the Lessor other than Rent due; to the payment of any costs and expenses name of such relettingDebtor on checks, includinginstruments, but not limited to, attorney's fees, advertising fees, and brokerage fees, and to the or other evidences of payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of Rent and additional Rent due and payable hereunder and interest thereon; and, if after applying said rentals there is any deficiency in the Rent and additional rent and interest to be paid by the Lessee under this Agreement, the Lessee shall pay any such deficiency to the Lessor and such deficiency shall be calculated and collected by the Lessor on a monthly basis. No such re-entry or taking possession of said Premises shall be construed as an election on the Lessor's part to terminate this Agreement unless a written notice Receivables of such intention is given to the Lessee. Notwithstanding any such reletting without termination, the Lessor may at any time terminate this Agreement by reason of any default, in addition to any other remedy it may have.Debtor; make written

Appears in 1 contract

Samples: Security Agreement (Denali Inc)

Default and Remedies. If: Borrower shall be deemed in default under -------------------- this Borrower Security Agreement upon the occurrence of an "Event of Default" under (and as the term "Event of Default" is defined in) the Credit Agreement. Upon the occurrence of any Event of Default which has not been expressly waived pursuant to the Credit Agreement, the Administrative Agent shall at the request and direction of the Lenders (which request and direction must be in writing if so requested by the Administrative Agent), without notice to or demand on Borrower, and in addition to all rights and remedies available to the Secured Parties, at law or in equity or otherwise, (a) foreclose or otherwise enforce the Lessee fails to comply with Administrative Agent's security interest for the benefit of the Secured Parties in the Borrower Collateral in any term, provision, condition, manner permitted by law or covenant of provided for in this Borrower Security Agreement; (b) sell or otherwise dispose of the Lessee deserts Borrower Collateral or vacates any part thereof at one or more public or private sales at any place or places, including, without limitation, any broker's board or securities exchange, whether or not such Borrower Collateral is present at the Premisesplace of sale, for cash or credit or future delivery on such terms and in such manner as the Administrative Agent may determine; (c) any petition is filed require Borrower to assemble the Borrower Collateral and/or books and records relating thereto and make such available to the Administrative Agent at a place to be designated by or against the Lessee under any section or chapter of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States or any state thereofAdministrative Agent; (d) recover from Borrower all costs and expenses, including, without limitation, attorneys' fees, incurred or paid by the Lessee becomes insolvent Administrative Agent in exercising any right, power or makes a transfer in fraud of creditorsremedy provided by this Borrower Security Agreement or by law; (e) the Lessee makes an assignment for the benefit of creditorsenter into property where any Borrower Collateral or books and records relating thereto are located and take possession thereof with or without judicial process; or and (f) a receiver is appointed for prior to the Lessee or any disposition of the assets Borrower Collateral, prepare it for disposition in any manner and to the extent the Administrative Agent deems appropriate. Borrower shall be given five (5) Business Days' prior notice of the Lesseetime and place of any public sale or of the time after which any private sale or other intended disposition is to be made, then in which notice Borrower hereby agrees shall be deemed reasonable notice thereof. Upon any of such eventssale or other disposition pursuant to this Borrower Security Agreement, the Lessee shall be in default and the Lessor Administrative Agent shall have the option right to do deliver, assign and transfer to the purchaser thereof the Borrower Collateral or portion thereof and transfer to the purchaser thereof the Borrower Collateral or portion thereof so sold or disposed of. Each purchaser at any one such sale or more other disposition (including any Secured Party) shall hold the Borrower Collateral free from any claim or right of whatever kind, including any equity or right of redemption of Borrower and Borrower specifically waives (to the following: (iextent permitted by law) enter the Premises either with all rights of redemption, stay or without process appraisal which it has or may have under any rule of law and to expel, remove and put out the Lessee or any other persons thereon, together with all personal property; (ii) terminate this Agreement; (iii) rent said Premises statute now existing or any part thereof for such term or terms and at such terms and conditions as the Lessor in its sole discretion may deem advisable, with the right to repair, renovate, remodel, redecorate, alter, and change said Premises. At the option of the Lessor, rents received by the Lessor from such reletting shall be applied in order as follows: to the payment of any indebtedness from the Lessee to the Lessor other than Rent due; to the payment of any costs and expenses of such reletting, including, but not limited to, attorney's fees, advertising fees, and brokerage fees, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of Rent and additional Rent due and payable hereunder and interest thereon; and, if after applying said rentals there is any deficiency in the Rent and additional rent and interest to be paid by the Lessee under this Agreement, the Lessee shall pay any such deficiency to the Lessor and such deficiency shall be calculated and collected by the Lessor on a monthly basis. No such re-entry or taking possession of said Premises shall be construed as an election on the Lessor's part to terminate this Agreement unless a written notice of such intention is given to the Lessee. Notwithstanding any such reletting without termination, the Lessor may at any time terminate this Agreement by reason of any default, in addition to any other remedy it may havehereafter adopted.

Appears in 1 contract

Samples: Pledge and Security Agreement (Dollar Financial Group Inc)

Default and Remedies. If: (a) the If Lessee fails to comply with any termceases doing business as a going concern, provisionof if a petition in bankruptcy, conditionarrangement, insolvency, or covenant of this Agreement; (b) the Lessee deserts or vacates the Premises; (c) any petition reorganization is filed by or against the Lessee under any section or chapter of the Federal Bankruptcy Act, as amendedand is not dismissed within sixty (60) days, or under any similar law or statute of the United States or any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud of creditors; (e) the if Lessee makes an assignment for the benefit of creditors; , or if on or prior to the expiration of thirty (f30) a receiver is appointed for the days after written notice to Lessee from Lessor of any other breach of this Master Lease (whether monetary or any of the assets of the Lesseenon-monetary) Lessee fails to cure said breach, then in any of such events, the Lessee shall be in default and the Lessor shall have the option to do may exercise any one or more of the following: following remedies: (ia) enter To declare the Premises either with or without process entire balance of law and rent hereunder discounted to expel, remove and put out present value at the Lessee or any other persons thereon, together with all personal property; (ii) terminate this Agreement; (iii) rent said Premises or any part thereof for such term or terms and at such terms and conditions as the Lessor Index Rate then in its sole discretion may deem advisable, with the right to repair, renovate, remodel, redecorate, alter, and change said Premises. At the option of the Lessor, rents received by the Lessor from such reletting shall be applied in order as follows: to the payment of any indebtedness from the Lessee to the Lessor other than Rent due; to the payment of any costs and expenses of such reletting, including, but not limited to, attorney's fees, advertising fees, and brokerage fees, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of Rent and additional Rent effect immediately due and payable hereunder as to any or all Lease Schedules of Equipment covered hereby. (b) To xxx for and recover all rents, and other movies due, with respect to any or all items of Equipment listed on any or all Lease Schedules to the extent permitted by law. (c) To require Lessee to assemble all Equipment at Lessee's expense, at a place reasonably designated by Lessor. (d) Pursuant to applicable law and after demand, to remove any physical obstructions for removal of the Equipment from the place where the Equipment is located and take possession of any or all items of Equipment wherever same may be located, disconnecting, and separating all such Equipment from any other property. Lessor may, at its option, use, ship, store, repair, or lease all Equipment so removed and sell or otherwise dispose of any such Equipment at a private or public sale. Lessor may exhibit and resell the Equipment at Lessee's premises at reasonable business hours without being required to remove the Equipment. If Lessor takes possession of the Equipment, Lessor shall give Lessee credit for any sums received by Lessor from the sale or rental of the Equipment after deduction of the expenses of sale or rental and Lessor's residual interest thereon; and, if after applying said rentals there is any deficiency in the Rent Equipment. Lessee shall also be liable for and additional rent shall pay to Lessor all expenses incurred by Lessor in connection with the enforcement of any of Lessor's remedies, including all expenses of repossessing, storing, shipping, repairing, and interest selling the Equipment. Lessor and Lessee acknowledge the difficulty in establishing a value for the unexpired Lease term and owing to such difficulty agree that the provisions of this paragraph represent an agreed measure of damages and are not to be paid deemed a forfeiture or penalty. If any payment is not made by Lessee within fifteen (15) days of the Lessee under this Agreementdate due provided in any Lease Schedule, the Lessee shall pay any to Lessor, not later than one month thereafter, an amount calculated at the rate of five cents per one dollar of each such deficiency delayed payment, but only to the Lessor and such deficiency extent allowed by law. Such amount shall be calculated and collected payable in addition to all amounts payable by Lessee as a result of exercise of any of the Lessor on a monthly basisremedies herein provided. No such re-entry or taking possession All of said Premises shall be construed as an election on the Lessor's part to terminate this Agreement unless a written notice of such intention is given to the Lessee. Notwithstanding any such reletting without terminationremedies hereunder are cumulative, the Lessor may at any time terminate this Agreement by reason of any default, are in addition to any other remedies provided for by law, and may, to the extent permitted by law, be exercised concurrently or separately. The exercise of any one remedy it may haveshall not be deemed to be an election of such remedy or to preclude the exercise of any other remedy. No failure on the part of the Lessor to exercise and no delay in exercising any right or remedy shall operate as a waiver thereof or modify the terms of this Lease.

Appears in 1 contract

Samples: Master Lease (Jones Financial Companies Lp LLP)

Default and Remedies. If: If and whenever the rent hereby reserved, or any part thereof, shall not be paid on the day which is ten (10) days after demand has been made therefor, or in case of the breach, non-observance or non-performance of any of the covenants or agreements or Rules and Regulations herein contained or referred to on the part of the Tenant to be observed and performed, the Tenant is in material breach and has failed to rectify such material breach within twenty (20) days of receipt of notice (or if it could reasonably be expected that rectification will take a longer period of time, has not commenced to rectify such breach within such twenty (20) day period and thereafter proceeds to diligently complete such rectification) or if re-entry is permitted under the terms of this lease, then in each such case, it shall be lawful for the Landlord at any time thereafter then without prejudice to any other rights which it has pursuant to this Lease or at law, the Landlord shall have the following rights and remedies, which are cumulative and not alternative: (a) to terminate this Lease by notice to the Lessee fails to comply with any term, provision, condition, or covenant of this Agreement; Tenant; (b) to enter the Lessee deserts or vacates the Premises; (c) any petition is filed by or against the Lessee under any section or chapter Demised Premises as agent of the Federal Bankruptcy ActTenant and to relet the Demised Premises for whatever term, and on such terms as amended, or under any similar law or statute the Landlord in its reasonable discretion may determine and to receive the rent therefor and as agent of the United States or Tenant to take possession of any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee makes an assignment for the benefit of creditors; or (f) a receiver is appointed for the Lessee or any property of the assets Tenant on the Demised Premises (other than computer software, customer files and confidential materials), to store such property at the expense and risk of the Lessee, then in any Tenant or to sell or otherwise dispose of such events, property in such manner as the Lessee shall be in default and Landlord may see fit without notice to the Lessor shall have Tenant; to make alterations to the option Demised Premises to do any one or more of the following: (i) enter the Premises either with or without process of law facilitate their reletting; and to expelapply the proceeds of any such sale or reletting first, remove and put out to the Lessee or payment of any other persons thereon, together with all personal property; (ii) terminate this Agreement; (iii) rent said Premises or any part thereof for such term or terms and at such terms and conditions as the Lessor in its sole discretion may deem advisable, with the right to repair, renovate, remodel, redecorate, alter, and change said Premises. At the option of the Lessor, rents received expenses incurred by the Lessor from Landlord with respect to any such reletting shall be applied in order as follows: or sale; second, to the payment of any indebtedness from of the Lessee Tenant to the Lessor Landlord other than Rent duerent; and third, to the payment of rent in arrears; with the residue to be held by the Landlord and applied in payment of future rent as it becomes due and payable. The Tenant shall remain liable for any costs deficiency to the Landlord; (c) to remedy or attempt to remedy any default of the Tenant under this lease for the account of the Tenant and to enter upon the Demised Premises for such purposes. Notice of the Landlord's intention to perform such covenants needs to be given to the Tenant except in the case of an emergency. If the Landlord acts reasonably, the Landlord shall not be liable to the Tenant for any loss, injury or damage caused by acts of the Landlord in remedying or attempting to remedy such default and the Tenant shall pay to the Landlord all expenses incurred by the Landlord in connection with remedying or attempting to remedy such default; (d) to recover from the Tenant all damages, and expenses incurred by the Landlord as a result of such reletting, any breach by the Tenant including, but not limited toif the Landlord terminates this Lease, attorney's fees, advertising fees, any deficiency between those amounts which would have been payable by the Tenant for the portion of the Term following such termination and brokerage fees, and the net amounts actually received by the Landlord during such period of time with respect to the payment Demised Premises; (e) to recover from the Tenant the full amount of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of current month's Basic Rent and additional Additional Rent together with the next 3 months' installments of Basic Rent and Additional Rent, all of which shall accrue on a day-to-day basis and shall immediately become due and payable hereunder as accelerated rent; (g) the Tenant waives and interest thereon; and, if after applying said rentals there is renounces the benefit of any deficiency in present or future stance taking away or limiting the Rent Landlord's right of distress and additional rent covenants and interest to be paid by the Lessee under this Agreement, the Lessee shall pay agrees that notwithstanding any such deficiency to stance none of the Lessor goods and such deficiency shall be calculated and collected by chanels of the Lessor on a monthly basis. No such re-entry Tenant or taking possession of said any other person in or upon the Demised Premises shall be construed as an election on the Lessor's part to terminate this Agreement unless a written notice of such intention is given to the Lessee. Notwithstanding any such reletting without termination, the Lessor may at any time terminate this Agreement during the Term shall be exempt from levy by reason of any defaultdistress for rent in arrears, save as referred to in addition to any other remedy it may haveSection (b) hereof.

Appears in 1 contract

Samples: Lease Agreement (Genesis Microchip Inc)

Default and Remedies. If: If and whenever an Event of Default occurs, then without prejudice to any other rights which it has pursuant to this Lease or at law, the Landlord shall have the following rights and remedies, which are cumulative and not alternative: (a) to terminate this Lease by notice to the Lessee fails to comply with any term, provision, condition, or covenant of this Agreement; Tenant; (b) the Lessee deserts or vacates the Premises; (c) any petition is filed by or against the Lessee under any section or chapter of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States or any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee makes an assignment for the benefit of creditors; or (f) a receiver is appointed for the Lessee or any of the assets of the Lessee, then in any of such events, the Lessee shall be in default and the Lessor shall have the option to do any one or more of the following: (i) enter the Premises either with or without process as agent of law the Tenant and to expelrelet the Premises for whatever term, remove and put out the Lessee or any other persons thereon, together with all personal property; (ii) terminate this Agreement; (iii) rent said Premises or any part thereof for such term or terms and at on such terms and conditions as the Lessor Landlord in its sole discretion may deem advisable, with determine and to receive the right to repair, renovate, remodel, redecorate, alter, rent therefor and change said Premises. At the option as agent of the LessorTenant to take possession of any property of the Tenant on the Premises, rents received to store such property at the expense and risk of the Tenant or to sell or otherwise dispose of such property in such manner as the Landlord may see fit without notice to the Tenant; to make alterations to the Premises to facilitate their reletting; and to apply the proceeds of any such sale or reletting first, to the payment of any expenses incurred by the Lessor from Landlord with respect to any such reletting shall be applied in order as follows: or sale; second, to the payment of any indebtedness from of the Lessee Tenant to the Lessor Landlord other than Rent duerent; to the payment of any costs and expenses of such relettingthird, including, but not limited to, attorney's fees, advertising fees, and brokerage fees, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of Rent in arrears; with the residue to be held by the Landlord and additional applied in payment of future Rent as it becomes due and payable hereunder and interest thereon; and, if after applying said rentals there is payable. The Tenant shall remain liable for any deficiency in the Rent and additional rent and interest to be paid by the Lessee under this Agreement, the Lessee shall pay any such deficiency to the Lessor Landlord; (c) to remedy or attempt to remedy any default of the Tenant under this Lease for the account of the Tenant and to enter upon the Premises for such deficiency purposes. No notice of the Landlord's intention to perform such covenants need be given the Tenant unless expressly required by this Lease. The Landlord shall not be calculated liable to the Tenant for any loss, injury or damage caused by acts of the Landlord in remedying or attempting to remedy such default and collected the Tenant shall pay to the Landlord all REASONABLE expenses incurred by the Lessor on Landlord in connection with remedying or attempting to remedy such default; (d) to recover from the Tenant all damages, and expenses incurred by the Landlord as a monthly basis. No result of any breach by the Tenant including, if the Landlord terminates this Lease, any deficiency between those amounts which would have been payable by the Tenant for the portion of the Term following such re-entry or taking possession termination and the net amounts actually received by the Landlord during such period of said Premises shall be construed as an election on the Lessor's part to terminate this Agreement unless a written notice of such intention is given time with respect to the Lessee. Notwithstanding any such reletting without termination, the Lessor may at any time terminate this Agreement by reason of any default, in addition to any other remedy it may have.Premises; AND

Appears in 1 contract

Samples: Office Lease (Alliance Data Systems Corp)

Default and Remedies. If: 11.1 Each of the following events shall constitute an "Event of Default" under this Note: (a1) the Lessee fails failure of any Obligor to comply pay any installment of Principal and/or Interest due and payable under this Note, within ten (10) days after the date when same became due and payable; or (2) the failure of any Obligor to pay in full the outstanding Principal of this Note, together with any termall accrued and unpaid Interest, provisionon the Maturity Date, conditionwhether occurring on the stated Maturity Date, by acceleration, or covenant of this Agreementotherwise; or (b3) the Lessee deserts failure of any Obligor to pay any other sum due and payable by Borrowers to Lender or vacates the Premises; (c) to any petition is filed by or against the Lessee other person under any section or chapter of the Federal Bankruptcy ActLoan Documents, as amended, or under any similar law or statute of within ten (10) days following the United States or any state thereofdate written notice is provided by Lender to Borrowers; or (d1) the Lessee becomes insolvent or makes a transfer in fraud occurrence of creditors; (eany Event of Default after the expiration of any applicable notice and/or cure periods) under the Lessee makes an assignment for the benefit of creditors; or (f) a receiver is appointed for the Lessee Mortgage or any of the assets other Loan Documents. 11.2 Upon the occurrence of an Event of Default, Lender, at its option, may declare the Lesseeentire unpaid Principal balance of this Note, then together with all accrued and unpaid Interest and all other sums due and owing to Lender under this Note and the Loan Documents, to be immediately due and payable without notice or demand, and Lender may exercise such other rights and remedies as may be available under the Loan Documents or as otherwise may be available at law or in any equity. 11.3 In addition to payments of such eventsInterest and Principal, the Lessee Obligors shall be in default jointly and severally liable for the Lessor shall have the option to do any one or more of the followingpayment of: (i) enter taxes (excluding corporate and income taxes of Lender), charges and assessments levied on or with respect to the Premises either with Obligations or the execution, delivery, registration, performance or enforcement of this Note and the Loan Documents, including, without process of law limitation, documentary stamp taxes, intangible taxes and to expel, remove filing fees; and put out the Lessee or any other persons thereon, together with all personal property; (ii) terminate the costs of securing and enforcing, or attempting to secure and enforce, this Agreement; (iii) rent said Premises or any part thereof for such term or terms Note and at such terms and conditions as the Lessor in its sole discretion may deem advisable, with the right to repair, renovate, remodel, redecorate, alter, and change said Premises. At the option of the Lessor, rents received by the Lessor from such reletting shall be applied in order as follows: to the payment of any indebtedness from the Lessee to the Lessor other than Rent due; to the payment of any costs and expenses of such relettingLoan Documents, including, but not limited towithout limitation, attorneyLender's reasonable attorneys' fees, advertising paralegals' fees and legal assistants' fees (whether for services incurred in collection, litigation, bankruptcy proceedings, appeals, enforcement of judgments, or otherwise), and all other fees, costs and brokerage fees, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes disbursements incurred in the Premises; to the payment of Rent and additional Rent due and payable hereunder and interest thereon; and, if after applying said rentals there is any deficiency in the Rent and additional rent and interest to be paid by the Lessee under this Agreement, the Lessee shall pay any such deficiency to the Lessor and such deficiency shall be calculated and collected by the Lessor on a monthly basis. No such re-entry or taking possession of said Premises shall be construed as an election on the Lessor's part to terminate this Agreement unless a written notice of such intention is given to the Lessee. Notwithstanding any such reletting without termination, the Lessor may at any time terminate this Agreement by reason of any default, in addition to any other remedy it may haveconnection therewith.

Appears in 1 contract

Samples: Credit Agreement (Terremark Worldwide Inc)

Default and Remedies. If: (a) the Lessee Tenant fails to comply with any term, provision, condition, condition or covenant of this AgreementLease; (b) the Lessee Tenant deserts or vacates the Premises; (c) any petition is filed by or against the Lessee Tenant under any section or chapter of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States or any state thereof; (d) the Lessee Tenant becomes insolvent or makes a transfer in fraud of creditors; ; (e) the Lessee Tenant makes an assignment for the benefit of creditors; or (f) a receiver is appointed for the Lessee Tenant or any of the assets of the LesseeTenant, then in any of such events, the Lessee Tenant shall be in default and the Lessor Landlord shall have the option to do any one or more of the following: upon ten (i10) enter days prior written notice, excepting the Premises either with payment of rent or without process additional rent for which no demand or notice shall be necessary, in addition to and not in limitation of law and to expel, remove and put out the Lessee or any other persons thereonremedy permitted by law, together with all personal property; (ii) Landlord may terminate this Agreement; (iii) Lease or it may from time to time, without terminating this Lease, rent said Premises or any part thereof for such term or terms (which may be for a term extending beyond the Term) and at such rental or rentals and upon such other terms and conditions as the Lessor Landlord in its sole discretion may deem advisable, with the right to repair, renovate, remodel, redecorate, alter, alter and change said Premises. At the option of the LessorLandlord, rents received by the Lessor Landlord from such reletting shall be applied in order as follows: first to the payment of any indebtedness from the Lessee Tenant to the Lessor Landlord other than Rent duerent and additional rent due hereunder; second, to the payment of any costs and expenses of such reletting, including, but not limited tolimited, attorney's fees, advertising fees, fees and brokerage fees, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, alterations and changes in the Premises; : third, to the payment of Rent rent and additional Rent rent due and payable hereunder and interest thereon; and, if after applying said rentals there is any deficiency in the Rent rent and additional rent and interest to be paid by the Lessee Tenant under this AgreementLease, the Lessee Tenant shall pay from the earning of property any such deficiency to the Lessor Landlord and such deficiency shall be calculated and collected by the Lessor on a monthly basisLandlord monthly. No such reRe-entry or taking possession of said Premises shall be construed as an election on the LessorLandlord's part to terminate this Agreement unless a Lease regardless if written notice of such intention is given to the LesseeTenant. Notwithstanding any such reletting without terminationreletting, the Lessor Landlord may at any time terminate this Agreement Lease by reason of any default, in addition to any other remedy it may have, it may recover from Tenant the worth at the time of such termination of the excess of the amount of rent. Landlord shall have the right and remedy to seek redress in the courts at any time to correct or remedy any default of Tenant by injunction or otherwise, without such resulting or being deemed a termination of this Lease, and Landlord, whether this Lease has been or is terminated or not, shall have the absolute right by court action or otherwise to collect any and all amounts of unpaid rent or unpaid additional rent or any other sums due from HCS Atlanta Southwest LLC (tenant) to Landlord under this Lease which were or are unpaid at the date of termination. If it is necessary for Landlord to bring any action under this Lease, then Tenant agrees in each and any such case to pay to Landlord, Landlord's reasonable attorney's fees.

Appears in 1 contract

Samples: Commercial Lease Contract

Default and Remedies. If: (aA) Lessee shall be in default under this lease if lessee shall: 1) Fail to pay any rent, the Lessee fails payments on any other lease or indebtedness of lessee to comply with any term, provision, conditionlessor arising independently of this lease, or other amount required in this lease within days after the rent becomes due and payable; 2) Fail to perform or observe according to its terms any covenant of contained in this Agreement; (b) the Lessee deserts or vacates the Premises; (c) any petition is filed by or against the Lessee under any section or chapter of the Federal Bankruptcy Act, as amendedlease, or under any similar law other instrument or statute of the United States or any state thereof; document executed in connection with this lease; 3) Become insolvent (d) the Lessee becomes insolvent or makes however defined), cease business as a transfer in fraud of creditors; (e) the Lessee makes going concern, make an assignment for the benefit of creditors, or cause a petition for receiver or in bankruptcy to be filed by or against lessee (including a petition for reorganization or an arrangement); or 4) Commit or (ffail to commit any act that results in jeopardizing the rights of lessor or causes lessor to deem itself insecure as to its rights. B) a receiver If lessee is appointed for the Lessee or any of the assets of the Lessee, then in any of such events, the Lessee shall be in default and the Lessor under this lease, lessor, with or without notice to lessee, shall have the option right to do exercise concurrently or separately, and without any one election of remedies to be deemed made, the following remedies: 1) Elect that the rental payments due be accelerated and the entire amount of rental be due immediately; 2) Terminate this lease; 3) Enter on lessee’s premises and without any court order or more other process of law repossess and remove the following: (i) enter the Premises either equipment, whether with or without process notice to lessee; any such repossession shall not constitute a termination of law this lease unless lessor so notifies lessee in writing, and lessor shall have the right, at its option, to expel, remove and put out lease the Lessee or equipment to any other person or persons thereon, together with all personal property; (ii) terminate this Agreement; (iii) rent said Premises or any part thereof for such term or terms and at on such terms and conditions as lessor shall determine; or 4) Sell the Lessor in its sole discretion equipment to the highest bidder at public or private sale, at which sale lessor may deem advisablebe the purchaser. In the event either sub-section 3 or 4 is exercised, there shall be due from lessee, and lessee will immediately pay to lessor, the difference between the total amount of rentals to be received from any third person or the purchase price at such sale, as the case may be, and the total unpaid rental provided to be paid, together with the right to repair, renovate, remodel, redecorate, alter, and change said Premises. At the option estimated fair market value of the Lessorequipment for the original lease termination date, rents received by the Lessor from such reletting shall be applied in order as follows: to the payment of any indebtedness from the Lessee to the Lessor other than Rent due; to the payment of any plus all costs and expenses of such relettinglessor in repossessing, includingreleasing, but not limited totransporting, attorney's feesrepairing, advertising feesselling, and brokerage fees, and to or otherwise handling the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of Rent and additional Rent due and payable hereunder and interest thereon; and, if after applying said rentals there is any deficiency in the Rent and additional rent and interest to be paid by the Lessee under this Agreement, the Lessee shall pay any such deficiency to the Lessor and such deficiency shall be calculated and collected by the Lessor on a monthly basis. No such re-entry or taking possession of said Premises shall be construed as an election on the Lessor's part to terminate this Agreement unless a written notice of such intention is given to the Lessee. Notwithstanding any such reletting without termination, the Lessor may at any time terminate this Agreement by reason of any default, in addition to any other remedy it may haveequipment.

Appears in 1 contract

Samples: Equipment Rental Agreement

Default and Remedies. If: (a) a. If the Lessee shall default in fulfilling any of its terms, conditions, covenants or provisions of this Agreement, including but not limited to: 1. Payment of fixed Monthly Rental Charges and/or any other charges hereunder within ten days of the date such charges become due; 2. Becomes comes insolvent, makes an assignment for benefit of creditors, or files a voluntary petition under any bankruptcy or insolvency law, or has filed against it an involuntary petition under any such law; 3. Defaults in fulfilling any of the terms, conditions, covenants or provisions of this Agreement including but not limited to the breach of any of the terms and conditions set forth in the exhibits attached hereto; 4. The abandonment and/or vacatur of the Premises by the Lessee; then, after five days notice of any such default(s), the Lessor may, at its sole discretion, terminate this Agreement upon five days notice to the Lessee, and upon the expiration of such notice period, the Lessee shall quit and surrender the Premises to the Lessor. In the event that the Lessee fails to comply with any term, provision, condition, or covenant of this Agreement; (b) the Lessee deserts or vacates quit and surrender the Premises; (c) any petition is filed by or against , the Lessee under any section or chapter Lessor may re-enter and take possession of the Federal Bankruptcy ActPremises and remove all persons and property therefrom, as amended, or under well as disconnect any similar law or statute of the United States or any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee makes an assignment telephone lines installed for the benefit of creditors; Lessee, without any liability whatsoever to Lessee. In addition, Lessor may elect concurrently or (f) a receiver is appointed for alternately to accelerate all of Lessee's obligations hereunder including without limitation the Lessee or any rental, direct expenses, Schedule B Costs, and Telephone Services costs, and/or the re-letting of the assets of the Lessee, then in any of such events, the Lessee shall be in default and the Lessor shall have the option to do any one or more of the following: (i) enter the Premises either with or without process of law and to expel, remove and put out the Lessee or any other persons thereon, together with all personal property; (ii) terminate this Agreement; (iii) rent said Premises or any part thereof thereof, for such term all or terms and any part of the remainder of said term, to a party satisfactory to Lessor, at such terms and conditions as the Lessor any monthly rental rate. Lessor, in its sole discretion discretion, may deem advisableaccept notwithstanding the foregoing, Lessor shall have no obligation,implied or otherwise, to mitigate its damage(s) under such circumstances. b. Should Lessor be unable to re-let the Premises, or should each monthly re-rental be less than the rental, Lessee is obligated to pay under this Agreement or any renewal thereof, at Lessor's option Lessee shall pay the amount of such deficiency, plus the expenses of reletting, immediately in one lump sum (if allowable under law) to Lessor upon demand and/or as such obligations accrue. c. If Lessee shall default in the observance or performance of any term or covenant on Lessee's part to be observed or performed under or by virtue of any of the terms or provisions in any article of this lease, then, unless otherwise provided elsewhere in this lease, Lessor may immediately or at any time thereafter and with notice perform the right to repair, renovate, remodel, redecorate, alterobligation of Lessee thereunder, and change said Premises. At the option of the if Lessor, rents received in connection therewith or in connection with any default by Lessee in the Lessor from such reletting shall be applied in order as follows: covenant to pay rent hereunder, makes any expenditures or incurs any obligations for the payment of any indebtedness from the Lessee to the Lessor other than Rent due; to the payment of any costs and expenses of such relettingmoney, including, including but not limited to, to attorney's fees, advertising feesin instituting, prosecuting or defending any actions or proceeding, such sums so paid or obligations incurred with interest and brokerage fees, and costs shall be deemed to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of Rent and be additional Rent due and payable rent hereunder and interest thereon; and, if after applying said rentals there is any deficiency in the Rent and additional rent and interest to shall be paid by Lessee to Lessor rendition of any bill or statement to Lessee therefor, and if Lessee's lease term sxxxx have expired at the Lessee under this Agreementtime of making of such expenditures or incurring of such obligations, the Lessee shall pay any such deficiency to the Lessor and such deficiency sums shall be calculated and collected recoverable by the Lessor on a monthly basis. No such re-entry or taking possession of said Premises shall be construed as an election on the Lessor's part to terminate this Agreement unless a written notice of such intention is given to the Lessee. Notwithstanding any such reletting without termination, the Lessor may at any time terminate this Agreement by reason of any default, in addition to any other remedy it may havedamages.

Appears in 1 contract

Samples: Lease and Service Agreement (Alpha 1 Biomedicals Inc)

Default and Remedies. If: If and whenever an Event of Default occurs, then, without prejudice to any other rights which it has pursuant to this Lease or at law, the Landlord shall have the following rights and remedies which are cumulative and not alternative: (a) to terminate this Lease by notice to the Lessee fails Tenant or to comply with re-enter the Premises and repossess them and, in either case, enjoy them as of its former estate, and to remove all persons and property from the Premises and store such property at the expense and risk of the Tenant or sell or dispose of such property in such manner as the Landlord sees fit without notice to the Tenant. If the Landlord enters the Premises without notice to the Tenant as to whether it is terminating this Lease under this Section 13.2(a) or proceeding under Section 13.2(b) or any term, provision, condition, or covenant other provision of this Agreement; Lease, the Landlord shall be deemed to be proceeding under Section I3.2(b), and the Lease shall not be terminated, nor shall there be any surrender by operation of law, but the Lease shall remain in full force and effect until the Landlord notifies the Tenant that it has elected to terminate this Lease. No entry by the Landlord during the Term shall have the effect of terminating this Lease without notice to that effect to the Tenant; (b) to enter the Lessee deserts or vacates the Premises; (c) any petition is filed by or against the Lessee under any section or chapter Premises as agent of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States or any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee makes an assignment for the benefit of creditors; or (f) a receiver is appointed for the Lessee or any of the assets of the Lessee, then in any of such events, the Lessee shall be in default and the Lessor shall have the option Tenant to do any one or more all of the following: : (i) enter rent the Premises either with or without process of law for whatever length and on such terms as the Landlord, in its discretion, may determine, and to expel, remove and put out receive the Lessee or any other persons thereon, together with all personal property; rent therefor; (ii) terminate this Agreement; take possession of any property of the Tenant on the Premises, store such property at the expense and risk of the Tenant, or sell or otherwise dispose of such property in such manner as the Landlord sees fit without notice to the Tenant; (iii) rent said make alterations to the Premises to facilitate their reletting; and (iv) apply the proceeds of any such sale or reletting first, to the payment of any part thereof for such term or terms and at such terms and conditions as the Lessor in its sole discretion may deem advisable, with the right to repair, renovate, remodel, redecorate, alter, and change said Premises. At the option of the Lessor, rents received expenses incurred by the Lessor from Landlord with respect to any such reletting shall be applied in order as follows: or sale, second, to the payment of any indebtedness from of the Lessee Tenant to the Lessor Landlord other than Rent due; to the payment of any costs and expenses of such reletting, including, but not limited to, attorney's fees, advertising feesRent, and brokerage feesthird, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of Rent in arrears, with the residue to be held by the Landlord and additional applied to payment of future Rent as it becomes due and payable, provided that the Tenant shall remain liable for any deficiency to the Landlord; (c) to remedy or attempt to remedy any default of the Tenant under this Lease for the account of the Tenant and to enter on the Premises for such purposes. No notice of the Landlord's intention to remedy or attempt to remedy such default need be given to the Tenant unless expressly required by this Lease, and the Landlord shall not be liable to the Tenant for any loss, injury or damages caused by acts of the Landlord in remedying or attempting to remedy such default. The Tenant shall pay to the Landlord all expenses incurred by the Landlord in connection therewith; (d) to recover from the Tenant all damages, costs and expenses incurred by the Landlord as a result of any default by the Tenant including, if the Landlord terminates this Lease, any deficiency between those amounts which would have been payable by the Tenant for the portion of the Term following such termination and the net amounts actually received by the Landlord during such period of time with respect to the Premises; and (e) to recover from the Tenant the full amount of the current month's Rent together with the next three (3) months' instalments of Rent, all of which shall immediately become due and payable hereunder and interest thereon; and, if after applying said rentals there is any deficiency in the Rent and additional rent and interest to be paid by the Lessee under this Agreement, the Lessee shall pay any such deficiency to the Lessor and such deficiency shall be calculated and collected by the Lessor on a monthly basis. No such re-entry or taking possession of said Premises shall be construed as an election on the Lessor's part to terminate this Agreement unless a written notice of such intention is given to the Lessee. Notwithstanding any such reletting without termination, the Lessor may at any time terminate this Agreement by reason of any default, in addition to any other remedy it may haveaccelerated rent.

Appears in 1 contract

Samples: Lease Agreement

Default and Remedies. If: If and whenever an Event of Default occurs, then, without prejudice to any other rights which it has pursuant to this Lease or at law, the Landlord shall have the following rights and remedies, which are cumulative and not alternative: (a) to terminate this Lease by notice to the Lessee fails Tenant or to comply with any term, provision, condition, re-enter the Lands and Improvements and repossess them and to remove all persons and property from the Lands and Improvements and store such property at the expense and risk of the Tenant or covenant sell or dispose of such property in such manner as the Landlord sees fit without notice to the Tenant. No entry by the Landlord shall have the effect of terminating this Agreement; Lease without notice to that effect to the Tenant; (b) to enter the Lessee deserts or vacates the Premises; (c) any petition is filed by or against the Lessee under any section or chapter Lands and Improvements as agent of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States or any state thereof; (d) the Lessee becomes insolvent or makes a transfer in fraud of creditors; (e) the Lessee makes an assignment for the benefit of creditors; or (f) a receiver is appointed for the Lessee or any of the assets of the Lessee, then in any of such events, the Lessee shall be in default and the Lessor shall have the option Tenant to do any one or more all of the following: : (i) enter relet the Premises either with or without process Lands and Improvements for whatever length of law time and on such terms as the Landlord, in its discretion, may determine, and to expel, remove and put out receive the Lessee or any other persons thereon, together with all personal property; Rent therefor; (ii) terminate this Agreement; take possession of any property of the Tenant on the Lands and Improvements, store such property at the expense and risk of the Tenant, or sell or otherwise dispose of such property in such manner as the Landlord sees fit without notice to the Tenant; (iii) rent said Premises make alterations to the Lands and Improvements to facilitate their reletting; and (iv) apply the proceeds of any such sale or reletting, first, to the payment of any part thereof for such term or terms and at such terms and conditions as the Lessor in its sole discretion may deem advisable, with the right to repair, renovate, remodel, redecorate, alter, and change said Premises. At the option of the Lessor, rents received expenses incurred by the Lessor from Landlord with respect to any such reletting shall be applied in order as follows: or sale, second, to the payment of any indebtedness from of the Lessee Tenant to the Lessor Landlord other than Rent due; to the payment of any costs and expenses of such relettingRent, includingand, but not limited tothird, attorney's fees, advertising fees, and brokerage fees, and to the payment of any repairs, renovation, remodeling, redecorations, alterations, and changes in the Premises; to the payment of Rent in arrears, with the residue to be held by the Landlord and additional applied to payment of future Rent as it becomes due and payable hereunder and interest thereon; andpayable, if after applying said rentals there is provided that the Tenant shall remain liable for any deficiency in the Rent and additional rent and interest to be paid by the Lessee under this Agreement, the Lessee shall pay any such deficiency to the Lessor Landlord; (c) to remedy or attempt to remedy any default of the Tenant under this Lease for the account of the Tenant and to enter upon the Lands for such deficiency shall be calculated and collected by the Lessor on a monthly basispurposes. No such re-entry or taking possession of said Premises shall be construed as an election on the Lessor's part to terminate this Agreement unless a written notice of the Landlord’s intention to remedy or attempt to remedy such intention is default need be given to the LesseeTenant unless expressly required by this Lease, and the Landlord shall not be liable to the Tenant for any loss, injury or damages caused by acts of the Landlord in remedying or attempting to remedy such default. Notwithstanding any such reletting without terminationThe Tenant shall pay to the Landlord all expenses incurred by the Landlord in connection therewith; and (d) to recover from the Tenant all damages, costs and expenses incurred by the Lessor may at any time terminate this Agreement by reason Landlord as a result of any defaultdefault by the Tenant including, if the Landlord terminates this Lease, any deficiency between those amounts which would have been payable by the Tenant for the portion of the Term following such termination and the net amounts actually received by the Landlord during such period of time with respect to the Lands. Provided that the Landlord may not exercise its rights under (a) or (b) above in addition to any other remedy it may havethe event of an Event of Default under Section 13.1(b) unless such default thereunder is a Substantial Default.

Appears in 1 contract

Samples: Lease Agreement

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