Default by Landlord. Landlord shall be in default under this Lease if Landlord fails to perform any of its obligations hereunder and such failure continues for a period of thirty (30) days after Tenant delivers written notice of such failure to Landlord and to the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premises, the name and address of which have been provided to Tenant in writing, provided that if such failure cannot reasonably be cured within such thirty (30) day period, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and diligently prosecutes the same to completion, during which time Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this Lease.
Appears in 2 contracts
Samples: Office Lease Agreement, Office Lease Agreement (FSP 50 South Tenth Street Corp)
Default by Landlord. Except as otherwise provided in the state’s statutes governing Landlord shall be in default under Tenant Law, if there is a material noncompliance by Landlord with this Lease if Rental Agreement, Tenant may deliver a written notice to the Landlord fails to perform any of its obligations hereunder specifying the acts and such failure continues for omissions constituting the breach and that the Rental Agreement will terminate upon a period of periodic rent-paying date not less than thirty (30) days after receipt of the notice. The Rental Agreement shall terminate as provided in the notice, subject to the following:
(1) If the breach is remediable by repairs or the payment of damages or otherwise, and Landlord adequately initiates a good faith effort to remedy the breach within fourteen (14) days after receipt of the notice, the Rental Agreement shall not terminate. However, in the event that the same or a similar breach occurs after the 14-day period provided therein, Tenant delivers may deliver a written notice of such failure to Landlord specifically describing the breach and to stating that the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premises, the name and address of which have been provided to Tenant in writing, provided that if such failure canRental Agreement shall terminate upon a periodic rent- paying date not reasonably be cured within such less than thirty (30) day perioddays after the receipt of such notice by Landlord. The Rental Agreement shall then terminate as provided in such notice.
(2) Tenant may not terminate for a condition caused by an act or omission of, or which is or can be properly attributable to or applicable to, Tenant or any person on the Premises at any time with Tenant’s express or implied permission or consent. Except as otherwise provided in the State’s Statutes governing Landlord Tenant Law, Tenant may recover damages and obtain injunctive relief for any noncompliance by Landlord with the Rental Agreement. The remedy provided in this paragraph shall be in addition to any right of Tenant arising earlier in this Section 18. If the Rental Agreement is terminated, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences return that portion of the remedying of such failure within such thirty-day period and diligently prosecutes security deposit recoverable by “X” under the same to completion, during which time State’s Residential Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failureTenant Act. If, except for the passage of time, Tenant would have the right under the The provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but 18 shall not be obligated to, cure the same in whole limit Landlord’s or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, ’s right to terminate this Rental Agreement pursuant to State’s Statutes governing Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert feesLaw, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this Leaseamendments thereto.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement
Default by Landlord. Landlord shall not be in default under this Lease if unless Landlord fails to perform any obligations required of its obligations hereunder and such failure continues for a period of Landlord within thirty (30) days after Tenant delivers written notice of such failure by Tenant to Landlord (except in cases of emergency in which case Landlord’s obligations hereunder shall be performed as soon as reasonably practicable) and to the holder(s) holder of any indebtedness or other obligations secured by any mortgage or deed of trust affecting covering the Premises, the Premises whose name and address of which shall have been provided previously furnished to Tenant in writingwriting specifying what obligation Landlord has failed to perform; provided, provided however, that if the nature of Landlord’s obligation is such failure canthat more than thirty (30) days is required for performance then Landlord shall not reasonably be cured in default if Landlord commences performance within such thirty (30) day period and thereafter diligently pursues the same to completion. In no event shall Tenant have the right to terminate this Lease as a result of Landlord’s default. In addition to the above, if Lxxxxxxx fails to cure such Landlord default within the Landlord cure period, or fails to commence to cure within the Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day cure period and thereafter diligently prosecutes pursue the same to completion, during which time Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the sameas applicable, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated tohave no obligation to do so, cure perform the same in whole or in part and upon receipt for the account of a statement Landlord. Landlord shall, within thirty (30) days of demand therefor, at Lxxxxxxx’s election, either (i) credit against Txxxxx’s obligation to pay Basic Rent the documented, out-of-pocket costs reasonably incurred by TenantTenant in curing such Landlord default, or (ii) reimburse Tenant the documented, out-of-pocket costs reasonably incurred by Tenant in curing such Landlord shall forthwith pay the same to Tenant default together with interest thereon at the Default Rate from the date the statement was received demanded by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this LeaseTxxxxx.
Appears in 2 contracts
Samples: Purchase and Sale Agreement (Polarityte, Inc.), Lease Agreement (Polarityte, Inc.)
Default by Landlord. Landlord shall be in In the event of any default under this Lease if Landlord fails to perform any of its obligations hereunder and such failure by Landlord, which default continues for a period of more than thirty (30) days after Tenant delivers receipt of written notice from Tenant specifying such default (except in case of such failure to emergency in which case no notice shall be required or unless a shorter or longer cure period for a Landlord and to the holder(s) of any indebtedness default is otherwise provided for in this Lease), or other obligations secured by any mortgage or deed of trust affecting the Premises, the name and address of which have been provided to Tenant in writing, provided that if such failure cannot reasonably be cured default requires more than thirty (30) days for remedy, then if Landlord fails to commence curing such default within such the thirty (30) day period or fails to thereafter diligently continue curing such default until completion, then Tenant, in addition to all other rights or remedies which Tenant is entitled to under this Lease, at law or in equity, may, at its option, incur any reasonable expense necessary to perform the obligation of Landlord. If Tenant incurs any actual and reasonable costs and expenses in connection with the foregoing, Tenant shall have the right, subject to Section 29 below, to be reimbursed by Landlord for such actual and reasonable costs within thirty (30) days after Landlord’s receipt of the applicable invoices and such other back-up information as Landlord may reasonably request evidencing the actual and reasonable costs incurred for such matter. In the event that Landlord does not reimburse Tenant within such time period, Landlord shall not be in default hereunder as long as Landlord or required to pay interest on such holder(s) commences the remedying of such failure within such thirty-day period actual and diligently prosecutes the same to completion, during which time Landlord reasonable costs and such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant expenses at the Default Rate. In additionNotwithstanding any provision of this Lease, if Tenant is the prevailing party, Tenant may recover from none of Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies Landlord Party shall at any time have any personal liability under this Lease. In the event of a any breach or default by Landlord as provided in of any term or provision of this Section 27Lease, Tenant may exercise any agrees to look solely to the equity or interest then owned by Landlord in the Building, and all remedies given hereunder or by Laws or equity; provided, however, in no instance will event shall any deficiency judgment be sought or obtained against Landlord. In no event shall Landlord be liable to Tenant for special indirect, consequential, or punitive damages or for a failure to perform or a default by Landlord under this Leasedamages based on lost profits.
Appears in 2 contracts
Samples: Purchase and Sale Agreement, Purchase and Sale Agreement (McClatchy Co)
Default by Landlord. Landlord shall be in default of the performance of its obligations under this Lease if Landlord defaults in the performance or observation of any agreement, liability, or obligation imposed on it by this Lease and Landlord fails to perform any of its obligations hereunder and cure such failure continues for a period of default within thirty (30) days after Tenant delivers written notice of such failure by Tenant to Landlord and specifying wherein Landlord has failed to the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premisesperform such obligation; provided, the name and address of which have been provided to Tenant in writinghowever, provided that if the nature of Landlord’s obligations is such failure canthat more than thirty (30) days are required for performance then Landlord shall not reasonably be cured in default if Landlord commences performance within such thirty (30) day period, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and thereafter diligently and continuously prosecutes the same to completioncompletion (a “Landlord’s Default”). Upon the occurrence of a Landlord’s Default under this Lease, during Tenant, at its option, without further notice or demand, and without limiting its right to receive any late delivery payments in connection with Landlord’s delivery of the Leased Premises as specified above, may: (a) pursue the remedy of specific performance or injunction; (b) seek declaratory relief; (c) pursue an action for actual and direct damages for loss; and (d) unless such Landlord’s Default results from Landlord’s failure to perform any construction obligations hereunder, but including without limitation repair and maintenance obligations of Landlord, take reasonable measures to cure such Landlord’s Default to the extent relating to the repair or maintenance of the Leased Premises on Landlord’s account, in which time event Landlord and shall reimburse Tenant for any actual out-of-pocket reasonable costs or contractual liability incurred by Tenant in connection with such holder(s)cure (including reasonable attorneys’ fees) within thirty (30) days of Landlord’s receipt of a written demand, statement or either of theminvoice, or their agents or employees, including reasonable back-up documentation; provided that Tenant shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions to withhold from its payments of this Section 27 to cure a default Basic Annual Rent and Additional Rent any such amounts that remain unreimbursed by Landlord beyond such thirty (30) day period until all such amounts have been fully reimbursed, and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is any such amounts not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same paid to Tenant with when due shall accrue interest from the date the statement was received by Landlord to the date payment in full is made to Tenant thereafter at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this Lease.
Appears in 2 contracts
Samples: Lease Agreement (Healthequity Inc), Lease Agreement (Healthequity Inc)
Default by Landlord. Landlord Lessee’s Remedies.
(a) In the event that Lessor shall be in liable to Lessee for any damages sustained by Lessee as a result of Lessor’s breach, it is expressly understood that any money judgment resulting from any default or other claim arising under this Lease shall be satisfied out of Lessor’s interest in the subject property, including, all rents, profits, insurance and other income from the operation of the subject property in which the demised premises are located, and except for the subject property, no other real, personal, or mixed property of the Lessor wherever situated shall be subject to levy on any such judgment obtained against Lessor, and if Landlord fails to perform any of its obligations hereunder and such failure continues Lessor’s interest in the subject property is insufficient for a period of thirty (30) days after Tenant delivers written notice the payment of such failure to Landlord and judgment, Lessee will not institute any further action, suits, claim or demand, in law or in equity, against Lessor for or on account of such deficiency. Lessee hereby waives, to the holder(sextent waivable under law, any rights to satisfy said money judgment against Lessor except from the subject property in which the demised premises are located.
(b) Notwithstanding anything herein contained to the contrary, Lessee hereby waives, to the extent waivable under any law, any right to specific performance in the event of Lessor’s default referred to herein, and Lessee expressly agrees that except as provided in the immediately following sentence, Lessee’s remedy shall be limited to the monetary damages referred to in this Paragraph 30. Notwithstanding the foregoing, in the event of failure by Lessor to give any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premises, the name and address of which have been consent as provided to Tenant in writing, provided that if such failure cannot reasonably be cured within such thirty (30) day period, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and diligently prosecutes the same to completion, during which time Landlord and such holder(s), or either of them, or their agents or employees, Paragraph 19 Lessee shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complexspecific performance, but in no event shall not Lessor be obligated to, cure the same responsible in whole monetary damages for failure to give such consent unless said consent is withheld maliciously or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this Leasebad faith.
Appears in 2 contracts
Samples: Lease (Invitae Corp), Lease (Invitae Corp)
Default by Landlord. Landlord shall not be in default under this Lease if unless Landlord fails to perform any obligations required of its obligations hereunder and such failure continues for a period of Landlord within thirty (30) days after Tenant delivers receipt of written notice of such failure from Tenant to Landlord and to the holder(s) holder of any indebtedness or other obligations secured by any first mortgage or deed of trust affecting covering the Premises, the Premises whose name and address of which shall have theretofore been provided furnished to Tenant in writing, provided specifying that Landlord has failed to perform such obligation; provided, however, that if the nature of Landlord’s obligation is such failure canthat more than thirty (30) days are reasonably required for performance then Landlord shall not reasonably be cured in default if Landlord commences performance within such thirty (30) day period, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and thereafter diligently prosecutes the same to completion. In the event Landlord does not commence performance of any maintenance or repair required of Landlord hereunder within the thirty (30) day period provided herein, during and in the event that such maintenance or repair relates to improvements which time Landlord and such holder(sare wholly within the Premises (not including any Building core systems or equipment), Tenant may perform such maintenance or either of themrepair, or their agents or employees, and Tenant shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure a default prompt reimbursement by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all ’s reasonable and actual legal fees, costs and expenses (including paralegal feesin taking such action, expert fees, and other professional fees and expenses) together with interest thereon at the Agreed Rate. Tenant incurs investigating, negotiating, settling waives any right to terminate this Lease or enforcing any of Tenantto vacate the Premises on Landlord’s rights or remedies default under this Lease. In Tenant’s sole remedy on Landlord’s default is an action for damages (subject to the event terms of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder Article XVI hereof) or by Laws injunctive or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this Leasedeclaratory relief.
Appears in 2 contracts
Samples: Triple Net Space Lease (Cloudera, Inc.), Triple Net Space Lease (Cloudera, Inc.)
Default by Landlord. Landlord shall not be in default under hereunder unless Landlord fails to perform the obligations required of Landlord within thirty (30) days after written notice by Tenant to Landlord and to any Mortgagee or Ground Lessor (as defined in Subparagraph 34(m) below) in writing specifying wherein Landlord has failed to perform such obligation; provided, however, that if the nature of Landlord’s obligation is such that more than thirty (30) days is required for performance, then Landlord shall not be in default if Landlord commences performance within such thirty (30) day period and thereafter diligently prosecutes the same to completion. In no event shall Tenant have the right to terminate this Lease as a result of Landlord’s default; Xxxxxx’s remedies shall be limited to any other remedy available at law or in equity; provided, however, notwithstanding anything in this Lease to the contrary, under no circumstances shall Landlord be liable hereunder to Tenant for any consequential damages or for loss of business, revenue, income or profits and Tenant hereby waives any and all claims for any such damages. Except as expressly provided in the immediately succeeding paragraph, nothing herein contained shall be interpreted to mean that Tenant is excused from paying rent due hereunder as a result of any default by Xxxxxxxx. Notwithstanding anything to the contrary contained in this Lease, if Landlord fails to perform any of its repair and/or maintenance obligations hereunder under Subparagraph 13(b) of this Lease and does not cure such failure continues for default within the time period provided above, then Tenant shall be permitted to perform such repair and/or maintenance obligation on Landlord’s behalf and at Landlord’s sole cost and expense, provided Tenant first delivers to Landlord an additional two (2) business days prior written notice (“Tenant’s Self-Help Notice”) that Tenant will be performing such obligations, and provided Landlord fails to commence such cure within such additional two (2) business day period. Tenant acknowledges that Xxxxxx’s Self-Help Notice will not be deemed given to Landlord unless the same contains the following language (in at least 12 point, bold face and all capital letters): “LANDLORD’S FAILURE TO PERFORM THE HEREIN DESCRIBED REPAIR AND/OR MAINTENANCE OBLIGATION WITHIN TWO (2) BUSINESS DAYS FOLLOWING RECEIPT OF THIS LETTER MAY RESULT IN TENANT EXERCISING ITS SELF-HELP RIGHT PURSUANT TO PARAGRAPH 22 OF THE LEASE”. Any such cure by Tenant of a period default by Landlord under Subparagraph 13(b) above shall be performed in accordance with provisions of Subparagraph 14(b) of this Lease. Xxxxxxxx agrees to reimburse Tenant, within thirty (30) days after Tenant delivers following Xxxxxxxx’s receipt of a written notice statement, for all reasonable and actual costs incurred by Xxxxxx in performing such obligations on behalf of Landlord. If Landlord fails to pay such failure to Landlord and amount prior to the holder(s) expiration of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premises, the name and address of which have been provided to Tenant in writing, provided that if such failure cannot reasonably be cured within such thirty (30) day period, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and diligently prosecutes the same to completion, during which time Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If at its election bring an event of default of action for damages against Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Leaseon account thereof. In the event Tenant is able to obtain a unappealable monetary judgment against Landlord from a court of a default competent jurisdiction in connection with said action (the “Judgment”) and Landlord fails to pay the amount of such Judgment (the “Judgment Amount”) within thirty (30) days following entry of such Judgment by the court, then and only then shall Tenant have the right to offset the Judgment Amount against up to twenty-five percent (25%) of any monthly installment of Basic Rent next due Landlord as provided in this Section 27, Tenant may exercise and any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this Leasesucceeding monthly installments of Basic Rent until fully satisfied from such offset.
Appears in 2 contracts
Samples: Standard Industrial Lease, Standard Industrial Lease (Solyndra, Inc.)
Default by Landlord. Except as otherwise provided in the state’s statutes governing Landlord shall be in default under Tenant Law, if there is a material noncompliance by Landlord with this Lease if and Sublease Agreement, Tenant may deliver a written notice to the Landlord fails to perform any of its obligations hereunder specifying the acts and such failure continues for omissions constituting the breach and that the Lease and Sublease Agreement will terminate upon a period of periodic rent-paying date not less than thirty (30) days after receipt of the notice. The Lease and Sublease Agreement shall terminate as provided in the notice, subject to the following:
(1) If the breach is remediable by repairs or the payment of damages or otherwise, and Landlord adequately initiates a good faith effort to remedy the breach within fourteen (14) days after receipt of the notice, the Lease and Sublease Agreement shall not terminate. However, in the event that the same or a similar breach occurs after the 14-day period provided therein, Tenant delivers may deliver a written notice of such failure to Landlord specifically describing the breach and to stating that the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premises, the name Lease and address of which have been provided to Tenant in writing, provided that if such failure canSublease Agreement shall terminate upon a periodic rent-paying date not reasonably be cured within such less than thirty (30) day perioddays after the receipt of such notice by Landlord. The Lease and Sublease Agreement shall then terminate as provided in such notice.
(2) Tenant may not terminate for a condition caused by an act or omission of, or which is or can be properly attributable to or applicable to, Tenant or any person on the Premises at any time with Tenant’s express or implied permission or consent. Except as otherwise provided in the State’s Statutes governing Landlord Tenant Law, Tenant may recover damages and obtain injunctive relief for any noncompliance by Landlord with the Lease and Sublease Agreement. The remedy provided in this paragraph shall be in addition to any right of Tenant arising earlier in this Section 18. If the Lease and Sublease Agreement is terminated, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences return that portion of the remedying of such failure within such thirty-day period and diligently prosecutes security deposit recoverable by Tenant under the same to completion, during which time State’s Residential Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failureTenant Act. If, except for the passage of time, Tenant would have the right under the The provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but 18 shall not be obligated to, cure the same in whole limit Landlord’s or in part Tenant’s right to terminate this Lease and upon receipt of a statement of the costs reasonably incurred by Tenant, Sublease Agreement pursuant to State’s Statutes governing Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert feesLaw, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this Leaseamendments thereto.
Appears in 2 contracts
Samples: Lease and Sublease Agreement, Lease and Sublease Agreement
Default by Landlord. Landlord shall be It is agreed that in default under this Lease if the event Landlord fails or refuses to perform any of its obligations hereunder the provisions, covenants or conditions of this Lease on Landlord’s part to be kept or performed, that Tenant, prior to exercising any right or remedy Tenant may have against Landlord on account of such default, shall give written notice to Landlord of such default, specifying in said notice the default with which Landlord is charged and such failure continues for a period of Landlord shall not be deemed in default if the same is cured within thirty (30) calendar days of receipt of said notice. Notwithstanding any other provisions hereof, Tenant agrees that if the default complained of in the notice provided for by this Section 20.6 is of such a nature that the same can be rectified or cured by Landlord, but cannot with reasonable diligence be rectified or cured by Landlord within said thirty (30) calendar-day period, then such default shall be deemed to be rectified or cured if Landlord within a thirty (30) calendar-day period shall commence the rectification and curing thereof and shall continue thereafter with all due diligence to cause such rectification and curing to proceed. For so long as the Loan is outstanding, Tenant shall promptly notify Lender of any default by Landlord hereunder and of any act or omission of Landlord which would give Tenant the right to cancel or terminate this Lease or to claim a partial or total eviction, which continues beyond any applicable cure period. In the event of a default Landlord hereunder which would give Tenant the right, immediately or after the lapse of a period of time, to cancel or terminate this Lease or to xxxxx or offset against the payment of rent or to claim a partial or total eviction, or in the event of any other act or omission of Landlord which would give Tenant delivers the right to cancel or terminate this Lease or to xxxxx or offset against the payment of rent or to claim a partial or total eviction, Tenant shall not exercise such right (a) until Tenant has given written notice of such failure default, act or omission to Landlord Lender and (b) unless Lender has failed, within thirty (30) days, unless this Lease provides for a longer cure period in which case such longer cure period shall apply, after Lender receives such notice to cure or remedy the holder(s) of any indebtedness default, act or other obligations secured by any mortgage or deed of trust affecting the Premisesomission or, the name and address of which have been provided to Tenant in writing, provided that if such failure candefault, act or omission is not reasonably be cured capable of being remedied by Lender within such thirty (30) day or longer cure period, as applicable, until a reasonable period for remedying such default, act or omission not to exceed the greater of (i) ninety (90) days or (ii) the period to which Landlord would be entitled under the Lease, after similar notice, to effect such remedy, shall not be in default hereunder as long as Landlord have elapsed following the giving of notice to Lender, provided that Lender shall with due diligence give Tenant written notice of its intention to, and shall commence and continue to, remedy such default, act or such holder(s) commences the remedying of such failure within such thirty-day period and diligently prosecutes the same to completionomission. Nothing contained herein, during which time Landlord and such holder(s), or either of them, or their agents or employeeshowever, shall be entitled construed or operate to enter upon the Premises and do whatever may be necessary obligate or require Lender to remedy such failuredefault, act or omission. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to To the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to Lender incurs any approval the holder(s) of any indebtedness expenses or other obligations secured by any mortgage costs in curing or deed of trust affecting the Complexremedying such default, but shall not be obligated toact or omission, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenantincluding, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In additionwithout limitation, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional attorneys’ fees and expenses) Tenant incurs investigatingdisbursements, negotiating, settling or enforcing any of Lender shall be subrogated to Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this Leaseagainst Landlord.
Appears in 2 contracts
Samples: Lease Agreement (Bh Re LLC), Lease Agreement (Bh Re LLC)
Default by Landlord. Landlord shall be in default under this Lease if If Landlord fails to perform comply with any obligation of its obligations hereunder Landlord contained in the Lease and such failure continues uncured for a period of thirty (30) days after Tenant delivers following written notice of thereof from Tenant to Landlord, or such failure longer period as may be reasonable under the circumstances so long as Landlord commences to Landlord and to the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premises, the name and address of which have been provided to Tenant in writing, provided that if such failure cannot reasonably be cured cure within such thirty (30) day period, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and thereafter diligently prosecutes the same such cure to completion, during which time completion (a “Landlord and such holder(sDefault”), or either of them, or their agents or employees, then Tenant shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise pursue any and all remedies given hereunder permitted at law (exclusive of consequential, punitive, or by Laws special damages) or in equity, including, without limitation, specific performance of Landlord’s obligations under this Lease; provided, however, that unless the default by Landlord renders the Leased Premises unusable for the purposes leased hereunder, Tenant may not seek to terminate this Lease. Notwithstanding anything to the contrary in no instance this Lease, Landlord shall not have any personal liability for any of its obligations as landlord under this Lease except to the extent of its interest in the Project (which interest includes, without limitation, the proceeds of insurance and condemnation). Tenant will not institute, seek or enforce any personal or deficiency judgment against Landlord or any of Landlord’s officers, directors, shareholders or partners or their property, except the Project, which shall be liable available to satisfy any such judgment. If Tenant receives a final, nonappealable judgment for special or punitive damages for against Landlord as a failure to perform or a result of an uncured default by Landlord under this Lease, which is not satisfied within thirty (30) days after it becomes final and nonappealable, then Tenant will have the right to deduct the unpaid amount of such judgment (plus interest) against the Base Rent and Tenant’s Share of Operating Costs to become due under this Lease until fully credited.
Appears in 2 contracts
Samples: Garage Lease (Virgin Trains USA LLC), Garage Lease (Virgin Trains USA LLC)
Default by Landlord. Landlord shall in no event be charged with default in default under this Lease if Landlord fails to perform any of its obligations hereunder unless and until Landlord shall have failed to perform such failure continues for a period of obligations within thirty (30) days after Tenant delivers written notice of such failure to Landlord and to the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premises, the name and address of which have been provided to Tenant in writing, provided that if such failure cannot reasonably be cured within such thirty (30) day period, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of additional time as is reasonably required to correct any such failure default provided Landlord has commenced action to correct such default within such thirty-said 30 day period and continues to diligently prosecutes the same prosecute such action to completion) after written notice to Landlord by Tenant, during which time Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary to remedy specifically describing such failure. IfAll obligations of Landlord hereunder shall be construed as covenants, not conditions; and, except for the passage of time, Tenant would have the right under the provisions of as may be otherwise expressly provided in this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing partyLease, Tenant may recover from not terminate this Lease for breach of Landlord’s obligations hereunder. All obligations of Landlord all reasonable under this Lease will be deemed binding upon Landlord only during the period of its ownership of the Project and actual legal feesnot thereafter. The term “Landlord” in this Lease shall mean only the owner, costs and expenses (including paralegal fees, expert feesfor the time being of the Project, and other professional fees in the event of the transfer by such owner of its interest in the Project, such owner shall thereupon be released and expenses) Tenant incurs investigatingdischarged from all obligations of Landlord thereafter accruing, negotiating, settling or enforcing any but such obligations shall be binding during the Lease term upon each new owner for the duration of Tenantsuch owner’s rights or remedies ownership. Any liability of Landlord under this LeaseLease shall be limited solely to its interest in the Project, and in no event shall any personal liability be asserted against Landlord in connection with this Lease nor shall any recourse be had to any other property or assets of Landlord. In the event of a default by Landlord as provided in this Section 27an immediate necessary repair, Tenant may exercise any act for Landlord if Landlord is unable to achieve immediate results, and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable to shall reimburse Tenant for special or punitive damages for a failure to perform or a default all reasonable expense incurred by Landlord under this LeaseTenant in such action based on Landlord’s payment experience with such repair.
Appears in 2 contracts
Samples: Standard Industrial Lease (TWC Holding Corp.), Standard Industrial Lease (Wornick CO Right Away Division, L.P.)
Default by Landlord. Landlord shall not be deemed to be in default or ------------------- breach in the performance of any obligation required to be performed by Landlord under this Lease if Landlord fails unless and until it has failed to perform any of its obligations hereunder and such failure continues for a period of obligation within thirty (30) days after Tenant delivers written notice of such failure by Tenant to Landlord and specifying that Landlord has failed to the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premisesperform such obligation; provided, the name and address of which have been provided to Tenant in writing, provided however that if the nature of Landlord's obligation is such failure canthat more than thirty (30) days are required for its performance, then Landlord shall not reasonably be cured deemed to be in default or breach if it shall commence such performance within such thirty (30) day period, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and thereafter diligently prosecutes prosecute the same to completion. Tenant shall have no right to terminate this Lease, during which except where Landlord fails to cure a material breach within the time periods set forth in the immediately preceding sentence. No default or breach on the part of Landlord that would entitle Tenant under the terms of this Lease or by law to terminate this Lease shall result in a termination of this Lease unless (i) Tenant has given written notice of such default or breach by registered or certified mail to any beneficiary of a deed of trust or mortgagee of a mortgage covering the Premises whose address shall have been furnished to Tenant and (ii) Tenant offers such holder(s)beneficiary or mortgagee the same opportunity to cure the default or breach as is available to Landlord under the express terms of this Lease. It is expressly understood and agreed that any money judgment against Landlord resulting from any default or other claim arising under this Lease or related thereto shall be satisfied only out of Landlord's equity interest in the Premises, and no other real, personal or either mixed property of themLandlord, or their agents or employeeswherever situated, shall be entitled subject to enter upon levy on any such judgment obtained against Landlord and if such equity interest in the Premises and do whatever may be necessary to remedy such failure. If, except is insufficient for the passage payment of timesuch judgment, Tenant would have will not institute any further action, suit, claim or demand, in law or in equity, against Landlord for the right under the provisions amount of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation existssuch deficiency. Tenant hereby waives, then Tenant may cure the default to the extent reasonably necessary waivable under law, any right to satisfy said money judgment against Landlord except from Landlord's equity interest in the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this LeasePremises.
Appears in 2 contracts
Samples: Office Lease (Chemdex Corp), Office Lease (Chemdex Corp)
Default by Landlord. Landlord shall not be in default under this Lease if Lease, and Tenant shall not be entitled to exercise any right, remedy or recourse against Landlord or otherwise as a consequence of any alleged default by Landlord under this Lease, unless Landlord fails to perform any of its obligations hereunder and such said failure continues for a period of thirty (30) days after Tenant delivers written notice of such failure to gives Landlord and to the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premises, (provided that Tenant shall have been given the name and address of which have been provided to Tenant in writingLandlord’s Mortgagee) Landlord’s Mortgagee written notice thereof specifying, provided that if such with reasonable particularity, the nature of Landlord’s failure. If, however, the failure cannot reasonably be cured within such the thirty (30) day period, Landlord shall not be in default hereunder as long as if Landlord or such holder(s) Landlord’s Mortgagee commences the remedying of such failure within such thirty-day period and diligently prosecutes the same to completion, during which time Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject failure within the thirty (30) days and thereafter pursues the curing of same diligently to completion. Upon any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a such default by Landlord under this LeaseLease which remains uncured after the expiration of the foregoing notice and cure periods, Tenant shall be entitled to exercise all rights and remedies provided in this Lease or available to Tenant at law or in equity, which rights and remedies shall be cumulative and none shall be exclusive of each other. Notwithstanding the foregoing or anything in this Lease to the contrary: (a) the liability of Landlord under this Lease (including with respect to any monetary or other judgment or award obtained against Landlord for Landlord’s default of Landlord’s obligations under this Lease or otherwise) shall be limited solely to Tenant’s actual direct damages (and not Consequential Damages), and shall be satisfied only out of the interest of Landlord in the Complex as the same may then be encumbered, including insurance and rental proceeds (and Landlord shall not otherwise be liable for any deficiency); and (b) in no event shall Tenant have the right in connection with any such default, judgment or award or otherwise to levy execution against any property of Landlord other than Landlord’s interest in the Complex. The foregoing, however, shall not limit any right that Tenant might have to obtain specific performance of Landlord’s obligations hereunder.
Appears in 2 contracts
Samples: Lease Agreement (Fusion-Io, Inc.), Lease Agreement (Fusion-Io, Inc.)
Default by Landlord. The Landlord shall be in default under agrees that if it fails to pay any installment of taxes prior to sale of said taxes or assessments or any interest, principal, costs of other charges upon any mortgage or mortgages, or other liens and encumbrances affecting the leased Premises, and to which this Lease may be subordinate when any of the same become due, or if the Landlord falls to make any repairs or do any work required of the Landlord by the provisions of this Lease, or in any other respect fails to perform any covenant and agreement in the Lease contained on the part of its obligations hereunder the Landlord to be performed, then, and in any such event or events, the Tenant, after the continuance of any such failure continues of default for a period of thirty (30) days after notice in writing thereof is given by the Tenant delivers written notice of such failure to Landlord and to the holder(s) Landlord, may at its option pay said taxes, assessments, interest, principal, costs, and other charges and cure such defaults all on behalf of any indebtedness or other obligations secured by any mortgage or deed and at the expense of trust affecting the PremisesLandlord, the name and address of which have been provided to Tenant do all necessary work and make all necessary payments in writing, provided that if such failure canconnection therewith including but not reasonably be cured within such thirty (30) day period, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and diligently prosecutes limiting the same to completionthe payment of any fees, during costs and reasonable charges of or in connection with any legal action which time may have been brought; and the Landlord agrees to pay to the Tenant forthwith the amount so paid by the Tenant, together with interest at the rate of 12% per annum and such holder(s), or either of them, or their agents or employees, shall be entitled agrees that the Tenant may withhold any and all rental payments thereafter becoming due to enter upon the Premises and do whatever may be necessary Landlord pursuant to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord Lease or any extension thereof and may apply the default is one wherein an emergency situation exists, then Tenant may cure the default same to the extent reasonably necessary under payment of such indebtedness of the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs Tenant until such indebtedness is fully paid with interest as herein provided. Nothing herein contained shall preclude the Tenant from proceeding to collect the amount so paid by it as aforesaid without waiting for rental off-sets to accrue or from exercising any other right or remedy available to Tenant at law or in equity. Landlord agrees to indemnify and the same can be cured save Tenant harmless from all fines, claims, demands, actions, proceedings, judgments, and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(sdamages (including court costs and reasonable attorney fees) of any indebtedness kind or other obligations secured nature by anyone whomsoever arising or growing out of any mortgage breach or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement nonperformance by Landlord of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment covenants in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this Lease.
Appears in 1 contract
Default by Landlord. Landlord In the event of any alleged default on the part ------------------- of Landlord, Tenant shall be in default under this Lease if Landlord fails to perform any of its obligations hereunder and such failure continues for a period of thirty (30) days after Tenant delivers written give notice of such failure to Landlord and afford Landlord a reasonable opportunity to commence to cure such default and thereafter proceed with due diligence to cure such default. Such notice shall be ineffective unless a copy is simultaneously also delivered in the holder(s) manner required in this Lease to any holder of any indebtedness or other obligations secured by any a mortgage or and/or deed of trust affecting all or any portion of the PremisesBuilding Complex (collectively, the name and address of which have been provided to Tenant in writing"Mortgagee"), provided that prior to such notice Tenant has been notified (by way of notice of Assignment of Rents and Leases, or otherwise), of the address of a Mortgagee. If Landlord fails to cure such default within the time provided, then Mortgagee shall have an additional 30 days following a second notice from Tenant or, if such failure default cannot reasonably be cured within that time, such thirty (30) day period, Landlord shall not be in default hereunder additional time as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and diligently prosecutes the same to completion, during which time Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary provided within such 30 days, Mortgagee commences and diligently pursues a cure (including commencement of foreclosure proceedings if necessary to effect such cure). Tenant's sole remedy such failure. If, except will be equitable relief or actual damages but in no event is Landlord or any Mortgagee responsible for the passage consequential damages or lost profit incurred by Tenant as a result of time, Tenant would have the right under the provisions of this Section 27 to cure a any default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed timeLandlord. If an event a Mortgagee, or transferee under such Mortgage (hereafter defined), succeeds to Landlord's interest as a result of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is foreclosure or otherwise, such party shall not exercising diligence to cure the samebe: (i) liable for any default, Tenant may, nor subject to any approval the holder(ssetoff or defenses that Tenant may have against Landlord, (ii) of any indebtedness or other obligations secured bound by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same amendment (including an agreement for early termination) without its consent made at any time after notice to Tenant with interest from the date the statement was received that such Mortgager requires such consent; and (iii) bound by Landlord payment of Rent in advance for more than 30 days. Tenant agrees to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable pay Rent (and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies will receive credit under this Lease. In ) as directed in any Mortgagee's notice of Landlord's default under the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable Mortgage reciting that Mortgagee is entitled to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this Leasecollect Rent.
Appears in 1 contract
Samples: Lease Agreement (Digimarc Corp)
Default by Landlord. Landlord (a) LANDLORD shall not be deemed to be in default under of this Lease if Landlord unless LANDLORD fails to perform any obligations required of its obligations hereunder and such failure continues for LANDLORD within a period of reasonable time, but in no event later than thirty (30) days after Tenant delivers written notice of by TENANT to LANDLORD, specifying wherein LANDLORD has failed to perform such failure to Landlord and to the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premisesobligation; provided, the name and address of which have been provided to Tenant in writinghowever, provided that if the nature of LANDLORD'S obligation is such failure canthat more than thirty (30) days are required for performance, then LANDLORD shall not reasonably be cured in default of this Lease if performance is commenced within such thirty (30) day period, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and thereafter diligently prosecutes the same pursued to completion, during which time Landlord .
(b) Provided that TENANT has paid Rent or other sums required to be paid to LANDLORD and such holder(s), in the event any mortgagee or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) beneficiary of any indebtedness or other obligations note secured by any mortgage or a deed of trust affecting or mortgage on the ComplexPremises or any part thereof shall commence foreclosure proceedings as a result of LANDLORD'S failure to perform any of its obligations thereunder, then and in such event TENANT shall have the right, but shall not be obligated tothe obligation, cure the same to perform such obligation and pay any foreclosure costs in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert feesconnection therewith, and other professional fees to set off any costs or expenses incurred in connection with such performance, together with any foreclosure costs paid, against the next ensuing installments of Minimum Rent and expenses) Tenant incurs investigatingAdditional Rent due from TENANT to LANDLORD. Thereafter, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Leaseall such Rent shall be paid directly to LANDLORD. In the event LANDLORD fails to commence making repairs required to be made by it under this Lease within thirty (30) days of a default written notice by Landlord as provided TENANT to LANDLORD of the need for such repairs, TENANT may undertake such repairs in this Section 27place of LANDLORD and LANDLORD, Tenant may exercise any and all remedies given hereunder or by Laws or equityon demand, shall reimburse TENANT for the reasonable cost of such repairs; provided, however, that nothing in no instance will Landlord be liable this Paragraph 18.3 shall entitle TENANT to Tenant for special any off-set rights against Rent or punitive damages for a failure other payment obligations to perform or a default by Landlord LANDLORD under this Lease.
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Default by Landlord. An event of default by Landlord shall be in default under this Lease exist if Landlord fails to perform any of its obligations hereunder and such failure non-performance continues for a period of thirty (30) 30 days after notice by Tenant delivers written or, if such performance cannot be reasonably had within such 30 day period, Landlord does not in good faith commence performance within such 30 day period and diligently proceed to completion. Such notice shall be ineffective unless a copy is simultaneously also delivered in the manner required in this Lease to any holder of such failure to Landlord and to the holder(s) of any indebtedness or other obligations secured by any a mortgage or and/or deed of trust affecting all or any portion of the PremisesBuilding Complex (collectively, the name and address of which have been provided to Tenant in writing"Mortgagee"), provided that prior to such notice Tenant has been notified (by way of notice of Assignment of Rents and Leases, or otherwise), of the address of a Mortgagee. If Landlord fails to cure such default within the time provided, then Mortgagee shall have an additional 30 days following a second notice from Tenant or, if such failure default cannot reasonably be cured within that time, such thirty (30) day period, Landlord shall not be in default hereunder additional time as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and diligently prosecutes the same to completion, during which time Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary provided within such 30 days, Mortgagee commences and diligently pursues a cure (including commencement of foreclosure proceedings if necessary to effect such cure). Tenant's sole remedy such failure. If, except will be equitable relief or actual damages but in no event is Landlord or any Mortgagee responsible for the passage consequential damages or lost profit incurred by Tenant as a result of time, Tenant would have the right under the provisions of this Section 27 to cure a any default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed timeLandlord. If an event a Mortgagee, or transferee under such Mortgage (hereafter defined), succeeds to Landlord's interest as a result of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is foreclosure or otherwise, such party shall not exercising diligence to cure the samebe: (i) liable for any default, Tenant may, nor subject to any approval the holder(ssetoff or defenses that Tenant may have against Landlord; (ii) of any indebtedness or other obligations secured bound by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same amendment (including an agreement for early termination) without its consent made at any time after notice to Tenant with interest from the date the statement was received that such Mortgage requires such consent; and (iii) bound by Landlord payment of Rent in advance for more than 30 days. Tenant agrees to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable pay Rent (and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies will receive credit under this Lease. In ) as directed in any Mortgagee's notice of Landlord's default under the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable Mortgage reciting that Mortgagee is entitled to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this Leasecollect Rent.
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Default by Landlord. Landlord (a) The following shall be in an event of default under by Landlord (a “Landlord Default”):
(i) failure by Landlord to pay any sum required to be paid by Landlord pursuant to this Lease if within five (5) days after Landlord fails receives notice from Tenant that the same is due and payable; or
(ii) failure by Landlord to perform or comply with any covenant or condition of its obligations hereunder and such failure continues for a period of this Lease to be performed or complied with by Landlord within thirty (30) days after Tenant delivers written notice of thereof from Tenant and such additional time, if any, as is reasonably necessary to cure such failure, provided Landlord commences to cure such failure to Landlord and to the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premises, the name and address of which have been provided to Tenant in writing, provided that if such failure cannot reasonably be cured within such thirty (30) day period, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and diligently thereafter prosecutes such cure to completion with reasonable diligence.
(b) Upon the same to completion, during which time occurrence of a Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the sameDefault, Tenant may, subject at its election, perform the obligation which Landlord has failed to perform for the account of Landlord. Notwithstanding the foregoing, in case of an emergency where there is an immediate threat to the Premises or Tenant’s property therein as a result of Landlord’s failure to perform any approval obligation under this Lease, Tenant shall have the holder(sright to perform any obligation that Landlord has failed to perform, without giving the notice and opportunity for cure required for such failure to constitute a Landlord Default. Tenant shall, however, give such notice as may be reasonable under the circumstances (which notice may, for this purpose, consist of telephonic notice).
(c) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but Landlord shall not be obligated to, cure the same in whole or in part and pay Tenant upon receipt of a statement of the written demand all reasonable costs reasonably incurred by TenantTenant in performing Landlord’s obligations under the preceding paragraph. If Landlord fails to pay Tenant such amounts within five (5) days after demand therefor, Landlord shall forthwith agrees to also pay the same to Tenant with a late charge of Fifty Dollars ($50.00) per day and interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Overdue Interest Rate beginning on the first day that such payment was demanded until the date that Tenant is the prevailing party, receives payment.
(d) The rights and remedies granted to Tenant pursuant to this Section are in addition to all other rights and remedies which Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling have by law or enforcing any of Tenant’s rights or remedies under this Lease. In the event equity on account of a default failure by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord its obligations under this Lease.
(e) None of Landlord’s covenants, undertakings or agreements under this Lease is made or intended as personal covenants, undertakings or agreements by Landlord, or by any of Landlord’s shareholders, directors, officers, trustees or constituent partners. All liability for damage or breach or nonperformance by Landlord shall be collectible only out of Landlord’s interest from time to time in the Premises, and no personal liability is assumed by nor at any time may be asserted against Landlord or any of Landlord’s shareholders, directors, officers, trustees or constituent partners.
(f) Upon the sale or other conveyance or transfer of Landlord’s interest in the Premises, the transferor shall be relieved of all covenants and obligations of Landlord arising under this Lease from and after the closing of such sale, conveyance or transfer, provided the transferee assumes the obligations of Landlord under this Lease from and after the date of transfer.
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Samples: Agreement of Sale (Nexmed Inc)
Default by Landlord. (a) Landlord shall not be in default under this Lease if unless Landlord fails to perform any obligations required of its obligations hereunder and such failure continues for a period of Landlord within thirty (30) days after Tenant delivers written notice of such failure by Tenant to Landlord and to the holder(s) holder of any indebtedness or other obligations secured by any mortgage or deed of trust affecting encumbering the Premises, the Premises whose name and address of which shall have theretofore been provided furnished to Tenant in writing, provided specifying wherein Landlord has failed to perform such obligation; provided, however, that if the nature of Landlord’s obligation is such failure canthat more than thirty (30) days are required for its cure, then Landlord shall not reasonably be cured in default if Landlord commences performance within such thirty (30) day period, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and thereafter diligently prosecutes pursues the same to completion, during which time Landlord and such holder(s), or either of them, or their agents or employees, . In no event shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under to terminate this Lease as a result of Landlord’s default, and Tenant’s remedies shall be limited to damages and/or an injunction. Tenant hereby waives its right to recover consequential damages (including, but not limited to, lost profits) or punitive damages arising out of a Landlord default. This Lease and the provisions obligations of Tenant hereunder shall not be affected or impaired because Landlord is unable to fulfill any of its obligations hereunder or is delayed in doing so, if such inability or delay is caused by reason of a Force Majeure Event, and the time for Landlord’s performance shall be extended for the period of any such delay.
(b) In the event that Tenant is prevented from using, and does not use, the Premises or any portion thereof, as a result of (i) any repair, maintenance, or alteration performed by Landlord, or which Landlord failed to perform as required by this Lease after applicable notice and cure periods, and which substantially interferes with Tenant’s use of the Premises, or (ii) any failure to provide services, utilities or access to the Premises as required by this Lease due to Landlord’s breach of this Section 27 Lease or due to cure a default by Landlord Landlord’s or its agents, employees or contractors negligence or willful misconduct in connection with the provision of such services, utilities or access (and the default is one wherein an emergency situation exists, then Tenant may cure the default except to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord such failure is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same caused in whole or in part by the action or inaction of Tenant) (any such set of circumstances in clauses (i) and upon (ii) above an “Abatement Event”), then Tenant shall give Landlord notice of such Abatement Event and, if such Abatement Event continues for five (5) consecutive business days after Landlord’s receipt of a statement of such notice (the costs reasonably incurred by Tenant“Standstill Period”), Landlord then Base Rent and Operating Expenses shall forthwith pay be abated or reduced, as the same to Tenant with interest case may be, from the date the statement was received by Landlord sixth (6th) business day after Landlord’s receipt of such notice so long as Tenant continues to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover be so prevented from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert feesusing, and other professional fees and expenses) Tenant incurs investigatingdoes not use, negotiating, settling or enforcing any the Premises for the normal conduct of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, howeverbusiness, in no instance will Landlord the proportion that the rentable area of the portion of the Premises that Tenant is prevented from using, and does not use, bears to the total rentable area of the Premises. To the extent an Abatement Event is caused by an event covered by Sections 13 or 14, then Tenant’s right to xxxxx rent shall be liable to Tenant for special governed by the terms of such Section 3 or punitive damages for a failure to perform or a default by Landlord under this Lease14, as applicable, and the Standstill Period shall not be applicable thereto.
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Default by Landlord. Landlord shall be in default under this Lease if In the event Landlord fails or refuses to perform any of its obligations hereunder and the provisions, covenants or conditions of this Lease on Landlord's part to be kept or performed, Tenant, prior to exercising any other right or remedy Tenant may have against Landlord on account of any such failure continues for a period of default, shall provide thirty (30) days after Tenant delivers written notice to Landlord of such failure default, specifying in reasonable detail the alleged nature of the default and specifically referencing each paragraph and subparagraph which Tenant believes to Landlord and to the holder(s) of be in default. Notwithstanding any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premisesprovision hereof, the name and address of which have been provided to Tenant in writing, provided agrees that if said default is of such failure a nature that the same can be rectified or cured by Landlord but cannot reasonably with reasonable diligence be rectified or cured within such said thirty (30) day period, then such default shall be deemed to be rectified or cured if Landlord within said thirty (30) day period shall have diligently commenced the rectification or curing thereof and shall diligently continue thereafter to cause such rectification or curing to proceed to completion. In addition, upon any such failure by Landlord, Tenant shall give notice by registered or certified mail to any person or entity with a security interest in the Premises ("Mortgagee") that has provided Tenant with notice of its interest in the Premises, and shall provide Mortgagee a reasonable opportunity to cure such failure, including such time to obtain possession of the Premises by power of sale or judicial foreclosure, if such should prove necessary to effectuate a cure. Tenant agrees that each of the Mortgagees to whom this Lease has been assigned is an expressed third-party beneficiary hereof. Tenant waives any right under California Civil Code Section 1950.7 or any other present or future law to the collection of any payment or deposit from Mortgagee or any purchaser at a foreclosure sale of Mortgagee's interest unless Mortgagee or such purchaser shall have actually received and not refunded the applicable payment or deposit. In consideration of the benefits accruing hereunder, Tenant and all successors and assigns covenant and agree that, in the event of any actual or alleged failure, breach or default hereunder by Landlord:
(a) the sole and exclusive remedy against Landlord shall not be in default hereunder as long as Landlord satisfied only out of the current rents and revenues of the Premises, net of all current operating expenses, liabilities, reserves and debt service and that no real or such holder(s) commences the remedying personal property of such failure within such thirty-day period and diligently prosecutes the same to completionLandlord, during which time Landlord and such holder(s), its partners or either of them, or their agents or employees, shall be entitled subject to enter upon the Premises and do whatever levy on any judgment obtained against Landlord;
(b) no partner of Landlord shall be sued or named as a party in any suit or action (except as may be necessary to remedy such failure. If, secure jurisdiction of the partnership);
(c) no service of process shall be made against any partner of Landlord (except for as may be necessary to secure jurisdiction of the passage partnership);
(d) no partner of time, Tenant would have Landlord shall be required to answer or otherwise plead to any service of process;
(e) no judgment will be taken against any partner of Landlord;
(f) any judgment taken against any partner of Landlord may be vacated and set aside at any time without hearing;
(g) no writ of execution will ever be levied against the right under the provisions assets of this Section 27 to cure a default any partner of Landlord;
(h) these covenants and agreements are enforceable both by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured also by any mortgage or deed partner of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this LeaseLandlord.
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Default by Landlord. In the event of any default by Landlord shall be in default under the terms of this Lease if or a failure by Landlord fails to cause the Association to perform as required by Section 10(d), Tenant will give Landlord and any mortgagee (the existence of its obligations hereunder which Tenant has received) notice, specifying such default with particularity, and Landlord and/or such failure continues for a period of mortgagee shall have thirty (30) days after Tenant delivers written notice receipt of such failure notice in which to Landlord and to cure any such default, or such shorter period in the holder(s) event of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premisesan emergency; provided, the name and address of which have been provided to Tenant in writinghowever, provided that if such failure default cannot reasonably not, by its nature, be cured within such thirty (30) -day period, Landlord shall not be deemed in default hereunder as long as if Landlord or such holder(s) commences the remedying of such failure and/or mortgagee shall within such thirty30-day period commence to cure such default and shall diligently prosecute the same to completion (not to exceed ninety days), provided that Landlord commences to cure the default within the 30-day period and proceeds diligently prosecutes the same thereafter to completion, during which time Landlord and effectuate such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equitycure; provided, however, in no instance will the event that such obligation herein is the responsibility of the Association pursuant to the Project Documents, then Landlord be liable shall have one hundred twenty (120) days to Tenant for special or punitive damages for a failure cause the Association to perform such obligation, as set forth in Section 10(d), including filing suit or a injunctive relief at Landlord’s sole cost and expense as set forth in Section 10(d). Unless and until Landlord and/or any mortgagee fails so to cure any default after notice, Tenant shall have no remedy or cause of action by reason thereof. If Tenant declares an event of default by Landlord following the expiration of the applicable cure period provided hereunder and Tenant leases five (5) or more floors of the Building, Tenant may, fifteen (15) days after delivery of a second (2nd) written notice to Landlord clearly stating in capital letters that Landlord’s failure to act shall result in the exercise of Tenant’s self-help rights, cure the default on Landlord’s behalf; provided that Tenant’s exercise of self-help shall be limited to performing any repair work to existing improvements or equipment to correct any operational issues (e.g., material interruption in utilities or services provided by Landlord) affecting the Premises and further provided that if such cure is reasonably estimated to cost, in the aggregate, more than One Hundred Thousand Dollars ($100,000) to undertake and complete, then, prior to undertaking any such work and except in the event of an Exigent Circumstance (hereinafter defined), Tenant shall obtain a declaratory judgment or other court order from a court of competent jurisdiction that such cure is the obligation of Landlord under this Lease and that such cure is necessary or advisable under the circumstances. Tenant will only access areas outside the Premises (e.g., other areas of the Building or the Common Areas) if necessary to access the affected systems or components causing the operational issue and Tenant shall not disturb other tenants of the Building, if any, in connection with accessing affected systems or components outside of the Premises. For the purposes of this Section 28, an “Exigent Circumstance” shall be defined as actively occurring criminal activity or other police activity requiring an immediate response, or an emergency situation posing an imminent threat of physical harm to persons or destruction of or material damage to property. If Tenant cures all or any portion of such failure, Tenant may deliver an invoice to Landlord for the reasonable, actual out-of-pocket costs and expenses incurred by Tenant in curing such failure, and Landlord shall pay to Tenant the amount of such invoice (the "Self Help Invoice") within thirty (30) days after Tenant’s delivery thereof, and the amount of such invoice, when paid by Landlord, shall be included within Operating Costs to the extent such costs and expenses may be included in Operating Costs pursuant to the terms of the Lease. In the event Tenant seeks to cure or remedy any Landlord failure which gives rise to Tenant’s remedies set forth in this Section 28, Tenant shall (i) proceed in accordance with the terms of the Lease and all applicable laws; (ii) use only such contractors, suppliers, etc. as are duly licensed in the Commonwealth of Virginia and insured to effect such repairs and who perform such repairs in Comparable Buildings in the normal course of their business; provided, however, that any work undertaken by Tenant pursuant to the terms of this Section 28 that affects the Base Building Structure or the Base Building Systems shall be undertaken by Landlord's base Building contractor or a contractor as approved by Landlord acting reasonably for the applicable trade and Tenant shall not void any warranties applicable to any part of the Base Building Structure or the Base Building Systems; (iii) upon commencing such repairs, complete the same within a commercially reasonable period of time given the scope of such repairs, (iv) effect such repairs in a good and workmanlike manner; (v) use new or like-new materials; (vi) make commercially reasonable and diligent efforts to minimize any material interference or impact on the other tenants and occupants of the Building; (vii) provide reasonable prior notice to Landlord prior to commencing any repair or other work that affects the Base Building Structure or the Base Building Systems, or require work outside the Premises, so as to reasonably coordinate such work with Landlord’s property management; and (viii) deliver to Landlord promptly following the completion of such work (and in any event prior to Landlord’s obligation to pay any Self-Help Invoice accruing) unconditional lien releases from all contractors and materialmen providing services or supplies in connection with such work and such other supporting documentation as may be requested by Landlord. Notwithstanding the foregoing, in the event Landlord fails to pay to Tenant any Self Help Invoice to which Tenant is entitled pursuant to this Section 28, Tenant may deduct the amount from the next monthly installment or installments of Base Rent due under the Lease until the entire amount is so applied or is otherwise paid by Landlord, but in no event shall more than fifty percent (50%) of any monthly installment of Base Rent be subject to such application; provided, however, that Tenant shall not have the right to deduct the amount from any Rent that becomes payable to the holder of any mortgage (or any other party claiming through such holder such as a purchaser at a foreclosure sale or transferee of a deed in lieu of foreclosure) from and after the date such holder or purchaser becomes Landlord under the Lease unless such holder has otherwise agreed to same or as set forth in the SNDA.
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Default by Landlord. The occurrence of any of the following shall constitute a material default by Landlord: (a) The making by Landlord shall be of any general assignment for the benefit of creditors; the filing by or against Landlord of a petition to have Landlord adjudged a bankrupt or a petition for reorganization or arrangement under any law relating to bankruptcy (unless, in default under the case of a petition filed against Landlord, the same is dismissed within sixty (60) days); the appointment of a trustee or receiver to take possession of substantially all of Landlord’s assets or of Landlord’s interest in this Lease, where possession is not restored to Landlord within sixty (60) days; the attachment, execution or other judicial seizure of substantially all of Landlord’s assets or of Landlord’s interest in this Lease if Landlord fails where such seizure is not discharged within sixty (60) days; The failure to perform any the obligations of its obligations hereunder and such failure continues for a period of thirty (30) days after Tenant delivers written notice of such failure to Landlord and to under Lease or the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the PremisesContract; provided, the name and address of which have been provided to Tenant in writing, provided that if such failure cannot reasonably be cured within such thirty (30) day periodhowever, Landlord shall not be in default hereunder as long as unless Landlord or fails to perform the obligations required of Landlord within forty-five (45) days after written notice by Tenant to Landlord specifying wherein Landlord has failed to perform such holder(sobligation; provided, however, that if the nature of Landlord’s obligation is such that more than forty-five (45) days is required for performance, then Landlord shall not be in default if Landlord commences the remedying of such failure performance within such thirtyforty-five (45) day period and thereafter diligently prosecutes the same to completion, during which time Landlord and such holder(s), or either of them, or their agents or employees, . In no event shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions to terminate this Lease as a result of this Section 27 Landlord’s default or to cure offset or deduct Rent or Additional Rent; Tenant’s remedies shall be limited to any other remedy available at law or in equity. Nothing herein contained shall be interpreted to mean that Tenant is excused from paying Rent or any other amounts due hereunder as a result of any default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of it being understood that Tenant’s rights or remedies under this Lease. In the event obligation to pay Rent and Additional Rent is an independent covenant of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this Lease.
Appears in 1 contract
Samples: Lease Agreement (California Coastal Communities Inc)
Default by Landlord. The failure of Landlord shall be in default under to observe and perform ------------------- any provision of this Lease if Landlord fails to perform any of its obligations hereunder be observed and performed by Landlord, where such failure continues for a period of thirty (30) days after notice by Tenant delivers written notice to Landlord (provided, however, that if the cure of such failure to Landlord and to requires, despite the holder(suse of diligent efforts, a period in excess of thirty (30) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premisesdays, the name and address of which have been provided to Tenant in writing, provided that if such failure cannot reasonably be cured within then such thirty (30) day period, Landlord period shall not be in default hereunder as extended for so long as Landlord or pursues the cure thereof with reasonable diligence) shall constitute a default under this Lease by Landlord. Provided that Tenant receives written notice of the name and address of any lender to Landlord that is the beneficiary of a deed of trust that encumbers the Premises, Tenant hereby covenants to give such holder(s) commences lender written notice of any failure by Landlord to observe and perform any provision of this Lease to be observed and performed by Landlord, which notice shall be given simultaneously with, and in the remedying same manner as, the notice of such failure given by Tenant to Landlord. Furthermore, Tenant hereby covenants to accept the cure of such failure by such lender provided that such cure occurs within thirty (30) days after receipt of such thirty-notice by such lender; provided further, however, that if such cure requires,despite the use of diligent efforts, a period in excess of thirty (30) days, then such thirty (30) day period and diligently prosecutes the same to completion, during which time Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon extended for so long as such lender pursues the Premises and do whatever may cure thereof with reasonable diligence. Notwithstanding the foregoing, such lender shall in no case be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 obligated to cure any failure by Landlord. Upon the occurrence of a default by Landlord and the default is one wherein an emergency situation existsLandlord, then Tenant may cure the default to the extent reasonably necessary pursue any remedy provided under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant maythis Lease or by law, subject to any approval provisions of this Lease limiting Tenant's remedies (including, without limitation, the holder(s) provisions of any indebtedness or other obligations secured by any mortgage or deed of trust affecting Section 15.1). Without limiting the Complex, but shall not be obligated to, cure the same in whole or in part and remedies ------------- otherwise conferred upon receipt of a statement of the costs reasonably incurred by Tenant, if Landlord shall forthwith pay the same fails to Tenant with interest from the date the statement was received by Landlord perform a repair which it is obligated to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies perform under this Lease. In the event of a default Lease and such failure continues for fifteen (15) days after notice by Tenant to Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; (provided, however, that if the cure of such failure requires, despite the use of diligent efforts, a period in no instance will excess of fifteen (15) days, then such fifteen (15) day period shall be extended for so long as Landlord be liable to pursues the cure thereof with reasonable diligence), then Tenant for special or punitive damages for a failure shall have the right (but not the obligation) to perform or a default such repair on Landlord's behalf and any reasonable amount which Tenant spends in performing such repair shall be repaid by Landlord under this Leasewithin thirty (30) days after delivery to Landlord of a copy of the invoice for such repair together with proof of payment thereof.
Appears in 1 contract
Samples: Lease Agreement (Wells Real Estate Investment Trust Inc)
Default by Landlord. Should Landlord shall be in default under fail to promptly perform any maintenance or repairs required by the provisions of this Lease if to be performed by Landlord, Tenant may by written notice request that Landlord fails make such repairs or perform such maintenance and upon Landlord's failure or refusal to perform any of its obligations hereunder and such failure continues for a period of do so within thirty (30) days after Tenant delivers written notice (plus an additional reasonable period as may be required by Landlord to cure such default, if Landlord shall diligently pursue the cure of such failure to Landlord and to the holder(sdefault until same shall be cured) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premises, the name and address of which have been provided to Tenant in writing, provided that if such failure cannot reasonably be cured within such thirty (30) day period, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying after issuance of such failure within such thirty-day period notice (and diligently prosecutes the same to completionin any event, during which time Landlord and such holder(sin case of an emergency irrespective of whether Tenant shall have requested or obtained Landlord's prior consent), or either of them, or their agents or employees, Tenant shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, (but shall not be obligated toobligated) to perform such maintenance or make such repairs; thereupon, cure Landlord will pay (or reimburse Tenant for) the same reasonable cost of such maintenance or repairs. For these purposes, an "emergency" shall be deemed to exist if, in whole the good faith judgment of Tenant, prompt repairs are needed in order to prevent death, bodily injury or property damage. In any case in part and upon receipt of a statement which Tenant shall exercise its aforesaid right to make emergency repairs which were the responsibility of the costs Landlord, the Tenant shall not make repairs more extensive than are reasonably incurred by Tenant, Landlord shall forthwith pay necessary to abate the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Leaseemergency. In the event of a any other default by Landloxx, Tenant's exclusive remedy shall be an action for damages, but prior to pursuing any such action Tenant will give Landlord written notice specifying such default with particularity, and Landlord shall have thirty (30) days (plus an additional reasonable period as provided may be required by Landlord to cure such default, if Landlord shall diligently pursue the cure of such default until same shall be cured) in this Section 27which to cure any such default. Unless and until Landlord fails to so cure any default after such notice, Tenant may exercise shall not have any and all remedies given hereunder remedy or causes of action by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this Leasereason thereof.
Appears in 1 contract
Samples: Lease Agreement (Farah Inc)
Default by Landlord. Landlord shall not be in default under this Lease if unless Landlord fails to perform any obligations required of its obligations hereunder and such failure continues for a period of Landlord within thirty (30) days after Tenant delivers written notice of such failure by Tenant to Landlord and to the holder(s) holder of any indebtedness or other obligations secured by any mortgage or deed of trust affecting encumbering the Premises, the Project whose name and address of which shall have theretofore been provided furnished to Tenant in writing, provided specifying wherein Landlord has failed to perform such obligation; provided, however, that if the nature of Landlord's obligation is such failure canthat more than thirty (30) days are required for its cure, then Landlord shall not reasonably be cured in default if Landlord commences performance within such thirty (30) day period, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and thereafter diligently prosecutes pursues the same to completion, during which time Landlord and such holder(s), or either of them, or their agents or employees, . In no event shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions to terminate this Lease as a result of this Section 27 Landlord’s default, and Tenant’s remedies shall be limited to cure damages and/or an injunction. Tenant hereby waives its right to recover consequential damages (including, but not limited to, lost profits) or punitive damages arising out of a default by Landlord default. This Lease and the default is one wherein an emergency situation exists, then obligations of Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but hereunder shall not be obligated toaffected or impaired because Landlord is unable to fulfill any of its obligations hereunder or is delayed in doing so, cure if such inability or delay is caused by reason of strike or other labor problems, acts of God, riot, insurrection, governmental actions or requirements, or any other cause beyond the same in whole reasonable control of Landlord, and the time for Landlord's performance shall be extended for the period of any such delay. Any claim, demand, right or in part and upon receipt defense by Tenant that arises out of this Lease or the negotiations which preceded this Lease shall be barred unless Tenant commences an action thereon, or interposes a statement defense by reason thereof, within six (6) months after the date of the costs reasonably incurred by Tenantinaction, Landlord shall forthwith pay the same omission, event or action that gave rise to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In additionsuch claim, if Tenant is the prevailing partydemand, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling right or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this Leasedefense.
Appears in 1 contract
Default by Landlord. Sub-Sublandlord shall not be liable to Sub-Subtenant for Landlord's failure to perform any of Landlord's obligations under the Prime Lease or for Sublandlord's failure to perform any of Sublandlord's obligations under the Sublease, nor shall Sub-Sublandlord have any obligation to perform same or to bring legal proceedings or take any other action against Landlord to assure performance of Landlord's obligations under the Prime Lease or against Sublandlord to assure performance of Sublandlord's obligations under the Sublease nor shall be the Landlord's failure to perform any of Landlord's obligations under the Prime Lease or Sublandlord's failure to perform any of Sublandlord's obligations under the Sublease affect Sub-Subtenant's duty to fulfill its obligations under this Sub-Sublease, including without limitation, the duty to pay Rent to Sub-Sublandlord hereunder. Except as otherwise provided herein, whenever Sub-Sublandlord shall have the right to enforce any rights against Landlord, Sublandlord or any other party under the Prime Lease or Sublease because of the default or breach of Landlord, Sublandlord or such other party with respect to the Premises, Sub-Sublandlord shall, at Sub-Subtenant's expense paid in advance, give notice to Sublandlord requesting Sublandlord enforce such right on behalf of itself, Sub-Sublandlord and Subtenant and if, within a reasonable period after Sub-Subtenant's request, Sublandlord fails to enforce such rights, then, provided Sub-Subtenant is not in default under this Lease Sub-Sublease, Sub-Subtenant shall have the right, in the name of Sub-Subtenant or, if necessary, in the name of Sub-Sublandlord, to enforce any such rights of Sub-Sublandlord with respect to the Premises. Such enforcement shall be at the sole expense of Sub-Subtenant, and Sub-Subtenant shall indemnify Sub-Sublandlord (and shall indemnify Sublandlord if such enforcement involves a proceeding against Landlord fails by Sub-Subtenant) against all costs and expenses, including but not limited to perform reasonable attorneys' fees, which may be incurred by Sub-Sublandlord (and Sublandlord if proceedings against Landlord) in connection with any claim, action, or proceeding so undertaken by Sub-Subtenant. Any amount of its obligations hereunder and such failure continues recovery obtained by Sub-Subtenant shall be the property of Sub-Subtenant, except that Sub-Sublandlord shall be compensated therefrom for any damages sustained by Sub-Sublandlord as a period of thirty (30) days after Tenant delivers written notice consequence of such failure to Landlord and to default or breach on the holder(s) part of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the PremisesSublandlord, the name and address of which have been provided to Tenant in writing, provided that if such failure cannot reasonably be cured within such thirty (30) day period, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and diligently prosecutes the same to completion, during which time Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this Lease.
Appears in 1 contract
Samples: Sub Sublease (Ipayment Inc)
Default by Landlord. So long as the Security Deed remains outstanding and unsatisfied, Tenant will mail or deliver to Lender, at the address and in the manner herein provided, a copy of all notices permitted or required to be given to Landlord shall be by Tenant under and pursuant to the terms and provisions of the Lease. In addition thereto, so long as the Security Deed remains outstanding and unsatisfied, Tenant will mail or deliver to Lender, at the address and in default under this Lease if Landlord fails to perform any of its obligations hereunder and such failure continues for a period of thirty (30) days after Tenant delivers the manner hereinabove provided, written notice of such failure to Landlord and to the holder(s) of any indebtedness default or other obligations secured by any mortgage or deed of trust affecting the Premises, the name and address of which have been provided to Tenant in writing, provided that if such failure cannot reasonably be cured within such thirty (30) day period, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and diligently prosecutes the same to completion, during which time Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of claimed default of Landlord relating to under the Complex occurs and the same can be cured and if Lease. If Landlord is not exercising diligence shall fail to cure any default within the sametime prescribed by the Lease, Tenant may, subject shall give further notice of such fact to Lender. At any approval time before the holder(s) rights of Landlord shall have been forfeited or adversely affected because of any indebtedness default of Landlord, or other obligations secured by within the time permitted Landlord for curing any mortgage or deed of trust affecting default under the ComplexLease as therein provided, Lender may, but shall not be obligated have no obligation to, cure pay any taxes and assessments, make any repairs and improvements, make any deposits or do any other act or thing required of Landlord by the terms of the Lease, and all payments so made and all things so done and performed by Lender shall be as effective to prevent the rights of Landlord from being forfeited or adversely affected because of any default under the Lease as the same in whole or in part would have been if done and upon receipt of a statement performed by Landlord. Tenant agrees that notwithstanding any provisions of the costs reasonably incurred by TenantLease, Landlord no notice of cancellation or abatement shall forthwith pay the same to Tenant with interest from the date the statement was be effective unless Lender has received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord notice as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; herein provided, however, in no instance will Landlord be liable which gave rise to Tenant for special such right of cancellation or punitive damages for a failure to perform or a default by Landlord under this Leaseabatement.
Appears in 1 contract
Default by Landlord. Landlord shall not be deemed to be in default under this Lease if until Tenant has given Landlord fails to perform any written notice (the "Cure Notice") specifying the nature of its obligations hereunder the default and such failure continues for a period of thirty unless Landlord does not cure the default within fifteen (3015) days after Tenant delivers written notice receipt of such failure to Landlord and to the holder(s) of any indebtedness Cure Notice or other obligations secured by any mortgage or deed of trust affecting the Premises, the name and address of which have been provided to Tenant in writing, provided that if such failure cannot reasonably be cured within such thirty (30) day period, Landlord shall not be in default hereunder reasonable time thereafter as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and diligently prosecutes the same to completion, during which time Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary to remedy cure the default where it is of such failurea character as to reasonably require more than fifteen (15) days to cure. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 If Landlord shall fail to cure a default by Landlord within the time periods provided in the preceding sentence, and Landlord's Mortgagee, after having been timely given a copy of the default is one wherein an emergency situation existsCure Notice, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence shall fail to cure a default within the sametime periods provided in Section 17.4 of this Lease, Tenant mayshall have the right to perform such cure itself and demand the reasonable, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part verifiable and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest direct cost thereof from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this LeaseLandlord. In the event that Landlord shall not reimburse Tenant for such costs, and a final judgment shall be entered therefor in favor of a default by Landlord as provided in this Section 27Tenant, Tenant may exercise any shall have the right to offset the reasonable, verifiable and all remedies given hereunder or by Laws or equity; provideddirect cost thereof, howeverincluding reasonable attorney's fees, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord against the Monthly Installment of rent next coming due under this Lease; provided that such rights of self-help and offset shall be subject to the following terms and conditions:
(a) Neither Landlord nor Mortgagee shall be construed to have failed to proceed with due diligence to the extent that any such failure is due to reasons of force majeure or delays caused by Tenant.
(b) The Cure Notice shall state with specificity the nature and extent of each item of repair that Tenant believes should be performed, Tenant's estimate of the cost thereof, and the potential amount of offset.
(c) Any offset effected hereunder shall be exercised through the delivery of written notice to Landlord and Landlord's Mortgagee specifying the amount of the offset and including, as attachments, copies of all invoices or other source documents reasonably necessary to verify the costs underlying such offset, which notice shall be delivered to Landlord and Landlord's Mortgagee on or before the date that Base Rent being offset is otherwise due.
Appears in 1 contract
Default by Landlord. Landlord The following shall be in default under deemed to a "Landlord Default": (a) failure by Landlord to observe or perform any term or condition of this Lease if Landlord fails to perform any of its obligations hereunder be observed or performed by Landlord; and such failure continues for a period of thirty (30b) days after Tenant delivers written notice continuation of such failure to Landlord and to the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premises, the name and address of which have been provided to Tenant in writing, for 30 days after written notice from Tenant; provided that it shall not be a "Landlord Default" if such failure cannot reasonably be cured by Landlord within such thirty (30) day period30 days, Landlord shall not be in default hereunder as despite reasonably diligent effort, so long as Landlord or such holder(s) diligently commences the remedying of to cure such failure within 15 days, and continues to pursue such thirty-day period and diligently prosecutes the same cure to completion, during which time Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default Landlord Default, Tenant shall have all rights or remedies available at law or in equity. With 33 respect to Landlord Defaults, Tenant shall have the right to perform such obligations on behalf of Landlord, without such performance being construed as a waiver of the Landlord Default or of any other right or remedy of Tenant with respect to such Landlord Default, or as a waiver of any term or condition of this Lease. Landlord shall pay to Tenant on demand all reasonable costs and expenses incurred by Tenant to perform any such obligations in accordance with the terms and conditions of this Section. If any amount due to Tenant by Landlord as provided hereunder shall become overdue for a period in excess of five days, then Landlord shall pay the Tenant interest on such unpaid amount from the date due to the date of payment at the rate of 1.5% per month. Notwithstanding anything to the contrary set forth herein, if: (a) Landlord fails to maintain the insurance required to be maintained by it under Subsection 16(a) hereof; (b) Tenant performs such obligation in accordance with the terms and conditions of this Section 27, Section; and (c) Landlord fails to pay to Tenant on demand all reasonable costs and expenses incurred by Tenant to perform such obligation (the "Tenant Insurance Costs"); then Tenant may exercise offset the Tenant Insurance Costs against payments of Rent. Upon any Landlord Default, Landlord shall indemnify and hold harmless Tenant from any and all claims, judgments, liabilities, losses, costs and expenses (including, without limitation, reasonable attorneys' fees and court costs) incurred by Tenant and arising from, or in connection with, a Landlord Default or the exercise by Tenant of its rights and remedies given hereunder or by Laws or equity; provided, however, in no instance will with respect to such Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this LeaseDefault.
Appears in 1 contract
Samples: Lease (Brightpoint Inc)
Default by Landlord. Landlord shall be (a) All covenants of Tenant in default this Lease are independent covenants, not conditioned upon Landlord’s satisfaction of its obligations hereunder, except to the extent otherwise specifically provided herein. Tenant waives any statutory lien it may have against the rent due under this Lease if Lease.
(b) If Landlord fails to perform defaults in the performance of any of its obligations hereunder and such failure continues for under this Lease, it will have 30 days to cure after Tenant notifies Landlord of the default; or if the default is of a nature to require more than 30 days to remedy, Landlord will have the time reasonably necessary to cure it.
(c) Whenever a period of thirty time is prescribed in this Lease for action to be taken by Landlord, Landlord will not be liable or responsible for, and there shall be excluded from the computation for any such period of time, any delays due to strikes, riots, acts of God, shortages of labor or materials, war, Applicable Laws or any other causes of any kind whatsoever which are beyond the control of Landlord.
(30d) days after Tenant delivers written agrees to serve a notice of such failure to claimed default or breach by Landlord and to upon the holder(s) of any indebtedness or other obligations secured by any lender holding a first mortgage or deed of trust affecting against the Premises, Premises if Tenant has been made aware of the name and address of which have been provided such lender. Notwithstanding anything to Tenant in writing, provided that if such failure cannot reasonably be cured within such thirty (30) day period, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and diligently prosecutes the same to completion, during which time Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of timecontrary contained herein, Tenant would have the will not exercise any right under the provisions of to terminate this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event Lease because of a default by Landlord before allowing such lender the same period following such notice to cure the default or breach as provided in is allowed Landlord. But this Section 27, subparagraph (d) will not be interpreted as creating or broadening any right of Tenant may exercise any and all remedies given hereunder or to terminate this Lease because of a default by Laws or equity; provided, however, in no instance will Landlord.
(e) The liability of Landlord be liable to Tenant for special or punitive damages for a failure to perform or a any default by Landlord under the terms of this LeaseLease is limited to the interest of Landlord in the Building and the Land, and Tenant agrees to look solely to Landlord’s interest in the Building and the Land for recovery of any judgment from Landlord, it being intended that Landlord shall not be personally liable for any judgment or deficiency.
Appears in 1 contract
Samples: Lease Agreement (Protective Products of America, Inc.)
Default by Landlord. (a) Landlord shall not be deemed to be in default under in the performance of any obligation required to be performed by it hereunder unless and until it has failed to perform such obligations within twenty (20) days after written notice by Tenant to Landlord specifying wherein Landlord has failed to perform such obligation; provided, however, that if the nature of Landlord's obligation is such that more than twenty (20) days are required for its performance, then Landlord shall not be deemed to be in default if it shall commence such performance within such twenty (20)-day period and thereafter diligently prosecute the same to completion. In no event shall Landlord be liable to Tenant for loss of profits, business interruption, or consequential damages if Landlord performs its obligations within the time periods specified in this paragraph.
(b) Tenant agrees to give any mortgagee and/or trust deed holders, by registered mail, a copy of any Notice of Default served upon the Landlord, provided that prior to such notice Tenant has been notified in writing of the address of such mortgagee and/or trust deed holder. Tenant further agrees that if Landlord shall have failed to cure such default within the time provided for in this Lease, then the mortgagees and/or trust deed holders shall have an additional thirty (30) days within which to cure such default, or if such default cannot be cured within that time, then such additional time as may be necessary if within thirty (30) days mortgagee and/or trust deed holder has commenced and is diligently pursuing the remedies necessary to cure such default (including, but not limited to, commencement of foreclosure proceedings, if necessary to effect such cure), in which event this Lease if shall not be terminated while remedies are being so diligently pursued.
(c) Notwithstanding any other provisions of this Lease to the contrary, but subject to the provisions of Section 29(a) and 29(b) above, upon receipt of written notice (the "FIRST DEFAULT NOTICE") from Tenant that Landlord fails has failed to perform any of its obligations hereunder and as expressly set forth in this Lease (collectively, "LANDLORD OBLIGATIONS"), Landlord shall perform such failure continues for obligation within a reasonable period of time given the circumstances but in no event later than thirty (30) days after Tenant delivers written notice of such failure to Landlord and to it receives the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premises, the name and address of which have been provided to Tenant in writing, provided that if such failure cannot reasonably be cured within such thirty (30) day period, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and diligently prosecutes the same to completion, during which time Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the First Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equityNotice; provided, however, in no instance will that if the completion of such obligation is of such a nature that it cannot be completed within thirty (30) days, then such longer time as reasonably necessary. If Landlord be liable fails to complete such obligation within the said time period, Tenant for special or punitive damages for a failure to perform or a default by Landlord under this Lease.may give an additional notice (the "SECOND DEFAULT NOTICE")
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Default by Landlord. If Landlord shall be in default fails to perform, comply with or observe any agreement or obligation of Landlord under this Lease and the failure continues after the cure period described below, then Tenant may pursue its remedies at law or in equity; provided, however, if Tenant delivers a second written notice to Landlord and Landlord fails to perform, comply with or observe such agreement or obligation within an additional ten (10) Business Days after Landlord’s receipt of the second notice, then Tenant shall have the right upon the expiration of such ten (10) Business Day period, to perform any of its obligations hereunder and such failure continues repair or otherwise cure Landlord’s default. If Tenant does such work or performs such obligation, Landlord agrees that it will reimburse Tenant for a period of the reasonable out-of-pocket costs thereof within thirty (30) days after receipt of written notice from Tenant delivers which notice shall include supporting documentation of the work performed and the costs incurred by Tenant. If Landlord does not reimburse Tenant within forty-five (45) days after receipt of such written notice from Tenant, then Tenant shall have the right to offset an amount not to exceed ten percent (10%) of each monthly installment Gross Rent next coming due under this Lease until Tenant has recouped such amount in full, together with interest at the Default Rate accruing from the date Tenant incurs such costs until the date the costs are recouped in full. In the event that Landlord, acting in good faith, disputes either the necessity of the expense or repair, the obligation to make the same or the cost thereof, Tenant’s remedy shall be an action at law or in equity and Tenant shall not be permitted any offsets or deductions from rent. As used above, Landlord’s cure period shall be thirty (30) calendar days after Tenant has delivered to Landlord written notice of the failure specifically describing the failure or such failure longer period as reasonably necessary to Landlord and to the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premises, the name and address of which have been provided to Tenant in writingcure such failure, provided that if Landlord commences to cure such failure cannot reasonably be cured within such said thirty (30) day period, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and thereafter diligently prosecutes the same pursues such cure to completion, during which time Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an but in no event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(smore than sixty (60) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon days after receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Leasenotice. In Notwithstanding anything herein to the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, howevercontrary, in no instance will Landlord event shall Tenant be liable permitted to Tenant for special make structural repairs to the Premises, the Building or punitive damages for a failure to perform or a default by Landlord under this Leasethe Complex.
Appears in 1 contract
Samples: Office Lease Agreement (Cray Inc)
Default by Landlord. Landlord shall not be in default in the ------------------- performance of any obligation required to be performed under this Lease if unless Landlord fails has failed to perform any of its obligations hereunder and such failure continues for a period of obligation within thirty (30) days after Tenant delivers the receipt of written notice of such from Tenant specifying in detail Landlord's failure to Landlord and to the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premisesperform; provided, the name and address of which have been provided to Tenant in writinghowever, provided that if the nature of Landlord's obligation is such failure cannot reasonably be cured within such that more than thirty (30) day perioddays is required for its performance, Landlord shall not be deemed in default hereunder as long as if Landlord or shall commence such holder(sperformance within thirty (30) commences the remedying of such failure within such thirty-day period days and thereafter diligently prosecutes pursues the same to completion. Tenant shall have no rights as a result of any default by Landlord until Tenant gives thirty (30) days written notice to any person who has a recorded interest pertaining to the Building, during which time specifying the nature of Landlord's default. Such person shall then have the right to cure such default, and Landlord and shall not be deemed in default if such holder(s)person cures such default within thirty (30) days after receipt of notice of the default, or either within such longer period of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever time as may reasonably be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed timedefault. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is or such person does not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27default, Tenant may exercise such rights or remedies or shall be provided or permitted by law to recover any and all remedies given hereunder or damages proximately caused by Laws or equity; providedsuch default. Notwithstanding anything to the contrary in the Lease, however, in no instance will Landlord be liable Landlord's liability to Tenant for special damages resulting from Landlord's breach of any provision or punitive damages provisions of the Lease shall not exceed the value of Landlord's equity interest in the Project. Neither Landlord nor Landlord's Employees shall have any personal liability for a failure any matter in connection with this Lease or its obligation as Landlord of the Premises. Tenant shall not institute, seek or enforce any personal or deficiency judgment against Landlord or Landlord's Employees, and none of their property shall be available to perform or a default by Landlord under satisfy any judgment hereunder. Except as specifically set froth in this Lease, Tenant hereby waives and relinquishes any right which Tenant may have to terminate this Lease or withhold any payment owed by Tenant under the Lease, on account of any damage, condemnation, destruction or state of disrepair of the Premises (including, without limiting the generality of the foregoing, those rights under California Civil Code Sections 1932, 1933, 1941, 1941.1 and 1942).
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Samples: Office Lease (Smart & Final Inc/De)
Default by Landlord. Subject to the terms and conditions of this section 16.3, Landlord's failure to perform its obligations under this Lease shall constitute a breach of this Lease by Landlord. Landlord shall not be in default under this Lease if unless Landlord fails to perform any obligations required of its obligations hereunder and such failure continues for a period of Landlord within thirty (30) days after Tenant delivers written notice of such failure by Tenant to Landlord and to the holder(s) holder of any indebtedness or other obligations secured by any mortgage or deed of trust affecting encumbering the Premises, the Premises whose name and address of which shall have theretofore been provided furnished to Tenant in writing, provided specifying wherein Landlord has failed to perform such obligation; provided, however, that if the nature of Landlord's obligation is such failure canthat more than thirty (30) days are required for its cure, then Landlord shall not reasonably be cured in default if Landlord commences performance within such thirty (30) day period, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and thereafter diligently prosecutes pursues the same to completion. Tenant hereby waives its right to recover consequential damages (including, during which time but not limited to, lost profits) or punitive damages arising out of a Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failuredefault. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord This Lease and the default is one wherein an emergency situation exists, then obligations of Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but hereunder shall not be obligated toaffected or impaired because Landlord is unable to fulfill any of its obligations hereunder or is delayed in doing so, cure the same in whole if such inability or in part and upon receipt delay is caused by reason of a statement Force Majeure Event, and the time for Landlord's performance shall be extended for the period of any such delay. Any claim, demand, right or defense by Tenant that arises out of this Lease or the negotiations which preceded this Lease shall be barred unless Tenant commences an action thereon, or interposes a defense by reason thereof, within one (1) year after the date of the costs reasonably incurred by Tenantinaction, Landlord shall forthwith pay the same omission, event or action that gave rise to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In additionsuch claim, if Tenant is the prevailing partydemand, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling right or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this Leasedefense.
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Default by Landlord. If Landlord fails to timely perform any of its obligations under this Lease, which failure continues for a period of more than thirty (30) days after receipt of written notice from Tenant specifying such failure, or if such failure is of a nature that it cannot be cured within said thirty (30) day period and continues beyond the time reasonably necessary to cure (and Landlord has not commenced cure within the initial thirty (30) day cure period and thereafter diligently pursued cure to completion), then Landlord shall be in default under this Lease and Tenant, subject to the terms of Section 23 of this Lease, shall have the right to cure such default for and on behalf of Landlord and collect the reasonable costs of cure from Landlord, and if Landlord fails to perform does not pay any such reasonable costs of its obligations hereunder and such failure continues for a period of cure incurred by Tenant within thirty (30) days after receipt of written demand for payment (together with backup reasonably required by Landlord substantiating such costs incurred), then Tenant delivers written may offset such past due amounts against the next installments of Base Rent coming due hereunder. Notwithstanding anything to the contrary contained in this Lease, Tenant shall not deduct more than fifty percent (50%) of the Base Rent from any monthly installment of Base Rent if there are sufficient months remaining in the term of this Lease within which to fully recover the amount owed by Landlord (the “Maximum Offset Amount”). If the default by Landlord is such as to constructively evict or effectively dispossess Tenant, or substantially destroy Tenant’s right to quiet enjoyment, Tenant shall have the right to invoke any and all rights and remedies Tenant may have at law and in equity; or the option to exercise any other rights or remedies which Tenant may have at law or equity. Notwithstanding the foregoing, the notice of such failure and cure period provided to Landlord and above shall not apply to Landlord’s obligation to timely deliver the holder(s) Premises as required under this Lease. If Tenant makes any advances because of any indebtedness or other obligations secured a default by any mortgage or deed of trust affecting the Premises, the name and address of which have been provided to Tenant in writing, provided that if such failure canlandlord not reasonably be cured within such thirty (30) day period, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and diligently prosecutes the same to completion, during which time Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required days after notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by from Tenant, Landlord is obligated to repay the full amount of such advances, together with interest on the amount advanced at the rate of interest set forth in Section 35.I. (12% annum or the maximum rate of interest permitted by law). No remedy herein or otherwise conferred upon or reserved to Tenant shall forthwith pay be considered to exclude or suspend any other remedy but the same shall be cumulative and shall be in addition to every other remedy given hereunder, or now or hereafter existing at law or in equity or by statute, and every power and remedy given by this Lease to Tenant with interest may be exercised from the date the statement was received by Landlord time to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant time and so often as occasion may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert feesarise or as may be deemed expedient, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of no remedy required herein shall supercede the Tenant’s rights or remedies under this Lease. In limitation to deduct more than the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this LeaseMaximum Offset Amount.
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Default by Landlord. Landlord shall not be in default under this Lease if unless Landlord fails to perform any obligations required of its obligations hereunder and such failure continues for a period of Landlord within thirty (30) days after Tenant delivers written notice of such failure by Tenant to Landlord and to the holder(s) holder of any indebtedness or other obligations secured by any mortgage or deed of trust affecting encumbering the Premises, the Premises whose name and address of which shall have theretofore been provided furnished to Tenant in writing, provided specifying wherein Landlord has failed to perform such obligation; provided, however, that if the nature of Landlord's obligation is such failure canthat more than thirty (30) days are required for its cure, then Landlord shall not reasonably be cured in default if Landlord commences performance within such thirty (30) day period, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and thereafter diligently prosecutes pursues the same to completion, during which time Landlord and such holder(s), or either of them, or their agents or employees, . In no event shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions to terminate this Lease as a result of this Section 27 Landlord's default, and Tenant's remedies shall be limited to cure damages and/or an injunction. Tenant hereby waives its right to recover lost profits or punitive damages arising out of a default by Landlord default. This Lease and the default is one wherein an emergency situation exists, then obligations of Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but hereunder shall not be obligated toaffected or impaired because Landlord is unable to fulfill any of its obligations hereunder or is delayed in doing so, cure the same in whole if such inability or in part and upon receipt delay is caused by reason of a statement Force Majeure Event, and the time for Landlord's performance shall be extended for the period of any such delay. Any claim, demand, right or defense by Tenant that arises out of this Lease or the negotiations which preceded this Lease shall be barred unless Tenant commences an action thereon, or interposes a defense by reason thereof, within twelve (12) months after the date of the costs reasonably incurred by Tenantinaction, Landlord shall forthwith pay the same omission, event or action that gave rise to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In additionsuch claim, if Tenant is the prevailing partydemand, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling right or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this Leasedefense.
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Default by Landlord. Landlord In the event of any alleged default on the part of Landlord, Tenant shall be in default under this Lease if Landlord fails to perform any of its obligations hereunder and such failure continues for a period of thirty (30) days after Tenant delivers written give notice of such failure to Landlord and afford Landlord a reasonable opportunity to cure such default. Such notice shall be ineffective unless a copy is simultaneously also delivered in the holder(s) manner required in this Lease to any holder of any indebtedness or other obligations secured by any a mortgage or and/or deed of trust affecting all or any portion of the PremisesBuilding Complex (collectively, the name and address of which have been provided to Tenant in writing"Mortgagee"), provided that prior to such notice Tenant has been notified (by way of notice of Assignment of Rents and Leases, or otherwise), of the address of a Mortgagee. If Landlord fails to cure such default within the time provided, then Mortgagee shall have an additional 30 days following a second notice from Tenant or, if such failure default cannot reasonably be cured within that time, such thirty (30) day period, Landlord shall not be in default hereunder additional time as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and diligently prosecutes the same to completion, during which time Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary provided within such 30 days, Mortgagee commences and diligently pursues a cure (including commencement of foreclosure proceedings if necessary to effect such cure). Tenant's sole remedy such failure. If, except will be equitable relief or actual damages but in no event is Landlord or any Mortgagee responsible for the passage consequential damages or lost profit incurred by Tenant as a result of time, Tenant would have the right under the provisions of this Section 27 to cure a any default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed timeLandlord. If an event a Mortgagee, or transferee under such Mortgage (hereafter defined), succeeds to Landlord's interest as a result of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is foreclosure or otherwise, such party shall not exercising diligence to cure the samebe: (i) liable for any default, Tenant may, nor subject to any approval the holder(ssetoff or defenses that Tenant may have against Landlord; (ii) of any indebtedness or other obligations secured bound by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same amendment (including an agreement for early termination) without its consent made at any time after notice to Tenant with interest from the date the statement was received that such Mortgage requires such consent; and (iii) bound by Landlord payment of Rent in advance for more than 30 days. Tenant agrees to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable pay Rent (and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies will receive credit under this Lease. In ) as directed in any Mortgagee's notice of Landlord's default under the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable Mortgage reciting that Mortgagee is entitled to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this Leasecollect Rent.
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Default by Landlord. Except as otherwise provided in the state’s statutes governing Landlord shall be in default under Tenant Law, if there is a material noncompliance by Landlord with this Lease if and Sublease Agreement, Tenant may deliver a written notice to the Landlord fails to perform any of its obligations hereunder specifying the acts and such failure continues for omissions constituting the breach and that the Lease and Sublease Agreement will terminate upon a period of periodic rent-paying date not less than thirty (30) days after receipt of the notice. The Lease and Sublease Agreement shall terminate as provided in the notice, subject to the following: If the breach is remediable by repairs or the payment of damages or otherwise, and Landlord adequately initiates a good faith effort to remedy the breach within fourteen (14) days after receipt of the notice, the Lease and Sublease Agreement shall not terminate. However, in the event that the same or a similar breach occurs after the 14-day period provided therein, Tenant delivers may deliver a written notice of such failure to Landlord specifically describing the breach and to stating that the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premises, the name Lease and address of which have been provided to Tenant in writing, provided that if such failure canSublease Agreement shall terminate upon a periodic rent-paying date not reasonably be cured within such less than thirty (30) day perioddays after the receipt of such notice by Landlord. The Lease and Sublease Agreement shall then terminate as provided in such notice. Tenant may not terminate for a condition caused by an act or omission of, or which is or can be properly attributable to or applicable to, Tenant or any person on the Premises at any time with Tenant’s express or implied permission or consent. Except as otherwise provided in the Ohio Landlord Tenant Law, Tenant may recover damages and obtain injunctive relief for any noncompliance by Landlord with the Lease and Sublease Agreement. The remedy provided in this paragraph shall be in addition to any right of Tenant arising earlier in this Section 18. If the Lease and Sublease Agreement is terminated, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences return that portion of the remedying of such failure within such thirty-day period and diligently prosecutes security deposit recoverable by Tenant under the same to completion, during which time State’s Residential Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failureTenant Act. If, except for the passage of time, Tenant would have the right under the The provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but 18 shall not be obligated to, cure the same in whole limit Landlord’s or in part Tenant’s right to terminate this Lease and upon receipt of a statement of the costs reasonably incurred by Tenant, Sublease Agreement pursuant to State’s Statutes governing Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert feesLaw, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this Leaseamendments thereto.
Appears in 1 contract
Samples: Lease and Sublease Agreement
Default by Landlord. Landlord shall not be in default under this Lease if unless Landlord fails to perform obligations required of Landlord within a reasonable time, but in no event shall a reasonable time be earlier than thirty (30) days after written notice by Tenant to Landlord (and to the holder of any first mortgage or deed of trust covering the Leased Premises whose name and address shall have theretofore been furnished to Tenant in writing) specifying wherein Landlord has failed to perform such obligation; provided, however, that if the nature of Landlord’s obligation is such that more than thirty (30) days are required for performance, then Landlord shall not be in default if Landlord or the holder of any such mortgage or deed of trust commences performance within such thirty (30) day period and thereafter diligently prosecutes the same to completion. Tenant further agrees not to invoke any of its obligations remedies under this Lease until such thirty (30) days have elapsed. Tenant’s remedies for Landlord’s default hereunder shall be limited to damages and/or an injunction to the extent suitable, and the parties agree that Tenant shall not have the right to terminate this Lease except in such failure continues for cases where termination is Tenant’s only suitable remedy. If Landlord shall fail to make a period of repair Landlord is required to perform under this Lease, and Landlord shall not commence such repair within thirty (30) days after Tenant delivers gives written notice of such failure failure, or if Landlord fails to diligently pursue such repair once commenced, then Tenant may perform such repair for the account of and at the expense of Landlord and render a xxxx to Landlord for such reasonable expense. If Landlord fails to pay the xxxx within ten (10) days after it is rendered, Tenant may bring suitable legal action to require Landlord to pay the xxxx. If the final judgment of the action determines that Landlord was obligated to make the repair and that Tenant, in making the repair, incurred a reasonable expense, then Tenant, in addition to the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premises, the name and address of which have been provided to Tenant in writing, provided that if such failure cannot reasonably be cured within such thirty (30) day period, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and diligently prosecutes the same to completion, during which time Landlord and such holder(s), or either of them, or their agents or employeesits normal remedies, shall be entitled to enter upon the Premises and do whatever may be necessary to remedy deduct such failure. If, except for the passage expenses from payments of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, rent and other professional fees and expenses) Tenant incurs investigating, negotiating, settling charges due or enforcing any of Tenant’s rights or remedies to become due in the future under this Lease. In The amount which may be deducted shall include interest on the event judgment at the statutory interest rate for judgments from the date of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable the cure to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this Leasethe date of payment.
Appears in 1 contract
Default by Landlord. Landlord shall be in default under of this Lease if Landlord fails to perform any of its obligations hereunder and such failure continues for a period of under this Lease within thirty (30) days after Tenant delivers receipt of written notice from Tenant specifying such failure in the case of non-monetary obligations, provided, however, that if the nature of such failure to Landlord and to the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premises, the name and address of which have been provided to Tenant in writing, provided default is such that if such failure it cannot reasonably be cured within such period, then, upon notice to Tenant, Landlord shall have such additional time as is reasonably required to cure such default, provided that Landlord commences to cure the default within such period and proceeds to complete such cure with diligence and continuity. If Landlord fails to perform its obligations as set forth above, Tenant may, at its option, in addition to any other remedies at law or equity, incur any expense necessary to perform the obligations of Landlord specified in such notice on Landlord's behalf as Landlord's agent (but Landlord shall remain responsible for such work), in which event Landlord shall reimburse Tenant for the actual costs incurred by Tenant within thirty (30) day perioddays after receipt of an invoice therefor. If Landlord fails to pay such costs within thirty (30) days after receipt of an invoice therefor, then in addition to all other rights and remedies that Tenant may have against Landlord shall not be (but without duplication in default hereunder as long as Landlord or such holder(s) commences recovering the remedying of such failure within such thirty-day period and diligently prosecutes the same to completion, during which time Landlord and such holder(samounts due Tenant), or either of them, or their agents or employees, Tenant shall be entitled to enter upon deduct the Premises unpaid and do whatever may be necessary to remedy overdue amount of such failurecosts from the Rent otherwise becoming due hereunder, together with interest on the unpaid balance thereof at the Default Rate from the date originally due. If, except for Notwithstanding the passage of timeforegoing, Tenant would shall not have the right under to make any repairs on behalf of Landlord outside of the provisions Premises other than the Common Areas within ten (10) feet of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed timePremises. If an event of Landlord’s default of materially affects Tenant’s business, as reasonably determined by Tenant and such default continues for thirty (30) days after a second written notice from Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the sameTenant, Tenant may, subject shall have the right to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and terminate this Lease upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same written notice to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this LeaseLandlord.
Appears in 1 contract
Samples: Lease Agreement (DSW Inc.)
Default by Landlord. Landlord shall not be in default under this Lease if unless Landlord fails to perform any obligations required of its obligations hereunder and such failure continues for a period of Landlord within thirty (30) days after Tenant delivers written notice of such failure by Tenant to Landlord (except in cases of emergency in which case Landlord’s obligations hereunder shall be performed as soon as reasonably practicable) and to the holder(s) holder of any indebtedness or other obligations secured by any mortgage or deed of trust affecting covering the Premises, the Premises whose name and address of which shall have been provided previously furnished to Tenant in writingwriting specifying what obligation Landlord has failed to perform; provided, provided however, that if the nature of Landlord’s obligation is such failure canthat more than thirty (30) days is required for performance then Landlord shall not reasonably be cured in default if Landlord commences performance within such thirty (30) day period and thereafter diligently pursues the same to completion. In no event shall Tenant have the right to terminate this Lease as a result of Landlord’s default. In addition to the above, if Landlord fails to cure such Landlord default within the Landlord cure period, or fails to commence to cure within the Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day cure period and thereafter diligently prosecutes pursue the same to completion, during which time Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the sameas applicable, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated tohave no obligation to do so, cure perform the same in whole or in part and upon receipt for the account of a statement Landlord. Landlord shall, within thirty (30) days of demand therefor, at Landlord’s election, either (i) credit against Tenant’s obligation to pay Basic Rent the documented, out-of-pocket costs reasonably incurred by TenantTenant in curing such Landlord default, or (ii) reimburse Tenant the documented, out-of-pocket costs reasonably incurred by Tenant in curing such Landlord shall forthwith pay the same to Tenant default together with interest thereon at the Default Rate from the date the statement was received demanded by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this Lease.
Appears in 1 contract
Default by Landlord. If Landlord fails or refuses to observe or perform any of the provisions, covenants or conditions of this Lease, Tenant shall give a thirty (30) day written notice to Landlord of such default, specifying in the notice the default by Landlord. Tenant agrees that if the default specified in the notice can be cured by Landlord, but cannot with reasonable diligence be cured within the 30-day period, then the default shall be deemed to be cured if Landlord within the 30-day period shall have commenced and shall thereafter diligently prosecute to completion the curing of the default. Notwithstanding the foregoing, in default the event of an emergency, Tenant shall only be obligated to give such notice as is reasonably practical under this Lease if the circumstances. In the event Landlord fails to do so in a reasonably timely manner, Tenant may, but is under no obligation to perform any such uncured obligations. In said event, Landlord shall reimburse Tenant for the reasonable costs of its obligations hereunder and such failure continues for a period of performance within thirty (30) days after of receipt of an invoice therefor. Tenant delivers written notice acknowledges that any one or more of such failure the services provided for in Paragraph 2 may be interrupted or suspended by reason of accident, repair, alterations or improvements necessary to Landlord and to the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premisesbe made, the name and address of which have been provided to Tenant in writingstrikes, provided that if such failure cannot reasonably be cured within such thirty (30) day periodlockout, and, except as hereinafter provided, Landlord shall not be liable to Tenant therefor; provided however, that (a) Landlord shall use its best efforts to restore such services as soon as reasonably possible, (b) in default hereunder as long as Landlord the event such services is not restored within five (5) business days, through the fault of Landlord, to the extent that Tenant cannot reasonably use all or any part of the Premises, rent and other charges shall abatx xx to such holder(spart effective on the sixth (6th) commences business day and continue abated until such service is restored, and (c) in the remedying event such interruption continues for thirty (30) calendar days, whether or not through the fault of such failure within such thirty-day period and diligently prosecutes the same to completionLandlord, during which time Landlord and such holder(s), or either of them, or their agents or employees, then Tenant shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions of and option to cancel and terminate this Section 27 Lease, upon ten (10) days written notice to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert feesLandlord, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any thereafter shall be relieved of Tenant’s rights or remedies all further liability under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, that if the cause of the interruption or stoppage cannot be cured solely by the payment of money and that more than thirty (30) calendar days may be reasonably required for such cure, then Tenant shall not have the option to cancel and terminate this Lease if Landlord shall commence such cure within such thirty days (30) day period and shall thereafter diligently prosecute such cure to completion. Item (c), notwithstanding, in no instance will Landlord be liable the event such interruption continues for sixty (60) calendar days, Tenant shall have the right and option to Tenant for special or punitive damages for a failure to perform or a default by Landlord under cancel and terminate this Lease, upon ten (10) days written notice to Landlord. In the event, that a suspension of service is caused due to the Tenant's fault or neglect, items (b) and (c) of this subparagraph (j) shall not apply.
Appears in 1 contract
Default by Landlord. (a) If Landlord shall be defaults under the Loan Documents (beyond applicable notice and cure periods), Landlord directs West Lake and/or Carinthia to, and West Lake and Carinthia respectively agree to, upon prior written notice to West Lake and Carinthia, recognize the assignment of rents which Landlord made to Lender in the Loan Documents, and pay to Lender as assignee all rents due under the West Lake Lease and the Carinthia Lease respectively, starting on the date of West Lake’s and Carinthia’s receipt of written notice from Lender that Landlord is in default under this the Loan Documents. Such payments of rent to Lender by each of West Lake and Carinthia (sometimes collectively referred to herein as “Tenants”) by reason of that assignment and of Landlord’s default shall continue until one of the following occurs:
(i) no further rent is due or payable under the West Lake Lease if or the Carinthia Lease;
(ii) Lender gives Tenants notice that Landlord’s default under the Loan Documents has been cured and instructs Tenants that the rents shall thereafter be payable to Landlord; or
(iii) a Transfer occurs and Successor gives Tenants notice of the Transfer and subject to Sections 4 and 5 hereof, upon such a notice Successor shall succeed to Landlord’s interest as the landlord under the West Lake Lease and Carinthia Lease, respectively, after which the rents and Landlord’s other benefits under the West Lake Lease and Carinthia Lease shall become payable to Successor.
(b) If Landlord fails defaults under the Loan Documents, Lender shall deliver to perform each Tenant a copy of any notice of its obligations hereunder that default which Lender is required to give to Landlord under the Loan Documents simultaneously with the delivery to Landlord. All notices from Lender to Tenants shall be delivered in accordance with Section 12 hereof. Landlord and such failure continues for a Tenants’ respective cure periods shall run concurrently and each Tenant shall have the same period of thirty (30) days after Tenant delivers written notice of such failure time as Landlord has under the Loan Documents to Landlord and to cure the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting default. Notwithstanding the Premisesforegoing, however, the name and address of which parties acknowledge that Tenants shall have been provided no obligation to Tenant in writing, provided that if cure any such failure cannot reasonably be cured within such thirty (30) day period, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences default. In the remedying of such failure within such thirty-day period and diligently prosecutes the same to completion, during which time Landlord and such holder(s)event Tenants, or either of them, or their agents or employeesdo cure Landlord’s default under the Loan Documents in accordance with the terms hereof, Lender shall accept Tenant’s cure.
(c) If any Transfer occurs resulting in a Successor as Landlord under the Carinthia Lease, Landlord and Carinthia Ski Lodge LLC agree that (i) pursuant to Section 10 of the Carinthia Lease, the Rent thereof shall be entitled adjusted to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default amount equal to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement annual Fair Market Rental Value of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert feesPremises, and other professional fees and expenses(ii) Tenant incurs investigating, negotiating, settling or enforcing any Section 10 of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord Carinthia Lease shall be liable deemed automatically amended to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this Lease.include the following language:
Appears in 1 contract
Samples: Modification and Consent Agreement (Peak Resorts Inc)
Default by Landlord. (a) Landlord shall not be deemed to be in default under this Lease if Landlord fails in the performance of any obligation required to be performed by it hereunder unless and until it has failed to perform any of its such obligations hereunder and such failure continues for a period of within thirty (30) days after Tenant delivers written notice of such failure by Tenant to Landlord and specifying wherein Landlord has failed to the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premisesperform such obligation, the name and address of which have been provided to Tenant in writingprovided, provided however, that if the nature of Landlord’s obligation is such failure canthat more than thirty (30) days are required for its performance, then Landlord shall not reasonably be cured deemed to be in default if it shall commence such performance within such thirty (30) day period, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and thereafter diligently prosecutes prosecute the same to completion, during which time Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the no event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will shall Landlord be liable to Tenant for special loss of profits, business interruption, or punitive consequential damages if Landlord performs its obligations within the time periods specified in this paragraph.
(b) Tenant agrees to give any mortgagee and/or trust deed holders, by registered mail, a copy of any Notice of Default served upon the Landlord, provided that prior to such notice Tenant has been notified in writing (by way of Notice of Assignment of Rents and Leases, or otherwise) of the address of such mortgagee and/or trust deed holder. Tenant further agrees that if Landlord shall have failed to cure such default within the time provided for a failure to perform or a default by Landlord under in this Lease, then the mortgagees and/or trust deed holders shall have an additional thirty (30) days within which to cure such default, or if such default cannot be cured within that time, then such additional time as may be necessary if within thirty (30) days mortgagee and/or trust deed holder has commenced and is diligently pursuing the remedies necessary to cure such default (including, but not limited to, commencement of foreclosure proceedings, if necessary to effect such cure), in which event this Lease shall not be terminated while remedies are being so diligently pursued.
Appears in 1 contract
Samples: Net Lease Agreement (Singulex Inc)
Default by Landlord. The occurrence of any one or more of the following events shall constitute a default by Landlord ("Landlord Default"):
(i) The failure by Landlord to make any payment required to be made by Landlord hereunder, as and when due, where such failure shall be in default under this Lease if continue for a period of ten (10) days after receipt of written notice thereof from Tenant to Landlord; and
(ii) The failure by Landlord fails to observe or perform any of its obligations hereunder and the covenants, conditions or provisions of this Lease where such failure continues shall continue for a period of thirty (30) days after Tenant delivers receipt of written notice of such failure thereof from Tenant to Landlord and to the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the PremisesLandlord; provided, the name and address of which have been provided to Tenant in writinghowever, provided that if the nature of Landlord's Default is such failure that it cannot reasonably be cured solely by payment of money and that more than thirty (30) days may be reasonably required for such cure, then Landlord shall not be deemed to be in default if Landlord shall commence such cure within such thirty (30) day period, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and shall thereafter diligently prosecutes the same prosecute such cure to completion, during which time Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27Default, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord shall be liable for damages sustained by Tenant on account of such Landlord Default, including, if Tenant is required to vacate the Premises due to such default, rental increases sustained by Tenant, attorneys' fees, brokerage fees, and expenses of relocation such as moving expenses and the costs of placing a new rental location in the same condition as the Premises on the date of the Landlord Default. In the event of a Landlord Default, then Tenant for special in addition to other rights or punitive damages for a failure remedies it may have, at Tenant's sole option, may perform such obligations of Landlord. Tenant shall have the right to perform set off any expense incurred thereby against any rent or a default other payment due or to become due hereunder from Tenant. Except as otherwise expressly modified by Landlord under the terms of this LeaseAmendment, the Lease Agreement and Sublease Agreement shall remain unchanged and in full force and effect.
Appears in 1 contract
Samples: Lease Agreement (Yager Kuester Public Fund 1986 Limited Partnership)
Default by Landlord. Landlord shall not be in default under hereunder unless Landlord fails to perform the obligations required of Landlord within thirty (30) days after written notice by Tenant to Landlord and to any Mortgagee or Ground Lessor (as defined in Subparagraph 34(m) below) specifying wherein Landlord has failed to perform such obligation; provided, however, that if the nature of Landlord’s obligation is such that more than thirty (30) days is required for performance, then Landlord shall not be in default if Landlord commences performance within such thirty (30) day period and thereafter diligently prosecutes the same to completion. In no event shall Tenant have the right to terminate this Lease as a result of Landlord’s default; Tenant’s remedies shall be limited to any other remedy available at law or in equity; provided, however, notwithstanding anything herein to the contrary, under no circumstances shall Landlord be liable hereunder to Tenant for any consequential damages or for loss of business, revenue, income or profits and Tenant hereby waives any and all claims for any such damages. Except as expressly provided in this Paragraph 22 below, nothing herein contained shall be interpreted to mean that Tenant is excused from paying rent due hereunder as a result of any default by Landlord. Notwithstanding anything to the contrary contained in this Lease, if Landlord fails to perform any of its repair and/or maintenance obligations hereunder under Paragraph 13(b) of this Lease and does not cure such failure continues for default within the time period provided above, then Tenant shall be permitted to perform such repair and/or maintenance obligation on Landlord’s behalf and at Landlord’s sole cost and expense, provided Tenant first delivers to Landlord an additional two (2) business days prior written notice (“Tenant’s Self-Help Notice”) that Tenant will be performing such obligations, and provided Landlord fails to commence such cure within such additional two (2) business day period. Tenant acknowledges that Tenant’s Self-Help Notice will not be deemed given to Landlord unless the same contains the following language (in at least 12 point, bold face and all capital letters): "LANDLORD’S FAILURE TO PERFORM THE HEREIN DESCRIBED REPAIR AND/OR MAINTENANCE OBLIGATION WITHIN TWO (2) BUSINESS DAYS FOLLOWING RECEIPT OF THIS LETTER MAY RESULT IN TENANT EXERCISING ITS SELF-HELP RIGHT PURSUANT TO PARAGRAPH 22 OF THE LEASE”. Any such cure by Tenant of a period default by Landlord under Subparagraph 13(b) above shall be performed in accordance with provisions of Subparagraph 14(b) of this Lease. Landlord agrees to reimburse Tenant, within thirty (30) days after following Landlord’s receipt of a written statement, for all reasonable and actual costs incurred by Tenant delivers written notice in performing such obligations on behalf of Landlord. If Landlord fails to pay such failure to Landlord and amount prior to the holder(s) expiration of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premises, the name and address of which have been provided to Tenant in writing, provided that if such failure cannot reasonably be cured within such thirty (30) day period, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and diligently prosecutes the same to completion, during which time Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure at its election bring an arbitration action for damages against Landlord on account thereof (an “Action”) in accordance with the default terms of Rider 2 attached to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event Tenant is able to obtain a monetary judgment against Landlord from the arbitrator in connection with said Action (the “Judgment”) and Landlord fails to pay the amount of a default by such Judgment (the “Judgment Amount”) within thirty (30) days following entry of such Judgment, then and only then shall Tenant have the right to offset the Judgment Amount against up to fifty percent (50%) of any monthly installment of Basic Rent next due Landlord as provided in this Section 27, Tenant may exercise and any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this Leasesucceeding monthly installments of Basic Rent until fully satisfied from such offset.
Appears in 1 contract
Default by Landlord. Landlord shall be in default of the performance of its obligations under this Lease if Landlord defaults in the performance or observation of any agreement, liability, or obligation imposed on it by this Lease and Landlord fails to perform any of its obligations hereunder and cure such failure continues for a period of default within thirty (30) days after Tenant delivers written notice of such failure by Tenant to Landlord and specifying wherein Landlord has failed to the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premisesperform such obligation; provided, the name and address of which have been provided to Tenant in writinghowever, provided that if the nature of Landlord’s obligations is such failure canthat more than thirty (30) days are required for performance then Landlord shall not reasonably be cured in default if Landlord commences performance within such thirty (30) day period, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and thereafter diligently and continuously prosecutes the same to completioncompletion (a “Landlord’s Default”). Upon the occurrence of a Landlord’s Default under this Lease, during Tenant, at its option, without further notice or demand, and without limiting its right to receive any late delivery payments in connection with Landlord’s delivery of the Leased Premises as specified above, may: (a) pursue the remedy of specific performance or injunction; (b) seek declaratory relief; (c) pursue an action for actual and direct damages for loss; and (d) unless such Landlord’s Default results from Landlord’s failure to perform any construction obligations hereunder, but including without limitation repair and maintenance obligations of Landlord, take 36 reasonable measures to cure such Landlord’s Default to the extent relating to the repair or maintenance of the Leased Premises on Landlord’s account, in which time event Landlord and shall reimburse Tenant for any actual out-of-pocket reasonable costs or contractual liability incurred by Tenant in connection with such holder(s)cure (including reasonable attorneys’ fees) within thirty (30) days of Landlord’s receipt of a written demand, statement or either of theminvoice, or their agents or employees, including reasonable back-up documentation; provided that Tenant shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions to withhold from its payments of this Section 27 to cure a default Basic Annual Rent and Additional Rent any such amounts that remain unreimbursed by Landlord beyond such thirty (30) day period until all such amounts have been fully reimbursed, and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is any such amounts not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same paid to Tenant with when due shall accrue interest from the date the statement was received by Landlord to the date payment in full is made to Tenant thereafter at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this Lease.
Appears in 1 contract
Samples: Lease Agreement (Healthequity Inc)
Default by Landlord. Except with respect to the specific notice and cure periods set forth in Section 11.5 of this Lease, Landlord shall not be in default under this Lease if unless Landlord fails to perform any obligations required of its obligations hereunder and such failure continues for a period of Landlord within thirty (30) days after Tenant delivers written notice of such failure by Tenant to Landlord and to the holder(s) holder of any indebtedness or other obligations secured by any mortgage or deed of trust affecting encumbering the Premises, the Project whose name and address of which shall have theretofore been provided furnished to Tenant in writing, provided specifying wherein Landlord has failed to perform such obligation; provided, however, that if the nature of Landlord's obligation is such failure canthat more than thirty (30) days are required for its cure, then Landlord shall not reasonably be cured in default if Landlord commences performance within such thirty (30) day period, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and thereafter diligently prosecutes pursues the same to completion. Tenant hereby waives its right to recover consequential damages (including, during which time but not limited to, lost profits) or punitive damages arising out of a Landlord and such holder(s)default. Except to the extent Tenant obtains a final judgment of constructive eviction in accordance with applicable law or as otherwise permitted by applicable law, or either of them, or their agents or employees, in no event shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions to terminate this Lease as a result of this Section 27 Landlord’s default, and Tenant’s remedies shall be limited to cure a default by Landlord damages and/or an injunction. This Lease and the default is one wherein an emergency situation exists, then obligations of Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but hereunder shall not be obligated toaffected or impaired because Landlord is unable to fulfill any of its obligations hereunder or is delayed in doing so, cure the same in whole if such inability or in part and upon receipt delay is caused by reason of a statement Force Majeure Event, and the time for Landlord's performance shall be extended for the period of any such delay. Any claim, demand, right or defense by Tenant that arises out of this Lease or the negotiations which preceded this Lease shall be barred unless Tenant commences an action thereon, or interposes a defense by reason thereof, within one (1) year after the date of the costs reasonably incurred by Tenantinaction, Landlord shall forthwith pay the same omission, event or action that gave rise to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In additionsuch claim, if Tenant is the prevailing partydemand, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling right or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this Leasedefense.
Appears in 1 contract
Samples: Office Lease (Opko Health, Inc.)
Default by Landlord. Landlord shall not be deemed to be in default in the performance of any obligation under this Lease if Lease, and Tenant shall have no rights to take any action against Landlord, unless and until Landlord fails has failed to perform any of its obligations hereunder and such failure continues for a period of the obligation within thirty (30) days after Tenant delivers written notice of such failure by Tenant to Landlord specifying in reasonable detail the nature and extent of the failure, except in the case of imminent danger to person or property in which case Landlord shall perform as soon as reasonably practicable under the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premisescircumstances; provided, the name and address of which have been provided to Tenant in writinghowever, provided that if the nature of Landlord’s obligation is such failure canthat more than thirty (30) days are required for its performance, then Landlord shall not reasonably be cured deemed to be in default if it commences performance within such the thirty (30) day period, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and thereafter diligently prosecutes pursues the same cure to completion. Notwithstanding the foregoing, during which time in the event Landlord fails to properly fulfill (or commence to perform and such holder(s)thereafter diligently pursue to completion) its obligations for maintenance, repair, replacement and/or providing services under the Lease, or either of themfor performing the Tenant Improvements, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation existsfollowing thirty (30) days written notice from Tenant, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complexelect, but shall not be obligated tohave no obligation to perform any repair or maintenance required by Landlord hereunder on behalf of Landlord, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, at Landlord’s expense. Landlord shall forthwith pay the same to promptly reimburse Tenant with interest upon demand for all reasonable costs actually incurred, but Tenant shall not deduct such costs from the date the statement was received by any rent or other sum due Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover and shall seek reimbursement from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Leasedirectly. In the event of a Landlord’s default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this Lease, Tenant’s sole remedies shall be to seek damages or specific performance from Landlord, provided that any damages shall be limited to Tenant’s actual out-of-pocket expenses and shall in no event include any consequential damages, lost profits or opportunity costs.
Appears in 1 contract
Samples: Lease Agreement (Sonicwall Inc)
Default by Landlord. Landlord shall be Subject to Section 10.1, it is agreed that in default under this Lease if the event Landlord fails or refuses to perform any of its obligations hereunder the provisions, covenants or conditions of this Lease on Landlord's part to be kept or performed, that Tenant, prior to exercising any right or remedy Tenant may have against Landlord on account of such default, shall give written notice to Landlord of such default, specifying in said notice the default with which Landlord is charged and such failure continues for a period of Landlord shall not be deemed in default if the same is cured within thirty (30) days after of receipt of said notice. Notwithstanding any other provision hereof, Tenant delivers written agrees that if the default complained of in the notice provided for by this Section is of such failure to Landlord and to a nature that the holder(s) of any indebtedness -same can be rectified or other obligations secured cured by any mortgage or deed of trust affecting the PremisesLandlord, the name and address of which have been provided to Tenant in writing, provided that if such failure but cannot reasonably with reasonable diligence be rectified or cured by Landlord within such said thirty (30) day period, then such default shall be deemed to be rectified or cured if Landlord shall not be in default hereunder as long as Landlord or such holder(swithin a thirty (30) commences the remedying of such failure within such thirty-day period shall commence the rectification and diligently prosecutes the same curing thereof and shall continue thereafter with all due diligence to completion, during which time Landlord cause such rectification and such holder(s), or either of them, or their agents or employees, curing to proceed. In no event shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions to terminate or rescind this Lease as a result of this Section 27 to cure a Landlord's default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject as to any approval covenant or agreement contained in this Lease or as a result of the holder(s) breach of any indebtedness promise or other obligations secured by inducement hereof, whether in the Lease or elsewhere. Tenant hereby waives such remedies of termination and recession and hereby agrees that Tenant's remedies for default hereunder and for breach of any mortgage promise or deed of trust affecting the Complexinducement shall be limited to a suit for specific performance, but shall not be obligated todeclaratory judgment, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this Leaseand/or injunctive relief.
Appears in 1 contract
Samples: Office Lease (Mego Financial Corp)
Default by Landlord. In no event shall Landlord shall be deemed to be in default under this Lease if Landlord fails to perform of any of its obligations obligation hereunder unless and such failure continues for a period of until thirty (30) days have expired after Tenant delivers written delivery of notice of such deficiency to Landlord and to anyone else, or to any lien holder, to whom Landlord has instructed Tenant to send duplicative notices, specifying in detail Landlord's failure to perform, to Landlord and to the holder(s) holder of any indebtedness or other obligations secured by any mortgage or deed of trust affecting recorded interest pertaining to the PremisesBuilding; provided, the name and address of which have been provided to Tenant in writinghowever, provided that if such failure deficiency cannot reasonably be cured or corrected within such thirty (30) -day period, period Landlord shall not be in default hereunder as long as if Landlord or anyone on behalf of Landlord commences such holder(s) commences the remedying of such failure cure or correction within such thirty30-day period and thereafter diligently prosecutes the same to completion, during which time . If Landlord and such holder(s), or either of them, or their agents or employees, shall is deemed to be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right in default under the provisions of this Section 27 Subsection, Tenant shall be entitled to cure a default by Landlord and the default is one wherein bring an emergency situation existsaction for declaratory judgment or specific performance, then Tenant may cure the default or for damages (subject to the extent reasonably necessary under the circumstances without the need provisions of this Lease limiting Landlord's liability) shown by Tenant to provide the otherwise required notice and/or to await the otherwise prescribed timehave been proximately caused by such default. If an event of default of Landlord relating Notwithstanding anything to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the samecontrary in this Lease, Tenant mayagrees that, subject in the event that it becomes entitled to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complexreceive damages from Landlord, but Tenant shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same allowed to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) consequential damages or damages in excess of the out-of-pocket expenditures incurred by Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event as a result of a default by Landlord as provided Landlord. Landlord's liability to Tenant for damages resulting from Landlord's breach of any provision or provisions of the Lease shall not exceed the value of Landlord's equity interest in this Section 27, the Facility. Tenant may exercise hereby expressly waives its rights under any and all remedies given hereunder Laws, now or hereafter in effect, to terminate this Lease (whether prior to or after the commencement of the Term) or to withhold any payment owed by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this Lease, on account of any damage, condemnation, destruction, or state of disrepair of the Premises, or any part thereof, it being the parties' intent that the provisions of this Lease shall govern the parties' rights and obligations with respect to such matters.
Appears in 1 contract
Samples: Lease Agreement (Virage Inc)
Default by Landlord. Landlord shall be in default under of this Lease if Landlord fails to perform any of its obligations hereunder and under this Lease within ten (10) days after receipt of written notice from Tenant specifying such failure continues for a period in the case of monetary obligations owed by Landlord to Tenant or thirty (30) days after Tenant delivers receipt of written notice from Tenant specifying such failure in the case of non-monetary obligations, provided, however, that if the nature of such failure to Landlord and to the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premises, the name and address of which have been provided to Tenant in writing, provided default is such that if such failure it cannot reasonably be cured within such thirty (30) day period, then Landlord shall not have such additional time as is reasonably required to cure such default, provided that Landlord commences to cure the default within such period and proceeds to complete such cure with diligence and continuity. If Landlord fails to perform its obligations as set forth above or in the event of an emergency, Tenant may, at its option, in addition to any other remedies at law or equity, incur any expense necessary to perform the obligations of Landlord specified in such notice on Landlord's behalf as Landlord's agent (but Landlord shall remain responsible for such work), in which event Landlord shall reimburse Tenant for any reasonable and actual costs incurred by Tenant within fifteen (15) days after receipt of an invoice therefor. If Landlord fails to pay such costs within fifteen (15) days after receipt of an invoice therefor, then Landlord shall be in default hereunder as long as Landlord and Tenant may pursue all rights and remedies available hereunder and at law or such holder(s) commences in equity. In the remedying of such failure within such thirty-day period and diligently prosecutes the same to completionevent that Tenant obtains a money judgment against Landlord, during which time Landlord and such holder(s), or either of them, or their agents or employees, then Tenant shall be entitled to enter upon deduct such amounts from the Premises Annual Base Rent, additional rent and do whatever may be necessary to remedy such failure. Ifother charges otherwise becoming due hereunder, except for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant together with interest on the unpaid balance thereof at the Interest Rate from the date the statement was received by Landlord to the date payment originally due, provided that in full is made to any given month Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord shall not offset a sum greater than fifty percent (50%) of all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this Leasecharges due during such month.
Appears in 1 contract
Samples: Commercial Lease Agreement (Bioanalytical Systems Inc)
Default by Landlord. Landlord In the event of any alleged default on the part of Landlord, Tenant shall be in default under this Lease if Landlord fails to perform any of its obligations hereunder and such failure continues for a period of thirty (30) days after Tenant delivers written give notice of such failure to Landlord and afford Landlord a reasonable opportunity to cure such default. Such notice shall be ineffective unless a copy is simultaneously also delivered in the holder(s) manner required in this Lease to any holder of any indebtedness or other obligations secured by any a mortgage or and/or deed of trust affecting all or any portion of the PremisesBuilding Complex (collectively, the name and address of which have been provided to Tenant in writing"Mortgagee"), provided that prior to such notice Tenant has been notified (by way of notice of Assignment of Rents and Leases, or otherwise), of the address of a Mortgagee. If Landlord fails to cure such default within the time provided, then Mortgagee shall have an additional 30 days following a second notice from Tenant or, if such failure default cannot reasonably be cured within that time, such thirty (30) day period, Landlord shall not be in default hereunder additional time as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and diligently prosecutes the same to completion, during which time Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary provided within such 30 days, Mortgagee commences and diligently pursues a cure (including commencement of foreclosure proceedings if necessary to effect such cure). Tenant's sole remedy such failure. If, except will be equitable relief or actual damages but in no event is Landlord or any Mortgagee responsible for the passage consequential damages or lost profit incurred by Tenant as a result of time, Tenant would have the right under the provisions of this Section 27 to cure a any default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed timeLandlord. If an event a Mortgagee, or transferee under such Mortgage (hereafter defined), succeeds to Landlord's interest as a result of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is foreclosure or otherwise, such party shall not exercising diligence to cure the samebe: (i) liable for any default, Tenant may, nor subject to any approval the holder(ssetoff or defenses that Tenant may have against Landlord, for a default occurring prior to such transfer or succession; (ii) of any indebtedness or other obligations secured bound by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same amendment (including an agreement for early termination) without its consent made at any time after notice to Tenant with interest from the date the statement was received that such Mortgage requires such consent; and (ii) bound by Landlord payment of Rent in advance for more than 30 days. Tenant agrees to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable pay Rent (and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies will receive credit under this Lease. In ) as directed in any Mortgagee's notice of Landlord's default under the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable Mortgage reciting that Mortgagee is entitled to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this Leasecollect Rent.
Appears in 1 contract
Samples: Lease Agreement (Verio Inc)
Default by Landlord. Landlord shall be in default under this Lease if Landlord fails to perform any of its obligations hereunder and such failure continues for a period of thirty (30) days after Tenant delivers written notice of such failure to Landlord and to the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premises, the name and address of which have been provided to Tenant in writing, provided that if such failure cannot reasonably be cured within such thirty (30) day period, Landlord shall not be in default hereunder as long as unless Landlord fails to perform the obligations required of Landlord within a reasonable time, but in no event later than forty-five (45) days after written notice by Tenant to Landlord and to the holder of any first mortgage or deed of trust covering the Premises, or the lessor of any underlying or ground lease affecting the Project, in writing specifying wherein Landlord has failed to perform such holder(sobligation, OR IF LANDLORD FAILS TO MAINTAIN THE INSURANCE REQUIRED UNDER PARAGRAPH 16 HEREOF; provided, however, that if the nature of Landlord's obligation is such that more than forty-five (45) days is required for performance, then Landlord shall not be in default if Landlord commences the remedying of such failure performance within such thirtyforty-five (45) day period and thereafter diligently prosecutes the same to completion, during which time Landlord and such holder(s), or either of them, or their agents or employees, . In no event shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions to terminate this Lease as a result of this Section 27 Landlord's default; Tenant's remedies shall be limited to cure any other remedy available at law or in equity. Nothing herein contained shall be interpreted to mean that Tenant is excused from paying rent due hereunder as a result of any default by Landlord and the default is one wherein an emergency situation existslandlord. IN THE EVENT OF DAMAGE TO THE PORTIONS OF THE PREMISES WHICH LANDLORD IS OBLIGATED TO REPAIR AND MAINTAIN UNDER THIS LEASE AND WHICH AFFECT THE PREMISES TO SUCH AN EXTENT (A) AS TO CAUSE AN IMMINENT THREAT OF INJURY TO PERSONS OR DAMAGE TO PERSONAL PROPERTY WITHIN THE PREMISES, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed timeOR (B) AS TO PREVENT TENANT'S OCCUPANCY OR USE OF ALL OR ANY MATERIAL PORTION OF THE PREMISES FOR ITS EXISTING PERMITTED USES, IF LANDLORD FAILS TO RESPOND WITHIN SEVENTY-TOW (72) HOURS AFTER NOTICE FROM TENANT THEN TENANT SHALL HAVE THE RIGHT (SO LONG AS TENANT IS NOT IN DEFAULT UNDER THIS LEASE) TO UNDERTAKE REPAIRS, TO THE EXTENT NECESSARY ONLY TO SECURE THE PREMISES FROM THE IMMINENT THREAT OF INJURY TO PERSONS OR DAMAGE TO PERSONAL PROPERTY OR TO ALLOW TENANT TO OPERATE ITS BUSINESS FORM THE PREMISES. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the sameTHE COST OF SUCH REPAIRS SHALL BE BORNE BY TENANT, Tenant mayBUT SHALL BE SUBJECT TO REIMBURSEMENT FROM LANDLORD THROUGH WRITTEN REQUEST FOR PAYMENT ACCOMPANIED BY COPIES OF ITEMIZED, subject to any approval the holder(sPAID INVOICES AND LIEN RELEASE WAIVERS EXECUTED BY ALL CONTRACTORS WHO PROVIDED SUCH REPAIR SERVICES, AND LANDLORD SHALL HAVE FORTY-FIVE (45) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this LeaseDAYS FROM RECEIPT OF SUCH REQUEST AND ALL SUPPORTING DOCUMENTATION TO PAY SUCH COSTS TO TENANT.
Appears in 1 contract
Samples: Single Tenant Industrial Lease (Global Directmail Corp)
Default by Landlord. In the event of any default by Landlord, Tenant's exclusive remedy shall be an action for damages (Tenant hereby waiving the benefit of any laws granting to it a lien upon the property of Landlord and/or upon Rent due Landlord), but prior to any such action Tenant will give Landlord written notice specifying such default with particularity, and Landlord shall thereupon have thirty (30) days in which to cure such default or to commence to cure such default if any such default cannot be cured within such 30-day period, in default under this Lease if which event Landlord shall prosecute such cure with diligence to a conclusion. Unless and until Landlord fails to perform so cure or proceed with diligence to cure any default after such notice, Tenant shall not have any remedy or cause of action by reason thereof. All obligations of Landlord hereunder will be construed as covenants, not conditions; and all such obligations will be binding upon Landlord only during the period of its obligations hereunder ownership of the Shopping Center and not thereafter. In the event Landlord fails to cure its default within the time period set forth herein, Tenant may, at its option (in addition to all other rights and remedies provided Tenant at law, in equity or under this Lease), upon written notice to Landlord of Tenant's intention to exercise its self-help remedies hereunder, incur any reasonable expense necessary to perform the obligation of Landlord specified in such failure continues notice and bill Landlord for a period of the cost thereof. If Landlord has not reimbursed Texxxx within thirty (30) days after receipt of Tenant's bill, Tenant delivers written notice may deduct the reasonable cost of such failure to Landlord expense from the Xxxxmum Guaranteed Rent and to Additional Charges next becoming due after the holder(s) expiration of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premises, the name and address of which have been provided to Tenant in writing, provided that if such failure cannot reasonably be cured within such said thirty (30) day period, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of such failure within such thirty. The self-day period and diligently prosecutes the same to completion, during which time Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided help option given in this Section 27is for the sole protection of Tenant, and its existence shall not release Landlord from its obligation to perform the terms, provisions, covenants and agreements herein provided to be performed by Landlord or deprive Tenant of any legal rights which it may have by reason of any such default by Landlord. Notwithstanding the foregoing, Tenant may exercise shall not deduct more than one-quarter of the Minimum Guaranteed Rental from any and all remedies given hereunder or by Laws or equity; provided, however, monthly installment thereof if there are sufficient months remaining in no instance will Landlord be liable the Lease Term to enable Tenant for special or punitive damages for a failure to perform or a default fully recover the amount owed by Landlord under this Leasepursuant hereto.
Appears in 1 contract
Default by Landlord. Landlord shall will be in default under this Lease if Landlord fails to perform any of its obligations hereunder and such failure continues for cure a period of thirty (30) days after Tenant delivers written notice of such failure to Landlord and to the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premises, the name and address of which have been provided to Tenant in writing, provided that if such failure cannot reasonably be cured within such thirty (30) day period, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and diligently prosecutes the same to completion, during which time Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions breach of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required Lease following 30 days’ notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by from Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a such Landlord default, Tenant, in addition to pursuing any or all other remedies at law or in equity, will have the right to take commercially reasonable actions to cure Landlord’s default and, if Landlord fails to reimburse Tenant for the reasonable costs, fees and expenses (including reasonable attorneys’ fees) for such curative actions, or if Landlord fails to pay any other amount owed to Tenant under this Lease, in either case, within 30 days after demand therefor and accompanied by Landlord as provided in this Section 27supporting evidence of the expenses incurred by Tenant where applicable, Tenant may exercise any (a) offset up to 50% of Base Rent each month (provided that such amounts may be accelerated in order for Tenant to recover the full amount prior to expiration of the Term); or (b) bring an action for damages against Landlord to recover such costs, fees and all remedies given hereunder or expenses, and reasonable attorneys’ fees incurred by Laws or equity; provided, however, Tenant in no instance will Landlord be liable to Tenant bringing such action for special or punitive damages for a failure to perform or a default by damages. Any liability of Landlord under this LeaseLease is limited solely to its interest in the Building and the Land and to the rents and any proceeds therefrom (including insurance proceeds). In the event that (A) there is any material interruption of Tenant’s utility services or access to the Premises, (B) Landlord materially interferes with Tenant’s use of or access to the Premises, (C) Landlord’s breach of this Lease or its activities on the property materially interferes with Tenant’s use of the Premises or (D) there is any other material interruption in Tenant’s use of the Premises (each of the foregoing, a “Material Interference”), then beginning on the 6th Business Day after any such event, Rent will xxxxx in proportion to the square footage of the Premises affected until the problem is corrected, provided that, if any such Material Interference continues for more than 180 days (which may be extended for Force Majeure up to 30 days), then Tenant may terminate this Lease on 30 days’ notice, provided that such termination will be null and void if the Material Interference is cured within such 30-day period. Notwithstanding the foregoing sentence, if the Material Interference is not due to the actions, omissions, or negligence of any Landlord Party, then Rent will not xxxxx; provided that if any such Material Interference continues for more than 270 days (which may be extended for Force Majeure up to 30 days), then Tenant may terminate this Lease on 30 days’ notice, provided that such termination will be null and void if the Material Interference is cured within such 30-day period.
Appears in 1 contract
Samples: Lease Agreement
Default by Landlord. In the event of any alleged default on the part of Landlord, Tenant shall give notice to Landlord and afford Landlord a reasonable opportunity (not to exceed thirty (30) days) to cure such default or, if such default cannot be cured within that time, such additional time as may be necessary provided, within such 30-day period, Landlord commences and diligently pursues a cure. A copy of such notice shall be delivered in default under the manner required in this Lease if Landlord fails to perform any holder of its obligations hereunder a mortgage and/or deed of trust affecting all or any portion of the Building Complex (collectively, "Mortgagee"), provided that prior to such notice --------- Tenant has been notified in the manner required in this Lease (by way of notice of Assignment of Rents and such failure continues for a period Leases or otherwise), of the name and address of the Mortgagee. Mortgagee shall have thirty (30) days after following notice from Tenant delivers written notice of such failure to cure any default by Landlord and to the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premiseshereunder or, the name and address of which have been provided to Tenant in writing, provided that if such failure default cannot reasonably be cured within that time, such additional time as may be necessary provided, within such 30-day period, Mortgagee commences and diligently pursues a cure (including commencement of foreclosure proceedings if necessary to effect such cure). Tenant's sole remedy will be equitable relief or actual damages, and Landlord or any Mortgagee shall not be responsible for consequential damages or lost profits incurred by Tenant as a result of any default by Landlord. If a Mortgagee, or transferee under such Mortgage (hereafter defined), succeeds to Landlord's interest as a result of foreclosure or otherwise, such party shall not be: (i)liable for any default, nor subject to any setoff or defenses that Tenant may have against Landlord; (ii) bound by any amendment (including an agreement for early termination) without its consent made at any time after notice to Tenant that such Mortgage requires such consent; and (iii) bound by payment of Rent in advance for more than thirty (30) day perioddays. Tenant agrees to pay Rent (and will receive credit under this Lease) as directed in any Mortgagee's notice of Landlord's default under the Mortgage reciting that Mortgagee is entitled to collect Rent. The liability of Landlord to Tenant for any default by Landlord under the terms of this Lease shall be limited to the interest of Landlord in the Building, and Tenant agrees to look solely to such interest for recovery of any judgment from Landlord, it being intended that Landlord shall not be in default hereunder as long as Landlord personally liable for any judgment or such holder(s) commences the remedying of such failure within such thirty-day period and diligently prosecutes the same to completion, during which time Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this Leasedeficiency.
Appears in 1 contract
Default by Landlord. (a) Landlord shall not be deemed to be in default under in the performance of any obligation required to be performed by it hereunder unless and until it has failed to perform such obligations within twenty (20) days after written notice by Tenant to Landlord specifying wherein Landlord has failed to perform such obligation; provided, however, that if the nature of Landlord's obligation is such that more than twenty (20) days are required for its performance, then Landlord shall not be deemed to be in default if it shall commence such performance within such twenty (20)-day period and thereafter diligently prosecute the same to completion. In no event shall Landlord be liable to Tenant for loss of profits, business interruption, or consequential damages if Landlord performs its obligations within the time periods specified in this paragraph.
(b) Tenant agrees to give any mortgagee and/or trust deed holders, by registered mail, a copy of any Notice of Default served upon the Landlord, provided that prior to such notice Tenant has been notified in writing of the address of such mortgagee and/or trust deed holder. Tenant further agrees that if Landlord shall have failed to cure such default within the time provided for in this Lease, then the mortgagees and/or trust deed holders shall have an additional thirty (30) days within which to cure such default, or if such default cannot be cured within that time, then such additional time as may be necessary if within thirty (30) days mortgagee and/or trust deed holder has commenced and is diligently pursuing the remedies necessary to cure such default (including, but not limited to, commencement of foreclosure proceedings, if necessary to effect such cure), in which event this Lease if shall not be terminated while remedies are being so diligently pursued.
(c) Notwithstanding any other provisions of this Lease to the contrary, but subject to the provisions of Section 29(a) and 29(b) above, upon receipt of written notice (the "FIRST DEFAULT NOTICE") from Tenant that Landlord fails has failed to perform any of its obligations hereunder and as expressly set forth in this Lease (collectively, "LANDLORD OBLIGATIONS"), Landlord shall perform such failure continues for obligation within a reasonable period of time given the circumstances but in no event later than thirty (30) days after Tenant delivers written notice of such failure to Landlord and to it receives the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premises, the name and address of which have been provided to Tenant in writing, provided that if such failure cannot reasonably be cured within such thirty (30) day period, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and diligently prosecutes the same to completion, during which time Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the First Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equityNotice; provided, however, that if the completion of such obligation is of such a nature that it cannot be completed within thirty (30) days, then such longer time as reasonably necessary. If Landlord fails to complete such obligation within the said time period, Tenant may give an additional notice (the "SECOND DEFAULT NOTICE") to Landlord. If Landlord fails to commence to complete such obligation within five (5) days after receipt of the Second Default Notice and thereafter diligently pursues the completion of such obligation, Tenant may complete such obligation. All obligations of Landlord performed by Tenant pursuant to this Section shall be made by a qualified licensed contractor(s) and/or qualified persons with sufficient expertise in no instance will such matters and in accordance with all applicable laws, statutes and ordinances. Landlord be liable shall reimburse Tenant for Tenant's actual costs incurred within ten (10) days after Landlord's receipt of a written demand from Tenant, which demand shall include supporting invoices. If Landlord disputes the need for the completion of such obligation, Landlord shall deliver written notice of such disagreement to Tenant within ten (10) days after its receipt of the First Default Notice. The dispute shall be resolved by a mutually acceptable third party, which determination shall be binding upon Landlord and Tenant; provided, however, that if the parties cannot agree on such third party, then the dispute shall be resolved by arbitration pursuant to the commercial arbitration rules then in effect for special the American Arbitration Association ("ARBITRATION"). The losing party shall pay the costs of the third party or punitive damages arbitrator, whichever is applicable. If Landlord is obligated to reimburse Tenant for the actual cost and fails to do so as provided in this subsection, such amount shall accrue interest at the rate of fifteen percent (15.00%) per annum until paid in full. If such amounts owing from Landlord to Tenant are not paid within thirty (30) days following the due date of such payment, Tenant shall have abatement rights as set forth in Section 29(f) of this Lease.
(d) Landlord acknowledges that certain of the Landlord Obligations may have to be made on an expedited basis due to a failure material disruption of Tenant's business operations caused by such condition, which condition shall be referred to as an "EMERGENCY CONDITION." In this regard, in the event an Emergency Condition relating to a Landlord Obligation exists, Tenant shall deliver to Landlord, by facsimile, a written notice ("EMERGENCY NOTICE") describing such Emergency Condition. In the event that Landlord fails to commence repair of the Emergency Condition within forty-eight (48) hours (if such situation occurs during non-business hours, Tenant shall utilize Landlord's paging system, the procedure for which shall be provided to Tenant prior to the Commencement Date), Tenant, using license contractors and/or persons which are qualified to perform or a default by such tasks in compliance with applicable laws, shall have the right to perform the Landlord Obligation; provided, however, such repairs shall be limited to the temporary remediation of such Emergency Condition and Landlord shall thereafter be responsible for the full repair of such condition. Landlord shall reimburse Tenant's actual expenses incurred in making such temporary remediation repairs within fifteen (15) days following Landlord's receipt of written demand and supporting invoices. If such repayment is not made within such fifteen (15) day period, such amount shall accrue interest at the rate of fifteen percent (15.00%) per annum until paid in full. If such amounts owing from Landlord to Tenant are not paid within thirty (30) days following the due date of such payment, Tenant shall have abatement rights as set forth in Section 29(f) of this Lease.
(f) In the event that Landlord has not reimbursed amounts owing to Tenant pursuant to Sections 11(d), 11(e), 29(c) and/or 29(d) of this Lease within thirty (30) days following the due date for such payment, Tenant shall be entitled to offset such amount due and owing from the next payment of Base Rent due and payable under this Lease. Such offset right shall continue until all amounts owing are paid in full.
Appears in 1 contract
Default by Landlord. Landlord shall not be deemed to be in default in the performance of any obligation required to be performed by it under this Lease if Landlord fails unless and until it has failed to perform any of its obligations hereunder and commence such failure continues for a period of performance within thirty (30) days after Tenant delivers written notice of such failure by Tenant to Landlord and to specifying such default; provided, however, if the holder(s) nature of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premises, the name and address of which have been provided to Tenant in writing, provided Landlord’s default is such that if such failure cannot reasonably be cured within such more than thirty (30) day perioddays are required for its performance, then Landlord shall not be deemed to be in default hereunder as long as Landlord or unless it fails to commence such holder(s) commences the remedying of such failure performance within such thirtysaid 30-day period and thereafter continuously and in good faith diligently prosecutes the same to completioncompletion as promptly as reasonably possible. Unless and until Landlord fails to so cure any default after such notice, during which time Tenant shall not have any remedy against Landlord and such holder(s)or cause of action by reason thereof. However, Tenant shall not be precluded from taking immediate actions necessary to avoid or minimize the risk of injury to person, or either damage to property in exigent circumstances, but shall give Landlord notice thereof as promptly as possible, and shall cooperate with Landlord to the fullest extent reasonably practicable in allowing Landlord to assess and address any such emergency situation. This provision is not intended to relieve Landlord of them, or their agents or employees, shall be entitled to enter any legal duty of mitigation arising upon the Premises and do whatever may termination of Tenant’s right of possession under Section 7.1, however; nor shall it be necessary construed to remedy such failure. If, except extend Landlord’s period for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default complying with any deadline imposed with respect to the extent reasonably necessary occurrence of a Fire or other Casualty under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If Section 6.4 or an event of default Condemnation under Section 6.5. Tenant has no right to claim any nature of lien against the Leased Premises or to withhold, deduct from or offset against any rent or other sums to be paid to Landlord, provided that, notwithstanding the foregoing, in the event of the failure of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure (or commence to cure) any default in accordance with the sameprovisions hereof, Tenant mayupon not less than ten (10) days prior written notice to Landlord, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is not in default under the prevailing partyterms of this Lease, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any elect to perform such obligation on behalf of Tenant’s rights or remedies under this LeaseLandlord. In the event of such election, Tenant shall, as its sole and exclusive remedy, be entitled to a credit and offset against the Base Rent and the Additional Rent otherwise due (but not in excess of twenty-five percent [25%] of such amounts per month until full recoupment is achieved) for the actual, out-of-pocket costs reasonably incurred by Tenant in performing such obligation. Within twenty (20) days after completing such obligation, Tenant shall give written notice to Landlord of the amount of such costs, together with copies of paid receipts, invoices, statements or other evidence of the payment of such costs. It is acknowledged that the inclusion of this provision allowing Tenant a self-help remedy and right of off-set does not waive any right that Tenant may have if Tenant does not elect to exercise the foregoing self-help remedy, in which event Tenant reserves any other right or remedy to which Tenant may otherwise be entitled in the event of an uncured default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this LeaseLandlord.
Appears in 1 contract
Samples: Lease Agreement (Pharmaceutical Product Development Inc)
Default by Landlord. (a) The occurrence of any one or more of the following events (any such event being specified herein as a “failure” or “default”) shall constitute a “Landlord shall be in default Event of Default” under this Lease if Lease: failure by Landlord fails to perform and observe, or a violation or breach of, any of its obligations hereunder and other provision in this Lease, with such failure continues default continuing for a period of thirty sixty (3060) days after Tenant delivers written notice thereof by Tenant to Landlord or, if such default is of such failure to Landlord and to the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premises, the name and address of which have been provided to Tenant in writing, provided a nature that if such failure it cannot reasonably be cured within such thirty period of sixty (3060) day perioddays, Landlord shall not be in default hereunder as long as Landlord or applicable, such holder(s) commences the remedying of such failure within such thirty-day period and diligently prosecutes the same to completion, during which time Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled extended for such longer time as is reasonably necessary; provided, that Landlord has commenced to enter upon the Premises cure such default within said period of sixty (60) days, and do whatever may be necessary is actively, diligently and in good faith proceeding with continuity to remedy such failure. If, except for default and provided that any delay in curing such default shall not result in a material adverse effect on the passage value of timeTenant’s leasehold interest in the Leased Property.
(b) If any Landlord Event of Default shall have occurred and shall remain uncured after the applicable cure period, Tenant would shall have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation existsat its option, then or at any time thereafter, to do either one of the following without demand upon or notice to Landlord:
(i) Tenant may give Landlord notice of Tenant’s intention to terminate this Lease on a date specified in such notice. At the option of Tenant, upon the date therein specified, unless the Landlord Event of Default for which the termination is effected has been cured by Landlord, the Term shall expire and terminate as if such date were the date hereinabove fixed for the expiration of the Term, but Landlord shall remain liable for all its obligations hereunder through the date of termination; or
(ii) Tenant, without waiving or releasing any obligation of Landlord hereunder, may (but shall be under no obligation to) cure the default to Landlord Event of Default for the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs account and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rateexpense of Landlord. In addition, if All sums so paid by Tenant is the prevailing party, Tenant may recover from Landlord and all reasonable and actual legal fees, costs and expenses (including paralegal reasonable attorneys’ fees) so incurred, expert feestogether with interest thereon at the Default Rate from the date on which such sums or expenses are paid or incurred by Tenant, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default shall be paid by Landlord as provided to Tenant on demand. The rights of Tenant hereunder to cure and to secure payment from Landlord in accordance with this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under shall survive the termination of this Lease.
Appears in 1 contract
Samples: Ground Lease Agreement (Cornerstone Healthcare Plus Reit, Inc.)
Default by Landlord. The failure of Landlord shall be in default under this Lease if Landlord fails to perform any obligation of its obligations hereunder and such failure continues for a period of thirty (30) days after Tenant delivers written notice of such failure to Landlord and to the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premises, the name and address of which have been provided to Tenant as set forth in writing, provided that if such failure cannot reasonably be cured within such thirty (30) day period, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and diligently prosecutes the same to completion, during which time Landlord and such holder(s), or either of them, or their agents or employees, this Lease shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this LeaseLandlord. In the event of any alleged default on the part of Landlord, Tenant shall give notice to Landlord and afford Landlord a reasonable opportunity to cure such default. Such notice shall be ineffective unless a copy is simultaneously also delivered in the manner required in this Lease to any holder of a mortgage and/or deed of trust affecting all or any portion of the Premises (collectively, "Mortgagee"), provided that prior to such notice Tenant has been notified (by way of notice of Assignment of Rents and Leases, or otherwise), of the address of a Mortgagee. If Landlord fails to cure such default within the time provided, then Mortgagee shall have an additional 30 days following a second notice from Tenant or, if such default cannot be cured within that time, such additional time as may be necessary provided within such 30 days, Mortgagee commences and diligently pursues a cure (including commencement of foreclosure proceedings if necessary to effect such cure). Tenant's sole remedy will be equitable relief or actual damages but in no event is Landlord or any Mortgagee responsible for consequential damages or lost profit incurred by Tenant as a result of any default by Landlord Landlord. If a Mortgagee, or transferee under such Mortgage (hereafter defined), succeeds to Landlord's interest as provided in this Section 27a result of foreclosure or otherwise, Tenant may exercise any and all shall thereafter have the same remedies given hereunder against such Mortgagee or by Laws transferee for breach of the Lease that Tenant might have had against Landlord if such Mortgagee or equitytransferee had not succeeded to the interest of Landlord; provided, however, in no instance will Landlord be event shall such party be: (i) liable to Tenant for special or punitive any damages arising against Landlord; (ii) bound by any amendment (including an agreement for a failure early termination) without its consent made at any time after notice to perform or a default Tenant that such Mortgage requires such consent; and (iii) bound by Landlord payment of Rent in advance for more than 30 days. Tenant agrees to pay Rent (and will receive credit under this Lease) as directed in any Mortgagee's notice of Landlord's default under the Mortgage reciting that Mortgagee is entitled to collect Rent.
Appears in 1 contract
Samples: Industrial/Commercial Lease Agreement (Directed Electronics, Inc.)
Default by Landlord. Landlord In the event of any alleged default on the part ------------------- of Landlord, Tenant shall be in default under this Lease if Landlord fails to perform any of its obligations hereunder and such failure continues for a period of thirty (30) days after Tenant delivers written give notice of such failure to Landlord and afford Landlord a reasonable opportunity to cure such default. Such notice shall be ineffective unless a copy is simultaneously also delivered in the holder(s) manner required in this Lease to any holder of any indebtedness or other obligations secured by any a mortgage or and/or deed of trust affecting all or any portion of the PremisesBuilding Complex (collectively, the name and address of which have been provided to Tenant in writing"Mortgagee"), provided that prior to such notice Tenant has been notified (by way of notice of Assignment of Rents and Leases, or otherwise), of the address of a Mortgagee. If Landlord fails to cure such default within the time provided, then Mortgagee shall have an additional 30 days following a second notice from Tenant or, if such failure default cannot reasonably be cured within that time, such thirty (30) day period, Landlord shall not be in default hereunder additional time as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and diligently prosecutes the same to completion, during which time Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary provided within such 30 days, Mortgagee commences and diligently pursues a cure (including commencement of foreclosure proceedings if necessary to remedy effect such failurecure). IfIf such default is in Landlord's failure to make repairs, except for the passage of timeprovide essential services or pay utility bills as are required under this Lease, then following such applicable cure period, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, (but shall not be obligated to) make such repairs (in such manner as to not to void applicable warranties), provide services or pay such bills as are reasonably required to cure the same in whole or in part such default on behalf of Landlord and upon Landlord shall reimburse Tenant within 30 days of receipt of a statement Tenant's invoice the full amount of the costs reasonably such reasonable out-of-pocket cost and expense incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, that if Landlord disputes that such default exists or disputes the reasonableness of the amount to be paid, by notice to Tenant prior to the expiration of the 30 day period, then Landlord shall have no obligation to pay such amount until Tenant has obtained a final non-appealable court judgment that such sum was due and payable to Tenant under the terms of this Section 21 and wrongfully withheld by Landlord. If any such repairs will affect the HVAC, plumbing, electrical or mechanical systems of the Building (the "Building Systems"), the structural integrity of the Building, or the exterior appearance of the Building, Tenant shall use only those contractors used by Landlord in the Building for work on the Building Systems, or its structure, and Landlord shall provide Tenant (upon Tenant's request) with notice identifying such contractors and any changes to the list of such contractors, unless such contractors are unwilling or unable to perform such work or the cost of such work is not competitive, in which event Tenant may utilize the services of any other qualified contractors which normally and regularly performs similar work on comparable buildings. To the extent any sum thus reimbursed to Tenant by Landlord represents an amount that would have been included in the Operating Expenses of the Building if paid by Landlord to perform the obligation in question, Landlord shall be entitled to include in Operating Expenses the sum reimbursed to Tenant. Tenant's sole additional remedy will be equitable relief or actual damages but in no instance will event is Landlord be or any Mortgagee responsible for consequential damages or lost profit incurred by Tenant as a result of any default by Landlord. If a Mortgagee, or transferee under such Mortgage (hereafter defined), succeeds to Landlord's interest as a result of foreclosure or otherwise, such party shall not be: (i) liable for any default, nor subject to any setoff or defenses that Tenant may have against Landlord (but such limitation shall not relieve such party from the responsibility to perform the obligations as successor to Landlord ongoing during its period of ownership); (ii) bound by any amendment (including an agreement for early termination) without its consent made at any time after notice to Tenant that such Mortgage requires such consent; and (iii) bound by payment of Rent in advance for special or punitive damages for a failure more than 30 days. Tenant agrees to perform or a default by Landlord pay Rent (and will receive credit under this Lease) as directed in any Mortgagee's notice of Landlord's default under the Mortgage reciting that Mortgagee is entitled to collect Rent.
Appears in 1 contract
Samples: Lease Agreement (Lifeminders Inc)
Default by Landlord. Landlord shall be in default under this Lease if If Landlord fails to perform or observe any covenant, term, provision or condition of its obligations hereunder this Lease, and such failure continues for default should continue beyond a period of ten (10) days as to a monetary default or thirty (30) days (or such longer period as is reasonably necessary to remedy such non-monetary default, provided Landlord shall continuously and diligently pursue such remedy at all times until such default is cured) as to a non-monetary default, after Tenant delivers in each instance written notice of such failure thereof is given by Tenant to Landlord [and a copy of said notice is sent simultaneously therewith to any party (including without limitation a mortgagee) entitled to receive notice pursuant to Section 17.04 hereof (the holder(s"Notice Parties")] then, in any such event Tenant shall have the right to (i) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premisescure such default, the name and address of which have been provided to Tenant in writing, provided that if such failure cannot reasonably be cured within such thirty (30) day period, Landlord shall not be reimburse Tenant for all reasonable sums expended in so curing said default hereunder as long as Landlord or such holder(s) commences (which reimbursement Tenant may effect through the remedying withholding of such failure within such thirty-day period and diligently prosecutes the same to completion, during which time Landlord and such holder(sRent), and/or (ii) commence such actions at law or either of them, or their agents or employees, in equity to which Tenant may be entitled (other than an action to terminate this Lease). Tenant shall be entitled to enter upon the Premises and do whatever may offset against Base Rent (provided that such offset shall be necessary limited to remedy such failure. Iftwenty percent (20%) of any Base Rent installment), except or to counterclaim for the passage of time, any amounts owed to Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and pursuant to this Lease, plus interest thereon at the default is one wherein an emergency situation existsDefault Interest Rate, then Tenant may cure the default to the extent reasonably necessary under that such amounts remain unpaid. Notwithstanding the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the sameforegoing, Tenant may, subject to may offset against all Base Rent and other Rent next coming due without limitation (and not just 20% thereof)
(1) any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement portion of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received Finish Allowance not paid by Landlord to Tenant when due in accordance with Exhibit "D-1", (2) any portion of the date payment in full is made Security Amount not paid by Landlord to Tenant when due in accordance with Section 7.01 (e), (3) any portion of the sums owed to Tenant under Section 5.04 not paid when due, and/or (4) any amounts determined to be Landlord's liability pursuant to Section 17.29 or in any judgment entered by a court and to which execution has not been stayed (through appeal or bond), plus interest on all such sums in (1), (2), (3) and (4) at the Default Interest Rate. In addition, if Tenant is agrees that the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing cure of any default by any of Tenant’s rights or remedies under this Lease. In the event of Notice Parties shall be deemed a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default cure by Landlord under this Lease. The foregoing provisions shall not limit other remedies available to Tenant under this Lease or at law or in equity.
Appears in 1 contract
Samples: Lease (I2 Technologies Inc)
Default by Landlord. Landlord shall perform all conditions and covenants required to be performed by Landlord, as set forth in this Lease, including, but not limited to, making all payments required by Landlord to be made on any obligation secured by the real property subject to this Lease. Notwithstanding anything herein to the contrary, Landlord shall not be deemed to be in default under this Lease if unless and until Tenant has given written notice to Landlord fails of any such default by Landlord and Landlord has failed to perform any of its obligations hereunder and cure such failure continues for a period of default within thirty (30) days after Tenant delivers written Landlord received notice of such failure to Landlord and to the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premisesthereof. Provided, the name and address of which have been provided to Tenant in writinghowever, provided that if the nature of Landlord's default is such failure canthat more than thirty (30) days are reasonably required for a cure, then Landlord shall not reasonably be cured deemed to be in default for up to an additional thirty (30) day period if Landlord commences such cure within such the original thirty (30) day period and thereafter diligently prosecutes the cure to completion within the additional thirty (30) day period, . In the event Landlord shall not should be in default hereunder of any obligation as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and diligently prosecutes the same to completion, during which time Landlord and such holder(s)herein set forth herein, or either of themin any other manner under this Lease, or their agents or employeesand the applicable cure period has expired, Tenant shall be entitled to enter upon cure the Premises and do whatever default, at Tenant's option, including the payment of monies directly to the party to whom the obligation is owed, or Tenant may be necessary terminate this Lease by notice to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and at any time before the default is one wherein an emergency situation existscured, then or Tenant may cure the default pursue any other remedy now or hereafter permitted or available to the extent reasonably necessary Tenant under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness laws or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement judicial decisions of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any State of Tenant’s rights or remedies under this LeaseVermont. In the event of a default any such payment by Landlord as provided in this Section 27Tenant, Tenant may exercise shall receive credit toward any rent due to Landlord to the extent of any payment made. Tenant shall be entitled to a fair and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable reasonable abatement of rental during the time and to Tenant for special or punitive damages for the extent that the Land is untenantable as a result of Landlord's failure to perform any condition or a default covenant required by Landlord under this LeaseLease to be performed by Xxxxxxxx. .
Appears in 1 contract
Samples: Ground Lease
Default by Landlord. Except if a shorter time period is specifically otherwise provided in this Lease, including, without limitation, in SECTION 10.5 hereof, if (i) Landlord shall default in the observance or performance of any material obligation on Landlord's part to be in default observed or performed under this Lease if Landlord fails to perform or by virtue of any of its obligations hereunder the terms or provisions of this Lease, and such failure continues (ii) Tenant shall notify Landlord of the existence of said default, and (iii) said default shall continue for a period of thirty (30) days after Tenant delivers written said notice of such failure to Landlord and to the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premisesor, the name and address of which have been provided to Tenant in writing, provided that if such failure observance or performance cannot be reasonably be cured had within such thirty (30) day period, Landlord shall has not be in default hereunder as long as Landlord good faith commenced such observance or such holder(sperformance within said thirty (30) commences the remedying of such failure within such thirty-day period and diligently prosecutes or does not prosecute the same with reasonable diligence to completion, during which time Landlord and (iv) after the expiration of such holder(s)thirty (30) day or longer period, or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of timeas applicable, Tenant would have may, in addition to other remedies provided herein, (a) give Landlord a notice stating that Tenant will commence the right under performance of such obligation if Landlord does not so commence the provisions observance or performance of this Section 27 to cure a default by the same within three (3) days and Landlord and the default is one wherein an emergency situation existsdoes not so commence such observance or performance within such three (3) day period, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, (but shall not be obligated to, cure obligated) immediately or at any time thereafter and without further notice perform the same in whole obligation of Landlord hereunder or in part and (b) give Landlord notice that Tenant is terminating the Lease based on Xxxxxxxx's material default which termination shall be effective upon no less than forty-five (45) days after receipt by Landlord of a statement of the costs reasonably incurred by said notice. If Tenant, Landlord shall forthwith pay in connection with any such default by Landlord, makes any expenditure or incurs any obligations for the same to Tenant payment of money, such reasonable sums so paid or incurred, together with interest thereon at the Agreed Rate from the date Tenant pays or incurs such sums to the statement was received date Landlord reimburses Tenant therefor, shall be repaid by Landlord to Tenant within thirty (30) days after demand or Tenant may set off the date payment in full is made to Tenant amount thereof together with accrued interest thereon at the Default Rate. In additionAgreed Rate against the installment or installments of Basic Rent, if Additional Rent, or other amounts due from Tenant to Landlord coming due hereunder until such amount is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this Leaseexhausted.
Appears in 1 contract
Default by Landlord. Landlord shall not be in default under this Lease if unless Landlord fails to perform any of its obligations hereunder and such failure continues for a period of required by Landlord within thirty (30) days after Tenant delivers written notice of such failure by Tenant to Landlord and to the holder(s) holder of any indebtedness or other obligations secured by any mortgage or deed of trust affecting covering the Premises, Premises or ground lessor of the Premises whose name and address of which shall have theretofore been provided furnished to Tenant in writing, specifying wherein Landlord has failed to perform such obligation; provided however, that if the nature of Landlord's obligation is such failure canthat more than thirty (30) days are required for performance then Landlord shall not reasonably be cured in default if Landlord commences performance within such thirty (30) day period, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and thereafter diligently prosecutes pursues the same to completion, during which time . Tenant further agrees that if Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 failed to cure a such default by Landlord and the default is one wherein an emergency situation existswithin such time period as set forth hereinabove, then Tenant may cure the default to holder of the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting covering the ComplexPremises and/or the ground lessor of the Premises shall have an additional thirty (30) days within which to cure such default after the Landlord's cure period specified hereinabove, or if such default cannot be cured within that time, then such additional time as may be necessary if within such additional thirty (30) day period any such holder of the mortgage or deed of trust and/or ground lessor has commenced and is diligently pursuing the remedies necessary to cure such default (including, but shall not be obligated limited to, cure the same in whole or in part and upon receipt commencement of a statement foreclosure proceedings, if necessary, to effect such cure). Notwithstanding any provision of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord this Lease to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, howevercontrary, in no instance will Landlord event shall Tenant have the right to terminate this Lease as a result of Landlord's default, and Tenant's remedies shall be liable limited to Tenant for special or punitive damages for a failure and/or injunction, subject to perform or a default by Landlord under this Leasethe restrictions in Section 48below.
Appears in 1 contract
Default by Landlord. Except with respect to the specific notice and cure periods set forth in Section 11.5 of this Lease, Landlord shall not be in default under this Lease if unless Landlord fails to perform any obligations required of its obligations hereunder and such failure continues for a period of Landlord within thirty (30) days after Tenant delivers written notice of such failure by Tenant to Landlord and to the holder(s) holder of any indebtedness or other obligations secured by any mortgage or deed of trust affecting encumbering the Premises, the Project whose name and address of which shall have theretofore been provided furnished to Tenant in writing, provided specifying wherein Landlord has failed to perform such obligation; provided, however, that if the nature of Landlord's obligation is such failure canthat more than thirty (30) days are required for its cure, then Landlord shall not reasonably be cured in default if Landlord commences performance within such thirty (30) day period, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and thereafter diligently prosecutes pursues the same to completion. Tenant hereby waives its right to recover consequential damages (including, during which time but not limited to, lost profits) or punitive damages arising out of a Landlord and such holder(s), or either of them, or their agents or employees, default. Tenant shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would only have the right under to terminate this Lease as a result of Landlord’s default, which default remains uncured after any applicable cure period, and where the provisions default materially impacts Tenant’s use of this Section 27 to cure a default by Landlord the Premises. This Lease and the default is one wherein an emergency situation exists, then obligations of Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but hereunder shall not be obligated toaffected or impaired because Landlord is unable to fulfill any of its obligations hereunder or is delayed in doing so, cure the same in whole if such inability or in part and upon receipt delay is caused by reason of a statement Force Majeure Event, and the time for Landlord's performance shall be extended for the period of any such delay. Any claim, demand, right or defense by Tenant that arises out of this Lease or the costs reasonably incurred negotiations which preceded this Lease shall be barred unless Tenant commences an action thereon, or interposes a defense by Tenantreason thereof, Landlord shall forthwith pay the same to Tenant with interest from within one (1) year after the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights actual notice of the inaction, omission, event or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27action that gave rise to such claim, Tenant may exercise any and all remedies given hereunder demand, right or by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this Leasedefense.
Appears in 1 contract
Samples: Office Lease (Vector Group LTD)
Default by Landlord. Landlord shall be in default under this Lease if Landlord fails to perform any of its obligations hereunder and such failure continues for a period of thirty (30) days after Tenant delivers written notice of such failure to Landlord and to the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premises, the name and address of which have been provided to Tenant in writingLandlord, provided that if such failure cannot reasonably be cured within such thirty (30) day period, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-thirty (30) day period and diligently prosecutes the same to completion. If, during which time Landlord should fail to make any payment, perform any obligation, or cure any default hereunder, after 30 days notice to Landlord or such longer period as is necessary to cure the same provided Landlord commences such cure within said thirty (30) days and thereafter diligently prosecutes the same, Tenant, without obligation to do so and without thereby waiving such failure or default, may, after giving fifteen (15) days additional notice to Landlord and any mortgagee of whose address Tenant has been informed (unless such holder(s)cure is completed within said fifteen (15) days or, if the same cannot reasonably be cured within said fifteen (15) day period, unless such cure is commenced within such fifteen (15) days and thereafter diligently prosecuted) make such payment, perform such obligation, and/or remedy such other default for the account of Landlord. Landlord shall immediately pay to Tenant upon demand all costs of Tenant remedying such default of Landlord. If Landlord does not promptly pay such costs upon demand or if Landlord disputes whether such default occurred or costs are due then the parties hereby agree that either party may submit such dispute to binding arbitration before the American Arbitration Association with such arbitration to be heard on an expedited basis and in accordance with the then applicable rules of themthe American Arbitration Association for arbitrating commercial disputes. To the extent of any arbitration decision or award determined in favor of Tenant, or their agents or employees, Tenant shall be entitled to enter upon the Premises and do whatever may be necessary apply all costs incurred by Tenant in taking such remedial action as an offset against up to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement 25% of the Rent (as defined in Section 1(c) hereof) at any time next due from time to time hereunder until all of such costs reasonably incurred by have been so applied or otherwise reimbursed to Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this Lease.
Appears in 1 contract
Samples: Lease Agreement (Mykrolis Corp)
Default by Landlord. Landlord In the event of any alleged default on the part of Landlord, Tenant shall be in default under this Lease if Landlord fails to perform any of its obligations hereunder and such failure continues for a period of thirty (30) days after Tenant delivers written give notice of such failure to Landlord and afford Landlord a reasonable opportunity to cure such default, provided Landlord commences such cure on or before the holder(sFifth (5th) day following Tenant's notice and diligently pursues such cure to completion using commercially reasonable efforts. Such notice shall be ineffective unless a copy is simultaneously also delivered in the manner required in this Lease to any holder of any indebtedness or other obligations secured by any a mortgage or and/or deed of trust affecting all or any portion of the PremisesBuilding Complex (collectively, the name and address of which have been provided to Tenant in writing"Mortgagee"), provided that if prior to such failure cannot reasonably be cured within notice Tenant has been given written notice in accordance with the notice provisions of this Lease of the identity and the address of such thirty Mortgagee. Within such Five (305) day period, Landlord shall provide written notice to Tenant of Landlord's intended actions and schedule for completion of such cure and regular progress reports regarding the same. If Landlord fails to cure such default in accordance with the requirements set forth above or within 30 days following the notice to Landlord, whichever is earlier, then Mortgagee shall have an additional 30 days following a second notice from Tenant or, if such default cannot be in default hereunder cured within that time, such additional time as long as Landlord may be necessary to effect a cure, provided Mortgagee commences such cure on or before the Fifth (5th) day following such holder(s) commences the remedying of such failure within such thirty-day period second notice and diligently prosecutes the same pursues such cure to completioncompletion using commercially reasonable efforts (which pursuit shall include, during which time without limitation, commencing foreclosure proceedings and seeking relief in any applicable bankruptcy or insolvency proceedings, if necessary to effect such cure). If Landlord and such holder(s)fails to cure within Landlord's cure period, or either of them, or their agents or employees, Tenant shall be entitled to enter upon relief against Landlord for such default (other than termination of the Premises Lease) for so long as the Mortgagee's cure period remains in effect. If such default involves Landlord's failure to make repairs, provide essential services, pay utility bills as are required under this Lease or any other circumstance that would materially impair Tenant's ability to continue operating its business on and do whatever may be necessary from the Premises, then, if such default or failure is not cured within Five (5) days following the date of such notice to remedy such failure. If, except for the passage of timeLandlord, Tenant would also shall have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, (but shall not be obligated to) to undertake such repairs (in such manner as to not to void applicable warranties), provide services or pay such bills or take such other actions as are reasonably required to enable Tenant to avoid such material impairment and to continue operating its business activities on and from the Premises (consistent with the Permitted Uses under this Lease), provided that such undertakings by Tenant do not materially interfere with such actions by Landlord to effect a cure as are (1) actually being undertaken by Landlord at such time and (2) as are equally likely and expeditious in effecting a complete cure as those which could be taken or are proposed to be taken by Tenant and, further provided, that Tenant's undertakings to effect a cure do not result in any permanent material damage to the same in whole Building or in part and upon receipt of a statement of the costs reasonably incurred Building Complex. As to all such undertakings by Tenant, Landlord shall forthwith pay reimburse Tenant within 30 days of receipt of Tenant's invoice the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all amount of such reasonable and actual legal fees, out-of-pocket costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of incurred by Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, that if Landlord disputes that such default exists or disputes the reasonableness of all or a portion of the amount to be paid, by notice to Tenant prior to the expiration of the 30 day period, then Landlord shall have no obligation to pay the amount disputed until such dispute is determined by final decision of a court or agreement of the parties. If any such repairs will affect the HVAC, plumbing, electrical or mechanical systems of the Building (the "Building Systems "), the structural integrity of the Building, or the exterior appearance of the Building, Tenant shall use only those contractors used by Landlord in the Building for work on the Building Systems, or its structure, provided that Landlord provides Tenant (upon Tenant's request) with notice identifying such contractors and any changes to the list of such contractors, unless such contractors are unwilling or unable to perform such work or the cost of such work is not competitive, in which event Tenant may utilize the services of any other qualified contractors which normally and regularly performs similar work on comparable buildings. To the extent any sum thus reimbursed to Tenant by Landlord represents an amount that would have been included in the Operating Expenses of the Building if paid by Landlord to perform the obligation in question, Landlord shall be entitled to include in Operating Expenses the sum reimbursed to Tenant. Tenant's sole additional remedy will be equitable relief or actual damages but in no instance will event is Landlord be or any Mortgagee responsible for consequential damages or lost profit incurred by Tenant as a result of any default by Landlord. If a Mortgagee, or transferee under such Mortgage (hereafter defined), succeeds to Landlord's interest as a result of foreclosure or otherwise, such party shall not be: (i) liable for any default, nor subject to any setoff or defenses that Tenant may have against Landlord except for a reimbursement obligation arising under this Section as to which such Mortgagee has been given notice and the opportunity to dispute as provided herein or except for obligations arising or continuing after the date such Mortgagee or transferee succeeds to Landlord's interest; (ii) bound by any amendment (including an agreement for early termination) without its consent made at any time after notice to Tenant that such Mortgage requires such consent; and (iii) bound by payment of Rent in advance for special or punitive damages for a failure more than 30 days. Tenant agrees to perform or a default by Landlord pay Rent (and will receive credit under this Lease) as directed in any Mortgagee's notice of Landlord's default under the Mortgage reciting that Mortgagee is entitled to collect Rent. The terms of Section 7 of this Lease shall be subject to the terms of this Section.
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Default by Landlord. Landlord shall be in default under Except where the provisions of this Lease if grant Tenant an express, exclusive remedy, or expressly deny Tenant a remedy, if: (i) Landlord fails to pay any amount payable by Landlord hereunder on or before the date such payment is due and such failure to pay continues and remains unremedied for a period of ten (10) days after written notice thereof given by Tenant to Landlord; or (ii) Landlord fails to perform or observe any covenant, term, provision or condition of its obligations hereunder this Lease, and such failure continues for a period of thirty (30) days after Tenant delivers written notice thereof given by Tenant to Landlord; provided, however, if the nature of the default is such failure to Landlord and to the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premises, the name and address of which have been provided to Tenant in writing, provided that if such failure it cannot reasonably be cured with the exercise of Landlord's reasonable and good faith efforts within such thirty (30) day period, Landlord shall not be in default hereunder have such additional time as long as is reasonably necessary to cure such default, provided Landlord or commences such holder(s) commences the remedying of such failure curative action within such thirty-thirty (30) day period and diligently prosecutes and continuously proceeds with such curative action using Landlord's reasonable and good faith efforts; then, Tenant may deliver a second notice to Landlord, and if such default shall continue uncured by Landlord and/or its mortgagee for an additional thirty (30) days after the same to completion, during which time Landlord and delivery of such holder(ssecond notice (such event thereby becoming an "Event of Default" by Landlord), or either of them, or their agents or employees, Tenant shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right to exercise one or more of the following options (but not (A) and (B) simultaneously): (A) Tenant may cure the default in which event Landlord shall reimburse Tenant (which reimbursement may be effected through the withholding of or offsetting of such amounts against up to fifty percent (50%) of the Base Rent due hereunder) for all reasonable sums expended in so curing said default, (B) if the Event of Default by Landlord causes more than fifty percent (50%) of the Premises to be Untenantable for a continuous period in excess of one (1) year from the date of Tenant's initial notice of default, Tenant may terminate this Lease at any time prior to the date such Event of Default has been cured by Landlord, and (C) Tenant may pursue all other remedies at law or in equity to which Tenant may be entitled. No notice to Landlord under this Section 8.8 shall be effective until a copy thereof is delivered to each Landlord mortgagee for which Tenant has received a notice address in writing from Landlord or its mortgagee. The rights of Tenant pursuant to this Section 8.8 shall be subject to the express provisions of this Lease providing for remedies different from, or in exclusion of, the remedies above-described. Without limiting the immediately preceding sentence, the provisions of this Section 27 8.8 shall not apply to cure a default by of Landlord and under, or the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need failure of Landlord to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event services described in, Section 4.1 of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event Tenant may not terminate this Lease because of a Landlord's default by Landlord as unless specifically permitted pursuant to this Section 8.8 or unless otherwise specifically provided in this Section 27, Lease. Tenant may exercise specifically agrees that the cure of any and all remedies given hereunder or default by Laws or equity; provided, however, in no instance will any Landlord mortgagee shall be liable to Tenant for special or punitive damages for deemed a failure to perform or a default cure by Landlord under this Lease.
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Default by Landlord. Landlord shall be in default under this Lease if If Landlord fails to perform comply with any obligation of its obligations hereunder Landlord contained in the Lease and such failure continues uncured for a period of thirty (30) days after Tenant delivers following written notice of thereof from Tenant to Landlord, or such failure longer period as may be reasonable under the circumstances so long as Landlord commences to Landlord and to the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premises, the name and address of which have been provided to Tenant in writing, provided that if such failure cannot reasonably be cured cure within such thirty (30) day period, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-} day period and thereafter diligently prosecutes the same such cure to completion, during which time completion (a “Landlord and such holder(sDefault”), or either of them, or their agents or employees, then Tenant shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise pursue any and all remedies given hereunder permitted at law (exclusive of consequential, punitive, or by Laws special damages) or in equity, including, without limitation, specific performance of Landlord’s obligations under this Lease; provided, however, that unless the default by Landlord renders the Leased Premises unusable for the purposes leased hereunder, Tenant may not seek to terminate this Lease. Notwithstanding anything to the contrary in no instance this Lease, Landlord shall not have any personal liability for any of its obligations as landlord under this Lease except to the extent of its interest in the Project (which interest includes, without limitation, the proceeds of insurance and condemnation). Tenant will not institute, seek or enforce any personal or deficiency judgment against Landlord or any of Landlord’s officers, directors, shareholders or partners or their property, except the Project, which shall be liable available to satisfy any such judgment. If Tenant receives a final, nonappealable judgment for special or punitive damages for against Landlord as a failure to perform or a result of an uncured default by Landlord under this Lease, which is not satisfied within thirty (30) days after it becomes final and nonappealable, then Tenant will have the right to deduct the unpaid amount of such judgment (plus interest) against the Base Rent and Tenant’s Share of Operating Costs to become due under this Lease until fully credited.
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Samples: Garage Lease (Virgin Trains USA LLC)
Default by Landlord. Landlord shall be (a) All covenants of Tenant in default this Lease are independent covenants, not conditioned upon Landlord's satisfaction of its obligations hereunder, except to the extent otherwise specifically provided herein. Tenant waives any statutory lien it may have against the rent due under this Lease if or against Landlord's property in Tenant's possession.
(b) If Landlord fails to perform defaults in the performance of any of its obligations hereunder and such failure continues for under this Lease, it will have 30 days to cure after Tenant notifies Landlord of the default; or if the default is of a nature to require more than 30 days to remedy, Landlord will have the time reasonably necessary to cure it.
(c) Whenever a period of thirty time is prescribed in this Lease for action to be taken by Landlord, Landlord will not be liable (30EVEN IF NEGLIGENT) days after or responsible for, and there shall be excluded from the computation for any such period of time, any delays due to strikes, riots, acts of God, shortages of labor or materials, war, Applicable Laws or any other causes of any kind whatsoever which are beyond the control of Landlord.
(d) Tenant delivers written agrees to serve a notice of such failure to claimed default or breach by Landlord and to upon the holder(s) of any indebtedness or other obligations secured by any lender holding a first mortgage or deed of trust affecting against the Premises, Premises if Tenant has been made aware of the name and address of which have been provided such lender. Notwithstanding anything to Tenant in writing, provided that if such failure cannot reasonably be cured within such thirty (30) day period, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and diligently prosecutes the same to completion, during which time Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of timecontrary contained herein, Tenant would have the will not exercise any right under the provisions of to terminate this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event Lease because of a default by Landlord before allowing such lender the same period following such notice to cure the default or breach as provided in is allowed Landlord. But this Section 27, subparagraph (d) will not be interpreted as creating or broadening any right of Tenant may exercise any and all remedies given hereunder or to terminate this Lease because of a default by Laws or equity; provided, however, in no instance will Landlord.
(e) The liability of Landlord be liable to Tenant for special or punitive damages for a failure to perform or a any default by Landlord under the terms of this LeaseLease is limited to the interest of Landlord in the Building and the Land, and Tenant agrees to look solely to Landlord's interest in the Building and the Land for recovery of any judgment from Landlord, it being intended that Landlord shall not be personally liable for any judgment or deficiency.
Appears in 1 contract
Samples: Office Building Lease (Mediware Information Systems Inc)
Default by Landlord. (a) All covenants of Tenant in this lease are independent covenants, not conditioned upon Landlord's satisfaction of its obligations hereunder. except to the extent otherwise specifically provided herein.
(b) If Landlord shall be defaults in default under this Lease if Landlord fails to perform the performance of any of its obligations hereunder and such failure continues for under this Lease, it will have 30 days to cure after Tenant notifies Landlord of the default: or if the default is of a nature to require more than 30 days to remedy. Landlord will have the time reasonably necessary to cure it.
(c) Whenever a period of thirty time is prescribed in this Lease for action to be taken by Landlord. Landlord will not be liable or responsible for, and there shall be excluded from the computation for any such period of time, any delays due to strikes, riots, acts of God, shortages of labor or material, war, applicable laws or any other causes of any kind whatsoever which are beyond the control of Landlord.
(30d) days after Tenant delivers written agrees to serve a notice of such failure to claimed default or breach by Landlord and to upon the holder(s) of any indebtedness or other obligations secured by any lender holding a first mortgage or deed of trust affecting against the Premises, Premises (herein called “Landlord's Mortgagee”) if Tenant has been made aware of the name and address of which have been provided to Tenant in writing, provided that if such failure cannot reasonably be cured within such thirty (30) day period, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and diligently prosecutes the same to completion, during which time Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failurelender. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default Notwithstanding anything to the extent reasonably necessary under the circumstances without the need contrary contained herein. Tenant will not exercise any right to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under terminate this Lease. In the event Lease because of a default by Landlord before allowing such lender the same period following such notice to cure the default or breach as provided in is allowed landlord. But this Section 27, subparagraph (d) will not be interpreted as creating or broadening any right of Tenant may exercise any and all remedies given hereunder or to terminate this lease because of a default by Laws or equity; provided, however, in no instance will landlord.
(e) The liability of Landlord be liable to Tenant for special or punitive damages for a failure to perform or a any default by Landlord under the terms of this Leaselease is limited to the interest of Landlord in the Building and the Land, and Tenant agrees to look solely to Landlord's interest in the Building and the Land for the recovery of any judgment from Landlord. it being intended that Landlord not be personally liable for any judgment or deficiency.
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Default by Landlord. Landlord shall be (a) All covenants of Tenant in default under this Lease if are independent covenants, not conditioned upon Landlord's satisfaction of its obligations hereunder, except to the extent otherwise specifically provided herein.
(b) If Landlord fails to perform defaults in the performance of any of its obligations hereunder and such failure continues for a period of under this Lease, it will have thirty (30) days to cure after Tenant delivers written notice notifies Landlord of such failure the default; or if the default is of a nature to require more than thirty (30) days to remedy, Landlord and will have the time reasonably necessary to the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premises, the name and address of which have been provided to Tenant in writingcure it, provided that if such failure cannot reasonably be cured Landlord commences the cure within such thirty (30) day period, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and thereafter diligently prosecutes pursues the same cure to completion, during which time .
(c) Tenant agrees to serve a notice of claimed default or breach by Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure lender (if any) holding a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any first mortgage or deed of trust affecting against the ComplexPremises (herein called "Landlord's Mortgagee") if Tenant has been made aware in writing of the name and address of such lender. Notwithstanding anything to the contrary contained herein, but shall Tenant will not exercise any remedy hereunder because of a default by Landlord before allowing Landlord's Mortgagee an additional fifteen (15) days beyond the same period following such notice to cure the default or breach as is allowed Landlord. But this subparagraph (c) will not be obligated to, cure the same in whole interpreted as creating or in part and upon receipt broadening any right of Tenant because of a statement of the costs reasonably incurred default by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses Landlord.
(including paralegal fees, expert fees, and other professional fees and expensesd) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27Landlord, Tenant may exercise any and all remedies given hereunder or by Laws or equity; providedshall not have the right to terminate this Lease, however, in no instance will but shall be entitled to an action for damages. The liability of Landlord be liable to Tenant for special or punitive damages for a failure to perform or a any default by Landlord under the terms of this LeaseLease is limited to the interest of Landlord in the Premises (including current and future rents payable hereunder, insurance proceeds and condemnation proceeds), it being intended that Landlord not be personally liable for any judgment or deficiency.
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Default by Landlord. (a) Landlord shall be in default under hereunder if Landlord should fail to perform or observe any covenant, term, provision or condition of this Lease if Landlord fails to perform any of its obligations hereunder and such failure continues for default should continue beyond a period of twenty (20) days after written notice from Tenant as to a monetary default or thirty (30) days after Tenant delivers written notice of such failure to Landlord and to the holder(s) of from Tenant for any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premisesdefault (provided, the name and address of which have been provided to Tenant in writinghowever, provided that if such failure default cannot reasonably not, by its nature, be cured within such thirty (30) day period, Landlord shall not be deemed in default hereunder as long as if Landlord or such holder(s) commences the remedying of such failure shall within such thirty-day period commence to cure such default and shall diligently prosecutes prosecute the same to completion, during which time Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default Except to the extent reasonably necessary Tenant has expressly waived Tenant’s rights under this Lease, in the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of an uncured default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the sameby Landlord, Tenant may, subject in addition to any approval the holder(s) other rights of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same Tenant which are expressly set forth in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder available to it at law or in equity. Any amounts due and payable to Tenant under the terms of this Lease which are not paid by Laws Landlord within twenty (20) days of such sums becoming due and payable shall accrue interest at the Interest Rate, except interest on any portion of Landlord’s Contribution that Landlord wrongfully fails to fund shall bear interest at ten percent (10%) per annum, in either case, until paid by Landlord or equityoffset by Tenant.
(b) If (i) Tenant gives Landlord written notice that an Essential Service has been suspended or interrupted or otherwise not provided and such notice expressly states that Tenant intends to exercise its self-help remedy in accordance with this Section, (ii) Landlord fails to commence to remedy such suspension within fifteen (15) days following receipt of such Tenant notice and to thereafter diligently pursue such remedy to completion, (iii) Tenant gives Landlord an additional written notice which notice states in bold print in 12 font or larger “SECOND AND FINAL REQUEST” at the top of the first page and Landlord fails to commence to remedy such suspension within five (5) days following receipt of such second notice and to thereafter diligently pursue such remedy to completion and (iv) the curing of such Essential Service suspension does not require work to be performed (or otherwise affect any space) outside of the Premises, Tenant shall have the right to remedy such suspended Essential Service; provided, however, in no instance will Landlord be liable if an emergency exists that threatens immediate harm to any persons or immediate material damage to any property due to such suspended Essential Service, Tenant for special or punitive damages for a failure shall have the right to perform or a default by Landlord under this Lease.remedy such suspended Essential Service immediately upon notifying
Appears in 1 contract
Samples: Deed of Lease (Carlyle Group L.P.)
Default by Landlord. Landlord In the event of any alleged default on the part of Landlord, Tenant shall be in default under this Lease if Landlord fails to perform any of its obligations hereunder and such failure continues for a period of thirty (30) days after Tenant delivers written give notice of such failure to Landlord and afford Landlord a reasonable opportunity to cure such default. Such notice shall be ineffective unless a copy is simultaneously also delivered in the holder(s) manner required in this Lease to any holder of any indebtedness or other obligations secured by any a mortgage or and/or deed of trust affecting all or any portion of the PremisesBuilding Complex (collectively, the name and address of which have been provided to Tenant in writing“Mortgagee”), provided that prior to such notice Tenant has been notified (by way of notice of Assignment of Rents and Leases, or otherwise), of the address of a Mortgagee. If Landlord fails to cure such default within the time provided, then Mortgagee shall have an additional 30 days following a second notice from Tenant or, if such failure default cannot reasonably be cured within that time, such thirty (30) day period, Landlord shall not be in default hereunder additional time as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and diligently prosecutes the same to completion, during which time Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary provided within such 30 days, Mortgagee commences and diligently pursues a cure (including commencement of foreclosure proceedings if necessary to effect such cure). Tenant’s sole remedy such failure. If, except will be equitable relief or actual damages but in no event is Landlord or any Mortgagee responsible for the passage consequential damages or lost profit incurred by Tenant as a result of time, Tenant would have the right under the provisions of this Section 27 to cure a any default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed timeLandlord. If an event a Mortgagee, or transferee under such Mortgage (hereafter defined), succeeds to Landlord’s interest as a result of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is foreclosure or otherwise, such party shall not exercising diligence to cure the samebe: (i) liable for any default, Tenant may, nor subject to any approval the holder(ssetoff or defenses that Tenant may have against Landlord; (ii) of any indebtedness or other obligations secured bound by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same amendment (including an agreement for early termination) without its consent made at any time after notice to Tenant with interest from the date the statement was received that such Mortgage requires such consent; and (iii) bound by Landlord payment of Rent in advance for more than 30 days. Tenant agrees to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable pay Rent (and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies will receive credit under this Lease. In ) as directed in any Mortgagee’s notice of Landlord’s default under the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable Mortgage reciting that Mortgagee is entitled to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this Leasecollect Rent.
Appears in 1 contract
Samples: Lease Agreement (Redwood Trust Inc)
Default by Landlord. Tenant’s remedies with regard to Landlord’s default in the performance of its maintenance and repair obligations are set forth in Section 7.2. If Landlord shall should be in default under this Lease if Landlord fails to perform in the performance of any of its other obligations hereunder and such failure under this Lease, which default continues for a period of more than twenty (20) days after receipt of written notice from Tenant specifying such default, or if such default is of a nature to require more than twenty (20) days for remedy and continues beyond the time reasonably necessary to cure (and Landlord has not undertaken procedures to cure the default within such twenty (20) day period and diligently pursued such efforts to complete such cure), Tenant may, in addition to any other remedy available at law or in equity, including incurring reasonable expenses necessary to perform the obligation of Landlord specified in such notice and in the event Landlord does not reimburse Tenant for such reasonable expenses within thirty (30) days after Tenant delivers of prior written notice of such failure plus an administrative charge equal to Landlord and to the holder(sfive percent (5%) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premisesamount thereof, the name and address of which have been provided to then Tenant in writing, provided that if such failure cannot reasonably be cured within such thirty (30) day period, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and diligently prosecutes the same to completion, during which time Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled to enter deduct such expense from the Base Rent or other charges next becoming due. Furthermore, in the event that Landlord’s breach has a material adverse effect upon Tenant’s use, quiet enjoyment or access to the Premises Premises, then following a second ten (10) day written notice to Landlord, in the event that the Landlord does not undertake the cure within said ten (10) day period and do whatever may be necessary thereafter proceed diligently to remedy such failure. If, except for the passage of timecomplete same, Tenant would shall be entitled to terminate this Lease. Notwithstanding the above, in the event that Landlord disputes that it is in default hereunder by providing written notice thereof to Tenant within the twenty (20) days following Tenant’s initial notice, then the dispute will be resolved pursuant to the expedited arbitration provisions of Exhibit H and in the event that the arbitrator determines that Landlord was in default, Landlord shall be provided with a reasonable opportunity to cure (not to exceed thirty [30] days) and in the event that Landlord effectuates the cure, Tenant shall not have the right under to terminate the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this Lease.
Appears in 1 contract
Samples: Office Lease (Skechers Usa Inc)
Default by Landlord. Landlord shall be deemed to be in default under of this Lease if Landlord fails to perform make any of its obligations hereunder payments to Tenant required under this Lease and such failure continues for a period ten (10) days after written notice from Tenant to Landlord, or if Landlord shall be in default in the prompt and full performance of any other of its promises, covenants or agreements contained in this Lease and such default in performance continues for more than thirty (30) days after Tenant delivers written notice thereof from Tenant to Landlord specifying the particulars of such failure to Landlord and to the holder(s) default or breach of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premisesperformance; provided, the name and address of which have been provided to Tenant in writinghowever, provided that if the default complained of, other than for the payment of monies, is of such failure a nature that the same cannot reasonably be rectified or cured within such thirty (30) day period, Landlord then such default shall not be in default hereunder as long as Landlord deemed to be rectified or such holder(s) commences the remedying of such failure cured if Landlord, within such thirty-thirty (30) day period period, shall have commenced such cure and diligently prosecutes the same shall continue thereafter with due diligence to completioncause such cure to be completed. Upon any default of this Lease by Landlord, during which time Landlord and such holder(s), or either of them, or their agents or employees, Tenant shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise pursue any and all remedies given hereunder available to Tenant at law or by Laws or in equity; . Notwithstanding the foregoing, Tenant’s notice under this Section 21 shall be ineffective unless a copy is simultaneously also delivered in the manner required in this Lease to any Mortgagee, provided that prior to such notice Tenant has been notified (in accordance with Section 29 herein), of the address of a Mortgagee. If Landlord fails to cure such default within the time provided, howeverthen Mortgagee shall have an additional thirty (30) days following a second notice from Tenant or, if such default cannot be cured within that time, such additional time as may be reasonably necessary, provided within such thirty (30) days Mortgagee commences and diligently pursues a cure (including commencement of foreclosure proceedings if necessary to effect such cure). Tenant’s sole remedy will be equitable relief or actual damages but in no instance will event is Landlord be liable to or any Mortgagee responsible for consequential damages or lost profit incurred by Tenant for special or punitive damages for as a failure to perform or a result of any default by Landlord under this LeaseLandlord.
Appears in 1 contract
Samples: Lease (Constant Contact, Inc.)
Default by Landlord. Landlord shall not be in default under this Lease if unless Landlord fails to perform any obligations required of its obligations hereunder and such failure continues for Landlord within a period of reasonable time, but in no event less than thirty (30) days after Tenant delivers written notice of such failure by Tenant to Landlord and specifying wherein Landlord has failed to the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premisesperform such obligations; provided, the name and address of which have been provided to Tenant in writinghowever, provided that if the nature of Landlord’s obligation is such failure cannot reasonably be cured within such thirty (30) day period, that Landlord shall not be in default hereunder as long as if Landlord or such holder(scommences performance within a thirty (30) commences the remedying of such failure within such thirty-day period and thereafter diligently prosecutes the same to completion. Addendum A Landlord’s Credit for Tenant’s Work Addendum B Building Standard Work Addendum C Building Non-Standard Work Addendum D Option to Extend Addendum E Environmental Compliance Report Addendum F Rules and Regulations Addendum G Notary Page Addendum H Floor Plan WITNESS the following signatures and seals: Accepted and agreed to this ______ day of _______ , during which time 2019 By: _______________________ By: _______________________ Name & Title By: _______________________ Name & Title Tenant may make alterations, additions and improvements to the Premises consistent with the provisions of the Lease, specifically including, without limitation, Section 8 of the Lease. All such alterations, additions and improvements shall be at the Tenant’s sole cost and expense. Except that the Landlord shall pay to Tenant an improvement allowance of an amount not to exceed $14,000.00 to reimburse Tenant for the reasonable and such holder(snecessary costs and expenses actually incurred by Tenant for the following: 1. Install common hallway in Suite 105 to give Landlord unrestricted access 24 hour per day to one bathroom (see attached floor plan). (“Tenant's Up-fit Work”). Tenant’s Up-fit Work must be completed on or before January 31, 2020 and any work completed on or after February 1, 2020 shall be at Tenant’s sole cost and expense and shall not be subject to any reimbursement by the Landlord. The cost of Tenant’s Up-fit Work shall be documented in a cost certification affidavit signed by Tenant and must include copies of all invoices and receipts for Tenant’s Up-fit Work (collectively the “Cost Certification”). The Cost Certification must be delivered to Landlord on or before January 31, 2020 and the Landlord shall reimburse Tenant within fifteen (15) days of Landlord’s receipt of a proper cost certification; provided that payment shall not be made until the earlier of (a) the date that Tenant has procured unconditional lien waivers and indemnity forms from all contractors and materialmen performed work in the Premises, or either of them(b) the date the "mechanic's lien period" for such construction and materials acquisition shall have expired. Tenant, or their agents or employeesat its sole cost and expense, shall be entitled responsible for the installation of its own phone system and security system and shall not be considered Tenant’s Work subject to enter upon reimbursement hereunder. Landlord shall complete the following work: Premises and do whatever work: Notwithstanding anything else to the contrary, Landlord Reserves the right to reasonably alter the plans as may be necessary to remedy such failureinstall and accommodate the installation of the heating and air conditioning system, electrical work and/or the plumbing work that has to be done either to the premises or the project. IfTenant, except at its sole cost and expense, shall be responsible for the passage installation of timeits own phone system. Tenant shall be responsible for all other work. Weekdays- 4:00pm-9:30pm: $85.00 9:30pm-9:00am: $110.00 Weekends- Anytime $125.00 Holidays- Anytime $150.00 1st OPTION TO EXTEND Landlord hereby grants to Tenant the option to extend the term of this Lease for a 2 (two) year period commencing when the original term expires and terminating December 31, 2024, upon each and all of the following terms and conditions:
1. Tenant would shall not be in default at the time Tenant delivers notice of his election to extend the term or for a period of more than thirty (30) days at any time during the original term.
2. Tenant shall have given Landlord written notice of its election to extend the term not less than One Hundred Eighty (180) days prior to December 31, 2022, time being of the essence. If the notification is not so given, this option shall automatically expire.
3. The parties shall have thirty (30) days after the Landlord receives the option notice in which to agree on minimum monthly rent during the extended term. If the parties agree on the minimum monthly rent for the extended term during that period, they shall immediately execute an amendment to this Lease stating the minimum monthly rent. If the parties are unable to agree on the minimum monthly rent for the extended term within that period, the option notice shall be of no effect and this Lease shall expire at the end of the term. Neither party to this Lease shall have the right under to have a court or other third party set the provisions minimum monthly rent. Tenant shall have no other right to extend the term beyond the extended term. 1st Option to Renew $8,938.00 per month due on the first day of each month for the period January 1, 2023 through December 31, 2023. $9,117.00 per month due on the first day of each month for the period January 1, 2024 through December 31, 2024. 2nd OPTION TO EXTEND Landlord hereby grants to Tenant the option to extend the term of this Section 27 to cure Lease for a default by Landlord 2 (two) year period commencing when the 1st option term expires and the default is one wherein an emergency situation existsterminating December 31, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs 2026, upon each and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement all of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable following terms and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this Lease.conditions:
Appears in 1 contract
Samples: Commercial Lease (Silicom Ltd.)
Default by Landlord. Landlord It shall be in an event of default by Landlord under this Lease if Landlord fails to perform any of its obligations hereunder and such said failure continues for a period of thirty (30) 30 days after Tenant delivers written notice of such failure default and demand for performance to Landlord and to the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premises, the name and address of which have been provided to Tenant in writingLandlord, provided that if such failure cannot be reasonably be cured within such thirty (30) said 30 day period, Landlord shall not be in default hereunder as so long as Landlord or such holder(s) commences the remedying of such failure curative action within such thirty-30 day period and diligently prosecutes and continuously pursues the same curative action to completion, during which time Landlord and such holder(s), or either . Upon the occurrence of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing partyLandlord, Tenant may recover from (i) terminate this Lease upon written notice to Landlord, (ii) cure such default and be reimbursed by Landlord all upon demand for the reasonable and actual legal feescosts of such cure, costs and expenses and/or (including paralegal feesiii) exercise any other remedy available at law, expert feesin equity or by statute for such default Cumulative Remedies. No right or remedy herein conferred upon or reserved to a party is intended to be exclusive of any other right or remedy set forth herein or otherwise available to the party, and every right and remedy shall be cumulative and in addition to any other professional fees and expenses) Tenant incurs investigating, negotiating, settling right or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies remedy given hereunder or by Laws now or equity; provided, howeverhereafter existing at law, in no instance will equity or by statute. Dispute Resolution Provisions. Landlord be liable to acknowledges that Tenant for special is an agency of the State of Texas and by law may not participate in binding arbitration with private persons. If at any time there is an issue or punitive damages dispute between Landlord and Tenant regarding this Lease and the performance of a party hereunder, the parties will, within 10 days following mailing of written request for a failure meeting concerning such issue or dispute, meet in face-to-face negotiations in an attempt to perform resolve the matter. If thereafter the parties agree to non-binding mediation in a further effort to resolve the dispute, the parties will choose a mutually agreeable third party neutral to mediate the dispute between the parties. Mediation shall be non-binding and shall be confidential. All expenses of mediation, except expenses of the individual parties, shall be shared equally by the parties. Each party shall be represented in the mediation by a person with authority to settle the dispute. If the parties agree to mediation, then the default remedies of Article 16 shall be suspended for a period lasting for the shorter of (i) the end of the mediation, or a default by Landlord under this Lease(ii) 30 days following the date of the agreement to mediate.
Appears in 1 contract
Samples: Space Lease Agreement
Default by Landlord. Landlord shall be in default under this Lease if In the event Landlord fails to perform any of its obligations hereunder the terms, conditions or covenants of this Lease to be observed or performed by Landlord, and such failure continues for has a period material, adverse effect on the operation of thirty (30) days after Tenant’s business, Tenant delivers shall provide written notice of such failure to Landlord and to the holder(s) any Mortgagee of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premises, the name and address Landlord of which Tenant has notice, and Landlord or any such Mortgagee of Landlord shall have been provided thirty (30) days from receipt thereof to Tenant in writingperform such terms, provided conditions or covenants [except that such thirty (30) day period shall be automatically extended for such additional period of time as is reasonably necessary to perform such terms, conditions or covenants if such failure the same cannot reasonably be cured performed within such thirty (30) day period, Landlord shall not be in default hereunder as long as provided that Landlord or such holder(s) any Mortgagee of Landlord commences the remedying process of such failure within such thirty-day period performing same and diligently prosecutes the same to completion, during which time ]. In the event Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default any Mortgagee of Landlord relating fails to the Complex occurs and the same can be cured and if Landlord is not exercising diligence commence to cure the sameperform such terms, conditions or covenants within such thirty (30) day period, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated is under no obligation to, cure the same in whole perform such terms, conditions or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equitycovenants; provided, however, that Tenant may make temporary repairs in no instance will an emergency without providing prior notice to Landlord. In such event, Tenant shall provide Landlord be liable with written notice of such repairs, as well as a reasonably detailed explanation of the emergency situation which required Tenant to make such repairs without providing prior notice to Landlord, as soon as possible and, in any event, not later than the next Business Day. If Tenant performs such terms, conditions or covenants in accordance with this Xxxxxxxxx 00, Xxxxxxxx shall reimburse Tenant for special the reasonable out-of-pocket cost of performing such terms, conditions or punitive damages for covenants within thirty (30) days after the receipt of an invoice therefor, and upon Landlord’s failure to do so, such amount shall bear interest at the Interest Rate until paid. Notwithstanding the foregoing, Tenant’s remedies with respect to a failure to perform or a default by Landlord under to pay the Improvement Allowance in accordance with the terms of Paragraph 45 of this Lease shall be governed by Paragraph 49.2 of this Lease.
Appears in 1 contract
Default by Landlord. Landlord shall not be deemed to be in default under this Lease in the performance of any obligation required to be performed by it hereunder unless and until it has failed to perform such obligation within seven days (7) days after written notice by Tenant to Landlord specifying the nature of Landlord’s alleged default; provided, however, that if the nature of Landlord’s alleged default is such that more than thirty (7) days are required for its cure, then Landlord shall not be deemed to be in default if it shall commence such performance within such thirty (7) day period and thereafter diligently prosecute the same to completion. If the Premises, or any portion thereof are at any time subject to any mortgage or a deed of trust, and the names and addresses of such mortgage have been provided to Tenant by Landlord in writing, Tenant shall serve on the mortgagee or beneficiary thereunder concurrent copies of any notice of default served on Landlord hereunder. If Landlord fails to perform cure any of its obligations noticed breach hereunder and such failure continues for a within in the time period of provided in this Section 48, then any mortgagee or beneficiary shall have an additional thirty (30) days after Tenant delivers written notice of within which to cure Xxxxxxxx’s breach, plus such failure additional time as may be necessary to Landlord perfect such mortgagee’s or beneficiary’s rights and to the holder(s) of any indebtedness or other obligations secured by any remedies under its mortgage or deed of trust affecting (including foreclosure proceedings or the Premisesappointment of a receiver) and complete cure in fact. If and when such mortgagee or beneficiary has rendered performance on behalf of Landlord, Xxxxxxxx’s breach shall be deemed cured. Notwithstanding anything to the name contrary under applicable law, Tenant shall have no right to terminate this Lease as a result of Landlord’s default under this Lease during the notice and address of which have been provided cure periods hereunder. If Landlord fails to Tenant in writingcure its breach hereunder (or such breach is not cured by a mortgagee or beneficiary as herein specified), provided that if such failure cannot reasonably be cured within such thirty (30) day period, then Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and diligently prosecutes the same to completion, during which time Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant only for special or punitive Tenant’s direct damages for a failure thereby caused and Tenant waives any rights to perform or a default by Landlord under this Leaserecover consequential damages on account thereof.
Appears in 1 contract
Samples: Settlement Agreement
Default by Landlord. (a) It shall be a default and breach of this Lease by Landlord if Landlord shall fail to perform or observe any term, condition, covenant or obligation required to be in default performed or observed by it under this Lease if Landlord fails to perform any of its obligations hereunder and such failure continues for a period of thirty (30) calendar days or more after Tenant delivers written notice thereof from Tenant, which notice shall prominently display (in bold face type) the words "First Landlord Default Notice" on the cover page and first page thereof (if such pages differ); provided, however, that if the term, condition, covenant or obligation to be performed by Landlord is of such failure to Landlord and to nature that the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premises, the name and address of which have been provided to Tenant in writing, provided that if such failure same cannot reasonably be cured performed within such thirty (30) day period, such default shall be deemed to have been cured if Landlord shall not be in default hereunder as long as Landlord or commences such holder(sperformance within said thirty (30) commences the remedying of such failure within such thirty-day period and thereafter diligently prosecutes completes the same to completion, during which time Landlord and such holder(ssame.
(b) Upon the occurrence of any event of default set forth in Section 15.04(a), or either of them, or their agents or employees, Tenant shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation existssuch default, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an in which event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to reimburse Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, for any costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, which Tenant may exercise any and all remedies given hereunder or by Laws or equityincur to cure such default; provided, however, Tenant shall not cure any such default unless such default remains uncured 10 days after Tenant delivers a second notice to Landlord, which notice shall prominently display (in no instance will bold face type and all capital letters) the words "SECOND LANDLORD DEFAULT NOTICE - TENANT RESERVES RIGHT TO CURE" on the cover page and first page thereof (if such pages differ). Tenant may xxx for injunctive relief or to recover damages (subject to Section 14.05) for any loss resulting from the breach of this Lease by Landlord. In addition to Landlord's notice addresses set forth in Section 1.02(h), Tenant shall deliver a copy of any First Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Default Notice and Second Landlord under this Lease.Default Notice to: Limited Logistics Services Xxx Xxxxxxx Xxxxxxx Xxxxxxxx, Xxxx 00000 Attention: Xxxxxx Xxxxxxxx
Appears in 1 contract
Default by Landlord. Except with respect to the specific notice and cure periods set forth in Section 11.5 of this Lease, Landlord shall not be in default under this Lease if unless Landlord fails to perform any obligations required of its obligations hereunder and such failure continues for a period of Landlord within thirty (30) days after Tenant delivers written notice of such failure by Tenant to Landlord and to the holder(s) holder of any indebtedness or other obligations secured by any mortgage or deed of trust affecting encumbering the Premises, the Project whose name and address of which shall have theretofore been provided furnished to Tenant in writing, provided specifying wherein Landlord has failed to perform such obligation; provided, however, that if the nature of Landlord’s obligation is such failure canthat more than thirty (30) days are required for its cure, then Landlord shall not reasonably be cured in default if Landlord commences performance within such thirty (30) day period, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and thereafter diligently prosecutes pursues the same to completion. Tenant hereby waives its right to recover consequential damages (including, during which time but not limited to, lost profits) or punitive damages arising out of a Landlord and such holder(s), or either of them, or their agents or employees, default. In no event shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions to terminate this Lease as a result of this Section 27 Landlord’s default, and Tenant’s remedies shall be limited to cure a default by Landlord damages and/or an injunction. This Lease and the default is one wherein an emergency situation exists, then obligations of Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but hereunder shall not be obligated toaffected or impaired because Landlord is unable to fulfill any of its obligations hereunder or is delayed in doing so, cure the same in whole if such inability or in part and upon receipt delay is caused by reason of a statement Force Majeure Event, and the time for Landlord’s performance shall be extended for the period of any such delay. Any claim, demand, right or defense by Tenant that arises out of this Lease or the negotiations which preceded this Lease shall be barred unless Tenant commences an action thereon, or interposes a defense by reason thereof, within six (6) months after the date of the costs reasonably incurred by Tenantinaction, Landlord shall forthwith pay the same omission, event or action that gave rise to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In additionsuch claim, if Tenant is the prevailing partydemand, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling right or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this Leasedefense.
Appears in 1 contract
Samples: Office Lease (Ladenburg Thalmann Financial Services Inc)
Default by Landlord. Landlord shall be in default under this Lease if If Landlord fails to perform any of its obligations hereunder under this Lease and such failure continues for is not a period result of thirty an act or omission of Tenant or the occurrence of one or more of the events stated in Section 9.01 (30FORCE MAJEURE) below (a "Landlord Default"), Tenant shall give Landlord notice specifying the Landlord Default. A Landlord Default must be cured (i) within fifteen (15) days after Tenant delivers written receiving notice of such failure to from Tenant; or (ii) if the Landlord and to the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premises, the name and address of which have been provided to Tenant in writing, provided that if such failure canDefault can not reasonably be cured within fifteen (15) days, within a reasonable period of time thereafter in order to cure such thirty (30) day period, Landlord shall not be in default hereunder Default as long as Landlord or such holder(s) commences has commenced a cure with due diligence after receiving notice from Tenant (the remedying of such failure "Cure Period"). If the Landlord Default is not corrected within such thirty-day period and diligently prosecutes the same to completion, during which time Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation existsCure Period, then Tenant may cure the default in addition to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the sameall rights, powers or remedies permitted by law, Tenant may, subject to any approval :
A. Upon the holder(s) first occurrence of any indebtedness or Landlord Default, correct the Landlord Default and deduct the cost from the Base Rent and other obligations secured sums payable; provided, that (a) Tenant shall give Landlord at least 10 business days' prior written notice before commencing to correct the Landlord Default, which notice shall describe in reasonable detail the work Tenant intends to perform and shall include copies of all relevant plans, sworn statements, permits, certificates of insurance, names of contractor and any other information reasonably required by any mortgage or deed of trust affecting the ComplexLandlord, but (b) Tenant shall only use those contractors and subcontractors to perform such work which shall not be obligated tocreate disharmony with existing trades in the Building, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if (c) Tenant is the prevailing partynot in Default under this Lease, and (d) Tenant may recover agrees to indemnify, defend and hold Landlord harmless from Landlord and against any and all reasonable and actual legal feesclaims, actions, damages, costs and expenses (including paralegal feesincluding, expert feeswithout limitation, court costs and attorneys' fees for personal injury, property damage or loss of business, asserted against or sustained by Landlord and arising out of any work performed by or on behalf of Tenant hereunder, and provided such work is the proximate cause of any such claim, action, damage, costs, and/or expense;
B. Upon the second and any subsequent occurrence of any Landlord Default, withhold payment of the Base Rent and other professional fees and expensessums payable, if any, due to Landlord until Landlord has corrected the specified Landlord Default; or
C. Upon the third occurrence of any Landlord Default or upon the failure of Landlord to cure any Landlord Default within ninety (90) days, Tenant incurs investigating, negotiating, settling shall have the right to seek the judicial remedy of specific performance or enforcing to terminate this Lease by providing Landlord with notice of such termination. Tenant agrees to simultaneously give Landlord's mortgagee or deed of trust holders (the "Holder") a copy of any of Tenant’s rights or remedies under this Lease. In the event notice of a default by Landlord as Default which Tenant serves upon Landlord, to any address which Landlord has provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will to Tenant. The Holder shall have the right to cure a Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this LeaseDefault within the Cure Period.
Appears in 1 contract
Default by Landlord. So long as the Deed remains outstanding and unsatisfied, Tenant will mail or deliver to Lender, at the address and in the manner herein provided, a copy of all notices permitted or required to be given to Landlord by Tenant under and pursuant to the terms and provisions of the Lease. In addition thereto, so long as the Deed remains outstanding and unsatisfied, Tenant will mail or deliver to Lender, at the address and in the manner hereinabove provided, written notice of any default or claimed default of Landlord under the Lease (whether or not Tenant is obligated under the Lease to give written notice thereof to Landlord). If Landlord shall be in fail to cure any default within the time prescribed by the Lease, Tenant shall give further notice of such fact to Lender. At any time before the rights of Landlord shall have been forfeited or adversely affected because of any default of Landlord, or within the time permitted Landlord for curing any default under this the Lease if Landlord fails to perform any of its obligations hereunder and such failure continues for a period of as therein provided (but not less than thirty (30) days after from the receipt of notice), Lender may, but shall have no obligation to, pay any taxes and assessments, make any repairs and improvements, make any deposits or do any other act or thing required of Landlord by the terms of the Lease, and all payments so made and all things so done and performed by Lender shall be as effective to prevent the rights of Landlord from being forfeited or adversely affected because of any default under the Lease as the same would have been if done and performed by Landlord. Tenant delivers written agrees that notwithstanding any provisions of the Lease, no notice of cancellation shall be effective unless Lender has received notice as herein provided, and Lender has failed within sixty (60) days of its receipt of such failure notice to Landlord and to cure the holder(s) of any indebtedness default, or other obligations secured by any mortgage or deed of trust affecting if the Premises, the name and address of which have been provided to Tenant in writing, provided that if such failure default cannot reasonably be cured within such thirty sixty (3060) day perioddays, Landlord shall has failed to commence and diligently prosecute the curing of the default (which may include, but not be in default hereunder as long as Landlord or such holder(s) commences the remedying limited to, commencement of such failure within such thirty-day period and diligently prosecutes the same to completionforeclosure proceedings, during which time Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be if necessary to remedy effect such failure. If, except for the passage cure) which gave rise to such right of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this Leasecancellation.
Appears in 1 contract
Samples: Lease Agreement (Edutrek Int Inc)
Default by Landlord. Except as otherwise expressly provided in this Lease, Landlord shall be in default under this Lease if Landlord fails to perform any of its obligations hereunder and such said failure continues for a period of thirty (30) days after Tenant delivers written gives Landlord notice of such failure to Landlord and to the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premises, the name and address of which have been provided to Tenant in writing, provided that if thereof (unless such failure cannot reasonably be cured within such thirty (30) day period, days) and Landlord shall not be in default hereunder as long as Landlord or such holder(shave commenced to cure within said thirty (30) commences days and continues diligently to pursue the remedying curing of such failure within such thirty-day period and diligently prosecutes the same same). Tenant shall use reasonable efforts to completion, during which time Landlord and such holder(s), or either give to any holder of them, or their agents or employees, shall be entitled to enter indebtedness secured by a first lien upon the Premises and do whatever may be necessary whose address has previously been provided to remedy Tenant, a copy of any notice of default served upon the Landlord. Tenant further agrees that any such failure. If, except for the passage holder of time, Tenant would indebtedness shall have the right under the provisions of this Section 27 to cure a any Landlord default within the time period provided for such cure by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default pursuant to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In If such default is not cured within the event of a default by Landlord as provided in this Section 27specified time period, Tenant may exercise any right or remedy available to it at law or in equity or under this Lease. Tenant shall have the right to cure any such default and all remedies given hereunder Landlord shall reimburse Tenant for the reasonable cost thereof within thirty (30) days following receipt from Tenant of invoices or by Laws or equityother reasonable evidence of the amount of such costs; provided, however, in no instance will the event Landlord be liable in good faith disputes whether Tenant properly performed an obligation of Landlord, Landlord may dispute the same by institution of a reference proceeding pursuant to Paragraph 39 below within thirty (30) days following Tenant's request for reimbursement. If it is determined pursuant to such proceeding that Tenant's cure was proper, Landlord shall, within ten (10) days following such determination, reimburse Tenant for special the cost of such cure (plus interest at the Interest Rate from the date of Tenant's expenditure until reimbursement). Should Landlord fail to pay Tenant any amount due Tenant (a) within thirty (30) days following receipt of Tenant's invoices or punitive damages for other evidence (if Landlord does not institute a failure reference proceeding disputing such cure), or (b) within ten (10) days after determination by reference, Tenant may, notwithstanding anything to perform the contrary contained in this Lease, deduct and offset such amount (including, without limitation, interest at the Interest Rate from the time of Tenant's expenditure until repaid) from any monetary obligation of Tenant owing Landlord hereunder. Notwithstanding anything to the contrary contained in this Lease, Tenant shall have the right to offset any unpaid reference or a default by Landlord court award from any monetary obligation due under this Lease. Any amount due from Landlord to Tenant shall bear interest at the Interest Rate from the date due until paid. All rights, options and remedies of Tenant contained in this Lease shall be construed and held to be cumulative, and no one of them shall be exclusive of the other, and Tenant shall have the right to pursue any one or all of such remedies or any other remedy or relief which may be provided by law, whether or not stated in this Lease. Tenant's failure to insist upon strict performance of any term, covenant or condition of this Lease or to exercise any right or remedy it has shall not be deemed a waiver or relinquishment for the future of such performance, right or remedy unless in writing signed by Tenant. No waiver by Tenant shall constitute a waiver of any subsequent breach.
Appears in 1 contract
Samples: Lease (Sport Chalet Inc)
Default by Landlord. Landlord If (i) default shall be made in default the payment of any sum required to be paid by Landlord under this Lease if and such default shall continue for ten (10) business days after Landlord's receipt of written notice from Tenant or (ii) Landlord fails shall fail to perform in all material respects any of its obligations hereunder the other covenants which Landlord is required to perform and such failure continues default shall continue for a period of thirty (30) days after Tenant delivers written notice of such failure to Landlord and to the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the PremisesLandlord, the name and address of which have been provided to Tenant in writingprovided, provided that however, if such failure default cannot be reasonably be cured within such said thirty (30) day period, period Landlord shall not be in default hereunder as long as if Landlord or such holder(s) promptly commences the remedying of such failure within such thirty-day period and diligently prosecutes the same to completion, during which time Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation existsand thereafter diligently continues such efforts to cure the default, then Tenant may cure may, without limiting its rights or remedies as a result of such default, treat the default occurrence of any one or more of the foregoing events as a breach of this Lease, and thereupon at its option may, with notice to Landlord, terminate this Lease. In addition, in the event Landlord does not perform any of its obligations under this Lease, Tenant also shall have the right, but not the obligation, upon notice to the extent reasonably necessary under Landlord to perform such obligations. Without limiting foregoing, in the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating an emergency or other event that may result in physical injury or any damage to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the sameproperty, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, may (but shall not be obligated required to), cure the same in whole or in part at its option, immediately commence to perform Landlord's obligations if Landlord. does not immediately commence such performance following notice from Tenant. Any and upon receipt of a statement of the all reasonable costs reasonably and expenses incurred by Tenant, Landlord Tenant in the performance of any of Landlord's obligations shall forthwith pay the same to Tenant with interest from the date the statement was received be due and payable by Landlord to the date payment in full is made to Tenant at the Default Rateupon demand. In addition, if Tenant is the prevailing partyWithout limiting any of its rights or remedies, Tenant may recover from Landlord setoff or reduce any and all reasonable and actual legal fees, future payments of Rent or other amounts due under this Lease until such costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing are fully reimbursed to Tenant. The parties hereby agree that the exercise of any of Tenant’s 's set-off rights or remedies under this Lease. In the event of Lease shall not be deemed a default by Landlord as provided in this Section 27, Tenant may exercise or breach under any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under term of this Lease.
Appears in 1 contract
Samples: Lease (Buckeye Ventures, Inc.)
Default by Landlord. (a) If Landlord shall fail or neglect to perform or observe any of the terms, covenants or conditions of this Lease on its part to be performed or observed within thirty (30) days after receipt of written notice of default or, when more than thirty (30) days are reasonably required because of the nature of the default, if Landlord shall fail to commence and proceed diligently and continuously to cure such default within thirty (30) days after receipt of written notice from Tenant, then Landlord shall be liable for any and all damages sustained by Tenant as a result of Landlord’s breach.
(b) Provided that Tenant has been notified in writing of the most current mailing address of Landlord’s Mortgagee, Tenant shall notify said Mortgagee of Landlord’s default under this Lease if Landlord fails and shall afford said Mortgagee the opportunity to perform any of its obligations hereunder and such failure continues cure Landlord’s default for a period of thirty (30) days after Tenant delivers written notice following the later of: the Mortgagee’s receipt of such failure to notice; or expiration of Landlord’s cure period.
(c) Landlord and to the holder(s) shall reimburse Tenant for its out-of-pocket costs directly incurred by Tenant as a result of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premisescuring Landlord’s breach, the name and address of which have been provided to Tenant in writing, provided that if such failure cannot reasonably be cured within such thirty (30) day perioddays of receipt of an itemized xxxx therefore, provided Tenant fully complies with each of the following:
(i) Landlord receives thirty (30) days (the “Notice Period”) prior written notice from Tenant of its intent to commence such repairs, including a detailed description of the work to be performed together with a copy of at least two (2) fixed bids from reputable contractors skilled in the subject area.
(ii) Within the Notice Period, Landlord shall does not be send Tenant written notice disputing any aspect of the contemplated work, including Landlord’s liability thereof, the manner of the contemplated work, the cost of the work or the selection of the contractor.
(iii) Tenant submits copies of all paid invoices together with lien waivers signed by each vendor/contractor indicating that they have been paid in default hereunder as long as Landlord or such holder(sfull for all services rendered and materials supplied.
(iv) commences the remedying of such failure within such thirty-day period and diligently prosecutes the same Tenant secures all necessary governmental approvals prior to completion, during which time Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) commencement of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses work.
(including paralegal fees, expert fees, and other professional fees and expensesd) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event Landlord sends Tenant written notice disputing any aspect of the contemplated work within the Notice Period, the parties shall immediately meet to attempt to resolve such dispute. If the dispute relates to a default by Landlord as provided matter other than Landlord’s legal liability therefor and the dispute is not resolved within thirty (30) days following expiration of the Notice Period, the parties shall choose an expert to resolve the matter. If the parties cannot agree upon an expert within fifteen (15) days, the parties shall then each choose an expert who shall in turn choose a third expert who will alone determine the appropriate resolution of the dispute. For purposes of this Section 27provision, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable an “expert” shall refer to Tenant for special or punitive damages for a failure reputable individual who is licensed to perform or services in the specific area of the contemplated work and who has a default by Landlord under this Leasesignificant amount of experience in actually performing such services.
Appears in 1 contract
Samples: Lease Agreement (HS Spinco, Inc.)
Default by Landlord. Landlord shall not be in default under this Lease if unless Landlord fails to perform any obligations required of its obligations hereunder and such failure continues for a period of Landlord within thirty (30) days after Tenant delivers written notice of such failure by Tenant to Landlord and to the holder(s) holder of any indebtedness or other obligations secured by any mortgage or deed of trust affecting encumbering the Premises, the Project whose name and address of which shall have theretofore been provided furnished to Tenant in writing, provided specifying wherein Landlord has failed to perform such obligation; provided, however, that if the nature of Landlord’s obligation is such failure canthat more than thirty (30) days are required for its cure, then Landlord shall not reasonably be cured in default if Landlord commences performance within such thirty (30) day period, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and thereafter diligently prosecutes pursues the same to completion, during which time Landlord and such holder(s), or either of them, or their agents or employees, . In no event shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under to terminate this Lease as a result of Landlord’s default, and Tenant’s remedies shall be limited to damages and/or an injunction. Tenant hereby waives its right to recover consequential damages (including, but not limited to, lost profits) or punitive damages arising out of a Landlord default. Subject to the provisions of section 11.6, this Section 27 to cure a default by Landlord Lease and the default is one wherein an emergency situation exists, then obligations of Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but hereunder shall not be obligated toaffected or impaired because Landlord is unable to fulfill any of its obligations hereunder or is delayed in doing so, cure the same in whole if such inability or in part and upon receipt delay is caused by reason of a statement Force Majeure Event, and the time for Landlord’s performance shall be extended for the period of any such delay. Any claim, demand, right or defense by Tenant that arises out of this Lease or the negotiations which preceded this Lease shall be barred unless Tenant commences an action thereon, or interposes a defense by reason thereof, within twelve (12) months after the date of the costs reasonably incurred by Tenantinaction, Landlord shall forthwith pay the same omission, event or action that gave rise to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In additionsuch claim, if Tenant is the prevailing partydemand, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling right or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this Leasedefense.
Appears in 1 contract
Samples: Office Lease (Ign Entertainment Inc)
Default by Landlord. So long as the Security Deed remains outstanding and unsatisfied, Tenant will mail or deliver to Lender, at the address and in the manner herein provided, a copy of all notices permitted or required to be given to Landlord shall be by Tenant under and pursuant to the terms and provisions of the Lease. In addition thereto, so long as the Security Deed remains outstanding and unsatisfied, Tenant will mail or deliver to Lender, at the address and in default under this Lease if Landlord fails to perform any of its obligations hereunder and such failure continues for a period of thirty (30) days after Tenant delivers the manner hereinabove provided, written notice of any default or claimed default of Landlord under the Lease (whether or not Tenant is obligated under the Lease to give written notice thereof to Landlord). If Landlord shall fail to cure any default within the time prescribed by the Lease, Tenant shall give further notice of such failure fact to Lender. At any time before the rights of Landlord and to the holder(s) shall have been forfeited or adversely affected because of any indebtedness default of Landlord, or within the time permitted Landlord for curing any default under the Lease as therein provided (but not less than sixty (60) days from the receipt of notice), Lender may, but shall have no obligation to, pay any taxes and assessments, make any repairs and improvements, make any deposits or do any other obligations secured act or thing required of Landlord by the terms of the Lease, and all payments so made and all things so done and performed by Lender shall be as effective to prevent the rights of Landlord from being forfeited or adversely affected because of any mortgage or deed of trust affecting default under the Premises, Lease as the name and address of which same would have been provided if done and performed by Landlord. Tenant agrees that notwithstanding any provisions of the Lease, no notice of cancellation or abatement shall be effective unless Lender has received notice as herein provided, and Lender has failed within sixty (60) days of its receipt of such notice to Tenant in writingcure the default, provided that or if such failure the default cannot reasonably be cured within such thirty sixty (3060) day perioddays, Landlord shall has failed to commence and diligently prosecute the curing of the default (which may include, but not be in default hereunder as long as Landlord or such holder(s) commences the remedying limited to, commencement of such failure within such thirty-day period and diligently prosecutes the same to completionforeclosure proceedings, during which time Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be if necessary to remedy effect such failure. If, except for the passage cure) which gave rise to such right of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness cancellation or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this Leaseabatement.
Appears in 1 contract
Default by Landlord. Landlord shall be Except as otherwise expressly provided in default under this Lease if Landlord fails to perform any of its obligations hereunder and such failure continues for a period of thirty (30) days after Tenant delivers written notice of such failure to Landlord and to the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premises, the name and address of which have been provided to Tenant in writing, provided that if such failure cannot reasonably be cured within such thirty (30) day periodLease, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences in the remedying of such failure within such thirty-day period and diligently prosecutes the same to completion, during which time Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) performance of any indebtedness or other obligations secured by any mortgage or deed of trust affecting obligation required to be performed under this Lease unless Landlord has failed to perform such obligation within CONFIDENTIAL INFORMATION OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION after the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same notice from Tenant specifying in detail Landlord's failure to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equityperform; provided, however, that if the nature of Landlord's obligation is such that more than CONFIDENTIAL INFORMATION OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION are required for its performance, the Landlord shall not be deemed in default if it shall commence such performance within CONFIDENTIAL INFORMATION OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION and thereafter diligently pursues the same to completion. Tenant shall have no instance will rights as a result of any default by Landlord until Tenant gives CONFIDENTIAL INFORMATION OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION notice to the then current lender(s) who have a recorded interest pertaining to the Building, specifying the nature of the default. Such person shall then have the right to cure such default, and Landlord shall not be liable deemed in default if such person cures such default within CONFIDENTIAL INFORMATION OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION after receipt of notice of the default, or within such longer period of time as may reasonably be necessary to cure the default. If Landlord or such person does not cure the default, Tenant may exercise such rights or remedies or shall be provided or permitted by law to recover any damages proximately caused by such default. Notwithstanding anything to the contrary in the Lease, Tenant's remedy for any breach of the Lease by Landlord shall be limited to an action for damages. Tenant agrees that, in the event that it becomes entitled to receive damages from Landlord, Tenant shall not be allowed to recover from Landlord consequential damages or damages in excess of the out-of-pocket expenditures incurred by Tenant as a result of a default by Landlord. In any event, Landlord's liability to Tenant for special damages resulting from Landlord's breach of any provision or punitive damages for a failure to perform or a default by Landlord under provisions of the Lease shall not exceed the value of Landlord's equity interest in the Building. Except as expressly provided otherwise in this Lease, Tenant hereby waives and relinquishes any right which Tenant may have to terminate this Lease or withhold any payment owed by Tenant under the Lease, on account of any damage, condemnation, destruction or state of disrepair of the Premises (including, without limiting the generality of the foregoing, those rights under California Civil Code Sections 1932, 1933(4), 1941, 1941.1 and 1942).
Appears in 1 contract
Samples: Lease Agreement (Brilliant Digital Entertainment Inc)
Default by Landlord. Landlord shall not be in default under this Lease if unless Landlord fails to perform any obligations required of its obligations hereunder and such failure continues for a period of Landlord within thirty (30) days after Tenant delivers written notice of such failure by Tenant to Landlord and to the holder(s) holder of any indebtedness or other obligations secured by any mortgage or deed of trust affecting encumbering the Premises, the Project whose name and address of which shall have theretofore been provided furnished to Tenant in writing, provided specifying wherein Landlord has failed to perform such obligation; provided, however, that if the nature of Landlord’s obligation is such failure canthat more than thirty (30) days are required for its cure, then Landlord shall not reasonably be cured in default if Landlord commences performance within such thirty (30) day period, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and thereafter diligently prosecutes pursues the same to completion. Tenant hereby waives its right to recover consequential damages (including, during which time but not limited to, lost profits) or punitive damages arising out of a Landlord and such holder(s)default. Except to the extent that Tenant obtains a final judgment of constructive eviction in accordance with Florida law or as otherwise permitted by applicable Florida law, or either of them, or their agents or employees, in no event shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under the provisions to terminate this Lease as a result of this Section 27 Landlord’s default, and Tenant’s remedies shall be limited to cure a default by Landlord damages and/or an injunction. This Lease and the default is one wherein an emergency situation exists, then obligations of Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but hereunder shall not be obligated toaffected or impaired because Landlord is unable to fulfill any of its obligations hereunder or is delayed in doing so, cure the same in whole if such inability or in part and upon receipt delay is caused by reason of a statement Force Majeure Event, and the time for Landlord’s performance shall be extended for the period of any such delay. Any claim, demand, right or defense by Tenant that arises out of this Lease or the negotiations which preceded this Lease shall be barred unless Tenant commences an action thereon, or interposes a defense by reason thereof, within one (1) year after the date of the costs reasonably incurred by Tenantinaction, Landlord shall forthwith pay the same omission, event or action that gave rise to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In additionsuch claim, if Tenant is the prevailing partydemand, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling right or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this Leasedefense.
Appears in 1 contract
Samples: Office Lease (Ladenburg Thalmann Financial Services Inc)
Default by Landlord. Landlord shall be in default under this Lease if Landlord fails Landlord's failure to perform or observe any of its obligations hereunder and under this Lease shall constitute a default by Landlord under this Lease only if such failure continues shall continue for a period of thirty (30) calendar days (or such additional time, if any, that is reasonably necessary to promptly and diligently cure the failure) after Landlord receives written notice from Tenant ("Notice Of Landlord's Default") specifying the default. Notwithstanding anything to the contrary in this Lease, each Notice Of Landlord's Default must either be hand-delivered to Landlord, or delivered to Landlord via first class, certified U.S. Mail, return receipt requested. Each Notice Of Landlord's Default shall give in reasonable detail the nature and extent of the failure and shall identify the Lease provision(s) containing the obligation(s). If Landlord shall default in the performance of any of its obligations under this Lease (after notice and opportunity to cure as provided herein), Tenant may pursue any remedies available to it under the law and this Lease, provided, in recognition that Landlord must receive timely payments of Rent and operate the Building, Tenant shall have no right of self-help to perform repairs or any other obligation of Landlord, and shall have no right to withhold, set-off, or abatx Xxxt unless otherwise specifically provided in this Lease. Notwithstanding the foregoing, if Landlord's default is capable of being cured within ninety (90) calendar days after Tenant delivers written notice receipt of such failure the Notice Of Landlord's Default but Landlord for any reason fails to cure said default within ninety (90) calendar days after receipt of the Notice Of Landlord Default, and if said default materially limits Tenant's ability to the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting conduct its business in the Premises, the name and address of which have been provided to then Tenant in writing, provided that if such failure cannot reasonably be cured within such thirty (30) day period, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and diligently prosecutes the same to completion, during which time Landlord and such holder(s), or either of them, or their agents or employees, shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except for the passage of time, Tenant would have the right under of self-help to cure said default. If Landlord's default is capable of being cured within one-hundred eighty (180) calendar days after Landlord's receipt of the Notice Of Landlord's Default but Landlord for any reason fails to cure said default within one hundred eighty (180) calendar days after receipt of the Notice Of Landlord's Default, and if said default materially limits Tenant's ability to conduct its business in the Premises, then subject to the provisions of this Section 27 to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this Lease.Section
Appears in 1 contract
Samples: Sublease (Chemconnect Inc)
Default by Landlord. Landlord shall be deemed in default under this Lease if in the event: (i) a petition for bankruptcy is filed by or against Landlord, unless the same is vacated or dismissed within 20 days; or (ii) Landlord fails to perform observe, perform, or comply with any of its obligations hereunder the terms, covenants, agreements, or conditions contained in this Lease, and such failure continues for a period of thirty (30) 20 days after Tenant delivers written has given Landlord notice of such failure to failure. If Landlord has promptly commenced and to the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premises, the name and address of which have been provided to Tenant in writing, provided that if such failure cannot reasonably be cured diligently pursued remedial action within such thirty (30) day period, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of such failure within such thirty20-day period and diligently prosecutes but has been unable to cure its default prior to the same to completionexpiration thereof, during which time Landlord and such holder(s), or either of them, or their agents or employees, 20-day period shall be entitled to enter upon the Premises and do whatever may be necessary to remedy such failure. If, except extended for the passage minimum time reasonably required for the completion of timeLandlord's remedial action, Tenant would have the right under the provisions of this Section 27 provided Landlord continues to cure a default by Landlord and the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can be cured and if Landlord is not exercising diligence to cure the same, Tenant may, subject to any approval the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but shall not be obligated to, cure the same in whole or in part and upon receipt of a statement of the costs reasonably incurred by Tenant, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Leasediligently pursue such remedial action. In the event of a default by Landlord:
A. If Landlord's default renders the Premises wholly untenantable, or if Landlord’s default arises under Article 21.5(i), then Tenant shall have the right to terminate this Lease upon 30 days notice to Landlord, whereupon both parties shall be relieved of all further obligations hereunder; or
B. Tenant may, upon written notice to Landlord, cure such default by performing or paying the obligation which Landlord as provided has breached. In such case, all reasonable expenses incurred by Tenant in this Section 27curing Landlord's default shall be due and payable from Landlord to Tenant within 10 days after delivery of notice to Landlord of the amount of such expenses. If Landlord fails to pay such expenses within such 10-day period, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this Leasededuct the amount of such expenses from the next due installments of rent.
Appears in 1 contract
Default by Landlord. (a) Landlord shall not be in default under this Lease if unless Landlord fails to perform any obligations required of its obligations hereunder and such failure continues for Landlord within a period of reasonable time, but in no event later than thirty (30) days after Tenant delivers written notice of such failure by Tenant to Landlord and specifying wherein Landlord has failed to the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Premisesperform such obligation: provided, the name and address of which have been provided to Tenant in writinghowever, provided that if the nature of Landlord's obligation is such failure canthat more than thirty (30) days are required for performance then Landlord shall not reasonably be cured in default in Landlord commences performance within such thirty (30) day period, Landlord shall not be in default hereunder as long as Landlord or such holder(s) commences the remedying of such failure within such thirty-day period and thereafter diligently prosecutes the same to completion, during which time Landlord in no event shall Tenant have the right to terminate this Lease as a result of Landlord's default, and such holder(s), or either of them, or their agents or employees, Tenant's remedies shall be entitled limited to enter upon damages.
(b) Xxould Landlord fail to observe or perform any of the covenants or conditions contained in the Lease, Tenant shall give written notice to all beneficiaries of deeds of trust recorded against the real property of which the Premises are a part, setting forth the nature of Landlord's default. Such lenders shall have a reasonable period of time to cure the default and do whatever perform any act which may be necessary to remedy such failure. If, except for prevent the passage forfeiture of time, Tenant would have the right rights of Landlord under the provisions this Lease and a termination of this Section 27 Lease as if the payments and acts were performed by Landlord instead of by the lenders. If the lenders cannot reasonably lake the action required to cure a Landlord's default by Landlord without foreclosing Landlord's interest and being in possession of the Building, the time within which the default is one wherein an emergency situation exists, then Tenant may cure the default to the extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time. If an event of default of Landlord relating to the Complex occurs and the same can must be cured to avoid a termination of forfeiture of the Lease shall be extended to include the period of time required for such lenders to obtain possession and to effect a cure with due diligence if Landlord is not exercising diligence such lender gives Tenant a written agreement to cure the samedefault. In the absence of title lenders' express written consent, Tenant may, subject to any approval such an agreement by the holder(s) of any indebtedness or other obligations secured by any mortgage or deed of trust affecting the Complex, but lenders shall not be obligated toconsidered an assumption by the lenders of Landlord's other obligations under the Lease and Landlord shall remain solely liable for the performance of all terms, covenants and conditions of the Lease both prior and subsequent to the lenders' exercise of any right to cure the same in whole or in part and upon receipt waiver of a statement breach or default under the r7ote, deed of the costs reasonably incurred by Tenanttrust, Landlord shall forthwith pay the same to Tenant with interest from the date the statement was received by Landlord to the date payment in full is made to Tenant at the Default Rate. In addition, if Tenant is the prevailing party, Tenant may recover from Landlord all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and or any other professional fees and expenses) Tenant incurs investigating, negotiating, settling or enforcing any of Tenant’s rights or remedies under this Lease. In the event of a default by Landlord instrument given as provided in this Section 27, Tenant may exercise any and all remedies given hereunder or by Laws or equity; provided, however, in no instance will Landlord be liable to Tenant for special or punitive damages for a failure to perform or a default by Landlord under this Leasesecurity.
Appears in 1 contract
Samples: Lease Agreement (FNB Bancorp/Ca/)