DEFAULT OF LESSEE. In the event of any failure of Lessee to pay any rental due hereunder within ten (10) days after the same shall be due, or any failure to perform any other of the terms, conditions or covenants of this Lease to be observed or performed by Lessee for more than thirty (30) days after written notice of such failure shall have been given to Lessee, or if Lessee or an agent of Lessee shall falsify any report required to be furnished to Lessor pursuant to the terms of this Lease, or if Lessee or any guarantor of this Lease shall become bankrupt or insolvent, or file any debtor proceedings or any person shall take or have against Lessee or any guarantor of this Lease in any court pursuant to any statute either of the United States or of any state a petition in bankruptcy or insolvency or for reorganization or for the appointment of a receiver or trustee of all or a portion of Lessee's or any such guarantor's property, or if Lessee or any such guarantor makes an assignment for the benefit of creditors, or petitions for or enters into an arrangement, or if Lessee shall abandon the Demised Premises or suffer this Lease to be taken under any writ of execution, then in any such event Lessee shall be in default hereunder, and Lessor, in addition to other rights of remedies it may have, shall have the immediate right of re-entry and may remove all persons and property from the Demised Premises and such property may be removed and stored in a public warehouse or elsewhere at the cost of, and for the account of Lessee, all without service of notice or resort to legal process and without being guilty of trespass, or becoming liable for any loss or damage which may be occasioned thereby.
Appears in 2 contracts
Samples: Lease Agreement (Surmodics Inc), Office/Warehouse Lease (Medwave Inc)
DEFAULT OF LESSEE. In the event of any failure of Lessee to pay any rental due hereunder within ten (10) days after the same shall be due, or any failure to perform any other of the terms, conditions or covenants of this Lease to be observed or performed by Lessee for more than thirty (30) days after written notice of such failure shall have been given to Lessee, or if Lessee or an agent of Lessee shall falsify any report required to be furnished to Lessor pursuant to the terms of this Lease, or if Lessee or any guarantor of this Lease shall become bankrupt or insolvent, or file any debtor proceedings or any person shall take or have against Lessee or any guarantor of this Lease in any court pursuant to any statute either of the United States or of any state a petition in bankruptcy or insolvency or for reorganization or for the appointment of a receiver or trustee of all or a portion of Lessee's or any such guarantor's property, or if Lessee or any such guarantor makes an assignment for the benefit of creditors, creditors or petitions for or enters into an arrangement, arrangement or if Lessee shall abandon the Demised Premises or suffer this Lease to be taken under any writ of execution, then in any such event Lessee shall be in default hereunder, hereunder and Lessor, in addition to other rights of remedies it may have, shall have the immediate right of re-entry and may remove all persons and property from the Demised Premises and such property may be removed and stored in a public warehouse or elsewhere at the cost of, and for the account of Lessee, all without service of notice or resort to legal process and without being guilty of trespass, or becoming liable for any loss or damage which may be occasioned thereby.
Appears in 1 contract
Samples: Office/Warehouse Lease (Expresspoint Technology Systems Inc)
DEFAULT OF LESSEE. All rights and remedies of Lessor herein enumerated shall be cumulative and are not intended to be exclusive of any other remedies or means or redress to which Lessor may be lawfully entitled in case of any breach by Lessee of any provision of this Lease. The failure of Lessor to insist in any one or more cases upon the strict performance of any of the covenants of this Lease or to exercise any option herein contained shall not be construed as a waiver or relinquishment for the future of such covenant or option. A receipt by Lessor of rent with knowledge of the breach of any covenant hereof (other than breach of the obligation to pay the portion of such rent) shall not be deemed a waiver of such breach, and no waiver by Lessor of any provisions of this Lease shall be deemed to have been made unless expressed in writing and signed by Lessor. In addition to other remedies in this Lease provided, Lessor shall be entitled to the restraint by injunction of the violation or attempted or threatened violation of the covenants, conditions and provisions of this Lease. Lessor agrees to make commercially reasonable efforts to mitigate damages in the event of any failure default of Lessee to pay any rental due hereunder within ten (10) days after Lessee. If, during the same shall be due, or any failure to perform any other of the terms, conditions or covenants term of this Lease to be observed or performed by Lessee for more than thirty any renewal term, (30i) days after written notice of such failure shall have been given to Lessee, or if Lessee or an agent of Lessee shall falsify any report required to be furnished to Lessor pursuant to the terms of this Lease, or if Lessee or any guarantor of this Lease shall become bankrupt or insolvent, or file any debtor proceedings or any person shall take or have against Lessee or any guarantor of this Lease in any court pursuant to any statute either of the United States or of any state a petition in bankruptcy or insolvency or for reorganization or for the appointment of a receiver or trustee of all or a portion of Lessee's or any such guarantor's property, or if Lessee or any such guarantor makes make an assignment for the benefit of creditors, or petitions (ii) a voluntary petition be filed by Lessee under any law having for its purpose the adjudication of Lessee a bankrupt, or enters into Lessee be adjudged a bankrupt pursuant to an arrangementinvoluntary petition in bankruptcy, or (iii) a receiver be appointed for the property of Lessee by reason of the insolvency of Lessee, or (iv) any department of the state or federal government, or any officer thereof, duly authorized, shall take possession of the business or property of Lessee by reason of the insolvency of Lessee, the occurrence of any of such contingencies shall be deemed a breach of this Lease and this Lease shall ipso facto upon the happening of any of said contingencies be terminated and the same shall expire as fully and completely as if the day fixed for the expiration of the initial term of this Lease or any renewal term, as the case may be, had occurred, and Lessee will then quit and surrender the Premises, but Lessee shall remain liable as hereinafter provided in Exhibit "F". If, during the initial term of this Lease or any renewal term, (i) Lessee shall default in fulfilling any of the covenants, obligations, or agreements of this Lease (other than the covenants for the payment of rent payable by Lessee hereunder), or (ii) this Lease, without the prior written consent of Lessor or except as expressly permitted, shall be assigned, pledged, mortgaged, transferred, or sublet in any manner, Lessor may give Lessee notice of such default or the happening of any contingency in this paragraph referred to and, if at the expiration of thirty (30) days after service of such notice the default or contingency upon which said notice was based shall continue to exist, or in the event of a default or contingency which cannot with due diligence be cured within a period of thirty (30) days, if Lessee fails to proceed promptly after the service of said notice and with all due diligence to commence to cure the same and thereafter to prosecute the curing of such default with all due diligence (it being intended that in connection with a default not susceptible of being cured with diligence within thirty (30) days, the time within which Lessee is to cure the same shall be extended for such period as may be necessary to complete the same with all due diligence), Lessor, at its option, may terminate this Lease and upon such termination Lessee will quit and surrender the Premises to Lessor but Lessee shall remain liable as hereinafter provided. If Lessee defaults in any payment of the rent expressly reserved hereunder, or any part of the same and such default shall continue for nineteen (19) days after written notice thereof by Lessor, or if Lessee shall abandon default in the Demised Premises payment of any item or suffer any charge required to be paid by Lessee hereunder, or any part of the same and such default shall continue for nineteen (19) days after written notice thereof by Lessor, Lessor or Lessor's agent or servant may immediately or at any time thereafter terminate this Lease, and upon such termination for failure to pay such rent, item, or charge, or if this Lease shall terminate by reason of the insolvency of Lessee, as set forth above, Lessor or Lessor's agent or servant may re-enter the Premises and remove all persons and all or any property therefrom, either by summary dispossess proceedings, or by any suitable action or proceeding at law or in equity, without being liable to be taken under any writ of executionindictment, then in any prosecution, or damage therefor and repossess and enjoy the Premises, together with all additions, alterations and improvements, without such event Lessee shall be in default hereunder, and Lessor, in addition to other rights of remedies it may have, shall have the immediate right of re-entry and may remove all persons repossession working a forfeiture or waiver of the rents to be paid and property the covenants to be performed by Lessee during the full term of this Lease. Upon termination of this Lease or expiration of Lessee's right to occupy the Premises by reason of the happening of any of the foregoing events, or in any other manner or circumstances whatsoever, whether with or without legal proceedings, by reason of or based upon or arising out of a default or breach of this Lease on the part of Lessee, Lessor may, at its option, at any time and from time-to-time relet the Demised Premises and such property may be removed and stored in a public warehouse or elsewhere at the cost ofany part or parts thereof, and for the account of Lessee or otherwise, and receive and collect the rent therefor, applying the same first to the payment or such expenses as Lessor may have incurred in recovering possession of the Premises, including the attorney's fees and expenses for putting the same into good order and condition or preparing or altering the same for re-rental to the extent Lessor deems necessary or desirable and all other expenses, commissions and charges paid, assumed or incurred by Lessor in or about reletting the Premises and then to the fulfillment of the covenants of Lessee hereunder. Any such reletting herein provided for may be for the remainder of the initial term or any renewal term of this Lease, as originally granted, or for a longer or shorter period; Lessor shall have the right to change the character and use made of the Premises, and Lessor shall not be required to accept any substitute tenant offered by Lessee or to observe any instructions given by Lessee about reletting. In any such case, and whether or not the Premises or any part thereof be relet, Lessee shall pay to Lessor the Base Rent and all Additional Rent and other charges required to be paid by Lessee up to the later of the time of such termination of the Lease or of such recovery of possession of the Premises by Lessor, as the case may be, and thereafter, except in a case in which liability of Lessee as hereinafter provided, arises by reason of the happening of the insolvency of Lessee, Lessee covenants and agrees, if required by Lessor, to pay to Lessor until the end of the then current term of this Lease the equivalent of the amount of all without service rent reserved hereunder, and all other charges required to be paid by Lessee, less the net proceeds of notice or resort reletting, if any, and all other charges required to legal process and without being guilty be paid by Lessee, less the net proceeds of trespassreletting, if any, or becoming the rent that would have been paid by a bona fide substitute tenant offered by the Lessee and approved by Lessor which approval will not unreasonably be denied up to the limits specified in Exhibit "F". Lessor shall have the election in place of and instead of holding Lessee so liable forthwith to recover against Lessee as damages for loss of the bargain and not as a penalty, an aggregate sum which at the time of such termination of this Lease or of such recovery of possession of the Premises by Lessor, as the case may be, represents the then present worth of the excess, if any, of the aggregate of the rent and all other charges payable by Lessee hereunder that would have accrued for the balance of the initial term, and/or any renewal term, as the case may be, over the present value of the fair market rents for the Premises for the balance of such term. If this Lease shall terminate by reason of the bankruptcy or insolvency of Lessee, as above set forth, Lessor shall be entitled, notwithstanding any other provisions of this Lease or any present or future law, to recover from Lessee or Lessee's estate (in lieu of the equivalent of the amount of all rent unpaid at the time of such termination) as damages for loss of the bargain, and not as a penalty, an aggregate sum which, at the time of such termination of this Lease, represents the excess, if any, of the then present worth of the aggregate of the rent and other charges payable by Lessee hereunder that would have accrued for the balance of the initial term and/or any renewal term, if renewal had previously been elected, as the case may be, over the then present value of the aggregate fair market rents for the Premises for the balance of the initial term and/or any renewal term, as the case may be, unless any statute or damage rule of law governing the proceedings in which such damages are to be proved shall limit the amount of such claim capable of being so proved. In such case, Lessor shall be entitled to prove, as and for liquidated damages, by reason of such breach and termination of this Lease, the maximum amount, which may be occasioned therebyallowed by or under such statute or rule of law. Nothing herein contained shall limit or prejudice Lessor's right to prove and obtain as liquidated damages by reason out of such breach or termination the maximum amount allowed by any such statute or rule of law which may govern the proceedings in which such damages are to be proved whether or not such amount be greater, equal to, or less than the amount of the excess of the then present value of the rent and other charges received herein over the then present value of the fair market rents referred to above less proceeds to Lessor from reletting and Lessee's obligation shall not exceed the limits established in Exhibit "F". Anything in this Article XXV to the contrary notwithstanding, in the event Lessor terminates this Lease or is entitled to possession of the Premises after surrender thereof by Lessee by reason of default by Lessee, Lessor shall use reasonable efforts under the circumstances to relet the space; provided, however, Lessor may lease or refrain from leasing, as Lessor deems appropriate, using the same standards as Lessor would normally use when leasing similar space (assuming Lessor had all ownership and financial risk as to such similar space).
Appears in 1 contract
Samples: Gross Lease Agreement (Integrated Information Systems Inc)
DEFAULT OF LESSEE. In the event of any failure of Lessee the LESSEE shall fail to pay any rental of the rent or other sums and charges herein required by it to be paid and LESSEE shall further fail to pay all of aforesaid sums due hereunder within ten (10) calendar days after the same shall be duereceipt of written notice from LESSOR advising LESSEE of such default, or any failure in the event the LESSEE shall fail to perform and comply with any other of the terms, covenants and conditions or covenants of this Lease lease herein required by it to be observed or performed by Lessee for more than and complied with, and LESSEE shall further fail to perform and comply with such covenants and conditions and cure such default within thirty (30) calendar days after receipt of written notice from LESSOR advising LESSEE of such failure default (provided, that if LESSEE proceeds with due diligence during such thirty (30) day period to cure such default and is unable by reason of the nature of the work involved to cure the same within said thirty (30) days, then LESSEE shall have been given an additional period of time not to Lesseeexceed fifteen (15) days to cure such default; provided, further, however, that such extension of time shall not subject LESSOR to any liability, and the interest of LESSOR in the demised premises shall not be jeopardized by reason thereof), or if Lessee or an agent of Lessee in the event the LESSEE shall falsify any report required to be furnished to Lessor pursuant to the terms of this Lease, or if Lessee or any guarantor of this Lease shall become adjudicated a bankrupt or insolvent, or file any debtor proceedings or any person shall take or have against Lessee or any guarantor of this Lease in any court pursuant to any statute either of the United States or of any state a voluntary petition in bankruptcy or insolvency or for reorganization or for the appointment of a receiver or trustee of all or a portion of Lessee's or any such guarantor's propertybe filed by LESSEE, or if Lessee should this leasehold be taken under execution, attachment or any such guarantor makes other process of law, or should LESSEE make an assignment for the benefit of creditorscreditors or a receiver or trustee be appointed for LESSEE, and said bankruptcy adjudication or petition, execution or attachment, assignment for the benefit of creditors or appointment of receiver or trustee, not be vacated, released, dismissed or otherwise corrected within sixty (60) calendar days after the date of same, or petitions should LESSEE vacate or abandon said premises, the terms "vacate" or "abandon" for purposes of this paragraph being defined as LESSEE'S failure to open the leased premises for a period of five (5) consecutive days, except where LESSEE shall either have the right hereunder to remain closed for such period or enters into an arrangementsame is due to reasons constituting force majeure, or if Lessee shall abandon the Demised Premises or suffer this Lease to be taken under any writ of executionthen, then in any such event Lessee shall be in default hereunderof the aforesaid events, without further written notice from LESSOR to LESSEE, and Lessorwithout terminating this lease, in addition or, if LESSOR shall elect to other rights terminate this lease, upon notice to LESSEE of remedies it may havesuch termination, the said LESSOR shall have the immediate right to enter and repossess the leased premises by force or otherwise, without any requirement of re-legal proceeding or court order, to have the locks on all doors to the premises changed, and to remove therefrom the said LESSEE and LESSEE's property, and anyone claiming by, through or under the LESSEE; or, in the alternative, LESSOR may terminate this lease and allow LESSEE to remain in possession of said premises and to continue in business thereon upon a month to month tenancy at the same rents, terms and conditions as set forth in the terminated lease except as to term, and LESSOR may thereafter terminate such month to month tenancy upon thirty (30) days written notice to LESSEE; and, whether or not LESSOR shall have terminated this lease or LESSEE'S occupancy of the premises, LESSOR shall have full right to xxx for and collect all sums or amounts with respect to which LESSEE may then be in default and accrued up to the time of such entry or termination, including damages to the LESSOR by reason of any breach or default on the part of the LESSEE, or the LESSOR may bring suit for the collection of such rents and damages without entering into possession of the premises or avoiding this lease. LESSEE agrees that LESSOR'S election hereunder to terminate this lease and to allow LESSEE to remain in occupancy of the premises and to continue in business thereon pursuant to the same rents, terms and conditions set forth in the terminated lease, except as to term, shall not in any way relieve LESSEE from its responsibility and obligation to be and remain liable for all rents and other sums due and to become due and all other obligations of the LESSEE set forth in the lease, including repair and maintenance obligations, for the period equating to the balance of time remaining between the date of termination of the lease and the date which would have been the normal expiration date of the lease term had this lease not been terminated; and LESSEE specifically agrees that LESSOR'S damages shall include but not be limited to the value of such rents and other sums and obligations which will continue for such period, plus interest thereon, court costs and legal fees. In addition to, but not in limitation of any of the remedies set forth in this lease or given to the LESSOR by law or in equity, LESSOR shall have the right and option, in the event of any default by the LESSEE under this lease and the continuance of such default after the period of notice above provided, to retake possession of the premises from the LESSEE by summary proceedings or otherwise, and it is agreed that the commencement and prosecution of any action by the LESSOR in forcible entry and may remove detainer, ejectment or otherwise, or any execution of any judgment or decree obtained in any action to recover possession of the premises, shall not be construed as an election to terminate this lease unless LESSOR expressly exercises its option hereinbefore provided to declare the term hereof ended, whether or not such entry or reentry be had or taken under summary proceedings or otherwise, and shall not be deemed to have absolved or discharged the LESSEE from any of its obligations and liabilities for the remainder of the term of this lease, and the LESSEE shall, notwithstanding such entry or reentry, continue to be liable for the payment of the rents and all persons other sums and property charges hereunder and the performance of the other covenants and conditions hereof and shall pay to the LESSOR all monthly deficits after such reentry in monthly installments as the amounts of such deficits from time to time are ascertained, and, if in the Demised Premises event of any such ouster, the LESSOR rents or leases the premises to some other person, firm or corporation (whether for a term greater, less than or equal to the unexpired portion of the term created hereunder) for an aggregate rent during the portion of such new lease coextensive with the term created hereunder which is less than the rent and other charges which the LESSEE would pay hereunder for such property period LESSOR may, immediately upon the making of such new lease or the creation of such new tenancy, xxx for and recover the difference between the aggregate rental provided for in said new lease for the portion of the term coextensive with the term created hereunder and the rent which LESSEE would pay hereunder for such period, together with any expense to which the LESSOR may be removed put for brokerage commission, placing the premises in tenantable condition for any new tenant, or otherwise with respect to said premises. If such new lease or tenancy is made for a shorter term than the balance of the term of this lease, any such action brought by the LESSOR to collect the deficit for that period, shall not bar the LESSOR from thereafter suing for any loss accruing during the balance of the unexpired term of this lease. Notwithstanding any provisions to the contrary elsewhere in this subparagraph G., in the event LESSOR shall give LESSEE written notice twice in any lease year that the payment of rent or other lease charges is more than ten (10) days late past the due date thereof, LESSOR shall not thereafter during such same lease year be required to further notify LESSEE of such a late payment. Further, LESSOR may then proceed, without further notice, to terminate this lease and/or to commence eviction proceedings against LESSEE, or to take any other action against LESSEE for default as may be permitted under this lease, at law or in equity, without the LESSEE having any further rights hereunder to cure or remedy such default; and stored LESSEE hereby waives any right it may have or to which it may be entitled, to cure or remedy a default in a public warehouse the payment of rent or elsewhere other lease charges after it has in any lease year been twice notified by LESSOR of such late payment thereof, the LESSEE acknowledging and agreeing that LESSOR ought not to be required, more than twice in any lease year, to suffer or permit any tenant to unfairly circumvent (for whatever reason) the rental provisions of this lease which require rent and other charges to be paid by certain specified dates, without notice or demand. If LESSEE at the cost ofany time shall fail to pay any Taxes, and assessments, liens or insurance payments provided for hereunder, or shall fail to make any other payment or perform any other act required by this lease to be made or performed by it, LESSOR, without waiving or releasing LESSEE from any obligation or default under this lease, may (but shall not be obligated to) at any time thereafter make such payment or perform such act for the account and at the expense of LesseeLESSEE. All sums so paid by LESSOR and all costs and expenses so incurred, all without service shall accrue interest at the highest annual rate allowed under the laws of notice the State of ___________, from the date of payment or resort incurring thereof by LESSOR and shall constitute additional rent payable by LESSEE under this lease and shall be paid by LESSEE to legal process LESSOR upon demand. All rights and without being guilty remedies of trespass, LESSOR herein enumerated shall be cumulative and none shall exclude any other remedies allowed at law or becoming liable for any loss or damage which may be occasioned therebyin equity.
Appears in 1 contract
Samples: Lease (Family Christian Stores Inc)
DEFAULT OF LESSEE. In the event (a) The following events shall be a default ("default") of any failure Lessee under this Lease:
(i) Failure of Lessee to pay when due Rent and any rental sums, charges, expenses and costs of any kind or nature identified in this Lease as Reimbursements, where such failure to pay shall continue for a period of ten (10) days the from the date the Rent/Reimbursements shall be due hereunder within and payable; or
(ii) Failure of Lessee to perform, observe, or comply with any term, covenant, condition, agreement or provision of this Lease to be performed, observed or complied with by Lessee, other than as set forth in GTC-26(a)(i) above, where such failure shall continue for a period of ten (10) days after written notice thereof has been delivered by Lessor to Lessee at the same shall be dueDemised Premises; or
(iii) The taking of this Lease or the Demised Premises, or any failure part thereof, upon execution or by other process of law directed against Lessee, or upon or subject to perform any other attachment at the instance of the termsany creditor of or claimant against Lessee, conditions which shall not be discharged or covenants disposed of this Lease to be observed or performed by Lessee for more than within thirty (30) days after written notice the levy thereof; or
(iv) The involvement of such failure shall have been given Lessee in financial difficulties as evidenced by: (a) its admitting in writing its inability to Lesseepay its debts generally as they become due, or if Lessee or an agent of Lessee shall falsify any report required to be furnished to Lessor pursuant to the terms of this Lease, or if Lessee or any guarantor of this Lease shall become bankrupt or insolvent, or file any debtor proceedings or any person shall take or have against Lessee or any guarantor of this Lease in any court pursuant to any statute either of the United States or of any state (b) its filing a petition in bankruptcy under the Provincial Insolvency Act (as now existing or insolvency in the future amended), or (c) its filing a petition seeking to take advantage of any other law relating to bankruptcy, insolvency, or winding-up ("Other Bankruptcy Laws"), or (d) its making an assignment of all or a substantial part of its property for reorganization the benefit of its creditors, or for (e) its seeking or consenting to or acquiescing in the appointment of a receiver or trustee of for all or a portion substantial part of the Demised Premises, or (f) its being adjudicated a bankrupt or insolvent, or (g) the entry of a court order without its consent, which order shall not be vacated or stayed within thirty (30) days from the date of entry, approving a petition filed against it for an arrangement in bankruptcy.
(b) Upon occurrence of any of the default events set out in sub-clause (a), Lessor shall give Lessee a written notice of the nature of the default. /s/ Xxxxxxx Xxxxx /s/ Xxxxx Xxxxx
(c) Upon receipt of the notice of default, the Lessee shall be entitled to remedy the default within a period of ten (10) days which shall be considered as the 'cure period' provided to the Lessee. .
(d) Upon the expiry of the cure period as enumerated in the above section GTC 26 (c), the Lessor shall have the right then or at any time thereafter to give Lessee written notice of ten (10) days of Lessor's intent to terminate this lease. Lessee's right to possession of the demised premises shall cease and this lease shall thereupon terminate. Subject to the above, any notice to vacate or notice of Lessor's intention to re-enter is being hereby expressly waived by Lessee.
(e) The provisions of this Section GTC-26 of Exhibit 'A' shall apply notwithstanding the continued willingness and ability of Lessee to pay Rent and otherwise perform hereunder. The receipt by Lessor of payments of Rent, as such, accruing subsequent to the time of Lessee's or any such guarantor's property, or if Lessee or any such guarantor makes default under this Section GTC-26(e) of Exhibit 'A' and before Lessor has actual notice of the occurrence of an assignment for event of default under this Section GTC-26(e) of Exhibit 'A' shall not be deemed a waiver by Lessor of the benefit provisions of creditors, or petitions for this Section,
(f) If Lessor terminates this Lease or enters into an arrangement, or if Lessee shall abandon and takes possession of the Demised Premises or suffer this Lease pursuant to be taken under any writ of execution, then in any such event Lessee shall be in default hereunder, and Lessor, in addition to other rights of remedies it may have, shall have the immediate right of re-entry and may remove all persons and property from the Demised Premises and such property may be removed and stored in a public warehouse or elsewhere at the cost of, and for the account of Lessee, all without service of notice or resort to legal process and without being guilty of trespass, or becoming liable for any loss or damage which may be occasioned thereby.GTC-26
Appears in 1 contract
DEFAULT OF LESSEE. In (a) The occurrence of any of the following shall be deemed an "event of any default":
(i) the failure of Lessee to pay any rental due monthly installment of Monthly Base Rent or any other Rent as reserved hereunder within when and as the same are due, although no legal or formal demand shall have been made therefor;
(ii) the violation or failure to perform any of the other conditions, covenants or agreements herein made or imposed upon Lessee, which violation or failure shall continue for a period of ten (10) days after written notice thereof to Lessee from Lessor; provided that, except as otherwise set forth herein, for any default which cannot reasonably
(iii) if Lessee becomes "insolvent," as defined in Title 11 of the same shall be dueUnited States Code, entitled "Bankruptcy," 11 U.S.C. Section 101, et. seq. (the "Bankruptcy Code"), or under the insolvency laws of any failure to perform any other State, District, Commonwealth or Territory of the termsUnited States of America ("Insolvency Laws");
(iv) if a receiver or custodian is appointed for any or all of Lessee's property or assets, conditions or covenants if there is instituted a foreclosure action on any of this Lease to be observed Lessee's property;
(v) if Lessee files a voluntary petition under the Bankruptcy Code or performed by any Insolvency Laws;
(vi) there is filed an involuntary petition against Lessee for more than as the subject debtor under Bankruptcy Code or any Insolvency Laws, which such petition is not dismissed within thirty (30) days after written notice of such failure shall have been given to Lessee, filing or results in issuance of an order for relief against the Lessee as debtor;
(vii) if Lessee makes or an agent of Lessee shall falsify any report required consents to be furnished to Lessor pursuant to the terms of this Lease, or if Lessee or any guarantor of this Lease shall become bankrupt or insolvent, or file any debtor proceedings or any person shall take or have against Lessee or any guarantor of this Lease in any court pursuant to any statute either of the United States or of any state a petition in bankruptcy or insolvency or for reorganization or for the appointment of a receiver or trustee of all or a portion of Lessee's or any such guarantor's property, or if Lessee or any such guarantor makes an assignment of its assets, in whole or in part, for the benefit of creditors, or petitions for or enters into an arrangement, or if Lessee shall abandon a common law composition of creditors;
(viii) the Demised Premises being abandoned, vacant or suffer deserted and remaining so for five (5) days; or
(ix) any default under the terms of Lessee's Existing Lease with Lessor (as hereinafter defined).
(b) Upon the occurrence of any event of default, this Lease shall, at the option of Lessor, cease and terminate and shall operate as a notice to be taken under any writ of execution, then in any such event Lessee shall be in default hereunderquit. ANY NOTICE TO QUIT OR OF LESSOR'S INTENTION TO RE-ENTER BEING HEREBY EXPRESSLY WAIVED, and LessorLessor may proceed to recover possession under and by virtue of the provisions of the laws of the State of Virginia, in addition to or by such other rights of remedies it may haveproceedings, shall have the immediate right of including re-entry and possession, as may remove be applicable. If Lessor elects to terminate this Lease, everything herein contained on the part of Lessor to be done and performed shall cease without prejudice, however, to the right of Lessor to recover from Lessee all persons and property from Rent accrued up to the time of termination or recovery of possession by Lessor, whichever is later. Upon the occurrence of an event of default as aforesaid, at Lessor's option (either with or without terminating this Lease), the Demised Premises and such property may be removed relet by Lessor for such Rent and stored upon such terms as Lessor, in a public warehouse Lessor's sole discretion, shall deem appropriate under the circumstances, and, if the full Rent hereinabove provided shall not be realized by Lessor, Lessee shall be liable for all damages sustained by Lessor, including, without limitation, deficiency in Rent, reasonable attorneys' fees, brokerage fees, and expenses of placing the Demised Premises in first class rentable condition. Any damage or elsewhere loss of Rent sustained by Lessor may be recovered by Lessor at Lessor's option, at the cost of, and for time of the account of Lessee, all without service of notice or resort to legal process and without being guilty of trespassre-letting, or becoming liable for any loss or in separate actions, from time to time, as said damage which shall have been made more easily ascertainable by successive re-lettings, or, at Lessor's option, may be occasioned thereby.deferred until the expiration of the Lease Term, in which event the cause of action shall not be deemed to
Appears in 1 contract
DEFAULT OF LESSEE. In the event of any failure of Lessee to pay any rental due hereunder within ten (10) days after the same shall be due, or any failure to perform any other of the terms, conditions or covenants of this Lease to be observed or performed by Lessee for more than thirty (30) days after written notice of such failure shall have been given to ERR Lessee, or if Lessee or an agent of Lessee shall falsify any report required to be furnished to Lessor pursuant to the terms of this Lease, or if Lessee or any guarantor of this Lease shall become bankrupt or insolvent, or file any debtor proceedings or any person shall take or have against Lessee or any guarantor of this Lease in any court pursuant to any statute either of the United States or of any state a petition in bankruptcy or insolvency or for reorganization or for the appointment of a receiver or trustee of all or a portion of Lessee's or any such guarantor's property, or if Lessee or any such guarantor makes an assignment for the benefit of creditors, or petitions for or enters into an arrangement, or if Lessee shall abandon the Demised Premises or suffer this Lease to be taken under any writ of execution, then in any such event Lessee shall be in default hereunder, and Lessor, in addition to other their rights of or remedies it may have, shall have the immediate right of re-entry and may remove all persons and property from the Demised Premises and such property may be removed and stored in a public warehouse or elsewhere at the cost of, and for the account of Lessee, all without service of notice or resort to legal process and without being guilty of trespass, or becoming liable for any loss or damage which may be occasioned therebyas provided in Minnesota Statutes Chapter 566.
Appears in 1 contract
DEFAULT OF LESSEE. The Lessee further covenants and agrees that, if Lessee fails to pay, when due, the Rent or any other amounts payable hereunder, or any part thereof, or in case of a breach of any of the covenants, obligations or agreements herein, or if the estate or any ownership interest whatsoever of Lessee (including, but not limited to, membership and partnership interests and stocks) is transferred, assigned or sold to or passes to or devolves upon any other person, entity or party, Lessor may terminate this Lease and/or terminate Lessee's right to possession of the Leased Premises under this Lease, and after the expiration of three (3) days from the date of service of a written notice to that effect, Lessor will be entitled to the possession of the Leased Premises. If the Lessee shall refuse to surrender and deliver up the possession of the Leased Premises, after the service of said notice, then and in that event, the Lessor may, without further notice or demand, enter into and upon the Leased Premises, or any part thereof, and take possession thereof and repossess the same as of the Lessor's former estate, and expel, remove and put out of possession the Lessee, using such help, assistance and force in so doing as may be needful and proper, without being liable for prosecution or damages therefore, and without prejudice to any remedy allowed by law available in such cases. In the event of any failure of this Lease is terminated, Lessor will be entitled to recover against Lessee to pay any rental due hereunder within ten (10) days after the same shall be due, or any failure to perform any other as damages for loss of the termsbargain and not as a penalty, conditions or covenants an aggregate sum which, at the time of this Lease such termination, represents the excess, if any, of the aggregate of the Rent and all other sums payable by Lessee hereunder that would have accrued for the balance of the term over the aggregate rental value of the Leased Premises (such rental value to be observed or performed by Lessee computed on the basis of a lessee paying not only a rent to Lessor for more than thirty (30) days after written notice the use and occupation of the Leased Premises, but also such failure shall have been given to Lessee, or if Lessee or an agent of Lessee shall falsify any report other charges as are required to be furnished to Lessor pursuant to paid by Lessee under the terms of this Lease) for the balance of such term, both discounted to present worth at the rate of eight percent (8%) per annum. Alternatively, at the sole option of Lessor, Lessee will remain liable to Lessor for damages in an amount equal to the Rent and other sums arising under the Lease for the balance of the term had the Lease not been terminated, less the net proceeds, if any, from any subsequent reletting after deducting all expenses associated therewith. This paragraph shall be supplemental to any other Sections herein which provide for Lessor's remedies. Taking of possession by Lessor, or if Lessee or any guarantor Lessor's service of an eviction demand shall not constitute an election by Lessor to terminate this Lease shall become bankrupt or insolventLease, or file any debtor proceedings or any person shall take or have against Lessee or any guarantor of this Lease unless expressly so stated in any court pursuant to any statute either of the United States or of any state a petition in bankruptcy or insolvency or for reorganization or for the appointment of a receiver or trustee of all or a portion of Lessee's or any such guarantor's property, or if Lessee or any such guarantor makes an assignment for the benefit of creditors, or petitions for or enters into an arrangement, or if Lessee shall abandon the Demised Premises or suffer this Lease to be taken under any writ of execution, then in any such event Lessee shall be in default hereunder, and Lessor, writing. All remedies stated herein are in addition to and cumulative with all other rights remedies provided by law and equity. No failure by Lessor to insist upon the strict performance of remedies it may haveany agreement, term, covenant or condition hereof or to exercise any right or remedy consequent upon a breach thereof, and no acceptance of full or partial Rent during the continuance of any such breach, shall have the immediate right constitute a waiver of re-entry and may remove all persons and property from the Demised Premises and any such property may breach of such agreement, term, covenant or condition. No agreement, term, covenant or condition hereof to be removed and stored in a public warehouse performed or elsewhere at the cost ofcomplied with by Lessee, and for the account of Lesseeno breach thereof, all without service of notice will be waived, altered or resort to legal process and without being guilty of trespass, or becoming liable for any loss or damage which may be occasioned therebymodified except in writing provided by Lessor in its sole discretion.
Appears in 1 contract
Samples: Business Lease (RD&G Holdings Corp)
DEFAULT OF LESSEE. In the event of any failure of Lessee to pay any rental due hereunder within ten (10) days after the same shall be due, or any failure to perform any other of the terms, conditions or covenants of this Lease to be observed or performed by Lessee for more than thirty (30) days after written notice of such failure shall have been given to Lessee, or if Lessee or an agent of Lessee shall falsify falsity any report required to be furnished to Lessor pursuant to the terms of this Lease, or if Lessee or any guarantor of this Lease shall become bankrupt or insolvent, or file any debtor proceedings or any person shall take or have against Lessee or any guarantor of this Lease in any court pursuant to any statute either of the United States or of any state a petition in bankruptcy or insolvency or for reorganization or for the appointment of a receiver or trustee of all or a portion of Lessee's or any such guarantor's property, or if Lessee or any such guarantor makes an assignment for the benefit of creditors, or petitions for or enters into an arrangement, or if Lessee shall abandon the Demised Premises or suffer this Lease to be taken under any writ of execution, then in any such event Lessee shall be in default hereunder, and Lessor, in addition to other rights of remedies it may have, shall have the immediate right of re-entry and may remove all persons and property from the Demised Premises and such property may be removed and stored in a public warehouse or elsewhere at the cost of, and for the account of Lessee, all without service of notice or resort to legal process and without being guilty of trespass, or becoming liable for any loss or damage which may be occasioned thereby.
Appears in 1 contract
DEFAULT OF LESSEE. In (a) It is mutually agreed that in the event the Lessee shall default in the payment of Base or Additional Rent herein reserved, when due and fails to cure such default within five (5) days after receipt of written notice of default from Lessor; or if Lessee shall be in default in performing any failure of Lessee the terms or provisions of this Lease other than the provisions requiring the payment of Rent, and fails to pay any rental due hereunder cure such default within ten (10) days after the same shall be duedate of receipt of written notice of default from lessor if such default is monetary or thirty (30) days written notice if such default is non-monetary; or if Lessee permanently vacates or abandons the Premises; or if Lessee is adjudicated bankrupt; or if a permanent receiver is appointed for Lessee's property; or if, whether voluntarily or involuntarily, Lessee takes advantage of any debtor relief proceedings under any present or future law, whereby the Rent or any part thereof is, or any failure is proposed to be, reduced or payment thereof deferred; or if Lessee makes an assignment for benefits of creditors; or if Lessee's assets should be levied upon or attached under process against Lessee, and is not satisfied or dissolved within thirty (30) days after written notice from Lessor to Lessee to obtain satisfaction thereof; or Lessee fails to observe or perform any other of the termscovenants, conditions or covenants provisions of this Lease to be observed or performed by Lessee Lessee, other than as described in this paragraph, where such failure shall continue for more than a period of thirty (30) days after written notice thereof by Lessor to Lessee; then, and in the event of any such default or breach by Lessee, Lessor may at any time thereafter, in its sole discretion, with or without notice or demand and without limiting Lessor in the exercise of a right or remedy which Lessor may have by reason of such failure default or breach:
(i) Terminate Lessee's right to possession of the Premises by any lawful means, in which case this Lease shall terminate and Lessee shall immediately surrender possession of the Premises to lessor. Upon such termination by Lessor, Lessee will at once surrender possession of the Premises to Lessor and remove of all Lessee's effects therefrom which Lessee is authorized hereunder to remove; and Lessor may forthwith m-enter the Premises and repossess himself thereof, and remove all persons and effects therefrom, using such force as may be reasonably necessary, and no such act shall render Lessor guilty of trespass, forcible entry or detainer or other tort. In such event, lessor shall be entitled to recover from Lessee all damages incurred by Lessor by reason of Lessee's default including, but not limited to, the cost of recovering possession of the Premises; expenses of reletting, including necessary renovation and alteration of the Premises; past due Rent, reasonable attorney's fees and court costs; the value at the time of award by the court having jurisdiction thereof of the amount by which the unpaid Rent and other charges called for herein for the balance of the term after the time of such award exceeds the amount of such loss for the same period that Lessee proves could be reasonably avoided; and that portion of any leasing commission paid by Lessor applicable to the unexpired term of this Lease; or
(ii) Maintain Lessee's right to possession, in which case this Lease shall continue in effect whether or not Lessee shall have been given abandoned the Premises; and in such event Lessor shall be entitled to Lesseeenforce all of Lessor's rights and remedies under this Lease, including the right to recover the Rent and any other charges as may become due hereunder or to obtain specific performance, injunctive relief or other equitable relief necessary to require Lessee to fulfill all of its obligation and duties set forth herein; or
(iii) Declare the balance of the entire Rent for the remainder of the term of this Lease to be immediately due and payable, and then proceed immediately to collect the unpaid Rent called for by this Lease by distress or otherwise.
(iv) Pursue any other remedy now or hereafter available to Lessor under the laws or judicial decisions of Florida. Nothing herein contained shall be construed as precluding Lessor from having such remedy as may become necessary in order to preserve Lessor's right or the interest of Lessor in the Premises and in this Lease, even before the expiration of the grace or notice periods provided for in this Lease, if under particular circumstances then existing the allowance of such grace or the giving of such notice will prejudice or will endanger the rights and estate of Lessor in this I-ease or in the Premises. All rights and remedies granted in this Lease to Lessor or available at law shall be cumulative and not mutually exclusive. Lessee hereby pledges and assigns to Lessor as security for payment of any and all Rent or other sums or amounts provided for herein, all of the furniture, fixtures, equipment, goods and chattels of Lessee which shall or may be brought or put on or into the Premises, and Lessee agrees that said lien may be enforced by distress, foreclosure or otherwise, at Lessor's election. lessee expressly waives and renounces any and all exemption rights it may now or hereafter acquire under or by virtue of the constitution and laws of the State of Florida or of any other state, or if Lessee of the United States, as against the payment of said Rent or an agent of Lessee shall falsify any report required to be furnished to Lessor pursuant to other obligation or damage that may accrue under the terms of this Lease, or if Lessee or any guarantor of . Any notice provided in this Lease shall become bankrupt or insolvent, or file any debtor proceedings or any person shall take or have against Lessee or any guarantor of this Lease in any court pursuant to any statute either of the United States or of any state a petition in bankruptcy or insolvency or for reorganization or for the appointment of a receiver or trustee of all or a portion of Lessee's or any such guarantor's property, or if Lessee or any such guarantor makes an assignment for the benefit of creditors, or petitions for or enters into an arrangement, or if Lessee shall abandon the Demised Premises or suffer this Lease to be taken under any writ of execution, then in any such event Lessee shall be in default hereunder, and Lessor, in addition to other rights of remedies it may have, shall have the immediate right of re-entry and may remove all persons and property from the Demised Premises and such property paragraph may be removed and stored in a public warehouse given either by lessor or elsewhere at the cost of, and for the account of Lessee, all without service of notice or resort to legal process and without being guilty of trespass, or becoming liable for any loss or damage which may be occasioned therebyits attorney.
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DEFAULT OF LESSEE. In the event All rights and remedies of Lessor herein enumerated shall be cumulative and are not intended to be exclusive of any other remedies or means of redress to which Lessor may be lawfully entitled in case of any breach or threatened breach of Lessee of any provision of this Lease. The failure of Lessee Lessor to pay insist in any rental due hereunder within ten (10) days after one or more cases upon the same shall be due, or strict performance of any failure to perform any other of the terms, conditions or covenants of this Lease or to exercise any option herein contained shall not be observed construed as a waiver or performed by Lessee relinquishment for more than thirty (30) days after written notice the future of such failure covenant or option. A receipt by Lessor of rent with knowledge of the breach of any covenant hereof (other than breach of the obligation to pay the portion of such rent paid) shall have been given to Lesseenot be deemed a waiver of such breach, or if Lessee or an agent and no waiver by Lessor of Lessee shall falsify any report required to be furnished to Lessor pursuant to the terms of this Lease, or if Lessee or any guarantor provisions of this Lease shall become bankrupt be deemed to have been made unless expressed in writing and signed by Lessor. In addition to other remedies in this Lease provided, Lessor shall be entitled to the restraint by injunction of the violation or insolventattempted or threatened violation of the covenants, or file any debtor proceedings or any person shall take or have against Lessee or any guarantor conditions and provisions of this Lease. Subject to laws relating to bankruptcy, if, during the term of this Lease in any court pursuant to any statute either of the United States or of any state a petition in bankruptcy or insolvency or for reorganization or for the appointment of a receiver or trustee of all or a portion of Lessee's or any such guarantor's propertyrenewal term, or if (i) Lessee or any such guarantor makes shall make an assignment for the benefit of creditors, or petitions (ii) a voluntary petition be filed by Lessee under any law having for its purpose the adjudication of Lessee a bankrupt, or enters into Lessee be adjudged a bankrupt pursuant to an arrangementinvoluntary petition in bankruptcy, or (iii) a receiver be appointed for the property of Lessee by reason of the insolvency of Lessee, or (iv) any department of the State or Federal government, or any officer thereof, duly authorized, shall take possession of the business or property of Lessee by reason of the insolvency of Lessee, the occurrence of any of such contingencies shall be deemed a breach of this Lease and this Lease shall ipso facto upon the happening of any of said contingencies be terminated and the same shall expire as fully and completely as if the day fixed for the expiration of the initial term of this Lease or any renewal term, as the case may be, had occurred, and Lessee will then quit and surrender the Premises, but Lessee shall remain liable as hereinafter provided. As used in this paragraph, the term "Lessee" shall also mean any guarantor of Lessee's obligations under this Lease. If, during the initial term of this Lease or any renewal term, (i) Lessee shall default in fulfilling any of the covenants, obligations, or agreements of this Lease (other than the covenants for the payment of rent payable by Lessee hereunder), or (ii) this Lease, without the prior written consent of Lessor or except as expressly permitted, shall be assigned, pledged, mortgaged, transferred, or sublet in any manner, Lessor may give Lessee written notice of such default or the happening of any contingency in this paragraph referred to and, if at the expiration of thirty (30) days after service of such notice the default or contingency upon which said notice was based shall continue to exist, or in the event of a default or contingency which cannot with due diligence be cured within a period of thirty (30) days, if Lessee fails to proceed promptly after the service of said notice and with all due diligence to commence to cure the same and thereafter to prosecute the curing of such default with all due diligence (it being intended that in connection with a default not susceptible of being cured with diligence within thirty [30] days, the time within which Lessee is to cure the same shall be extended for such period as may be necessary to complete the same with all due diligence), Lessor, at its option, may terminate this Lease and upon such termination Lessee will quit and surrender the Premises to Lessor but Lessee shall remain liable as hereinafter provided. If Lessee defaults in any payment of the rent expressly reserved hereunder, or any part of the same and such default shall continue for ten (10) business days after written notice thereof by Lessor, or if Lessee shall abandon make default in the Demised Premises payment of any item or suffer any charge required to be paid by Lessee hereunder, or any part of the same and such default shall continue for ten (10) business days after written notice thereof by Lessor, Lessor or Lessor's agent or servant may immediately or at any time thereafter terminate this Lease, and upon such termination for failure to pay such rent, item, or charge, or if this Lease shall terminate by reason of the insolvency of Lessee, as set forth above, Lessor or Lessor's agent or servant may re-enter the Premises and remove all persons and all or any property therefrom, either by summary dispossess proceedings, or by any suitable action or proceeding at law or by force or otherwise, without being liable to be taken under any writ of executionindictment, then in any prosecution, or damage therefor and repossess and enjoy the Premises, together with all additions, alterations and improvements, without such event Lessee shall be in default hereunder, and Lessor, in addition to other rights of remedies it may have, shall have the immediate right of re-entry and may remove all persons repossession working a forfeiture or waiver of the rents to be paid and property the covenants to be performed by Lessee during the full term of this Lease. Upon termination of this Lease or expiration of Lessee's right to occupy the Premises by reason of the happening of any of the foregoing events, or in any other manner or circumstances whatsoever, whether with or without legal proceedings, by reason of or based upon or arising out of a default or breach of this Lease on the part of Lessee, Lessor may, at its option, at any time and from time to time relet the Demised Premises and such property may be removed and stored in a public warehouse or elsewhere at the cost ofany part or parts thereof, and for the account of Lessee or otherwise, and receive and collect the rent therefor, applying the same first to the payment of such expenses as Lessor may have incurred in recovering possession of the Premises, including attorney's fees and expenses for putting the same into good order and condition or preparing or altering the same for re-rental to the extent Lessor deems necessary or desirable and all other expenses, commissions and charges paid, assumed or incurred by Lessor in or about reletting the Premises and then to the fulfillment of the covenants of Lessee hereunder. Any such reletting herein provided for may be for the remainder of the initial term or any renewal term of this Lease, as originally granted, or for a longer or shorter period; Lessor shall have the right to change the character and use made of the Premises, and Lessor shall not be required to accept any substitute tenant offered by Lessee or to observe any instructions given by Lessee about reletting. In any such case, and whether or not the Premises or any part thereof be relet, Lessee shall pay to Lessor the Base Rent and all Additional Rent and other charges required to be paid by Lessee up to the later of the time of such termination of the Lease or of such recovery of possession of the Premises by Lessor, as the case may be, and thereafter, except in a case in which liability of Lessee as hereinafter provided, arises by reason of the happening of the insolvency of Lessee, Lessee covenants and agrees, if required by Lessor, to pay to Lessor (monthly) until the end of the initial term of this Lease, and/or any renewal term, as the case may be, the equivalent of the amount of all without service rent reserved hereunder, and all other charges required to be paid by Lessee, less the net proceeds of notice or resort to legal process reletting, if any. Lessor shall have the election at any time in place of and without being guilty instead of trespass, or becoming holding Lessee so liable for subsequent periods forthwith to recover against Lessee as damages for loss of the bargain and not as a penalty, an aggregate sum which at such time represents the excess, if any, of the present worth of the aggregate of the rent and all other charges payable by Lessee hereunder that would have accrued for the balance of the initial term, and/or any renewal term, as the case may be, over the then present worth of the fair market rents and all other charges (less the costs of anticipated leasing commissions and tenant improvements) for the Premises for the balance of such term. If this Lease shall terminate by reason of the bankruptcy or insolvency of Lessee, as above set forth, Lessor shall be entitled, notwithstanding any other provisions of this Lease or any present or future law, to recover from Lessee or Lessee's estate (in lieu of the equivalent of the amount of all rent unpaid at the time of such termination) as damages for loss of the bargain, and not as a penalty, an aggregate sum which, at the time of such termination of this Lease, represents the excess, if any, of the then present worth of the aggregate of the rent and other charges payable by Lessee hereunder that would have accrued for the balance of the initial term and any renewal term, as the case may be, over the then present worth of the fair market rents and all other charges for the Premises for the balance of the initial term and any renewal term, as the case may be, unless any statute or damage rule of law governing the proceedings in which such damages are to be proved shall limit the amount of such claim capable of being so proved. In such case, Lessor shall be entitled to prove, as and for liquidated damages, by reason of such breach and termination of this Lease, the maximum amount which may be occasioned therebyallowed by or under such statute or rule of law. Nothing herein contained shall limit or prejudice Lessor's right to prove and obtain as liquidated damages arising out of such breach or termination the maximum amount allowed by any such statute or rule of law which may govern the proceedings in which such damages are to be proved whether or not such amount be greater, equal to, or less than the amount of the excess of the then present worth of the rent and all other charges reserved herein over the then present worth of the fair market rents and all other charges referred to above. Lessee shall pay, upon demand, all of Lessor's costs, charges and expenses, including reasonable attorney's fees and fees of agents and others retained by Lessor, incident to the enforcement of Lessee's obligations hereunder or incurred by Lessor in any litigation, negotiation or transaction in which Lessee causes Lessor without Lessor's fault to become involved or concerned, including a fee of Ten and 00/100 Dollars ($10.00) for any default notice given by Lessor to Lessee.
Appears in 1 contract
DEFAULT OF LESSEE. (a) In the event of any failure of Lessee LESSEE to pay any rental due hereunder within ten (10) days after the same shall be due, or any failure to perform any other of the terms, conditions or covenants of this Lease to be observed or performed by Lessee LESSEE for more than thirty (30) days after written notice of such failure shall have been given to LesseeLESSEE, or if Lessee LESSEE or an any agent of Lessee LESSEE shall falsify any report required to be furnished to Lessor LESSOR pursuant to the terms of this Lease, or if Lessee LESSEE or any guarantor of this Lease shall become bankrupt or insolvent, or file any debtor proceedings or any person shall take or have against Lessee LESSEE or any guarantor of this Lease in any court pursuant to any statute either of the United States or of any state a petition in bankruptcy or insolvency or for reorganization or for the appointment of a receiver or trustee of all or a portion of Lessee's LESSEE'S or any such guarantor's property, or if Lessee LESSEE or any such guarantor makes an assignment for the benefit of creditors, or petitions for or enters into an arrangementarrangement with its creditors, or if Lessee LESSEE shall abandon the Demised Premises or suffer this Lease to be taken under any writ of execution, then in any such event Lessee LESSEE shall be in default hereunder, and LessorLESSOR, in addition to other rights of remedies it may have, shall have the immediate right of re-entry and may remove all persons and property from the Demised Premises and such property may be removed and stored in a public warehouse or elsewhere at the cost of, and for the account of LesseeLESSEE, all without service of notice or resort to legal process and without being guilty of trespass, or becoming liable for any loss or damage which may be occasioned thereby.
(b) Should LESSOR elect to re-enter the Demised Premises, as herein provided, or should it take possession of the Demised Premises pursuant to legal proceedings or pursuant to any manner provided for by law, it may either terminate this Lease or it may from time to time, without terminating this Lease, make such alterations and repairs as may be necessary in order to relet the Demised Premises, and relet the Demised Premises or any part thereof for such term or terms (which may be for a term extending beyond the term of this Lease) and at such rental or rentals and upon such other terms and conditions as LESSOR in its sole discretion may deem advisable. Upon each such subletting all rentals received by the LESSOR from such reletting shall be applies first to the payment of any indebtedness other than rent due hereunder from LESSEE to LESSOR; second, to the payment of any costs and expenses of such reletting, including brokerage fees and attorney's fees and costs of such alterations and repairs; third, to the payment of the rent due and unpaid hereunder, and the residue, if any, shall be held by LESSOR and applies in payment of future rent as the same may become due and payable hereunder. If such rentals received from such reletting during any month be less than that to be paid during that month by LESSEE hereunder, LESSEE, upon demand, shall pay any such deficiency to LESSOR. No such re-entry or taking possession of the Demised Premises by LESSOR shall be construed as an election on its part to terminate this Lease unless a written notice of such intention be given to LESSEE or unless the termination thereof be decreed by a court or competent jurisdiction. Notwithstanding any such reletting without termination, LESSOR may at any time after such re-entry and reletting elect to terminate this Lease for any such breach, in addition to any other remedies it may have, it may recover from LESSEE all damages it may incur by reason of such breach, including the cost of recovering the Demised Premises, attorney's fees, and costs, the unamortized portion of any leasehold improvements made by LESSOR for LESSEE and including the worth at the time of such termination of the excess, if any, of the amount or rent and charges equivalent to rent reserved in this Lease for the remainder of the stated term over the then reasonable rental value of the Demised Premises for the remainder of the stated term, all of which amounts shall be immediately due and payable from LESSEE to LESSOR.
(c) LESSOR may, at its option, instead of exercising any other rights or remedies available to it in this Lease or otherwise by law, statute or equity, spend such money as is reasonably necessary to cure any default of LESSEE herein and the amount so spent, and costs incurred, including attorney's fees in curing such default, shall be paid by LESSEE, as additional rent, upon demand.
(d) In the event suit shall be brought for recover of possession of the Demised Premises, for the recovery of rent or any other amount due under the provisions of this Lease, or because of the breach of any other covenant herein contained on the part of the LESSEE to be kept or performed, and a breach shall be established, LESSEE shall pay to LESSOR all expenses, incurred therefore, including attorney's fees and costs, together with interest on all such expenses at the rate of twelve percent (12%) per annum from the date of such breach of the covenants of this Lease.
(e) Any rents due or other amounts due or that may become due under the provisions of this Lease or because of the breach of any covenants herein contained on the part of the LESSEE, may be paid by Xxxxxx X. Xxxx, a partner of UM Properties LLC, at his sole discretion and such payments will be in the form of a secured loan. The loan(s) will bear interest at 15% per annum and be secured by substantially all assets of RLD under the Security agreement issued by RLD, dated October 5, 1995 granting Xxxxxx X. Xxxx, as a secured party, a security interest in the assets of RLD.
(f) LESSEE waives any demand for possession of the Demised Premises, and any demand for payment of rent and any notice of intent to re-enter the Demised Premises, or of intent to terminate this Lease, other than the notices above provided in this Article, and any other notice or demand prescribed by any applicable statutes or laws.
(g) No remedy herein or elsewhere in this Lease or otherwise by law, statute or equity, conferred upon or reserved to LESSOR or LESSEE shall be exclusive of any other remedy, but shall be cumulative, and may be exercised from time to time and as often as the occasion may arise.
Appears in 1 contract
DEFAULT OF LESSEE. In the event (a) The following events shall be a default ("default") of any failure Lessee under this Lease:
(i) Failure of Lessee to pay when due Rent and any rental sums, charges, expenses and costs of any kind or nature identified in this Lease as Reimbursements, where such failure to pay shall continue for a period of ten (10) days the from the date the Rent/Reimbursements shall be due hereunder within and payable; or
(ii) Failure of Lessee to perform, observe, or comply with any term, covenant, condition, agreement or provision of this Lease to be performed, observed or complied with by Lessee, other than as set forth in GTC-26(a)(i) above, where such failure shall continue for a period of ten (10) days after written notice thereof has been delivered by Lessor to Lessee at the same shall be dueDemised Premises; or
(iii) The taking of this Lease or the Demised Premises, or any failure part thereof, upon execution or by other process of law directed against Lessee, or upon or subject to perform any other attachment at the instance of the termsany creditor of or claimant against Lessee, conditions which shall not be discharged or covenants disposed of this Lease to be observed or performed by Lessee for more than within thirty (30) days after written notice the levy thereof; or
(iv) The involvement of such failure shall have been given Lessee in financial difficulties as evidenced by: (a) its admitting in writing its inability to Lesseepay its debts generally as they become due, or if Lessee or an agent of Lessee shall falsify any report required to be furnished to Lessor pursuant to the terms of this Lease, or if Lessee or any guarantor of this Lease shall become bankrupt or insolvent, or file any debtor proceedings or any person shall take or have against Lessee or any guarantor of this Lease in any court pursuant to any statute either of the United States or of any state (b) its filing a petition in bankruptcy under the Provincial Insolvency Act (as now existing or insolvency in the future amended), or (c) its filing a petition seeking to take advantage of any other law relating to bankruptcy, insolvency, or winding-up ("Other Bankruptcy Laws"), or (d) its making an assignment of all or a substantial part of its property for reorganization the benefit of its creditors, or for (e) its seeking or consenting to or acquiescing in the appointment of a receiver or trustee of for all or a portion substantial part of the Demised Premises, or (f) its being adjudicated a bankrupt or insolvent, or (g) the entry of a court order without its consent, which order shall not be vacated or stayed within thirty (30) days from the date of entry, approving a petition filed against it for an arrangement in bankruptcy.
(b) Upon occurrence of any of the default events set out in sub-clause (a), Lessor shall give Lessee a written notice of the nature of the default. /s/ Xxxxxxx Xxxxx /s/ Xxxxx Xxxxx
(c) Upon receipt of the notice of default, the Lessee shall be entitled to remedy the default within a period of ten (10) days which shall be considered as the 'cure period' provided to the Lessee.
(d) Upon the expiry of the cure period as enumerated in the above section GTC 26 (c), the Lessor shall have the right then or at any time thereafter to give Lessee written notice of ten (10) days of Lessor's intent to terminate this lease. Lessee's right to possession of the demised premises shall cease and this lease shall thereupon terminate. Subject to the above, any notice to vacate or notice of Lessor's intention to re-enter is being hereby expressly waived by Lessee.
(e) The provisions of this Section GTC-26 of Exhibit 'A' shall apply notwithstanding the continued willingness and ability of Lessee to pay Rent and otherwise perform hereunder. The receipt by Lessor of payments of Rent, as such, accruing subsequent to the time of Lessee's or any such guarantor's property, or if Lessee or any such guarantor makes default under this Section GTC-26(e) of Exhibit 'A' and before Lessor has actual notice of the occurrence of an assignment for event of default under this Section GTC-26(e) of Exhibit 'A' shall not be deemed a waiver by Lessor of the benefit provisions of creditors, or petitions for this Section.
(f) If Lessor terminates this Lease or enters into an arrangement, or if Lessee shall abandon and takes possession of the Demised Premises or suffer this Lease pursuant to be taken under any writ of execution, then in any such event Lessee shall be in default hereunder, and Lessor, in addition to other rights of remedies it may have, shall have the immediate right of re-entry and may remove all persons and property from the Demised Premises and such property may be removed and stored in a public warehouse or elsewhere at the cost of, and for the account of Lessee, all without service of notice or resort to legal process and without being guilty of trespass, or becoming liable for any loss or damage which may be occasioned thereby.GTC-26
Appears in 1 contract
DEFAULT OF LESSEE. In the event of any failure of Lessee to pay any rental due hereunder within Should default be made and continue for ten (10) days after written notice from the Lessor specifying such default, either of vacating or abandonment of premises by Lessee or in the payment of any portion of the rent, or items in the nature of rent, or other charges, whether similar or dissimilar thereto, herein provided to be paid by the Lessee as and when the same shall be come due, or any failure to perform any other of the terms, conditions or covenants of this Lease to should default be observed or performed by Lessee made and continue for more than thirty (30) days after written notice from the Lessor specifying such default, in the performance of any of the other covenants herein contained on the part of the Lessee to be kept or performed, provided, that if the default complained of is of such failure a nature that the same cannot be rectified in such thirty (30) day period as aforesaid, then such default shall be deemed to be rectified if Lessee shall have within the said thirty (30) day period commenced and shall diligently continue to remedy any such default until the same shall have been fully rectified or performed, the Lessor or its agent or attorney shall have and at its option may exercise any one or more of the following rights and remedies each of which shall be cumulative and in addition to all other rights and remedies authorized by law:
(a) It may, without terminating this Lease, bring and maintain an action for any amount due and unpaid.
(b) It may re-enter and take possession of the premises, remove all persons and property therefrom and, at its option, declare this Lease and the leasehold estate hereby created to be, and thereupon shall be and become, terminated and ended. In this event such default shall be deemed to be a breach of this Lease in its entirety and the Lessor, at its option, shall thereupon be entitled to recover from the Lessee pursuant to the provisions of Section 3308 of the Civil Code of the State of California the worth at the time of such termination of the excess, if any, of the amount of the rent and charges or items equivalent to or in the nature of rent reserved in this Lease for the balance of the term hereof over the rental that can then be obtained for the premises for the same period.
(c) It may re-enter and take possession of the premises and remove all persons therefrom and, at its option, without declaring this Lease or the leasehold estate created hereby terminated or ended, may re-let the premises herein demised or any portion thereof, for the account of the Lessee for such rent and upon such terms as it may deem proper, or it may operate said property itself. In this event if a sufficient sum shall not be thus realized, after paying the expenses of re-entry, reletting, collecting, or of operating said property, and all other damages or expenses sustained by Lessor, to satisfy the rent hereby reserved or items reserved or items equivalent to or in the nature of rent payable by the Lessee plus payments that may be herein reserved for leasehold improvements the Lessee agrees forthwith to satisfy and pay any such deficiency as and when the same arises and as and when demanded by the Lessor. In the event of any such reletting, as herein provided, the Lessee agrees that any and all of its furniture, furnishings, machinery, equipment, trade fixtures and all Lessee Improvements that are in, on or about the demised premises may be used by the Lessor or its tenant until the expiration of the natural term or any earlier termination of this Lease, without payment of or any liability for rent, compensation or other charge; but if, on the expiration of the natural term or any earlier termination of this Lease the total net amount so collected or received by the Lessor from and through any such reletting has exceeded the total amount accrued and due and unpaid from the Lessee then such excess shall be paid to the Lessee. In the event Lessor takes and operates property itself Lessor shall waive all payment of rent and items in the nature of rent during period of such operation and shall, each month, credit Lessee with an amount equivalent to fair rental for use of any of its furniture, furnishings, machinery, equipment and trade fixtures. In the event of any such reletting by the Lessor, as herein provided, the Lessor may execute any such lease either in the name of Lessor or in the name of Lessee, as Lessor may see fit, and the tenant therein named shall be under no obligation whatsoever to see to the application by the Lessor of any rent collected by Lessor from such tenant, nor shall Lessee have any right or authority whatever to collect any rent whatever from such tenant. Such reletting to another tenant may be for the unexpired term of this Lease, or any lesser part thereof or for a longer period of time, in which latter event the period of time in excess of the term of this Lease shall be for the sole account of Lessor. At Lessor's option this Lease may nevertheless be terminated by written notice to Lessee prior or subsequent to such reletting. Nothing herein contained shall be construed as obligating Lessor to re-let or lease the whole or any part of the leased premises in case of default by Lessee. Any re-entry or repossession of said premises by the Lessor, or any notice served in connection therewith shall not operate to release the Lessee from any obligation under this Lease, except with the written consent of the Lessor. In the event of any such re-entry by the Lessor, the Lessor may, at its option, require the Lessee to remove from the premises any of the Lessee's property located thereon. If the Lessee fails to do so, within ten (10) days after written notice to do so, the Lessor shall not be responsible for the care or safekeeping thereof and may remove any of the same from the demised premises and place the same in storage in a public warehouse at the cost, expense and risk of the Lessee with authority to the warehouseman to sell the same in the event that the Lessee shall fail to pay the costs of transportation and storage all in accordance with the rules and regulations applicable to the operation of a public warehouseman's business. Any refusal by a public warehouseman to accept personal property upon such conditions shall be conclusive evidence that same is of no substantial value, and shall be an unconditional warrant to the Lessor for disposing of the same in any manner it sees fit and without accountability for any alleged value thereof. In any and all such cases of re-entry the Lessor may make any repairs in, to or upon the demised premises which may be necessary and the Lessee hereby waives any and all claims on account of any and all damage which may be caused or occasioned by such re-entry or any of the aforesaid acts of the Lessor or by reason of any loss or destruction or damage to any property in or about the demised premises or any part thereof. In addition to the foregoing rights and remedies the Lessor shall have and at its option may exercise all other rights and remedies, whether similar or dissimilar to the foregoing and whether now or hereafter authorized by law or equity, it being understood that each and all of the rights and remedies available to the Lessor shall be cumulative and none of them exclusive. Whenever a right of re-entry is given to Lessee, or if Lessee or an agent of Lessee shall falsify any report required to be furnished to the Lessor pursuant to by the terms of this Lease, the Lessor may exercise the same by agent or if Lessee or any guarantor of this Lease shall become bankrupt or insolvent, or file any debtor proceedings or any person shall take or have against Lessee or any guarantor of this Lease in any court pursuant to any statute either of the United States or of any state a petition in bankruptcy or insolvency or for reorganization or for the appointment of a receiver or trustee of all or a portion of Lessee's or any such guarantor's property, or if Lessee or any such guarantor makes an assignment for the benefit of creditors, or petitions for or enters into an arrangement, or if Lessee shall abandon the Demised Premises or suffer this Lease to be taken under any writ of execution, then in any such event Lessee shall be in default hereunderattorney, and Lessorwith or without legal process, in addition such process and any demand for possession of said premises being expressly waived by the Lessee, and the Lessor may use all force necessary to other rights of remedies it may have, shall have the immediate right of re-make such entry and may to hold the demised premises after such entry, and to remove all persons the Lessee and any other person and property from the Demised Premises demised premises; and such property may the Lessor shall be removed and stored entitled, on application to a court of competent jurisdiction, to have a receiver appointed in a public warehouse or elsewhere at aid of the cost of, and for the account enforcement of Lessee, all without service of notice or resort to legal process and without being guilty of trespass, or becoming liable for any loss or damage which may be occasioned therebyremedy herein provided for.
Appears in 1 contract
DEFAULT OF LESSEE. In If
(a) Lessee shall fail to carry out and perform any of its obligations under this Lease, or shall fail to satisfy Lessor that it has commenced a program to correct such deficiency which, in the event sole judgment of any failure of Lessee to pay any rental due hereunder Lessor, will correct the deficiency within ten a reasonable time thereafter, within twenty (1020) days after Lessor shall have demanded in writing performance thereof, or (b) if a petition in bankruptcy or for reorganization or for a trustee or receiver is filed by or against Lessee and all of the obligations of Lessee under this Lease shall not have been duly assumed by the trustee or receiver appointed, if any, in such proceeding or otherwise given the same shall be due, status as obligations assumed by the trustee or any failure to perform any other of the terms, conditions or covenants of this Lease to be observed or performed by Lessee for more than receiver within thirty (30) days after written notice of the appointment, if any, or sixty (60) days after such failure proceedings shall have been given commenced, whichever shall be earlier, Lessor may take possession of the cars and any accessions thereto wherever they may be found and at the election of Lessor, or its assignee as the case may be, either (i) declare the Lease terminated in which event all rights and obligations of the parties hereunder shall cease except only the obligations of Lessee to pay accrued rentals to the date of retaking, or (ii) attempt to relet the cars as agent of Lessee, or if Lessee or an agent apply the proceeds of Lessee shall falsify any report required to be furnished to Lessor pursuant such reletting first to the terms reasonable expenses that may be incurred in the retaking and delivery of the cars to the new Lessee, then the payment of amounts due Lessor under this Lease, or if Lessee or any guarantor of this Lease shall become bankrupt or insolvent, or file any debtor proceedings or any person shall take or have against Lessee or any guarantor of this Lease in any court pursuant to any statute either of the United States or of any state a petition in bankruptcy or insolvency or for reorganization or for the appointment of a receiver or trustee of all or a portion of Lessee's or any such guarantor's property, or if Lessee or any such guarantor makes an assignment for the benefit of creditors, or petitions for or enters into an arrangement, or if and Lessee shall abandon the Demised Premises or suffer this Lease to be taken under any writ of execution, then in any such event Lessee shall be in default hereunder, and Lessor, in addition to other rights of remedies it may have, shall have the immediate right of re-entry and may remove all persons and property from the Demised Premises and such property may be removed and stored in a public warehouse or elsewhere at the cost of, and for the account of Lessee, all without service of notice or resort to legal process and without being guilty of trespass, or becoming remain liable for any loss sums xxxxxning due after so applying the proceeds so realized. Lessee shall pay said deficit monthly as the same may accrue. Lessor shall make all reasonable efforts to relet the cars at a rental equal to or damage which may be occasioned therebygreater than that paid by Lessee.
Appears in 1 contract
Samples: Net Lease of Railroad Equipment (Great Plains Energy Inc)
DEFAULT OF LESSEE. In 12.01 If Lessee shall default in the event payment of the rent reserved herein, or in the payment of any failure item of Lessee to pay any rental additional rent or other monies due hereunder within ten or any part of same, then this Lease and the term hereof shall, at the option and election of the Lessor, wholly cease and terminate upon three (103) days after written notice, unless Lessee cures the same payment default within this three (3) day period.
12.02 If Lessee shall be dueviolate or default any of the other covenants, agreements, stipulations, or any failure to perform any other conditions herein, and such violation or default shall continue for a period of the terms, conditions or covenants of this Lease to be observed or performed by Lessee for more than thirty (30) days after written notice of such failure violation or default shall have been given by Lessor to Lessee, then it shall be optional for Lessor to declare this Lease forfeited and the said term ended.
12.03 If Lessor shall declare this Lease forfeited and terminated as provided for in the preceding paragraphs, at Lessor's option, Lessor may terminate and end this Lease and re-enter upon the property, whereupon the term thereby granted, and at the Lessor's option, all right, title and interest in or if Lessee or an agent of under it shall end and Lessee shall falsify become a tenant at sufferance, or else said Lessor may, at Lessor's option, elect to declare the entire rent for the balance of the term, or any report required part thereof, due and payable forthwith, and may proceed to collect the same either by distress or otherwise, and thereupon said term shall terminate at the option of the Lessor, or else the said Lessor may take possession of the premises and rent the same for the account of the Lessee, the exercise of any of which options herein contained shall not be deemed the exclusive Lessor's remedy. The expression entire rent for the balance of the term as used herein shall mean all of the rent prescribed to be furnished paid by the Lessee unto the Lessor for the full term of this Lease, excluding any unexercised options to Lessor renew, and less, however, any payments that have been made on account of and pursuant to the terms of said Lease.
12.04 Neither this Lease, nor any interest therein, nor any estate thereby created shall pass to any trustee, receiver or assignee for the benefit of creditors or otherwise by operation of law. In the event the estate created hereby shall be taken in execution or by other process of law, or if Lessee shall be adjudicated insolvent or any guarantor of this Lease shall become bankrupt or insolvent, or file any debtor proceedings or any person shall take or have against Lessee or any guarantor of this Lease in any court pursuant to any statute either of the United States or provisions of any state a petition in bankruptcy or federal insolvency or for reorganization bankruptcy act, or for the appointment of if a receiver or trustee of all or a portion the property of Lessee shall be appointed by reason of Lessee's insolvency or any such guarantor's propertyinability to pay its debts, or if Lessee or any such guarantor makes an assignment shall be made of Lessee's property for the benefit of creditors, or petitions if any reorganization preceding under the federal laws be instituted by or filed against Lessee, then and in any of such events, Lessor may, at its option, terminate this Lease and all rights of Lessee herein by giving to Lessee notice in writing of the election of Lessor so to terminate. In the event of an involuntary bankruptcy, there shall be no default if such appointment of a trustee or receiver is vacated within thirty (30) days after such appointment.
12.05 Lessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Lessee being evicted or dispossessed for any cause or enters into an arrangement, or if Lessee shall abandon in the event of Lessor obtaining possession of the Demised Premises by reason of the violation by Lessee of any of the covenants or suffer conditions of this Lease to be taken under any writ of execution, then in any such event Lessee shall be in default hereunder, and Lessor, in addition to other rights of remedies it may have, shall have the immediate right of re-entry and may remove all persons and property from the Demised Premises and such property may be removed and stored in a public warehouse or elsewhere at the cost of, and for the account of Lessee, all without service of notice or resort to legal process and without being guilty of trespass, or becoming liable for any loss or damage which may be occasioned therebyotherwise.
Appears in 1 contract
Samples: Lease Agreement (Techforce Corp)
DEFAULT OF LESSEE. In the event of any failure of the Lessee shall abandon or vacate the Premises, fail to pay any rental due hereunder within ten (10) days after the same shall be duesaid rent, or any failure fail to perform any other of the terms, conditions or covenants of this Lease to be observed or performed by Lessee for more than thirty (30) days after written notice of such failure shall have been given to Lessee, or if Lessee or an agent of Lessee shall falsify any report required to be furnished to Lessor pursuant to the terms of pay expenses as prescribed in this Lease, or if Lessee or any guarantor of this Lease shall become bankrupt or insolventpart therein, or file if after days written notice from Lessor, Lessee shall fail to cure any debtor proceedings other default in performance of its obligations under this Lease, then, the Lessee and Lessor hereto expressly agree and covenant that the Lessor may declare the Lease terminated and may immediately re-enter the Premises without legal process and take possession of the same together with the personal property, fixtures and equipment of the Lessee left on the Premises and that said property may be held by the Lessor as additional security for satisfaction of rental defaults or other defaults of the Lessee under this lease. It is further agreed that if the Lease is terminated due to the default of the Lessee as described in this provision, that the Lessor shall be entitled to take any person shall action necessary to protect its interest in the aforementioned property and equipment, to prevent unauthorized removal of said property which action would constitute irreparable harm and injury to the Lessor in the violation of its security interest in said property. Should Lessor elect to re-enter Premises as herein provided and take possession pursuant due legal process or have against Lessee or any guarantor of this Lease in any court pursuant to any statute either notice provided by law, Lessor may terminate Lessee's rights under this Lease, re-lease the Premises or any part thereof for such term and at such rent and upon such other terms and conditions as Lessor sees fit at Lessor's sole discretion, and make any reparations or alterations to Premises necessary for re-leasing, and remove all inventory, equipment or leasehold improvements of the United States or of any state a petition in bankruptcy or insolvency or for reorganization or for the appointment of a receiver or trustee of all or a portion of Lessee, at Lessee's or any such guarantor's propertyexpense, or if Lessee or any such guarantor makes an assignment necessary for the benefit of creditors, or petitions for or enters into an arrangement, or if Lessee shall abandon the Demised Premises or suffer this Lease to be taken under any writ of execution, then in any such event Lessee shall be in default hereunder, and Lessor, in addition to other rights of remedies it may have, shall have the immediate right of re-entry and may remove all persons and leasing of Premises. In the event that any property belonging to the Lessee is removed from Premises as hereto described, the Demised Premises and such property may be removed and either: (a) stored at Lessee's expense in a any public warehouse or elsewhere at the cost of, and Lessor shall not be responsible for the account care or safekeeping thereof; or (b) sold at a private auction or public sale and the proceeds of such sale, after sale expenses, shall be used to offset any Base Rent due Lessor. Lessee hereby waives any and all loss, destruction and/or damage or injury to said property occasioned by Lessee, all without service 's default of notice or resort to legal process and without being guilty of trespass, or becoming this Lease under this provision. Lessee shall be liable for any loss costs and expenses, including reparations and alterations, incurred by Lessor in the process of such re-leasing. Lessee shall also be liable for amounts, if any, by which the Base Rent reserved in this Lease, which are the Lessee's responsibility under the provisions of this Lease for the period of such re-leasing, exceeds the amount agreed paid as rent by the new Lessee for the Premises for such period of such re-leasing. It is understood that Lessor may xxx the Lessee for any damages incurred by Lessor or damage which past rents due and owing and undertake all legal remedies at Lessor's disposal. It is further agreed that if at any time Lessee is at default under this Lease, Lessee shall be liable for all costs Lessor may be occasioned therebyincur due to such default, including cost of recovering the Premises, and any an all related attorney's fees.
Appears in 1 contract
Samples: Commercial Lease Agreement
DEFAULT OF LESSEE. In the event (a) The following events shall be a default ("default") of any failure Lessee under this Lease:
(i) Failure of Lessee to pay when due Rent and any rental sums, charges, expenses and costs of any kind or nature identified in this Lease as Reimbursements, where such failure to pay shall continue for a period of ten (10) days the from the date the Rent/Reimbursements shall be due hereunder within and payable: or
(ii) Failure of Lessee to perform, observe, or comply with any term, covenant, condition, agreement or provision of this Lease to be performed, observed or complied with by Lessee, other than as set forth in GTC-26(a)(i) above, where such failure shall continue for a period of ten (10) days after written notice thereof has been delivered by Lessor to Lessee at the same shall be dueDemised Premises: or
(iii) The taking of this Lease or the Demised Premises, or any failure part thereof, upon execution or by other process of law directed against Lessee, or upon or subject to perform any other attachment at the instance of the termsany creditor of or claimant against Lessee, conditions which shall not be discharged or covenants disposed of this Lease to be observed or performed by Lessee for more than within thirty (30) days after written notice the levy thereof: or
(iv) The involvement of such failure shall have been given Lessee in financial difficulties as evidenced by: (a) its admitting in writing its inability to Lesseepay its debts generally as they become due, or if Lessee or an agent of Lessee shall falsify any report required to be furnished to Lessor pursuant to the terms of this Lease, or if Lessee or any guarantor of this Lease shall become bankrupt or insolvent, or file any debtor proceedings or any person shall take or have against Lessee or any guarantor of this Lease in any court pursuant to any statute either of the United States or of any state (b) its filing a petition in bankruptcy under the Provincial Insolvency Act (as now existing or insolvency in the future amended), or (c) its filing a petition seeking to take advantage of any other Law relating to bankruptcy, insolvency, or winding-up ("Other Bankruptcy Laws"), or (d) its making an assignment of all or a substantial part of its property for reorganization the benefit of its creditors, or for (e) its seeking or consenting to or acquiescing in the appointment of a receiver or trustee of for all or a portion substantial part of the Demised Premises, or (f) its being adjudicated a bankrupt or insolvent, or (g) the entry of a court order without its consent, which order shall not be vacated or stayed within thirty (30) days from the date of entry, approving a petition filed against it for an arrangement in bankruptcy.
(b) Upon occurrence of any of the default events set out in sub-clause (a). Lessor shall give Lessee a written notice of the nature of the default. /s/ Xxxxxxx Xxxxx /s/ Xxxxx Xxxxx
(c) Upon receipt of the notice of default, the Lessee shall be entitled to remedy the default within a period of ten (10) days which shall be considered as the 'cure period' provided to the Lessee.
(d) Upon the expiry of the cure period as enumerated in the above section GTC 26 (c), the Lessor shall have the right then or at any time thereafter to give Lessee written notice of ten (10) days of Lessor's intent to terminate this lease. Lessee's right to possession of the demised premises shall cease and this lease shall thereupon terminate. Subject to the above, any notice to vacate or notice of Lessor's intention to re-enter is being hereby expressly waived by Lessee.
(e) The provisions of this Section GTC-26 of Exhibit 'A' shall apply notwithstanding the continued willingness and ability of Lessee to pay Rent and otherwise perform hereunder. The receipt by Lessor of payments of Rent, as such, accruing subsequent to the time of Lessee's or any such guarantor's property, or if Lessee or any such guarantor makes default under this Section GTC-26(e) of Exhibit 'A' and before Lessor has actual notice of the occurrence of an assignment for event of default under this Section GTC-26(e) of Exhibit 'A' shall not be deemed & waiver by Lessor of the benefit provisions of creditors, or petitions for this Section.
(f) If Lessor terminates this Lease or enters into an arrangement, or if Lessee shall abandon and takes possession of the Demised Premises or suffer this Lease pursuant to be taken under any writ of execution, then in any such event Lessee shall be in default hereunder, and Lessor, in addition to other rights of remedies it may have, shall have the immediate right of re-entry and may remove all persons and property from the Demised Premises and such property may be removed and stored in a public warehouse or elsewhere at the cost of, and for the account of Lessee, all without service of notice or resort to legal process and without being guilty of trespass, or becoming liable for any loss or damage which may be occasioned thereby.GTC-26
Appears in 1 contract
DEFAULT OF LESSEE. In the event of any failure of Lessee If lessee shall fail to pay any rental due hereunder within monthly installment of rent as aforesaid (although no legal or formal demand has been made therefor), or shall violate or fail to perform any the other conditions, covenants or agreements herein made by lessee, and such violation or failure shall continue for a period of ten (10) days after written notice thereof to lessee by lessor, (but no written notice to lessee is necessary in the event of failure to pay a monthly installment of rent), then and in any of said events this lease shall, at the option of lessor, cease and terminate and shall operate as a notice to quit, any notice to quit or of lessor's intention to re-enter being hereby expressly waived, and lessor may proceed to recover possession under and by virtue of the provisions of the laws of the State of Virginia, or by such other proceedings, including re-entry and possession, as may be applicable. If lessor elects to terminate this lease, everything herein contained on the part of the lessor to be done and performed shall cease without prejudice to the right of lessor to recover from lessee all rental accrued up to the time of termination of the term of this lease, the demised premises may be relet by lessor for such rent and upon such terms as are not unreasonable under the circumstances and, if the full rental hereinabove provided shall not be realized by lessor, lessee shall be liable for all damages sustained by lessor, including, without limitation, deficiency in rent, reasonable attorney's fees, brokerage fees, and expenses of placing the demised premises in first class rentable condition. Lessor shall not be required to so relet the demised premises, either pursuant to this lease or by any requirement of law or equity, to any person who, in lessor's sole judgment, shall not be of sound financial standing and ability, and possess good reputation, business judgment and operating ability, or for any use or purpose which, in lessor's judgment, shall not be the same shall be dueor substantially the same as the uses of the demised premises permitted under this lease, or any failure to perform any other shall not be in keeping with the caliber and quality of the termsbuilding and its other tenants. In addition, conditions if lessee shall have failed to move into or covenants take possession of this Lease to be observed or performed by Lessee for more than thirty the demised premises within fifteen (3015) days after written notice the commencement of such failure shall have been given to Lessee, or if Lessee or an agent of Lessee shall falsify any report required to be furnished to Lessor pursuant to the terms term of this Leaselease if the date fixed for such commencement shall be postponed as herein provided and to open the demised premises for business fully fixtured, or if Lessee or any guarantor of this Lease shall become bankrupt or insolvent, or file any debtor proceedings or any person shall take or have against Lessee or any guarantor of this Lease in any court pursuant to any statute either of stocked and staffed within the United States or of any state a petition in bankruptcy or insolvency or for reorganization or for the appointment of a receiver or trustee of all or a portion of Lessee's or any such guarantor's property, or if Lessee or any such guarantor makes an assignment for the benefit of creditors, or petitions for or enters into an arrangement, or if Lessee shall abandon the Demised Premises or suffer this Lease to be taken under any writ of executiontime herein provided, then in any such event Lessee the lessor shall be in default hereunder, and Lessorhave, in addition to any and all remedies herein provided, the right at its sole option and discretion to collect the minimum rent herein provided, for each and every day that the lessee shall fail to commence to do business as herein provided. Any damage or loss of rental sustained by lessor may be recovered by lessor at lessor's option, at the time of relocation in separate actions, from time to time, as said damage shall have been made more easily ascertainable by successive relettings, or, at lessor's option, may be deferred until the expiration of the term of this lease, in which event the cause of action shall not be deemed to have accrued until the date of expiration of said term. If lessor should commence any summary proceeding for non-payment of rent by lessee, lessee shall not interpose any counterclaim of any nature or description in any such proceeding. The provisions contained in this paragraph shall be in addition to and shall not prevent the enforcement of any claim lessor may have against lessee for anticipatory breach of the unexpired term of this lease. In the event that lessee continues to occupy the demised premises after the expiration of the term of this lease, with the express or implied consent of lessor, such tenancy shall be from month to month and shall not be renewal of the term of this lease or a tenancy from year to year. All rights and remedies of lessor under this lease shall be cumulative and shall not be exclusive of any other rights of and remedies it may have, shall have the immediate right of re-entry and may remove all persons and property from the Demised Premises and such property may be removed and stored in a public warehouse or elsewhere at the cost of, and for the account of Lessee, all without service of notice or resort provided to legal process and without being guilty of trespass, or becoming liable for any loss or damage which may be occasioned therebylessor under applicable law.
Appears in 1 contract
Samples: Office Lease Agreement (TRX Inc/Ga)
DEFAULT OF LESSEE. In the event of any failure of Lessee to pay any rental due hereunder within ten (10) days after the same shall be due, and after written notice thereof from Lessor, except if such notice is given two times in any twelve month period, then no notice shall be required by Lessor in the case of any additional occurrences during such twelve month period and default begins on the date, 10 days after any rental is due and not pad by Lessee or any failure to perform any other of the terms, conditions conditions, or covenants of this Lease to be observed or performed by Lessee for more than thirty (30) days after written notice of such failure shall have been given to Lessee, or if Lessee or an agent of Lessee shall falsify any report required to be furnished to Lessor pursuant to the terms of this Lease, or if Lessee or any guarantor of this Lease shall become bankrupt or insolvent, or file any debtor proceedings or any person shall take or have against Lessee or any guarantor of this Lease in any court pursuant to any statute either of the United States or of any state a petition in bankruptcy or insolvency or for reorganization or for the appointment of a receiver or trustee of all or a portion of Lessee's ’s or any such guarantor's ’s property, or if Lessee or any such guarantor makes an assignment for the benefit of creditors, or petitions for or enters into an arrangementarrangement with its creditors, or if Lessee shall abandon the Demised Premises or suffer this Lease to be taken under any writ of execution, then in any such event Lessee shall be in default hereunder, and Lessor, in addition to other rights of remedies it may have, shall have the immediate right of re-entry and may remove all persons and property from the Demised Premises and such property may be removed and stored in a public warehouse or elsewhere at the cost of, and for the account of Lessee, all without service of notice or resort to legal process and without being guilty of trespass, trespass or becoming liable for any loss or damage which may be occasioned thereby.
Appears in 1 contract
DEFAULT OF LESSEE. In the event of any failure of Lessee to pay any rental due hereunder within ten (10) days after the same shall be due, written notice or any failure to perform any other of the terms, conditions or covenants of this Lease to be observed or performed by Lessee for more than thirty (30) days after written notice of such failure shall have been given to Lessee, or if Lessee or an agent of Lessee shall falsify any report required to be furnished to Lessor pursuant to the terms of this Lease, or if Lessee or any guarantor of this Lease shall become bankrupt or insolvent, or file any debtor proceedings or any person shall take or have against Lessee or any guarantor of this Lease in any court pursuant to any statute statue either of the United States or of any state a petition in of bankruptcy or insolvency or for reorganization or for the appointment of a receiver or trustee of all or a portion of Lessee's or any such guarantor's property, or if Lessee or any such guarantor makes an assignment for the benefit of or creditors, or petitions for or enters into an arrangement, or if Lessee shall abandon the Demised Premises or suffer this Lease to be taken under any writ of execution, then in any such event Lessee shall be in default hereunder, and Lessor, in addition to other rights of remedies it may have, shall have the immediate right of or re-entry and may remove all persons and property from the Demised Premises and such property may be removed and stored in a public warehouse or elsewhere at the cost of, and for the account of Lessee, all without service of notice or resort to legal process and without being guilty of trespass, or becoming liable for any loss or damage which may be occasioned thereby.
Appears in 1 contract
DEFAULT OF LESSEE. In the event even of any failure of Lessee to pay any rental due hereunder within ten (10) days after the same shall be due, or any failure to perform any other of the terms, conditions or covenants of this Lease to be observed or performed by Lessee for more than thirty (30) days after written notice of such failure shall have been given to Lessee, or if Lessee or an agent of Lessee shall falsify any report required to be furnished to Lessor pursuant to the terms of this Lease, or if Lessee or any guarantor of this Lease shall become bankrupt or insolvent, or file any debtor proceedings or any person shall take or have against Lessee or any guarantor of this Lease in any court pursuant to any statute either of the United States or of any state a petition in bankruptcy or insolvency or for reorganization or for the appointment of a receiver or trustee of all or a portion of Lessee's or any such guarantor's property, or if Lessee or any such guarantor makes an assignment for the benefit of creditors, or petitions for or enters into an arrangement, or if Lessee shall abandon the Demised Premises or suffer this Lease to be taken under any writ of execution, then in any such event Lessee shall be in default hereunder, and Lessor, in addition to other their rights of remedies it may have, shall have the immediate right of re-entry and may remove all persons and property from the Demised Premises and such property may be removed and stored in a public warehouse or elsewhere at the cost of, and for the account of Lessee, all without service of notice or resort to legal process and without being guilty of trespass, or becoming liable for any loss or damage which may be occasioned thereby.
Appears in 1 contract
DEFAULT OF LESSEE. Failure to perform any act to be performed by Lessee hereunder or to comply with any condition or covenant contained herein shall be deemed a default by Lessee. In the event of any failure Lessee's default as provided above and the continuance of Lessee to pay any rental due hereunder within such a default after ten (10) days after written notice is given to Lessee by Lessor, which notice shall state with specificity the same nature of the default, such notice not be necessary in the event of a default due to the nonpayment of rent, Lessor may exercise all rights and remedies available to a Lessor under North Carolina law, including without limitation the following:
(i) Lessor may terminate this Lease, in which event Lessee shall be dueimmediately surrender the Lease Premises to Lessor, and if Lessee fails to surrender the Leased Premises, Lessor may, without prejudice to any other remedy which it may have for possession or arrearages in rent, enter upon and take possession of the Leased Premises, by picking or changing locks if necessary, and lock out, expel, or any failure to perform remove Lessee and any other person who may be occupying all or any part of the termsLeased Premises without being liable for prosecution of any claim for damages. Lessee shall pay Lessor on demand the amount of all loss and damage which Lessor may suffer by reason of the termination of the Lease under this subsection, conditions whether through inability to relet the Leased Premises on satisfactory terms or covenants of otherwise. Lessor shall not be considered to have terminated this Lease to be observed or performed by Lessee for more than thirty (30) days after unless written notice of such failure termination shall have been given delivered to Lessee;
(ii) Without terminating this Lease, enter upon and take possession of the Leased Premises, by picking or changing locks if necessary, and lock out, expel or remove Lessee and any other person who may be occupying all or an agent any part of the Leased Premises without being liable for any claim for damages, and relet the Leased Premises on behalf of Lessee and receive directly the rent by reason of the reletting. Lessee shall falsify pay Lessor on demand any report required deficiency that may arise by reason of any reletting of the Leased Premises; further, Lessee shall reimburse Lessor for any expenditures made by it for remodeling or repairing in order to be furnished relet the Leased Premises; or
(iii) Without terminating this Lease, enter upon the Leased Premises, by picking or changing locks if necessary, without being liable for prosecution of any claim for damages, and do whatever Lessee is obligated to Lessor pursuant to do under the terms of this Lease, or if with Lessee or any guarantor of this Lease shall become bankrupt or insolvent, or file any debtor proceedings or any person shall take or have against Lessee or any guarantor of this Lease in any court pursuant remaining liable to any statute either of the United States or of any state a petition in bankruptcy or insolvency or Lessor for reorganization or for the appointment of a receiver or trustee of all or a portion of Lessee's or any such guarantor's property, or if Lessee or any such guarantor makes an assignment for the benefit of creditors, or petitions for or enters into an arrangement, or if Lessee shall abandon the Demised Premises or suffer this Lease amounts payable to be taken under any writ of execution, then in any such event Lessee shall be in default hereunder, and Lessor, in addition to other rights of remedies it may have, shall have the immediate right of re-entry and may remove all persons and property from the Demised Premises and such property may be removed and stored in a public warehouse or elsewhere at the cost of, and for the account of Lessee, all without service of notice or resort to legal process and without being guilty of trespass, or becoming liable for any loss or damage which may be occasioned thereby.Lessor by
Appears in 1 contract
DEFAULT OF LESSEE. In the event of any failure of Lessee to pay any rental due hereunder within ten (10) days after the same shall be due, or any failure to perform any other of the terms, conditions or covenants of this Lease to be observed or performed by Lessee for more than thirty (30) days after written notice of such failure shall have been given to Lessee, or if Lessee or an agent of Lessee shall falsify any report required to be furnished to Lessor pursuant to the terms of this Lease, or if Lessee or any guarantor of this Lease shall become bankrupt or insolvent, or file any debtor proceedings or any person shall take or have against Lessee or any guarantor of this Lease in any court pursuant to any statute either of the United States or of any state a petition in bankruptcy or insolvency or for reorganization or for the appointment of a receiver or trustee of all or a portion of Lessee's or any such guarantor's property, or if Lessee or any such guarantor makes an assignment for the benefit of creditors, or petitions for or enters into an arrangementarrangement with its creditors, or if Lessee shall abandon the Demised Premises or suffer this Lease to be taken under any writ of execution, then in any such event Lessee shall be in default hereunder, and Lessor, in addition to other rights of remedies it may have, shall have the immediate right of re-entry and may remove all persons and property from the Demised Premises and such property may be removed and stored in a public warehouse or elsewhere at the cost of, and for the account of Lessee, all without service of notice or resort to legal process and without being guilty of trespass, or becoming liable for any loss or damage which may be occasioned thereby.
Appears in 1 contract
DEFAULT OF LESSEE. In the event of any failure of Lessee to pay any rental due hereunder within ten (10) days after the same shall be due, or any failure to perform any other of the terms, conditions or covenants of this Lease to be observed or performed by Lessee for more than thirty (30) days after written notice of such failure shall have been given to Lessee, or if Lessee or an agent of Lessee shall falsify any report required to be furnished to Lessor pursuant to the terms of this Lease, or if Lessee or any guarantor of this Lease shall become bankrupt or insolvent, or file any debtor proceedings or any person shall take or have against Lessee or any guarantor of this Lease in any court pursuant to any statute either of the United States or of any state a petition in bankruptcy or insolvency or for reorganization or for the appointment of a receiver or trustee of all or a portion of Lessee's or any such guarantor's property, or if Lessee or any such guarantor makes an assignment for the benefit of creditors, or petitions for or enters into an arrangement, or if Lessee shall abandon the Demised Premises or suffer this Lease to be taken under any writ of execution, then in any such event Lessee shall be in default hereunder, and Lessor, in addition to other their rights of or remedies it may have, shall have the immediate right of re-entry and may remove all persons and property from the Demised Premises and such property may be removed and stored in a public warehouse or elsewhere at the cost of, and for the account of Lessee, all without service of notice or resort to legal process and without being guilty of trespass, or becoming liable for any loss or damage which may be occasioned therebyas provided in Minnesota Statutes Chapter 566.
Appears in 1 contract
DEFAULT OF LESSEE. In the event of any failure of Lessee If lessee shall fail to pay any rental due hereunder within monthly installment of rent as aforesaid (although no legal or formal demand has been made therefor), or shall violate or fail to perform any of the other conditions, covenants or agreements herein made by lessee, and such violation or failure shall continue for a period of ten (10) days after written notice thereof to lessee by lessor, (but no written notice to lessee is necessary in the event of failure to pay a monthly installment of rent), then and in any of said events this lease shall, at the option of lessor, cease and terminate and shall operate as a notice to quit, any notice to quit or of lessor's intention to re-enter being hereby expressly waived, and lessor may proceed to recover possession under and by virtue of the provisions of the laws of the State of Virginia, or by such other proceedings, including re-entry and possession, as may be applicable. If lessor elects to terminate this lease, everything herein contained on the part of lessor to be done and performed shall cease without prejudice to the right of lessor to recover from lessee all rental accrued up to the time of termination of the term of this lease, the demised premises may be relet by lessor for such rent and upon such terms as are not unreasonable under the circumstances and, if the full rental hereinabove provided shall not be realized by lessor, lessee shall be liable for all damages sustained by lessor, including, without limitation, deficiency in rent, reasonable attorney's fees, brokerage fees, and expenses of placing the demised premises in first class rentable condition. Lessor shall not be required to so relet the demised premises, either pursuant to this lease or by any requirement of law or equity, to any person who, in lessor's sole judgment, shall not be of sound financial standing and ability, and possess good reputation, business judgment and operating ability, or for any use or purpose which, in lessor's judgment, shall not be the same shall be dueor substantially the same as the uses of the demised premises permitted under this lease, or any failure to perform any other shall not be in keeping with the caliber and quality of the termsbuilding and its other tenants. In addition, conditions if lessee shall have failed to move into or covenants take possession of this Lease to be observed or performed by Lessee for more than thirty the demised premises within fifteen (3015) days after written notice the commencement of such failure shall have been given to Lessee, or if Lessee or an agent of Lessee shall falsify any report required to be furnished to Lessor pursuant to the terms term of this Leaselease if the date fixed for such commencement shall be postponed as herein provided and to open the demised premises for business fully fixtured, or if Lessee or any guarantor of this Lease shall become bankrupt or insolvent, or file any debtor proceedings or any person shall take or have against Lessee or any guarantor of this Lease in any court pursuant to any statute either of stocked and staffed within the United States or of any state a petition in bankruptcy or insolvency or for reorganization or for the appointment of a receiver or trustee of all or a portion of Lessee's or any such guarantor's property, or if Lessee or any such guarantor makes an assignment for the benefit of creditors, or petitions for or enters into an arrangement, or if Lessee shall abandon the Demised Premises or suffer this Lease to be taken under any writ of executiontime herein provided, then in any such event Lessee the lessor shall be in default hereunder, and Lessorhave, in addition to any and all remedies herein provided, the right at its sole option and discretion to collect the minimum rent herein provided, for each and every day that the lessee shall fail to commence to do business as herein provided. Any damage or loss of rental sustained by lessor may be recovered by lessor at lessor's option, at the time of relocation in separate actions, from time to time, as said damage shall have been made more easily ascertainable by successive relettings, or, at lessor's option, may be deferred until the expiration of the term of this lease, in which event the cause of action shall not be deemed to have accrued until the date of expiration of said term. If lessor should commence any summary proceeding for non-payment of rent by lessee, lessee shall not interpose any counterclaim of any nature or description in any such proceeding. The provisions contained in this paragraph shall be in addition to and shall not prevent the enforcement of any claim lessor may have against lessee for anticipatory breach of the unexpired term of this lease. In the event that lessee continues to occupy the demised premises after the expiration of the term of this lease, with the express or implied consent of lessor, such tenancy shall be from month to month and shall not be renewal of the term of this lease or a tenancy from year to year. All rights and remedies of lessor under this lease shall be cumulative and shall not be exclusive of any other rights of and remedies it may have, shall have the immediate right of re-entry and may remove all persons and property from the Demised Premises and such property may be removed and stored in a public warehouse or elsewhere at the cost of, and for the account of Lessee, all without service of notice or resort provided to legal process and without being guilty of trespass, or becoming liable for any loss or damage which may be occasioned therebylessor under applicable law.
Appears in 1 contract
Samples: Office Lease Agreement (TRX Inc/Ga)
DEFAULT OF LESSEE. In the event of any failure of Lessee to pay any rental due hereunder within ten (10) days after the same shall be due, or any failure to perform any other of the terms, conditions or covenants of this Lease to be observed or performed by Lessee for more than thirty (30) days after written notice of such failure shall have been given to Lessee, or if Lessee or an agent of Lessee shall falsify any report required to be furnished to Lessor pursuant to the terms of this Lease, or if Lessee or any guarantor of this Lease shall become bankrupt or insolvent, or file any debtor proceedings or any person shall take or have against Lessee or any guarantor of this Lease in any court pursuant to any statute either of the United States or of any state a petition in bankruptcy or insolvency or for reorganization or for the appointment of a receiver or trustee of all or a portion of Lessee's ’s or any such guarantor's ’s property, or if Lessee or any such guarantor makes an assignment for the benefit of creditors, or petitions for or enters into an arrangement, or if Lessee shall abandon the Demised Premises or suffer this Lease to be taken under any writ of execution, then in any such event Lessee shall be in default hereunder, and Lessor, in addition to other their rights of or remedies it may have, shall have the immediate right of re-entry and may remove all persons and property from the Demised Premises and such property may be removed and stored in a public warehouse or elsewhere at the cost of, and for the account of Lessee, all without service of notice or resort to legal process and without being guilty of trespass, or becoming liable for any loss or damage which may be occasioned therebyas provided in Minnesota Statutes Chapter 566.
Appears in 1 contract
DEFAULT OF LESSEE. In Any of the event following events shall be a default of Lessee:
(a) Lessee's default in the payment on the due date of the Basic Rents and/or additional rents and/or any failure other payment required of Lessee by this Lease, unless Lessee shall cure such default within five (5) days after the due date of such Basic Rent (except that once each Lease Year the due date shall be extended to pay any rental due hereunder within ten (10) days after so as to be consistent with the same shall be due, or one time extension for late payment granted at Paragraph 3(D) above) and/or Additional Rent and/or other payment required of Lessee hereunder; (b) Lessee's default in the performance of any failure to perform any other of the terms, conditions or other covenants of Lessee or conditions of this Lease to be observed or performed by Lease, unless Lessee for more than thirty shall cure such default within twenty (3020) days after written notice of such failure shall have been default given to Lessee, by Lessor (or if any such default is of such nature that it cannot be completely cured within such period, then unless Lessee or an agent shall commence such curing within twenty (20) days after written notice of such default given by Lessor and shall thereafter proceed with reasonable due diligence and in good faith to cure such default and shall succeed in curing such default within a reasonable period of time, and provided that the existence of such default for more than twenty (20) days does not, in Lessor's reasonable judgment, itself result in substantial damages to Lessor and place Lessor in risk of substantial damage by such additional time to cure such default); (c) insolvency of Lessee shall falsify any report required to be furnished to Lessor pursuant to the terms as set forth in Paragraph 11 of this Lease, ; (d) the sale or if Lessee attempted sale by or any guarantor of this Lease shall become bankrupt under execution or insolvent, or file any debtor proceedings or any person shall take or have against Lessee or any guarantor of this Lease in any court pursuant to any statute either of the United States or of any state a petition in bankruptcy or insolvency or for reorganization or for the appointment of a receiver or trustee of all or a portion other legal process of Lessee's or any such guarantorleasehold interest hereunder and/or substantially all of Lessee's propertyother assets; (e) the initiation of legal proceedings to effect, or if Lessee resulting in, the seizure, sequestering or impounding of any such guarantor makes an assignment for the benefit of creditorsLessee's goods or chattels used in, or petitions for incident to, the operation of the Premises by Lessee; (f) assignment by operation of law of Lessee's leasehold interest hereunder; (g) any attempt by Lessee to assign the within Lease or enters into an arrangement, or if Lessee shall abandon sublet the Demised Premises or suffer without the express prior written consent of the Lessor other than as permitted in this Lease to be taken under any writ of execution, then in any such event Lessee shall be in default hereunder, and Lessor, in addition to other rights of remedies it may have, shall have the immediate right of re-entry and may remove all persons and property from the Demised Premises and such property may be removed and stored in a public warehouse or elsewhere at the cost of, and for the account of Lessee, all without service of notice or resort to legal process and without being guilty of trespass, or becoming liable for any loss or damage which may be occasioned therebyLease.
Appears in 1 contract
DEFAULT OF LESSEE. In the event All rights and remedies of Lessor herein enumerated shall be cumulative and are not intended to be exclusive of any other remedies or means of redress to which Lessor may be lawfully entitled in case of any breach or threatened breach of Lessee of any provision of this Lease. The failure of Lessee Lessor to pay insist in any rental due hereunder within ten (10) days after one or more cases upon the same shall be due, or strict performance of any failure to perform any other of the terms, conditions or covenants of this Lease or to exercise any option herein contained shall not be observed construed as a waiver or performed by Lessee relinquishment for more than thirty (30) days after written notice the future of such failure covenant or option. A receipt by Lessor of rent with knowledge of the breach of any covenant hereof (other than breach of the obligation to pay the portion of such rent paid) shall have been given to Lesseenot be deemed a waiver of such breach, or if Lessee or an agent and no waiver by Lessor of Lessee shall falsify any report required to be furnished to Lessor pursuant to the terms of this Lease, or if Lessee or any guarantor provisions of this Lease shall become bankrupt be deemed to have been made unless expressed in writing and signed by Lessor. In addition to other remedies in this Lease provided, Lessor shall be entitled to the restraint by injunction of the violation or insolventattempted or threatened violation of the covenants, or file any debtor proceedings or any person shall take or have against Lessee or any guarantor conditions and provisions of this Lease. Subject to laws relating to bankruptcy, if, during the term of this Lease in any court pursuant to any statute either of the United States or of any state a petition in bankruptcy or insolvency or for reorganization or for the appointment of a receiver or trustee of all or a portion of Lessee's or any such guarantor's propertyrenewal term, or if (i) Lessee or any such guarantor makes shall make an assignment for the benefit of creditors, or petitions (ii) a voluntary petition be filed by Lessee under any law having for its purpose the adjudication of Lessee a bankrupt, or enters into Lessee be adjudged a bankrupt pursuant to an arrangementinvoluntary petition in bankruptcy, or (iii) a receiver be appointed for the property of Lessee by reason of the insolvency of Lessee, or (iv) any department of the State or Federal government, or any officer thereof, duly authorized, shall take possession of the business or property of Lessee by reason of the insolvency of Lessee, the occurrence of any of such contingencies shall be deemed a breach of this Lease and this Lease shall ipso facto upon the happening of any of said contingencies be terminated and the same shall expire as fully and completely as if the day fixed for the expiration of the initial term of this Lease or any renewal term. as the case may be, had occurred, and Lessee will then quit and surrender the Premises, but Lessee shall remain liable as hereinafter provided. As used in this paragraph, the term "Lessee" shall also mean any guarantor of Lessee's obligations under this Lease. If, during the initial term of this Lease or any renewal term, (i) Lessee shall default in fulfilling any of the covenants, obligations, or agreements of this Lease (other than the covenants for the payment of rent payable by Lessee hereunder), or (ii) this Lease, without the prior written consent of Lessor or except as expressly permitted, shall be assigned, pledged, mortgaged, transferred, or sublet in any manner, Lessor may give Lessee notice of such default or the happening of any contingency in this paragraph referred to and, if at the expiration of thirty (30) days after service of such notice the default or contingency upon which said notice was based shall continue to exist, or in the event of a default or contingency which cannot with due diligence be cured within a period of thirty (30) days, if Lessee fails to proceed promptly after the service of said notice and with all due diligence to commence to cure the same and thereafter to prosecute the curing of such default with all due diligence (it being intended that in connection with a default not susceptible of being cured with diligence within thirty [30] days, the time within which Lessee is to cure the same shall be extended for such period as may be necessary to complete the same with all due diligence), Lessor, at its option, may terminate this Lease and upon such termination Lessee will quit and surrender the Premises to Lessor but Lessee shall remain liable as hereinafter provided. If Lessee defaults in any payment of the rent expressly reserved hereunder, or any part of the same and such default shall continue for ten (10) days after written notice thereof by Lessor, or if Lessee shall abandon make default in the Demised Premises payment of any item or suffer any charge required to be paid by Lessee hereunder, or any part of the same and such default shall continue for ten (10) days after written notice thereof by Lessor, Lessor or Lessor's agent or servant may immediately or at any time thereafter terminate this Lease, and upon such termination for failure to pay such rent, item, or charge, or if this Lease shall terminate by reason of the insolvency of Lessee, as set forth above, Lessor or Lessor's agent or servant may re-enter the Premises and remove all persons and all or any property therefrom, either by summary dispossess proceedings, or by any suitable action or proceeding at law or by force or otherwise, without being liable to be taken under any writ of executionindictment, then in any prosecution, or damage therefor and repossess and enjoy the Premises, together with all additions, alterations and improvements, without such event Lessee shall be in default hereunder, and Lessor, in addition to other rights of remedies it may have, shall have the immediate right of re-entry and may remove all persons repossession working a forfeiture or waiver of the rents to be paid and property the covenants to be performed by Lessee during the full term of this Lease. Upon termination of this Lease or expiration of Lessee's right to occupy the Premises by reason of the happening of any of the foregoing events, or in any other manner or circumstances whatsoever, whether with or without legal proceedings, by reason of or based upon or arising out of a default or breach of this Lease on the part of Lessee, Lessor may. at its option, at any time and from time to time relet the Demised Premises and such property may be removed and stored in a public warehouse or elsewhere at the cost ofany part or parts thereof, and for the account of Lessee or otherwise, and receive and collect the rent therefor, applying the same first to the payment of such expenses as Lessor may have incurred in recovering possession of the Premises, including attorney's fees and expenses for putting the same into good order and condition or preparing or altering the same for re-rental to the extent Lessor deems necessary or desirable and all other expenses, commissions and charges paid, assumed or incurred by Lessor in or about reletting the Premises and then to the fulfillment of the covenants of Lessee hereunder. Any such reletting herein provided for may be for the remainder of the initial term or any exercised renewal term of this Lease, as originally granted, or for a longer or shorter period; Lessor shall have the right to change the character and use made of the Premises, and Lessor shall not be required to accept any substitute tenant offered by Lessee or to observe any instructions given by Lessee about reletting. In any such case, and whether or not the Premises or any part thereof be relet, Lessee shall pay to Lessor the Base Rent and all Additional Rent and other charges required to be paid by Lessee up to the later of the time of such termination of the Lease or of such recovery of possession of the Premises by Lessor, as the case may be, and thereafter, except in a case in which liability of Lessee as hereinafter provided, arises by reason of the happening of the insolvency of Lessee, Lessee covenants and agrees, if required by Lessor, to pay to Lessor (monthly) until the end of the term of this Lease, including any exercised renewal term, the equivalent of the amount of all without service rent reserved hereunder, and all other charges required to be paid by Lessee, less the net proceeds of notice or resort to legal process reletting, if any. Lessor shall have the election at any time in place of and without being guilty instead of trespass, or becoming holding Lessee so liable for subsequent periods forthwith to recover against Lessee as damages for loss of the bargain and not as a penalty, an aggregate sum which at such time represents the then present worth of the excess, if any, of the aggregate of the rent and all other charges payable by Lessee hereunder that would have accrued for the balance of the term, including any exercised renewal term, over the then present worth of the fair market rents and all other charges (less the costs of anticipated leasing commissions and tenant improvements) for the Premises for the balance of such term. If this Lease shall terminate by reason of the bankruptcy or insolvency of Lessee, as above set forth, Lessor shall be entitled, notwithstanding any other provisions of this Lease or any present or future law, to recover from Lessee or Lessee's estate (in lieu of the equivalent of the amount of all rent unpaid at the time of such termination) as damages for loss of the bargain, and not as a penalty, an aggregate sum which, at the time of such termination of this Lease, represents the excess, if any, of the then present worth of the aggregate of the rent and other charges payable by Lessee hereunder that would have accrued for the balance of the term including any exercised renewal term, over the then present worth of the fair market rents and all other charges for the Premises for the balance of the term including any exercised renewal term, unless any statute or damage rule of law governing the proceedings in which such damages are to be proved shall limit the amount of such claim capable of being so proved. In such case, Lessor shall be entitled to prove, as and for liquidated damages, by reason of such breach and termination of this Lease, the maximum amount which may be occasioned therebyallowed by or under such statute or rule of law. Nothing herein contained shall limit or prejudice Lessor's right to prove and obtain as liquidated damages arising out of such breach or termination the maximum amount allowed by any such statute or rule of law which may govern the proceedings in which such damages are to be proved whether or not such amount be greater, equal to, or less than the amount of the excess of the then present worth of the rent and all other charges reserved herein over the then present worth of the fair market rents and all other charges referred to above. Lessee shall pay, upon demand, all of Lessor's costs, charges and expenses, including reasonable attorney's fees and fees of agents and others retained by Lessor, incident to the enforcement of Lessee's obligations hereunder or incurred by Lessor in any litigation, negotiation or transaction in which Lessee causes Lessor without Lessor's fault to become involved or concerned, including a fee of Ten and 00/100 Dollars ($10.00) for any default notice given by Lessor to Lessee.
Appears in 1 contract
DEFAULT OF LESSEE. In (a a) It is mutually agreed that in the event the Lessee shall default in the payment of Base or Additional Rent herein reserved, when due and fails to cure such default within five (5) days after written notice of default from Lessor; or if Lessee shall be in default in performing any failure of Lessee the terms or provisions of this Lease other than the provisions requiring the payment of Rent, and fails to pay any rental due hereunder cure such default within ten (10) days after the same shall be duedate of receipt of written notice of default from Lessor if such default is monetary or thirty (30) days written notice if such default is non-monetary; or if Lessee permanently vacates or abandons the Premises; or if Lessee is adjudicated bankrupt; or if a permanent receiver is appointed for Lessee's property; or if, whether voluntarily or involuntarily, Lessee takes advantage of any debtor relief proceedings under any present or future law, whereby the rent or any part thereof is, or any failure is proposed to be, reduced or payment thereof deferred; or if Lessee makes an assignment for benefits of creditors; or if Lessee's assets should be levied upon or attached under process against Lessee, and is not satisfied or dissolved within thirty (30) days after written notice from Lessor to Lessee to obtain satisfaction thereof; or Lessee fails to observe or perform any other of the termscovenants, conditions or covenants provisions of this Lease to be observed or performed by Lessee Lessee, other than as described in this paragraph, where such failure shall continue for more than a period of thirty (30) days after written notice thereof by Lessor to Lessee; then, and in the event of any such default or breach by Lessee, Lessor may at any time thereafter, in its sole discretion, with or without notice or demand and without limiting Lessor in the exercise of a right or remedy which Lessor may have by reason of such failure default or breach:
(i) Terminate Lessee's right to possession of the Premises by any lawful means, in which case this Lease shall terminate and Lessee shall immediately surrender possession of the Premises to Lessor. Upon such termination by Lessor, Lessee will at once surrender possession of the Premises to lessor and remove of all Lessee's effects therefrom which Lessee is authorized hereunder to remove; and Lessor may forthwith re-enter the Premises and repossess himself thereof, and remove all persons and effects therefrom, using such force as may be reasonably necessary, and no such act shall render Lessor guilty of trespass, forcible entry or detainer or other tort. In such event, Lessor shall be entitled to recover from Lessee all damages incurred by Lessor by reason of Lessee's default including, but not limited to, the cost of recovering possession of the Premises; expenses of reletting, including necessary renovation and alteration of the Premises; past due Rent, reasonable attorney's fees and court costs; the value at the time of award by the court having jurisdiction thereof of the amount by which the unpaid Rent and other charges called for herein for the balance of the term after the time of such award exceeds the amount of such loss for the same period that Lessee proves could be reasonably avoided; and that portion of any leasing commission paid by Lessor applicable to the unexpired term of this Lease; or
(ii) Maintain Lessee's right to possession, in which case this Lease shall continue in effect whether or not Lessee shall have been given abandoned the Premises; and in such event Lessor shall be entitled to Lesseeenforce all of Lessor's rights and remedies under this Lease, including the right to recover the Rent and any other charges as may become due hereunder or to obtain specific performance, injunctive relief or other equitable relief necessary to require lessee to fulfill all of its obligation and duties set forth herein; or
(iii) Declare the, balance of the entire Rent for the remainder of the term of this Lease to be immediately due and payable, and then proceed immediately to collect the unpaid rent called for by this Lease by distress or otherwise.
(iv) Pursue any other remedy now or hereafter available to Lessor under the laws or judicial decisions of Florida. Nothing herein contained shall be construed as precluding Lessor from having such remedy as may become necessary in order to preserve Lessor's right or the interest of Lessor in the Premises and in this Lease, even before the expiration of the grace or notice periods provided for in this Lease, if under particular circumstances then existing the allowance of such grace or the giving of such notice will prejudice or will endanger the rights and estate of Lessor in this Lease or in the Premises. All rights and remedies granted in this Lease to Lessor or available at law shall be cumulative and not mutually exclusive. Lessee hereby pledges and assigns to Lessor as security for payment of any and all Rent or other sums or amounts provided for herein, all of the furniture, fixtures, equipment, goods and chattels of Lessee which shall or may be brought or put on or into the Premises, and Lessee agrees that said lien may be enforced by distress, foreclosure or otherwise, at Lessor's election. Lessee expressly waives and renounces any and all exemption rights it may now or hereafter acquire under or by virtue of the constitution and laws of the State of Florida or of any other state, or if Lessee of the United States, as against the payment of said Rent or an agent of Lessee shall falsify any report required to be furnished to Lessor pursuant to other obligation or damage that may accrue under the terms of this Lease, or if Lessee or any guarantor of . Any notice provided in this Lease shall become bankrupt or insolvent, or file any debtor proceedings or any person shall take or have against Lessee or any guarantor of this Lease in any court pursuant to any statute either of the United States or of any state a petition in bankruptcy or insolvency or for reorganization or for the appointment of a receiver or trustee of all or a portion of Lessee's or any such guarantor's property, or if Lessee or any such guarantor makes an assignment for the benefit of creditors, or petitions for or enters into an arrangement, or if Lessee shall abandon the Demised Premises or suffer this Lease to be taken under any writ of execution, then in any such event Lessee shall be in default hereunder, and Lessor, in addition to other rights of remedies it may have, shall have the immediate right of re-entry and may remove all persons and property from the Demised Premises and such property paragraph may be removed and stored in a public warehouse given either by Lessor or elsewhere at the cost of, and for the account of Lessee, all without service of notice or resort to legal process and without being guilty of trespass, or becoming liable for any loss or damage which may be occasioned therebyits attorney.
Appears in 1 contract
DEFAULT OF LESSEE. In (a) Upon the event occurrence of any failure of Lessee to pay any rental due hereunder within ten the following events:
(10i) days after if the same shall be dueinstallments of rent, or any failure to perform of them, or any other part thereof shall not be paid promptly upon the date on which the same become or became due and payable as herein provided, and any such default shall continue for a period of twenty (20) days, or
(ii) if default shall be made in the due observance or performance of any of the terms, conditions or other covenants and agreements herein contained on the part of this Lease the Lessee to be observed or performed by Lessee kept, observed, and performed, and any such default shall continue for more than a period of thirty (30) days after written notice of such failure shall have thereof has been given by the Lessor to the Lessee, or without the Lessee having initiated steps within such period in good faith to cure the same and proceeding thereafter with all due diligence to complete same, or
(iii) if Lessee or an agent of the Lessee shall falsify any report required to be furnished to Lessor pursuant to vacate or abandon the property in breach of terms and conditions of this Lease, or
(iv) the failure of any representation or if warranty of Lessee or any guarantor of this Lease shall become bankrupt or insolventto be true and accurate, or file any debtor proceedings or any person shall take or the Lessor will have against the option thereafter to give the Lessee or any guarantor of this Lease in any court pursuant to any statute either notice of the United States Lessor's intention to terminate the right of the Lessee to occupy the property and to re-enter the property on a date to be stated in such notice, which date shall not be less than fifteen (15) days after the giving of such notice, and on the date specified in said notice, the right of the Lessee to occupy the property shall end. The termination of the right of the Lessee to occupy the property and any re-entry by the Lessor as a result of the same shall not relieve the Lessee of its obligation to pay the rent or to perform and observe all the terms and conditions of any state a petition in bankruptcy or insolvency or for reorganization or for the appointment of a receiver or trustee of all or a portion of Lessee's or any such guarantor's property, or if Lessee or any such guarantor makes an assignment for the benefit of creditors, or petitions for or enters into an arrangement, or if Lessee shall abandon the Demised Premises or suffer this Lease to be taken under performed and observed by the Lessee during the term of this Lease or any writ renewals thereof.
(b) If the Lessee's right to occupy the property for any of executionthe causes aforesaid is Exhibit 10.15 terminated, then in any such event the Lessor shall make every reasonable effort to re-let the premises, and if the Lessor re-lets the property, the Lessee shall continue to be and remain liable for the difference between the rent and other payments which would have been payable by the Lessee during the balance of the term of this Lease, as provided for herein if the Lessee had continued in default hereunderpossession, and Lessor, the net rent for the balance of said term realized by the Lessor upon re-letting in addition good faith to other rights of remedies it may have, shall have the immediate right of re-entry and may remove all persons and property from the Demised Premises and such property may be removed and stored in a public warehouse or elsewhere at the cost of, parties and for the account best rent obtainable, and the Lessee shall pay the amount of Lesseesuch difference to the Lessor. Such net rent will be determined by deducting from the entire rent received or to be received during the remainder of the Lease upon such re-letting, the expenses, if any, incurred in good faith by the Lessor for necessary upkeep and repairs in connection with the property and all without service expenses reasonably incurred in recovering possession of notice or resort to legal process the property, including all costs and without being guilty commissions of trespasssuch re- letting and reasonable attorney's fees in connection with such terminating, or becoming liable for any loss or damage which recovering, possession, and re-letting the property. If the Lessor re-lets the property as authorized herein, such re-letting may be occasioned therebyfor such period of time, even if beyond the term of this Lease, as the Lessors may find reasonably necessary, and the Lessor may grant concessions to a Lessee in such re-letting as may be reasonable and necessary, provided the same shall be granted in good faith.
Appears in 1 contract
Samples: Lease Indenture (Discas Inc)
DEFAULT OF LESSEE. In (a) The occurrence of any of the following shall be deemed an "event of any default":
(i) the failure of Lessee to pay any rental due monthly installment of Monthly Base Rent or any other Rent as reserved hereunder within when and as the same are due, although no legal or formal demand shall have been made therefor;
(ii) the violation or failure to perform any of the other conditions, covenants or agreements herein made or imposed upon Lessee, which violation or failure shall continue for a period of ten (10) days after written notice thereof to Lessee from Lessor; provided that, except as otherwise set forth herein, for any default which cannot reasonably be cured within said ten (10) day period, the same cure period therefor shall be dueextended for such time as is reasonably necessary to effect a cure of such default (but in no event beyond sixty (60) days after delivery of notice of such default with regard to any intentional or willful default by Lessee hereunder), on the conditions that Lessee immediately commences and diligently pursues such cure to completion, and that, promptly upon determining that the aforesaid ten (10) day cure period is inadequate, Lessee shall deliver notice to Lessor of the steps being taken to cure such default and the amount of time reasonably estimated by Lessee to effect such cure. Notwithstanding anything herein contained, the
(iii) if Lessee becomes "insolvent," as defined in Title 11 of the United States Code, entitled "Bankruptcy," 11 U.S.C. Section 101, et seq. (the "Bankruptcy Code"), or under the insolvency laws of any failure to perform any other State, District, Commonwealth or Territory of the termsUnited States of America ("Insolvency Laws");
(iv) if a receiver or custodian is appointed for any or all of Lessee's property or assets, conditions or covenants if there is instituted a foreclosure action on any of this Lease to be observed Lessee's property;
(v) if Lessee files a voluntary petition under the Bankruptcy Code or performed by any Insolvency Laws;
(vi) there is filed an involuntary petition against Lessee for more than as the subject debtor under Bankruptcy Code or any Insolvency Laws, which such petition is not dismissed within thirty (30) days after written notice of such failure shall have been given to Lessee, filing or results in issuance of an order for relief against the Lessee as debtor;
(vii) if Lessee makes or an agent of Lessee shall falsify any report required consents to be furnished to Lessor pursuant to the terms of this Lease, or if Lessee or any guarantor of this Lease shall become bankrupt or insolvent, or file any debtor proceedings or any person shall take or have against Lessee or any guarantor of this Lease in any court pursuant to any statute either of the United States or of any state a petition in bankruptcy or insolvency or for reorganization or for the appointment of a receiver or trustee of all or a portion of Lessee's or any such guarantor's property, or if Lessee or any such guarantor makes an assignment of its assets, in whole or in part, for the benefit of creditors, or petitions for or enters into an arrangement, or if Lessee shall abandon a common law composition of creditors; or
(viii) the Demised Premises or suffer this Lease to be taken under any writ of execution, then in any such event Lessee shall be in default hereunder, and Lessor, in addition to other rights of remedies it may have, shall have the immediate right of re-entry and may remove all persons and property from the Demised Premises and such property may be removed and stored in a public warehouse or elsewhere at the cost of, and for the account of Lessee, all without service of notice or resort to legal process and without being guilty of trespass, or becoming liable for any loss or damage which may be occasioned thereby.abandoned (i.
Appears in 1 contract
DEFAULT OF LESSEE. In Any one or more of the event following events shall constitute events of any default;
(i) The LESSEE'S failure to make payment of Lessee to pay any rental due hereunder within ten (10) days after rent when the same shall be due, or any due and payable;
(ii) The LESSEE'S failure to perform any other of the termsother covenants, conditions or covenants agreements imposed upon the LESSEE under this Agreement and the continuance of this Lease to be observed or performed by Lessee such failure without the curing of same for more than thirty a period of fifteen (3015) days after written mailing or delivery to the LESSEE of notice in writing from the LESSOR specifying the nature of such failure failure;
(iii) If the LESSEE shall have been given to Lesseebe adjudicated as bankrupt, or if Lessee a receiver or an agent of Lessee trustee shall falsify any report required to be furnished to Lessor pursuant to appointed for the terms of this LeaseLESSEE's property and affairs, or if Lessee they or any guarantor of this Lease them shall become bankrupt make an assignment for the benefit of creditors or insolvent, or shall voluntarily file any debtor proceedings or any person shall take or have against Lessee or any guarantor of this Lease in any court pursuant to any statute either of the United States or of any state a petition in bankruptcy or insolvency or for reorganization or shall make application for the appointment of a receiver and such adjudication, appointment, assignment of petition shall not be set aside, vacated or trustee discharged within One Hundred Twenty (120) days after the issuance of the same;
(iv) The levy or execution, attachment or other taking of the LESSEE's assets which are on the Premises or the leasehold interest of the LESSEE hereunder, by process of law or otherwise in satisfaction of any judgment, debt or claim;
(v) The abandonment of the Premises, or
(vi) The termination for any reason of the Transfer Agent Services Agreement of even date herewith between the LESSOR and the LESSEE. Upon the occurrence of any of the above events of default, the LESSOR may, at the LESSOR's option, give the LESSEE written notice of the LESSOR's election to end the term of this Agreement upon a date specified in such notice, which date shall be not less than five (5) days after the date of delivery or mailing by the LESSOR of such notice. On the date specified in said notice, the term and estate hereby vested in the LESSEE shall cease and any and all other right, title and interest of the LESSEE hereunder shall likewise cease without further notice or a portion lapse of Lessee's time as fully and with like effect as if the entire term of this Agreement had expired; provided, however, that the LESSEE shall continue to be liable to the LESSOR as hereinafter provided. Upon termination of this Agreement, the LESSEE shall return to the LESSOR all of the Leased Equipment and shall not retain any copies of the Software. Upon any termination of the term of this Agreement pursuant to this Section, or at any time thereafter, the LESSOR may exercise and pursue any and all rights and remedies the LESSOR shall have at law or in equity. In addition, and without prejudice to any other rights and remedies the LESSOR shall have at law or in equity, the LESSOR may re-enter the Premises and dispossess any or all occupants of the Premises in the manner prescribed by law, and the LESSEE in such case shall remain liable to the LESSOR as hereinafter provided. In case of any such default, re-entry, expiration and/or dispossession;
(i) The LESSOR shall retain all rental paid up to the time of such re-entry, expiration and/or dispossession; and
(ii) The LESSOR may, at its sole option, relet the Premises and/or the Leased Equipment or any part hereof, either in the name of the LESSOR or otherwise, for a term or terms which may, at the LESSOR's option, be less than or exceed the period which would otherwise have constituted the balance of the term of this Agreement and retain all rental payments received for such guarantorterm or terms.
(iii) The LESSEE shall also pay to the LESSOR as liquidated damages for the failure of LESSEE to observe and perform LESSEE's propertycovenants herein contained the deficiency, if any, between the rents hereby reserved and covenanted to be paid and the amount of the rents collected on account of the reletting of the Premises or if Lessee the Leased Equipment for each month of the period which would otherwise have constituted the balance of the term of this Agreement. In computing such liquidated damages there shall be added to the said deficiency such sums as are required to pay reasonable expenses the LESSOR may incur in connection with reletting, such as brokerage fees, attorney's fees and preparation for reletting. If such reletting is for a period equal to or in excess of the balance of the term of this Agreement, any such guarantor makes an assignment liquidated damages shall be due and payable upon the date the Premises and/or Leased Equipment are relet, otherwise payment shall be made in monthly installments by LESSEE on the rent date specified in this Agreement. Any suit brought for the benefit of creditors, or petitions for or enters into an arrangement, or if Lessee any month shall abandon the Demised Premises or suffer this Lease to be taken under any writ of execution, then not prejudice in any such event Lessee shall be in default hereunder, and Lessor, in addition to other way the rights of remedies it may havethe LESSOR to collect the deficiency month by a similar proceeding. If the institution of suit is necessary to enforce the LESSOR's right to collect liquidated damages, the LESSOR shall have the immediate right of re-entry and may remove all persons and property from option to institute suit, (a) when the Demised Premises and and/or Leased Equipment are relet, (b) as such property may be removed and stored in a public warehouse damages accrue, (c) periodically for such accrued liquidated damages at such intervals as it shall desire, or elsewhere at (d) on the cost of, and date fixed herein for the account expiration of Lessee, all without service of notice or resort to legal process and without being guilty of trespass, or becoming liable for any loss or damage which may be occasioned therebythe lease term.
Appears in 1 contract
Samples: Transfer Agent Services Agreement (Grandview Investment Trust)
DEFAULT OF LESSEE. In 12.01 If Lessee shall default in the event payment of the rent reserved herein, or in the payment of any failure item of Lessee to pay any rental additional rent or other monies due hereunder within or any part of same, then this Lease and the term hereof shall, at the option and election of the Lessor, wholly cease and terminate upon three (3) days written notice.
12.02 If Lessee shall violate or default any of the other covenants, agreements, stipulations, or conditions herein, and such violation or default shall continue for a period of ten (10) days after the same shall be due, or any failure to perform any other of the terms, conditions or covenants of this Lease to be observed or performed by Lessee for more than thirty (30) days after written notice of such failure violation or default shall have been given by Lessor to Lessee, then it shall be optional for Lessor to declare this Lease forfeited and the said term ended.
12.03 If Lessor shall declare this Lease forfeited and terminated as provided for in the preceding paragraphs, the Lessor may at Lessor's option, terminate and end this Lease and re-enter upon the property, whereupon the term thereby granted, and at the Lessor's option, all right, title and interest in or if under it shall end and Lessee becomes a tenant at sufferance or an agent else said Lessor may at Lessor's option, elect to declare the entire rent for the balance of Lessee the term or any part thereof, due and payable forthwith, and may proceed to collect the same either by distress or otherwise, and thereupon said term shall falsify terminate at the option of the Lessor, or else the said Lessor may take possession of the premises and rent the same for the account of the Lessee, the exercise of any report required of which options herein contained shall not be deemed the exclusive Lessor's remedy. The expression entire rent for the balance of the term as used herein, shall mean all of the rent for prescribed to be furnished to paid by the Lessee unto the Lessor for the full term of this Lease, less however, any payments that have been made on account of and pursuant to the terms of said Lease.
12.04 Neither this Lease, nor any interest therein, nor any estate thereby created shall pass to any trustee or receiver of assignee for the benefit of creditors or otherwise by operation of law. In the event the estate created hereby shall be taken in execution or by other process of law or if Lessee shall be adjudicated insolvent or bankrupt pursuant to provisions of any guarantor state or federal insolvency or bankruptcy act or if a receiver or trustee of the property of Lessee shall be appointed by reason of Lessee's insolvency or inability to pay its debts or if any assignment shall be made of Lessee's property for the benefit of creditors or if any reorganization preceding under the federal laws be instituted by or filed against Lessee, then and in any of such events, Lessor may, at its option, terminate this Lease and all rights of Lessee herein by giving to Lessee notice in writing of the election of Lessor so to terminate. Lessee shall become bankrupt not cause or insolventgive cause for the institution of legal proceedings seeking to have Lessee adjudicated bankrupt, reorganized, or file any debtor proceedings or any person shall take or have against Lessee or any guarantor of this Lease in any court pursuant to any statute either rearranged under the bankruptcy laws of the United States States, and shall not cause or of any state a petition in bankruptcy or insolvency or for reorganization or give cause for the appointment of a receiver or trustee of all or a portion of receiver for Lessee's or any such guarantor's property, or if Lessee or any such guarantor makes assets and shall not make an assignment for the benefit of creditors, creditors or petitions become or be adjudicated insolvent. The allowance of any petition or the appointment of a trustee or receiver is vacated within thirty (30) days after such allowance or appointment.
12.05 Lessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Lessee being evicted or dispossessed for any cause or enters into an arrangement, in the event of Lessor obtaining possession of the leased premises by reason of the violation by Lessee of any of the covenants or if Lessee shall abandon the Demised Premises or suffer conditions of this Lease to be taken under any writ of execution, then in any such event Lessee shall be in default hereunder, and Lessor, in addition to other rights of remedies it may have, shall have the immediate right of re-entry and may remove all persons and property from the Demised Premises and such property may be removed and stored in a public warehouse or elsewhere at the cost of, and for the account of Lessee, all without service of notice or resort to legal process and without being guilty of trespass, or becoming liable for any loss or damage which may be occasioned therebyotherwise.
Appears in 1 contract
DEFAULT OF LESSEE. In the event (a) The following events shall be a default ("default") of any failure Lessee under this Lease:
(i) Failure of Lessee to pay when due Rent and any rental sums, charges, expenses and costs of any kind or nature identified in this Lease as Reimbursements, where such failure to pay shall continue for a period of ten (10) days the from the date the Rent Reimbursements shall be due hereunder within and payable; or
(ii) Failure of Lessee to perform, observe, or comply with any term, covenant, condition, agreement or provision of this Lease to be performed, observed or complied with by Lessee, other than as set forth in GTC-26(a)(i) above, where such failure shall continue for a period of ten (10) days after written notice thereof has been delivered by Lessor to Lessee at the same shall be dueDemised Premises; or
(iii) The taking of this Lease or the Demised Premises, or any failure part thereof, upon execution or by other process of law directed against Lessee, or upon or subject to perform any other attachment at the instance of the termsany creditor of or claimant against Lessee, conditions which shall not be discharged or covenants disposed of this Lease to be observed or performed by Lessee for more than within thirty (30) days after written notice the levy thereof; or
(iv) The involvement of such failure shall have been given Lessee in financial difficulties as evidenced by: (a) its admitting in writing its inability to Lesseepay its debts generally as they become due, or if Lessee or an agent of Lessee shall falsify any report required to be furnished to Lessor pursuant to the terms of this Lease, or if Lessee or any guarantor of this Lease shall become bankrupt or insolvent, or file any debtor proceedings or any person shall take or have against Lessee or any guarantor of this Lease in any court pursuant to any statute either of the United States or of any state (b) its filing a petition in bankruptcy under the Provincial Insolvency Act (as now existing or insolvency in the future amended), or (c) its filing a petition seeking to take advantage of any other law relating to bankruptcy, insolvency, or winding-up ("Other Bankruptcy Laws"), or (d) its making an assignment of all or a substantial part of its property for reorganization the benefit of its creditors, or for (e) its seeking or consenting to or acquiescing in the appointment of a receiver or trustee of for all or a portion substantial part of the Demised Premises, or (f) its being adjudicated a bankrupt or insolvent, or (g) the entry of a court order without its consent, which order shall not be vacated or stayed within thirty (30) days from the date of entry, approving a petition filed against it for an arrangement in bankruptcy.
(b) Upon occurrence of any of the default events set out in sub-clause (a). Lessor shall give Lessee a written notice of the nature of the default. /s/ Xxxxxxx Xxxxx /s/ Xxxxx Xxxxx
(c) Upon receipt of the notice of default, the Lessee shall be entitled to remedy the default within a period of ten (10) days which shall be considered as the 'cure period' provided to the Lessee. .
(d) Upon the expiry of the cure period as enumerated in the above section GTC 26 (c). the Lessor shall have the right then or at any time thereafter to give Lessee written notice of ten (10) days of Lessor's intent to terminate this lease. Lessee's right to possession of the demised premises shall cease and this lease shall thereupon terminate. Subject to the above, any notice to vacate or notice of Lessor's intenation to re-enter is being hereby expressly waived by Lessee.
(e) The provisions of this Section GTC-26 of Exhibit 'A' shall apply notwithstanding the continued willingness and ability of Lessee to pay Rent and otherwise perform hereunder. The receipt by Lessor of payments of Rent, as such, accruing subsequent to the time of Lessee's or any such guarantor's property, or if Lessee or any such guarantor makes default under this Section GTC-26(e) of Exhibit 'A' and before Lessor has actual notice of the occurrence of an assignment for event of default under this Section GTC-26(e) of Exhibit 'A' shall not be deemed a waiver by Lessor of the benefit provisions of creditors, or petitions for this Section.
(f) If Lessor terminates this Lease or enters into an arrangement, or if Lessee shall abandon and takes possession of the Demised Premises or suffer this Lease pursuant to be taken under any writ of execution, then in any such event Lessee shall be in default hereunder, and Lessor, in addition to other rights of remedies it may have, shall have the immediate right of re-entry and may remove all persons and property from the Demised Premises and such property may be removed and stored in a public warehouse or elsewhere at the cost of, and for the account of Lessee, all without service of notice or resort to legal process and without being guilty of trespass, or becoming liable for any loss or damage which may be occasioned thereby.GTC-26
Appears in 1 contract
