Default by Lessee. (a) The occurrence of any of the following shall constitute a default under this Lease: (i) Any failure by the Lessee to pay the rent when due as herein specified. The Lessors shall forward notice of such default in writing to the Lessee, and the failure of the Lessee to cure such default within thirty (30) days after the date of receipt of such notice shall, at the option of the Lessors, authorize the Lessors to terminate this Lease. (ii) The abandonment of the Demised Premises by the Lessee. (iii) A failure by the Lessee to observe and perform any other provision of this Lease, where such failure continues for thirty (30) days after written notice by the Lessors. However, if the nature of such default is such that it cannot reasonable be cured within such period, the Lessee shall not be deemed to be in default if the Lessee shall within this period commence to cure and then diligently complete such curing. (iv) The making by the Lessee of an assignment of its interest hereunder without prior written approval from the Lessors, or if the Lessee shall file a petition in bankrupt or the appointment of a receiver or assignee shall automatically terminate all rights of the Lessee under this Lease and no rights thereto shall pass to the receiver, trustee in bankruptcy or assignee. (b) In any such events, the Lessors may give the Lessee written notice specifying a day not less than five (5) days thereafter whereupon the Term shall end, and on the day specified the Term shall expire as if that day were the day herein fixed for the expiration of the Term, and the Lessee shall quit and surrender the Demised Premises to the Lessors, and the rent for the balance of the Term of this Lease shall become immediately due to compensate the Lessors for all damages sustained by the Lessors which resulted from the Lessee's failure to perform its obligations hereunder.
Appears in 1 contract
Samples: Lease Agreement (Margo Caribe Inc)
Default by Lessee. The occurrence of any one or more of the following events shall constitute a default and breach of the Lease by Lessee.
(a) The occurrence of any vacating or abandonment of the following Leased Premises by Lessee. Such vacating or abandonment shall constitute a default under this Lease:
(i) Any failure by be deemed to have occurred upon the Lessee to pay the rent when due as herein specified. The Lessors shall forward notice of such default in writing to the Lessee, and the failure absence of the Lessee from the Leased Premises for ten (10) consecutive days while Lessee is in default in the payment of any sum to cure such default within thirty (30) days after be paid by Lessee hereunder, during the date of receipt of such notice shall, at the option term of the Lessors, authorize the Lessors to terminate this LeaseLease or any renewals or extensions thereof.
(iib) The abandonment failure by Lessee to make any payment of the Demised Premises Monthly Rental, Additional Rental or Forecast Additional Rental or any other payment required to be made by the Lessee hereunder as /s/ /s/ ---------------------------------- ------------------------------------- Lessor Lessee and when due, provided such failure shall continue for a period of ten (10) business days after written notice thereof by Lessor to Lessee.
(iiic) A The failure by the Lessee to observe and or perform any other provision of the covenants, conditions or provisions of this LeaseLease to be observed or performed by the Lessee, other than described in Paragraph 13(a) and (b) above, where such failure continues shall continue for a period of thirty (30) days after written notice thereof by the Lessors. HoweverLessor to Lessee; provided, however, that if the nature of such Lessee's default is such that it cannot reasonable be cured within such periodmore than thirty (30) days are reasonably required for its cure, the then Lessee shall not be deemed to be in default if the Lessee shall commences such cure within this said thirty (30) day period commence and thereafter diligently prosecutes such cure to cure and then diligently complete such curingcompletion.
(ivd) The making by the Lessee of an assignment of its interest hereunder without prior written approval from the LessorsLessee, or if any guarantor of Lessee's obligations under this Lease, of any general assignment or general arrangement for the Lessee shall file benefit of creditors; or the filing by or against Lessee, or any guarantor of Lessee's obligations under this Lease, of a petition to have Lessee, or any guarantor of Lessee's obligations under this Lease, adjudged a bankrupt, or a petition for reorganization or arrangement under any laws relating to bankruptcy (unless, in bankrupt the case of a petition filed against Lessee, or any guarantor of Lessee's obligations under this Lease, the same is dismissed within thirty (30) days); or the appointment of a trustee or a receiver or assignee shall automatically terminate to take possession of substantially all rights of the Lessee under this Lease and no rights thereto shall pass to the receiver, trustee in bankruptcy or assignee.
(b) In any such events, the Lessors may give the Lessee written notice specifying a day not less than five (5) days thereafter whereupon the Term shall end, and on the day specified the Term shall expire as if that day were the day herein fixed for the expiration of the Term, and the Lessee shall quit and surrender the Demised Premises to the Lessors, and the rent for the balance of the Term of this Lease shall become immediately due to compensate the Lessors for all damages sustained by the Lessors which resulted from the Lessee's failure assets located at the Leased Premises or of interests in this Lease, where possession is not restored to perform its obligations hereunderLessee within thirty (30) days; or the attachment, execution or other judicial seizure of substantially all of Lessee's assets located at the Leased Premises or of Lessee's interest in this Lease, where such seizure is not discharged in thirty (30) days.
Appears in 1 contract
Samples: Office Lease Agreement (Applied Science Fiction Inc)
Default by Lessee. (a) 18.01 The occurrence of any one or more of the following events ("Events of Default") shall constitute a material default under and breach of this LeaseLease by Lessee:
(ia) Any failure by the Lessee to pay any rental or any other sum required to be paid by Lessee hereunder, as and when the rent when same becomes due as herein specified. The Lessors shall forward notice of such default in writing to the Lesseeand payable, and the failure continues for a period of the Lessee to cure such default within thirty more than five (305) days after the date of receipt of such receiving written notice shall, at the option of the Lessors, authorize the Lessors to terminate this Lease.Lessee by Lessor,
(iib) The abandonment of the Demised Premises by the Lessee.
(iii) A Any failure by the Lessee to observe and perform any other provision of this LeaseLease to be observed or performed by Lessee, where such failure continues for thirty fifteen (3015) business days after written notice thereof by the Lessors. HoweverLessor to Lessee; provided, however, that if the nature of such default is such that it cannot reasonable reasonably be cured within such fifteen (15) business days period, the Lessee shall not be deemed to be in default if the Lessee shall within this such period commence to such cure and then thereafter diligently complete such curingprosecute the same to completion.
(ivc) The making by the Lessee of an any general assignment or general arrangement for the benefit of its interest hereunder without prior written approval from creditors; the Lessors, filing by or if the against Lessee shall file of a petition in to have Lessee adjudged a bankrupt or a petition for reorganization or arrangement under any law relating to bankruptcy (unless, in the case of a petition filed against Lessee, the same is dismissed within ninety (90) days); the appointment of a trustee or receiver to take possession of substantially all of Lessee's interest in this Lease, where possession is not restored to Lessee within sixty (60) days; or assignee shall automatically terminate the attachment, execution or other judicial seizure of substantially all rights of the Lessee under this Lease and no rights thereto shall pass to the receiver, trustee in bankruptcy or assignee.
(b) In any such events, the Lessors may give the Lessee written notice specifying a day not less than five (5) days thereafter whereupon the Term shall end, and on the day specified the Term shall expire as if that day were the day herein fixed for the expiration of the Term, and the Lessee shall quit and surrender Lessee's assets located at the Demised Premises to or of Lessee's interest in this Lease, where such seizure is not discharged within forty-five (45) days.
18.02 Any notice given under this Article shall specify the LessorsEvent of Default and the applicable lease provisions, and shall demand that Lessee perform the rent for provisions of this Lease, within the balance applicable period of the Term time. No such notice shall be deemed a forfeiture or a termination of this Lease shall become immediately due to compensate provided Lessee cures the Lessors for all damages sustained by default within the Lessors which resulted from the Lessee's failure to perform its obligations hereunderapplicable period of time.
Appears in 1 contract
Default by Lessee. (a) The occurrence of any one or more of the following events shall constitute a default under of this LeaseLease by Lessee:
(ia) Any Vacating the Premises or ceasing to actively conduct business at the Premises for more than thirty (30) days, except for reasonable periods on account of repair or reconstruction of the Premises.
(b) Failure to make any payment of rent or any other payment required to be made by Lessee hereunder, as and when due, where such failure shall continue for a period of five (5) days after notice thereof from Lessor to Lessee.
(c) Failure by the Lessee to pay observe or perform any of the rent when due as herein specified. The Lessors shall forward notice provisions of such default in writing this Lease to the be observed or performed by Lessee, and the other than described in ss. 12. 1 (b), where such failure shall continue for a period of the Lessee to cure such default within thirty (30) days after Notice thereof from Lessor to Lessee; provided, however, that if the date nature of receipt of Lessee's default is such notice shall, at the option of the Lessors, authorize the Lessors to terminate this Lease.
(ii) The abandonment of the Demised Premises by the Lessee.
(iii) A failure by the Lessee to observe and perform any other provision of this Lease, where such failure continues for that more than thirty (30) days after written notice by the Lessors. Howeverare reasonably required for its cure, if the nature of such default is such that it cannot reasonable be cured within such period, the then Lessee shall not be deemed to be in default if the Lessee shall commences such cure within this period commence ten (10) days after such Notice and thereafter diligently pursues such cure to cure and then diligently complete such curingcompletion.
(ivi) The the making by the Lessee of an assignment of its interest hereunder without prior written approval from the Lessorsany general assignment, or if general arrangement for the benefit of creditors; (ii) filing by or against Lessee shall file of either a petition in to have Lessee adjudicated a bankrupt or a petition for reorganization or arrangement under any law relating to bankruptcy (unless, in the case of a petition filed against Lessee, the same is dismissed within sixty (60) days); (iii) the appointment of a trustee or receiver to take possession of substantially all of Lessee's assets located at the Premises or assignee shall automatically terminate of Lessee's interest in this Lease, where possession is not restored to Lessee within thirty (30) days; or (iv) the attachment, execution or other judicial seizure of substantially all rights of Lessee's assets located at the Lessee under Premises or of Lessee's interest in this Lease and no rights thereto shall pass to the receiverLease, trustee in bankruptcy or assigneewhere such seizure is not discharged within thirty (30) days.
(be) In The discovery by Lessor that any such eventsfinancial statement given to Lessor by Lessee, the Lessors may give the or by any guarantor of Lessee's obligations hereunder, was materially inaccurate, whether intentionally so or not.
(f) The failure of Lessee written notice specifying a day not less than five (5) days thereafter whereupon the Term shall end, and on the day specified the Term shall expire as if that day were the day herein fixed for the expiration of the Term, and the Lessee shall quit and surrender the Demised Premises to the Lessors, and the rent for the balance of the Term deliver an Estoppel Certificate pursuant to ss. 15.1 of this Lease shall become immediately due to compensate the Lessors for all damages sustained by the Lessors which resulted from the Lessee's failure to perform its obligations hereunderLease.
Appears in 1 contract
Samples: Lease (United Industries Corp)
Default by Lessee. The occurrence of any one or more of the following events shall constitute a material default and breach of this Lease by Lessee:
(a) The occurrence of any of the following shall constitute a default under this Lease:
(i) Any failure by the Lessee to pay the take any payment of rent or any other payment required to be made by Lessee hereunder, as and when due as herein specified. The Lessors due, where such failure shall forward notice continue for a period of such default in writing to the Lessee, and the failure of the Lessee to cure such default within thirty ten (3010) days after the date of receipt of such written notice shall, at the option of the Lessors, authorize the Lessors thereof from Lessor to terminate this Lease.
(ii) The abandonment of the Demised Premises by the Lessee.
(iiib) A The failure by the Lessee to observe and or perform any other provision of the covenants, conditions or provisions of this LeaseLease to be observed or performed by Lessee, other than described in Paragraph (a) above, where such failure continues shall continue for a period of thirty (30) days after written notice by the Lessors. Howeverthereof from Lessor to Lessee; provided, however, that if the nature of such Lessee's default is such that it cannot reasonable be cured within such periodmore than thirty (30) days are reasonably required for its cure, the then Lessee shall not be deemed to be in default if the Lessee shall commences such cure within this said 30-day period commence and thereafter diligently prosecutes such cure to cure and then diligently complete such curingcompletion.
(ivi) The making by the Lessee of an any general arrangement or assignment for the benefit of its interest hereunder without prior written approval from creditors; (ii) Lessee becomes a "debtor" as defined in 11 U.S.C. ss. 101 or any successor statute thereto (unless, in the Lessors, or if the Lessee shall file case of a petition in bankrupt or filed against Lessee, the same is dismissed within 60 days); (iii) the appointment of a trustee or receiver to take possession of substantially all of Lessee's assets located at the Premises or assignee shall automatically of Lessee's interest in this Lease, where possession is not restored to Lessee within 30 days; or (iv) the attachment, execution or other judicial seizure of substantially all of Lessee's assets located at the Premises or of Lessee's interest in this Lease, where such seizure is not discharged within 30 days. In the event of any such material default or breach by Lessee, notwithstanding anything herein to the contrary, Lessor may at any time thereafter and prior to the curing of such default or breach, with or without further notice or demand, as its sole remedy, terminate all rights Lessee's right to possession of the Lessee under this Lease and no rights thereto shall pass to the receiverLeased Property by any lawful means, trustee in bankruptcy or assignee.
(b) In any such events, the Lessors may give the Lessee written notice specifying a day not less than five (5) days thereafter whereupon the Term shall end, and on the day specified the Term shall expire as if that day were the day herein fixed for the expiration of the Term, and the Lessee shall quit and surrender the Demised Premises to the Lessors, and the rent for the balance of the Term of which case this Lease shall become terminate and Lessee shall immediately due surrender possession of the Leased Property to compensate the Lessors for all damages sustained by the Lessors which resulted from the Lessee's failure to perform its obligations hereunderLessor.
Appears in 1 contract
Samples: Lease (United Auto Group Inc)
Default by Lessee. (a) The Lessee shall be deemed in default under this Agreement upon the occurrence of any one of the following shall constitute a default events (“Event of Default”):
19.1. Failure to make any payment due under this Lease:Agreement or any Lease Schedule by its due date;
(i) Any failure 19.2. Lessee’s cancellation, termination, alteration, or rescission of the Authorization for Automatic Payment without the prior approval of Lessor;
19.3. Lessee’s rejection of any authorized withdrawal, payment or entry permitted by the Lessee Authorization for Automatic Payment;
19.4. Failure to pay the rent when due as herein specified. The Lessors shall forward notice of such default in writing to the Lessee, and the failure of the Lessee to cure such default perform any other obligation under this Agreement or any Lease Schedule within thirty (30) days after the date of receipt of such notice shall, at the option of the Lessors, authorize the Lessors to terminate this Lease.
(ii) The abandonment of the Demised Premises by the Lessee.
(iii) A failure by the Lessee to observe and perform any other provision of this Lease, where such failure continues for thirty (30) days after written notice by the Lessorsof default and failure to cure; provided, however, that no notice shall be required where a breach or threatened breach would cause irreparable harm to Lessor and Lessor may immediately seek equitable relief in a court of competent jurisdiction to enjoin such breach;
19.5. However, if the nature of such default is such that it cannot reasonable be cured within such period, the Lessee shall not be deemed fail to be in default if the Lessee pay its debts as they become due, shall within this period commence to cure and then diligently complete such curing.
(iv) The making by the Lessee of make an assignment for the benefit of its interest hereunder without prior written approval from the Lessorscreditors, or if the Lessee shall admit in writing its inability to pay its debts as they become due, shall file a petition under any chapter of the Federal Bankruptcy Code or any similar law, state or federal, now or hereafter existing, shall become “insolvent” as that term is generally defined under the Federal Bankruptcy Code, shall in any involuntary bankruptcy case commenced against it file an answer admitting insolvency or inability to pay its debts as they become due, or shall fail to obtain a dismissal of such case within one hundred twenty (120) days after its commencement or convert the case from one chapter of the Federal Bankruptcy Code to another chapter, or be the subject of an order for relief in such bankruptcy case, or be adjudged a bankrupt or insolvent, or shall have a custodian, trustee or receiver appointed for, or have any court take jurisdiction of its property, or any part thereof, in any proceeding for the appointment purpose of reorganization, arrangement, dissolution or liquidation, and such custodian, trustee or receiver shall not be discharged, or such jurisdiction shall not be relinquished, vacated or stayed within sixty (60) days of the appointment.
19.6. Lessee materially defaults under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced, any indebtedness of Lessee for money borrowed, whether such indebtedness now exists or shall be created hereafter, which material default (monetary or otherwise) is not cured within (30) days;
19.7. Lessee shall be dissolved, liquidated or wound up or is enjoined, restrained, fails or is in any way prevented from maintaining its existence as a going concern in good standing (excepting, however, reorganizations, consolidations and/or mergers into or with affiliates owned by, owning or under common control of or with such entity or into the parent of such entity, provided the succeeding organization assumes and accepts such entity’s obligation hereunder);
19.8. Lessee attempts to remove, sell, transfer, encumber, part with possession or sublet any part of the Equipment without the prior written consent of Lessor;
19.9. Any part of the Equipment is lost, stolen or destroyed;
19.10. Any part of the Equipment is attached, levied upon, encumbered, pledged, or seized under any judicial process;
19.11. Any warranty or representation made or furnished to Lessor by or on behalf of Lessee is false or misleading in any material respect when made or furnished;
19.12. Failure of Lessee to maintain in full force and effect the licenses, permits and certifications that may be required under any applicable gaming laws for the operation of Lessee’s business;
19.13. The revocation of any gaming license of Lessee;
19.14. The denial of any gaming license application of Lessee;
19.15. Failure of Lessee to comply with all gaming statutes and regulations;
19.16. Failure of Lessee to maintain the insurance required by this Agreement; and/or
19.17. Any merger, consolidation, sale, change in control or any transfer of a receiver majority of Lessee’s business or assignee shall automatically terminate all rights of the Lessee under this Lease and no rights thereto shall pass to the receiver, trustee in bankruptcy or assigneeassets.
(b) In any such events, the Lessors may give the Lessee written notice specifying a day not less than five (5) days thereafter whereupon the Term shall end, and on the day specified the Term shall expire as if that day were the day herein fixed for the expiration of the Term, and the Lessee shall quit and surrender the Demised Premises to the Lessors, and the rent for the balance of the Term of this Lease shall become immediately due to compensate the Lessors for all damages sustained by the Lessors which resulted from the Lessee's failure to perform its obligations hereunder.
Appears in 1 contract
Default by Lessee. (a) The Lessee shall be deemed in default under this Agreement upon the occurrence of any one of the following shall constitute a default events ("Event of Default"):
19.1. Failure to make any payment of Basic Rent or Cash Flow Sweep within ten (10) days of when due under this Lease:, the Charter and any Lease Schedule by its due date;
(i) Any failure 19.2. Lessee's cancellation, termination, alteration, or rescission of the Authorization for Automatic Payment without the prior approval of Lessor;
19.3. Lessee's rejection of any authorized withdrawal, payment or entry permitted by the Authorization for Automatic Payment;
19.4. Failure to perform in any material respect any other obligation under this Agreement, any Lease Schedule, Master Lease, Charter or any other written agreement between Lessee to pay and Lessor, regardless of whether such other agreement, lease or charter covers the rent when due as herein specified. The Lessors shall forward notice of such default in writing to the Lesseesame or similar maritime vessel or gaming equipment, and the failure of the Lessee to cure such default within thirty (30) days after the date of receipt of such notice shall, at the option of the Lessors, authorize the Lessors to terminate this Lease.
(ii) The abandonment of the Demised Premises by the Lessee.
(iii) A failure by the Lessee to observe and perform any other provision of this Lease, where such failure continues for thirty (30) days after written notice by the Lessorsof default and failure to cure; provided, however, that no notice shall be required where a breach or threatened breach would cause irreparable harm to Lessor and Lessor may immediately seek equitable relief in a court of competent jurisdiction to enjoin such breach;
19.5. However, if the nature of such default is such that it cannot reasonable be cured within such period, the Lessee shall not be deemed generally fail to be in default if the Lessee pay its debts as they become due, shall within this period commence to cure and then diligently complete such curing.
(iv) The making by the Lessee of make an assignment for the benefit of its interest hereunder without prior written approval from the Lessorscreditors, or if the Lessee shall admit in writing its inability to pay its debts as they become due, shall file a petition under any chapter of the Federal Bankruptcy Code or any similar law, state or federal, now or hereafter existing, shall become "insolvent" as that term is generally defined under the Federal Bankruptcy Code, shall in any involuntary bankruptcy case commenced against it file an answer admitting insolvency or inability to pay its debts as they become due, or shall fail to obtain a dismissal of such case within one hundred twenty (120) days after its commencement or convert the case from one chapter of the Federal Bankruptcy Code to another chapter, or be the subject of an order for relief in such bankruptcy case, or be adjudged a bankrupt or insolvent, or shall have a custodian, trustee or receiver appointed for, or have any court take jurisdiction of its property, or any part thereof, in any proceeding for the appointment purpose of reorganization, arrangement, dissolution or liquidation, and such custodian, trustee or receiver shall not be discharged, or such jurisdiction shall not be relinquished, vacated or stayed within sixty (60) days of the appointment;
19.6. Lessee materially defaults under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced, any indebtedness of Lessee for money borrowed, whether such indebtedness now exists or shall be created hereafter, which material default (monetary or otherwise) is not cured within (30) days;
19.7. Lessee shall be dissolved, liquidated or wound up or is enjoined, restrained, fails or is in any way prevented from maintaining its existence as a going concern in good standing (excepting, however, reorganizations, consolidations and/or mergers into or with, and sales to, affiliates owned by, owning or under common control of or with Lessee and reorganizations, consolidations and/or mergers resulting from the death of Frances W. Murray);
19.8. Lessee attempts to remove, sell, xxxxxxxx, xxxxmber, part with possession or sublet any part of the Equipment without the prior written consent of Lessor other than in the ordinary course of business or as otherwise provided in the Charter;
19.9. Any part of the Equipment, which is material to the operation of Lessee's business or the functionality of the Vessel, is lost, stolen, materially changed or destroyed, and is not replaced by Lessee within a reasonable period of time;
19.10. Any part of the Equipment is attached, levied upon, encumbered, pledged, or seized under any judicial process, unless attributable solely to acts or debts of Lessor;
19.11. Any warranty or representation made or furnished to Lessor by or on behalf of Lessee in this Lease, any Lease Schedule or the Charter is false or misleading in any material respect when made or furnished;
19.12. Failure of Lessee to maintain in full force and effect the licenses, permits and certifications that may be required under any applicable gaming laws for the operation of Lessee 's business;
19.13. The revocation of any gaming license of Lessee;
19.14. The denial of any gaming license application of Lessee;
19.15. Failure of Lessee to comply with all applicable gaming statutes and regulations;
19.16. Failure of Lessee to maintain the insurance required by this Agreement; and/or
19.17. Any merger, consolidation, sale, change in control of Lessee (other than a change in control resulting from the death of Frances W. Murray) or any transfer of a receiver or assignee shall automatically terminate all rights majority of the Lessee under this Lease and no rights thereto shall pass to the receiver, trustee in bankruptcy or assignee.
(b) In any such events, the Lessors may give the Lessee written notice specifying a day not less than five (5) days thereafter whereupon the Term shall end, and on the day specified the Term shall expire as if that day were the day herein fixed for the expiration of the Term, and the Lessee shall quit and surrender the Demised Premises to the Lessors, and the rent for the balance of the Term of this Lease shall become immediately due to compensate the Lessors for all damages sustained by the Lessors which resulted from the Lessee's failure businexx xx xxxxxx, xxthout Lessor's prior written consent, such consent not to perform its obligations hereunderbe unreasonably withheld.
Appears in 1 contract
Samples: Master Lease Agreement (International Thoroughbred Breeders Inc)
Default by Lessee. (a) The occurrence of any of the following shall constitute a be considered an act of default by Lessee under this Lease:
(i) Any failure 6.2.1 Failure by the Lessee to pay the rent when make any payment due as herein specified. The Lessors shall forward hereunder within fifteen (15) calendar days after written notice of such the past due payment is sent to Lessee,
6.2.2 Failure by Lessee to conduct business at the Airport for a period of seven (7) consecutive days without reasonable cause including, but not limited to, strikes, work stoppage and equipment failures.
6.2.3 Material default in writing the performance of any covenant or agreement in this Lease required to be performed by Lessee, other than the Lesseepayment of money, and the failure of the Lessee to cure remedy such default within for a period of thirty (30) days after receipt from the date City of receipt of written notice to remedy the same, or if such notice shall, at the option of the Lessors, authorize the Lessors to terminate this Lease.
(ii) The abandonment of the Demised Premises by the Lessee.
(iii) A failure by the Lessee to observe and perform any other provision of this Lease, where such failure continues for default shall reasonably take more than thirty (30) days after written notice by the Lessors. Howeverto cure, if the nature of such default is such that it cannot reasonable be cured within such period, the Lessee shall not be deemed have provided the City with documents evidencing such cure, and commenced the same within the thirty (30) days and diligently prosecuted the same to be in default if the Lessee shall within this period commence to cure and then diligently complete such curingcompletion.
(iv) 6.2.4 The making occurrence of any act or omission by the Lessee resulting in suspension or revocation of an assignment Lessee's ability to provide liquor service under the Liquor License for a period exceeding thirty (30) days, or any default under said License by Lessee.
6.2.5 Failure to maintain and/or submit adequate records of its business and gross receipts at the Airport, as required by sections 3.2.4 or 3.2.5 of this Lease.
6.2.6 An act occurs which results in the suspension or revocation of any right, power, license, permit or authority necessary for the conduct and operation of Lessee's business authorized herein for a period of more than fifteen (15) days.
6.2.7 The interest hereunder of Lessee under this Agreement is transferred, passes to or devolves upon, by operation of law or otherwise, any other person, firm or corporation without the prior written approval from consent of the LessorsCity which consent shall not be unreasonably withheld.
6.2.8 An attachment or execution is levied, a receiver is appointed, or if any other process of any court of competent jurisdiction is executed, which is not vacated, dismissed or set aside within a period of thirty (30) days, and which does, or as a direct consequence of such process will, interfere with Lessee's use of the Premises or with its operations under this Lease.
6.2.9 Lessee shall file becomes insolvent, or takes the benefit of any present or future insolvency statute, or makes a general assignment for the benefit of creditors, or files a voluntary petition in bankruptcy, or a petition in bankrupt or answer seeking an arrangement for its reorganization, or the readjustment of its indebtedness under the federal bankruptcy laws or under any other law or statute of the United States or of any state, or consents to the appointment of a receiver or assignee shall automatically terminate all rights of the Lessee under this Lease and no rights thereto shall pass to the receiver, trustee in bankruptcy or assigneeliquidator of all or substantially all of its property or its property located within the Premises.
(b) In 6.2.10 Lessee fails to provide services and/or products required to be provided under this lease for any such eventsperiod which, in the Lessors may give the Lessee written notice specifying a day not less than five (5) days thereafter whereupon the Term shall end, and on the day specified the Term shall expire as if that day were the day herein fixed for the expiration reasonable opinion of the TermCity, materially and adversely affects the public interest at the Airport.
6.2.11 Any lien is filed against the Premises because of any act or omission or Lessee shall quit and surrender the Demised Premises to the Lessorssuch lien is not removed, and the rent enjoined or a bond for the balance satisfaction of such lien is not posted within thirty (30) days.
6.2.12 Lessee voluntarily abandons, deserts, vacates or discontinues its operation of the Term of this Lease shall become immediately due to compensate business herein authorized, including by acts described in the Lessors for all damages sustained by the Lessors which resulted from the Lessee's failure to perform its obligations hereundersection above.
Appears in 1 contract
Default by Lessee. (a) The occurrence of any of the following shall constitute a be deemed to be events of default by Lessee under this Lease:
(ia) Any failure by the Lessee shall fail to pay the rent when due as herein specified. The Lessors shall forward notice any installment of such default in writing rent or any other payment required pursuant to the Lessee, and the failure this Lease; within ten days of the Lessee due date and any such failure to cure such default within thirty pay shall continue for a period of at least five (305) days after the date of receipt Lessor provides Lessee written notice of such failure to timely pay such amounts due (however, Lessor shall not be required to send written notice shallmore than two (2) times in any one calendar year and in such, at the option of the Lessors, authorize the Lessors to terminate this Leaseno notice shall be required).
(iib) The abandonment Lessee shall abandon any substantial portion of the Demised Premises by the Lessee.Premises;
(iiic) A failure by the Lessee shall fail to observe and perform comply with any other term, provision or covenant of this Lease, where such other than the payment of rent, and the failure continues for thirty is not cured within five (305) days after written notice by the Lessors. Howeverto Lessee; fifteen (15) days after written notice to Lessee; provided, however, if the nature of any such default is such that it failure by Lessee to comply with this Lease cannot reasonable reasonably be cured corrected within such periodfifteen (15) day period as a result of non-financial circumstances outside of Lessee’s control, the and if Lessee has commenced substantial corrective actions within such fifteen (15) day period and is diligently pursuing such corrective actions, such fifteen (15) day period shall not be deemed extended for such additional time as reasonably necessary to be in default if the Lessee shall within this period commence allow completion of actions to cure and then diligently complete such curingcorrect Lessee’s noncompliance.
(ivd) The making by the Lessee of an assignment of its interest hereunder without prior written approval from the Lessors, or if the Lessee shall file a petition in or be adjudged bankrupt or insolvent under federal bankruptcy law or any similar law or statue of the appointment of United States or any state; or a receiver or assignee trustee shall automatically terminate be appointed for all rights or substantially all of the assets of Lessee under this Lease and no rights thereto or Lessee shall pass to make a transfer in fraud of creditors or shall make an assignment for the receiver, trustee in bankruptcy or assignee.benefit of creditors; or
(be) In Lessee shall do or permit to be done any act, which results in a lien being filed against the Premises or the building and/or project of which the Premises are a part and such events, the Lessors may give the Lessee written notice specifying a day lien is not less than five released or bonded off within fifteen (515) days thereafter whereupon the Term shall end, and on the day specified the Term shall expire as if that day were the day herein fixed for the expiration of the Term, and the date Lessee shall quit and surrender the Demised Premises to the Lessors, and the rent for the balance is notified of the Term filing of this Lease shall become immediately due to compensate the Lessors for all damages sustained by the Lessors which resulted from the Lessee's failure to perform its obligations hereundersuch lien.
Appears in 1 contract
Samples: Lease (Adherex Technologies Inc)
Default by Lessee. If Lessee fails to make payments within ten (a10) The occurrence days of date due and such failure continues for five (5) days after written notice from Lessor, Lessee is adjudged bankrupt or insolvent, makes a transfer in fraud of creditors, makes an arrangement for the benefit of creditors; institutes voluntary bankruptcy or insolvency proceedings or consents to the filing of a bankruptcy or insolvency proceeding or files a petition or answer or consent seeking reorganization or liquidation under any bankruptcy or similar laws; a receiver or trustee is appointed for substantially all of the following shall constitute a default under assets of Lessee or for Lessee's leasehold interest in this Lease:
(i) Any failure by the , or; any representation, warranty, or covenant of Lessee herein is untrue, false, or misleading at any time; or Lessee fails to pay the rent when due as herein specified. The Lessors shall forward comply with any other term of this Lease after receipt of written notice of such default in writing to the Lesseefrom Lessor, and the failure of the Lessee to does not cure such default other failure within thirty (30) days after the date of receipt of such notice shallwritten notice, at the option of the Lessors, authorize the Lessors or does not commence to terminate this Lease.
(ii) The abandonment of the Demised Premises by the Lessee.
(iii) A failure by the Lessee to observe and perform any other provision of this Lease, where such failure continues for cure within thirty (30) days after and complete such cure within ninety (90) days of such written notice by (each an "Event of Default"); then Lessor shall have the Lessors. Howeveroption to terminate this Lease or any or all Schedules, if the nature of such default is such that it cannot reasonable be cured within such period, the in which event Lessee shall not be deemed to be in default if surrender possession of the Lessee shall leased premises within this period commence to cure and then diligently complete such curing.
ten (iv10) The making by the Lessee of an assignment of its interest hereunder without prior written approval from the Lessorsdays, or if the Lessee shall file a petition in bankrupt or the appointment of a receiver or assignee shall automatically terminate all rights of the Lessee to pursue any other remedy available to Lessor under this Lease or otherwise provided by law or equity. Lessor may also apply any or all of the deposit or prepaid rent to cure a default. Upon an Event of Default, Lessee shall pay Lessor the sum of: (a) the unpaid rent and no rights thereto shall pass to other amounts payable hereunder through the receiver, trustee in bankruptcy or assignee.
date of such Event of Default; (b) In the cost of repairing, altering, or otherwise putting the leased premises into condition acceptable to a new lessee or lessees; (c) all expenses incurred by Lessor in enforcing its remedies, including reasonable attorneys' fees and court costs; (d) any such events, the Lessors other damages or relief Lessor may give the be entitled to at law or in equity. Lessee written notice specifying a day not less than five (5) days thereafter whereupon the Term shall endbe liable for all expenses incurred by Lessor for recovery, and on repossession by Lessor, which actions shall not affect the day specified the Term shall expire as if that day were the day herein fixed obligations of Lessee for the expiration of the Term, and the Lessee shall quit and surrender the Demised Premises to the Lessors, and the rent for the balance of the Term unexpired term of this Lease shall become immediately due to compensate the Lessors for all damages sustained by the Lessors which resulted from the Lessee's failure to perform its obligations hereunderunless Lessor terminates this Lease.
Appears in 1 contract
Samples: Master Tower Site Lease (Teletouch Communications Inc)
Default by Lessee. (a) The occurrence of any Each of the following shall constitute be an “Event of Default” (sometimes referred to herein as a default under “default”) by Lessee and a material breach of this Lease:
(ia) Any failure Lessee shall fail to make any payment owed by the Lessee to pay the rent under this Lease, as and when due as herein specified. The Lessors shall forward notice of such default in writing to the Lesseedue, and the failure Lessor shall have delivered a Notice to Pay or Quit. Any such notice shall be in lieu of, and not in addition to, any notice required under Section 1161 of the California Code of Civil Procedure;
(b) Lessee shall fail to cure such default within observe, keep or perform any of the terms, covenants, agreements or conditions under this Lease that Lessee is obligated to observe or perform, other than that described in subsection (a) above, for a period of thirty (30) days after notice to Lessee of said failure; provided, however, that if the date nature of receipt of Lessee’s default is such notice shall, at the option of the Lessors, authorize the Lessors to terminate this Lease.
(ii) The abandonment of the Demised Premises by the Lessee.
(iii) A failure by the Lessee to observe and perform any other provision of this Lease, where such failure continues for that more than thirty (30) days after written notice by the Lessors. Howeverare reasonably required for its cure, if the nature of such default is such that it cannot reasonable be cured within such period, the then Lessee shall not be deemed to be in default under this Lease if the Lessee shall commence the cure of such default so specified within this said thirty (30) day period commence and diligently prosecute the same to cure completion within sixty (60) days after the original notice to Lessee of said failure. Such notice shall be in lieu of, and then diligently complete such curingnot in addition to, any notice required under Section 1161 of the California Code of Civil Procedure.
(ivc) The making by the Lessee of an assignment of its interest hereunder without prior written approval from the Lessors, or if the Lessee shall file (i) make any general arrangement or assignment for the benefit of creditors; (ii) become a “debtor” as defined in 11 U.S.C. Section 101 or any successor statute thereto (unless, in case of a petition in bankrupt or filed against Lessee, the same is dismissed within 60 days); (iii) the appointment of a trustee or receiver to take possession of substantially all of Lessee’s assets located at the Premises or assignee of Lessee’s interest in this Lease, where possession is not restored to Lessee within 30 days; or (iv) the attachment, execution or other judicial seizure of substantially all of Lessee’s assets located at the Premises or of Lessee’s interest in this Lease, where such seizure is not discharged within 30 days. Provided, however, in the event that any provision of this subparagraph is contrary to any applicable law, such provision shall automatically terminate all rights be of no force or effect; or
(d) The vacating or abandonment of the Lessee under this Lease and no rights thereto shall pass to the receiver, trustee in bankruptcy or assigneePremises by Lessee.
(b) In any such events, the Lessors may give the Lessee written notice specifying a day not less than five (5) days thereafter whereupon the Term shall end, and on the day specified the Term shall expire as if that day were the day herein fixed for the expiration of the Term, and the Lessee shall quit and surrender the Demised Premises to the Lessors, and the rent for the balance of the Term of this Lease shall become immediately due to compensate the Lessors for all damages sustained by the Lessors which resulted from the Lessee's failure to perform its obligations hereunder.
Appears in 1 contract
Samples: Lease Agreement (Manhattan Bancorp)
Default by Lessee. (a) The occurrence of any Each of the following shall constitute a an event of default under this Leaseby Lessee:
(i) Any A. A failure by the Lessee to pay the any rent when due or charges as herein specified. The Lessors shall forward provided for in this Agreement with such failure continuing for a period of ten (10) days after receipt by Lessee of written notice of such default in writing failure.
B. The failure by Lessee to perform or observe any of the Lesseeterms, provisions, conditions or covenants herein contained, and the on Lessee’s part to be performed or in any way observed, if such neglect or failure should continue for a period of the Lessee to cure such default within thirty (30) days after the date receipt by Concessionaire of receipt written notice of such neglect or failure, or if more than thirty (30) days shall be required because of the nature of the default, if Lessee shall fail within said thirty (30) day period to commence and thereafter diligently proceed without interruption to cure such default.
C. If Lessee shall fail to take possession of its Premises.
D. If Lessee shall abandon all or any part of its Premises or shall discontinue the conduct of its operations in all or any part of its Premises.
E. If Lessee shall fail to abide by all applicable criminal laws, including statutes, ordinances and rules and regulations of the United States, State of Vermont and the City. In the event any condition of default shall occur (notwithstanding any waiver, license or indulgence granted by Lessor with respect to any condition of default in any form or instance) Lessor, then, or at any time thereafter, shall have the right, at its election, either to terminate this Agreement by giving at least five (5) days written notice shallto Lessee at which time Lessee will then quit and surrender the Premises to Lessor, but Lessee shall remain liable as hereinafter provided, or, to enter upon and take possession of the Premises (or any part thereof in the name of the whole), without demand or notice, and repossess the same as of the Lessor’s former estate, expelling Lessee and those claiming under Lessee, forcibly, if necessary, without prejudice to any remedy for arrears of rent or proceedings for breach of covenant and without any liability to Lessee or those claiming under Lessee for such repossession. Lessor’s repossession of the Premises shall not be construed as an election to terminate this Agreement nor shall it cause a forfeiture of rents or other charges remaining to be paid during the balance of the term hereof, unless a written notice of such intention be given to Lessee, or unless such termination is decreed by a court of competent jurisdiction. Notwithstanding any reletting without termination by Lessor because of any default by Lessee, Lessor may at any time after such reletting elect to terminate this Agreement for any such default. Upon repossession, Lessor shall have the right (whether or not this Agreement shall be terminated) to relet the Premises or any part thereof for such period or periods (which may extend beyond the term of this Agreement) at such rent or rents and upon such other terms and conditions as Lessor may, in good faith, deem advisable. The Lessor agrees that upon repossession it shall make a good faith effort to relet the operation. In the event that Lessor shall relet, then rentals received by Lessor from such reletting shall be applied: first, to the payment of any indebtedness other than rent due hereunder from Lessee to Lessor; second, to the payment of any reasonable cost of such reletting; third, to the payment of rent due and unpaid hereunder; and the residue, if any, shall be held by Lessor and applied in payment of future rent as the same may become due and payable hereunder. Should that portion of such rentals received from such reletting during any month, which is applied to the payment of rent hereunder, be less than the rent payable during that month by Lessee hereunder, then Lessee shall pay such deficiency to Lessor. Such deficiency shall be calculated and paid monthly. Lessee shall also pay to Lessor, as soon as ascertained, any costs and expenses incurred by Lessor in such reletting not covered by the rentals received from such reletting of the Premises. If Lessor shall terminate this Agreement or take possession of the Premises by reason of a condition of default, Lessee and those holding under Lessee, shall no later than fourteen (14) days following such termination or possession remove its goods and effects from the Premises. If Lessee or any such claimant shall fail to effect such removal such property shall become the property of the Lessor without the payment of any amount to Lessee therefore. If Lessor shall enter into and repossess the Premises for reason of the default of Lessee in the performance of any of the terms, covenants or conditions herein contained, then and in that event Lessee hereby covenants and agrees that Lessee will not claim the right to redeem or reenter the Premises to restore its operations hereunder and Lessee hereby waives the right to such redemption and reentrance under any present or future law, and hereby further, for any party claiming through or under Lessee, expressly waives its rights, if any, to make payment of any sum or sums of rent, or otherwise, of which Lessee shall have made default under any of the covenants of this Agreement and to claim any subrogation of the rights of Lessee under these presents, or any of the covenants thereof, by reason of such payment. All rights and remedies of Lessor herein created or otherwise existing at law are cumulative, and the exercise of one or more rights or remedies shall not be taken to exclude or waive the right to the exercise of any other. All such rights and remedies may be exercised and enforced concurrently and whenever and as often as deemed advisable. If proceedings shall at any time be commenced for recovery of possession as aforesaid and compromise or settlement shall be effected either before or after judgment whereby Lessee shall be permitted to retain possession of the Premises, then such proceeding shall not constitute a waiver of any condition or agreement contained herein or of any subsequent breach thereof or to this Agreement. If the Lessee shall fail to make any payment or perform any act required to be made or performed by it hereunder, Lessor, without waiving or releasing any obligation or default, may (but shall be under no obligation to) at any time thereafter make payment or perform such reasonable act on account of and at the expense of the Lessee, and may enter upon the Premises or any part thereof at reasonable times for such purpose and take all such action thereon as, in the opinion of Lessor, may be necessary or appropriate therefore. All payments so made by Lessor and all cost and expenses (including, without limitation, attorney's fees and expenses) incurred in connection therewith or in connection with the performance by the Lessor such act shall constitute Additional Rent hereunder and the same may, at the option of the Lessors, authorize the Lessors Lessor be added to terminate this Lease.
(ii) The abandonment of the Demised Premises by the Lessee.
(iii) A failure by the Lessee to observe and perform any other provision of this Lease, where such failure continues for thirty (30) days after written notice by the Lessors. However, if the nature of such default is such that it cannot reasonable be cured within such period, the Lessee shall not be deemed to be in default if the Lessee shall within this period commence to cure and rent then diligently complete such curing.
(iv) The making by the Lessee of an assignment of its interest hereunder without prior written approval from the Lessors, due or if the Lessee shall file a petition in bankrupt or the appointment of a receiver or assignee shall automatically terminate all rights of the Lessee under this Lease and no rights thereto shall pass to the receiver, trustee in bankruptcy or assignee.
(b) In any such events, the Lessors may give the Lessee written notice specifying a day not less than five (5) days thereafter whereupon the Term shall end, and on the day specified the Term shall expire as if that day were the day herein fixed for the expiration of the Term, and the Lessee shall quit and surrender the Demised Premises to the Lessors, and the rent for the balance of the Term of this Lease shall become immediately falling due to compensate the Lessors for all damages sustained by the Lessors which resulted from the Lessee's failure to perform its obligations hereunder.
Appears in 1 contract
Samples: Lease Agreement
Default by Lessee. (a) The occurrence of any one or more of the following events ("Events of Default") shall constitute a material default under and breach of this LeaseLease by Lessee:
(ia) Any failure by the Lessee to pay any rental as and when the rent when same becomes due as herein specified. The Lessors shall forward notice of such default in writing to the Lesseeand payable, and the such failure of the Lessee to cure such default within thirty continues for more than ten (3010) days after the date of receipt of such written notice shall, at the option of the Lessors, authorize the Lessors to terminate this Leasefrom Lessor.
(iib) The abandonment of Any failure by Lessee to pay any other sum required to be paid by Lessee hereunder, as and when the Demised Premises by the Lesseesame becomes due and payable, and such failure continues for more than ten (10) days after written notice from Lessor.
(iiic) A Any failure by the Lessee to observe and perform any other provision of this LeaseLease to be observed or performed by Lessee, where such failure continues for thirty ten (3010) days after written notice thereof by the Lessors. HoweverLessor to Lessee; provided, however, that if the nature of such default is such that it cannot reasonable reasonably be cured within such ten (10) day period, the Lessee shall not be deemed to be in default if the Lessee shall within this such period commence to such cure and then thereafter diligently complete such curingprosecute the same to completion.
(ivd) The making by the Lessee of an any general assignment or general arrangement for the benefit of its interest hereunder without prior written approval from creditors; the Lessors, filing by or if the against Lessee shall file of a petition in to have Lessee adjudged a bankrupt or a petition for reorganization or arrangement under any law relating to bankruptcy (unless, in the case of a petition filed against Lessee, the same is dismissed within ninety (90) days); the appointment of a trustee or receiver to take possession of substantially all of Lessee's interest in this Lease, where possession is not restored to Lessee within sixty (60) days; or assignee shall automatically terminate the attachment, execution or other judicial seizure of substantially all rights of the Lessee under this Lease and no rights thereto shall pass to the receiver, trustee in bankruptcy or assignee.
(b) In any such events, the Lessors may give the Lessee written notice specifying a day not less than five (5) days thereafter whereupon the Term shall end, and on the day specified the Term shall expire as if that day were the day herein fixed for the expiration of the Term, and the Lessee shall quit and surrender Lessee's assets located at the Demised Premises to or of Lessee's interest in this Lease, where such seizure is not discharged within forty-five (45) days. Any notice given under this Article shall specify the LessorsEvent of Default and the applicable lease provisions, and shall demand that Lessee perform the rent for the balance of the Term provisions of this Lease or pay the rent that is in arrears, as the case may be, within the applicable period of time. No such notice shall become immediately due to compensate be deemed a forfeiture or termination of this Lease provided Lessee cures the Lessors for all damages sustained by default with the Lessors which resulted from the Lessee's failure to perform its obligations hereunderapplicable period of time.
Appears in 1 contract
Default by Lessee. (a) The Lessee shall be deemed in default under this Agreement upon the occurrence of any one of the following shall constitute a default events ("Event of Default"):
19.1. Failure to make any payment of Basic Rent or Cash Flow Sweep within ten (10) days of when due under this Lease:, the Charter and any Lease Schedule by its due date;
(i) Any failure 19.2. Lessee's cancellation, termination, alteration, or rescission of the Authorization for Automatic Payment without the prior approval of Lessor;
19.3. Lessee's rejection of any authorized withdrawal, payment or entry permitted by the Authorization for Automatic Payment;
19.4. Failure to perform in any material respect any other obligation under this Agreement, any Lease Schedule, Master Lease, Charter or any other written agreement between Lessee to pay and Lessor, regardless of whether such other agreement, lease or charter covers the rent when due as herein specified. The Lessors shall forward notice of such default in writing to the Lesseesame or similar maritime vessel or gaming equipment, and the failure of the Lessee to cure such default within thirty (30) days after the date of receipt of such notice shall, at the option of the Lessors, authorize the Lessors to terminate this Lease.
(ii) The abandonment of the Demised Premises by the Lessee.
(iii) A failure by the Lessee to observe and perform any other provision of this Lease, where such failure continues for thirty (30) days after written notice by the Lessorsof default and failure to cure; provided, however, that no notice shall be required where a breach or threatened breach would cause irreparable harm to Lessor and Lessor may immediately seek equitable relief in a court of competent jurisdiction to enjoin such breach;
19.5. However, if the nature of such default is such that it cannot reasonable be cured within such period, the Lessee shall not be deemed generally fail to be in default if the Lessee pay its debts as they become due, shall within this period commence to cure and then diligently complete such curing.
(iv) The making by the Lessee of make an assignment for the benefit of its interest hereunder without prior written approval from the Lessorscreditors, or if the Lessee shall admit in writing its inability to pay its debts as they become due, shall file a petition under any chapter of the Federal Bankruptcy Code or any similar law, state or federal, now or hereafter existing, shall become "insolvent" as that term is generally defined under the Federal Bankruptcy Code, shall in any involuntary bankruptcy case commenced against it file an answer admitting insolvency or inability to pay its debts as they become due, or shall fail to obtain a dismissal of such case within one hundred twenty (120) days after its commencement or convert the case from one chapter of the Federal Bankruptcy Code to another chapter, or be the subject of an order for relief in such bankruptcy case, or be adjudged a bankrupt or insolvent, or shall have a custodian, trustee or receiver appointed for, or have any court take jurisdiction of its property, or any part thereof, in any proceeding for the appointment purpose of reorganization, arrangement, dissolution or liquidation, and such custodian, trustee or receiver shall not be discharged, or such jurisdiction shall not be relinquished, vacated or stayed within sixty (60) days of the appointment;
19.6. Lessee materially defaults under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced, any indebtedness of Lessee for money borrowed, whether such indebtedness now exists or shall be created hereafter, which material default (monetary or otherwise) is not cured within (30) days;
19.7. Lessee shall be dissolved, liquidated or wound up or is enjoined, restrained, fails or is in any way prevented from maintaining its existence as a going concern in good standing (excepting, however, reorganizations, consolidations and/or mergers into or with, and sales to, affiliates owned by, owning or under common control of or with Lessee and reorganizations, consolidations and/or mergers resulting from the death of Frances W. Murray);
19.8. Lessee attempts to remove, sell, xxxxxxxx, xxxxmber, part with possession or sublet any part of the Equipment without the prior written consent of Lessor other than in the ordinary course of business or as otherwise provided in the Charter;
19.9. Any part of the Equipment, which is material to the operation of Lessee's business or the functionality of the Vessel, is lost, stolen, materially changed or destroyed, and is not replaced by Lessee within a reasonable period of time;
19.10. Any part of the Equipment is attached, levied upon, encumbered, pledged, or seized under any judicial process, unless attributable to acts or debts of Lessor;
19.11. Any warranty or representation made or furnished to Lessor by or on behalf of Lessee in this Lease, any Lease Schedule or the Charter is false or misleading in any material respect when made or furnished;
19.12. Failure of Lessee to maintain in full force and effect the licenses, permits and certifications that may be required under any applicable gaming laws for the operation of Lessee 's business;
19.13. The revocation of any gaming license of Lessee;
19.14. The denial of any gaming license application of Lessee;
19.15. Failure of Lessee to comply with all applicable gaming statutes and regulations;
19.16. Failure of Lessee to maintain the insurance required by this Agreement; and/or
19.17. Any merger, consolidation, sale, change in control of Lessee (other than a change in control resulting from the death of Frances W. Murray) or any transfer of a receiver or assignee shall automatically terminate all rights majority of the Lessee under this Lease and no rights thereto shall pass to the receiver, trustee in bankruptcy or assignee.
(b) In any such events, the Lessors may give the Lessee written notice specifying a day not less than five (5) days thereafter whereupon the Term shall end, and on the day specified the Term shall expire as if that day were the day herein fixed for the expiration of the Term, and the Lessee shall quit and surrender the Demised Premises to the Lessors, and the rent for the balance of the Term of this Lease shall become immediately due to compensate the Lessors for all damages sustained by the Lessors which resulted from the Lessee's failure businexx xx xxxxxx, xxthout Lessor's prior written consent, such consent not to perform its obligations hereunderbe unreasonably withheld.
Appears in 1 contract
Samples: Master Lease Agreement (International Thoroughbred Breeders Inc)
Default by Lessee. (a) The occurrence of any Each of the following shall constitute be an “Event of Default” (sometimes referred to herein as a default under “default”) by Lessee and a material breach of this Lease:
(ia) Any Lessee fails to make any payment of Base Rental or Excess Operating Expenses owed by Lessee under this Lease as and when due, if the failure by the Lessee to pay the rent when due as herein specified. The Lessors shall forward continues for five (5) business days after written notice of such default in writing to the Lessee, and the failure from Lessor to Lessee; Lessor’s (Landlord’s) initials Lessee’s (Tenant’s) initials
(b) Lessee shall fail to observe, keep or perform any of the terms, covenants, agreements or conditions under this Lease that Lessee is obligated to cure such default within observe or perform, other than that described in subsection (a) above, for a period of thirty (30) days after notice to Lessee of said failure; provided, however, that if the date nature of receipt of Lessee’s default is such notice shall, at the option of the Lessors, authorize the Lessors to terminate this Lease.
(ii) The abandonment of the Demised Premises by the Lessee.
(iii) A failure by the Lessee to observe and perform any other provision of this Lease, where such failure continues for that more than thirty (30) days after written notice by the Lessors. Howeverare reasonably required for its cure, if the nature of such default is such that it cannot reasonable be cured within such period, the then Lessee shall not be deemed to be in default under this Lease if the Lessee shall commence the cure of such default so specified within this said thirty (30) day period commence and diligently prosecute the same to completion thereafter (but in no event shall such cure period exceed one hundred twenty (120) calendar days). Such notice shall be in lieu of, and then diligently complete such curing.not in addition to, any notice required under Section 1161 of the California Code of Civil Procedure;
(ivc) The making by Any of the Lessee of an assignment of its interest hereunder without prior written approval from the Lessors, or if the following shall occur (i) Lessee shall file make any general arrangement or assignment for the benefit of creditors; (ii) Lessee shall become a “debtor” as defined in 11 U.S.C. Section 101 or any successor statute thereto (unless, in case of a petition in bankrupt or filed against Lessee, the same is dismissed within 60 days); (iii) the appointment of a trustee or receiver to take possession of substantially all of Lessee’s assets located at the Premises or assignee of Lessee’s interest in this Lease, where possession is not restored to Lessee within 60 days; or (iv) the attachment, execution or other judicial seizure of substantially all of Lessee’s assets located at the Premises or of Lessee’s interest in this Lease, where such seizure is not discharged within 60 days. Provided, however, in the event that any provision of this subparagraph is contrary to any applicable law, such provision shall automatically terminate all rights be of the Lessee under no force or effect. Any notice required or permitted by this Lease and no rights thereto Section 17.1 shall pass satisfy, to the receivermaximum extent permissible under applicable law, trustee in bankruptcy or assignee.
(b) In any such events, and all notice requirements imposed by law on the Lessors may give Lessor under the Lessee written notice specifying a day not less than five (5) days thereafter whereupon the Term shall endLease, and on this Section 17.1 shall not be intended to create notice obligations beyond what is legally required. Lessor may serve a notice to quit, a notice to pay rent or quit, a notice of default, or any other notice, as the day specified case may be, to effect the Term shall expire as if that day were the day herein fixed for the expiration giving of the Term, and the Lessee shall quit and surrender the Demised Premises to the Lessors, and the rent for the balance of the Term of any notice required by this Lease shall become immediately due to compensate the Lessors for all damages sustained by the Lessors which resulted from the Lessee's failure to perform its obligations hereunderSection 17.1.
Appears in 1 contract
Samples: Lease Agreement (Fisker Inc./De)
Default by Lessee. (a) The Lessee shall be deemed in default under this Agreement upon the occurrence of any one of the following shall constitute a default events ("Event of Default"):
19.1. Failure to make any payment of Basic Rent within ten (10) days of when due under this Lease:Agreement or any Lease Schedule by its due date;
(i) Any failure 19.2. Lessee's cancellation, termination, alteration, or rescission of the Authorization for Automatic Payment without the prior approval of Lessor;
19.3. Lessee's rejection of any authorized withdrawal, payment or entry permitted by the Authorization for Automatic Payment;
19.4. Failure to perform in any material respect any other obligation under this Agreement, any Lease Schedule, Vessel Lease Documents or any other written agreement between Lessee to pay and Lessor, regardless of whether such other agreement, lease or charter covers the rent when due as herein specified. The Lessors shall forward notice of such default in writing to the Lesseesame or similar maritime vessel or gaming equipment, and the failure of the Lessee to cure such default within thirty (30) days after the date of receipt of such notice shall, at the option of the Lessors, authorize the Lessors to terminate this Lease.
(ii) The abandonment of the Demised Premises by the Lessee.
(iii) A failure by the Lessee to observe and perform any other provision of this Lease, where such failure continues for thirty (30) days after written notice by the Lessorsof default and failure to cure; provided, however, that no notice shall be required where a breach or threatened breach would cause irreparable harm to Lessor and Lessor may immediately seek equitable relief in a court of competent jurisdiction to enjoin such breach;
19.5. However, if the nature of such default is such that it cannot reasonable be cured within such period, the Lessee shall not be deemed generally fail to be in default if the Lessee pay its debts as they become due, shall within this period commence to cure and then diligently complete such curing.
(iv) The making by the Lessee of make an assignment for the benefit of its interest hereunder without prior written approval from the Lessorscreditors, or if the Lessee shall admit in writing its inability to pay its debts as they become due, shall file a petition under any chapter of the Federal Bankruptcy Code or any similar law, state or federal, now or hereafter existing, shall become "insolvent" as that term is generally defined under the Federal Bankruptcy Code, shall in any involuntary bankruptcy case commenced against it file an answer admitting insolvency or inability to pay its debts as they become due, or shall fail to obtain a dismissal of such case within one hundred twenty (120) days after its commencement or convert the case from one chapter of the Federal Bankruptcy Code to another chapter, or be the subject of an order for relief in such bankruptcy case, or be adjudged a bankrupt or insolvent, or shall have a custodian, trustee or receiver appointed for, or have any court take jurisdiction of its property, or any part thereof, in any proceeding for the appointment purpose of reorganization, arrangement, dissolution or liquidation, and such custodian, trustee or receiver shall not be discharged, or such jurisdiction shall not be relinquished, vacated or stayed within sixty (60) days of the appointment;
19.6. Lessee materially defaults under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced, any indebtedness of Lessee for money borrowed, whether such indebtedness now exists or shall be created hereafter, which material default (monetary or otherwise) is not cured within (30) days;
19.7. Lessee shall be dissolved, liquidated or wound up or is enjoined, restrained, fails or is in any way prevented from maintaining its existence as a going concern in good standing (excepting, however, reorganizations, consolidations and/or mergers into or with, and sales to, affiliates owned by, owning or under common control of or with Lessee and reorganizations, consolidations and/or mergers resulting from the death of Frances W. Murray);
19.8. Lessee attempts to remove, selx, xxxxxxxx, xxxumber, part with possession or sublet any part of the Equipment without the prior written consent of Lessor other than in the ordinary course of business or as otherwise provided in the Vessel Lease Documents;
19.9. Any part of the Equipment is lost, stolen, materially changed or destroyed, and is not replaced by Lessee within a reasonable period of time;
19.10. Any part of the Equipment is attached, levied upon, encumbered, pledged, or seized under any judicial process, unless attributable to the acts or debts of Lessor;
19.11. Any warranty or representation made or furnished to Lessor by or on behalf of Lessee in this Lease or any Lease Schedule is false or misleading in any material respect when made or furnished;
19.12. Failure of Lessee to maintain in full force and effect the licenses, permits and certifications that may be required under any applicable gaming laws for the operation of Lessee 's business;
19.13. The revocation of any gaming license of Lessee;
19.14. The denial of any gaming license application of Lessee;
19.15. Failure of Lessee to comply with all applicable gaming statutes and regulations;
19.16. Failure of Lessee to maintain the insurance required by this Agreement; and/or
19.17. Any merger, consolidation, sale, change in control of Lessee (other than a change in control resulting from the death of Frances W. Murray) or any transfer of a receiver or assignee shall automatically terminate all rights majority of the Lessee under this Lease and no rights thereto shall pass to the receiver, trustee in bankruptcy or assignee.
(b) In any such events, the Lessors may give the Lessee written notice specifying a day not less than five (5) days thereafter whereupon the Term shall end, and on the day specified the Term shall expire as if that day were the day herein fixed for the expiration of the Term, and the Lessee shall quit and surrender the Demised Premises to the Lessors, and the rent for the balance of the Term of this Lease shall become immediately due to compensate the Lessors for all damages sustained by the Lessors which resulted from the Lessee's failure businxxx xx xxxxxx, xithout Lessor's prior written consent, such consent not to perform its obligations hereunderbe unreasonably withheld.
Appears in 1 contract
Samples: Master Lease Agreement (International Thoroughbred Breeders Inc)
Default by Lessee. If (a) The occurrence of Lessee fails to timely pay any of the following shall constitute a default sum to be paid by Lessee under this Lease:
(i) Any failure by the Lessee to pay the rent when due as herein specified. The Lessors shall forward notice of such default in writing to the Lessee, Lease and the failure of the Lessee to cure such default within thirty (30) days after the date of receipt of such notice shall, at the option of the Lessors, authorize the Lessors to terminate this Lease.
(ii) The abandonment of the Demised Premises by the Lessee.
(iii) A failure by the Lessee to observe and perform any other provision of this Lease, where such failure continues for thirty a period of 10 days following the date on which written notice thereof is given (30or deemed given) by Lessor; provided, however, that Lessor shall be required to give only two (2) such notices in any 12-month period, per calendar year, and upon the third such failure in any l2-month period, per calendar year, Lessor shall have the right to avail itself of any or all remedies afforded to Lessor hereunder without any further notice to Lessee; (b) Lessee fails to perform any of its other duties or obligations under this Lease and such default continues for 20 days after Lessor delivers written notice by to Lessee or deposits written notice in the Lessors. HoweverU. S. Mail addressed to Lessee’s address above; provided, however, that if the nature such failure is one which is not reasonably susceptible of such default is such that it cannot reasonable be being cured within such a 20-day period, the Lessee then Lessor shall not be deemed to be in default if hereunder so long as Lessee commences its cure of such failure within such 20-day period and diligently and continuously prosecutes the cure thereof to completion within ninety (90) days after delivery or deposit of Lessor’s written notice of such failure; (c) any of the following actions occur and Lessee shall fails to contest same using Lessee’s best reasonable efforts and cause same to be removed, dismissed, or vacated within 30 days from the date of entry or filing: (i) Lessee’s interest under this period commence Lease is levied on under execution or other legal process, or (ii) any petition is filed by or against Lessee to cure and then diligently complete such curing.
declare Lessee a bankrupt or to delay, reduce or modify Lessee’s debts or obligations, or (iii) any petition under the Bankruptcy Code is filed or other action taken to reorganize or modify Lessee’s capital structure, or (iv) The making by the Lessee of an is declared insolvent according to law, or (v) any general assignment of its interest hereunder without prior written approval from Lessee’s property is made for the Lessorsbenefit of creditors, or if the Lessee shall file a petition in bankrupt or the appointment of (vi) a receiver or assignee shall automatically terminate all rights trustee is appointed for Lessee or its property; (d) Lessee vacates or abandons the Premises and ceases payment of rent; (e) if Lessee is a corporation, Lessee ceases to exist as a corporation in good standing in the State of Texas; or (f) if Lessee is a partnership or other entity, Lessee is dissolved or otherwise liquidated, then Lessor may treat the occurrence of anyone or more of the Lessee under foregoing events as a breach of this Lease. Upon the occurrence of any of the foregoing events, at Lessor’s option, Lessor shall have anyone or more of the following described remedies, in addition to all other rights and remedies provided at law or in equity:
A. Lessor may continue this Lease in full force and effect, and this Lease shall continue in full force and effect as long as Lessor does not terminate this Lease, and Lessor shall have the right to collect Rent, Additional Rent and other charges when due.
X. Xxxxxx may terminate this Lease and no rights thereto shall pass forthwith repossess the Premises and recover damages in a sum of money equal to the receivertotal of (i) the cost of recovering the Premises, trustee in bankruptcy including the cost of the removal and storage of any of Lessee’s possessions left within the Premises, (ii) the unpaid Base Rent and Additional Rent earned at the time of termination, plus interest thereon at the lesser of 18% or assignee.
the then maximum interest rate permitted to be charged by applicable law (b“Interest”) In any such eventsfrom the due date until paid, (iii) the Lessors may give balance of the Lessee written notice specifying a day not less than five (5) days thereafter whereupon the Term shall end, Base Rent and on the day specified the Term shall expire as if that day were the day herein fixed Additional Rent for the expiration remainder of the Term, discounted to its present value at the rate of 6% per annum, less the fair market rental value (allowing a reasonable period for reletting) of the Premises for said period (provided said sum shall not be less than zero), and (iv) any other sum of money and/or damages owed by Lessee to Lessor.
C. Without terminating this Lease, Lessor may terminate Lessee’s right of possession and repossess the Premises by forcible detainer suit or otherwise, without demand or notice of any kind to Lessee, and without terminating this Lease, without acceptance of surrender of the Premises, and without becoming liable for damages, or guilty of trespass. If Lessor pursues this remedy and if and to the extent required by law, Lessor shall use reasonable efforts to relet the Premises for Lessee’s account, for such rent and upon such terms and conditions as Lessor deems satisfactory. Lessor shall be deemed to have used “reasonable efforts” to relet the Premises if Lessor offers the Premises “for lease” and entertains in good faith, bona fide offers to lease submitted to Lessor. In no event shall Lessor be obligated to lease the Premises in priority of other space in the Building or adjacent buildings owned by Lessor or any affiliate thereof. If Lessor so relets, Lessor is authorized to decorate or to make any repairs, changes, alterations or modifications in or to the Premises as it deems necessary to prepare the Premises to relet at Lessee’s expense. If Lessor fails to relet the Premises, then Lessee shall pay to Lessor as damages a sum equal to the amount of the Base Rent and Additional Rent provided for in this Lease for such period or periods. If Lessor relets the Premises and fails to realize a sufficient sum from such reletting to pay all Base Rent and Additional Rent due and payable hereunder after deducting (a) the due and unpaid Base Rent and Additional Rent, (b) the accrued Interest thereon, (c) the cost of recovering possession, (d) the costs and expenses of all decorations, repairs, changes, alteration and modifications, (e) the expense of such reletting and the collection of the rent accruing therefrom, (f) the cost of any brokerage fees or commissions payable by Lessor in connection with such reletting or attempted related; (g) the cost of removing and storing the furniture, trade fixtures, equipment, inventory and/or personal property of Lessee or any other occupant’s property left on the Premises, Parking, or Land after reentry, (h) any other costs incurred by Lessor in such reletting; and (i) any other sum or money or damages owed by Lessee to Lessor at law, in equity, or hereunder, then Lessee shall quit pay to Lessor any such deficiency upon demand from time to time, Lessor shall in no event be obligated to pay any excess proceeds from such reletting to Lessee after deduction of the foregoing from such proceeds. Lessor may file one or more suits to recover any sums falling due under this Section from time to time. Any reletting shall not be an election by Lessor to terminate this Lease or acceptance of surrender of the Premises unless Lessor gives a written notice of such intention to Lessee. Notwithstanding any such reletting without termination, Lessor may at any time thereafter elect to terminate this Lease for such previous default.
X. Xxxxxx may change the locks on the Premises and surrender not return the Demised Premises new key to the LessorsLessee unless the Lessee cures the default(s). The Lessor will not have to give the Lessee a new key unless the Lessee cures the default(s); the new key will be provided only during Lessor’s regular business hours.
X. Xxxxxx may enter upon the Premises and do whatever Lessee is obligated to do under the terms of this Lease; and Lessee agrees to reimburse Lessor on demand for any expenses which Lessor may incur in effecting compliance with Lessee’s obligations under this Lease plus fifteen percent (15%) of such cost to cover overhead, plus Interest, and the rent Lessee further agrees that Lessor shall not be liable for the balance any damages resulting to Lessee from such action, except for Lessor’s gross negligence or willful misconduct. No action taken by Lessor under this section shall relieve Lessee from any of the Term of its obligations under this Lease shall become immediately due to compensate the Lessors for all damages sustained by the Lessors which resulted or from any consequences or liabilities arising from the Lessee's failure to perform its obligations hereundersuch obligations.
F. Any furniture, trade fixtures, equipment, inventory or other personal property of Lessee which remains on the Premises following (i) the termination date of this Lease, or (ii) Lessor’s termination of Lessee’s possession of the Premises pursuant to this Section 29, shall conclusively be deemed abandoned, and without notice to Lessee, Lessor may dispose of the same in any manner deemed suitable by Lessor, sell such property and retain the proceeds therefor, or store such property at Lessee’s expense.
X. Xxxxxx shall have the right to exercise any and all other remedies available to Lessor in this Lease, at law or in equity.
Appears in 1 contract
Default by Lessee. (a) The occurrence of any Each and every of the following shall will constitute a default under of this LeaseLease and result in its automatic termination:
(i) Any failure by the Lessee a. Failure to pay the rent when due as herein specified. The Lessors shall forward notice of such default in writing to the Lesseedue, and if the failure of the Lessee to cure such default is not cured within thirty five (30) days after the date of receipt of such notice shall, at the option of the Lessors, authorize the Lessors to terminate this Lease.
(ii) The abandonment of the Demised Premises by the Lessee.
(iii) A failure by the Lessee to observe and perform any other provision of this Lease, where such failure continues for thirty (305) days after written notice of such failure has been given to Lessee by the Lessors. HoweverBoard; or
b. Failure to perform any other terms or conditions of this Lease, which are the responsibility of Lessee, if the nature of such default failure is such that it cannot reasonable be cured within such periodfive (5) days after vmtten notice by the Board. If the failure is caused by events beyond the Lessee's reasonable control, the Lessee shall so inform the Board and shall nse due diligence to cure the default as soon as feasible and shall not be considered in default; or
c. Vacating or abandoning the Premises in excess of five (5) days Vl�thout previously notifying the Board in riting; except that a temporary closing for remodeling or repairs, or for any scheduled break or holiday, shall not be deemed vacation or abandonment; or
d. Adjudgement as a bankrupt, or a decree or order, approving as properly filed, a petition or answer asking reorganization of the Lessee under Federal Bankruptcy Lmvs as now or hereafter amended, or under the laws of the State of Wisconsin, shall be entered, and any such decree, judgment or order shall not have been vacated, stayed or set aside within fifteen (15) days from the date of the entry or gran g thereof; or
e. Filing or admitting the jnrisdiction of the court and the material allegations contained in, any petition in bankruptcy, or any petition pursuant or purporting to be in default if the Lessee shall within this period commence pursuant to cure and then diligently complete such curing.
(iv) The making by the Lessee of an assignment of its interest hereunder without prior written approval from the Lessorsth e Federal Bankruptcy Laws as now or hereafter amended, or if the Lesseeshall institute any proceedings or shall give its consent to the institution of any proceedings for any reliefof Lessee shall file a petition in bankrupt under any bankruptcy or insolvency laws or any laws relating to the relief of debtors, readjustment of indebtedness, reorganization, arrangements, composition of evidence; or
f. Assignment for the benefit of creditors or application for or consent to the appointment of a receiver for Xxxxxx; or
g. An assignment, transfer, conveyance or assignee shall automatically terminate all rights other disposition of its interest in the Premises withont the express written consent of the Lessee under this Lease and no rights thereto shall pass to the receiver, trustee in bankruptcy or assignee.Board; or
(b) In any such events, the Lessors may give the Lessee written notice specifying a day not less than five (5) days thereafter whereupon the Term shall end, and on the day specified the Term shall expire as if that day were the day herein fixed for the expiration h. Violation of the Term, and the Lessee shall quit and surrender the Demised Premises to the Lessors, and the rent for the balance of the Term of this Lease shall become immediately due to compensate the Lessors for all damages sustained by the Lessors which resulted from the Lessee's failure to perform its obligations hereunder.Article 12
Appears in 1 contract
Samples: Lease Agreement
Default by Lessee. (a) The occurrence of any Each of the following events shall constitute be an “Event of Default” by Lessee and a default under material breach of this Lease:
(ia) Any failure Lessee shall fail to make any payment of Base Rent owed by the Lessee to pay the rent under this Lease, as and when due as herein specified. The Lessors shall forward notice of such default in writing to the Lesseedue, and the such failure is not cured within five (5) days following receipt of written notice thereof by Lessee (any such notice shall be in lieu of, and not in addition to, any notice required by law), or Lessee shall fail to make any payment of Rent (other than Base Rent) owed by Lessee under this Lease, as and when due, and such failure is not cured within ten (10) days following receipt of written notice thereof by Lessee; (b) Lessee shall fail to observe, keep or perform any of the terms, covenants, agreements or conditions under this Lease that Lessee is obligated to cure such default within observe or perform, other than that described in subsection (a) above, for a period of thirty (30) days after the date of receipt of written notice by Lessee of said failure; provided, however, that if the nature of Lessee’s default is such notice shall, at the option of the Lessors, authorize the Lessors to terminate this Lease.
(ii) The abandonment of the Demised Premises by the Lessee.
(iii) A failure by the Lessee to observe and perform any other provision of this Lease, where such failure continues for that more than thirty (30) days after written notice by the Lessors. Howeverare reasonably required for its cure, if the nature of such default is such that it cannot reasonable be cured within such period, the then Lessee shall not be deemed to be in default under this Lease if the Lessee shall commence the cure of such default so specified within this said thirty (30) day period commence and diligently prosecute the same to cure and then diligently complete such curing.
completion; (ivc) The making by the Lessee of an assignment of its interest hereunder without prior written approval from the Lessors, or if the Lessee shall file (i) make any general arrangement or assignment for the benefit of creditors; (ii) become a “debtor” as defined in 11 U.S.C. Section 101 or any successor statute thereto (unless, in case of a petition in bankrupt or filed against Lessee, the same is dismissed within 60 days); (iii) the appointment of a trustee or receiver to take possession of substantially all of Lessee’s assets located at the Premises or assignee of Lessee’s interest in this Lease, where possession is not restored to Lessee within thirty (30) days; or (iv) the attachment, execution or other judicial seizure of substantially all of Lessee’s assets located at the Premises or of Lessee’s interest in this Lease, where such seizure is not discharged within thirty (30) days; provided, however, in the event that any provision of this subparagraph is contrary to any applicable law, such provision shall automatically terminate all rights of the Lessee under this Lease and no rights thereto shall pass be limited to the receiver, trustee in bankruptcy or assigneeextent necessary to be effective.
(b) In any such events, the Lessors may give the Lessee written notice specifying a day not less than five (5) days thereafter whereupon the Term shall end, and on the day specified the Term shall expire as if that day were the day herein fixed for the expiration of the Term, and the Lessee shall quit and surrender the Demised Premises to the Lessors, and the rent for the balance of the Term of this Lease shall become immediately due to compensate the Lessors for all damages sustained by the Lessors which resulted from the Lessee's failure to perform its obligations hereunder.
Appears in 1 contract
Samples: Office Lease (Icop Digital, Inc)
Default by Lessee. Lessee shall be in default under this Lease if:
(a) The occurrence of Lessee shall fail to pay when due any of the following shall constitute a default Base Rent, Additional Rent, or other payment to be made by Lessee under this Lease:; provided, however, the first two (2) such failures during any consecutive twelve (12) month period shall not be an event of default if Lessee pays the amount due within five (5) days after written notice from Lessor.
(ib) Any failure by the Lessee violates or breaches, or fails to pay the rent when due as herein specified. The Lessors shall forward notice fully and completely observe, keep, satisfy, perform and comply with, any agreement, term, covenant, condition, requirement, restriction or provision of such default in writing to the Lesseethis Lease, and the failure of the Lessee fails to cure such default breach or failure within thirty (30) days after the date delivery of receipt written notice by Lessor to Lessee; provided, however, that if such breach or failure is incapable of such notice shall, at the option of the Lessors, authorize the Lessors to terminate this Lease.
(ii) The abandonment of the Demised Premises by the Lessee.
(iii) A failure by the Lessee to observe and perform any other provision of this Lease, where such failure continues for cure within thirty (30) days after written notice by the Lessors. Howeverdays, if the nature of such default is such that it cannot reasonable be cured within such period, the Lessee shall not be deemed to be in default hereunder if Lessee commences the Lessee shall cure within this such thirty (30) day period commence and thereafter diligently prosecutes the cure to cure and then diligently complete such curingcompletion.
(ivc) The making by Lessee fails to take possession of or cease to do business in or abandon any substantial portion of the Leased Premises.
(d) Lessee of becomes insolvent, or makes an assignment for the benefit of creditors; or any action is brought by Lessee seeking its dissolution or liquidation of its interest hereunder without prior written approval from the Lessors, assets or if the Lessee shall file a petition in bankrupt or seeking the appointment of a trustee, interim trustee, receiver or assignee shall automatically terminate all rights other custodian for any of the Lessee under this Lease and no rights thereto shall pass to the receiver, trustee in bankruptcy or assigneeits property.
(be) In Lessee commences a voluntary proceeding under the Federal Bankruptcy Code, or any reorganization or arrangement proceeding is instituted by Lessee for the settlement, readjustment, composition or extension of any of its debts upon any terms; or any action or petition is otherwise brought by Lessee seeking similar relief or alleging that it is insolvent or unable to pay its debts as they mature; or if any action is brought against Lessee seeking its dissolution or liquidations of any of its assets, or seeking the appointment of a trustee, interim trustee, receiver or other custodian for any of its property, and any such events, action is consented to or acquiesced in by Lessee or is not dismissed within three (3) months after the Lessors may give the Lessee written notice specifying a day not less than five (5) days thereafter whereupon the Term shall end, and on the day specified the Term shall expire as if that day were the day herein fixed for the expiration of the Term, and the Lessee shall quit and surrender the Demised Premises to the Lessors, and the rent for the balance of the Term of this Lease shall become immediately due to compensate the Lessors for all damages sustained by the Lessors date upon which resulted from the Lessee's failure to perform its obligations hereunderit was instituted.
Appears in 1 contract
Samples: Office Lease (Netpliance Inc)
Default by Lessee. (a) The occurrence If LESSEE shall default in the payment of rent and other sums and charges herein reserved, when due, and shall fail to make such payment within ten (10) calendar days after the due date thereof,
(b) if LESSEE is adjudicated bankrupt;
(c) if LESSEE shall file a petition in bankruptcy under any section or provision of the bankruptcy law;
(d) if any involuntary petition in bankruptcy shall be filed against LESSEE, and same not be withdrawn or dismissed within sixty (60) days from the filing thereof,
(e) if a receiver or trustee shall be appointed for LESSEE's property and the order appointing such receiver or trustee shall remain in force for thirty (30) days after the entry of such order;
(f) if, whether voluntarily or involuntarily, LESSEE shall take advantage of any debtor relief proceedings under any present or future law, whereby the rent or any part thereof is, or is proposed to be, reduced or payment thereof deferred;
(g) if LESSEE shall make an assignment for benefit of the following creditors;
(h) if LESSEE's effects shall constitute a default be levied upon or attached under this Lease:process against LESSEE, and such levy or attachment not be satisfied or dissolved within thirty (30) days after such levy or attachment;
(i) Any failure if LESSEE shall vacate or abandon the Premises unless Tenant is not in default in the payment of rent or other charges, terms on conditions of the Lease; or
(j) if LESSEE shall default under any other covenant, agreement, or condition to be performed or kept by the Lessee to pay LESSEE under the rent when due as herein specified. The Lessors terms and provisions of this Lease and shall forward notice of such default in writing to the Lessee, and the failure of the Lessee fail to cure such default within thirty (30) calendar days after of the date of receipt of written notice from LESSOR to LESSEE, then and in any such notice shallevent LESSOR shall have the right, at the option of LESSOR, then or at any time thereafter while any such default shall continue, to elect to do any one or more of the Lessorsfollowing:
(1) to cure such default or defaults at the expense of LESSEE and without prejudice to any other remedies which it might otherwise have, authorize any payment made or expenses incurred by LESSOR in curing such default with interest thereon at the Lessors Default Rate (as defined below) to terminate be and become additional rent to be paid by LESSEE with the next installment of rent falling due thereafter; or
(2) re-enter the Premises by force or otherwise, without notice, and dispossess LESSEE and anyone claiming under LESSEE, by summary proceedings or otherwise, and remove their effects, and take complete possession of the Premises. In such re-entry LESSOR may, with or without process of law, remove all persons from the Premises, and in such event, LESSEE hereby covenants, for itself and all others occupying the Premises under LESSEE, to peacefully yield up and surrender the Premises to the LESSOR. Either before or after such reentering, dispossessing, removing and taking possession, LESSOR may:
(i) declare this Lease forfeited and the term ended whereupon LESSOR shall be entitled to recover from LESSEE the rental and all other sums due and owing by LESSEE up to the date of termination, plus the costs of curing all of LESSEE's defaults existing at or prior to the date of termination, plus the unamortized costs of any tenant improvements made to the Premises in connection with this Lease.
, plus the amount of any brokerage commission paid in advance (iibased on projected rentals) The abandonment representing payment for the period following such default, plus liquidated damages for failure of the Demised Premises by the Lessee.
(iii) A failure by the Lessee LESSEE to observe and perform any other provision the covenants of this Lease, where such failure continues for thirty (30) days after written notice by Lease equal to the Lessors. Howeverdeficiency, if the nature of such default is such any, between LESSEE's Rental (and all other charges that it cannot reasonable be cured within such period, the Lessee shall not be deemed to be in default if the Lessee shall within this period commence to cure and then diligently complete such curing.
(ivotherwise would have become due hereunder) The making by the Lessee of an assignment of its interest hereunder without prior written approval from the Lessors, or if the Lessee shall file a petition in bankrupt or the appointment of a receiver or assignee shall automatically terminate all rights of the Lessee under this Lease and no rights thereto shall pass to the receiver, trustee in bankruptcy or assignee.
(b) In any such events, the Lessors may give the Lessee written notice specifying a day not less than five (5) days thereafter whereupon the Term shall end, and on the day specified the Term shall expire as if that day were the day herein fixed for the expiration of the Term, and the Lessee shall quit rental (less LESSOR's costs and surrender the Demised Premises to the Lessors, and the rent expenses including brokers' commissions related thereto) obtained by LESSOR for the balance of the Term term remaining under this Lease from any reletting of the Premises. In the event of termination of this Lease, LESSEE waives any and all rights to redeem the Premises given by any statute now in effect or hereafter enacted. No receipt of money by LESSOR from LESSEE after the termination of this Lease or after service of any notice or after the commencement of any suit or after final judgment for possession of the Premises shall reinstate, continue or extend the term of this Lease or affect any such termination, notice, suit or judgment; or
(ii) declare this Lease forfeited and the term ended and declare the entire amount of rental and all other sums which would have otherwise become due and payable during the remainder of the term of this Lease, plus the unamortized costs of any tenant improvements made to the Premises in connection with this Lease, plus the amount of any brokerage commission paid in advance (based on projected rentals) representing payment for the period following such default, to be due and payable immediately, in which event LESSEE agrees to pay the same at once, together with all rental and other sums theretofore due and payable; provided, however, that such payment shall not constitute a penalty or forfeiture or liquidated damages, but shall merely constitute payment in advance of the rental for the remainder for the said term. Upon making such payment, LESSEE shall from time to time receive from LESSOR on account of the Premises during the term of this Lease, after deducting from gross receipts any and all of LESSOR's costs and expenses, including brokers' commissions related thereto, the excess of such gross receipts (after deduction of such costs and expenses) over the rentals otherwise due and payable hereunder; provided, however, that the monies to which LESSEE shall so become entitled shall in no event exceed the entire amount payable by LESSEE to LESSOR hereunder; or
(iii) continue this Lease in full force and effect, but with the right at any time thereafter to elect Option (1) immediately due hereinabove, whereupon LESSOR shall use its reasonable efforts to compensate rent the Lessors Premises on the best terms available for the remainder of the term hereof, or for such longer or shorter periods as LESSOR shall deem advisable. LESSEE acknowledges that LESSOR shall have no obligation to rent the Premises prior to LESSOR's renting any other available space owned by LESSOR in the park in which the Premises are located. LESSEE shall remain liable for payment of all rentals and other charges and costs imposed on LESSEE herein, in the amounts, at the times and upon the conditions as herein provided, but LESSOR shall credit against such liability of LESSEE all amounts received by LESSOR from such reletting after first reimbursing itself for all damages sustained costs incurred in curing LESSEE's defaults, preparing and refinishing the Premises for reletting, and reletting the Premises. If this Lease provides for a postponement of any monthly rental payments, a period of "free" rent or other rent concession (herein referred to as "Abated Rent"), LESSEE shall be credited with having paid all of the Abated Rent on the expiration of the term of this Lease only if LESSEE has fully, faithfully and punctually performed all of LESSEE's obligations hereunder, including the payment of all other rent and additional rent and the surrender of the Premises in the physical condition required by this Lease. If a default shall occur hereunder and be continuing beyond any applicable notice and cure period, the Lessors which resulted Abated Rent shall immediately become due and payable in full and this Lease shall be enforced as if there were no such rent abatement or other rent concession. In such case, Abated Rent shall be calculated based on the full initial rent payable under this Lease. No right or remedy granted to LESSOR herein is intended to be exclusive of any other right or remedy, and each and every right and remedy herein provided shall be cumulative and in addition to any other right or remedy hereunder, or now or hereafter existing at law or in equity or by statute. In the event of termination of this Lease, LESSEE waives any and all rights to redeem the Premises either given by any statute now in effect or hereafter enacted. In the event LESSEE fails to pay any installment of rent hereunder within ten (10) calendar days after written notice that such installment is due, to help defray the additional cost to LESSOR for processing such late payments, LESSEE shall pay to LESSOR on demand a late charge in an amount equal to interest accrued on such installment at a rate of two (2%) percent per annum. above the prime rate of Trust Company Bank, Atlanta, Georgia (the "Default Rate") from the Lesseedate such installment was due through the date of payment thereof. The provision for such late charge shall be in addition to all of LESSOR's failure to perform its obligations hereunderother rights and remedies hereunder or at law and shall not be construed as liquidated damages or as limiting LESSOR's remedies in any manner. No receipt of money by LESSOR from LESSEE after the termination of this Lease or after service of any notice or after the commencement of any suit or after final judgment for possession of' the Premises shall reinstate, continue or extend the term of this Lease or affect any such termination, notice, suit or judgment.
Appears in 1 contract
Default by Lessee. Without limiting the generality of Section 17.01, the following shall be considered as default on the part of the Lessee:
A. Any action taken or suffered by the Lessee under any insolvency or bankruptcy act, including the appointment of a receiver to take possession of all or substantially all of the assets of the Lessee; provided that if such action is not initiated by Lessee, Lessee shall have ninety (a90) days in which to terminate, set aside or otherwise cure such action.
B. Any general assignment by Lessee on behalf of creditors;
C. Vacation or abandonment of the Leased Premises by Lessee;
D. Transfer of the managing interest of Lessee without the consent of the City Manager or any other transfer that is in violation of the terms of Article 15.
E. Failure to comply with Article 7 of this Lease within fifteen (15) days after written notice of City’s requirement of a bond, release of lien or cash as provided In Article 7.
F. The occurrence failure to complete any improvements in a timely manner.
G. Failure to make rental payments to City or principal and interest payments to any lender when due, where the delinquency continues beyond fifteen (15) days following written notice for payment.
H. Failure to provide and maintain all insurance as set forth in Article 16.
I. Failure to comply with the provisions of Article 4 where the failure continues for fifteen (15) days following written notice from City specifying the breach of Article 4.
J. The failure in the performance or compliance with any of the other terms, covenants or conditions contained in this Lease within thirty (30) days following shall constitute the service on Lessee of a written notice from City specifying the default under this Lease:
(i) Any failure by complained of; provided that in the Lessee to pay the rent when due as herein specified. The Lessors shall forward notice of event such default in writing to the Lessee, and the failure of the Lessee to cure such default is not curable within thirty (30) days after the date service of receipt of written notice upon Lessee, City shall not terminate the Lease pursuant to such notice shall, at the option of the Lessors, authorize the Lessors default if Lessee immediately commences to terminate this Leasecure said default and diligently pursues such cure to completion.
(ii) The abandonment of the Demised Premises K. Any trustee, beneficiary, mortgagee or lender under a hypothecation or mortgage previously approved by the Lessee.
(iii) A failure by City Manager shall have the Lessee to observe and perform any other provision right during the term of this Lease, where such failure continues for Lease and within thirty (30) days after of written notice by the Lessors. However, if the nature of such default is such that it cannot reasonable be cured within such period, the Lessee shall not be deemed from City to be in default if the Lessee shall within this period commence undertake to cure and then diligently complete such curing.
(iv) The making by the Lessee of an assignment of its interest hereunder without prior written approval from the Lessors, any default or if the Lessee shall file to prevent a petition in bankrupt or the appointment of a receiver or assignee shall automatically terminate all rights of the Lessee under this Lease and no rights thereto shall pass to the receiver, trustee in bankruptcy or assignee.
(b) In any such events, the Lessors may give the Lessee written notice specifying a day not less than five (5) days thereafter whereupon the Term shall end, and on the day specified the Term shall expire as if that day were the day herein fixed for the expiration of the Term, and the Lessee shall quit and surrender the Demised Premises to the Lessors, and the rent for the balance of the Term termination of this Lease shall become immediately due to compensate the Lessors for all damages sustained by the Lessors which resulted from acting in place of the Lessee's failure to perform its obligations hereunder.
Appears in 1 contract
Samples: Lease Agreement (Palace Entertainment Holdings, Inc.)
Default by Lessee. Each and every covenant and condition contained in this Lease is declared to be a condition to this Lease, and to the term hereby demised to Lessee. Lessee shall be considered to have materially breached this Lease, giving Xxxxxx the remedies specified in Section 10.3 below, in the event that any one or more of the following occur:
(a) The occurrence of Xxxxxx fails or refuses to pay to Lessor any rent due hereunder when due, and such rent remains unpaid for ten (10) days after written notice to pay rent or surrender possession of the following Premises is served on Lessee by Xxxxxx; or
(b) Lessee defaults in the performance of or breaches any covenant, condition or provision contained in this Lease other than as set forth in Section 10.2(a) hereinabove, and such default or breach is not cured within twenty (20) days after written notice thereof is served by Lessor on Lessee; or, if such default or breach cannot be cured within said twenty (20) days, then Lessee shall constitute so indicate to Lessor in writing within said twenty (20) days and shall set forth in writing its plan and schedule for effecting such a default under cure on an immediate basis, and Lessee shall commence such cure within said twenty (20) days and shall diligently with best efforts pursue such cure to completion within the plan and schedule submitted to Lessor, but in no event in a time frame exceeding one hundred eighty (180) days; or
(c) Lessee abandons the Premises; or
(d) Xxxxxx becomes insolvent; for purposes of this Lease, Lessee shall be conclusively presumed to have become insolvent if:
(i) Any failure by A receiver is appointed to take possession of all or substantially all of Xxxxxx’s property because of insolvency; or
(ii) Xxxxxx makes a general assignment for the benefit of creditors; or
(iii) Lessee allows any judgment against Lessee to pay the rent when due as herein specified. The Lessors shall forward notice remain unsatisfied or unbonded for a period of such default thirty (30) days or longer; or
(iv) An attachment or execution is levied upon or against any or all of Xxxxxx’s right, title or interest in writing to the Lesseeor under this Lease, and the failure of the Lessee to cure such default same shall not have been released within thirty (30) days after from the date of receipt of such notice shall, at the option of the Lessors, authorize the Lessors to terminate this Lease.thereof; or
(iiv) The abandonment of the Demised Premises by the Lessee.Proceedings in receivership or bankruptcy have been or are about to be instituted against Xxxxxx; or
(iiivi) A failure by the Lessee to observe and perform any other provision of this Lease, where such failure continues for thirty (30) days after written notice by the Lessors. However, if the nature of such default is such that it cannot reasonable be cured within such period, the Lessee shall not be deemed to be in default if the Lessee shall within this period commence to cure and then diligently complete such curingadjudicated a bankrupt.
(iv) The making by the Lessee of an assignment of its interest hereunder without prior written approval from the Lessors, or if the Lessee shall file a petition in bankrupt or the appointment of a receiver or assignee shall automatically terminate all rights of the Lessee under this Lease and no rights thereto shall pass to the receiver, trustee in bankruptcy or assignee.
(b) In any such events, the Lessors may give the Lessee written notice specifying a day not less than five (5) days thereafter whereupon the Term shall end, and on the day specified the Term shall expire as if that day were the day herein fixed for the expiration of the Term, and the Lessee shall quit and surrender the Demised Premises to the Lessors, and the rent for the balance of the Term of this Lease shall become immediately due to compensate the Lessors for all damages sustained by the Lessors which resulted from the Lessee's failure to perform its obligations hereunder.
Appears in 1 contract
Samples: Lease Agreement
Default by Lessee. (a) The occurrence of any of the following shall constitute a default under “Default” of this LeaseLease by Lxxxxx:
(ia) Any failure by the Lessee to pay within five (5) days following written notice from Lessor the rent when due as herein specified. The Lessors Annual Base Rent or Additional Rent, or any other monetary sums required to be paid hereunder; provided that such written notice shall forward notice of such default only be required twice in writing to the Lesseeany 12-month period, and after two such notices are given, in any 12-month period, the failure 5-day period shall revert to a grace period only of the Lessee to cure such default within thirty five (305) days after following the due date of receipt of such notice shall, at the option of the Lessors, authorize the Lessors to terminate this Lease.thereof;
(ii) The abandonment of the Demised Premises by the Lessee.
(iiib) A failure by the Lessee to observe and perform any other non-monetary provision or obligation of or under this Lease, Lease where such failure continues for thirty (30) days after written notice thereof by the Lessors. HoweverLessor to Lessee, provided, however, that if the nature of such default or failure is such that it the same cannot reasonable reasonably be cured within such thirty (30) day period, the Lessee shall not be deemed to be in default if the Lessee shall within this such period commence to such cure and then thereafter diligently complete prosecute the same to completion, but in no event shall such curing.cure period exceed sixty (60) additional days;
(ivc) The making by the Lessee of an any general assignment or general arrangement for the benefit of its interest hereunder without prior written approval from creditors; the Lessors, filing by or if the against Lessee shall file of a petition in to have Lessee adjudged a bankrupt or of a petition for reorganization or arrangement under any law relating to bankruptcy (unless, in the case of a petition filed against Lxxxxx, the same is dismissed within ninety (90) days); the appointment of a trustee or receiver to take possession of substantially all of Lxxxxx’s assets located at the Leased Premises or assignee of Lxxxxx’s interest in this Lease, where possession is not restored to Lessee within ninety (90) days; or the attachment, execution or other judicial seizure of substantially all of Lessee’s assets located at the Leased Premises or of Lessee’s interest in this Lease, where such seizure is not discharged within ninety (90) days; or
(d) Lessee shall automatically terminate all rights default under the terms and conditions of the Lessee under this Lease and no rights thereto shall pass to the receiver, trustee in bankruptcy or assignee.
(b) In any such events, the Lessors may give the Lessee written notice specifying a day not less than five (5) days thereafter whereupon the Term shall endsubleases as defined herein, and on the day specified the Term shall expire as if that day were the day herein fixed for the expiration of the Term, and the Lessee shall quit and surrender the Demised Premises to the Lessors, and the rent for the balance of the Term of this Lease shall become immediately due to compensate the Lessors for all damages sustained by the Lessors which resulted from the Lessee's failure to perform its obligations hereundersuch default is not cured within any applicable grace or cure period thereunder.
Appears in 1 contract
Default by Lessee. (a) The occurrence of any one or more of the following events shall constitute a an event of default under or breach of this Lease:Lease Agreement by Lessee ("Lessee Default"):
(i) Any failure by the A. Lessee fails to pay the rent when due as herein specified. The Lessors shall forward notice of such default in writing to the Lessee, and the failure of the Lessee to cure such default within thirty (30) days after on the date of receipt of such notice shalldue and, at the option of the Lessors, authorize the Lessors to terminate this Lease.
within fifteen (ii) The abandonment of the Demised Premises by the Lessee.
(iii) A failure by the Lessee to observe and perform any other provision of this Lease, where such failure continues for thirty (3015) days after written notice from Lessor to Lessee of Lessee's failure to pay is delivered, Lessee again fails to make payment;
B. Lessee makes any assignment for the benefit of creditors, files a voluntary petition in bankruptcy, is adjudicated a bankrupt by any court, takes advantage of the Lessors. Howeverbenefit of any bankruptcy or insolvency statute, if or a receiver or trustee respecting the nature property of such default Lessee is such that it cannot reasonable be cured within such periodappointed by any judicial authority; or
C. Lessee fails to perform or comply with any term, the Lessee provision, or covenant of this Lease Agreement, all of which terms, provisions, or covenants shall not be deemed to be in default if the material, and Lessee shall within this period commence fails to correct or cure and then diligently complete such curing.
(iv) The making by the Lessee of an assignment of its interest hereunder without prior written approval from the Lessors, or if the Lessee shall file a petition in bankrupt or the appointment of a receiver or assignee shall automatically terminate all rights of the Lessee under this Lease and no rights thereto shall pass to the receiver, trustee in bankruptcy or assignee.
(b) In any such events, the Lessors may give the Lessee written notice specifying a day not less than five (5) days thereafter whereupon the Term shall end, and on the day specified the Term shall expire as if that day were the day herein fixed for default prior to the expiration of the Term15 days, except as specified otherwise in this Lease Agreement, following written notice of such default given by Lessor to Lessee; however, said 15-day default cure period shall be deemed extended for a reasonable period of time if, during such 15-day default cure period Lessee commences action to cure such default, and diligently pursues same in good faith. Upon the occurrence of any Lessee Default, which is not cured by Lessee within the applicable cure period, Lessor may, in the sole and absolute discretion of Lessor, elect to terminate this Lease Agreement, in which event Lessee shall quit and immediately surrender the Demised Premises premises to Lessor. In the event that Lessee should fail to immediately surrender the premises, Lessor may re-enter and repossess the premises, and expel or remove Lessee and any other person or entity thereof, and remove all property therefrom, all in accordance with due process, and as may be permitted under the laws of the State of West Virginia. Lessor, in the event Lessor is required to undertake the remedies set forth herein shall, in addition to any rent and other sums due pursuant to the Lessors, and the rent for the balance of the Term terms of this Lease Agreement, be entitled to reasonable expenses, including attorney's fees incurred in connection herewith. The exercise of any remedy provided herein shall become immediately due to compensate not preclude the Lessors for exercise of any other remedy set forth herein, or otherwise existing at law or in equity, it being agreed and understood that such remedies are cumulative and Lessor shall have full advantage of all damages sustained such remedies. Notwithstanding the provisions of this paragraph number 23, and any other provisions of the Lease Agreement, in the event that Lessee's banking and/or financing services operations are either closed and terminated, or taken over, by the Lessors which resulted from banking regulatory and/or supervisory authority of the Lessee's failure State of West Virginia, the United States of America, or any other governmental authority, Lessor may terminate this Lease Agreement only with the concurrence of such banking regulatory and/or supervisory authority, and any such authority shall, in any event, have the election to perform its obligations hereundereither continue or to terminate this Lease Agreement, as provided for in West Virginia Code 31A-7-10.
Appears in 1 contract
Default by Lessee. If Lessee fails to make payments within ten (a10) The occurrence ----------------- days of date due and such failure continues for five (5) days after written notice from Lessor, Lessee is adjudged bankrupt or insolvent, makes a transfer in fraud of creditors, makes an arrangement for the benefit of creditors; institutes voluntary bankruptcy or insolvency proceedings or consents to the filing of a bankruptcy or insolvency proceeding or files a petition or answer or consent seeking reorganization or liquidation under any bankruptcy or similar laws; a receiver or trustee is appointed for substantially all of the following shall constitute a default under assets of Lessee or for Lessee's leasehold interest in this Lease:
(i) Any failure by the , or; any representation, warranty, or covenant of Lessee herein is untrue, false, or misleading at any time; or Lessee fails to pay the rent when due as herein specified. The Lessors shall forward comply with any other term of this Lease after receipt of written notice of such default in writing to the Lesseefrom Lessor, and the failure of the Lessee to does not cure such default other failure within thirty (30) days after the date of receipt of such notice shallwritten notice, at the option of the Lessors, authorize the Lessors or does not commence to terminate this Lease.
(ii) The abandonment of the Demised Premises by the Lessee.
(iii) A failure by the Lessee to observe and perform any other provision of this Lease, where such failure continues for cure within thirty (30) days after and complete such cure within ninety (90) days of such written notice by (each an "Event of Default"); then Lessor shall have the Lessors. Howeveroption to terminate this Lease or any or all Schedules, if the nature of such default is such that it cannot reasonable be cured within such period, the in which event Lessee shall not be deemed to be in default if surrender possession of the Lessee shall leased premises within this period commence to cure and then diligently complete such curing.
ten (iv10) The making by the Lessee of an assignment of its interest hereunder without prior written approval from the Lessorsdays, or if the Lessee shall file a petition in bankrupt or the appointment of a receiver or assignee shall automatically terminate all rights of the Lessee to pursue any other remedy available to Lessor under this Lease or otherwise provided by law or equity. Lessor may also apply any or all of the deposit or prepaid rent to cure a default. Upon an Event of Default, Lessee shall pay Lessor the sum of: (a) the unpaid rent and no rights thereto shall pass to other amounts payable hereunder through the receiver, trustee in bankruptcy or assignee.
date of such Event of Default; (b) In the cost of repairing, altering, or otherwise putting the leased premises into condition acceptable to a new lessee or lessees; (c) all expenses incurred by Lessor in enforcing its remedies, including reasonable attorneys' fees and court costs; (d) any such events, the Lessors other damages or relief Lessor may give the be entitled to at law or in equity. Lessee written notice specifying a day not less than five (5) days thereafter whereupon the Term shall endbe liable for all expenses incurred by Lessor for recovery, and on repossession by Lessor, which actions shall not affect the day specified the Term shall expire as if that day were the day herein fixed obligations of Lessee for the expiration of the Term, and the Lessee shall quit and surrender the Demised Premises to the Lessors, and the rent for the balance of the Term unexpired term of this Lease shall become immediately due to compensate the Lessors for all damages sustained by the Lessors which resulted from the Lessee's failure to perform its obligations hereunderunless Lessor terminates this Lease.
Appears in 1 contract
Default by Lessee. (a) The occurrence of any one or more of the ----------------- following events shall constitute a default under and breach of this LeaseLease by Lessee:
(i) Any failure by the Lessee to pay the rent when due as herein specified. The Lessors shall forward notice of such default in writing to the Lessee, and the failure of the Lessee to cure such default within thirty (30) days after the date of receipt of such notice shall, at the option of the Lessors, authorize the Lessors to terminate this Lease.
(ii) i. The abandonment of the Demised Premises by the Lessee.
(iii) A ii. The failure by the Lessee to make any payment of rent or any other payment required to be made by Lessee hereunder, as and when due for a period of ten (10) days.
iii. The failure by Lessee to observe and or perform any other provision of the covenants, conditions or provisions of this LeaseLease to be observed or performed by Lessee, where such other than described in clause (i) and (ii) above, which failure then continues for thirty a period of fifteen (3015) days after written notice by the Lessors. Howeverthereof from Lessor to Lessee; provided, however, that if the nature of such Lessee's default is such that it cannot reasonable be cured within such periodmore than fifteen (15) days are reasonably required for its cure, the then Lessee shall not be deemed to be in default if the Lessee commences such cure within said fifteen (15) day period and thereafter diligently prosecutes such cure to completion, but such cure period shall within this period commence to cure and then diligently complete such curingnot exceed ninety (90) days under any circumstances.
(iv) . The making by the Lessee of an any general arrangement or assignment for the benefit of its interest hereunder without prior written approval from the Lessorscreditors, or if the Lessee shall file a petition in bankrupt or the appointment of a trustee or receiver to take possession of substantially all of Lessee's assets or assignee shall automatically terminate all rights of the Lessee's interest in this Lease, where possession is not restored to Lessee under this Lease and no rights thereto shall pass to the receiver, trustee in bankruptcy or assigneewithin thirty (30) days.
v. A default under the Fixed Notes or Earnout Notes (bas defined in the Stock Purchase Agreement) In which remains uncured after the applicable cure provisions contained therein.
vi. Lessee shall become insolvent or admit in writing its inability to pay its debts, file a petition in bankruptcy, or shall commence any proceeding under any bankruptcy, reorganization, arrangement, readjustment of debt, dissolution or liquidation law or statute of any jurisdiction, whether now or hereafter in effect, or if there shall have been filed any such eventspetition or application, the Lessors may give the Lessee written notice specifying a day not less than five in which an order for relief is entered or which remains undismissed for period of sixty (560) days thereafter whereupon the Term shall end, and on the day specified the Term shall expire as if that day were the day herein fixed for the expiration of the Term, and the Lessee shall quit and surrender the Demised Premises to the Lessors, and the rent for the balance of the Term of this Lease shall become immediately due to compensate the Lessors for all damages sustained by the Lessors which resulted from the Lessee's failure to perform its obligations hereunderor more.
Appears in 1 contract
Default by Lessee. 18.1 In the event that Lessee shall default,
(a) The occurrence in the payment of rent when due, and such default shall continue for a period of ten (10) days after written notice of failure to pay such amount has been given by Lessor to Lessee;
(b) in the performance of any of the following shall constitute a default under other terms, conditions, covenants or provisions of this Lease, and any such default shall continue for more than twenty (20) days after written notice of such failure by Lessor to Lessee, or if, by reason of the nature of such default, it cannot with reasonable diligence be corrected within twenty (20) days, then, if Lessee shall not commence to correct such default within said twenty (20) days and thereafter prosecute the work of correcting the same with reasonable diligence; or
18.2 If the Lessee makes an assignment for the benefit of creditors or a receiver or an assignee for its property shall be appointed in any proceeding other than a bankruptcy proceeding, then Lessor may in addition to any other rights or remedies provided by law pursue any one or more of the following remedies:
(ia) Any failure Terminate this Lease by serving upon Lessee a written notice stating that the Lessee to pay the rent when due as herein specifiedterm hereof shall expire upon a date specified in said notice. The Lessors date shall forward notice of such default in writing to the Lessee, and the failure of the Lessee to cure such default within thirty not be less than ten (3010) days after the date of receipt the giving of such notice shallby Lessor to Lessee, at and the option term of this Lease shall thereupon expire upon the date so specified. Lessor shall be entitled to and may demand immediate possession of the LessorsPremises, authorize the Lessors to terminate this Lease.
(ii) The abandonment of the Demised Premises by the Lessee.
(iii) A failure by the Lessee to observe and perform any other provision of this Lease, where such failure continues for thirty (30) days after written notice by the Lessors. However, if the nature of such default is such that it cannot reasonable be cured within such period, the Lessee shall not be deemed to be in default if the Lessee shall within this period commence to cure and then diligently complete such curing.
(iv) The making by the Lessee of an assignment of its interest hereunder without prior written approval from the Lessors, or if the Lessee shall file a petition in bankrupt or the appointment of a receiver or assignee shall automatically terminate all rights of the Lessee under this Lease and no rights thereto shall pass to the receiver, trustee in bankruptcy or assigneedemand being hereby waived.
(b) In Enter and take possession of the Premises. Lessor may expel or remove Lessee and any other person who may be occupying the Premises or any part thereof, without terminating this Lease and without relieving Lessee from its obligation to pay rent. Lessor may then relet the Premises in the name of Lessor or Lessee at any rental readily obtainable, and if such eventsrent exceeds the rent then paid by Lessee, Lessor may retain the Lessors may give the Lessee written notice specifying a day not difference. If such rental is less than five (5) days thereafter whereupon the Term rent paid by Lessee, Lessee shall end, and on pay to Lessor upon demand the day specified deficiency.
18.3 In the Term shall expire as if that day were the day herein fixed for the expiration event Lessee seeks relief under Title 11 of the TermUnited States Code, then the rights, duties and obligations of Lessee and Lessor shall be governed by 11 U.S.C. (S)(S)365 and 502 or as the Lessee shall quit and surrender the Demised Premises to the Lessors, and the rent for the balance of the Term of this Lease shall become immediately due to compensate the Lessors for all damages sustained by the Lessors which resulted from the Lessee's failure to perform its obligations hereundersame may be amended or modified.
Appears in 1 contract
Samples: Ground Lease (Grand Prix Association of Long Beach Inc)
Default by Lessee. (a) The occurrence of any Each of the following shall constitute be deemed a default under by Lessee (“Lessee Default”) hereunder and a material breach of this Lease:
(i1) Any failure Lessee shall fail to pay any installment of Rent, or any other sum payable by the Lessee to County under this Lease when due, and such failure shall continue for ten (10) days after delivery by County to Lessee of written notice of the failure;
(2) Lessee shall fail to pay the rent when due as herein specified. The Lessors any taxes, assessments, or utility charges when due, or fails to deliver to County evidence of payment thereof, and such failure shall forward continue for thirty (30) days after delivery by County to Lessee of written notice of the failure, subject to Lessee’s right to contest the amount of such default Taxes;
(3) Lessee shall fail to keep, perform, or observe any of the non-monetary covenants, agreements, terms, or provisions contained in writing this Lease that are to the be kept or performed by Lessee, and the failure of the Lessee shall fail to cure such default failure within thirty (30) days after delivery by County to Lessee of written notice specifying the date of receipt of failure; provided, however, if the failure is curable, but cannot be cured within such notice shall30-day period, at a Default shall not occur under this subsection if Lessee commences the option cure of the Lessorsfailure during such 30-day period, authorize and thereafter, diligently and continuously pursues the Lessors cure to terminate this Lease.its completion within an additional period not to exceed ninety (90) days;
(ii4) The abandonment Lessee shall abandon or vacate the Premises, and the Premises remain abandoned or vacant for a period of the Demised Premises by the Lessee.
(iii) A failure by the Lessee to observe and perform any other provision of this Lease, where such failure continues for thirty (30) days after receipt of written notice by from County;
(5) An involuntary petition shall be filed against Lessee under applicable Bankruptcy Law, or a receiver of Lessee, or of all or substantially all of the Lessors. Howeverproperty of Lessee, if shall be appointed without acquiescence, and such petition or appointment shall not discharged or stayed within sixty (60) days after the nature happening of such default is such that it cannot reasonable be cured within such period, the event;
(6) Lessee shall not be deemed to be in default if the Lessee shall within this period commence to cure and then diligently complete such curing.
(iv) The making by the Lessee of make an assignment of its interest hereunder without prior written approval from in the LessorsPremises for the benefit of creditors, or if the Lessee shall file a voluntary petition in bankrupt under applicable Bankruptcy law, or seek relief under any other law for the appointment benefit of a receiver debtors;
(7) Any representation or assignee shall automatically terminate all rights of the warranty made by Lessee under this Lease and no rights thereto that is found to be false, misleading, or inaccurate shall pass be considered to be materially false, misleading or inaccurate as of the receiver, trustee in bankruptcy or assignee.date made;
(b) In any such events, the Lessors may give the 8) Lessee written notice specifying a day not less tenders more than five (5) days thereafter whereupon the Term shall end, and on the day specified the Term shall expire as if that day were the day herein fixed for the expiration one check to County in payment of the Term, and the Lessee shall quit and surrender the Demised Premises to the Lessors, and the rent for the balance of the Term of fees or charges under this Lease shall become immediately due to compensate the Lessors for all damages sustained in any twenty-four month period which is not paid upon presentment by the Lessors which resulted from the Lessee's failure to perform its obligations hereunderConcessionaire’s bank.
Appears in 1 contract
Samples: Fixed Base Operator Lease Agreement
Default by Lessee. (a) The occurrence of any All of the following right and remedies of Lessor herein enumerated shall constitute a default under this Leasebe cumulative, and none shall exclude any other right or remedy allowed by Law. It is agreed that in the event:
(i) Any failure by That the Lessee shall fail, neglect or refuse to pay any installment of Fixed Minimum Rent or Percentage Rent or Additional Rent at the rent when due time, and in the amount as herein specified. The Lessors provided, or to pay any other monies agreed by it to be paid promptly when and as the same shall forward become due and payable under the terms hereof, if such failure to pay exceeds a period of more than ten (10) days after notice of such default thereof in writing is given to Lessee (provided such notice is not required if such notice were previously given in any twelve (12) month period), or if the Lessee shall vacate or abandon the Demised Premises during the term hereof;
(ii) That any voluntary petition or similar pleading, under any section or sections of any bankruptcy act, shall be filed by or against Lessee, or any voluntary or involuntary proceeding in any court or tribunal shall be instituted to declare Lessee insolvent, or unable to pay Lessee's debts, and the failure of the Lessee to cure such default same shall not be dismissed or discharged within thirty (30) days after notice thereof in writing, given to the date of receipt of such notice shall, at the option of the Lessors, authorize the Lessors to terminate this Lease.
(ii) The abandonment of the Demised Premises Lessee by the Lessee.Lessor;
(iii) A failure by That the Lessee shall fail, neglect or refuse to observe keep and perform any of the other provision covenants conditions, stipulations or agreements herein contained and covenants and agrees to be kept and performed by it, and in the event any such default shall continue, for a period of this Leasemore than thirty (30) days after notice thereof in writing given to the Lessee, where by the Lessor; provided, however, that if the cause for giving such failure continues notice involves the making of repairs, or other matters reasonably requiring a longer period of time than the period of such notice, the Lessee shall be deemed to have complied with such notice so long as it has commenced to comply with said notice within the period set forth in the notice, and is diligently prosecuting compliance with said notice, or has taken proper steps or proceedings, under the circumstances, to prevent the seizure, destruction, alteration or other interference with said Demised Premises by reason of non-compliance with the requirements of any law or any ordinance or with the regulations, rules or directions of any government authority, as the case may be;
(iv) That the Lessee makes any assignment of its property for the benefit of creditors, or should the Demised Premises be taken under a levy of execution or attachment, in action against the Lessee, and such levy, attachment or assignment is not dismissed and discharged within thirty (30) days after written notice thereof to Lessee by Lessor; The Lessee does hereby authorize and fully empower said Lessor or Lessor's agent to cancel or annul this Lease at once and to re-enter and take possession of said Demised Premises immediately, and by force if necessary, without any previous notice to re-enter and remove all persons and their property therefrom, and to use such force and assistance in effecting and perfecting such removal as said Lessor may deem necessary and advisable to recover at once full and exclusive possession of all of said Demised Premises, whether in possession of said Lessee or of their persons or otherwise, and relet the Lessors. HoweverDemised Premises, if the nature and Lessee agrees to pay to Lessor, on demand, any deficiency that may arise by reason of such reletting. Alternatively, at Lessor's option, Lessor may declare all installments of Minimum Rent and Additional Rent as adjusted at the time of default is such that it cannot reasonable be cured within such periodfor the remainder of the lease term, the Lessee shall not be deemed to be in default if immediately due and payable (the Lessee shall within this period commence to cure and then diligently complete such curing.
(iv"Lump Sum") The making by the Lessee of an assignment of its interest hereunder without prior written approval from the Lessors, or if the Lessee shall file a petition in bankrupt or the appointment of a receiver or assignee shall automatically terminate all rights of the Lessee under this Lease and no rights thereto shall pass to the receiver, trustee in bankruptcy or assignee.
(b) In any such events, the Lessors may give the Lessee written notice specifying a day not less than five (5) days thereafter whereupon the Term shall end, and on the day specified the Term shall expire as if that day were the day herein fixed for the expiration of the Term, and the Lessee shall quit and surrender the Demised Premises to the Lessors, and the rent for the balance of the Term of this Lease same shall become immediately due and payable. Should Lessor elect such option and subsequently Lessor relets the Demised Premises whereupon rent is payable by a new lessee prior to compensate January 31, 2018, then Lessor will (to the Lessors extent the new rent is equal to or greater The Lessor may, however, at its option, at any time after such default or violation of condition or covenant, re-enter and take possession of said Demised Premises without such re-entering working a forfeiture of the rents to be paid and the covenants, agreements and conditions to be kept and performed by said Lessee for all damages sustained the full term of this Lease. In such event, the Lessor shall have the right, but not the obligation, to divide or subdivide the Demised Premises in any manner the Lessor may determine and to lease or let the same or portions thereof for such periods of time and at such rentals and for such use and upon such covenants and conditions as Lessor may elect, applying the net rentals from such letting first to the payment of the Lessor's expenses incurred in dispossessing the Lessee and the costs and expenses of making such improvements in the Demised Premises as may be necessary in order to enable the Lessor the relet the same, and to the payment of any brokerage commissions or other necessary expenses of the Lessor in connection with such reletting. The balance, if any, shall be applied by the Lessors which resulted Lessor from time to time, but in any event not less than once each month, on account of the payments due or payable by the Lessee hereunder, with the right reserved to Lessor to bring such actions or proceedings for the recovery of any deficits remaining unpaid as it may deem advisable from time to time, without being obligated to await the end of the term hereof for a final determination of the Lessee's failure account and the commencement or maintenance of one (1) or more actions shall not bar the Lessor from bringing other or subsequent actions for further accruals pursuant to perform its the provisions of this Paragraph. Any balance remaining, however, after full payment and liquidation of Lessor's account, as aforesaid, shall be paid to the Lessee from time to time with the right reserved to the Lessor at any time to give notice in writing to the Lessee of Lessor's election to cancel and terminate this Lease and all Lessee's obligations hereunderhereunder and upon the giving of such notice and simultaneous payment by Lessor to Lessee of any credit balance in Lessee's favor that may at the time be owing to Lessee shall constitute a final and effective cancellation and termination of this Lease and the obligations thereunder on the part of either party to the other.
Appears in 1 contract
Samples: Lease Agreement (Gi Joes Inc)
Default by Lessee. (a) The occurrence of any one or more of the following shall events (the "Events of Default") will constitute a default under and breach of this LeaseAgreement by Lessee:
(i) Any Lessee's failure by the Lessee to pay the Lease Payment or additional rent when due as herein specified. The Lessors shall forward and the continuation of that failure for more than five (5) days after the date on which Lessor gives Lessee written notice of such default in writing the delinquency.
(ii) Lessee's permanent vacating or abandonment of the Property for a period of sixty (60) or more consecutive days; with exception of cause force majeure, acts of God or strikes.
(iii) Lessee's failure to observe or perform any of the Lesseecovenants, and conditions or provisions of this Agreement that Lessee must observe or perform, other than the late payment of the Lease Payment, where the failure continues for a period of the Lessee to cure such default within thirty (30) days after the date of Lessee's receipt of such written notice shallfrom Lessor; if however, at the option nature of the Lessors, authorize the Lessors obligation that Lessee has failed to terminate this Lease.
(ii) The abandonment of the Demised Premises by the Lessee.
(iii) A failure by the Lessee to observe and perform any other provision of this Lease, where is such failure continues for that more than thirty (30) days after written notice by the Lessors. Howeverare reasonably required for rectification, if the nature Lessee will be entitled to an additional period of such default is such that it cannot reasonable be cured within such period, the Lessee shall not be deemed to be in default if the Lessee shall within this period commence time to cure its failure, as reasonably determined by Lessor, and then an Event of Default will not occur so long as Lessee commences the rectification within that thirty (30)-day period and diligently complete such curing.and continuously prosecutes the rectification to completion;
(iv) The making by the Lessee of an any general assignment or general arrangement for the benefit of its interest hereunder without prior written approval from creditors; the Lessors, filing by or if the against Lessee shall file of a petition seeking relief under any law relating to bankruptcy (unless, in bankrupt or the case of a petition filed against Lessee, Lessee causes the petition to be dismissed within 60 days after the date of its filing); the appointment of a lessee or a receiver to take possession of substantially all of Lessee's assets located in the Property or assignee shall automatically terminate all rights of Lessee's interest in this Agreement, where possession is not restored to Lessee within 60 days after the date of the appointment; or the attachment, execution or other judicial seizure of substantially all of Lessee's assets located in the Property or of Lessee's interest in this Agreement unless Lessee under this Lease and no rights thereto shall pass causes the seizure to be discharged within 60 days after the receiver, trustee in bankruptcy or assignee.date of the initiation of the seizure; or
(bv) In any such events, the Lessors may give the Lessee written notice specifying a day not less than five (5) days thereafter whereupon the Term shall end, and on the day specified the Term shall expire as if that day were the day herein fixed for the expiration of the Term, and the Lessee shall quit and surrender the Demised Premises to the Lessors, and the rent for the balance of the Term of this Lease shall become immediately due to compensate the Lessors for all damages sustained by the Lessors which resulted from the Lessee's failure to perform its obligations hereunderdischarge any lien placed upon the Property in violation of this Agreement within 60 days after the lien or encumbrance is filed against the Property.
Appears in 1 contract
Samples: Lease Agreement (Pemstar Inc)
Default by Lessee. If Lessee shall vacate or abandon the Demised Premises at any time during the Term, or if after ten (a10) The occurrence days written notice of non-payment when due, Lessee fails to pay any Minimum Rent, Percentage rent or other payment hereunder, or after fifteen (15) days written notice of non-performance fails to perform any other of the terms of this Lease to be observed or performed by Lessee, or, if such term or obligation (other than non-payment of monetary obligations) hereof cannot be performed within fifteen (15) days if Lessee fails within said fifteen (15) day period to commence and thereafter to diligently and continually pursue its obligation hereunder, or if Lessee shall become bankrupt or insolvent, or file any debtor proceedings or take or have taken against Lessee in any court pursuant to any statute either of the United States or of any state a petition in bankruptcy or for reorganization or for the appointment of a receiver or trustee of all or a portion of Lessee's property, or if Lessee makes an assignment for the following benefit of creditors, or petitions for or enters into an arrangement or suffers this Lease to be taken under any writ of execution or attachment, or if this Lease shall constitute a default under this Lease:
(i) Any failure pass to or devolve upon, by the law or otherwise, one other than Lessee to pay the rent when due except as herein specified. The Lessors shall forward provided, then, in any one or more of such events, upon Lessor's service of a written five (5) day notice of cancellation upon Lessee specifying the nature of such default in writing and Lessee's failure within said five (5) day period to the Lesseecomply with or remedy such default, then this Lease and the failure of the Lessee to cure such default within thirty (30) days after the date of receipt of such notice Term shall, at the option of Lessor, terminate and come to an end on the Lessors, authorize the Lessors to terminate this Lease.
(ii) The abandonment date specified in such notice of the Demised Premises by the Lessee.
(iii) A failure by the Lessee to observe and perform any other provision of this Lease, where such failure continues for thirty (30) days after written notice by the Lessors. However, if the nature of such default is such that it cannot reasonable be cured within such period, the Lessee shall not be deemed to be in default if the Lessee shall within this period commence to cure and then diligently complete such curing.
(iv) The making by the Lessee of an assignment of its interest hereunder without prior written approval from the Lessors, or if the Lessee shall file a petition in bankrupt or the appointment of a receiver or assignee shall automatically terminate all rights of the Lessee under this Lease and no rights thereto shall pass to the receiver, trustee in bankruptcy or assignee.
(b) In any such events, the Lessors may give the Lessee written notice specifying a day not less than five (5) days thereafter whereupon the Term shall endcancellation, and on the day specified the Term shall expire as if that day were the day herein fixed for the expiration of the Term, and the Lessee shall quit and surrender the Demised Premises to Lessor as if the Lessors, and Term ended by the rent for the balance expiration of the Term of this Lease time affixed herein, but Lessee shall become immediately due to compensate the Lessors for all damages sustained by the Lessors which resulted from the Lessee's failure to perform its obligations hereunderremain liable as hereinafter provided.
Appears in 1 contract
Samples: Shopping Center Lease (Futurus Financial Services Inc)
Default by Lessee. (a) The Lessee shall be deemed in default under this Agreement upon the occurrence of any one of the following shall constitute a default events ("Event of Default"):
19.1. Failure to make any payment of Basic Rent within ten (10) days of when due under this Lease:Agreement or any Lease Schedule by its due date;
(i) Any failure 19.2. Lessee's cancellation, termination, alteration, or rescission of the Authorization for Automatic Payment without the prior approval of Lessor;
19.3. Lessee's rejection of any authorized withdrawal, payment or entry permitted by the Authorization for Automatic Payment;
19.4. Failure to perform in any material respect any other obligation under this Agreement, any Lease Schedule or any other written agreement between Lessee to pay and Lessor, regardless of whether such other agreement, lease or charter covers the rent when due as herein specified. The Lessors shall forward notice of such default in writing to the Lesseesame or similar maritime vessel or gaming equipment, and the failure of the Lessee to cure such default within thirty (30) days after the date of receipt of such notice shall, at the option of the Lessors, authorize the Lessors to terminate this Lease.
(ii) The abandonment of the Demised Premises by the Lessee.
(iii) A failure by the Lessee to observe and perform any other provision of this Lease, where such failure continues for thirty (30) days after written notice by the Lessorsof default and failure to cure; provided, however, that no notice shall be required where a breach or threatened breach would cause irreparable harm to Lessor and Lessor may immediately seek equitable relief in a court of competent jurisdiction to enjoin such breach;
19.5. However, if the nature of such default is such that it cannot reasonable be cured within such period, the Lessee shall not be deemed generally fail to be in default if the Lessee pay its debts as they become due, shall within this period commence to cure and then diligently complete such curing.
(iv) The making by the Lessee of make an assignment for the benefit of its interest hereunder without prior written approval from the Lessorscreditors, or if the Lessee shall admit in writing its inability to pay its debts as they become due, shall file a petition under any chapter of the Federal Bankruptcy Code or any similar law, state or federal, now or hereafter existing, shall become "insolvent" as that term is generally defined under the Federal Bankruptcy Code, shall in any involuntary bankruptcy case commenced against it file an answer admitting insolvency or inability to pay its debts as they become due, or shall fail to obtain a dismissal of such case within one hundred twenty (120) days after its commencement or convert the case from one chapter of the Federal Bankruptcy Code to another chapter, or be the subject of an order for relief in such bankruptcy case, or be adjudged a bankrupt or insolvent, or shall have a custodian, trustee or receiver appointed for, or have any court take jurisdiction of its property, or any part thereof, in any proceeding for the appointment purpose of reorganization, arrangement, dissolution or liquidation, and such custodian, trustee or receiver shall not be discharged, or such jurisdiction shall not be relinquished, vacated or stayed within sixty (60) days of the appointment;
19.6. Lessee shall be dissolved, liquidated or wound up or is enjoined, restrained, fails or is in any way prevented from maintaining its existence as a going concern in good standing (excepting, however, reorganizations, consolidations and/or mergers into or with, and sales to, affiliates owned by, owning or under common control of or with Lessee and reorganizations, consolidations and/or mergers resulting from the death of Frances W. Murray);
19.7. Lessee attempts to remove, sell, xxxxxxxx, xxxxmber, part with possession or sublet any part of the Equipment without the prior written consent of Lessor other than in the ordinary course of business;
19.8. Any part of the Equipment is lost, stolen, materially changed or destroyed, and is not replaced by Lessee within a reasonable period of time;
19.9. Any part of the Equipment is attached, levied upon, encumbered, pledged, or seized under any judicial process, unless attributable to the acts or debts of Lessor;
19.10. Any warranty or representation made or furnished to Lessor by or on behalf of Lessee in this Lease or any Lease Schedule is false or misleading in any material respect when made or furnished;
19.11. Failure of Lessee to maintain in full force and effect the licenses, permits and certifications that may be required under any applicable gaming laws for the operation of Lessee 's business;
19.12. The revocation of any gaming license of Lessee;
19.13. The denial of any gaming license application of Lessee;
19.14. Failure of Lessee to comply with all applicable gaming statutes and regulations;
19.15. Failure of Lessee to maintain the insurance required by this Agreement; and/or
19.16. Any merger, consolidation, sale, change in control or any transfer of a receiver or assignee shall automatically terminate all rights majority of the Lessee under this Lease and no rights thereto shall pass to the receiver, trustee in bankruptcy or assignee.
(b) In any such events, the Lessors may give the Lessee written notice specifying a day not less than five (5) days thereafter whereupon the Term shall end, and on the day specified the Term shall expire as if that day were the day herein fixed for the expiration of the Term, and the Lessee shall quit and surrender the Demised Premises to the Lessors, and the rent for the balance of the Term of this Lease shall become immediately due to compensate the Lessors for all damages sustained by the Lessors which resulted from the Lessee's failure business or assets, without Lessor's prior written consent, such consent not to perform its obligations hereunderbe unreasonably withheld.
Appears in 1 contract
Samples: Master Lease Agreement (International Thoroughbred Breeders Inc)