Common use of DEFAULT OF SUBLESSEE Clause in Contracts

DEFAULT OF SUBLESSEE. If Sublessee shall at any time be in default in the payment of rent, additional rent or of any other sum required to be paid by Sublessee under this Sublease for three (3) days after written notice thereof, or in the performance of or compliance with any of the terms, covenants, conditions or provisions of this Sublease or the Prime Lease for fifteen (15) days after written notice thereof, or violate the provisions of Paragraph 11 above, or if Sublessee shall be adjudicated as bankrupt, or shall make an assignment for the benefit of creditors, or shall file a xxxx in equity or otherwise initiate proceedings for the appointment of a receiver of Sublessee’s assets, or shall file any proceeding in bankruptcy or for reorganization or an arrangement under any federal or state law, then and in addition to any other rights or remedies Sublessor may have under this Sublease and at law and in equity, shall have the following rights: (a) Exercise any and/or all of the same remedies as are specified for Prime Landlord under the Prime Lease as if Sublessor were the Prime Landlord. (b) To enter the Demised Premises and without further demand or notice proceed to distress and sale of the goods, chattels and personal property there found. Sublessee shall also be liable for all costs incurred by Sublessor in taking the aforementioned action. (c) To re-enter the Demised Premises and remove all persons and all or any property therefrom either by summary dispossess proceedings, ejectment or by any suitable action or proceeding at law or in equity, or by force or otherwise, without being liable to indictment, prosecution or damages therefor, and repossess and enjoy the Demised Premises, together with all additions, alterations and improvements. Upon recovering possession of the Demised Premises by reason of a default on the part of Sublessee, Sublessor may, at Sublessor’s option, terminate this Sublease or make such alterations and repairs as may be necessary in order to relet the Demised Premises and relet the Demised Premises or any part or parts thereof, either in Sublessor’s name or otherwise. Sublessor shall in no event be liable in any way whatsoever for failure to relet the Demised Premises or, in the event that the Demised Premises or any part or part thereof are relet, for failure to collect the rent thereof under such reletting.

DEFAULT OF SUBLESSEE. If Sublessee 13.1. Each of the following shall at constitute an Event of Default: (a) Sublessee’s failure to make any time be in default in the payment of rentthe Basic Annual Rent, additional rent or of any other sum required on or before its due date; (b) Sublessee’s violation or failure to be paid by Sublessee under this Sublease for three (3) days after written notice thereof, perform or in the performance of observe any other covenant or compliance with any of the terms, covenants, conditions or provisions condition of this Sublease or the Prime Lease for fifteen within ten (1510) days after following Sublessor’s written notice thereofto Sublessee; provided however, or violate that if the provisions nature of Paragraph 11 aboveSublessee’s obligation is such that more than ten (10) days are reasonably required for performance, or then Sublessee shall not be in default if Sublessee shall be adjudicated commences performance within such ten (10) day period and thereafter diligently and continuously prosecutes the same to completion, as bankrupt, long as the Landlord has not declared such violation of failure an Event of Default under the Master Lease.; (c) Sublessee’s abandonment of (1) The making by Tenant of any general assignment or shall make an assignment general arrangement for the benefit of creditors, (2) the filing by or shall file against Sublessee of a xxxx petition in equity bankruptcy, including reorganization or otherwise initiate proceedings for arrangement, unless, in the case of a petition filed against Sublessee, unless the same is dismissed within twenty (20) days, (3) the appointment of a trustee or receiver to take possession of substantially all of Sublessee’s assetsassets located in the Subleased Premises or of Sublessee’s interest in this Lease, (4) any execution, levy, attachment or other process of law against any property of Sublessee or Sublessee’s interest in this Lease, unless the same is dismissed within twenty (20) days, (5) adjudication that Sublessee is bankrupt, (6) the making by Sublessee of fraud of creditors, or the failure of Sublessee to generally pay its debts as they become due; (e) any information furnished by or on behalf of Sublessee to Sublessor in connection with the entry of this Lease is determined to have been materially false, misleading or incomplete when made; or (f) any assignment, subletting or other transfer for which the prior consent or Sublessor is required under this Sublease and has not been obtained, (g) Sublessee’s dissolution or liquidation; or (h) Sublessee’s failure to comply, perform or observe any of the terms and provisions set forth in the Lease. 13.2. If there shall file any proceeding in bankruptcy or for reorganization or be an arrangement under any federal or state lawEvent of Default, then and the Sublessor shall have the right, at its sole option, to terminate this Sublease in which case Sublessee shall immediately surrender possession of the Premises to Sublessor and, in addition to any other rights or remedies and remedies, Sublessor may have under this Sublease and at law and in equity, Sublessor shall have the following rights: : (a) Exercise any and/or all of the same remedies as are specified for Prime Landlord under the Prime Lease as if Sublessor were the Prime Landlord. (b) To enter the Demised Premises and without further demand or notice proceed to distress and sale of the goods, chattels and personal property there found. Sublessee shall also be liable for all costs incurred by Sublessor in taking the aforementioned action. (c) To re-enter the Demised Subleased Premises then or at any time thereafter and remove all persons and property and possess the subleased Premises, without prejudice to any other remedies Sublessor may have by reason of Tenant’s default or of such termination, and Sublessee shall have no further claim hereunder; (c) To recover all space damages incurred by Sublessor by reason of the default, including without limitation all damages allowed per the Master Lease and any Additional Rent or damages which may be sustained by reason of such Event of Default and all reasonable costs, fees and expenses (including without limitation reasonable attorney’s fees, brokerage fees, reasonable expenses incurred in placing the Subleased Premises in the condition received at delivery) incurred by Sublessor in pursuit of its remedies and in renting the Subleased Premises to others. 13.3. Sublessee waives any property therefrom either by summary dispossess proceedingsright to redemption, ejectment re-entry or by restoration of the operation of this Sublease under any suitable action present or proceeding future law. 13.4. Sublessor’s rights and remedies set forth in the Sublease are cumulative and in addition to Sublessor’s other rights and remedies at law or in equity. The termination of this Sublease shall not terminate or impair Sublessor’s remedies for breach of contract, or by force or otherwiseincluding, without being liable limitation, for damages equal to indictment, prosecution or damages therefor, and repossess and enjoy the Demised Premises, together with all additions, alterations and improvements. Upon recovering possession net rental value of the Demised Premises by reason of a default on Sublease for the part of Sublessee, Sublessor may, at entire Sublease Term. Sublessor’s option, terminate this Sublease exercise of any such right or make such alterations and repairs as may be necessary in order to relet remedy shall not prevent the Demised Premises and relet the Demised Premises concurrent or subsequent exercise of any part other right or parts thereof, either in remedy. Sublessor’s name delay or otherwise. Sublessor shall in no event be liable in any way whatsoever for failure to relet the Demised Premises orexercise or enforce any of Sublessor’s rights or remedies or Sublessee’s obligations shall not constitute a waiver of any such rights, in the event that the Demised Premises remedies or any part or part thereof are relet, for failure to collect the rent thereof under such relettingobligations.

DEFAULT OF SUBLESSEE. Upon any default by Sublessee hereunder, Sublessor may exercise any remedy against Sublessee which Landlord may exercise for a default by Sublessor under the Lease. Sublessee acknowledges that any act or omission on its part which would lead to a default under the Lease shall be a default by Sublessee hereunder. In addition, in recognition of Sublessor’s obligation to cure the same, Sublessee acknowledges that, to the extent a cure period applies to a potential event of default under this Sublease, such cure period shall be equal to half (rounded up for odd number of days) the cure period provided for in the Lease. The events of default under this Sublease shall be the same as Tenant’s defaults as set forth in the Lease; provided that the term “Lease” shall read to mean this “Sublease and the Lease,” and the term “Tenant” shall be read as “Sublessee.” In addition, Sublessor shall also be entitled to collect any amounts payable by Sublessee to Sublessor hereunder on the same terms as Landlord is entitled to collect such amounts from Sublessor under the Lease and as provided elsewhere in this Sublease, and to exercise against Sublessee, following the expiration of any applicable periods of notice and grace, the same remedies which Landlord is entitled to exercise against Sublessor under the Lease. In addition to those remedies set forth above, Sublessor shall have the right to pursue any one or more of the following remedies upon the default by Sublessee and the continuation of such default beyond applicable periods of notice and grace: (a) Terminate this Sublease, in which case Sublessee shall immediately surrender the Premises to Sublessor. If Sublessee fails to surrender the Premises, Sublessor, in compliance with all laws, may enter upon and take possession of the Premises and remove Sublessee, Sublessee’s property and any party occupying the Premises. Sublessee shall at pay Sublessor, on demand, all past due Rent and other losses and damages Sublessor suffers as a result of Sublessee’s default, including, without limitation, all Costs of Reletting (defined below) and any deficiency that may arise from reletting or the failure to relet the Premises. “Costs of Reletting” shall include all reasonable costs and expenses incurred by Sublessor in reletting or attempting to relet the Premises, including, without limitation, reasonable legal fees, customary brokerage commissions, the reasonable cost of alterations and the value of other customary concessions or allowances granted to a new sublessee; and (b) Terminate Sublessee’s right to possession of the Premises and, in compliance with all laws, remove Sublessee, Sublessee’s property and any parties occupying the Premises. Sublessor may (but shall not be obligated to) relet all or any part of the Premises, without notice to Sublessee, for such period of time and on such terms and conditions (which may include customary concessions, free rent and work allowances) as Sublessor in its absolute discretion shall determine. Sublessor may collect and receive all rents and other income from the reletting. Sublessee shall pay Sublessor on demand all past due Rent, all Costs of Reletting and any deficiency arising from the reletting or failure to relet the Premises. The re-entry or taking of possession of the Premises shall not be in default in construed as an election by Sublessor to terminate this Sublease. In lieu of calculating damages as provided above, Sublessor may elect to receive as damages the payment of rent, additional rent or of any other sum required to be paid of: (a) all Rent due by Sublessee under this Sublease for three (3) days after written notice thereof, or in accrued through the performance date of or compliance with any of the terms, covenants, conditions or provisions termination of this Sublease or Sublessee’s right to possession; and (b) an amount equal to the Prime Lease total Gross Rent that Sublessee would have been required to pay for fifteen (15) days after written notice thereofthe remainder of the Sublease Term. If Sublessee is in default of any of its non-monetary obligations under the Sublease, or violate Sublessor shall have the provisions of Paragraph 11 above, or if right to perform such obligations. Sublessee shall be adjudicated as bankrupt, or shall make an assignment reimburse Sublessor for the benefit cost of creditors, such performance upon demand together with an administrative charge equal to 5% of the cost of the work performed by Sublessor. The repossession or re-entering of all or any part of the Premises shall file a xxxx in equity not relieve Sublessee of its liabilities and obligations under this Sublease. No right or otherwise initiate proceedings for the appointment remedy of a receiver Sublessor shall be exclusive of Sublessee’s assets, any other right or remedy. Each right and remedy shall file any proceeding in bankruptcy or for reorganization or an arrangement under any federal or state law, then be cumulative and in addition to any other rights right and remedy now or remedies subsequently available to Sublessor may have under this Sublease and at law and in equity, shall have the following rights: (a) Exercise any and/or all of the same remedies as are specified for Prime Landlord under the Prime Lease as if Sublessor were the Prime Landlord. (b) To enter the Demised Premises and without further demand or notice proceed to distress and sale of the goods, chattels and personal property there found. Sublessee shall also be liable for all costs incurred by Sublessor in taking the aforementioned action. (c) To re-enter the Demised Premises and remove all persons and all or any property therefrom either by summary dispossess proceedings, ejectment or by any suitable action or proceeding at law or in equity, or by force or otherwise, without being liable to indictment, prosecution or damages therefor, and repossess and enjoy . Without affecting the Demised Premises, together with all additions, alterations and improvements. Upon recovering possession generality of the Demised Premises by reason of a default on the part of Sublesseeforegoing, Sublessor may, shall be also entitled to all remedies at Sublessor’s option, terminate this Sublease law or make such alterations and repairs as may be necessary in order to relet the Demised Premises and relet the Demised Premises or any part or parts thereof, either in Sublessor’s name or otherwise. Sublessor shall in no event be liable in any way whatsoever for failure to relet the Demised Premises or, in the event that the Demised Premises or any part or part thereof are relet, for failure to collect the rent thereof under such relettingequity.

DEFAULT OF SUBLESSEE. If any Basic Rental or additional rental or other sums reserved hereunder, or any part thereof, shall be and remain unpaid when due (provided, however, the first two (2) times in any one (1) Lease year that Sublessee fails to pay said Basic Rental or additional rental when due, Sublessor shall give Sublessee written notice of such overdue payment and allow Sublessee a period of five (5) days in which to pay same prior to declaring a default hereunder), or if Sublessee shall at any time be in violate or default in the payment of rent, additional rent or of any other sum required to be paid by Sublessee under this Sublease for three (3) days after written notice thereof, or in the performance of or compliance with any of the terms, covenants, conditions or provisions of this Sublease or the Prime Lease Lease, and such violation or default shall continue for fifteen ten (1510) days after written notice thereofthereof from Sublessor to Sublessee, or violate then Sublessor may cancel this Sublease by giving such notice and re-enter the provisions Sublease Premises. Notwithstanding any re-entry, all rent due under the terms of Paragraph 11 above, or if this Sublease shall be accelerated pursuant to applicable law and the liability of Sublessee for the rent shall not be extinguished for the balance of the Sublease Term. Sublessee shall be adjudicated as bankruptmake good to Sublessor any deficiency and reimburse Sublessor's reasonable expenses arising from a re-entry or reletting of the Sublease Premises, or even if at a reduced rental. Sublessee shall make an assignment for pay any deficiency on the benefit first day of creditors, or shall file a xxxx each month immediately following the month in equity or otherwise initiate proceedings for which the appointment amount of a receiver of Sublessee’s assets, or shall file any proceeding in bankruptcy or for reorganization or an arrangement under any federal or state law, then and in the deficiency is ascertained by Sublessor. In addition to any other rights or remedies Sublessor may have under this Sublease and at law the Lease, and in equitywithout reducing or adversely affecting any of Sublessor's rights and remedies under this Sublease and the Lease, shall have if any rental or damages payable hereunder by Sublessee to Sublessor are not paid within five (5) days after the following rights: (a) Exercise any and/or all of due date therefor, the same remedies as are specified for Prime Landlord under shall bear interest at an interest rate equal to four percent (4%) above the Prime Lease as if Sublessor were the Prime Landlord. (b) To enter the Demised Premises so-called annual base rate of interest established and without further demand or notice proceed to distress and sale of the goodsapproved by Citibank, chattels and personal property there found. Sublessee shall also be liable for all costs incurred by Sublessor in taking the aforementioned action. (c) To re-enter the Demised Premises and remove all persons and all or any property therefrom either by summary dispossess proceedingsN.A., ejectment or by any suitable action or proceeding at law or in equityNew York, New York, or by force or otherwiseits successors, without being liable from time to indictmenttime, prosecution or damages thereforas its interest rate charged for unsecured loans to its corporate customers, and repossess and enjoy the Demised Premises, together with all additions, alterations and improvements. Upon recovering possession of the Demised Premises by reason of a default on the part of Sublessee, Sublessor may, at Sublessor’s option, terminate this Sublease or make such alterations and repairs as may be necessary in order to relet the Demised Premises and relet the Demised Premises or any part or parts thereof, either in Sublessor’s name or otherwise. Sublessor shall but in no event be liable greater than the highest lawful rate from time to time in any way whatsoever for failure to relet the Demised Premises or, in the event that the Demised Premises or any part or part thereof are relet, for failure to collect the rent thereof under such relettingeffect.

DEFAULT OF SUBLESSEE. If It is mutually agreed that in the event: (a) the rent herein reserved is not paid at the time and place when and where due; or (b) Sublessee shall at fails to comply with any time be in default in term, provision, condition, or covenant of this Agreement or of the Lease as it relates to the Subleased Premises, other than the payment of rent, additional rent or of any other sum required to be paid by Sublessee under this Sublease for three and will not cure such failure within thirty (330) days after written notice thereof, to Sublessee of such failure to comply; or in (c) Sublessee causes any lien to be placed against the performance of or compliance with any of Premises and does not cure the terms, covenants, conditions or provisions of this Sublease or the Prime Lease for same within fifteen (15) business days after written notice thereof, or violate the provisions of Paragraph 11 above, or if from Sublessor to Sublessee shall be adjudicated as bankrupt, or shall make an assignment for the benefit of creditors, or shall file a xxxx in equity or otherwise initiate proceedings for the appointment of a receiver of Sublessee’s assets, or shall file any proceeding in bankruptcy or for reorganization or an arrangement under any federal or state lawdemanding cure, then and in any of such events, Sublessor will have the option to do any of the following, in addition to to, and not in limitation of any other rights remedy permitted by law or remedies by this Lease: (i) Sublessor may have under terminate this Sublease and at law and Agreement, in equity, shall have which event Sublessee will immediately surrender the following rights: (a) Exercise any and/or all of the same remedies as are specified for Prime Landlord under the Prime Lease as if Sublessor were the Prime Landlord. (b) To enter the Demised Subleased Premises and without further demand or notice proceed to distress and sale of the goods, chattels and personal property there foundSublessor. Sublessee shall also be liable agrees to indemnify Sublessor for all costs incurred by loss and damage which Sublessor in taking the aforementioned action. (c) To re-enter the Demised Premises and remove all persons and all or any property therefrom either by summary dispossess proceedings, ejectment or by any suitable action or proceeding at law or in equity, or by force or otherwise, without being liable to indictment, prosecution or damages therefor, and repossess and enjoy the Demised Premises, together with all additions, alterations and improvements. Upon recovering possession of the Demised Premises may suffer by reason of a default on such termination, whether through inability to relet the part Subleased Premises, or through decrease in rent, or otherwise; (ii) Sublessor, as Sublessee’s agent, without terminating this Agreement, may terminate Sublessee’s right of Sublesseepossession, Sublessor mayand, at Sublessor’s option, terminate enter upon and rent the Subleased Premises at the best price obtainable by reasonable effort for any term Sublessor deems proper. Sublessee will be liable to Sublessor for the deficiency, if any, between Sublessee’s rent hereunder and the price obtained by Sublessor on reletting; or (iii) Sublessee may remain in possession, with Sublessee liable for one hundred twenty-five percent (125%) of the rental rate herein. Pursuit of any of the foregoing remedies will not preclude pursuit of any of the other remedies herein provided or any other remedies provided by law. Any notice in this Sublease or make such alterations and repairs as provision may be necessary in order given by Sublessor or its attorney. No termination of this Agreement prior to relet the Demised Premises and relet the Demised Premises or any part or parts normal ending thereof, either in by lapse of time otherwise, will affect Sublessor’s name or otherwise. Sublessor shall in no event be liable in any way whatsoever for failure to relet the Demised Premises or, in the event that the Demised Premises or any part or part thereof are relet, for failure right to collect rent for the rent thereof under such relettingperiod prior to the termination thereof.