DEFAULT BY XXXXXX. 16.1 Lessor and Lessee agree that this Lease Agreement is made upon the condition that if the Lessee shall neglect or fail to keep, observe and perform any of the covenants and agreements contained in this Lease Agreement which are to be kept, observed or performed by Lessee, so as to be in default, or if the leasehold interest of Lessee shall be taken by execution or other legal process of law, or if Lessee shall petition to be or be declared to be bankrupt or insolvent according to law, or if Xxxxxx shall vacate said premises or abandon the same for a period of 45 days during the term of this Lease Agreement, then and in any of said cases the Lessor may, at its option, immediately or at any time thereafter without further notice or demand, enter into and upon the leased premises, or any part thereof, in the name of the whole, and take absolute possession of the same without such reentry working a forfeiture of the rents to be paid and the covenants to be performed by Xxxxxx for the full term of this Lease Agreement, and may, at Lessor's election, lease or sublet the leased premises, or any part thereof, on such terms and conditions and for such rents and for such time as the Lessor may elect, and after crediting the rent actually collected by Lessor from such reletting, collect the balance of rent owed pursuant to this Lease Agreement from Lessee, charging Lessee such reasonable expenses as the Lessor may expand in putting the premises in tenable condition and collecting said rentals from Lessee, including reasonable attorney's fees. Alternatively, Lessor may at its election and upon written notice to Xxxxxx declare this Lease Agreement forfeited and void under the condition set forth above, and Lessor may re- enter and take full and absolute possession of said premises as the owner thereof, free from any right or claim of Lessee or any person or persons claiming through or under Lessee, and such election and re-entry shall be and constitute an absolute bar to any right to enter by Lessee. The commencement by Lessor of any action to recover possession of the leased premises or any part thereof shall not be deemed an election by Lessor to treat this Lease Agreement as void and terminated, without the written notice above specified. In the event of termination or re-entry by Lessor for default by Lessee, Lessor shall make every reasonable effort to re-rent, lease or sublet the premises. Lessor, at its option, may make such alterations, repairs, replacements and/or decorations to the leased premises as Lessor, in its sole judgment, considers advisable and necessary for the purpose of reletting the premises; and the making of such alterations, repairs, replacements and/or decorations shall not operate to be construed to release Lessee for liability hereunder as aforesaid.
Appears in 5 contracts
Samples: Lease Agreement, Lease Agreement, Lease Agreement
DEFAULT BY XXXXXX. 16.1 Lessor and Lessee agree that this Lease Agreement is made upon the condition that if the Lessee shall neglect or fail to keep, observe and perform any of the covenants and agreements contained in this Lease Agreement which are to be kept, observed or performed by LesseeXxxxxx, so as to be in default, or if the leasehold interest of Lessee shall be taken by execution or other legal process of law, or if Lessee shall petition to be or be declared to be bankrupt or insolvent according to law, or if Xxxxxx shall vacate said premises or abandon the same for a period of 45 days during the term of this Lease Agreement, then and in any of said cases the Lessor may, at its option, immediately or at any time thereafter without further notice or demand, enter into and upon the leased premises, or any part thereof, in the name of the whole, and take absolute possession of the same without such reentry re-entry working a forfeiture of the rents to be paid and the covenants to be performed by Xxxxxx Lessee for the full term of this Lease Agreement, and may, at Lessor's election, lease or sublet the leased premises, or any part thereof, on such terms and conditions and for such rents and for such time as the Lessor may elect, and after crediting the rent actually collected by Lessor Xxxxxx from such reletting, collect the balance of rent owed pursuant to this Lease Agreement from Lessee, charging Lessee such reasonable expenses as the Lessor may expand in putting the premises in tenable condition and collecting said rentals from Lessee, including reasonable attorney's fees. Alternatively, Lessor may at its election and upon written notice to Xxxxxx declare this Lease Agreement forfeited and void under the condition set forth above, and Lessor may re- enter and take full and absolute possession of said premises as the owner thereof, free from any right or claim of Lessee or any person or persons claiming through or under Lessee, and such election and re-entry shall be and constitute an absolute bar to any right to enter by Lessee. The commencement by Lessor of any action to recover possession of the leased premises or any part thereof shall not be deemed an election by Lessor to treat this Lease Agreement as void and terminated, without the written notice above specified. In the event of termination or re-entry by Lessor for default by Lessee, Lessor shall make every reasonable effort to re-rent, lease or sublet the premises. Lessor, at its option, may make such alterations, repairs, replacements and/or decorations to the leased premises as Lessor, in its sole judgment, considers advisable and necessary for the purpose of reletting the premises; and the making of such alterations, repairs, replacements and/or decorations shall not operate to be construed to release Lessee for liability hereunder as aforesaid.
Appears in 3 contracts
Samples: Lease Agreement, Lease Agreement, Lease Agreement
DEFAULT BY XXXXXX. 16.1 Lessor and Lessee agree that this Lease Agreement is made upon the condition that if the Lessee shall neglect or fail to keep, observe and perform any of the covenants and agreements contained in this Lease Agreement which are to be kept, observed or performed by Lessee, so as to be in default, or if the leasehold interest of Lessee shall be taken by execution or other legal process of law, or if Lessee shall petition to be or be declared to be bankrupt or insolvent according to law, or if Xxxxxx shall vacate said premises or abandon the same for a period of 45 days during the term of this Lease Agreement, then and in any of said cases the Lessor may, at its option, immediately or at any time thereafter without further notice or demand, enter into and upon the leased premises, or any part thereof, in the name of the whole, and take absolute possession of the same without such reentry re- entry working a forfeiture of the rents to be paid and the covenants to be performed by Xxxxxx Lessee for the full term of this Lease Agreement, and may, at Lessor's election, lease or sublet the leased premises, or any part thereof, on such terms and conditions and for such rents and for such time as the Lessor may elect, and after crediting the rent actually collected by Lessor from such reletting, collect the balance of rent owed pursuant to this Lease Agreement from Lessee, charging Lessee such reasonable expenses as the Lessor may expand in putting the premises in tenable condition and collecting said rentals from Lessee, including reasonable attorney's fees. Alternatively, Lessor may at its election and upon written notice to Xxxxxx declare this Lease Agreement forfeited and void under the condition set forth above, and Lessor may re- re-enter and take full and absolute possession of said premises as the owner thereof, free from any right or claim of Lessee or any person or persons claiming through or under Lessee, and such election and re-entry shall be and constitute an absolute bar to any right to enter by Lessee. The commencement by Lessor of any action to recover possession of the leased premises or any part thereof shall not be deemed an election by Lessor to treat this Lease Agreement as void and terminated, without the written notice above specified. In the event of termination or re-entry by Lessor for default by Lessee, Lessor shall make every reasonable effort to re-rent, lease or sublet the premises. Lessor, at its option, may make such alterations, repairs, replacements and/or decorations to the leased premises as Lessor, in its sole judgment, considers advisable and necessary for the purpose of reletting the premises; and the making of such alterations, repairs, replacements and/or decorations shall not operate to be construed to release Lessee for liability hereunder as aforesaid.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement
DEFAULT BY XXXXXX. 16.1 Lessor and Lessee agree that this Lease Agreement is made upon the condition that if The following shall be events of default as to the Lessee shall neglect or fail under this Agreement:
(a) Failure by the Lessee to keep, pay any rent within thirty (30) days of the date it receives written notice from the City that such rent is past due.
(b) Failure by the Lessee to observe and perform any of the covenants and agreements contained in this Lease Agreement which are covenant, condition or agreement on its part to be kept, observed or performed by Lessee, so other than as referred to be in default, or if the leasehold interest of Lessee shall be taken by execution or other legal process of law, or if Lessee shall petition to be or be declared to be bankrupt or insolvent according to law, or if Xxxxxx shall vacate said premises or abandon the same sub-section (a) for a period of 45 thirty (30) days during after receipt of written notice from the term City specifying such failure and requesting that it be remedied.
(c) Abandonment or desertion of Leased Premises by the Lessee for any period of time exceeding thirty (30) consecutive calendar days or filing of any lien against the Leased Premises or Xxxxxx’s interest therein in violation of this Lease AgreementAgreement and shall remain unreleased for a period of sixty (60) days from the date of such filing unless within said period the Lessee is contesting in good faith the validity of such lien and while such lien is appropriately bonded.
(d) A receiver is appointed without Xxxxxx’s application or consent, then and in any of said cases the Lessor may, at action or proceeding by or against Lessee and such action or proceeding is not stayed or discharged within sixty (60) days after its option, immediately or at any time thereafter without further notice or demand, enter into and upon the leased premisescommencement, or Lessee is involuntarily made a party to any part thereofinsolvency proceeding conducted pursuant to the laws of any state or of a political subdivision of any state and such proceeding is not stayed or discharged within sixty (60) days after its commencement, or Lessee involuntarily becomes a debtor in any case commenced under the name provisions of the wholeUnited States Bankruptcy Code, as amended and take absolute possession of the same without such reentry working a forfeiture of the rents to be paid and the covenants to be performed by Xxxxxx for the full term of this Lease Agreement, and may, at Lessor's election, lease case is not stayed or sublet the leased premises, discharged within sixty (60) days after its commencement.
(e) The dissolution or any part thereof, on such terms and conditions and for such rents and for such time as the Lessor may elect, and after crediting the rent actually collected by Lessor from such reletting, collect the balance of rent owed pursuant to this Lease Agreement from Lessee, charging Lessee such reasonable expenses as the Lessor may expand in putting the premises in tenable condition and collecting said rentals from Lessee, including reasonable attorney's fees. Alternatively, Lessor may at its election and upon written notice to Xxxxxx declare this Lease Agreement forfeited and void under the condition set forth above, and Lessor may re- enter and take full and absolute possession of said premises as the owner thereof, free from any right or claim liquidation of Lessee or the filing by Xxxxxx of a voluntary petition in bankruptcy or failure by the Lessee promptly to remove any person execution, garnishment or persons claiming through or under Lessee, and such election and re-entry shall be and constitute an absolute bar to any right to enter by Lessee. The commencement by Lessor of any action to recover possession of the leased premises or any part thereof shall not be deemed an election by Lessor to treat this Lease Agreement as void and terminated, without the written notice above specified. In the event of termination or re-entry by Lessor for default by Lessee, Lessor shall make every reasonable effort to re-rent, lease or sublet the premises. Lessor, at its option, may make such alterations, repairs, replacements and/or decorations to the leased premises as Lessor, in its sole judgment, considers advisable and necessary for the purpose of reletting the premises; and the making attachment of such alterations, repairs, replacements and/or decorations shall not operate consequence as will impair its ability to be construed to release Lessee for liability hereunder as aforesaidcarry on its operations at the Leased Premises.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement
DEFAULT BY XXXXXX. 16.1 Lessor and Lessee agree that If at any time subsequent to the date of this Lease Agreement is made upon any one or more of the condition that if following events (herein referred to as a “Default”) shall happen:
(i) Lessee shall default in the due and punctual payment of the Base Rent payable hereunder and such default shall continue for ten (10) calendar days after written notice by Lessor to Lessee of such default;
(ii) Lessee shall default in the due and punctual payment of any Additional Rent payable hereunder and such default shall continue for ten (10) calendar days after written notice by Lessor to Lessee of such default;
(iii) Lessee shall neglect or fail to keep, perform or observe and perform any of the covenants and agreements other covenant herein contained in this Lease Agreement which are on Lessee’s part to be kept, performed or observed and Lessee shall fail to remedy the same within thirty (30) calendar days after written notice by Lessor to Lessee specifying such neglect or performed by Lessee, so as to be in defaultfailure, or if such default of Lessee is of such a nature that Lessee cannot reasonably remedy the same within a thirty (30) day period, Lessee shall fail to commence promptly to remedy the same and to prosecute such remedy to completion with diligence and continuity and shall complete such remedy in no event later than sixty (60) calendar days after said notice to Lessee; or
(iv) Lessee shall make an assignment for the benefit of creditors; or
(v) Xxxxxx’s leasehold interest in the Leased Premises shall be taken on execution or by other process of law; or
(vi) Lessee shall file a voluntary petition in bankruptcy or shall be adjudicated bankrupt or insolvent, or shall file any petition or answer seeking any reorganization arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present of future federal, state of other statue, law or regulation for the relief of debtors, or shall seek the consent to or acquiesce in the appointment of any trustee, receiver or liquidator of Lessee or of all of any substantial part its properties or shall admit in writing its inability to pay its debts generally as they become due; or
(vii) a petition shall be filed against Lessee in bankruptcy or under any other law seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under any present or future federal, state or other statue, law or regulation and shall remain undismissed or unstayed for an aggregate of sixty (60) days (whether or not consecutive), or if any debtor in possession (whether or not Lessee) trustee, receiver or liquidator of Lessee or of all or any substantial part of its properties or of the Leased Premises shall be appointed without the consent or acquiescence of Lessee and such appointment shall remain unvacated or unstayed for any aggregate on sixty (60) days (whether or not consecutive); or
(viii) Lessor has given Lessee notice of default in the full and timely payment of any sums payable hereunder on two (2) or more occasions within the immediately preceding 12-month period (whether or not such default was cured following the giving of such notice); then in any such case (1) if such Default of Lessee shall occur prior to the Commencement Date, this Lease shall, without further act on the part of Lessor, terminate, and (2) if such Default of Lessee shall occur after the Commencement Date, Lessor may terminate this Lease by notice to Lessee and this Lease shall come to an end on the date such notice is sent as fully and completely as if such date were the date herein originally fixed for the expiration of the Term of this Lease, and Xxxxxx will then quit and surrender the Leased Premises to Lessor, but Lessee shall remain liable as hereinafter provided. All costs and expenses incurred by or on behalf of Xxxxxx (including, without limitation, reasonable attorneys’ fees and expenses) occasioned by any Default of Lessee shall be taken paid by Xxxxxx. If this Lease shall have been terminated as a result of a Default as provided in this Article 24 or if any execution or attachment shall be issued against Lessee or any of Lessee’s property whereupon the Leased Premises shall be taken or occupied by someone other legal process of law, or if Lessee shall petition to be or be declared to be bankrupt or insolvent according to law, or if Xxxxxx shall vacate said premises or abandon the same for a period of 45 days during the term of this Lease Agreementthan Lessee, then and in any of said cases the Lessor may, at its optionto the extent legally permitted, immediately without notice, re-enter the Leased Premises, either by force, by summary proceedings, ejectment or at any time thereafter without further notice or demand, enter into and upon the leased premises, or any part thereof, in the name of the wholeotherwise, and take absolute possession of remove and dispossess Lessee and all other persons and any and all property from the same without such reentry working a forfeiture of the rents to be paid and the covenants to be performed by Xxxxxx for the full term of this Lease Agreement, and may, at Lessor's election, lease or sublet the leased premises, or any part thereof, on such terms and conditions and for such rents and for such time as the Lessor may elect, and after crediting the rent actually collected by Lessor from such reletting, collect the balance of rent owed pursuant to this Lease Agreement from Lessee, charging Lessee such reasonable expenses as the Lessor may expand in putting the premises in tenable condition and collecting said rentals from Lessee, including reasonable attorney's fees. Alternatively, Lessor may at its election and upon written notice to Xxxxxx declare this Lease Agreement forfeited and void under the condition set forth above, and Lessor may re- enter and take full and absolute possession of said premises as the owner thereof, free from any right or claim of Lessee or any person or persons claiming through or under Lessee, and such election and re-entry shall be and constitute an absolute bar to any right to enter by Lessee. The commencement by Lessor of any action to recover possession of the leased premises or any part thereof shall not be deemed an election by Lessor to treat this Lease Agreement as void and terminated, without the written notice above specifiedsame. In the event of such termination for Lessee Default, Lessee shall pay the Base Rent, Additional Rent and other sums payable hereunder up to the time of such termination, and thereafter, Lessee until the end of what would have been the Term of the Lease in the absence of such termination, and whether or not the Leased Premises shall have been re-entry by let shall be liable to Lessor for, and shall pay to Lessor, as liquidated current damages (“Liquidated Current Damages”):
(i) the Base Rent, Additional Rent and other sums which would be payable hereunder if such termination had not occurred, LESS
(ii) the net proceeds, if any, of any reletting of the Leased Premises after deducting all expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, reasonable legal expenses, reasonable attorneys’ fees, expenses of employees, alteration costs and expenses of preparation of such reletting. Lessee shall pay such current damages to Lessor monthly on the days on which the Rent would have payable hereunder if this Lease has not been terminated, and the Lessor shall be entitled to receive the same from Lessee, on such day. In such circumstances, the Lessor shall use its reasonable best efforts to mitigate and minimize the amount of Liquidated Current Damages. At any time after such termination for default by LesseeLessee Default, whether or not Lessor shall have collected any such Liquidated Current Damages, Lessor shall make every reasonable effort be entitled to re-rent, lease or sublet the premises. recover from Lessee and Lessee shall pay to Lessor, at its optionon demand, may make as liquidated final damages in lieu of all such alterationsLiquidated Current Damages beyond the date of such demand, repairs, replacements and/or decorations an amount equal to the leased premises excess, if any, of
(1) the Base Rent, Additional Rent and other sums as Lessor, in its sole judgment, considers advisable and necessary for hereinbefore provided which would be payable hereunder from the purpose of reletting the premises; and the making date of such alterationsdemand (or, repairsif it be earlier, replacements and/or decorations than the date to which Lessee shall not operate have satisfied in full its obligation under this Article 24 to pay current damages) for what would be construed to release Lessee for liability hereunder as aforesaidthe then unexpired Term of this Lease if the same remained in effect.
Appears in 2 contracts
Samples: Lease Agreement (Allurion Technologies Holdings, Inc.), Lease Agreement (Allurion Technologies Holdings, Inc.)
DEFAULT BY XXXXXX. 16.1 Lessor and Lessee agree that this Lease Agreement is made upon the condition that if the Lessee shall neglect or fail to keep, observe and perform any of the covenants and agreements contained in this Lease Agreement which are to be kept, observed or performed by Lessee, so as to be in default, or if the leasehold interest of Lessee shall be taken by execution or other legal process of law, or if Lessee shall petition to be or be declared to be bankrupt or insolvent according to law, or if Xxxxxx shall vacate said premises or abandon the same for a period of 45 days during the term of this Lease Agreement, then and in any of said cases the Lessor may, at its option, immediately or at any time thereafter without further notice or demand, enter into and upon the leased premises, or any part thereof, in the name of the whole, and take absolute possession of the same without such reentry re-entry working a forfeiture of the rents to be paid and the covenants to be performed by Xxxxxx Lessee for the full term of this Lease Agreement, and may, at Lessor's election, lease or sublet the leased premises, or any part thereof, on such terms and conditions and for such rents and for such time as the Lessor may elect, and after crediting the rent actually collected by Lessor from such reletting, collect the balance of rent owed pursuant to this Lease Agreement from Lessee, charging Lessee such reasonable expenses as the Lessor may expand in putting the premises in tenable condition and collecting said rentals from Lessee, including reasonable attorney's fees. Alternatively, Lessor may at its election and upon written notice to Xxxxxx declare this Lease Agreement forfeited and void under the condition set forth above, and Lessor may re- enter and take full and absolute possession of said premises as the owner thereof, free from any right or claim of Lessee or any person or persons claiming through or under Lessee, and such election and re-entry shall be and constitute an absolute bar to any right to enter by Lessee. The commencement by Lessor of any action to recover possession of the leased premises or any part thereof shall not be deemed an election by Lessor to treat this Lease Agreement as void and terminated, without the written notice above specified. In the event of termination or re-entry by Lessor for default by Lessee, Lessor shall make every reasonable effort to re-rent, lease or sublet the premises. Lessor, at its option, may make such alterations, repairs, replacements and/or decorations to the leased premises as Lessor, in its sole judgment, considers advisable and necessary for the purpose of reletting the premises; and the making of such alterations, repairs, replacements and/or decorations shall not operate to be construed to release Lessee for liability hereunder as aforesaid.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement
DEFAULT BY XXXXXX. 16.1 Lessor and Lessee agree that this Lease Agreement is made upon the condition that if the Lessee shall neglect or fail to keep, observe and perform any of the covenants and agreements contained in this Lease Agreement which are to be kept, observed or performed by LesseeXxxxxx, so as to be in default, or if the leasehold interest of Lessee shall be taken by execution or other legal process of law, or if Lessee shall petition to be or be declared to be bankrupt or insolvent according to law, or if Xxxxxx Lessee shall vacate said premises or abandon the same for a period of 45 days during the term of this Lease Agreement, then and in any of said cases the Lessor may, at its option, immediately or at any time thereafter without further notice or demand, enter into and upon the leased premises, or any part thereof, in the name of the whole, and take absolute possession of the same without such reentry re- entry working a forfeiture of the rents to be paid and the covenants to be performed by Xxxxxx Lessee for the full term of this Lease Agreement, and may, at Lessor's election, lease or sublet the leased premises, or any part thereof, on such terms and conditions and for such rents and for such time as the Lessor may elect, and after crediting the rent actually collected by Lessor from such reletting, collect the balance of rent owed pursuant to this Lease Agreement from Lessee, charging Lessee such reasonable expenses as the Lessor may expand in putting the premises in tenable condition and collecting said rentals from Lessee, including reasonable attorney's fees. Alternatively, Lessor may at its election and upon written notice to Xxxxxx declare this Lease Agreement forfeited and void under the condition set forth above, and Lessor may re- re-enter and take full and absolute possession of said premises as the owner thereof, free from any right or claim of Lessee or any person or persons claiming through or under Lessee, and such election and re-entry shall be and constitute an absolute bar to any right to enter by Lessee. The commencement by Lessor of any action to recover possession of the leased premises or any part thereof shall not be deemed an election by Lessor to treat this Lease Agreement as void and terminated, without the written notice above specified. In the event of termination or re-entry by Lessor for default by Lessee, Lessor shall make every reasonable effort to re-rent, lease or sublet the premises. Lessor, at its option, may make such alterations, repairs, replacements and/or decorations to the leased premises as Lessor, in its sole judgment, considers advisable and necessary for the purpose of reletting the premises; and the making of such alterations, repairs, replacements and/or decorations shall not operate to be construed to release Lessee for liability hereunder as aforesaid.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement
DEFAULT BY XXXXXX. 16.1 Lessor shall not be deemed in default unless Lessor falls to perform obligations required of Lessor within a reasonable time, but in no event later than thirty (30) days after written notice by Lessee to Lessor and to the holder of any mortgage or xxxx of trust covering the Premises whose name and address shall have theretofore been furnished to Lessee agree that this Lease Agreement is made upon the condition in writing specifying wherein Lessor has failed to perform such obligations; provided, however, that if the nature of Lessor's obligation is such that more than thirty (30) days are required for performance, then Lessor shall not be in default if Lessor commences performance within such 30-say period and thereafter diligently prosecutes the same to completion. If Xxxxxx does not perform, Xxxxxx's mortgagee may perform in Lessor's place ant Lessee must accept such performance. Except in the event of an actual or constructive eviction, in no event shall neglect Lessee have the right to terminate this Lease as a result of Lessor's default, and Xxxxxx's remedies shall be limited to damages and/or an injunction. Notwithstanding the preceding sentence to the contrary, if Lessor or fail its mortgagee falls to keep, observe and perform any of the covenants and agreements contained as required above in this Lease Agreement which are to be keptSection 15.3, observed or performed by Lessee, so as to be in default, or if the leasehold interest of then Lessee shall be taken by execution or other legal process permitted to males reasonable repairs to the Premises as set forth in the default notice referred to above from Lessee. In the event Lessee exercises its rights hereunder, Lessor will reimburse Lessee the reasonable cost thereof within thirty (30) days following receipt of lawa copy of the invoice and lien waiver from the contractor performing such repairs. In the event Lessor falls to reimburse Lessee the cost of such repairs within thirty (30) days following Xxxxxx's receipt of an invoice and lien waiver, then Lessee shall be permitted to withhold from the next instrument of monthly base rental an amount equal to the lesser of (i) the reasonable cost for such repairs, or if (ii) twenty-five percent (25%) of the monthly base rental otherwise due ant payable for such month. In the event the reasonable cost of such repairs is greater than twenty-five percent (25%) of the monthly base rental payable for the month in question, then Lessee shall petition be permitted to be or be declared withhold from future instalments of monthly base rental an amount equal to be bankrupt or insolvent according to law, or if Xxxxxx shall vacate said premises or abandon the same for a period of 45 days during the term of this Lease Agreement, then and in any of said cases the Lessor may, at its option, immediately or at any time thereafter without further notice or demand, enter into and upon the leased premises, or any part thereof, in the name twenty-five percent (25%) of the whole, and take absolute possession of the same without such reentry working monthly base rental on a forfeiture of the rents to be paid and the covenants to be performed by Xxxxxx for the full term of this Lease Agreement, and may, at Lessor's election, lease or sublet the leased premises, or any part thereof, on such terms and conditions and for such rents and for monthly basis until such time as the Lessor may elect, and after crediting amount withheld equate the rent actually collected cost incurred by Lessor from Lessee in making such reletting, collect the balance of rent owed pursuant to this Lease Agreement from Lessee, charging Lessee such reasonable expenses as the Lessor may expand in putting the premises in tenable condition and collecting said rentals from Lessee, including reasonable attorney's fees. Alternatively, Lessor may at its election and upon written notice to Xxxxxx declare this Lease Agreement forfeited and void under the condition set forth above, and Lessor may re- enter and take full and absolute possession of said premises as the owner thereof, free from any right or claim of Lessee or any person or persons claiming through or under Lessee, and such election and re-entry shall be and constitute an absolute bar to any right to enter by Lessee. The commencement by Lessor of any action to recover possession of the leased premises or any part thereof shall not be deemed an election by Lessor to treat this Lease Agreement as void and terminated, without the written notice above specified. In the event of termination or re-entry by Lessor for default by Lessee, Lessor shall make every reasonable effort to re-rent, lease or sublet the premises. Lessor, at its option, may make such alterations, repairs, replacements and/or decorations to the leased premises as Lessor, in its sole judgment, considers advisable and necessary for the purpose of reletting the premises; and the making of such alterations, repairs, replacements and/or decorations shall not operate to be construed to release Lessee for liability hereunder as aforesaid.
Appears in 1 contract
Samples: Standard Commercial Industrial Triple Net Lease (Titan Motorcycle Co of America Inc)
DEFAULT BY XXXXXX. 16.1 Lessor and Lessee agree that this Lease Agreement is made upon the condition that if the If Lessee shall neglect default in any covenant or fail to keep, observe and perform any of the covenants and agreements contained in this Lease Agreement which are agreement to be kept, observed or performed by Lessee under this lease, and if after written notice has been sent by Lessor to Lessee, so as to be in defaultsuch default shall continue for a period of _____ days, or if the leasehold interest of Lessee shall be taken by on execution or other legal process of law, law or if Lessee shall petition to be or be declared to be bankrupt or insolvent according to lawlaw or make any conveyance or general assignment for the benefit of creditors or if a receiver be appointed for Lessee’s property and such appointment is not vacated and set aside within _____ days from the date of such appointment, or if Xxxxxx shall vacate said premises proceedings for reorganization, arrangement, composition or abandon the same for a period of 45 days during the term of this Lease Agreementother proceedings with creditors be instituted by or against Lessee, then then, and in any of said cases the such events, Lessor may, at its option, may immediately or at any time thereafter thereafter, and without further notice or demand, enter into and upon the leased premises, or any part thereof, in the name of the whole, premises and take absolute possession of the same premises, without such reentry working a forfeiture of the rents to be paid and the covenants to be performed by Xxxxxx for the full term of this Lease Agreementlease. In such events, and may, Lessor may at Lessor's election, ’s election lease or sublet the leased premises, premises or any part thereof, on thereof upon such terms and conditions and for such rents rent and for such time term as the Lessor may electelect and, and after crediting the rent actually collected by Lessor from such relettingsubletting against the rentals required to be paid under this lease by Xxxxxx, collect from Lessee any balance due on the balance of rent owed pursuant to required by this Lease Agreement from Lessee, charging Lessee such reasonable expenses as the Lessor may expand in putting the premises in tenable condition and collecting said rentals from Lessee, including reasonable attorney's fees. Alternatively, Lessor may at its election and upon written notice to Xxxxxx declare this Lease Agreement forfeited and void under the condition set forth above, and Lessor may re- enter and take full and absolute possession of said premises as the owner thereof, free from any right or claim of Lessee or any person or persons claiming through or under Lessee, and such election and re-entry shall be and constitute an absolute bar to any right to enter by Lessee. The commencement by Lessor of any action to recover possession of the leased premises or any part thereof shall not be deemed an election by Lessor to treat this Lease Agreement as void and terminated, without the written notice above specified. In the event of termination or re-entry by Lessor for default by Lessee, Lessor shall make every reasonable effort to re-rent, lease or sublet the premises. Lessor, at its option, may make such alterations, repairs, replacements and/or decorations to the leased premises as Lessor, in its sole judgment, considers advisable and necessary for the purpose of reletting the premises; and the making of such alterations, repairs, replacements and/or decorations shall not operate to be construed to release Lessee for liability hereunder as aforesaidlease.
Appears in 1 contract
Samples: Lease Agreement
DEFAULT BY XXXXXX. 16.1 15.1 Each of the following events shall constitute an "Event of Default":
(a) if default shall be made by Lessee in the making of payment of any Rent, Reserve Rate, Agreed Value, and/or of any other Supplemental Rent, within 5 Business Days after the date when due and payable under this Lease; or
(i) if default shall be made by Lessee at any time in the procurement or maintenance of any insurance coverage prescribed herein or (ii) any insurance which may be maintained by Lessor, Head Lessor and or Indenture Trustee under Article 11.4 is cancelled or terminated or notice of cancellation is given; or
(c) if default shall be made by Lessee agree that this Lease Agreement is made upon in the condition that if the Lessee shall neglect observance or fail to keep, observe and perform performance of any of the covenants and agreements other obligations of Lessee contained in this Lease Agreement which are and, if such default is in the opinion of Lessor capable of remedy, such default shall continue for a period of fifteen (15) Business Days after notice from Lessor to Lessee specifying the default and requiring that the same be remedied; or
(d) if any representation or warranty made (or deemed to be kept, observed repeated) by Lessee in or performed by Lessee, so as pursuant to this Lease or in any document or certificate or statement referred to in or delivered under this Lease is or proves to have been incorrect in any material respect when made or deemed to be repeated and such incorrectness, if capable of being cured, shall continue for fifteen (15) Business Days after written notice from Lessor specifying such incorrectness; or
(e) if any borrowed money having an outstanding principal amount in defaultexcess of $4,000,000.00 (Dollars Four Million) of Lessee or any of its subsidiaries is not paid when due, or by reason of breach or default under the terms of any instrument evidencing or guaranteeing the same on the part of Lessee or any of its subsidiaries any borrowed money having an outstanding principal amount in excess of $4,000,000.00 (Dollars Four Million) of Lessee or any of its subsidiaries becomes due or capable of being declared due prior to the date when it would otherwise have become due, or the security for any such borrowed money or any guarantee in respect thereof becomes enforceable; or
(f) if an encumbrancer takes possession or a receiver, administrator, administrative receiver, trustee, liquidator or similar officer is appointed of the whole or any substantial part of the assets, rights or revenues of Lessee or any of its subsidiaries or a distress, execution, sequestration or other process is levied or enforced upon or sued out against all or a substantial part of the assets, rights or revenues of Lessee or any of its subsidiaries and is not discharged within fourteen days, or Lessee applies for or consents to the appointment of a receiver, administrator, administrative receiver, trustee, liquidator or similar officer for it or for all or any part of its assets, rights or revenues; or
(g) if Lessee or any of its subsidiaries suspends payment of its debts, or is unable or admits its inability to pay its debts as they fall due, or shall be adjudicated or found, or becomes, bankrupt or insolvent, or proposes or enters into any composition or other arrangement for the benefit of its creditors generally, or Lessee or any of its subsidiaries shall, by voluntary petition, answer or consent, seek relief under the provisions of any bankruptcy, insolvency or other similar law providing for the reorganization, liquidation, administration, dissolution or winding-up of corporations, or providing for an agreement, composition, extension or adjustment with its creditors; or
(h) if a petition against Lessee in a proceeding under applicable bankruptcy or other insolvency laws shall be filed and shall not be withdrawn or dismissed within 30 days thereafter, or if any order shall be made by any competent court or resolution passed by Lessee or any of its subsidiaries or their respective board of management or supervisory board, whichever is competent to pass such resolution for the leasehold interest winding-up or dissolution of Lessee or any of its subsidiaries or for the appointment of a liquidator, trustee or conservator, save for winding-up or dissolution for the purposes of amalgamation or reorganization (not involving or arising out of insolvency) the terms of which shall have received the prior written approval of Lessor; or
(i) if Lessee or any of its subsidiaries disposes of all or a material part of its assets, whether by one or a series of transactions, related or not, other than for the purpose of a reconstruction or amalgamation the terms of which have received the previous consent in writing of Lessor; or
(j) if any action shall be taken by execution Lessee which shall impair the rights, title or other legal process ownership of lawLessor or Head Lessor or the Security Interest of Indenture Trustee, in the Aircraft or this Lease, or this Lease is or becomes wholly or partly invalid, ineffective or unenforceable by reason of any act or omission of Lessee; or
(k) if Lessee shall petition any consent, authorization, license, certificate or approval of or registration with or declaration to be any Government Entity in connection with this Lease including, without limitation:
(i) Lessee's air carrier operating certificate issued pursuant to Chapter 447 of the Federal Aviation Act; or
(ii) required by Xxxxxx or be declared as a condition precedent required by Lessor pursuant to be bankrupt or insolvent according Article 2.3 to lawauthorize, or if Xxxxxx shall vacate said premises in connection with, the execution, delivery, validity, enforceability or abandon the same for a period of 45 days during the term admissibility in evidence of this Lease Agreement, then and in or the performance by Lessee of its obligations under this Lease; or
(iii) the registration of the Aircraft; or
(iv) any airline license or air transport license; is changed such that it materially impairs the ability of said cases the Lessor may, at Lessee to perform its option, immediately or at any time thereafter without further notice or demand, enter into and upon the leased premisesobligations hereunder, or any part thereofis withheld, in the name of the wholeor is revoked, and take absolute possession of the same without such reentry working a forfeiture of the rents suspended, cancelled, withdrawn, terminated or not renewed, or otherwise ceases to be paid and the covenants to be performed by Xxxxxx for the in full term of this Lease Agreement, and may, at Lessor's election, lease or sublet the leased premises, or any part thereof, on such terms and conditions and for such rents and for such time as the Lessor may elect, and after crediting the rent actually collected by Lessor from such reletting, collect the balance of rent owed pursuant to this Lease Agreement from Lessee, charging Lessee such reasonable expenses as the Lessor may expand in putting the premises in tenable condition and collecting said rentals from Lessee, including reasonable attorney's fees. Alternatively, Lessor may at its election and upon written notice to Xxxxxx declare this Lease Agreement forfeited and void under the condition set forth above, and Lessor may re- enter and take full and absolute possession of said premises as the owner thereof, free from any right or claim of Lessee or any person or persons claiming through or under Lessee, and such election and re-entry shall be and constitute an absolute bar to any right to enter by Lessee. The commencement by Lessor of any action to recover possession of the leased premises or any part thereof shall not be deemed an election by Lessor to treat this Lease Agreement as void and terminated, without the written notice above specified. In the event of termination or re-entry by Lessor for default by Lessee, Lessor shall make every reasonable effort to re-rent, lease or sublet the premises. Lessor, at its option, may make such alterations, repairs, replacements and/or decorations to the leased premises as Lessor, in its sole judgment, considers advisable and necessary for the purpose of reletting the premisesforce; and the making of such alterations, repairs, replacements and/or decorations shall not operate to be construed to release Lessee for liability hereunder as aforesaid.or
Appears in 1 contract
DEFAULT BY XXXXXX. 16.1 The occurrence of any one or more of the following events shall constitute a default and breach of the Lease by Xxxxxx.
(a) The vacation or abandonment of the Premises by Xxxxxx for ten (10) consecutive days unless the Lessor and Lessee agree has agreed in writing that this Lease Agreement is made upon the condition that if the Lessee shall neglect can sublease the Premises.
(b) The failure by Lessee to make any payment of Base Rent, Additional Rental or fail Forecast Additional Rental or any other payment required to keepbe made by Lessee hereunder as and when due, if such failure continues for a period of ten (10) days after written notice thereof by Lessor to Lessee.
(c) The failure by Lessee to observe and or perform any of the covenants and agreements contained in covenants, conditions or provisions of this Lease Agreement which are to be kept, observed or performed by the Lessee, so as to be other than described in defaultParagraph 12 (a) and (b) above, or if the leasehold interest of Lessee where such failure shall be taken by execution or other legal process of law, or if Lessee shall petition to be or be declared to be bankrupt or insolvent according to law, or if Xxxxxx shall vacate said premises or abandon the same continue for a period of 45 twenty (20) days during after written notice thereof by Lessor to Lessee; provided, however, that if the term nature of this Lease AgreementLessee’s default is such that more than twenty (20)) days are reasonably required for its cure, then and in any of said cases the Lessor may, at its option, immediately or at any time thereafter without further notice or demand, enter into and upon the leased premises, or any part thereof, in the name of the whole, and take absolute possession of the same without such reentry working a forfeiture of the rents to be paid and the covenants to be performed by Xxxxxx for the full term of this Lease Agreement, and may, at Lessor's election, lease or sublet the leased premises, or any part thereof, on such terms and conditions and for such rents and for such time as the Lessor may elect, and after crediting the rent actually collected by Lessor from such reletting, collect the balance of rent owed pursuant to this Lease Agreement from Lessee, charging Lessee such reasonable expenses as the Lessor may expand in putting the premises in tenable condition and collecting said rentals from Lessee, including reasonable attorney's fees. Alternatively, Lessor may at its election and upon written notice to Xxxxxx declare this Lease Agreement forfeited and void under the condition set forth above, and Lessor may re- enter and take full and absolute possession of said premises as the owner thereof, free from any right or claim of Lessee or any person or persons claiming through or under Lessee, and such election and re-entry shall be and constitute an absolute bar to any right to enter by Lessee. The commencement by Lessor of any action to recover possession of the leased premises or any part thereof shall not be deemed an election to be in default if Lessee commences such cure within said twenty (20) day period and thereafter diligently prosecutes such cure to completion.
(d) Any general assignment or general arrangement for the benefit of creditors by Lessor Xxxxxx; or the filing by or against Lessee of a petition to treat this Lease Agreement as void and terminatedhave Lessee adjudged a bankrupt, without the written notice above specified. In the event of termination or re-entry by Lessor a petition for default by Lessee, Lessor shall make every reasonable effort reorganization or arrangement under any laws relating to re-rent, lease or sublet the premises. Lessor, at its option, may make such alterations, repairs, replacements and/or decorations to the leased premises as Lessorbankruptcy (unless, in its sole judgmentthe case of a petition filed against Xxxxxx, considers advisable and necessary for the purpose same is dismissed within thirty (30) days); or the appointment of reletting a trustee or a receiver to take possession of substantially all of Lessee’s assets located at the premisesPremises or of interests in this Lease, where possession is not restored to Lessee within thirty (30) days; and or the making attachment, execution or other judicial seizure of substantially all of Lessee’s assets located at the Premises or of Xxxxxx’s interest in this Lease, where such alterations, repairs, replacements and/or decorations shall seizure is not operate to be construed to release Lessee for liability hereunder as aforesaid.discharged in thirty (30) days. Lessor Lessee
Appears in 1 contract
Samples: Lease Agreement (Bankrate, Inc.)
DEFAULT BY XXXXXX. 16.1 17.1 Lessor and Lessee agree that this Lease Agreement is made upon the condition that if the Lessee shall neglect or fail to keep, observe and perform any of the covenants and agreements contained in this Lease Agreement which are to be kept, observed or performed by Lessee, so as to be in default, or if the leasehold interest of Lessee shall be taken by execution or other legal process of law, or if Lessee shall petition to be or be declared to be bankrupt or insolvent according to law, or if Xxxxxx shall vacate said premises or abandon the same for a period of 45 days during the term of this Lease Agreement, then and in any of said cases the Lessor may, at its option, immediately or at any time thereafter without further notice or demand, enter into and upon the leased premises, or any part thereof, in the name of the whole, and take absolute possession of the same without such reentry re-entry working a forfeiture of the rents to be paid and the covenants to be performed by Xxxxxx Lessee for the full term of this Lease Agreement, and may, at Lessor's election, lease or sublet the leased premises, or any part thereof, on such terms and conditions and for such rents and for such time as the Lessor may elect, and after crediting the rent actually collected by Lessor from such reletting, collect the balance of rent owed pursuant to this Lease Agreement from Lessee, charging Lessee such reasonable expenses as the Lessor may expand in putting the premises in tenable condition and collecting said rentals from Lessee, including reasonable attorney's fees. Alternatively, Lessor may at its election and upon written notice to Xxxxxx declare this Lease Agreement forfeited and void under the condition set forth above, and Lessor may re- enter and take full and absolute possession of said premises as the owner thereof, free from any right or claim of Lessee or any person or persons claiming through or under Lessee, and such election and re-entry shall be and constitute an absolute bar to any right to enter by Lessee. The commencement by Lessor of any action to recover possession of the leased premises or any part thereof shall not be deemed an election by Lessor to treat this Lease Agreement as void and terminated, without the written notice above specified. In the event of termination or re-entry by Lessor for default by Lessee, Lessor shall make every reasonable effort to re-rent, lease or sublet the premises. Lessor, at its option, may make such alterations, repairs, replacements and/or decorations to the leased premises as Lessor, in its sole judgment, considers advisable and necessary for the purpose of reletting the premises; and the making of such alterations, repairs, replacements and/or decorations shall not operate to be construed to release Lessee for liability hereunder as aforesaid.
Appears in 1 contract
Samples: Lease Agreement
DEFAULT BY XXXXXX. 16.1 Lessor and Lessee agree that this Lease Agreement is made upon the condition that if the Lessee shall neglect or fail to keep, observe and perform any of the covenants and agreements contained in this Lease Agreement which are to be kept, observed or performed by Lessee, so as to be in default, or if the leasehold interest of Lessee shall be taken by execution or other legal process of law, or if Lessee shall petition to be or be declared to be bankrupt or insolvent according to law, or if Xxxxxx shall vacate said premises or abandon the same for a period of 45 days during the term of this Lease Agreement, then and in any of said cases the Lessor may, at its option, immediately or at any time thereafter without further notice or demand, enter into and upon the leased premises, or any part thereof, in the name of the whole, and take absolute possession of the same without such reentry working a forfeiture of the rents to be paid and the covenants to be performed by Xxxxxx Lessee for the full term of this Lease Agreement, and may, at Lessor's election, lease or sublet the leased premises, or any part thereof, on such terms and conditions and for such rents and for such time as the Lessor may elect, and after crediting the rent actually collected by Lessor from such reletting, collect the balance of rent owed pursuant to this Lease Agreement from Lessee, charging Lessee such reasonable expenses as the Lessor may expand in putting the premises in tenable condition and collecting said rentals from Lessee, including reasonable attorney's fees. Alternatively, Lessor may at its election and upon written notice to Xxxxxx declare this Lease Agreement forfeited and void under the condition set forth above, and Lessor may re- enter and take full and absolute possession of said premises as the owner thereof, free from any right or claim of Lessee or any person or persons claiming through or under Lessee, and such election and re-entry shall be and constitute an absolute bar to any right to enter by Lessee. The commencement by Lessor of any action to recover possession of the leased premises or any part thereof shall not be deemed an election by Lessor to treat this Lease Agreement as void and terminated, without the written notice above specified. In the event of termination or re-entry by Lessor for default by Lessee, Lessor shall make every reasonable effort to re-rent, lease or sublet the premises. Lessor, at its option, may make such alterations, repairs, replacements and/or decorations to the leased premises as Lessor, in its sole judgment, considers advisable and necessary for the purpose of reletting the premises; and the making of such alterations, repairs, replacements and/or decorations shall not operate to be construed to release Lessee for liability hereunder as aforesaid.
Appears in 1 contract
Samples: Lease Agreement
DEFAULT BY XXXXXX. 16.1 Lessor and Lessee agree that this shall be in default of the Lease Agreement is made upon the condition that if occurrence of any one of the following events: Lessee shall neglect fails to make its Lease Payments to Lessor pursuant to Section 4.01 of this Lease, and such failure continues for a period of ten (10) days after written notice by Lessor requesting such payments be made; or fail Lessee fails to keep, observe and observe, or perform any material covenant, agreement, term or provision of the covenants and agreements contained in this Lease Agreement which are to be kept, observed observed, or performed by Lessee, so as to be in default, or if the leasehold interest of Lessee shall be taken by execution or other legal process of law, or if Lessee shall petition to be or be declared to be bankrupt or insolvent according to law, or if Xxxxxx shall vacate said premises or abandon the same and such default continues uncured for a period of 45 forty-five (45) days during the term after written notice of this Lease Agreement, then and in any of said cases the Lessor may, at its option, immediately or at any time thereafter without further notice or demand, enter into and upon the leased premises, or any part thereof, in the name of the whole, and take absolute possession of the same without such reentry working a forfeiture of the rents to be paid and the covenants to be performed by Xxxxxx for the full term of this Lease Agreement, and may, at Lessor's election, lease or sublet the leased premises, or any part thereof, on such terms and conditions and for such rents and for such time as the Lessor may elect, and after crediting the rent actually collected default by Lessor from such relettingto Lessee.
(i) Lessee applies for or consents to the appointment of a receiver, collect the balance of rent owed pursuant to this Lease Agreement from Lessee, charging Lessee such reasonable expenses as the Lessor may expand in putting the premises in tenable condition and collecting said rentals from Lessee, including reasonable attorney's fees. Alternatively, Lessor may at its election and upon written notice to Xxxxxx declare this Lease Agreement forfeited and void under the condition set forth above, and Lessor may re- enter and take full and absolute possession of said premises as the owner thereof, free from any right trustee or claim liquidator of Lessee or any person of all or persons claiming through a substantial part of its assets; (ii) Lessee files a voluntary petition in bankruptcy or under commences a proceeding seeking reorganization, liquidation, or an arrangement with creditors; (iii) Lessee files an answer admitting the material allegations of a bankruptcy petition, reorganization proceeding, or insolvency proceeding filed against Lessee;
(iv) Lessee admits in writing its inability to pay its debts as they come due; (v) Lessee makes a general assignment for the benefit of creditors; or (vi) an order, judgment or decree is entered by a court of competent jurisdiction, on the application of a creditor, adjudicating Lessee a bankrupt or insolvent or approving a petition seeking reorganization of Lessee or appointing a receiver, trustee, or liquidator of Lessee or of all or a substantial part of its assets, and such election and re-entry shall be and constitute an absolute bar to order, judgment, or decree continues in effect for any right to enter by Lessee. The commencement by Lessor period of any action to recover possession of the leased premises or any part thereof shall not be deemed an election by Lessor to treat this Lease Agreement as void and terminated, without the written notice above specifiedsixty (60) consecutive days. In the event of termination or re-entry by Lessor for default by LesseeXxxxxx, Lessor shall make every reasonable effort have all rights and remedies afforded to re-rentit under all applicable laws and shall have the right to enforce any and all claims as a result of said default against Xxxxxx, lease its successors and/or assigns. In addition to any and all rights under the law, Lessor shall have the option to terminate this Lease immediately and shall have the option to immediately take over management and operation of the Golf Course with its own personnel or sublet the premises. through a third party without jeopardizing any and all rights it might have against Lessee, its successors and/or assigns due to said default, and Lessee, its successors and/or assigns shall have no cause of action of any kind against Lessor, at its option, may make such alterations, repairs, replacements and/or decorations to the leased premises as Lessor, in its sole judgment, considers advisable and necessary for the purpose of reletting the premises; and the making of such alterations, repairs, replacements and/or decorations shall not operate to be construed to release Lessee for liability hereunder as aforesaid.
Appears in 1 contract
Samples: Lease Agreement
DEFAULT BY XXXXXX. 16.1 Lessor and Lessee agree that this Lease Agreement is made upon the condition that if the Lessee shall neglect or fail to keep, observe and perform any of the covenants and agreements contained in this Lease Agreement which are to be kept, observed or performed by Lessee, so as to be in default, or if the leasehold interest of Lessee shall be taken by execution or other legal process of law, or if Lessee shall petition to be or be declared to be bankrupt or insolvent according to law, or if Xxxxxx shall vacate said premises or abandon the same for a period of 45 days during the term of this Lease Agreement, then and in any of said cases the Lessor may, at its option, immediately or at any time thereafter without further notice or demand, enter into and upon the leased premises, or any part thereof, in the name of the whole, and take absolute possession of the same without such reentry re- entry working a forfeiture of the rents to be paid and the covenants to be performed by Xxxxxx Lessee for the full term of this Lease Agreement, and may, at Lessor's election, lease or sublet the leased premises, or any part thereof, on such terms and conditions and for such rents and for such time as the Lessor may elect, and after crediting the rent actually collected by Lessor from such reletting, collect the balance of rent owed pursuant to this Lease Agreement from Lessee, charging Lessee such reasonable expenses as the Lessor may expand in putting the premises in tenable condition and collecting said rentals from Lessee, including reasonable attorney's fees. Alternatively, Lessor may at its election and upon written notice to Xxxxxx declare this Lease Agreement forfeited and void under the condition set forth above, and Lessor may re- enter and take full and absolute possession of said premises as the owner thereof, free from any right or claim of Lessee or any person or persons claiming through or under Lessee, and such election and re-entry shall be and constitute an absolute bar to any right to enter by Lessee. The commencement by Lessor of any action to recover possession of the leased premises or any part thereof shall not be deemed an election by Lessor to treat this Lease Agreement as void and terminated, without the written notice above specified. In the event of termination or re-entry by Lessor for default by Lessee, Lessor shall make every reasonable effort to re-rent, lease or sublet the premises. Lessor, at its option, may make such alterations, repairs, replacements and/or decorations to the leased premises as Lessor, in its sole judgment, considers advisable and necessary for the purpose of reletting the premises; and the making of such alterations, repairs, replacements and/or decorations shall not operate to be construed to release Lessee for liability hereunder as aforesaid.
Appears in 1 contract
Samples: Lease Agreement