Default by Tenant/Landlord’s Remedies. (a) The occurrence of any of the following shall constitute an Event of Default hereunder by Tenant: (i) The Rent or any other sum of money due of Tenant hereunder is not paid within five (5) days of the date written notice of such late payment is received by Tenant; provided, however, if more than two (2) payments due of Tenant hereunder in any one (1) calendar year are not made until after notice of such late payment is received by Tenant, then it shall be an event of default hereunder by Tenant if any subsequent payment due of Tenant hereunder in the same calendar year is not made within ten (10) days of the date when due; (ii) The Premises are abandoned or vacated; provided, however, if Tenant deserts or vacates the Premises, Landlord's sole remedy for such default shall be to terminate this Lease effective on such date as Landlord specifies to Tenant by notice, and without further liability on the part of Landlord or Tenant. The preceding sentence is not intended and shall not be deemed to waive or limit any of Landlord's rights or remedies in connection with or based on any default other than vacation or desertion; (iii) Any petition is filed by or against Tenant under any section or chapter of the National or Federal Bankruptcy Act or any other applicable Federal or State bankruptcy, insolvency or other similar law, and, in the case of a petition filed against Tenant, such petition is not dismissed within thirty (30) days after the date of such filing; if Tenant shall become insolvent or transfer property to defraud creditors; if Tenant shall make an assignment for the benefit of creditors; or if receiver is appointed for any of Tenant's assets; (iv) Tenant fails to bond off or otherwise remove any lien filed against the Premises or the Building by reason of Tenant's actions, within fifteen (15) days after Tenant has notice of the filing of such lien; (v) Tenant fails to observe, perform and keep the covenants, agreements, provisions, stipulations, conditions and Rules herein contained to be observed, performed and kept by Tenant (other than the failure to pay when due any Rent or any other sum of money becoming due Landlord hereunder, which under all circumstances is governed by and subject to Paragraph 10(a)(i) herein), and persists in such failure after fifteen (15) days written notice by Landlord requiring that Tenant remedy, correct, desist or comply (or if any such failure to comply on the part of Tenant would reasonably require more than fifteen (15) days to rectify, unless Tenant commences rectification within the fifteen (15) day notice period and thereafter promptly, effectively and continuously proceeds with the rectification of the failure to comply on the part of Tenant and, in all such events, cures such failure to comply on the part of Tenant no later than thirty (30) days after such notice). (b) Upon the occurrence of an Event of Default, Landlord shall have the option to do and perform any one or more of the following: (i) Terminate this Lease, in which event Tenant shall immediately surrender the Premises to Landlord. If Tenant shall fail to do so, Landlord may, without further notice and without prejudice to any other remedy Landlord may have, enter upon the Premises without the requirement of resorting to the dispossessory procedures set forth in O.C.G.A. Sections 44-7-50 ET SEQ. and expel or remove Tenant and Tenant's effects without being liable for any claim for trespass or damages therefor. Upon any such termination, Tenant shall remain liable to Landlord for damages, due and payable monthly on the day Rent would have been payable hereunder, in an amount equal to the Rent and any other amounts which would have been owing by Tenant for the balance of the Term, had this Lease not been terminated, less the net proceeds, if any, of any reletting of the Premises by Landlord, after deducting all of Landlord's reasonable costs and expenses (including, without limitation, advertising expenses and professional fees) incurred in connection with or in any way related to the termination of this Lease, eviction of Tenant and such reletting; and/or (ii) Declare the entire amount of Rent calculated on the current rate being paid by Tenant, and other sums which in Landlord's reasonable determination would become due and payable during the remainder of the Term (including, but not limited to, increases in Rent pursuant to Paragraph 2(b) and 3(d) herein), discounted to present value by using a reasonable discount rate, to be due and payable immediately. Upon such acceleration of such amounts, Tenant agrees to pay the same at once, together with all Rent and other amounts theretofore due, at Landlord's address as provided herein; provided however, that such payment shall not constitute a penalty or forfeiture but shall constitute liquidated damages for Tenant's failure to comply with the terms and provisions of this Lease (Landlord and Tenant agreeing that Landlord's actual damages in such event are impossible to ascertain and that the amount set forth above is a reasonable estimate thereof). Upon making such payment, Tenant shall receive from Landlord all rents received by Landlord from other tenants renting the Premises during the Term, provided that the monies to which Tenant shall so become entitled shall in no event exceed the entire amount actually paid by Tenant to Landlord pursuant to the preceding sentence, less all of Landlord's costs and expenses (including, without limitation, advertising expenses and professional fees) incurred in connection with or in any way related to the reletting of the Premises. The acceptance of such payment by Landlord shall not constitute a waiver of rights or remedies to Landlord for any failure of Tenant thereafter occurring to comply with any term, provision, condition or covenant of this Lease; and/or (iii) Enter the Premises as the agent of Tenant without the requirement of resorting to the dispossessory procedures set forth in O.C.G.A. Sections 44-7-50 ET SEQ. and without being liable for any claim for trespass or damages therefor, and, in connection therewith, rekey the Premises, remove Tenant's effects therefrom and store the same at Tenant's expense, without being liable for any damage thereto, and relet the Premises as the agent of Tenant, without advertisement, by private negotiations, for any term Landlord deems proper, and receive the rent therefor. Tenant shall pay Landlord on demand any deficiency that may arise by reason of such reletting, but Tenant shall not be entitled to any surplus so arising. Tenant shall reimburse Landlord for all reasonable costs and expenses (including, without limitation, advertising expenses and professional fees) incurred in connection with or in any way related to the eviction of Tenant and reletting the Premises, and for the amount of any other Rent which would have been due of Tenant to Landlord hereunder if not for certain concessions granted by Landlord to Tenant. Landlord, in addition to but not in lieu of or in limitation of any other right or remedy provided to Landlord under the terms of this Lease or otherwise (but only to the extent such sum is not reimbursed to Landlord in conjunction with any other payment made by Tenant to Landlord), shall have the right to be immediately repaid by Tenant the amount of all sums expended by Landlord and not repaid by Tenant in connection with preparing or improving the Premises to Tenant's specifications and any and all costs and expenses incurred in renovating or altering the Premises to make it suitable for reletting; and/or (iv) As agent of Tenant, do whatever Tenant is obligated to do under this Lease, including, but not limited to, entering the Premises, without being liable to prosecution or any claims for damages, in order to accomplish this purpose. Tenant agrees to reimburse Landlord immediately upon demand for any reasonable expenses which Landlord may incur in thus effecting compliance with this Lease on behalf of Tenant. Landlord shall not be liable for any damages resulting to Tenant from such action, whether caused by the negligence of Landlord or otherwise. (c) Pursuit by Landlord of any of the foregoing remedies shall not preclude the pursuit of general or special damages incurred, or of any of the other remedies provided herein, at law or in equity. (d) No act or thing done by Landlord or Landlord's employees or agents during the Term shall be deemed an acceptance of a surrender of the Premises. Neither the mention in this Lease of any particular remedy, nor the exercise by Landlord of any particular remedy hereunder, at law or in equity, shall preclude Landlord from any other remedy Landlord might have under this Lease, at law or in equity. Any waiver of or redress for any violation of any covenant or condition contained in this Lease or any of the Rules now or hereafter adopted by Landlord, shall not prevent a subsequent act, which would have originally constituted a violation, from having all the force and effect of an original violation. The receipt by Landlord of Rent with knowledge of the breach of any covenant in this Lease shall not be deemed a waiver of such breach.
Appears in 2 contracts
Samples: Lease Agreement (Carter William Co /Ga/), Lease Agreement (Carters Imagination Inc)
Default by Tenant/Landlord’s Remedies. (a) The occurrence of any of the following shall constitute an Event event of Default default hereunder by Tenant:
(i) The Rent or any other sum of money due of Tenant hereunder is not paid within five (5) days of the date written notice of such late payment is received by Tenant; provided, however, if more than two (2) payments due of Tenant hereunder in any one (1) calendar year are not made until after notice of such late payment is received by Tenant, then it shall be an event of default hereunder by Tenant if any subsequent payment due of Tenant hereunder in the same calendar year is not made within ten (10) days of the date when due;
(ii) The Premises are abandoned deserted or vacated; provided, however, if Tenant deserts or vacates the Premises, Landlord's sole remedy for such default shall be to terminate this Lease effective on such date as Landlord specifies to Tenant by notice, and without further liability on Tenant docs not occupy the part of Premises within ten (15) days after notice from Landlord or to Tenant. The preceding sentence is not intended and shall not be deemed to waive or limit any of Landlord's rights or remedies in connection with or based on any default other than vacation or desertion;
(iii) Any petition is filed by or against Tenant under any section or chapter of the National or Federal Bankruptcy Act or any other applicable Federal or State bankruptcy, insolvency or other similar law, and, in the case of a petition filed against Tenant, such petition is not dismissed within thirty (30) days after the date of such filing; if Tenant shall become insolvent or transfer property to defraud creditors; if Tenant shall make an assignment for the benefit of creditors; or if receiver is appointed for any of Tenant's assets;
(iv) Tenant fails to bond off or otherwise remove (in a manner acceptable to Landlord) any lien filed against the Premises or the Building Property by reason of Tenant's actions, within fifteen ten (15) days after Tenant has notice of the filing of such lienHen;
(viv) Tenant fails to observe, perform and keep any of the other covenants, agreements, provisions, stipulations, conditions and Rules herein contained to be observed, performed and kept by Tenant (other than the failure to pay when due any Rent or any other sum of money becoming due Landlord hereunder, which under all circumstances is governed by and subject to Paragraph 10(a)(i) herein), and persists in such failure after fifteen ten (15) days written notice by Landlord requiring that Tenant remedy, correct, desist or comply (or if any such failure to comply on the part of Tenant would reasonably require more than fifteen ten (15) days to rectifycure, unless Tenant commences rectification curing within the fifteen ten (15) day notice period and thereafter promptly, effectively and continuously proceeds with the rectification curing of the failure to comply on the part of Tenant and, in all such events, cures such failure to comply on the part of Tenant no later than thirty forty-five (3045) days after such notice).
(b) Upon the occurrence of an Event event of Defaultdefault, Landlord , in addition to all other remedies available to Landlord at law or in equity, shall have the option to do and perform any one or more of the following:
(i) Terminate this Lease, in which event Tenant shall immediately surrender the Premises to Landlord. If Tenant shall fail to do so, . Landlord may, as permitted by law and without further notice and without prejudice to any other remedy Landlord may have, enter upon the Premises without the requirement of resorting to the dispossessory procedures set forth in O.C.G.A. Sections 44-7-50 ET SEQ. by applicable law, if any, and expel or remove Tenant and Tenant's effects without being liable for any claim for trespass or damages therefor. Upon any such termination, . Tenant shall remain liable to Landlord for damages, due and payable monthly on the day Rent would have been payable hereunder, in an amount equal to the Rent and any other amounts which would have been owing by Tenant for the balance of the Term, had this Lease not been terminated, less the net proceeds, if any, of any reletting of the Premises by Landlord, after deducting all plus the aggregate amount of ail of Landlord's reasonable costs and expenses (including, without limitation, advertising expenses and professional fees) incurred in connection with or in any way related to the termination of this Lease, eviction of Tenant and such reletting; and/oror
(ii) Declare the entire amount of Rent calculated on the current rate being paid by Tenant, Re-enter and other sums which in Landlord's reasonable determination would become due and payable during the remainder retake possession of the Term (including, but not limited to, increases in Rent pursuant to Paragraph 2(b) and 3(d) herein), discounted to present value by using a reasonable discount rate, to be due and payable immediately. Upon such acceleration of such amounts, Tenant agrees to pay the same at once, together with all Rent and other amounts theretofore due, at Landlord's address as provided herein; provided however, that such payment shall not constitute a penalty or forfeiture but shall constitute liquidated damages for Tenant's failure to comply with the terms and provisions of Premises without terminating this Lease (Landlord and Tenant agreeing that Landlord's actual damages in such event are impossible to ascertain and that the amount set forth above is a reasonable estimate thereof). Upon making such payment, Tenant shall receive from Landlord all rents received by Landlord from other tenants renting the Premises during the Term, provided that the monies to which Tenant shall so become entitled shall in no event exceed the entire amount actually paid by Tenant to Landlord pursuant to the preceding sentence, less all of Landlord's costs and expenses (including, without limitation, advertising expenses and professional fees) incurred in connection with or in any way related to the reletting of the Premises. The acceptance of such payment by Landlord shall not constitute a waiver of rights or remedies to Landlord for any failure of Tenant thereafter occurring to comply with any term, provision, condition or covenant of this Lease; and/or
(iii) Enter the Premises as the agent of Tenant without the requirement of resorting to the dispossessory procedures set forth in O.C.G.A. Sections 44-7-50 ET SEQ. and without being liable for any claim for trespass or damages therefor, and, in connection therewith, rekey re-key the Premises, remove Tenant's effects therefrom and store the same at Tenant's expense, without being liable for any damage thereto, and relet the Premises as the agent of Tenant, without advertisement, by private negotiations, for any term Landlord deems proper, and receive the rent therefor. Upon such reletting, all rentals received by The Landlord from such re-letting shall be applied first, to the payment of any indebtedness other than the Rent due hereunder from Tenant to Landlord; secondly, to the payment of any costs and expenses of such re-letting, including, without limitation, brokerage fees and attorneys' fees and the costs of such alterations and repairs as may be necessary relative to such re-letting; third, to the payment of the Rents then due and unpaid under the Lease; and the residue, if any, shall be held by the Landlord and applied in payment of future Rents as same may become due and payable hereunder. Tenant shall pay Landlord on demand any deficiency that may arise by reason of such reletting, but Tenant shall not be entitled to any surplus so arising. Tenant shall reimburse Landlord for all reasonable costs costs' and expenses (including, without limitation, advertising expenses and professional fees) incurred in connection with or in any way related to the eviction of Tenant and reletting the Premises, and for the amount of any other Rent which would have been due of Tenant to Landlord hereunder if not for certain concessions granted by Landlord to Tenant. Landlord, in addition to but not in lieu of or in limitation of any other right or remedy provided to Landlord under the terms of this Lease or otherwise (but only to the extent such sum is not reimbursed to Landlord in conjunction with any other payment made by Tenant to Landlord), shall have the right to be immediately repaid by Tenant the amount of all sums expended by Landlord and not repaid by Tenant in connection with preparing or improving the Premises to Tenant's specifications and any and all costs and expenses incurred in renovating or altering the Premises to make it suitable for reletting. Notwithstanding any such re-letting without termination. Landlord may at any time thereafter elect to terminate this Lease for such previous breach; and/oror
(iii) Landlord, in addition to but not in lieu ofor in limitation of any other right or remedy provided to Landlord under the terms of this Lease or otherwise (but only to die extent such sum is not reimbursed to Landlord in conjunction with any other payment made by Tenant to Landlord), shall have the right to be immediately repaid by Tenant the amount of all sums expended by Landlord and not repaid by Tenant in connection with preparing or improving the Premises to Tenant's specifications and any and all costs and expenses incurred in renovating or altering the Premises to make it suitable for reletting; or
(iv) As agent of Tenant, do whatever Tenant is obligated to do under by the provisions of this Lease, including, but not limited to, entering the Premises, without being liable to prosecution or any claims for damages, in order to accomplish this purpose. Tenant agrees to reimburse Landlord immediately upon demand for any reasonable expenses which Landlord may incur in thus effecting compliance with this Lease on behalf of Tenant. , and Tenant further agrees that Landlord shall not be liable for any damages resulting to Tenant from such action, whether caused by the negligence of Landlord or otherwise.
(v) Landlord may declare the entire amount of Base Rental, Additional Rent and other sums which would have become due and payable during the remainder of the Term of this Lease to be due and payable immediately without notice to Tenant,
(vi) Landlord may terminate this Lease and recover from Tenant, as full liquidated damages, all damages Landlord may incur by reason of Tenant's default, which damages shall be limited to (a) the amounts due and owing prior to such termination, plus (b) the cost of recovering the Premises, plus (c) reasonable attorney's fees and costs, plus (d) a sum which, at the date of such termination, equals the present value [discounted at ten percent (10%) per annum] of(i) the Base Rental, Additional Rent and all other sums which would have been due and payable by Tenant hereunder for the remainder of the Term (including any Extended Term, if the Term of the Lease has been extended) less (ii) the aggregate reasonable rental value of the Premises for the same period, accounting for me cost, time and other factors necessary to relet the Premises, all of which amounts shall be immediately due and payable; provided, however, if Landlord elects to pursue this remedy. Landlord shall do so exclusively and shall not thereafter pursue any of the other remedies set forth in section 10(b)(i)-(iv) to collect Base Rental and Additional Rent due from Tenant. The foregoing limitation of remedies is without prejudice to Landlord's right to enforce Tenant's indemnity obligation with respect to claims, damages and liabilities (other than Base Rental and Additional Rent) resulting to Landlord by or through Tenant's use and occupancy of the Premises. Landlord and Tenant agree that such amounts constitute a good faith reasonable estimate of the damages which might be suffered by Landlord upon the occurrence of a Default and that it is impossible to estimate more precisely such damages. Landlord's receipt of the aforesaid amount is intended not as a penalty but as full liquidated damages.
(c) Pursuit by Landlord of any of the foregoing remedies shall not preclude the pursuit of general or special damages incurred, or of any of the other remedies provided herein, at law or in equity; provided, however, Landlord's election to pursue the remedy in Section 10 (b) (v) shall be exclusive of any other remedies available to Landlord except as provided in said Section 10 (b) (v).
(d) No act or thing done by Landlord or Landlord's employees or agents during the Term shall be deemed an acceptance of a surrender of the Premises. Neither the mention in this Lease of any particular remedy, nor the exercise by Landlord of any particular remedy hereunder, at law or in equity, shall preclude Landlord from any other remedy Landlord might have under this Lease, at law or in equity. Any waiver of or redress for of or any violation of any covenant or condition contained in this Lease or any of the Rules now or hereafter adopted by Landlord, shall not prevent a subsequent act, which would have originally constituted a violation, from having all the force and effect of an original violation. The receipt by Landlord of Rent with knowledge of the breach of any covenant in this Lease shall not be deemed a waiver of such breach.
(e) Landlord's reentry, demand for possession, notice that the tenancy hereby created will be terminated on the date therein named, institution of an action of unlawful detainer or ejectment or the entering of a judgment for possession in such action or any other act or acts resulting in the termination of Tenant's right to possession of the Premises shall not relieve Tenant from Tenant's obligation to pay all sums due hereunder during the balance of the Term, except as herein expressly provided. Landlord may collect and receive any Base Rental, Additional Rent, or charges due from Tenant, and the payment (.hereof shall not constitute a waiver of or affect any notice or demand given, suit instituted or judgment obtained by Landlord, or be held to waive, affect, change, modify or alter the rights or remedies which Landlord has in equity or at law by virtue of this Lease.
(f) The Base Rental is calculated for the Term of this Lease and a substantial portion of the Base Rental includes reimbursement to Landlord of direct out-of-pocket investment costs and expenses with respect to leasing the Premises to the Tenant that Landlord has incurred or will incur during the Term for tenant improvements, leasing commissions and other costs, various tenant concessions, and other similar direct costs and expenses relating to Landlord's investment in the Premises, the aggregate amount of which Landlord has spread over the entire Term. Tenant acknowledges that Landlord will suffer damages, including, but not limited to, such unreimbursed direct out-of-pocket costs and expenses unless Tenant pays to Landlord all the Base Rental due to Landlord for the entire Term.
(g) In the event Landlord commences any proceedings for nonpayment of Base Rental, Additional Rent or other sums due hereunder. Tenant will not interpose any counterclaim of whatever nature or description, except for any compulsory counterclaim which may only be brought in any such proceeding. This shall not, however, be construed as a waiver of the Tenant's right to assert such claims in any separate action or actions brought by the Tenant.
(h) Except as expressly provided in this Lease, Tenant hereby waives any and every form of demand and notice prescribed by statute or other law, including without limitation the notice of any election of remedies made by Landlord under this Section, demand for payment of any rent, or demand for possession.
(i) All rights and remedies of Landlord created or otherwise existing at law or in equity are cumulative and the exercise of one or more rights or remedies shall not be taken to exclude or waive the right to exercise any other.
(j) Tenant shall and hereby agrees to pay all costs and expenses incurred by Landlord, including, but not limited to, reasonable attorneys' fees Incurred at the trial and all appellate levels and in connection with any administrative proceedings m enforcing any of the covenants and agreements of this Lease or as a result of any action brought by Landlord against Tenant for an unlawful detainer of the Premises, and all such costs, expenses and attorneys' fees shall be paid by Tenant to Landlord within ten (10) days after Landlord's written demand therefor.
(k) Notwithstanding anything in this Lease to the contrary. Tenant shall have no claim, and hereby waives the right to any claim, against Landlord for money damages by reason of any refusal, withholding or delaying by Landlord of any consent, approval or statement of satisfaction, and in such event. Tenant's only remedies therefor shall be an action for specific performance or injunction to enforce any such requirements. If the result of any such action or arbitration shall be adverse to Landlord, Landlord shall be liable to Tenant for Tenant's reasonable expenses and attorney's fees thereby incurred.
Appears in 1 contract
Default by Tenant/Landlord’s Remedies. (a) The occurrence of any of the following shall constitute an Event of Default hereunder by Tenant:
(i) The Rent or any other sum of money due of Tenant hereunder is not paid within five (5) days following the later of (i) the date that the same is due or (ii) written notice of such late payment from Landlord that the same is received by Tenant; due, provided, however, if that in no event shall Landlord be obligated to provide Tenant any such written notice on more than two (2) payments due of Tenant hereunder in occasions during any one twelve (112) calendar year are not made until after notice of such late payment is received by Tenant, then it shall be an event of default hereunder by Tenant if any subsequent payment due of Tenant hereunder in the same calendar year is not made within ten (10) days of the date when duemonth period;
(ii) The Premises are abandoned or vacated; provided, however, if Tenant deserts or vacates the Premises, Landlord's sole remedy for such default shall be to terminate this Lease effective on such date as Landlord specifies to Tenant by notice, and without further liability on the part of Landlord or Tenant. The preceding sentence is not intended and shall not be deemed to waive or limit any of Landlord's rights or remedies in connection with or based on any default other than vacation or desertion;
(iii) Any petition is filed by or against Tenant under any section or chapter of the National or Federal Bankruptcy Act or any other applicable Federal or State bankruptcy, insolvency or other similar law, and, in the case of a petition filed against Tenant, such petition is not dismissed within thirty (30) days after the date of such filing; if Tenant shall become insolvent or transfer property to defraud creditors; if Tenant shall make an assignment for the benefit of creditors; or if receiver is appointed for any of Tenant's ’s assets;
(iviii) Tenant fails to bond off or otherwise remove any lien filed against the Premises or the Building by reason of Tenant's ’s actions, within fifteen ten (1510) days after Tenant has notice of the filing of such lien;; or
(viv) Tenant fails to observe, perform and keep the covenants, agreements, provisions, stipulations, conditions and Rules herein contained to be observed, performed and kept by Tenant (other than the failure to pay when due any Rent or any other sum of money becoming due Landlord hereunder, which under all circumstances is governed by and subject to Paragraph 10(a)(i) herein), and persists in such failure after fifteen thirty (1530) days written notice by Landlord requiring that Tenant remedy, correct, desist or comply (or if any such failure to comply on the part of Tenant would reasonably require more than fifteen thirty (1530) days to rectify, unless Tenant commences rectification within the fifteen thirty (1530) day notice period and thereafter promptly, effectively and continuously proceeds with the rectification of the failure to comply on the part of Tenant and, in all such events, cures such failure to comply on the part of Tenant no later than thirty sixty (3060) days after such notice).
(b) Upon the occurrence of an Event of Default, Landlord shall have the option to do and perform any one or more of the following:
(i) Terminate this Lease, in which event Tenant shall immediately surrender the Premises to Landlord. If Tenant shall fail to do so, Landlord may, without further notice and without prejudice to any other remedy Landlord may have, enter upon the Premises without the requirement of resorting to the dispossessory procedures set forth in O.C.G.A. Sections §§ 44-7-50 ET SEQet seq. and expel or remove Tenant and Tenant's ’s effects without being liable for any claim for trespass or damages therefor. Upon any such termination, Tenant shall remain liable to Landlord for damages, due and payable monthly on the day Rent would have been payable hereunder, in an amount equal to the Rent and any other amounts which would have been owing by Tenant for the balance of the Term, had this Lease not been terminated, less the net proceeds, if any, of any reletting of the Premises by Landlord, after deducting all of Landlord's reasonable ’s costs and expenses (including, without limitation, advertising expenses and professional fees) incurred in connection with or in any way related to the termination of this Lease, eviction of Tenant and such reletting; and/or
(ii) Declare the entire amount of Rent calculated on the current rate being paid by Tenant, and other sums which in Landlord's ’s reasonable determination would become due and payable during the remainder of the Term (including, but not limited to, increases in Rent pursuant to Paragraph 2(b) and 3(d) herein), discounted to present value by using a reasonable discount raterate selected by Landlord, to be due and payable immediately. Upon such acceleration of such amounts, Tenant agrees to pay the same at once, together with all Rent and other amounts theretofore due, at Landlord's ’s address as provided herein; provided however, that such payment shall not constitute a penalty or forfeiture but shall constitute liquidated damages for Tenant's ’s failure to comply with the terms and provisions of this Lease (Landlord and Tenant agreeing that Landlord's ’s actual damages in such event are impossible to ascertain and that the amount set forth above is a reasonable estimate thereof). Upon making such payment, Tenant shall receive from Landlord all rents received by Landlord from other tenants renting the Premises during the Term, provided that the monies to which Tenant shall so become entitled shall in no event exceed the entire amount actually paid by Tenant to Landlord pursuant to the preceding sentence, less all of Landlord's ’s costs and expenses (including, without limitation, advertising expenses and professional fees) incurred in connection with or in any way related to the reletting of the Premises. The acceptance of such payment by Landlord shall not constitute a waiver of rights or remedies to Landlord for any failure of Tenant thereafter occurring to comply with any term, provision, condition or covenant of this Lease; and/or
(iii) Enter the Premises as the agent of Tenant without the requirement of resorting to the dispossessory procedures set forth in O.C.G.A. Sections §§ 44-7-50 ET SEQet seq. and without being liable for any claim for trespass or damages therefor, and, in connection therewith, rekey the Premises, remove Tenant's ’s effects therefrom and store the same at Tenant's ’s expense, without being liable for any damage thereto, and relet the Premises as the agent of Tenant, without advertisement, by private negotiations, for any term Landlord deems proper, and receive the rent therefor. Tenant shall pay Landlord on demand any deficiency that may arise by reason of such reletting, but Tenant shall not be entitled to any surplus so arising. Tenant shall reimburse Landlord for all reasonable costs and expenses (including, without limitation, advertising expenses and professional fees) incurred in connection with or in any way related to the eviction of Tenant and reletting the Premises, and for the amount of any other Rent which would have been due of Tenant to Landlord hereunder if not for certain concessions granted by Landlord to Tenant. Landlord, in addition to but not in lieu of or in limitation of any other right or remedy provided to Landlord under the terms of this Lease or otherwise (but only to the extent such sum is not reimbursed to Landlord in conjunction with any other payment made by Tenant to Landlord), shall have the right to be immediately repaid by Tenant the amount of all sums expended by Landlord and not repaid by Tenant in connection with preparing or improving the Premises to Tenant's ’s specifications and any and all costs and expenses incurred in renovating or altering the Premises to make it suitable for reletting; and/or
(iv) As agent of Tenant, do whatever Tenant is obligated to do under this Lease, including, but not limited to, entering the Premises, without being liable to prosecution or any claims for damages, in order to accomplish this purpose. Tenant agrees to reimburse Landlord immediately upon demand for any reasonable expenses which Landlord may incur in thus effecting compliance with this Lease on behalf of Tenant. Landlord shall not be liable for any damages resulting to Tenant from such action, whether caused by the negligence of Landlord or otherwise.
(c) Pursuit by Landlord of any of the foregoing remedies shall not preclude the pursuit of general or special damages incurred, or of any of the other remedies provided herein, at law or in equity.
(d) No act or thing done by Landlord or Landlord's ’s employees or agents during the Term shall be deemed an acceptance of a surrender of the Premises. Neither the mention in this Lease of any particular remedy, nor the exercise by Landlord of any particular remedy hereunder, at law or in equity, shall preclude Landlord from any other remedy Landlord might have under this Lease, at law or in equity. Any waiver of or redress for any violation of any covenant or condition contained in this Lease or any of the Rules now or hereafter adopted by Landlord, shall not prevent a subsequent act, which would have originally constituted a violation, from having all the force and effect of an original violation. The receipt by Landlord of Rent with knowledge of the breach of any covenant in this Lease shall not be deemed a waiver of such breach.
Appears in 1 contract
Samples: Lease Agreement (First Horizon Pharmaceutical Corp)
Default by Tenant/Landlord’s Remedies. (a) The occurrence following constitute events of any of the following shall constitute default (an “Event of Default hereunder by Tenant:
Default”): (i) The Rent or any other sum of money due of Tenant hereunder is not paid within Tenant’s failure for five (5) business days of the date after written notice of such late payment is received by Tenantthereof in paying any and all Rent as set forth herein; provided, however, if more than two (2) payments due of Tenant hereunder in any one (1) calendar year are not made until after notice of such late payment is received by Tenant, then it shall be an event of default hereunder by Tenant if any subsequent payment due of Tenant hereunder in the same calendar year is not made within ten (10) days of the date when due;
or (ii) The Premises are abandoned Tenant’s failure to observe or vacated; providedperform any item, howevercovenant, if or condition of this Lease on Tenant’s part to be observed and performed (other than the covenant to pay any and all Rent) and Tenant deserts or vacates the Premises, Landlord's sole fails to remedy for such default shall be to terminate this Lease effective on such date as within thirty (30) days after notice by Landlord specifies to Tenant by noticeof such default, and without further liability on the part or if such default is of Landlord or Tenant. The preceding sentence is not intended and shall such a nature that it cannot be deemed completely remedied within said period of thirty (30) days and Tenant does not commence within said period of thirty (30) days, or does not thereafter diligently pursue completing all steps necessary to waive remedy such default; or limit any of Landlord's rights or remedies in connection with or based on any default other than vacation or desertion;
(iii) Any petition is filed by or the entry against Tenant of a decree or order for relief in an involuntary case under any section the federal bankruptcy laws (as now or chapter of the National or Federal Bankruptcy Act hereafter constituted) or any other applicable Federal federal or State state bankruptcy, insolvency or other similar law, and, in or the case appointment of a petition filed against receiver, liquidator, assignee, trustee, custodian, sequestrator (or similar official) for Tenant or for any substantial part of Tenant’s property, or an order for the winding-up of liquidation of Tenant’s affairs and the continuance of any such petition decree or order is not dismissed within thirty unstayed and in effect for a period of sixty (3060) days after consecutive days; or (iv) the date commencement by Tenant of such filing; if a voluntary case under the federal bankruptcy laws (as now constituted or hereafter amended) or any other applicable federal or state bankruptcy, insolvency, or other similar law, or the consent by Tenant shall become insolvent to the appointment of or transfer property to defraud creditors; if taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) for Tenant shall make an or for any substantial part of Tenant’s property, or the making by Tenant of any assignment for the benefit of creditors; , or if receiver is appointed for the failure of Tenant generally to pay its debts as such debts become due, or the taking of corporate action by Tenant in furtherance of any of Tenant's assets;
the foregoing; (ivv) Tenant fails to bond off levy upon or otherwise remove any lien filed attachment under process against the Premises or the Building by reason of Tenant's actions, ’s effects or interest therein which is not satisfied or dissolved within fifteen (15) days after Tenant has notice such levy upon or attachment; or (vi) abandonment or vacancy of the filing of such lien;
(v) Tenant fails to observe, perform and keep the covenants, agreements, provisions, stipulations, conditions and Rules herein contained to be observed, performed and kept Premises by Tenant (other than during the failure to pay when due Term of this Lease without payment of Rent. After an authorized assignment or subletting, the occurrence of any Rent or any other sum of money becoming due Landlord hereunder, which under all circumstances is governed by and subject to Paragraph 10(a)(i) herein), and persists in such failure after fifteen (15) days written notice by Landlord requiring that Tenant remedy, correct, desist or comply (or if any such failure to comply on the part of Tenant would reasonably require more than fifteen (15) days to rectify, unless Tenant commences rectification within the fifteen (15) day notice period and thereafter promptly, effectively and continuously proceeds with the rectification of the failure foregoing Event of Default affect this Lease only if caused by or happening to comply on the part of Tenant and, in all such events, cures such failure to comply on the part of Tenant no later than thirty (30) days after such notice)assignee or sublessee.
(b) Upon In the occurrence case of an Event of Default, Landlord shall have the option to do and perform any one or more of the following:
(i) Terminate may, at its option, terminate this Lease. Upon such termination by Landlord, Tenant will at once surrender possession of Premises to Landlord and remove all of Tenant’s effects therefrom; and Landlord may forthwith re-enter the Premises and repossess the Premises by any applicable action or procedure; and remove all persons and effects therefrom, using such force as may be necessary without being guilty of trespass, forcible entry or detainer or other tort. Landlord may also, in which event Tenant shall immediately surrender the Premises to Landlord. If Tenant shall fail to do so, Landlord may, without further notice and without prejudice addition to any other remedy Landlord remedies it may have, enter upon recover from Tenant all damages Landlord may incur by reason of such Event of Default, including the Premises without cost of recovering the requirement Premises, reasonable attorneys’ fees, and including the worth at the time of resorting to the dispossessory procedures set forth in O.C.G.A. Sections 44-7-50 ET SEQ. and expel or remove Tenant and Tenant's effects without being liable for any claim for trespass or damages therefor. Upon any such termination, Tenant shall remain liable to Landlord for damages, due and payable monthly on the day Rent would have been payable hereunder, in an amount equal to the Rent and any other amounts which would have been owing by Tenant for the balance termination of the Term, had this Lease not been terminated, less the net proceedsexcess, if any, of any reletting of the Premises by Landlord, after deducting all of Landlord's reasonable costs and expenses (including, without limitation, advertising expenses and professional fees) incurred in connection with or in any way related to the termination of this Lease, eviction of Tenant and such reletting; and/or
(ii) Declare the entire amount of Rent calculated on the current rate being paid by Tenant, and other sums which reserved in Landlord's reasonable determination would become due and payable during this Lease for the remainder of the Term (includingover the then reasonable rental value of Premises for the remainder of the Term, but not limited to, increases in Rent pursuant to Paragraph 2(b) and 3(d) herein), discounted to present value by using a reasonable discount rate, to all of which amounts shall be immediately due and payable immediately. Upon such acceleration from Tenant to Landlord.
(c) As an alternative to the remedy available in subsection (b) above, in the case of such amountsan Event of Default, Tenant agrees to pay the same at once, together with all Rent and other amounts theretofore due, Landlord may at Landlord's address as provided herein; provided however’s option, that such payment shall not constitute a penalty or forfeiture but shall constitute liquidated damages for terminate Tenant's failure ’s right to comply with possession and enter upon and rent Premises at the terms and provisions of this Lease (Landlord and Tenant agreeing that Landlord's actual damages in such event are impossible to ascertain and that the amount set forth above is a best price obtainable by reasonable estimate thereof). Upon making such payment, Tenant shall receive from Landlord all rents received by Landlord from other tenants renting the Premises during the Term, provided that the monies to which Tenant shall so become entitled shall in no event exceed the entire amount actually paid by Tenant to Landlord pursuant to the preceding sentence, less all of Landlord's costs and expenses (including, without limitation, advertising expenses and professional fees) incurred in connection with or in any way related to the reletting of the Premises. The acceptance of such payment by Landlord shall not constitute a waiver of rights or remedies to Landlord for any failure of Tenant thereafter occurring to comply with any term, provision, condition or covenant of this Lease; and/or
(iii) Enter the Premises as the agent of Tenant without the requirement of resorting to the dispossessory procedures set forth in O.C.G.A. Sections 44-7-50 ET SEQ. and without being liable for any claim for trespass or damages therefor, and, in connection therewith, rekey the Premises, remove Tenant's effects therefrom and store the same at Tenant's expense, without being liable for any damage thereto, and relet the Premises as the agent of Tenanteffort, without advertisement, and by private negotiations, negotiations and for any term Landlord deems proper, and receive the rent thereforproper without termination of this Lease evidenced by written notice to Tenant. Tenant shall pay Landlord on demand any deficiency that may arise by reason upon receipt of such relettingnotice surrender possession of the Premises to Landlord and remove all of Tenant’s effects therefrom; and Landlord may forthwith re-enter the Premises and repossess itself thereof; and remove all persons and effects therefrom, but Tenant shall not using such force as may be entitled to any surplus so arisingnecessary without being guilty of trespass, forcible entry or detainer or other tort. Tenant shall reimburse be liable to Landlord for all reasonable costs and expenses (includingthe deficiency, without limitationif any, advertising expenses and professional fees) incurred in connection with or in any way related to the eviction of Tenant and reletting the Premises, and for between the amount of any other all Rent reserved in this Lease and the net rent, if any, collected by Landlord in reletting Premises (the “Net Rent”), which deficiency shall be due and payable by Tenant for the period in which Rent reserved in the Lease would have been due of Tenant to Landlord hereunder if not for certain concessions granted and payable. Net Rent shall be computed by deducting from gross rents collected all expenses or costs actually incurred by Landlord to Tenant. Landlord, in addition to but not in lieu of or in limitation of any other right or remedy provided to Landlord under the terms of this Lease or otherwise (but only to the extent such sum is not reimbursed to Landlord in conjunction with any other payment made by Tenant to Landlord), shall have the right to be immediately repaid by Tenant the amount of all sums expended by Landlord and not repaid by Tenant in connection with preparing or improving the Premises to Tenant's specifications and any and all costs and expenses incurred in renovating or altering the Premises to make it suitable for reletting; and/or
(iv) As agent of Tenant, do whatever Tenant is obligated to do under this Lease, including, but not limited to, entering to attorneys’ fees and broker’s commissions and the reasonable and actual costs incurred for renovating or remodeling Premises, without being liable to prosecution or any claims for damages, in order to accomplish this purpose. Tenant agrees to reimburse Landlord immediately upon demand for any reasonable expenses which Landlord may incur in thus effecting compliance with this Lease on behalf of Tenant. Landlord shall not be liable for any damages resulting to Tenant from such action, whether caused by the negligence of Landlord or otherwise.
(cd) Pursuit by Landlord of any of the foregoing remedies shall not preclude the pursuit of general or special damages incurred, or of any of the other remedies herein provided herein, at law or in equityany other remedies provided by law.
(de) No Landlord will have the obligation to mitigate its damages in the exercise of any of its remedies hereunder.
(f) Upon Tenant’s default, Landlord may declare immediately due and payable all “Monthly Rental” and all additional rental and any other charges and assessments against Tenant due or to become due under this Lease.
(g) Any installment of Rent herein required to be paid by Tenant, or any amount due to Tenant from Landlord, which is not paid when due, shall bear interest at (i) the maximum interest rate permitted by applicable law or (ii) if there is no such rate then eighteen percent (18%) per annum shall be charged, (the “Default Rate”) as a late charge for the purpose of reimbursing for expenses incurred by reason of such failure by Tenant or Landlord, as applicable, and not as penalty therefore. The interest so charged shall be collectible as Additional Rent.
(h) Landlord will have the obligation to mitigate its damages in the exercise of any of its remedies hereunder.
(i) If Tenant shall fail to pay any sum of money other than Rent, required to be paid by it hereunder or shall fail to perform any other act on its part to be performed hereunder, Landlord may, but shall not be obligated so to do, and without waiving or thing done releasing Tenant from any obligations of Tenant, make any such payment or perform any such other act on Tenant’s part to be made or performed following advance written notice and Tenant’s opportunity to cure pursuant to Section 11(a). All sums so paid by Landlord or Landlord's employees or agents during the Term and all necessary incidental costs shall be deemed an acceptance Additional Rental hereunder and shall be payable to Landlord following 30-days written demand, together with interest thereon. Any installment of a surrender Rent herein required to be paid by Tenant, or any amount due to Tenant from Landlord, which is not paid when due, shall bear interest at (i) the maximum interest rate permitted by applicable law or (ii) if there is no such rate then eighteen percent (18%) per annum shall be charged, from the date of the Premises. Neither the mention in this Lease of any particular remedy, nor the exercise expenditure by Landlord to the date of any particular remedy hereunderrepayment by Tenant, at law or and Landlord shall have (in equity, shall preclude Landlord from addition to any other right or remedy Landlord might have under this Lease, at law of Landlord) the same rights and remedies in the event of nonpayment thereof by Tenant as in the case of default by Tenant in the payment of (the “Default Rate”) as a late charge for the purpose of reimbursing for expenses incurred by reason of such failure by Tenant or in equity. Any waiver of or redress for any violation of any covenant or condition contained in this Lease or any of the Rules now or hereafter adopted by Landlord, shall as applicable, and not prevent a subsequent act, which would have originally constituted a violation, from having all the force and effect of an original violationas penalty therefore. The receipt by Landlord of Rent with knowledge of the breach of any covenant in this Lease interest so charged shall not be deemed a waiver of such breachcollectible as Additional Rent.
Appears in 1 contract
Samples: Lease Agreement (Brown & Brown Inc)
Default by Tenant/Landlord’s Remedies. (a) The occurrence of any of the following shall constitute an Event of Default hereunder by Tenant:
(i) The Rent or any other sum of money due of Tenant hereunder is not paid within five (5) days of the date following written notice of such late payment is received by Tenant; provided, however, if more than two (2) payments due of Tenant hereunder in any one (1) calendar year are not made until after notice of such late payment is received by Tenant, then it shall be an event of default hereunder by Tenant if any subsequent payment due of Tenant hereunder in from Landlord that the same calendar year is not made within ten (10) days of the date when due;
(ii) The Premises are abandoned or vacated; provided, however, if Tenant deserts or vacates the Premises, Landlord's sole remedy for such default shall be to terminate this Lease effective on such date as Landlord specifies to Tenant by notice, and without further liability on the part of Landlord or Tenant. The preceding sentence is not intended and shall not be deemed to waive or limit any of Landlord's rights or remedies in connection with or based on any default other than vacation or desertion;
(iii) Any petition is filed by or against Tenant under any section or chapter of the National or Federal Bankruptcy Act or any other applicable Federal or State bankruptcy, insolvency or other similar law, and, in the case of a petition filed against Tenant, such petition is not dismissed within thirty sixty (3060) days after the date of such filing; if Tenant shall become insolvent or transfer property to defraud creditors; if Tenant shall make an assignment for the benefit of creditors; or if receiver is appointed for any of Tenant's ’s assets; for the benefit of creditors; or if receiver is appointed for any of Tenant’s assets;
(iviii) Tenant fails to bond off or otherwise remove any lien filed against the Premises or the Building by reason of Tenant's ’s actions, within fifteen twenty (1520) days after Tenant has notice of the filing of such lien;; or
(viv) Tenant fails to observe, perform and keep the covenants, agreements, provisions, stipulations, conditions and Rules herein contained to be observed, performed and kept by Tenant (other than the failure to pay when due any Rent or any other sum of money becoming due Landlord hereunder, which under all circumstances is governed by and subject to Paragraph 10(a)(il0(a)(i) herein), and persists in such failure after fifteen thirty (1530) days written notice by Landlord requiring that Tenant remedy, correct, desist or comply (or if any such failure to comply on the part of Tenant would reasonably require more than fifteen thirty (1530) days to rectify, unless Tenant commences rectification within the fifteen thirty (1530) day notice period and thereafter promptly, effectively and continuously proceeds with the rectification of the failure to comply on the part of Tenant and, in all such events, cures such failure to comply on the part of Tenant no later than thirty sixty (3060) days after such notice).
(b) Upon the occurrence of an Event of Default, Landlord shall have the option to do and perform any one or more of the following:
(i) Terminate this Lease, in which event Tenant shall immediately surrender the Premises to Landlord. If Tenant shall fail to do so, Landlord may, without further notice and without prejudice to any other remedy Landlord may have, enter upon the Premises without the requirement of resorting to the dispossessory procedures set forth in O.C.G.A. Sections §§ 44-7-50 ET SEQet seq. and expel or remove Tenant and Tenant's ’s effects without being liable for any claim for trespass or damages therefor. Upon any such termination, Tenant shall remain liable to Landlord for damages, due and payable monthly on the day Rent would have been payable hereunder, in an amount equal to the Rent and any other amounts which would have been owing by Tenant for the balance of the Term, had this Lease not been terminated, less the net proceeds, if any, of any reletting of the Premises by Landlord, after deducting all of Landlord's reasonable ’s costs and expenses (including, without limitation, advertising expenses and professional fees) incurred in connection with or in any way related to the termination of this Lease, eviction of Tenant and such reletting; and/or
(ii) Declare the entire amount of Rent calculated on the current rate being paid by Tenant, and other sums which in Landlord's ’s reasonable determination would become due and payable during the remainder of the Term (including, but not limited to, increases in Rent pursuant to Paragraph 2(b) and 3(d) herein), discounted to present value by using a reasonable discount raterate selected by Landlord, to be due and payable immediately. Upon such acceleration of such amounts, Tenant agrees to pay the same at once, together with all Rent and other amounts theretofore due, at Landlord's ’s address as provided herein; provided however, that such payment shall not constitute a penalty or forfeiture but shall constitute liquidated damages for Tenant's ’s failure to comply with the terms and provisions of this Lease (Landlord and Tenant agreeing that Landlord's ’s actual damages in such event are impossible to ascertain and that the amount set forth above is a reasonable estimate thereof). Upon making such payment, Tenant shall receive from Landlord all rents received by Landlord from other tenants renting the Premises during the Term, provided that the monies to which Tenant shall so become entitled shall in no event exceed the entire amount actually paid by Tenant to Landlord pursuant to the preceding sentence, less all of Landlord's ’s costs and expenses (including, without limitation, advertising expenses and professional fees) incurred in connection with or in any way related to the reletting of the Premises. The acceptance of such payment by Landlord shall not constitute a waiver of rights or remedies to Landlord for any failure of Tenant thereafter occurring to comply with any term, provision, condition or covenant of this Lease; and/or
(iii) Enter the Premises as the agent of Tenant without the requirement of resorting to the dispossessory procedures set forth in O.C.G.A. Sections §§ 44-7-50 ET SEQet seq. and without being liable for any claim for trespass or damages therefor, and, in connection therewith, rekey the Premises, remove Tenant's ’s effects therefrom and store the same at Tenant's ’s expense, without being liable for any damage thereto, and relet the Premises as the agent of Tenant, without advertisement, by private negotiations, for any term Landlord deems proper, and receive the rent therefor. Tenant shall pay Landlord on demand any deficiency that may arise by reason of such reletting, but Tenant shall not be entitled to any surplus so arising. Tenant shall reimburse Landlord for all reasonable costs and expenses (including, without limitation, advertising expenses and professional fees) incurred in connection with or in any way related to the eviction of Tenant and reletting the Premises, and for the amount of any other Rent which would have been due of Tenant to Landlord hereunder if not for certain concessions granted by Landlord to Tenant. Landlord, in addition to but not in lieu of or in limitation of any other right or remedy provided to Landlord under the terms of this Lease or otherwise (but only to the extent such sum is not reimbursed to Landlord in conjunction with any other payment made by Tenant to Landlord), shall have the right to be immediately repaid by Tenant the amount of all sums expended by Landlord and not repaid by Tenant in connection with preparing or improving the Premises to Tenant's ’s specifications and any and all costs and expenses incurred in renovating or altering the Premises to make it suitable for reletting; and/or
(iv) As agent of Tenant, do whatever Tenant is obligated to do under this Lease, including, but not limited to, entering the Premises, without being liable to prosecution or any claims for damages, in order to accomplish this purpose. Tenant agrees to reimburse Landlord immediately upon demand for any reasonable expenses which Landlord may incur in thus effecting compliance with this Lease on behalf of Tenant. Landlord shall not be liable for any damages resulting to Tenant from such action, whether caused by the negligence of Landlord or otherwise.
(c) Pursuit by Landlord of any of the foregoing remedies shall not preclude the pursuit of general or special damages incurred, or of any of the other remedies provided herein, at law or in equity.
(d) No act or thing done by Landlord or Landlord's ’s employees or agents during the Term shall be deemed an acceptance of a surrender of the Premises. Neither the mention in this Lease of any particular remedy, nor the exercise by Landlord of any particular remedy hereunder, at law or in equity, shall preclude Landlord from any other remedy Landlord might have under this Lease, at law or in equity. Any waiver of or redress for any violation of any covenant or condition contained in this Lease or any of the Rules now or hereafter adopted by Landlord, shall not prevent a subsequent act, which would have originally constituted a violation, from having all the force and effect of an original violation. The receipt by Landlord of Rent with knowledge of the breach of any covenant in this Lease shall not be deemed a waiver of such breach.
Appears in 1 contract
Default by Tenant/Landlord’s Remedies. (a) The occurrence of any of the following shall constitute an Event event of Default default hereunder by TenantTenaxx:
(i) The Rent or any other sum of money due of Tenant hereunder is not paid within five (5) days of the date when Tenaxx xxxeives written notice of such late payment is received by Tenantthereof from Landlord; provided, provided however, if that Landlord shall not be required to give any such notice of nonpayment more than two (2) payments due of Tenant hereunder times in any one 12-month period; and for the third (13rd) calendar year are not made until after notice of such late payment is received by Tenant, then and any subsequent nonpayment; it shall be an event of default hereunder by Tenant if any subsequent payment due of Tenant hereunder in the same calendar year is not made received within ten five (105) days of the date or when due;
(ii) The Premises are abandoned deserted or vacated; provided, however, if Tenant deserts or vacates the Premises, Landlord's sole remedy for such default shall be to terminate this Lease effective on such date as Landlord specifies to Tenant by notice, and without further liability on Tenant does not occupy the part of Premises within ten (10) days after notice from Landlord or to Tenant. The preceding sentence is not intended and shall not be deemed to waive or limit any of Landlord's rights or remedies in connection with or based on any default other than vacation or desertion;
(iii) Any petition is filed by or against Tenant under any section or chapter of the National or Federal Bankruptcy Act or any other applicable Federal or State bankruptcy, insolvency or other similar law, and, in the case of a petition filed against Tenant, such petition is not dismissed within thirty (30) days after the date of such filing; if Tenant shall become insolvent or transfer property to defraud creditors; if Tenant shall make an assignment for the benefit of creditors; or if receiver is appointed for any of Tenant's assets;
(iv) Tenant fails to bond off or otherwise remove (in a manner acceptable to Landlord) any lien filed against the Premises or the Building Complex by reason of Tenant's actions, within fifteen ten (1510) days after Tenant has Tenaxx xxx notice of the filing of such lien;
(viv) Tenant fails to observe, perform and keep any of the other covenants, agreements, provisions, stipulations, conditions and Rules herein contained to be observed, performed and kept by Tenant (other than the failure to pay when due any Rent or any other sum of money becoming due Landlord hereunder, which under all circumstances is governed by and subject to Paragraph 10(a)(i) herein), and persists in such failure after fifteen ten (1510) days written notice by Landlord requiring that Tenant remedy, correct, desist or comply (or if any such failure to comply on the part of Tenant would reasonably require more than fifteen ten (1510) days to rectifycure, unless Tenant commences rectification curing within the fifteen ten (1510) day notice period and thereafter promptly, effectively and continuously proceeds with the rectification curing of the failure to comply on the part of Tenant and, in all such events, cures such failure to comply on the part of Tenant no later than thirty forty-five (3045) days after such notice).
(b) Upon the occurrence of an Event event of Defaultdefault, Landlord shall have the option to do and perform any one or more of the following:
(i) Terminate this Lease, in which event Tenant shall Tenaxx xxxll immediately surrender the Premises to Landlord. If Tenant shall fail to do so, Landlord may, without further notice and without prejudice to any other remedy Landlord may have, enter upon the Premises without the requirement of resorting to the dispossessory procedures set forth in O.C.G.A. Sections 44-7-50 ET SEQ. by applicable law, if any, and expel or remove Tenant and Tenant's effects without being liable for any claim for trespass or damages therefor. Upon any such termination, Tenant shall remain liable to Landlord for damages, due and payable monthly on the day Rent would have been payable hereunder, in an amount equal to the Rent and any other amounts which would have been owing by Tenant for the balance of the Term, had this Lease not been terminated, less the net proceeds, if any, of any reletting of the Premises by Landlord, after deducting plus the aggregate amount of all of Landlord's reasonable costs and expenses (including, without limitation, advertising expenses and professional fees) incurred in connection with or in any way related to the termination of this Lease, eviction of Tenant and such reletting; and/oror
(ii) Declare the entire amount of Rent calculated on the current rate being paid by Tenant, and other sums which in Landlord's reasonable determination would become due and payable during the remainder of the Term (including, but not limited to, increases in Rent pursuant to Paragraph 2(b) and 3(d) herein), discounted to present value by using a reasonable discount rate, to be due and payable immediately. Upon such acceleration of such amounts, Tenant agrees to pay the same at once, together with all Rent and other amounts theretofore due, at Landlord's address as provided herein; provided however, that such payment shall not constitute a penalty or forfeiture but shall constitute liquidated damages for Tenant's failure to comply with the terms and provisions of this Lease (Landlord and Tenant agreeing that Landlord's actual damages in such event are impossible to ascertain and that the amount set forth above is a reasonable estimate thereof). Upon making such payment, Tenant shall receive from Landlord all rents received by Landlord from other tenants renting the Premises during the Term, provided that the monies to which Tenant shall so become entitled shall in no event exceed the entire amount actually paid by Tenant to Landlord pursuant to the preceding sentence, less all of Landlord's costs and expenses (including, without limitation, advertising expenses and professional fees) incurred in connection with or in any way related to the reletting of the Premises. The acceptance of such payment by Landlord shall not constitute a waiver of rights or remedies to Landlord for any failure of Tenant thereafter occurring to comply with any term, provision, condition or covenant of this Lease; and/or
(iii) Enter the Premises as the agent of Tenant without the requirement of resorting to the dispossessory procedures set forth in O.C.G.A. Sections Section 44-7-50 ET SEQet. seq., and without being liable for any claim for trespass or damages therefor, and, in connection therewith, rekey re-key the Premises, remove Tenant's effects therefrom and store the same at Tenant's expense, without being liable for any damage thereto, and relet the Premises as the agent of Tenant, without advertisement, by private negotiations, for any term Landlord deems proper, and receive the rent therefor. Tenant shall pay Landlord on demand any deficiency that may arise by reason of such reletting, but Tenant shall not be entitled to any surplus so arising. Tenant shall reimburse Landlord for all reasonable costs and expenses (including, without limitation, advertising expenses and professional fees) incurred in connection with or in any way related to the eviction of Tenant and reletting the Premises, and for the amount of any other Rent which would have been due of Tenant to Landlord hereunder if not for certain concessions granted by Landlord to Tenant. Landlord, in addition to but not in lieu of or in limitation of any other right or remedy provided to Landlord under the terms of this Lease or otherwise (but only to the extent such sum is not reimbursed to Landlord in conjunction with any other payment made by Tenant to Landlord), shall have the right to be immediately repaid by Tenant the amount of all sums expended by Landlord and not repaid by Tenant in connection with preparing or improving the Premises to Tenant's specifications and any and all costs and expenses incurred in renovating or altering the Premises to make it suitable for reletting; and/or
(iv) As agent of Tenant, do whatever Tenant is obligated to do under this Lease, including, but not limited to, entering the Premises, without being liable to prosecution or any claims for damages, in order to accomplish this purpose. Tenant agrees to reimburse Landlord immediately upon demand for any reasonable expenses which Landlord may incur in thus effecting compliance with this Lease on behalf of Tenant. Landlord shall not be liable for any damages resulting to Tenant from such action, whether caused by the negligence of Landlord or otherwise.
(c) Pursuit by Landlord of any of the foregoing remedies shall not preclude the pursuit of general or special damages incurred, or of any of the other remedies provided herein, at law or in equity.
(d) No act or thing done by Landlord or Landlord's employees or agents during the Term shall be deemed an acceptance of a surrender of the Premises. Neither the mention in this Lease of any particular remedy, nor the exercise by Landlord of any particular remedy hereunder, at law or in equity, shall preclude Landlord from any other remedy Landlord might have under this Lease, at law or in equity. Any waiver of or redress for any violation of any covenant or condition contained in this Lease or any of the Rules now or hereafter adopted by Landlord, shall not prevent a subsequent act, which would have originally constituted a violation, from having all the force and effect of an original violation. The receipt by Landlord of Rent with knowledge of the breach of any covenant in this Lease shall not be deemed a waiver of such breach.Upon
Appears in 1 contract
Default by Tenant/Landlord’s Remedies. A. Any one or more of the following events shall constitute an event of default under this Lease. ("Event of Default"):
(1) Tenant shall abandon the Premises or otherwise cease or substantially curtail its operations in the Premises (except as necessitated by force majeure), and such abandonment, cessation or curtailment shall continue for a period of three business days after written notice by Landlord.
(2) Tenant shall default in making payment to Landlord of (a) The occurrence any Basic Rent on the date the same is due or (b) any Percentage Rent or other sum due Landlord hereunder when the same is due and payable; and such default in payment shall continue for a period of any three (3) business days after written notice of the following shall constitute an Event of Default hereunder by Tenant:default from Landlord.
(i3) The Rent Tenant shall fail to pay punctually as and when same become due and payable without penalty any tax, assessment, rate or charge or other governmental imposition, or any other sum charge or lien against the Premises or the Hotel, and such default shall continue for a period of money due of Tenant hereunder is not paid within five (5) 30 days of the date after written notice by Landlord specifying such failure.
(4) Tenant shall default in complying with any other agreement, term, covenant or condition this Lease and such default shall continue for a period of 30 days after written notice by Landlord specifying the claimed default (unless Tenant in good faith, has commenced within such late payment is received by Tenant30-day period to remedy such default and at all times thereafter diligently and continuously proceeds to cure the same); provided, however, if more than two that no such cure period shall be applicable to any agreement, term, covenant or conditions contained herein which for which this Lease otherwise specifies a cure period after notice.
(25) payments due This Lease or the estate of Tenant hereunder in any one (1) calendar year are not made until after notice of such late payment is received by Tenant, then it shall be an event of default hereunder by Tenant if any subsequent payment due of Tenant hereunder transferred, assigned or subleased in the same calendar year is not made within ten (10) days violation of the date when due;provisions of Section 16 above.
(ii6) The Premises are abandoned or vacated; provided, however, if Tenant deserts or vacates the Premises, Landlord's sole remedy for such default shall be to terminate this Lease effective on such date as Landlord specifies to Tenant by notice, and without further liability on the part of Landlord or Tenant. The preceding sentence is not intended and shall not be deemed to waive or limit any of Landlord's rights or remedies in connection with or based on any default other than vacation or desertion;
(iii) Any petition is filed by or against Tenant under any section or chapter of the National or Federal Bankruptcy Act or any other applicable Federal or State bankruptcy, insolvency or other similar law, and, in the case of a petition filed against Tenant, such petition is not dismissed within thirty (30) days after the date of such filing; if Tenant shall become insolvent or transfer property to defraud creditors; if Tenant shall make an a general assignment for the benefit of creditorscreditors or shall petition or apply to any tribunal for the appointment of a trustee, custodian, receiver, or liquidator of all or any substantial part of its business, estates or assets or shall commence any proceedings under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution, or liquidation Law of any jurisdiction; whether now or if receiver is appointed for any of Tenant's assets;
(iv) Tenant fails hereafter in effect, or shall admit in writing an inability to bond off pay its debts as they become due, or otherwise remove any lien filed against the Premises or the Building by reason of Tenant's actions, within fifteen (15) days after Tenant has notice of the filing of such lien;
(v) Tenant fails to observe, perform and keep the covenants, agreements, provisions, stipulations, conditions and Rules herein contained to be observed, performed and kept by Tenant (other than the failure to pay when due any Rent or any other sum of money becoming due Landlord hereunder, which under all circumstances is governed by and subject to Paragraph 10(a)(i) herein), and persists in such failure after fifteen (15) days written notice by Landlord requiring that Tenant remedy, correct, desist or comply (or if any such failure to comply on the part of Tenant would reasonably require more than fifteen (15) days to rectify, unless Tenant commences rectification within the fifteen (15) day notice period and thereafter promptly, effectively and continuously proceeds with the rectification of the failure to comply on the part of Tenant and, in all such events, cures such failure to comply on the part of Tenant no later than thirty (30) days after such notice)become insolvent.
(b7) Upon Any such petition or application shall be filed or any such proceedings shall be commenced against Tenant and Tenant by any act shall indicate approval thereof, consent thereto, or acquiescence therein, or an order shall be entered appointing a trustee, custodian, receiver, or liquidator of all or any substantial part of the occurrence assets of an Tenant or adjudicating Tenant bankrupt or insolvent or approving the petition in any such proceeding, and such order shall remain undischarged for a period of more than 60 days.
(8) Tenant shall default under any material Ancillary Document and such default shell continue through the end of any specified cure period in such Ancillary Document.
B. This Lease is subject to the limitations that if and whenever any Event of DefaultDefault shall occur, in addition to any other rights and remedies given hereunder or by law or equity, Landlord shall have the option to do and perform any one or more of the followingmay:
(i1) Terminate this Lease, in which event Tenant shall immediately surrender possession of the Premises to Landlord. If Tenant shall fail to do so, Landlord may, without further notice and without prejudice to any other remedy Landlord may have; or
(2) Without effecting a termination of this Lease, enter upon and take possession of the Premises without the requirement of resorting to the dispossessory procedures set forth in O.C.G.A. Sections 44-7-50 ET SEQ. and expel or remove Tenant and any other occupant therefrom concluding, without limitation, altering locks and other security devices at the-Premises); provided, however, that Landlord, by proceeding first under this clause (2), shall not be precluded later from proceeding under clause (1) above.
C. Exercise by Landlord of the remedies granted under Section 17.B.(2) or otherwise available shall not be deemed to be an acceptance of surrender of the Premises by Tenant's effects without , whether by agreement or by operation of Law, it being liable for any claim for trespass or damages therefor. Upon any understood that such surrender can be effected only by the written agreement of Landlord and Tenant.
D. In the event Landlord elects to terminate this Lease by, reason of an Event of Default, then notwithstanding such termination, Tenant shall remain be liable for and shall pay to Landlord for at Landlord's Address, the sum of all rent and other indebtedness accrued to the date of such termination, and all expenses incurred by Landlord as provided in Section 17.F, plus, as damages, due and payable monthly on the day Rent would have been payable hereunder, in an amount equal to the Rent and any other amounts which would have been owing by Tenant present value of: (i) the rental payable hereunder for the balance remaining portion of the Term (had such term not been terminated by Landlord prior to the date of expiration of the Term), had this Lease not been terminatedincluding Basic Rent, less Percentage Rent and all other sums payable by Tenant hereunder with respect to the net proceedsPremises, if any, of any reletting projected on the basis of the Premises by Landlord, after deducting all average of Landlord's reasonable costs and expenses the Percentage Rent (including, without limitation, advertising expenses taxes and professional feesall other expenses) incurred in connection with or in any way related paid by Tenant to Landlord under this Lease for the two years prior to the termination occurrence of the Event of Default or, if such Event of Default occurs during the first two years of the Term, the actual amount of Percentage Rent paid by Tenant to Landlord from the Commencement Date of this Lease until the date of the Event of Default, over (ii) the fair market rental value of the Premises for the remaining portion of the Term, as reasonably determined by Landlord.
E. In the event that Landlord elects to repossess the Premises without terminating this Lease, eviction Tenant shall be liable for, and shall pay to Landlord at Landlord's Address all Rent and other indebtedness accrued to the date of Tenant such repossession, plus Rent (including, without limitation, all taxes and such reletting; and/or
(iiexpenses) Declare the entire amount of Rent calculated on the current rate being and all other sums required to be paid by Tenant, and other sums which in Landlord's reasonable determination would become due and payable Tenant during the remainder of the Term until the date of expiration of the Term diminished by any net sums thereafter received by Landlord through reletting the Premises during such period (after deducting expenses incurred by Landlord as provided in Section 17.F below), it being expressly agreed that re-entry of Landlord will not affect the obligations of Tenant for the unexpired term of this Lease. In no event shall Tenant be entitled to any excess of the Rent obtained by reletting over and above the Rent herein reserved. Actions to collect amounts due by Tenant as provided in this Section 17.E may be brought from time to time, on one or more occasions, without the necessity of Landlord's waiting until expiration of the Term.
F. If an Event of Default occurs, Tenant shall, in addition to all amounts due under this Section 17 be liable for and shall pay to Landlord, at Landlord's Address, any and all of the following described amounts:
(1) The cost of removing and Storing Tenant's or other occupant's property, and
(2) All reasonable expenses incurred by Landlord in enforcing Landlord's remedies, including, but not limited to, reasonable attorney's fees. Past due -rental amounts, including but not limited to, Rent, Percentage Rent, and other past due payments shall bear interest at ten percent per annum from the due date until paid.
G. In the event of termination or repossession of the Premises for an Event of Default, Landlord shall not have any obligation to relet or attempt to relet the Premises; or any portion thereof or to collect rental reletting; but Landlord shall have the option to relet or attempt to relet and in the event of reletting, Landlord may relet the whole or any portion of the Premises for any period, to any tenant for any rental, and for any use and purpose. Notwithstanding the foregoing, if Landlord brings an action for rent, Landlord shall use commercially reasonable diligence to attempt to relet the Premises.
H. If Tenant should fail to make any payment or cure any default under this Lease within the time period (if any) provided for in Section 17.A above, Landlord, without being under any obligation to do so and without such default being thereby waived or deemed cured, may make such payment and/or remedy such other default for the account of Tenant (and enter the Premise for such purpose), and thereupon Tenant shall be obligated to, and hereby agrees to, pay Landlord, upon demand, all costs, expenses and disbursements (including, but not limited to, increases reasonable attorneys' fees) incurred by Landlord in Rent pursuant taking such remedial action, plus interest thereon at the rate specified in Section 3.H above.
I. In the event Tenant defaults in the performance of any of the terms, covenants, agreements or conditions contained in this Lease and Landlord places the enforcement of this Lease, or any part thereof; or the collection of any rent or other amount due, or to Paragraph 2(b) and 3(d) herein)become due hereunder, discounted to present value by using a reasonable discount rateor recovery of the possession of the Premise in the hands of an attorney or collection agency, to be due and payable immediately. Upon such acceleration of such amountsor files snit upon this Lease, Tenant agrees to pay the same at once, together with all Rent and other amounts theretofore due, at Landlord's address as provided herein; provided however, that such payment shall not constitute a penalty or forfeiture but shall constitute liquidated damages for Tenant's failure to comply with the terms and provisions of this Lease (Landlord and Tenant agreeing that Landlord's actual damages in such event are impossible to ascertain and that the amount set forth above is a reasonable estimate thereof). Upon making such payment, Tenant shall receive from Landlord all rents received by Landlord from other tenants renting the Premises during the Term, provided that the monies to which Tenant shall so become entitled shall in no event exceed the entire amount actually paid by Tenant to Landlord pursuant to the preceding sentence, less all of Landlord's costs of enforcement and expenses (collection, including, without limitation, advertising expenses and professional reasonable attorneys' fees) incurred in connection with or in any way related to the reletting of the Premises. The acceptance of such payment by Landlord shall not constitute a waiver of rights or remedies to Landlord for any failure of Tenant thereafter occurring to comply with any term, provision, condition or covenant of this Lease; and/or
(iii) Enter the Premises as the agent of Tenant without the requirement of resorting to the dispossessory procedures set forth in O.C.G.A. Sections 44-7-50 ET SEQ. and without being liable for any claim for trespass or damages therefor, and, in connection therewith, rekey the Premises, remove Tenant's effects therefrom and store the same at Tenant's expense, without being liable for any damage thereto, and relet the Premises as the agent of Tenant, without advertisement, by private negotiations, for any term Landlord deems proper, and receive the rent therefor. Tenant shall pay Landlord on demand any deficiency that may arise by reason of such reletting, but Tenant shall not be entitled to any surplus so arising. Tenant shall reimburse Landlord for all reasonable costs and expenses (including, without limitation, advertising expenses and professional fees) incurred in connection with or in any way related to the eviction of Tenant and reletting the Premises, and for the amount of any other Rent which would have been due of Tenant to Landlord hereunder if not for certain concessions granted by Landlord to Tenant. Landlord, in addition to but not in lieu of or in limitation of any other right or remedy provided to Landlord under the terms of this Lease or otherwise (but only to the extent such sum is not reimbursed to Landlord in conjunction with any other payment made by Tenant to Landlord), shall have the right to be immediately repaid by Tenant the amount of all sums expended by Landlord and not repaid by Tenant in connection with preparing or improving the Premises to Tenant's specifications and any and all costs and expenses incurred in renovating or altering the Premises to make it suitable for reletting; and/or
(iv) As agent of Tenant, do whatever Tenant is obligated to do under this Lease, including, but not limited to, entering the Premises, without being liable to prosecution or any claims for damages, in order to accomplish this purpose. Tenant agrees to reimburse Landlord immediately upon demand for any reasonable expenses which Landlord may incur in thus effecting compliance with this Lease on behalf of Tenant. Landlord shall not be liable for any damages resulting to Tenant from such action, whether caused by the negligence of Landlord or otherwise.
(c) Pursuit by Landlord of any of the foregoing remedies shall not preclude the pursuit of general or special damages incurred, or of any of the other remedies provided herein, at law or in equity.
(d) No act or thing done by Landlord or Landlord's employees or agents during the Term shall be deemed an acceptance of a surrender of the Premises. Neither the mention in this Lease of any particular remedy, nor the exercise by Landlord of any particular remedy hereunder, at law or in equity, shall preclude Landlord from any other remedy Landlord might have under this Lease, at law or in equity. Any waiver of or redress for any violation of any covenant or condition contained in this Lease or any of the Rules now or hereafter adopted by Landlord, shall not prevent a subsequent act, which would have originally constituted a violation, from having all the force and effect of an original violation. The receipt by Landlord of Rent with knowledge of the breach of any covenant in this Lease shall not be deemed a waiver of such breach.
Appears in 1 contract
Default by Tenant/Landlord’s Remedies. (a1) The occurrence of any of the following shall constitute an Event of Default hereunder by Tenant:
(i) The Rent or any other sum of money due of If Tenant hereunder is not paid within continues in default for five (5) calendar days of the date after Landlord gives Tenant written notice of such late payment is received default by Tenant in paying any and all rentals or additional rentals reserved herein; or if Tenant continues in default for five (5) calendar days after Landlord gives written notice to Tenant of Tenant; provided, however, if more than two (2) payments due 's default in performing the obligations of Tenant hereunder in any one (1) calendar year are not made until after notice of such late payment hereunder, or is received by adjudicated bankrupt; or if a permanent receiver is appointed for Tenant's property, then it shall be an event of default hereunder by Tenant if any subsequent payment due of Tenant hereunder including Tenant's interest in the same calendar year premises, and such receiver is not made removed within ten sixty (10) days of the date when due;
(ii) The Premises are abandoned or vacated; provided, however, if Tenant deserts or vacates the Premises, Landlord's sole remedy for such default shall be to terminate this Lease effective on such date as Landlord specifies to Tenant by notice, and without further liability on the part of Landlord or Tenant. The preceding sentence is not intended and shall not be deemed to waive or limit any of Landlord's rights or remedies in connection with or based on any default other than vacation or desertion;
(iii) Any petition is filed by or against Tenant under any section or chapter of the National or Federal Bankruptcy Act or any other applicable Federal or State bankruptcy, insolvency or other similar law, and, in the case of a petition filed against Tenant, such petition is not dismissed within thirty (3060) days after written notice from Landlord to Tenant to obtain such removal; or if, whether voluntarily or involuntarily, Tenant takes advantage of any debtor relief proceedings under any present or future law, whereby the date of such filingrent or any part thereof is deferred; or if Tenant shall become insolvent or transfer property to defraud creditors; if Tenant shall make makes an assignment for the benefit of creditors; or if receiver is appointed for any of Tenant's assets;
(iv) Tenant fails to bond off or otherwise remove any lien filed against the Premises or the Building by reason of Tenant's actions, effects or interest therein should be levied or dissolved within fifteen (15) days after written notice from Landlord to Tenant has notice to obtain satisfaction thereof, or if the premises shall be abandoned by Tenant or become vacant during the term hereof (after an authorized assignment or subletting, the occurring of any of the filing foregoing defaults or events shall affect this lease only if upon the occurrence of any of said events, Landlord at its option may at once, or within six (6) months thereafter, but only during continuance of such lien;
(v) Tenant fails default or condition, without being deemed to observe, perform and keep the covenants, agreements, provisions, stipulations, conditions and Rules herein contained have made an election among remedies or to be observed, performed and kept by Tenant (have waived any of its other than the failure to pay when due any Rent or any other sum of money becoming due Landlord hereunder, which under all circumstances is governed by and subject to Paragraph 10(a)(i) herein), and persists in such failure after fifteen (15) days written notice by Landlord requiring that Tenant remedy, correct, desist or comply (or if any such failure to comply on the part of Tenant would reasonably require more than fifteen (15) days to rectify, unless Tenant commences rectification within the fifteen (15) day notice period and thereafter promptly, effectively and continuously proceeds with the rectification of the failure to comply on the part of Tenant and, in all such events, cures such failure to comply on the part of Tenant no later than thirty (30) days after such notice)rights.
(b) Upon the occurrence of an Event of Default, Landlord shall have the option to do and perform any one or more of the following:
(i1) Terminate this Leaselease by written notice to Tenant, in which event whereupon this Lease shall end. Upon such termination by Landlord, Tenant shall immediately will at once surrender possession of the Premises to Landlord. If Tenant shall fail to do so, Landlord may, without further notice and without prejudice to any other remedy Landlord may have, enter upon the Premises without the requirement remove all of resorting to the dispossessory procedures set forth in O.C.G.A. Sections 44-7-50 ET SEQ. and expel or remove Tenant and Tenant's effects without being liable for any claim for trespass or damages therefor. Upon any such termination, Tenant shall remain liable to Landlord for damages, due and payable monthly on the day Rent would have been payable hereunder, in an amount equal to the Rent and any other amounts which would have been owing by Tenant for the balance of the Term, had this Lease not been terminated, less the net proceeds, if any, of any reletting of the Premises by Landlord, after deducting all of Landlord's reasonable costs and expenses (including, without limitation, advertising expenses and professional fees) incurred in connection with or in any way related to the termination of this Lease, eviction of Tenant and such reletting; and/or
(ii) Declare the entire amount of Rent calculated on the current rate being paid by Tenanttherefrom, and other sums which in Landlord's reasonable determination would become due and payable during the remainder of the Term (including, but not limited to, increases in Rent pursuant to Paragraph 2(b) and 3(d) herein), discounted to present value by using a reasonable discount rate, to be due and payable immediately. Upon such acceleration of such amounts, Tenant agrees to pay the same at once, together with all Rent and other amounts theretofore due, at Landlord's address as provided herein; provided however, that such payment shall not constitute a penalty or forfeiture but shall constitute liquidated damages for Tenant's failure to comply with the terms and provisions of this Lease (Landlord and Tenant agreeing that Landlord's actual damages in such event are impossible to ascertain and that the amount set forth above is a reasonable estimate thereof). Upon making such payment, Tenant shall receive from Landlord all rents received by Landlord from other tenants renting the Premises during the Term, provided that the monies to which Tenant shall so become entitled shall in no event exceed the entire amount actually paid by Tenant to Landlord pursuant to the preceding sentence, less all of Landlord's costs and expenses (including, without limitation, advertising expenses and professional fees) incurred in connection with or in any way related to the reletting of the Premises. The acceptance of such payment by Landlord shall not constitute a waiver of rights or remedies to Landlord for any failure of Tenant thereafter occurring to comply with any term, provision, condition or covenant of this Lease; and/or
(iii) Enter the Premises as the agent of Tenant without the requirement of resorting to the dispossessory procedures set forth in O.C.G.A. Sections 44may forthwith re-7-50 ET SEQ. and without being liable for any claim for trespass or damages therefor, and, in connection therewith, rekey enter the Premises, repossess itself thereof, and remove all persons and effects therefrom, using such force as may be necessary without being guilty of trespass, forcible entry or detainer or other tort; or
(2) Terminate Tenant's effects therefrom right to possession and store the same at Tenant's expense, without being liable for any damage thereto, enter upon and relet rent the Premises as to the agent of Tenantbest price obtainable by reasonable effort, without advertisement, and by private negotiations, negotiations and for any term Landlord deems proper, Tenant shall, upon receipt of such notice, surrender possession of premises to Landlord and receive remove all of Tenant's effects therefrom, and Landlord may forthwith re-enter the rent thereforpremises and repossess itself thereof, remove all persons and effects therefrom, using such force as may be necessary without being guilty of trespass, forcible entry or detainer or other tort. Tenant shall be liable to Landlord for the deficiency, if any, between the amount of all rent in the Lease and the net rent, if any, collected by Landlord in reletting the premises, which deficiency shall be due and payable by Tenant immediately upon notice from Landlord. Net rent shall be computed by deducting from gross rents collected all expenses or costs of whatsoever nature incurred by Landlord in reletting including, but no limited to, attorneys, fees, brokers commissions, and the cost of renovating or remodeling the Premises, amortized over the remaining term of the lease.
(2) Any installment of rent required to be paid by Tenant which is not paid when due, shall bear interest at the rate of twelve percent (12%) per annum from the due date until paid, or Tenant shall pay to Landlord on demand any deficiency that may arise the sum of Ten dollars ($10.00), whichever sum is greater, as a late charge for the purpose of reimbursing Landlord for expenses incurred by reason of such relettingfailure by Tenant, but which charges Tenant shall not acknowledges to be entitled to any surplus so arising. Tenant shall reimburse Landlord for all a reasonable costs and expenses ordinary expense of Landlord.
(including3) No termination of this Lease, without limitationexcept as permitted in paragraph 7, advertising expenses and professional fees) incurred in connection with or in any way related prior to the eviction normal ending thereof by lapse of Tenant time or otherwise shall affect Tenant's obligation to pay and reletting Landlord's right to collect the Premisesentire rent reserved in this lease prior to termination.
(4) In the event Landlord elects to terminate this Lease as herein above provided, and for the amount of any other Rent which would have been due of Tenant to Landlord hereunder if not for certain concessions granted by Landlord to Tenant. Landlordmay, in addition to but not in lieu of or in limitation of any other right or remedy provided to remedies it may have, recover from Tenant all damages Landlord under may incur by reason of such default, including the terms cost of this Lease or otherwise (but only to recovering the extent premises, reasonable attorney's fees and including the worth at the time of such sum is not reimbursed to Landlord in conjunction with any other payment made by Tenant to Landlord)termination of the excess, shall have the right to be immediately repaid by Tenant if any, of the amount of rent in this Lease for the remainder of the Term over the then reasonable rental value of Premises for the remainder of the Term, all sums expended by of which amounts shall be immediately due and payable from Tenant to Landlord and not repaid by Tenant on a present value basis. The term "reserved" as applied to rent or additional rent in connection with preparing or improving the Premises to Tenant's specifications and this Lease shall mean any and all costs and expenses incurred in renovating or altering the Premises payments to make it suitable for reletting; and/or
(iv) As agent of Tenant, do whatever Tenant is obligated to do under this Lease, including, but not limited to, entering the Premises, without being liable to prosecution or any claims for damages, in order to accomplish this purpose. Tenant agrees to reimburse Landlord immediately upon demand for any reasonable expenses which Landlord may incur in thus effecting compliance with this Lease on behalf is entitled hereunder during the entire term of Tenant. Landlord shall not be liable for any damages resulting to Tenant from such action, whether caused by the negligence of Landlord or otherwiseLease.
(c5) Pursuit by Landlord of any of the foregoing remedies by Landlord shall not preclude the Landlord's pursuit of general or special damages incurred, or of any of the other remedies herein provided herein, at law or in equityany other remedies provided by law.
(d6) No act or thing done Tenant agrees to pay all attorneys' fees incurred by Landlord or Landlord's employees or agents during the Term shall be deemed an acceptance of as a surrender of the Premises. Neither the mention in this Lease result of any particular remedy, nor the exercise breach or default by Landlord of any particular remedy hereunder, at law or in equity, shall preclude Landlord from any other remedy Landlord might have Tenant under this Lease, at law or in equity. Any waiver of or redress for any violation including the collection of any covenant or condition contained in rents owning under this Lease or any of the Rules now or hereafter adopted by Landlord, shall not prevent a subsequent act, which would have originally constituted a violation, from having all the force and effect of an original violation. The receipt by Landlord of Rent with knowledge of the breach of any covenant in this Lease shall not be deemed a waiver of such breachLease.
Appears in 1 contract
Samples: Office Lease Agreement (International Airline Support Group Inc)
Default by Tenant/Landlord’s Remedies. (a) The occurrence of any of the following shall constitute an Event of Default hereunder by Tenant:
(i) The Rent or any other sum of money due of Tenant hereunder is not paid within five (5) business days following Tenant's receipt of the date written notice of such late payment is received by Tenant; providednonpayment from Landlord, however, if provided that Landlord shall not be required to provide such notice and opportunity to cure more than two (2) payments due of Tenant hereunder times in any one (1) calendar year are not made until after notice of such late payment is received by Tenant, then it shall be an event of default hereunder by Tenant if any subsequent payment due of Tenant hereunder in during the same calendar year is not made within ten (10) days of the date when dueTerm;
(ii) The Premises are abandoned or vacated; provided, however, if vacated for a period in excess of ninety (90) consecutive days and Tenant deserts or vacates shall have failed to pay Rent hereunder and maintain the Premises, Landlord's sole remedy Premises for such default shall be to terminate period in accordance with its obligations under this Lease effective on such date as Landlord specifies to Tenant by notice, and without further liability on the part of Landlord or Tenant. The preceding sentence is not intended and shall not be deemed to waive or limit any of Landlord's rights or remedies in connection with or based on any default other than vacation or desertionLease;
(iii) Any petition is filed by or against Tenant under any section or chapter of the National or Federal Bankruptcy Act or any other applicable Federal or State bankruptcy, insolvency or other similar law, and, in the case of a petition filed against Tenant, such petition is not dismissed within thirty (30) days after the date of such filing; if Tenant shall become insolvent or transfer property to defraud creditors; if Tenant shall make an assignment for the benefit of creditors; or if receiver is appointed for any more than 85% of Tenant's assets;
(iv) Tenant fails to bond off or otherwise remove any lien filed against the Premises or the Building by reason of Tenant's actions, within fifteen ten (1510) days after Tenant has notice of the filing of such lien;
(v) Tenant fails to observe, perform and keep the covenants, agreements, provisions, stipulations, conditions and Rules herein contained to be observed, performed and kept by Tenant (other than the failure to pay when due any Rent or any other sum of money becoming due Landlord hereunder, which under all circumstances is governed by and subject to Paragraph 10(a)(i) herein), and persists in such failure after fifteen thirty (1530) days written notice by Landlord requiring that Tenant remedy, correct, desist or comply (or if any such failure to comply on the part of Tenant would reasonably require more than fifteen thirty (1530) days to rectify, unless Tenant commences rectification within the fifteen thirty (1530) day notice period and thereafter promptly, effectively and continuously proceeds with the rectification of the failure to comply on the part of Tenant and, in all such events, cures such failure to comply on the part of Tenant no later than thirty ninety (3090) days after such notice).
(b) Upon the occurrence of an Event of Default, Landlord shall have the option to do and perform any one or more of the following:
(i) Terminate this Lease, in which event Tenant shall immediately surrender the Premises to Landlord. If Tenant shall fail to do so, Landlord may, without further notice and without prejudice to any other remedy Landlord may have, lawfully enter upon the Premises without the requirement of resorting to the dispossessory procedures set forth in O.C.G.A. Sections secs. 44-7-50 ET SEQ. and expel or remove Tenant and Tenant's effects without being liable for any claim for trespass or damages therefor. Upon any such termination, Tenant shall remain liable to Landlord for damages, due and payable monthly on the day Rent would have been payable hereunder, in an amount equal to the Rent and any other amounts which would have been owing by Tenant for the balance of the Term, had this Lease not been terminated, less the net proceeds, if any, of any reletting of the Premises by Landlord, after deducting all of Landlord's reasonable costs and expenses (including, without limitation, advertising expenses and professional fees) incurred in connection with or in any way related to the termination of this Lease, eviction of Tenant and such reletting; and/or
(ii) Declare With respect only to a monetary default and so long as Simmxxx Company is the primary obligor under this Lease (and otherwise applicable to any default hereunder), declare the entire amount of Rent calculated on the current rate being paid by Tenant, and other sums which in Landlord's reasonable determination would become due and payable during the remainder of the Term (including, but not limited to, increases in Rent pursuant to Paragraph 2(b) and 3(d) herein), discounted to present value by using a reasonable discount raterate selected by Landlord, to be due and payable immediately. Upon such acceleration of such amounts, Tenant agrees to pay the same at once, together with all Rent and other amounts theretofore due, less the market value of the Premises for the remainder of the Term, as determined by Landlord (taking into consideration the probable costs of marketing and reletting the Premises, then-current rental rates, probable rental rates for the remainder of the Term, probable concession packages, the probability of reletting the Premises and the probable amount of time which will elapse before the Premises are relet), at Landlord's address as provided herein; provided however, that such payment shall not constitute a penalty or forfeiture but shall constitute liquidated damages for Tenant's failure to comply with the terms and provisions of this Lease (Landlord and Tenant agreeing that Landlord's actual damages in such an event are impossible to ascertain and that the amount set forth above is a reasonable estimate thereof). Upon making such payment, Tenant shall receive from Landlord all rents received by Landlord from other tenants renting the Premises during the Term, provided that the monies to which Tenant shall so become entitled shall in no event exceed the entire amount actually paid by Tenant to Landlord pursuant to the preceding sentence, less all of Landlord's costs and expenses (including, without limitation, advertising expenses and professional fees) incurred in connection with or in any way related to the reletting of the Premises. The acceptance of such payment by Landlord shall not constitute a waiver of rights or remedies to Landlord for any failure of Tenant thereafter occurring to comply with any term, provision, condition or covenant of this Lease; and/or
(iii) Enter Lawfully enter the Premises as the agent of Tenant without the requirement of resorting to the dispossessory procedures set forth in O.C.G.A. Sections secs. 44-7-50 ET SEQ. and without being liable for any claim for trespass or damages therefor, and, in connection therewith, rekey the Premises, remove Tenant's effects therefrom and store the same at Tenant's expense, without being liable for any damage thereto, and relet the Premises as the agent of Tenant, without advertisement, by private negotiations, for any term Landlord deems proper, and receive the rent therefor. Tenant shall pay Landlord on demand any deficiency that may arise by reason of such reletting, but Tenant shall not be entitled to any surplus so arising. Tenant shall reimburse Landlord for all reasonable costs and expenses (including, without limitation, advertising expenses and reasonable professional fees) incurred in connection with or in any way related to the eviction of Tenant and reletting the Premises, and for the amount of any other Rent which would have been due of Tenant to Landlord hereunder if not for certain concessions granted by Landlord to Tenant. Landlord, in addition to but not in lieu of or in limitation of any other right or remedy provided to Landlord under the terms of this Lease or otherwise (but only to the extent such sum is not reimbursed to Landlord in conjunction with any other payment made by Tenant to Landlord), shall have the right to be immediately repaid by Tenant the amount of all sums expended by Landlord and not repaid by Tenant in connection with preparing or improving the Premises to Tenant's specifications and any and all costs and expenses incurred in renovating or altering the Premises to make it suitable for reletting; and/or
(iv) As agent of Tenant, do whatever Tenant is obligated to do under this Lease, including, but not limited to, lawfully entering the Premises, without being liable to prosecution or any claims for damages, in order to accomplish this purpose. Tenant agrees to reimburse Landlord immediately upon demand for any reasonable expenses which Landlord may incur in thus effecting compliance with this Lease on behalf of Tenant. Landlord shall not be liable for any damages resulting to Tenant from such action, whether unless caused by the negligence or willful misconduct of Landlord or otherwise.
(c) Pursuit by Landlord of any of the foregoing remedies shall not preclude the pursuit of general or special damages incurred, or of any of the other remedies provided herein, at law or in equity.
(d) No act or thing done by Landlord or Landlord's employees or agents during the Term shall be deemed an acceptance of a surrender of the Premises. Neither the mention in this Lease of any particular remedy, nor the exercise by Landlord of any particular remedy hereunder, at law or in equity, shall preclude Landlord from any other remedy Landlord might have under this Lease, at law or in equity. Any waiver of or redress for any violation of any covenant or condition contained in this Lease or any of the Rules now or hereafter adopted by Landlord, shall not prevent a subsequent act, which would have originally constituted a violation, from having all the force and effect of an original violation. The receipt by Landlord of Rent with knowledge of the breach of any covenant in this Lease shall not be deemed a waiver of such breach.
Appears in 1 contract
Samples: Lease Agreement (Simmons Co /Ga/)
Default by Tenant/Landlord’s Remedies. (a) A. Events of Default; Remedies. The occurrence of any of the following shall constitute an Event events of Default hereunder by Tenant:
default: (i) The Rent or any other sum of money due of Tenant hereunder is not paid within Tenant's failure for five (5) days of the date written notice of such late payment is received by Tenantafter Notice from Landlord in paying any and all Rent as set forth herein; provided, however, if more than two (2) payments due of in the event Landlord is required to deliver Notice to Tenant hereunder to pay the Rent once in any one consecutive twelve (112) calendar year are month period, thereafter, Landlord shall not made until after notice of such late payment is received by Tenant, then be obligated to provide Notice to Tenant and it shall be an event of default hereunder by for Tenant if any subsequent payment due of Tenant hereunder in to fail to pay Rent on or before the same calendar year is not made within ten fifth (105th) days day of the date when due;
month; or (ii) The Premises are abandoned Tenant's failure to observe or vacated; providedperform any item, howevercovenant, if or condition of this Lease on Tenant's part to be observed and performed (other than the covenant to pay any and all Rent) and Tenant deserts or vacates the Premises, Landlord's sole shall fail to remedy for such default shall be to terminate this Lease effective on such date as within thirty (30) days after Notice by Landlord specifies to Tenant by notice, and without further liability on the part of Landlord such default; or Tenant. The preceding sentence is not intended and shall not be deemed to waive or limit any of Landlord's rights or remedies in connection with or based on any default other than vacation or desertion;
(iii) Any petition is filed by or the entry against Tenant of a decree or order for relief in an involuntary case under any section the federal bankruptcy laws (as now or chapter of the National or Federal Bankruptcy Act hereafter constituted) or any other applicable Federal federal or State state bankruptcy, insolvency or other similar law, and, in or the case appointment of a petition filed against receiver, liquidator, assignee, trustee, custodian, sequestrator (or similar official) for Tenant or for any substantial part of Tenant's property, such petition is not dismissed within thirty or an order for the winding-up or liquidation of Tenant's affairs; or (30iv) days after the date commencement by Tenant of such filing; if a voluntary case under the federal bankruptcy laws (as now constituted or hereafter amended) or any other applicable federal or state bankruptcy, insolvency, or other similar law, or the consent by Tenant shall become insolvent to the appointment of or transfer property to defraud creditors; if taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) for Tenant shall make an or for any substantial part of Tenant's property, or the making by Tenant of any assignment for the benefit of creditors, or the failure of Tenant generally to pay its debts as such debts become due, or the taking of corporate action by Tenant in furtherance of any of the foregoing; or if receiver is appointed for any of Tenant's assets;
(ivv) Tenant fails to bond off levy upon or otherwise remove any lien filed attachment under process against the Premises or the Building by reason of Tenant's actions, within fifteen (15) days after Tenant has notice of the filing of such lien;
(v) Tenant fails to observe, perform and keep the covenants, agreements, provisions, stipulations, conditions and Rules herein contained to be observed, performed and kept by Tenant (other than the failure to pay when due any Rent effects or any other sum of money becoming due Landlord hereunder, which under all circumstances is governed by and subject to Paragraph 10(a)(i) herein), and persists in such failure after fifteen (15) days written notice by Landlord requiring that Tenant remedy, correct, desist or comply (or if any such failure to comply on the part of Tenant would reasonably require more than fifteen (15) days to rectify, unless Tenant commences rectification within the fifteen (15) day notice period and thereafter promptly, effectively and continuously proceeds with the rectification of the failure to comply on the part of Tenant and, in all such events, cures such failure to comply on the part of Tenant no later than thirty (30) days after such notice).
(b) interest therein. Upon the occurrence of an Event any event of Defaultdefault beyond applicable notice and cure period, Landlord shall have the option to do and perform any one or more Landlord, at its option, may, during continuance of the following:
(i) Terminate such default, terminate this Lease. Upon such termination by Landlord, in which event Tenant shall immediately will at once surrender possession of the Premises to Landlord. If Tenant shall fail to do so, Landlord may, without further notice and without prejudice to any other remedy Landlord may have, enter upon the Premises without the requirement remove all of resorting to the dispossessory procedures set forth in O.C.G.A. Sections 44-7-50 ET SEQ. and expel or remove Tenant and Tenant's effects without being liable for any claim for trespass or damages therefor. Upon any such termination, Tenant shall remain liable to Landlord for damages, due therefrom; and payable monthly on landlord may forthwith re-enter the day Rent would have been payable hereunder, in an amount equal to the Rent Premises and any other amounts which would have been owing by Tenant for the balance of the Term, had this Lease not been terminated, less the net proceeds, if any, of any reletting of repossess the Premises by Landlord, after deducting all of Landlord's reasonable costs and expenses (including, without limitation, advertising expenses and professional fees) incurred in connection with any applicable action or in any way related to the termination of this Lease, eviction of Tenant and such relettingprocedure; and/or
(ii) Declare the entire amount of Rent calculated on the current rate being paid by Tenant, and other sums which in Landlord's reasonable determination would become due and payable during the remainder of the Term (including, but not limited to, increases in Rent pursuant to Paragraph 2(b) and 3(d) herein), discounted to present value by using a reasonable discount rate, to be due and payable immediately. Upon such acceleration of such amounts, Tenant agrees to pay the same at once, together with all Rent and other amounts theretofore due, at Landlord's address as provided herein; provided however, that such payment shall not constitute a penalty or forfeiture but shall constitute liquidated damages for Tenant's failure to comply with the terms and provisions of this Lease (Landlord and Tenant agreeing that Landlord's actual damages in such event are impossible to ascertain and that the amount set forth above is a reasonable estimate thereof). Upon making such payment, Tenant shall receive from Landlord all rents received by Landlord from other tenants renting the Premises during the Term, provided that the monies to which Tenant shall so become entitled shall in no event exceed the entire amount actually paid by Tenant to Landlord pursuant to the preceding sentence, less all of Landlord's costs and expenses (including, without limitation, advertising expenses and professional fees) incurred in connection with or in any way related to the reletting of the Premises. The acceptance of such payment by Landlord shall not constitute a waiver of rights or remedies to Landlord for any failure of Tenant thereafter occurring to comply with any term, provision, condition or covenant of this Lease; and/or
(iii) Enter the Premises as the agent of Tenant without the requirement of resorting to the dispossessory procedures set forth in O.C.G.A. Sections 44-7-50 ET SEQ. and without being liable for any claim for trespass or damages therefor, and, in connection therewith, rekey the Premisessubject to applicable law, remove Tenant's all persons and effects therefrom and store the same at Tenant's expense, without being liable for any damage thereto, and relet the Premises as the agent of Tenant, without advertisement, by private negotiations, for any term Landlord deems proper, and receive the rent therefor. Tenant shall pay Landlord on demand any deficiency that may arise by reason of such reletting, but Tenant shall not be entitled to any surplus so arising. Tenant shall reimburse Landlord for all reasonable costs and expenses (including, without limitation, advertising expenses and professional fees) incurred in connection with or in any way related to the eviction of Tenant and reletting the Premises, and for the amount of any other Rent which would have been due of Tenant to Landlord hereunder if not for certain concessions granted by Landlord to Tenant. Landlord, in addition to but not in lieu of or in limitation of any other right or remedy provided to Landlord under the terms of this Lease or otherwise (but only to the extent such sum is not reimbursed to Landlord in conjunction with any other payment made by Tenant to Landlord), shall have the right to be immediately repaid by Tenant the amount of all sums expended by Landlord and not repaid by Tenant in connection with preparing or improving the Premises to Tenant's specifications and any and all costs and expenses incurred in renovating or altering the Premises to make it suitable for reletting; and/or
(iv) As agent of Tenant, do whatever Tenant is obligated to do under this Lease, including, but not limited to, entering the Premises, without being liable to prosecution or any claims for damages, in order to accomplish this purpose. Tenant agrees to reimburse Landlord immediately upon demand for any reasonable expenses which Landlord may incur in thus effecting compliance with this Lease on behalf of Tenant. Landlord shall not be liable for any damages resulting to Tenant from such action, whether caused by the negligence of Landlord or otherwisetherefrom.
(c) Pursuit by Landlord of any of the foregoing remedies shall not preclude the pursuit of general or special damages incurred, or of any of the other remedies provided herein, at law or in equity.
(d) No act or thing done by Landlord or Landlord's employees or agents during the Term shall be deemed an acceptance of a surrender of the Premises. Neither the mention in this Lease of any particular remedy, nor the exercise by Landlord of any particular remedy hereunder, at law or in equity, shall preclude Landlord from any other remedy Landlord might have under this Lease, at law or in equity. Any waiver of or redress for any violation of any covenant or condition contained in this Lease or any of the Rules now or hereafter adopted by Landlord, shall not prevent a subsequent act, which would have originally constituted a violation, from having all the force and effect of an original violation. The receipt by Landlord of Rent with knowledge of the breach of any covenant in this Lease shall not be deemed a waiver of such breach.
Appears in 1 contract
Default by Tenant/Landlord’s Remedies. (a) The occurrence of any of the following shall constitute an Event of Default hereunder by Tenant:
(i) The Rent or any other sum of money due of Tenant hereunder is not paid within five (5) days of the date written notice of such late payment is received by Tenant; provided, however, if more than two (2) payments due of Tenant hereunder in any one (1) calendar year are not made until after notice of such late payment is received by Tenant, then it shall be an event of default hereunder by Tenant if any subsequent payment due of Tenant hereunder in the same calendar year is not made within ten (10) days of the date when due;
(ii) The Premises are abandoned or vacated; provided, however, if Tenant deserts or vacates the Premises, Landlord's sole remedy for such default shall be to terminate this Lease effective on such date as Landlord specifies to Tenant by notice, and without further liability on the part of Landlord or Tenant. The preceding sentence is not intended and shall not be deemed to waive or limit any of Landlord's rights or remedies in connection with or based on any default other than vacation or desertion;
(iii) Any petition is filed by or against Tenant under any section or chapter of the National or Federal Bankruptcy Act or any other applicable Federal or State bankruptcy, insolvency or other similar law, and, in the case of a petition filed against Tenant, such petition is not dismissed within thirty (30) days after the date of such filing; if Tenant shall become insolvent or transfer property to defraud creditors; if Tenant shall make an assignment for the benefit of creditors; or if receiver is appointed for any of Tenant's assets;
(iv) Tenant fails to bond off or otherwise remove any lien filed against the Premises or the Building by reason of Tenant's actions, within fifteen (15) days after Tenant has notice of the filing of such lien;
(v) Tenant fails to observe, perform and keep the covenants, agreements, provisions, stipulations, conditions and Rules herein contained to be observed, performed and kept by Tenant (other than the failure to pay when due any Rent or any other sum of money becoming due Landlord hereunder, which under all circumstances is governed by and subject to Paragraph 10(a)(i) herein), and persists in such failure after fifteen ten (1510) days written notice by Landlord requiring that Tenant remedy, correct, desist or comply (or if any such failure to comply on the part of Tenant would reasonably require more than fifteen ten (1510) days to rectify, unless Tenant commences rectification within the fifteen ten (1510) day notice period and thereafter promptly, effectively and continuously proceeds with the rectification of the failure to comply on the part of Tenant and, in all such events, cures such failure to comply on the part of Tenant no later than thirty ninety (3090) days after such notice).. See Special Stipulations # 26 and 30. ------------------------------------
(b) Upon the occurrence of an Event of Default, Landlord shall have the option to do and perform any one or more of the following:
(i) Terminate this Lease, in which event Tenant shall immediately surrender the Premises to Landlord. If Tenant shall fail to do so, Landlord may, without further notice and without prejudice to any other remedy Landlord may have, enter upon the Premises without the requirement of resorting to the dispossessory procedures set forth in O.C.G.A. Sections (S)(S) 44-7-50 ET SEQet seq. and expel -- --- or remove Tenant and Tenant's effects without being liable for any claim for trespass or damages therefor. Upon any such termination, Tenant shall remain liable to Landlord for damages, due and payable monthly on the day Rent would have been payable hereunder, in an amount equal to the Rent and any other amounts which would have been owing by Tenant for the balance of the Term, had this Lease not been terminated, less the net proceeds, if any, of any reletting of the Premises by Landlord, after deducting all of Landlord's reasonable costs and expenses (including, without limitation, advertising expenses and professional fees) incurred in connection with or in any way related to the termination of this Lease, eviction of Tenant and such reletting; and/or
(ii) Declare the entire amount of Rent calculated on the current rate being paid by Tenant, and other sums which in Landlord's reasonable determination would become due and payable during the remainder of the Term (including, but not limited to, increases in Rent pursuant to Paragraph 2(b) and 3(d3(e) herein), discounted to present value by using a reasonable discount raterate selected by Landlord, to be due and payable immediately. Upon such acceleration of such amounts, Tenant agrees to pay the same at once, together with all Rent and other amounts theretofore due, at Landlord's address as provided herein; provided however, that such payment shall not constitute a penalty or forfeiture but shall constitute liquidated damages for Tenant's failure to comply with the terms and provisions of this Lease (Landlord and Tenant agreeing that Landlord's actual damages in such an event are impossible to ascertain and that the amount set forth above is a reasonable estimate thereof). Upon making such payment, Tenant shall receive from Landlord all rents received by Landlord from other tenants renting the Premises during the Term, provided that the monies to which Tenant shall so become entitled shall in no event exceed the entire amount actually paid by Tenant to Landlord pursuant to the preceding sentence, less all of Landlord's costs and expenses (including, without limitation, advertising expenses and professional fees) incurred in connection with or in any way related to the reletting of the Premises. The acceptance of such payment by Landlord shall not constitute a waiver of rights or remedies to Landlord for any failure of Tenant thereafter occurring to comply with any term, provision, condition or covenant of this Lease; and/or
(iii) Enter the Premises as the agent of Tenant without the requirement of resorting to the dispossessory procedures set forth in O.C.G.A. Sections (S)(S) 44-7-50 ET SEQet seq. and without being liable for any claim for trespass or damages therefor, and, in connection therewith, rekey the Premises, remove Tenant's effects therefrom and store the same at Tenant's expense, without being liable for any damage thereto, and relet the Premises as the agent of Tenant, without advertisement, by private negotiations, for any term Landlord deems proper, and receive the rent therefor. Tenant shall pay Landlord on demand any deficiency that may arise by reason of such reletting, but Tenant shall not be entitled to any surplus so arising. Tenant shall reimburse Landlord for all reasonable costs and expenses (including, without limitation, advertising expenses and professional fees) incurred in connection with or in any way related to the eviction of Tenant and reletting the Premises, and for the amount of any other Rent which would have been due of Tenant to Landlord hereunder if not for certain concessions granted by Landlord to Tenant. Landlord, in addition to but not in lieu of or in limitation of any other right or remedy provided to Landlord under the terms of this Lease or otherwise (but only to the extent such sum is not reimbursed to Landlord in conjunction with any other payment made by Tenant to Landlord), shall have the right to be immediately repaid by Tenant the amount of all sums expended by Landlord and not repaid by Tenant in connection with preparing or improving the Premises to Tenant's specifications and any and all costs and expenses incurred in renovating or altering the Premises to make it suitable for reletting; and/or
(iv) As agent of Tenant, do whatever Tenant is obligated to do under this Lease, including, but not limited to, entering the Premises, without being liable to prosecution or any claims for damages, in order to accomplish this purpose. Tenant agrees to reimburse Landlord immediately upon demand for any reasonable expenses which Landlord may incur in thus effecting compliance with this Lease on behalf of Tenant. Landlord shall not be liable for any damages resulting to Tenant from such action, whether caused by the negligence of Landlord or otherwise.
(c) Pursuit by Landlord of any of the foregoing remedies shall not preclude the pursuit of general or special damages incurred, or of any of the other remedies provided herein, at law or in equity.
(d) No act or thing done by Landlord or Landlord's employees or agents during the Term shall be deemed an acceptance of a surrender of the Premises. Neither the mention in this Lease of any particular remedy, nor the exercise by Landlord of any particular remedy hereunder, at law or in equity, shall preclude Landlord from any other remedy Landlord might have under this Lease, at law or in equity. Any waiver of or redress for any violation of any covenant or condition contained in this Lease or any of the Rules now or hereafter adopted by Landlord, shall not prevent a subsequent act, which would have originally constituted a violation, from having all the force and effect of an original violation. The receipt by Landlord of Rent with knowledge of the breach of any covenant in this Lease shall not be deemed a waiver of such breach.
Appears in 1 contract
Default by Tenant/Landlord’s Remedies. (a) The occurrence of any of the following shall constitute an Event event of Default default hereunder by Tenant:
(i) The Rent or any other sum of money due of Tenant hereunder is not paid (1) within five (5) days after receipt by Tenant of the date written notice from Landlord of such late payment is received by Tenant; providedpayment, however, if which notice Landlord shall be obligated to give not more than two (2) payments due of Tenant hereunder times in any one calendar year; or (12) after Landlord has given two (2) late payment notices to Tenant in any calendar year are not made until after notice year, for the balance of such late payment is received by Tenantcalendar year, then it shall be an event of default hereunder by Tenant if any subsequent payment due of Tenant hereunder in the same calendar year is not made within ten (10) days of the date when due;
(ii) The Premises are abandoned or vacated; provided, however, if Tenant deserts or vacates the Premises, Landlord's sole remedy for such default shall be to terminate this Lease effective on such date as Landlord specifies to Tenant by notice, and without further liability on the part of Landlord or Tenant. The preceding sentence is not intended and shall not be deemed to waive or limit any of Landlord's rights or remedies in connection with or based on any default other than vacation or desertion;
(iii) Any petition is filed by or against Tenant under any section or chapter of the National or Federal Bankruptcy Act or any other applicable Federal or State bankruptcy, insolvency or other similar law, and, in the case of a petition filed against Tenant, such petition is not dismissed within thirty sixty (3060) days after the date of such filing; if Tenant shall become insolvent or transfer property to defraud creditors; if Tenant shall make an assignment for the benefit of creditors; or if a receiver is appointed for any of Tenant's assets;
(iviii) Tenant fails to bond off or otherwise remove any lien filed against the Premises or the Building by reason of Tenant's actions, within fifteen (15) days after Tenant has notice of the filing of such lien;
(viv) Tenant fails to observe, perform and keep the covenants, agreements, provisions, stipulations, conditions conditions, and Rules and Regulations herein contained to be observed, performed and kept by Tenant (other than the failure to pay when due any Rent or any other sum of money becoming due Landlord hereunder, which under all circumstances is governed by and subject to Paragraph 10(a)(i) herein), and persists in such failure after fifteen twenty (1520) days written notice by Landlord requiring that Tenant remedy, correct, desist or comply (or if any such failure to comply on the part of Tenant would reasonably require more than fifteen twenty (1520) days to rectify, unless Tenant commences rectification within the fifteen twenty (1520) day notice period and thereafter promptly, effectively and continuously proceeds with the rectification of the failure to comply on the part of Tenant and, in all such events, cures such failure to comply on the part of Tenant no later than thirty sixty (3060) days after such notice);
(v) If all or any part of this Lease shall be assigned, or if all or any part of the Premises shall be sublet, either voluntarily or by operation of law, except in strict accordance with the requirements of Paragraph 11 hereof;
(vi) If Tenant shall default with respect to any other lease or agreement between Landlord and Tenant;
(vii) Tenant or any guarantor of Tenant's obligations ("Guarantor") (if either is a corporation) is liquidated or dissolved or its charter expires or is revoked, or Tenant or Guarantor (if either is a partnership or business association) is dissolved or partitioned, or Tenant or Guarantor (if either is a trust) is terminated or expires, or if Tenant or Guarantor (if either is an individual) dies.
(b) Upon the occurrence of an Event event of Defaultdefault, Landlord shall have the option to do and perform any one or more of the following:
(i) Terminate this Lease, in which event Tenant shall immediately surrender the Premises to Landlord. If Tenant shall fail to do so, Landlord may, without further notice and without prejudice to any other remedy Landlord may have, enter upon the Premises without the requirement of resorting to the dispossessory procedures set forth in O.C.G.A. Sections 44-7-50 ET SEQ. and expel or remove Tenant and Tenant's effects without being liable for any claim for trespass or damages therefor. Upon any such termination, Tenant shall remain liable to Landlord for damages, due and payable monthly on the day Rent would have been payable hereunder, in an amount equal to the Rent and any other ocher amounts which would have been owing by Tenant for the balance of the Term, had this Lease not been terminated, less the net proceeds, if any, of any reletting of the Premises by Landlord, after deducting all of Landlord's reasonable costs and expenses (including, without limitation, advertising expenses brokerage and professional feesattorneys' fees and expenses) incurred in connection with or in any way related to the termination of this Lease, eviction of Tenant and such reletting; and/or
(ii) Declare the entire amount of Rent calculated on the current rate being paid by Tenant, and other sums which in Landlord's reasonable determination would become due and payable during the remainder of the Term (including, but not limited to, increases in Rent pursuant to Paragraph 2(b) and 3(d) 3 herein), discounted to present value by using a reasonable discount raterate selected by Landlord, to be due and payable immediately. Upon such acceleration of such amounts, Tenant agrees to pay the same at once, together with all Rent and other amounts theretofore due, at Landlord's address as provided herein; provided however, that such payment shall not constitute a penalty or forfeiture but shall constitute liquidated damages for Tenant's failure to comply with the terms and provisions of this Lease (Landlord and Tenant agreeing that Landlord's actual damages in such an event are impossible to ascertain and that the amount set forth above is a reasonable estimate thereof). Upon making such payment, Tenant shall receive from Landlord all rents received by Landlord from other tenants renting the Premises during the Term, provided that the monies to which Tenant shall so become entitled shall in no event exceed the entire amount actually paid by Tenant to Landlord pursuant to the preceding sentence, less all of Landlord's costs and expenses (including, without limitation, advertising expenses brokerage and professional feesreasonable attorneys' fees and expenses) incurred in connection with or in any way related to termination of this Lease, eviction of Tenant and the reletting of the Premises. The acceptance of such payment by Landlord shall not constitute a waiver of rights or remedies to Landlord for any failure of Tenant thereafter occurring to comply with any term, provision, condition or covenant of this Lease; and/or
(iii) Enter the Premises as the agent of Tenant without the requirement of resorting to the dispossessory procedures set forth in O.C.G.A. Sections 44-7-50 ET SEQ. and without being liable for any claim for trespass or damages therefor, and, in connection therewith, rekey the Premises, remove Tenant's effects therefrom and store the same at Tenant's expense, without being liable for any damage thereto, and relet the Premises as the agent of Tenant, with or without advertisement, by private negotiationsnegotiations or otherwise, for any term Landlord deems proper, and receive the rent therefor. Tenant shall pay Landlord on demand any deficiency that may arise by reason of such reletting, but Tenant shall not be entitled to any surplus so arising. Tenant shall reimburse Landlord for all reasonable costs and expenses (including, without limitation, advertising expenses brokerage and professional feesreasonable attorneys' fees and expenses) incurred in connection with or in any way related to the eviction of Tenant and reletting the Premises, and for the amount of any other Rent which would have been due of from Tenant to Landlord hereunder if which is not for certain concessions granted by Landlord recovered from reletting or due to Tenantinability to relet the Premises. Landlord, in addition to but not in lieu of or in limitation of any other right or remedy provided to Landlord under the terms of this Lease or otherwise (but only to the extent such sum is not reimbursed to Landlord in conjunction with any other payment made by Tenant to Landlord), shall have the right to be immediately promptly repaid by Tenant the amount of all reasonable sums expended by Landlord and not repaid by Tenant in connection with preparing or improving the Premises to Tenant's specifications and any and all costs and expenses incurred in renovating or altering the Premises to make it suitable for reletting; and/or
(iv) As agent of Tenant, do whatever Tenant is obligated to do under by the provisions of this Lease, including, but not limited to, entering the Premises, without being liable to prosecution or any claims for damages, damages in order to accomplish this purpose. Tenant agrees to reimburse Landlord immediately upon demand for any reasonable expenses which Landlord may incur in thus effecting compliance with this Lease on behalf of Tenant. , and Tenant further agrees that Landlord shall not be liable for any damages resulting to Tenant from such action, whether caused by the negligence of Landlord or otherwise; and/or
(v) Pursue any other right or remedy available to Landlord at law or in equity.
(c) Pursuit by Landlord of or any of the foregoing remedies shall not preclude the pursuit of general or special any damages incurred, or of any of the other remedies provided hereinherein or available, at law or in equity.
(d) No act or thing done by Landlord or Landlord's employees or agents during the Term shall be deemed an acceptance of a surrender of the Premises. Neither the mention in this Lease of any particular remedy, nor the exercise by Landlord of any particular remedy hereunder, or at law or in equity, shall preclude Landlord from any other remedy Landlord might have under this Lease, or at law or in equity. Any waiver of or redress for any violation of any covenant or condition contained in this Lease or any of the Rules and Regulations now or hereafter adopted by Landlord, shall not prevent a subsequent act, which would have originally constituted a violation, from having all the force and effect of an original violation. The receipt by Landlord of Rent with knowledge of the breach of any covenant in this Lease shall not be deemed a waiver of such breach.
Appears in 1 contract
Default by Tenant/Landlord’s Remedies. (a) The occurrence of any of the following shall constitute an Event events of Default hereunder default and in any of said events, Landlord at its option may during continuance of such default, terminate this Lease by written notice to Tenant:
, whereupon this Lease shall end: (i) The Rent or any other sum of money due of Tenant hereunder is not paid within Tenant's failure for five (5) days in paying any and all installments of the date written notice of such late payment is received by TenantMonthly Rental or Additional Rental, or monthly installments based on estimates thereof, reserved herein; provided, however, if more than two (2) payments due of Tenant hereunder in any one (1) calendar year are not made until after notice of such late payment is received by Tenant, then it shall be an event of default hereunder by Tenant if any subsequent payment due of Tenant hereunder in the same calendar year is not made within ten (10) days of the date when due;
or (ii) The Premises are abandoned Tenant's failure for fifteen (15) days after written notice thereof in performing any other of its obligations hereunder; or vacated; provided, however, if Tenant deserts or vacates the Premises, Landlord's sole remedy for such default shall be to terminate this Lease effective on such date as Landlord specifies to Tenant by notice, and without further liability on the part of Landlord or Tenant. The preceding sentence is not intended and shall not be deemed to waive or limit any of Landlord's rights or remedies in connection with or based on any default other than vacation or desertion;
(iii) Any petition is filed by or the entry against Tenant of a decree or order for relief in an involuntary case under any section the federal bankruptcy laws (as now or chapter of the National hereafter constituted) or Federal Bankruptcy Act or any other applicable Federal federal or State state bankruptcy, insolvency or other similar law, and, in or the case appointment of a petition filed against receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) for Tenant or for any substantial part of Tenant's property, or an order for the winding-up of liquidation of Tenant's affairs and the continuance of any such petition decree or order is not dismissed within thirty unstayed and in effect for a period of sixty (3060) days after consecutive days; or, (iv) the date commencement by Tenant of such filing; if a voluntary case under the federal bankruptcy laws (as now or hereafter constituted) or any other applicable federal or state bankruptcy, insolvency, or other similar law, or the consent by Tenant shall become insolvent to the appointment of or transfer property to defraud creditors; if taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) for Tenant shall make an or for any substantial part of Tenant's property, or the making by Tenant of any assignment for the benefit of creditors, or the failure of Tenant generally to pay its debts as such debts become due, or the taking of corporate action by Tenant in furtherance of any of the foregoing; or if receiver is appointed for any of Tenant's assets;
(ivv) Tenant fails to bond off the levy upon or otherwise remove any lien filed attachment under process against the Premises or the Building by reason of Tenant's actions, effects or interest therein which is not satisfied or dissolved within fifteen (15) days after Tenant has notice such levy upon or attachment; or, (vi) the abandonment or vacating of the filing of such lien;
(v) Tenant fails to observe, perform and keep the covenants, agreements, provisions, stipulations, conditions and Rules herein contained to be observed, performed and kept Premises by Tenant during the Term and (other than vii) in the event of a monetary default failure of Tenant to pay when due any Rent or any other sum of money becoming due provide Landlord hereunder, which under all circumstances is governed by and subject to Paragraph 10(a)(i) herein), and persists in such failure after fifteen with an audited financial statement within sixty (1560) days written notice by Landlord requiring that Tenant remedy, correct, desist or comply (or if thereafter. After an authorized assignment the occurring of any such failure to comply on the part of Tenant would reasonably require more than fifteen (15) days to rectify, unless Tenant commences rectification within the fifteen (15) day notice period and thereafter promptly, effectively and continuously proceeds with the rectification of the failure foregoing defaults or events of default shall affect this Lease only if caused by or happening to comply on the part assignee. Upon such termination by Landlord, Tenant will at once surrender possession of Tenant andthe Premises to Landlord and remove all of Tenant's effects therefrom; and Landlord may forthwith re-enter the Premises and repossess itself thereof; and remove all persons and effects therefrom using such force as may be necessary without being guilty of or liable for trespass, in all such eventsforcible entry, cures such failure to comply on the part of Tenant no later than thirty (30) days after such notice)detainer or other tort.
(b) Upon Payments of Monthly Rental, Additional Rental or any other payment required hereunder received after the occurrence of an Event of Default, Landlord shall have the option to do and perform any one or more fifth day of the following:
month may be assessed an additional five percent (i5%) Terminate this Leasecharge as agreed liquidated damages and may be assessed an additional five percent (5%) charge each month thereafter until paid in full. Provided however that should such late charge at any time be deemed to violate any applicable usury or similar laws, in which event Tenant the late charge and interest charged shall immediately surrender be the Premises to Landlordhighest permissible by such laws. If Tenant shall fail to do so, Acceptance by Landlord may, without further notice and without prejudice to any other remedy Landlord may have, enter upon the Premises without the requirement of resorting to the dispossessory procedures set forth in O.C.G.A. Sections 44-7-50 ET SEQ. and expel or remove Tenant and Tenant's effects without being liable for any claim for trespass or damages therefor. Upon any such termination, Tenant shall remain liable to Landlord for damages, due and payable monthly on the day Rent would have been payable hereunder, a payment in an amount equal to the Rent and any other amounts less than that which would have been owing by Tenant for the balance of the Term, had is currently due shall in no way affect Landlord's rights under this Lease not been terminated, less the net proceeds, if any, of any reletting of the Premises by and in no way be an accord and satisfaction.
(c) Landlord, after deducting all of Landlordas Tenant's reasonable costs and expenses (includingagent, without limitation, advertising expenses and professional fees) incurred in connection with or in any way related to the termination of this Lease, eviction upon Tenant's default or breach of this Lease, may at Landlord's option, evidenced by written notice to Tenant, terminate Tenant's right to possession and enter upon and rent the Premises at the best price obtainable by reasonable effort, without advertisement, and by private negotiations and for any term Landlord deems proper. Tenant shall upon receipt of such notice surrender possession of the Premises to Landlord and remove all of Tenant's effects therefrom; and Landlord may forthwith re-enter the Premises and repossess itself thereof; and remove all persons and effects therefrom, using such reletting; and/or
(ii) Declare force as may be necessary without being guilty of or liable for trespass, forcible entry, detainer or other tort. Tenant shall be liable to Landlord for the entire deficiency, if any, between the amount of Rent calculated on all rent including Monthly Rental and Additional Rental reserved in this Lease and the current rate being paid net rent, if any, collected by TenantLandlord in reletting the Premises, and other sums which in Landlord's reasonable determination would become deficiency shall be due and payable during by Tenant for the remainder period in which Monthly Rental and Additional Rental reserved in the Lease would have been due and payable. Net rent shall be computed by deducting from gross rents collected all expenses or costs of the Term (whatever nature incurred by Landlord in reletting including, but not limited to, increases attorney's fees, brokers' commissions and the cost of renovating or remodeling the Premises.
(d) No termination of this Lease prior to the normal ending thereof by lapse of time or otherwise shall affect Tenant's obligation to pay and Landlord's right to collect the rent including Monthly Rental and Additional Rental accrued hereunder to the end of the Term.
(e) In the event Landlord elects to terminate this Lease as hereinabove provided, Landlord may, in Rent pursuant addition to Paragraph 2(b) and 3(d) herein)any other remedies it may have, discounted to present value recover from Tenant all damages Landlord may incur by using a reasonable discount rate, to be due and payable immediately. Upon such acceleration reason of such amountsdefault, Tenant agrees to pay including the same cost of recovering the Premises, reasonable attorney's fees and including the worth at oncethe time of such termination of the excess, together with all Rent if any, of the amount of Monthly Rental and other amounts theretofore dueAdditional Rental reserved in this Lease for the remainder of the Term over the then reasonable rental value of the Premises for the remainder of the Term. Landlord may, at Landlord's address as provided herein; provided howeveroption, enter into and upon the leased premises, with or without process of law, if Landlord determines in its sole discretion that such payment shall Tenant is not constitute acting within a penalty commercially reasonable time to maintain, repair or forfeiture but shall constitute liquidated damages replace anything for Tenant's failure to comply with the terms and provisions of this Lease (Landlord and Tenant agreeing that Landlord's actual damages in such event are impossible to ascertain and that the amount set forth above is a reasonable estimate thereof). Upon making such payment, Tenant shall receive from Landlord all rents received by Landlord from other tenants renting the Premises during the Term, provided that the monies to which Tenant shall so become entitled shall in no event exceed is responsible hereunder and correct the entire amount actually paid by Tenant to Landlord pursuant to the preceding sentence, less all of Landlord's costs and expenses (including, without limitation, advertising expenses and professional fees) incurred in connection with or in any way related to the reletting of the Premises. The acceptance of such payment by Landlord shall not constitute a waiver of rights or remedies to Landlord for any failure of Tenant thereafter occurring to comply with any term, provision, condition or covenant of this Lease; and/or
(iii) Enter the Premises as the agent of Tenant without the requirement of resorting to the dispossessory procedures set forth in O.C.G.A. Sections 44-7-50 ET SEQ. and without being liable for any claim for trespass or damages therefor, and, in connection therewith, rekey the Premises, remove Tenant's effects therefrom and store the same at Tenant's expensesame, without being liable deemed in any manner guilty of trespass, eviction or forcible entry and detainer and without incurring any liability for any damage thereto, resulting therefrom and relet the Premises as the agent of Tenant, without advertisement, by private negotiations, for any term Landlord deems proper, and receive the rent therefor. Tenant shall pay Landlord on demand any deficiency that may arise by reason of such reletting, but Tenant shall not be entitled to any surplus so arising. Tenant shall reimburse Landlord for all reasonable costs and expenses (including, without limitation, advertising expenses and professional fees) incurred in connection with or in any way related to the eviction of Tenant and reletting the Premises, and for the amount of any other Rent which would have been due of Tenant to Landlord hereunder if not for certain concessions granted by Landlord to Tenant. Landlord, in addition to but not in lieu of or in limitation of any other right or remedy provided to Landlord under the terms of this Lease or otherwise (but only to the extent such sum is not reimbursed to Landlord in conjunction with any other payment made by Tenant to Landlord), shall have the right to be immediately repaid by Tenant the amount of all sums expended by Landlord and not repaid by Tenant in connection with preparing or improving the Premises to Tenant's specifications and any and all costs and expenses incurred in renovating or altering the Premises to make it suitable for reletting; and/or
(iv) As agent of Tenant, do whatever Tenant is obligated to do under this Lease, including, but not limited to, entering the Premises, without being liable to prosecution or any claims for damages, in order to accomplish this purpose. Tenant agrees to reimburse Landlord immediately upon demand Landlord, on demand, as additional rent, for any reasonable expenses which Landlord may incur in thus effecting compliance with Tenant's obligations under this Lease on behalf of Tenant. Landlord shall not be liable for any damages resulting to Tenant from such action, whether caused by the negligence of Landlord or otherwiseLease.
(cf) Pursuit by Landlord of any one or more of the foregoing remedies shall not preclude the pursuit of general or special damages incurred, or of any of the other remedies herein provided herein, at law or in equity.
(d) No act or thing done by Landlord or Landlord's employees or agents during the Term shall be deemed an acceptance of a surrender of the Premises. Neither the mention in this Lease of any particular remedy, nor the exercise by Landlord of any particular remedy hereunder, at law or in equity, shall preclude Landlord from any other remedy Landlord might have under this Lease, at law or in equity. Any waiver of or redress for any violation of any covenant or condition contained in this Lease or any of the Rules now or hereafter adopted remedies provided by Landlord, shall not prevent a subsequent act, which would have originally constituted a violation, from having all the force and effect of an original violation. The receipt by Landlord of Rent with knowledge of the breach of any covenant in this Lease shall not be deemed a waiver of such breachlaw.
Appears in 1 contract
Samples: Lease Agreement (Cfi Mortgage Inc)
Default by Tenant/Landlord’s Remedies. (a) Section 15.01 The occurrence of any of the following shall constitute an Event of Default a default (a "Default') hereunder by Tenant:
(ia) The Rent payable under the Lease or any other sum of money due of Tenant hereunder is not paid within five (5) days of the date written notice of such late payment is received by Tenant; provided, however, if more than two (2) payments due of Tenant hereunder in any one (1) calendar year are not made until after notice of such late payment is received by Tenant, then it shall be an event of default hereunder by Tenant if any subsequent payment due of Tenant hereunder in the same calendar year is not made within ten (10) days of the date when due, or within three (3) business days after receipt of notice from Landlord that the Rent payment has not been received;
(ii) The Premises are abandoned or vacated; provided, however, if Tenant deserts or vacates the Premises, Landlord's sole remedy for such default shall be to terminate this Lease effective on such date as Landlord specifies to Tenant by notice, and without further liability on the part of Landlord or Tenant. The preceding sentence is not intended and shall not be deemed to waive or limit any of Landlord's rights or remedies in connection with or based on any default other than vacation or desertion;
(iiib) Any petition is filed by or against Tenant under any section or chapter of the National or Federal Bankruptcy Act or any other applicable Federal or State bankruptcy, insolvency or other similar law, and, in the case of a petition filed against Tenant, such petition is not dismissed within thirty (30) days after the date of such filing; if ;
(c) Tenant shall become insolvent or transfer property to defraud creditors; if Tenant shall make an assignment for the benefit in fraud of creditors; or if receiver is appointed for any of Tenant's assets;
(ivd) Tenant fails to bond off or otherwise remove any lien filed against the Premises or the Building by reason of Tenant's actions, actions within fifteen ten (1510) days after Tenant has receipt of notice of the filing of any such lienfiling;
(ve) Tenant shall make an assignment for benefit of creditors;
(f) A receiver is appointed for any of Tenant's assets; or
(g) Tenant fails to observe, perform and keep each and every of the covenants, agreements, provisions, stipulations, stipulations and conditions and Rules herein contained to be observed, performed and kept by Tenant (other than the failure payment of Rent) and fails to pay when due any Rent or any other sum of money becoming due Landlord hereunder, which under all circumstances is governed by and subject to Paragraph 10(a)(i) herein), and persists in cure such failure after fifteen default within ten (1510) days written after receipt of notice by from Landlord requiring that Tenant remedy, correct, desist desist, comply or comply cure any breach (or if any such failure to comply on the part of Tenant breach would reasonably require more than fifteen ten (1510) days to rectify, unless Tenant commences rectification within the fifteen ten (1510) day days after receipt of notice period and thereafter promptly, effectively and continuously proceeds with the rectification of the failure to comply on the part of Tenant breach and, in all such events, cures such failure to comply on the part of Tenant breach no later than thirty (30) days after such notice).
(b) Upon the Section 15.02 The occurrence of a Default, and failure by Tenant to cure said Default within the period of time allowed for cure as set forth above, if any, shall be an "Event of Default, Default in which event Landlord shall have the option to do and perform any one or more of the followingfollowing in addition to, and not in limitation of, any other remedy or right permitted it by law or by this Lease:
(ia) Terminate this LeaseLease by written notice to Tenant, in which event Tenant shall immediately surrender the Demised Premises to Landlord. If , but if Tenant shall fail to do so, Landlord may, without further notice and without prejudice to for any other remedy Landlord may have, have for possession or arrearage in Rent enter upon the Demised Premises without the requirement of resorting to the dispossessory procedures set forth in O.C.G.A. Sections 44-7-50 ET SEQ. and expel or remove Tenant and Tenant's effects effects, without being liable for to prosecution or any claim for trespass or damages therefor. Upon any ; and Tenant agrees to indemnify Landlord for all loss and damage which Landlord may suffer by reason of such termination, Tenant shall remain liable whether through inability to Landlord for damagesrelet the Demised Premises, due and payable monthly on the day Rent would have been payable hereunderor through decrease in Rent, in an amount equal to the Rent and any other amounts which would have been owing by Tenant for the balance of the Term, had this Lease not been terminated, less the net proceeds, if any, of any reletting of the Premises by Landlord, after deducting all of Landlord's reasonable costs and expenses (including, without limitation, advertising expenses and professional fees) incurred in connection with or in any way related to the termination of this Lease, eviction of Tenant and such relettingotherwise; and/or
(iib) Declare the entire amount of Rent calculated on the current rate being paid by Tenant, and other sums which in Landlord's reasonable determination would become due and payable during the remainder of the Term (including, but not limited to, increases in Rent pursuant to Paragraph 2(b) and 3(d) herein), discounted to present value by using a reasonable discount rateTerm, to be due and payable immediately. Upon such acceleration of such amounts, in which event, Tenant agrees to pay the same at once, with adjustment for the present value of same in accordance with Florida law, together with all Rent and other amounts theretofore therefore due, at Landlord's address as provided herein; provided however, . It is acknowledged that such payment shall not constitute a penalty or forfeiture or liquidated damages, but shall merely constitute liquidated damages payment in advance of the Rent for Tenant's failure to comply with the terms and provisions remainder of this Lease (Landlord and Tenant agreeing that Landlord's actual damages in such event are impossible to ascertain and that the amount set forth above is a reasonable estimate thereof)Term. Upon making such payment, Tenant shall be entitled to receive from Landlord all rents received by Landlord from other tenants renting on account of the Premises Demised Promises during the Term, less all costs, expenses and attorneys' fees of Landlord incurred in connection with the recovery of possession and reletting of the Demised Premises, provided that the monies to which Tenant shall so become entitled shall in no event exceed the entire amount actually paid by Tenant to Landlord pursuant to the preceding sentence, less all of Landlord's costs and expenses (including, without limitation, advertising expenses and professional fees) incurred in connection with or in any way related to the reletting as an advance payment of the PremisesRent. The acceptance of such payment by Landlord shall not constitute a waiver of rights or remedies to Landlord for any failure of Tenant thereafter occurring to comply with any term, provision, condition or covenant of this Lease; and/or
(iiic) Enter the Premises as the agent of Tenant without the requirement of resorting to the dispossessory procedures set forth in O.C.G.A. Sections 44-7-50 ET SEQ. and without being liable for any claim for trespass or damages therefor, and, in connection therewith, rekey the Premises, remove Tenant's effects therefrom and store the same at Tenant's expense, without being liable for any damage thereto, and relet the Demised Premises as the agent of Tenant, without advertisementbeing liable to prosecution of any claim for damages therefor, and relet the Demised Premises as the agent of Tenant and for the account of Tenant, without advertisement and by private negotiations, negotiations and for any term Landlord deems proper, and receive the rent therefor. , and Tenant shall pay Landlord on demand any deficiency that may arise by reason of such relettingreletting on demand, but Tenant shall not be entitled to any surplus so arising. Tenant shall reimburse Landlord for all reasonable costs and expenses (including, without limitation, of reletting the Demised Premises including but not limited to advertising expenses and professional fees) incurred in connection with or in any way related to the eviction of Tenant and reletting the Premises, and for the amount of any other Rent which would have been due of Tenant to Landlord hereunder if not for certain concessions granted by Landlord to Tenant. Landlord, in addition to but not in lieu of or in limitation of any other right or remedy provided to Landlord under the terms of this Lease or otherwise (but only to the extent such sum is not reimbursed to Landlord in conjunction with any other payment made by Tenant to Landlord), shall have the right to be immediately repaid by Tenant the amount of all sums expended by Landlord and not repaid by Tenant in connection with preparing or improving the Premises to Tenant's specifications and any and all costs and expenses incurred in renovating or altering the Premises to make it suitable for relettingcommissions; and/or
(ivd) As agent of Tenant, do whatever Tenant is obligated to do under by the provisions of this Lease, including, but not limited to, entering Lease and may enter the Demised Premises, without being liable to prosecution or any claims for damagesdamages therefor, in order to accomplish this purpose. Tenant agrees to reimburse Landlord immediately upon demand for any reasonable sums advanced by Landlord and any expenses which Landlord may incur in thus effecting compliance with this Lease on behalf of Tenant, which sums shall bear interest at the highest legal rate from the date paid or advanced by Landlord. Tenant further agrees that Landlord shall not be liable for any damages resulting to Tenant from such action, whether caused by the negligence of Landlord or otherwise.
(c) Pursuit by Landlord of any of the foregoing remedies shall not preclude the pursuit of general or special damages incurred, or of any of the other remedies provided herein, at law or in equity.
(d) No act or thing done by Landlord or Landlord's employees or agents during the Term shall be deemed an acceptance of a surrender of the Premises. Neither the mention in this Lease of any particular remedy, nor the exercise by Landlord of any particular remedy hereunder, at law or in equity, shall preclude Landlord from any other remedy Landlord might have under this Lease, at law or in equity. Any waiver of or redress for any violation of any covenant or condition contained in this Lease or any of the Rules now or hereafter adopted by Landlord, shall not prevent a subsequent act, which would have originally constituted a violation, from having all the force and effect of an original violation. The receipt by Landlord of Rent with knowledge of the breach of any covenant in this Lease shall not be deemed a waiver of such breach.
Appears in 1 contract
Samples: Office Lease (Demandstar Com Inc)
Default by Tenant/Landlord’s Remedies. A. Any one or more of the following events shall constitute an event of default under this Lease. ("Event of Default"):
(1) Tenant shall abandon the Premises or otherwise cease or substantially curtail its operations in the Premises (except as necessitated by force majeure), and such abandonment, cessation or curtailment shall continue for a period of three business days after written notice by Landlord.
(2) Tenant shall default in making payment to Landlord of (a) The occurrence any Basic Rent on the date the same is due or (b) any Percentage Rent or other sum due Landlord hereunder when the same is due and payable; and such default in payment shall continue for a period of any three (3) business days after written notice of the following shall constitute an Event of Default hereunder by Tenant:default from Landlord.
(i3) The Rent Tenant shall fail to pay punctually as and when same become due and payable without penalty any tax, assessment, rate or charge or other governmental imposition, or any other sum charge or lien against the Premises or the Hotel, and such default shall continue for a period of money due of Tenant hereunder is not paid within five (5) 30 days of the date after written notice by Landlord specifying such failure.
(4) Tenant shall default in complying with any other agreement, term, covenant or condition this Lease and such default shall continue for a period of 30 days after written notice by Landlord specifying the claimed default (unless Tenant in good faith, has commenced within such late payment is received by Tenant30-day period to remedy such default and at all times thereafter diligently and continuously proceeds to cure the same); provided, however, if more than two that no such cure period shall be applicable to any agreement, term, covenant or conditions contained herein which for which this Lease otherwise specifies a cure period after notice.
(25) payments due This Lease or the estate of Tenant hereunder in any one (1) calendar year are not made until after notice of such late payment is received by Tenant, then it shall be an event of default hereunder by Tenant if any subsequent payment due of Tenant hereunder transferred, assigned or subleased in the same calendar year is not made within ten (10) days violation of the date when due;provisions of Section 16 above.
(ii6) The Premises are abandoned or vacated; provided, however, if Tenant deserts or vacates the Premises, Landlord's sole remedy for such default shall be to terminate this Lease effective on such date as Landlord specifies to Tenant by notice, and without further liability on the part of Landlord or Tenant. The preceding sentence is not intended and shall not be deemed to waive or limit any of Landlord's rights or remedies in connection with or based on any default other than vacation or desertion;
(iii) Any petition is filed by or against Tenant under any section or chapter of the National or Federal Bankruptcy Act or any other applicable Federal or State bankruptcy, insolvency or other similar law, and, in the case of a petition filed against Tenant, such petition is not dismissed within thirty (30) days after the date of such filing; if Tenant shall become insolvent or transfer property to defraud creditors; if Tenant shall make an a general assignment for the benefit of creditorscreditors or shall petition or apply to any tribunal for the appointment of a trustee, custodian, receiver, or liquidator of all or any substantial part of its business, estates or assets or shall commence any proceedings under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution, or liquidation Law of any jurisdiction; whether now or if receiver is appointed for any of Tenant's assets;
(iv) Tenant fails hereafter in effect, or shall admit in writing an inability to bond off pay its debts as they become due, or otherwise remove any lien filed against the Premises or the Building by reason of Tenant's actions, within fifteen (15) days after Tenant has notice of the filing of such lien;
(v) Tenant fails to observe, perform and keep the covenants, agreements, provisions, stipulations, conditions and Rules herein contained to be observed, performed and kept by Tenant (other than the failure to pay when due any Rent or any other sum of money becoming due Landlord hereunder, which under all circumstances is governed by and subject to Paragraph 10(a)(i) herein), and persists in such failure after fifteen (15) days written notice by Landlord requiring that Tenant remedy, correct, desist or comply (or if any such failure to comply on the part of Tenant would reasonably require more than fifteen (15) days to rectify, unless Tenant commences rectification within the fifteen (15) day notice period and thereafter promptly, effectively and continuously proceeds with the rectification of the failure to comply on the part of Tenant and, in all such events, cures such failure to comply on the part of Tenant no later than thirty (30) days after such notice)become insolvent.
(b7) Upon Any such petition or application shall be filed or any such proceedings shall be commenced against Tenant and Tenant by any act shall indicate approval thereof, consent thereto, or acquiescence therein, or an order shall be entered appointing a trustee, custodian, receiver, or liquidator of all or any substantial part of the occurrence assets of an Tenant or adjudicating Tenant bankrupt or insolvent or approving the petition in any such proceeding, and such order shall remain undischarged for a period of more than 60 days.
(8) Tenant shall default under any material Ancillary Document and such default shell continue through the end of any specified cure period in such Ancillary Document.
B. This Lease is subject to the limitations that if and whenever any Event of DefaultDefault shall occur, in addition to any other rights and remedies given hereunder or by law or equity, Landlord shall have the option to do and perform any one or more of the followingmay:
(i1) Terminate this Lease, in which event Tenant shall immediately surrender possession of the Premises to Landlord. If Tenant shall fail to do so, Landlord may, without further notice and without prejudice to any other remedy Landlord may have; or
(2) Without effecting a termination of this Lease, enter upon and take possession of the Premises without the requirement of resorting to the dispossessory procedures set forth in O.C.G.A. Sections 44-7-50 ET SEQ. and expel or remove Tenant and any other occupant therefrom concluding, without limitation, altering locks and other security devices at the-Premises); provided, however, that Landlord, by proceeding first under this clause (2), shall not be precluded later from proceeding under clause (1) above.
C. Exercise by Landlord of the remedies granted under Section 17.B.(2) or otherwise available shall not be deemed to be an acceptance of surrender of the Premises by Tenant's effects without , whether by agreement or by operation of Law, it being liable for any claim for trespass or damages therefor. Upon any understood that such surrender can be effected only by the written agreement of Landlord and Tenant.
D. In the event Landlord elects to terminate this Lease by, reason of an Event of Default, then notwithstanding such termination, Tenant shall remain be liable for and shall pay to Landlord for at Landlord's Address, the sum of all rent and other indebtedness accrued to the date of such termination, and all expenses incurred by Landlord as provided in Section 17.F, plus, as damages, due and payable monthly on the day Rent would have been payable hereunder, in an amount equal to the Rent and any other amounts which would have been owing by Tenant present value of: (i) the rental payable hereunder for the balance remaining portion of the Term (had such term not been terminated by Landlord prior to the date of expiration of the Term), had this Lease not been terminatedincluding Basic Rent, less Percentage Rent and all other sums payable by Tenant hereunder with respect to the net proceedsPremises, if any, of any reletting projected on the basis of the Premises by Landlord, after deducting all average of Landlord's reasonable costs and expenses the Percentage Rent (including, without limitation, advertising expenses taxes and professional feesall other expenses) incurred in connection with or in any way related paid by Tenant to Landlord under this Lease for the two years prior to the termination occurrence of the Event of Default or, if such Event of Default occurs during the first two years of the Term, the actual amount of Percentage Rent paid by Tenant to Landlord from the Commencement Date of this Lease until the date of the Event of Default, over (ii) the fair market rental value of the Premises for the remaining portion of the Term, as reasonably determined by Landlord.
E. In the event that Landlord elects to repossess the Premises without terminating this Lease, eviction Tenant shall be liable for, and shall pay to Landlord at Landlord's Address all Rent and other indebtedness accrued to the date of Tenant such repossession, plus Rent (including, without limitation, all taxes and such reletting; and/or
(iiexpenses) Declare the entire amount of Rent calculated on the current rate being and all other sums required to be paid by Tenant, and other sums which in Landlord's reasonable determination would become due and payable Tenant during the remainder of the Term until the date of expiration of the Term diminished by any net sums thereafter received by Landlord through reletting the Premises during such period (after deducting expenses incurred by Landlord as provided in Section 17.F below), it being expressly agreed that re-entry of Landlord will not affect the obligations of Tenant for the unexpired term of this Lease. In no event shall Tenant be entitled to any excess of the Rent obtained by reletting over and above the Rent herein reserved. Actions to collect amounts due by Tenant as provided in this Section 17.E may be brought from time to time, on one or more occasions, without the necessity of Landlord's waiting until expiration of the Term.
F. If an Event of Default occurs, Tenant shall, in addition to all amounts due under this Section 17 be liable for and shall pay to Landlord, at Landlord's Address, any and all of the following described amounts:
(1) The cost of removing and Storing Tenant's or other occupant's property, and
(2) All reasonable expenses incurred by Landlord in enforcing Landlord's remedies, including, but not limited to, reasonable attorney's fees. Past due -rental amounts, including but not limited to, Rent, Percentage Rent, and other past due payments shall bear interest at ten percent per annum from the due date until paid.
G. In the event of termination or repossession of the Premises for an Event of Default, Landlord shall not have any obligation to relet or attempt to relet the Premises; or any portion thereof or to collect rental reletting; but Landlord shall have the option to relet or attempt to relet and in the event of reletting, Landlord may relet the whole or any portion of the Premises for any period, to any tenant for any rental, and for any use and purpose. Notwithstanding the foregoing, if Landlord brings an action for rent, Landlord shall use commercially reasonable diligence to attempt to relet the Premises.
H. If Tenant should fail to make any payment or cure any default under this Lease within the time period (if any) provided for in Section 17.A above, Landlord, without being under any obligation to do so and without such default being thereby waived or deemed cured, may make such payment and/or remedy such other default for the account of Tenant (and enter the Premise for such purpose), and thereupon Tenant shall be obligated to, and hereby agrees to, pay Landlord, upon demand, all costs, expenses and disbursements (including, but not limited to, increases reasonable attorneys' fees) incurred by Landlord in Rent pursuant taking such remedial action, plus interest thereon at the rate specified in Section 3.G above.
I. In the event Tenant defaults in the performance of any of the terms, covenants, agreements or conditions contained in this Lease and Landlord places the enforcement of this Lease, or any part thereof; or the collection of any rent or other amount due, or to Paragraph 2(b) and 3(d) herein)become due hereunder, discounted to present value by using a reasonable discount rateor recovery of the possession of the Premise in the hands of an attorney or collection agency, to be due and payable immediately. Upon such acceleration of such amountsor files snit upon this Lease, Tenant agrees to pay the same at once, together with all Rent and other amounts theretofore due, at Landlord's address as provided herein; provided however, that such payment shall not constitute a penalty or forfeiture but shall constitute liquidated damages for Tenant's failure to comply with the terms and provisions of this Lease (Landlord and Tenant agreeing that Landlord's actual damages in such event are impossible to ascertain and that the amount set forth above is a reasonable estimate thereof). Upon making such payment, Tenant shall receive from Landlord all rents received by Landlord from other tenants renting the Premises during the Term, provided that the monies to which Tenant shall so become entitled shall in no event exceed the entire amount actually paid by Tenant to Landlord pursuant to the preceding sentence, less all of Landlord's costs of enforcement and expenses (collection, including, without limitation, advertising expenses and professional reasonable attorneys' fees) incurred in connection with or in any way related to the reletting of the Premises. The acceptance of such payment by Landlord shall not constitute a waiver of rights or remedies to Landlord for any failure of Tenant thereafter occurring to comply with any term, provision, condition or covenant of this Lease; and/or
(iii) Enter the Premises as the agent of Tenant without the requirement of resorting to the dispossessory procedures set forth in O.C.G.A. Sections 44-7-50 ET SEQ. and without being liable for any claim for trespass or damages therefor, and, in connection therewith, rekey the Premises, remove Tenant's effects therefrom and store the same at Tenant's expense, without being liable for any damage thereto, and relet the Premises as the agent of Tenant, without advertisement, by private negotiations, for any term Landlord deems proper, and receive the rent therefor. Tenant shall pay Landlord on demand any deficiency that may arise by reason of such reletting, but Tenant shall not be entitled to any surplus so arising. Tenant shall reimburse Landlord for all reasonable costs and expenses (including, without limitation, advertising expenses and professional fees) incurred in connection with or in any way related to the eviction of Tenant and reletting the Premises, and for the amount of any other Rent which would have been due of Tenant to Landlord hereunder if not for certain concessions granted by Landlord to Tenant. Landlord, in addition to but not in lieu of or in limitation of any other right or remedy provided to Landlord under the terms of this Lease or otherwise (but only to the extent such sum is not reimbursed to Landlord in conjunction with any other payment made by Tenant to Landlord), shall have the right to be immediately repaid by Tenant the amount of all sums expended by Landlord and not repaid by Tenant in connection with preparing or improving the Premises to Tenant's specifications and any and all costs and expenses incurred in renovating or altering the Premises to make it suitable for reletting; and/or
(iv) As agent of Tenant, do whatever Tenant is obligated to do under this Lease, including, but not limited to, entering the Premises, without being liable to prosecution or any claims for damages, in order to accomplish this purpose. Tenant agrees to reimburse Landlord immediately upon demand for any reasonable expenses which Landlord may incur in thus effecting compliance with this Lease on behalf of Tenant. Landlord shall not be liable for any damages resulting to Tenant from such action, whether caused by the negligence of Landlord or otherwise.
(c) Pursuit by Landlord of any of the foregoing remedies shall not preclude the pursuit of general or special damages incurred, or of any of the other remedies provided herein, at law or in equity.
(d) No act or thing done by Landlord or Landlord's employees or agents during the Term shall be deemed an acceptance of a surrender of the Premises. Neither the mention in this Lease of any particular remedy, nor the exercise by Landlord of any particular remedy hereunder, at law or in equity, shall preclude Landlord from any other remedy Landlord might have under this Lease, at law or in equity. Any waiver of or redress for any violation of any covenant or condition contained in this Lease or any of the Rules now or hereafter adopted by Landlord, shall not prevent a subsequent act, which would have originally constituted a violation, from having all the force and effect of an original violation. The receipt by Landlord of Rent with knowledge of the breach of any covenant in this Lease shall not be deemed a waiver of such breach.
Appears in 1 contract
