Default Conditional Limitations Remedies and Measure of Damages. A. Each of the following shall be an event of default under this Lease (each, an "Event of Default"): (i) If any representation or warranty of Lessee set forth in this Lease is false in any material respect, or if Lessee renders any false statement or account; (ii) If any rent or other monetary sum due under this Lease is not paid within five days from the date when due; provided, however, notwithstanding the occurrence of such an Event of Default, Lessor shall not be entitled to exercise its remedies set forth below unless and until Lessor shall have given Lessee notice thereof and a period of five days from the delivery of such notice shall have elapsed without such Event of Default being cured; (iii) If Lessee fails to pay, prior to delinquency, any taxes, assessments or other charges the failure of which to pay will result in the imposition of a lien against the Premises pursuant to Applicable Regulations; (iv) If Lessee becomes insolvent within the meaning of the Code, files or notifies Lessor that it intends to file a petition under the Code, initiates a proceeding under any similar law or statute relating to bankruptcy, insolvency, reorganization, winding up or adjustment of debts (collectively, hereinafter, an "Action"), becomes the subject of either a petition under the Code or an Action, or is not generally paying its debts as the same become due; (v) If Lessee vacates or abandons the Premises subject to the terms and conditions of Section 15 above; (vi) If Lessee fails to observe or perform any of the other covenants, conditions or obligations of Lessee in this Lease; provided, however, if any such failure does not involve the payment of any monetary sum, is not willful or intentional, does not place any rights or property of Lessor in immediate jeopardy, and is within the reasonable power of Lessee to promptly cure after receipt of notice thereof, all as determined by Lessor in its reasonable discretion, then such failure shall not constitute an Event of Default hereunder, unless otherwise expressly provided herein, unless and until Lessor shall have given Lessee notice thereof and a period of 30 days shall have elapsed, during which period Lessee may correct or cure such failure, upon failure of which an Event of Default shall be deemed to have occurred hereunder without further notice or demand of any kind being required. If such failure cannot reasonably be cured within such 30 day period, as determined by Lessor in its reasonable discretion, and Lessee is diligently pursuing a cure of such failure, then Lessee shall have a reasonable period to cure such failure beyond such 30 day period, which shall in no event exceed 120 days after receiving notice of such failure from Lessor. If Lessee shall fail to correct or cure such failure within such 120-day period, an Event of Default shall be deemed to have occurred hereunder without further notice or demand of any kind being required; (vii) If a final, nonappealable judgment is rendered by a court against Lessee which has a material adverse effect on the ability to conduct business at the Premises as a Permitted Concept, or which does not have a material adverse effect on the ability to conduct business at the Premises as a Permitted Concept but which is in the amount of $100,000.00 or more, and in either event is not discharged or provision made for such discharge within 60 days from the date of entry thereof; (viii) If with Lessee's reasonable consent, Lessor shall have elected to substitute a Substitute Premises for the Premises in accordance with the provisions of Section 13 of the Loan Agreement, the failure of Lessee, on or before the date of the closing of such substitution, to enter into a lease with Lessor for the Substitute Premises on the same terms, conditions and provisions of this Lease;
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Default Conditional Limitations Remedies and Measure of Damages. A. Each of the following shall be an event of default under this Lease (each, an "Event of Default"):
(i) If any representation or warranty of Lessee set forth in this Lease is false in any material respect, or if Lessee renders any false statement or account;
(ii) If any rent or other monetary sum due under this Lease is not paid within five days from the date when due; provided, however, notwithstanding the occurrence of such an Event of Default, Lessor shall not be entitled to exercise its remedies set forth below unless and until Lessor shall have given Lessee notice thereof and a period of five days from the delivery of such notice shall have elapsed without such Event of Default being cured;
(iii) If Lessee fails to pay, prior to delinquency, any taxes, assessments or other charges the failure of which to pay will result in the imposition of a lien against the Premises pursuant to Applicable Regulations;
(iv) If Lessee becomes insolvent within the meaning of the Code, files or notifies Lessor that it intends to file a petition under the Code, initiates a proceeding under any similar law or statute relating to bankruptcy, insolvency, reorganization, winding up or adjustment of debts (collectively, hereinafter, an "Action"), becomes the subject of either a petition under the Code or an Action, or is not generally paying its debts as the same become due;
(v) If Lessee vacates or abandons the Premises subject to the terms and conditions of Section 15 above;
(vi) If Lessee fails to observe or perform any of the other covenants, conditions or obligations of Lessee in this Lease; provided, however, if any such failure does not involve the payment of any monetary sum, is not willful or intentional, does not place any rights or property of Lessor in immediate jeopardy, and is within the reasonable power of Lessee to promptly cure after receipt of notice thereof, all as determined by Lessor in its reasonable discretion, then such failure shall not constitute an Event of Default hereunder, unless otherwise expressly provided herein, unless and until Lessor shall have given Lessee notice thereof and a period of 30 days shall have elapsed, during which period Lessee may correct or cure such failure, upon failure of which an Event of Default shall be deemed to have occurred hereunder without further notice or demand of any kind being required. If such failure cannot reasonably be cured within such 30 day period, as determined by Lessor in its reasonable discretion, and Lessee is diligently pursuing a cure of such failure, then Lessee shall have a reasonable period to cure such failure beyond such 30 day period, which shall in no event exceed 120 days after receiving notice of such failure from Lessor. If Lessee shall fail to correct or cure such failure within such 120-day period, an Event of Default shall be deemed to have occurred hereunder without further notice or demand of any kind being required;
(vii) If a final, nonappealable judgment is rendered by a court against Lessee which has a material adverse effect on the ability to conduct business at the Premises as a Permitted Concept, or which does not have a material adverse effect on the ability to conduct business at the Premises as a Permitted Concept but which is in the amount of $100,000.00 or more, and in either event is not discharged or provision made for such discharge within 60 days from the date of entry thereof;
(viii) If with Lessee's reasonable consent, Lessor shall have elected to substitute a Substitute Premises for the Premises in accordance with the provisions of Section 13 of the Loan Agreement, the failure of Lessee, on or before the date of the closing of such substitution, to enter into a lease with Lessor for the Substitute Premises on the same terms, conditions and provisions of this Lease;
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Default Conditional Limitations Remedies and Measure of Damages. A. Each of the following shall be an event of default by Lessee under this Lease (each, an "Event of Default"):
(i) If any representation or warranty of Lessee set forth in this Lease is false in any material respect, or if Lessee renders any false statement or account;
(ii) If any rent Rental or other monetary sum Monetary Obligation due under this Lease is not paid within five (5) days from the date when due; provided, however, notwithstanding the occurrence of such an Event of Default, Lessor shall not be entitled to exercise its remedies set forth below unless and until Lessor shall have given Lessee notice thereof and a period of five (5) days from the delivery of such notice shall have elapsed without such Event of Default being cured;
(iii) If Lessee fails to pay, prior to delinquency, any taxes, assessments or other charges the failure of which to pay will result in the imposition of a lien against the Premises Properties pursuant to Applicable Regulations;
(iv) If Lessee becomes insolvent within the meaning of the Bankruptcy Code, files or notifies Lessor that it intends to file a petition under the Bankruptcy Code, initiates a proceeding under any similar law or statute relating to bankruptcy, insolvency, reorganization, winding up or adjustment of debts (collectively, hereinafter, an "Action"), becomes the subject of either a petition under the Bankruptcy Code or an Action, or is not generally paying its debts as the same become due;
(v) If Lessee vacates or abandons all or any of the Premises subject to the terms and conditions of Section 15 aboveProperties;
(vi) If Lessee fails to observe or perform any of the other covenants, conditions or obligations of Lessee in this Lease; provided, however, if any such failure does not involve the payment of any monetary sum, is not willful or intentional, does not place any rights or property of Lessor in immediate jeopardy, and is within the reasonable power of Lessee to promptly cure after receipt of notice thereofcure, all as determined by Lessor in its reasonable discretion, then such failure shall not constitute an Event of Default hereunder, unless otherwise expressly provided herein, unless and until Lessor shall have given Lessee notice thereof and a period of 30 thirty (30) days shall have elapsed, during which period Lessee may correct or cure such failure, upon failure of which an Event of Default shall be deemed to have occurred hereunder without further notice or demand of any kind being required. If such failure cannot reasonably be cured within such 30 thirty (30) day period, as determined by Lessor in its reasonable discretion, and Lessee is diligently pursuing a cure of such failure, then Lessee shall have a reasonable period to cure such failure beyond such 30 thirty (30) day period, which shall in no event exceed 120 days after receiving notice of provided that Lessee continuously and with all diligence pursues such failure from Lessorremediation to completion. If Lessee shall fail to correct or cure such failure within such 120-thirty (30) day periodperiod (or such longer period where such remediation cannot reasonably be accomplished by Lessee within said thirty (30) day period and Lessee is diligently pursuing such remediation), an Event of Default shall be deemed to have occurred hereunder without further notice or demand of any kind being required;
(vii) If a final, nonappealable judgment is rendered by a court against Lessee which has a material adverse effect on the ability to conduct business at the Premises as a Permitted ConceptMaterial Adverse Effect, or which does not have a material adverse effect on the ability to conduct business at the Premises as a Permitted Concept Material Adverse Effect but which is in the amount of $100,000.00 1,000,000 or more, and in either event is not discharged or provision made for such discharge within 60 ninety (90) days from the date of entry thereof;
(viii) If with Lessee shall be liquidated or dissolved or shall begin proceedings towards its liquidation or dissolution;
(ix) If the estate or interest of Lessee in any of the Properties shall be levied upon or attached in any proceeding and such estate or interest is about to be sold or transferred or such process shall not be vacated or discharged within ninety (90) days after it is made;
(x) If Lessor gives Lessee written notice ("FCCR Notice") that there is a breach of the fixed charge coverage ratio requirements set forth in Section 54, and Lessee shall have failed, within a period of thirty (30) days from the delivery of the FCCR Notice, to notify Lessor of Lessee's reasonable consent, Lessor shall have elected election to substitute a Substitute Premises for Property in order to cure such breach (each, a "Subject Property") in accordance with the Premises terms of Section 55 (the failure of Lessee to complete such substitution by the deadline set forth in Section 55.B(xi) shall be deemed to be an Event of Default without further notice or demand of any kind being required). Notwithstanding the foregoing, to the extent that, in accordance with the provisions of Section 13 54, Lessor shall have imposed an aggregate FCCR requirement with respect to all of the Loan AgreementProperties subject to any Securitization, then, in order to prevent an Event of Default from occurring by reason of a breach of such aggregate FCCR requirement, Lessee, if it elects substitution, it must substitute a Substitute Property for each Property for which the FCCR is below 1.25:1 to achieve such aggregate FCCR requirement in accordance with the terms of Section 55 (the failure of Lessee, on Lessee to complete such substitution by the deadline set forth in Section 55.B(xi) shall be deemed to be an Event of Default without further notice or before the date demand of any kind being required).
(xi) If there is an "Event of Default" or other breach or default by Lessee or Seller under any of the closing other Transaction Documents, after the passage of such substitution, to enter into a lease with Lessor for the Substitute Premises on the same terms, conditions all applicable notice and provisions of this Lease;cure or grace periods.
Appears in 1 contract
Default Conditional Limitations Remedies and Measure of Damages. A. Each of the following shall be an event of default under this Lease (each, an "Event of Default"):
(i) If any representation or warranty of Lessee set forth in this Lease is false in any material respect, or if Lessee renders any false statement or accountaccount which is false in any material respect;
(ii) If any rent or other monetary sum due under this Lease is not paid within five days from the date when due; provided, however, notwithstanding the occurrence of such an Event of Default, Lessor shall not be entitled to exercise its remedies set forth below unless and until Lessor shall have given Lessee notice thereof and a period of five days from the delivery of such notice shall have elapsed without such Event of Default being cured;
(iii) If Lessee fails to pay, prior to delinquency, any taxes, assessments or other charges charges, the failure of which to pay will result in the imposition of a lien against any of the Premises pursuant to Applicable RegulationsProperties or the rental or other payments due under this Lease or a claim against Lessor, unless Lessee is contesting such taxes, assessments or other charges in accordance with the provisions of Section 10 of this Lease;
(iv) If Lessee or Guarantor becomes insolvent within the meaning of the Code, files or notifies Lessor that it intends to file a petition under the Code, initiates a proceeding under any similar law or statute relating to bankruptcy, insolvency, reorganization, winding up or adjustment of debts (collectively, hereinafter, an "Action"), becomes the subject of either a petition under the Code or an ActionAction which is not dissolved within 90 days after filing, or is not generally paying its debts as the same become due;
(v) If Lessee vacates or abandons any of the Premises subject to Properties other than in accordance with the terms and conditions provisions of Section 15 aboveof this Lease;
(vi) If Lessee fails to observe or perform any of the other covenants, conditions or obligations of this Lease (except with respect to a breach of the Aggregate Fixed Charge Coverage Ratio, which breach is addressed in subitem (ix) below, breaches of Sections 24 and 25, which breaches are addressed in subitem (xi) below, and the failure to maintain insurance, which breach is addressed in subitem (xii) below) and such failure continues for 30 days after Lessor shall have given Lessee in this Leasenotice thereof; provided, however, if any such failure does not involve the payment of any monetary sum, is not willful or intentional, does not place any rights or property of Lessor in immediate jeopardy, and is within the reasonable power of Lessee to promptly cure after receipt of notice thereof, all as determined by Lessor in its reasonable discretion, then such failure shall not constitute an Event of Default hereunder, unless otherwise expressly provided herein, unless and until Lessor shall have given Lessee notice thereof and a period of 30 days shall have elapsed, during which period Lessee may correct or cure such failure, upon failure of which an Event of Default shall be deemed to have occurred hereunder without further notice or demand of any kind being required. If such failure cannot reasonably be cured within such 30 day period, as determined by Lessor in its reasonable discretion, period and Lessee is diligently pursuing a cure of such failure, then Lessee shall have a reasonable period to cure such failure beyond such 30 day period, which shall in no event exceed 120 90 days after receiving notice of such failure from Lessor. If Lessee shall fail to correct or cure such failure within such 12090-day period, an Event of Default shall be deemed to have occurred hereunder without further notice or demand of any kind being required;
(vii) If there is an "Event of Default" or a breach or default, after the passage of all applicable notice and cure or grace periods, under any other Sale-Leaseback Document or any of the Other Agreements;
(viii) If a final, nonappealable judgment is rendered by a court against Lessee which has a material adverse effect on either the ability to conduct business at any of the Premises as a Permitted ConceptProperties for its intended use or Lessee's ability to perform its obligations under this Lease, or which does not have a material adverse effect on the ability to conduct business at the Premises as a Permitted Concept but which is in the amount of $100,000.00 or more, and in either event is not discharged discharged, stayed or provision made for such discharge or stay within 60 days from the date of entry thereof;
(viiiix) If with Lessee's reasonable consent, there is a breach of the Aggregate Fixed Charge Coverage Ratio requirement and Lessor shall have elected to substitute given Lessee notice thereof and Lessee shall have failed within a Substitute Premises for period of 10 days from the Premises in accordance with the provisions of Section 13 of the Loan Agreement, the failure of Lessee, on or before the date of the closing delivery of such substitution, notice to enter into either:
(1) deliver a lease with Rejectable Substitution Offer to Lessor for the substitution of such Substitute Premises on Properties satisfying the same terms, conditions applicable requirements of Section 55.A for the Properties (starting with the Property with the lowest "Fixed Charge Coverage Ratio" (determined as contemplated in the following sentence) and provisions of this Lease;proceeding in ascending order to the Property with the next lowest Fixed Charge Coverage Ratio) as is necessary to cause the Aggregate Fixed Charge Coverage Ratio for the Fiscal Year in which such breach occurred to be in compliance with the Aggregate Fixed Charge Coverage Ratio requirement; or
Appears in 1 contract
Default Conditional Limitations Remedies and Measure of Damages. A. Each of the following shall be an event of default by Lessee under this Lease (each, an "“Event of Default"”):
(i) If if any representation or warranty of Lessee set forth in this Lease is false in any material respect, or if Lessee renders any false statement or account;
(ii) If if any rent Rental or other monetary sum Monetary Obligation due under this Lease is not paid within five days from the date when due; provided, however, notwithstanding the occurrence of due and such an Event of Default, Lessor shall not be entitled to exercise its remedies set forth below unless and until Lessor shall have given Lessee notice thereof and failure continues for a period of five ten (10) days from after receipt of notice thereof by Lessee (provided that in no event shall Lessor be required to give more than two such notices in any calendar year if such failure to pay is the delivery principal responsibility of such notice shall have elapsed without such Event of Default being curedLessee);
(iii) If if Lessee fails to pay, prior to delinquency, any taxes, assessments or other charges the failure of which to pay will result in the imposition of a lien against the Premises pursuant to Applicable RegulationsProperty;
(iv) If Lessee becomes insolvent within the meaning of the Code, files or notifies Lessor that it intends to file a petition under the Code, initiates a proceeding under any similar law or statute relating to bankruptcy, insolvency, reorganization, winding up or adjustment of debts (collectively, hereinafter, if there is an "Action"), becomes the subject of either a petition under the Code or an Action, or is not generally paying its debts as the same become dueInsolvency Event;
(v) If if Lessee vacates or abandons the Premises subject to the terms and conditions of Section 15 aboveProperty;
(vi) If if Lessee fails to observe or perform any of the other covenants, conditions or obligations of Lessee in this Lease; provided, however, if any such failure does not involve the payment of any monetary sumMonetary Obligation, is not willful or intentional, does not place any rights or property of Lessor in immediate jeopardy, and is within the reasonable power of Lessee to promptly cure after receipt of notice thereofcure, all as determined by Lessor in its reasonable discretion, then such failure shall not constitute an Event of Default hereunder, unless otherwise expressly provided herein, unless and until Lessor shall have given Lessee notice thereof and a period of 30 thirty (30) days shall have elapsed, during which period Lessee may correct or cure such failure, upon failure of which an Event of Default shall be deemed to have occurred hereunder without further notice or demand of any kind being required. If such failure cannot reasonably be cured within such 30 thirty (30) day period, as determined by Lessor in its reasonable discretion, and Lessee is diligently pursuing a cure of such failure, then Lessee shall have a reasonable period to cure such failure beyond such 30 thirty (30) day period, which shall in no event exceed 120 ninety (90) days after receiving notice of such failure from Lessor. If Lessee shall fail to correct or cure such failure within such 120-ninety (90) day period, period an Event of Default shall be deemed to have occurred hereunder without further notice or demand of any kind being required;
(vii) If if a final, nonappealable judgment is rendered by a court against Lessee which has a material adverse effect on the ability to conduct business at the Premises as a Permitted ConceptMaterial Adverse Effect, or which does not have a material adverse effect on the ability to conduct business at the Premises as a Permitted Concept Material Adverse Effect but which is in the amount of $100,000.00 or more, and in either event is not discharged or provision made for such discharge within 60 ninety (90) days from the date of entry thereof;
(viii) if Lessee shall be liquidated or dissolved or shall begin proceedings towards its liquidation or dissolution;
(ix) if the estate or interest of Lessee in the Property shall be levied upon or attached in any proceeding and such estate or interest is about to be sold or transferred or such process shall not be vacated or discharged within ninety (90) days after it is made; or
(x) if there is an “Event of Default” or other breach or default by Lessee under any of the other Transaction Documents or any Other Agreement, after the passage of all applicable notice and cure or grace periods.
B. Upon the occurrence of an Event of Default, with or without notice or demand, except as otherwise expressly provided herein or such other notice as may be required by statute and cannot be waived by Lessee, Lessor shall be entitled to exercise, at its option, concurrently, successively, or in any combination, all remedies available at law or in equity, including without limitation, any one or more of the following:
(i) To terminate this Lease, whereupon Lessee’s right to possession of the Property shall cease and this Lease, except as to Lessee’s liability, shall be terminated.
(ii) To the extent not prohibited by applicable law, to reenter and take possession of the Property (or any part thereof), any or all personal property or fixtures of Lessee upon the Property and, to the extent permissible, all franchises, licenses, area development agreements, permits and other rights or privileges of Lessee pertaining to the use and operation of the Property, and to expel Lessee and those claiming under or through Lessee, without being deemed guilty in any manner of trespass or becoming liable for any loss or damage resulting therefrom, without resort to legal or judicial process, procedure or action. No notice from Lessor hereunder or under a forcible entry and detainer statute or similar law shall constitute an election by Lessor to terminate this Lease unless such notice specifically so states. If Lessee shall, after default, voluntarily give up possession of the Property to Lessor, deliver to Lessor or its agents the keys to the Property, or both, such actions shall be deemed to be in compliance with Lessor’s rights and the acceptance thereof by Lessor or its agents shall not be deemed to constitute a termination of the Lease. Lessor reserves the right following any reentry and/or reletting to exercise its right to terminate this Lease by giving Lessee written notice thereof, in which event this Lease will terminate.
(iii) To bring an action against Lessee for any damages sustained by Lessor or any equitable relief available to Lessor and to the extent not prohibited by applicable law, to seize all personal property or fixtures upon the Property which Lessee owns or in which it has an interest, in which Lessor shall have a landlord’s lien and/or security interest, and to dispose thereof in accordance with the laws prevailing at the time and place of such seizure or to remove all or any portion of such property and cause the same to be stored in a public warehouse or elsewhere at Lessee's reasonable consent’s sole expense, without becoming liable for any loss or damage resulting therefrom and without resorting to legal or judicial process, procedure or action.
(iv) To relet the Property or any part thereof for such term or terms (including a term which extends beyond the original Lease Term), at such rentals and upon such other terms as Lessor, in its sole discretion, may determine, with all proceeds received from such reletting being applied to the Rental and other Monetary Obligations due from Lessee in such order as Lessor may, in it sole discretion, determine, which other Monetary Obligations include, without limitation, all repossession costs, brokerage commissions, attorneys’ fees and expenses, alteration, remodeling and repair costs and expenses of preparing for such reletting. Except to the extent required by applicable Law, Lessor shall have elected no obligation to substitute a Substitute Premises relet the Property or any part thereof and shall in no event be liable for refusal or failure to relet the Premises Property or any part thereof, or, in accordance with the provisions event of Section 13 any such reletting, for refusal or failure to collect any rent due upon such reletting, and no such refusal or failure shall operate to relieve Lessee of any liability under this Lease or otherwise to affect any such liability. Lessor reserves the Loan Agreementright following any reentry and/or reletting to exercise its right to terminate this Lease by giving Lessee written notice thereof, the failure of Lessee, on or in which event this Lease will terminate as specified in said notice.
(v) To accelerate and recover from Lessee all Rental and other Monetary Obligations due and owing and scheduled to become due and owing under this Lease both before and after the date of such breach for the closing entire original scheduled Lease Term.
(vi) To recover from Lessee all Costs paid or incurred by Lessor as a result of such substitutionbreach, regardless of whether or not legal proceedings are actually commenced.
(vii) To immediately or at any time thereafter, and with or without notice, at Lessor’s sole option but without any obligation to do so, correct such breach or default and charge Lessee all Costs incurred by Lessor therein. Any sum or sums so paid by Lessor, together with interest at the Default Rate, shall be deemed to be Additional Rental hereunder and shall be immediately due from Lessee to Lessor. Any such acts by Lessor in correcting Lessee’s breaches or defaults hereunder shall not be deemed to cure said breaches or defaults or constitute any waiver of Lessor’s right to exercise any or all remedies set forth herein.
(viii) To immediately or at any time thereafter, and with or without notice, except as required herein, set off any money of Lessee held by Lessor under this Lease or any other Transaction Document or any Other Agreement against any sum owing by Lessee hereunder. All powers and remedies given by this Section to Lessor, subject to applicable Law, shall be cumulative and not exclusive of one another or of any other right or remedy or of any other powers and remedies available to Lessor under this Lease, by judicial proceedings or otherwise, to enter into a lease enforce the performance or observance of the covenants and agreements of Lessee contained in this Lease, and no delay or omission of Lessor to exercise any right or power accruing upon the occurrence of any Event of Default shall impair any other or subsequent Event of Default or impair any rights or remedies consequent thereto. Every power and remedy given by this Section or by Law to Lessor may be exercised from time to time, and as often as may be deemed expedient, by Lessor, subject at all times to Lessor’s right in its sole judgment to discontinue any work commenced by Lessor or change any course of action undertaken by Lessor.
C. Notwithstanding any provision in this Lease to the contrary, upon the occurrence of an Event of Default by Lessee, Lessor, in exercising its rights and remedies hereunder, shall not be permitted to interfere with classes conducted upon the Property or to remove students residing at the Property prior to end of the applicable school semester.
D. In the event Lessor for the Substitute Premises on the same terms, conditions and provisions breaches or fails to perform any term or provision of this Lease;, and if Lessor fails to cure the default within thirty (30) days after written notice thereof by Lessee, then Lessee shall be entitled either to (a) cure the default by taking whatever action necessary or (b) pursue any remedy available to Lessee at law or in equity. Notwithstanding the foregoing, Lessee shall not have the preceding rights in the event Lessor takes action to cure the default within the 30-day period but is unable, by reason of the nature of the work involved, to cure the default within such period, provided Lessor continues to work thereafter diligently and without unnecessary delays. Lessee shall have the right to remedy any default of an emergency nature without notice (if the giving of notice is not reasonably practical) in the event of an emergency.
Appears in 1 contract
