Common use of Default of Tenant Clause in Contracts

Default of Tenant. Each of the following events shall be an event of default under this Lease: (a) Failure of Tenant to pay any installment of rent or other sum payable to Landlord hereunder on the date that same is due and such failure shall continue for a period often (10) days; (b) Failure of Tenant to comply with any term, condition or covenant of this Lease, other than the payment of rent or other sum of money, and such failure shall not be cured within twenty (20) days after written notice thereof to Tenant; (c) Tenant or any guarantor of Tenant's obligations hereunder shall commence any case, proceeding or other action seeking reorganization, arrangement, adjustment, liquidation, dissolution or composition of it or its debts under any law relating to bankruptcy, insolvency, reorganization or relief of debtors, or seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or any substantial part of its property; (d) Any case, proceeding or other action against Tenant or any guarantor of Tenant's obligations hereunder shall be commenced seeking to have an order for relief entered against it as debtor, or seeking reorganization, arrangement, adjustment, liquidation, dissolution or composition of it or its debts under any law relating to bankruptcy, insolvency, reorganization or relief of debtors, or seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or any substantial part of its property, and Tenant (i) fails to obtain a dismissal of such case, proceeding, or other action within sixty (60) days of its commencement; or (ii) converts the case from one chapter of the Federal Bankruptcy Code to another chapter; or (iii) is the subject of an order of relief which is not fully stayed within seven (7) business days after the entry thereof; and (e) Abandonment by Tenant of any substantial portion of the Premises or cessation of the use of the Premises for the purpose leased.

Appears in 1 contract

Samples: Lease Agreement (Numbeer, Inc.)

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Default of Tenant. Each of the The following events shall be an event of a default by Tenant (a "Default") under this Lease: (a1) Failure of Tenant to pay any installment of rent or other sum payable to Rent as and when due, if the failure continues for three (3) days after notice from Landlord hereunder on specifying the date that same is due and such failure shall continue for a period often (10) days;failure. (b2) Failure of Tenant to comply with or perform any term, condition covenant or covenant obligation of Tenant under this Lease, other than those concerning the payment of rent or other sum of moneyRent, and such if the failure shall not be cured within continues for twenty (20) days after written notice thereof from Landlord to Tenant;Tenant specifying the failure. (c3) If, in Landlord's reasonable opinion, Tenant's activities or presence in the Premises results in a significant, continuing or repeated threat of physical danger to other tenants and/or users of the Building, whether or not Tenant or is capable of controlling such threat. (4) If Tenant, any guarantor of Tenant's obligations performance hereunder (a "Guarantor") or, if Tenant is a partnership, any partner of Tenant ("Partner"), shall commence file a voluntary petition in bankruptcy or insolvency, shall be adjudicated bankrupt or insolvent or shall file a petition or answer seeking any case, proceeding or other action seeking reorganization, arrangement, adjustmentcomposition, readjustment, liquidation, dissolution or composition of it or its debts similar relief under any law relating to bankruptcypresent or future federal, insolvency, reorganization state or relief of debtorsother law, or seeking shall make an assignment for the benefit of creditors, or shall seek or acquiesce in the appointment of a receiver, any trustee, custodian receiver or other similar official for it liquidator of Tenant or for of any Guarantor or Partner or of all or any substantial part of its property;the property of Tenant or of such Guarantor or Partner. (d5) Any caseIf, within thirty (30) days after the commencement of any proceeding or other action against Tenant or a Guarantor or Partner, whether by the filing of a petition or otherwise, seeking any guarantor of Tenant's obligations hereunder shall be commenced seeking to have an order for relief entered against it as debtor, or seeking reorganization, arrangement, adjustmentcomposition, readjustment, liquidation, dissolution or composition of it or its debts similar relief under any law relating to bankruptcypresent or future applicable federal, insolvencystate or other law, reorganization such proceeding shall not have been dismissed or relief if, within thirty (30) days after the appointment of debtorsany trustee, receiver or liquidator of Tenant or any Guarantor or Partner, or seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or any substantial part of the property of Tenant or of any Guarantor or Partner, without the acquiescence of such individual or entity, such appointment shall not have been vacated or otherwise discharged, or if any execution or attachment shall have been issued against the property of Tenant or of any Guarantor or Partner, pursuant to which the Premises shall be taken or occupied or attempted to be taken or occupied. (6) If Tenant fails to take possession of the Premises on the Lease Commencement Date or vacates, abandons or ceases to carry on its propertyordinary activities in the Premises prior to the Lease Expiration Date, and Tenant with or without an intention of paying Rent; provided, however, that if (i) fails to obtain a dismissal of such case, proceeding, or other action within sixty Tenant gives Landlord at least thirty (6030) days of its commencement; or prior written notice that it intends to vacate the Premises, (ii) converts Tenant pays the case from one chapter full amount of all Rent when due under this Lease while the Federal Bankruptcy Code to another chapter; or Premises are vacant, (iii) is the subject fact that the Premises are vacant does not adversely affect the Building or other tenants therein and does not result in any liability to, or expenditure of an order funds by, Landlord, and (iv) Tenant leaves the Premises in a condition satisfactory to Landlord and continues to maintain the Premises in a condition satisfactory to Landlord throughout the remainder of relief which is the Term, then, and in such event only, Tenant shall not fully stayed within seven (7be deemed to be in Default under this Section 19.A.(6) business days after and Landlord shall have the entry thereof; and (e) Abandonment right, exercisable by sending written notice to Tenant, to sublet from Tenant for the balance of the Term of this Lease all or any substantial portion of the Premises at Tenant's then rental rate hereunder, or cessation to terminate this Lease as to all or any portion of the use Premises, which rights of the Premises for the purpose leasedLandlord as to subletting and termination shall be exercisable by Landlord in its sole discretion.

Appears in 1 contract

Samples: Office Lease (Genvec Inc)

Default of Tenant. Each of the The following events shall be an event of a default by Tenant (a "Default") under this Lease: (a1) Failure of Tenant to pay any installment of rent or other sum payable to Rent as and when due, if the failure continues for three (3) days after notice from Landlord hereunder on specifying the date that same is due and such failure shall continue for a period often (10) days;failure. (b2) Failure of Tenant to comply with or perform any term, condition material covenant or covenant obligation of Tenant under this Lease, other than those concerning the payment of rent or other sum of moneyRent, and such if the failure shall not be cured within twenty continues for ten (2010) days after written notice thereof from Landlord to Tenant;Tenant specifying the failure. (c3) If, in Landlord's reasonable opinion, Tenant's activities or presence in the Premises results in a significant, continuing or repeated threat of physical danger to other tenants and/or users of the Building, whether or not Tenant is capable of controlling such threat. (4) If Tenant, any affiliate of Tenant, or any guarantor of Tenant's obligations performance hereunder (a "Guarantor") or, if Tenant is a partnership, any partner of Tenant ("Partner"), shall commence file a voluntary petition in bankruptcy or insolvency, shall be adjudicated bankrupt or insolvent or shall file a petition or answer seeking any case, proceeding or other action seeking reorganization, arrangement, adjustmentcomposition, readjustment, liquidation, dissolution or composition of it or its debts similar relief under any law relating to bankruptcypresent or future federal, insolvency, reorganization state or relief of debtorsother law, or seeking shall make an assignment for the benefit of creditors, or shall seek or acquiesce in the appointment of a receiver, any trustee, custodian receiver or other similar official for it liquidator of Tenant or for of any Guarantor or Partner or of all or any substantial part of its property;the property of Tenant or of such Guarantor or Partner. (d5) Any caseIf, within thirty (30) days after the commencement of any proceeding or other action against Tenant or any guarantor Tenant, an affiliate of Tenant's obligations hereunder shall be commenced seeking to have an order for relief entered against it as debtor, or a Guarantor or Partner, whether by the filing of a petition or otherwise, seeking any reorganization, arrangement, adjustmentcomposition, readjustment, liquidation, dissolution or composition of it or its debts similar relief under any law relating to bankruptcypresent or future applicable federal, insolvencystate or other law, reorganization such proceeding shall not have been dismissed or relief if, within thirty (30) days after the appointment of debtorsany trustee, receiver or liquidator of Tenant, any affiliate of Tenant, or seeking appointment any Guarantor or Partner, or of a receiver, trustee, custodian or other similar official for it or for all or any substantial part of its propertythe property of Tenant, and any affiliate of Tenant, or of any Guarantor or Partner, without the acquiescence of such individual or entity, such appointment shall not have been vacated or otherwise discharged, or if any execution or attachment shall have been issued against the property of Tenant, any affiliate of Tenant, or of any Guarantor or Partner, pursuant to which the Premises shall be taken or occupied or attempted to be taken or occupied. (6) If Tenant (i) fails to obtain a dismissal of such case, proceeding, or other action within sixty (60) days of its commencement; or (ii) converts the case from one chapter of the Federal Bankruptcy Code to another chapter; or (iii) is the subject of an order of relief which is not fully stayed within seven (7) business days after the entry thereof; and (e) Abandonment by Tenant of any substantial portion take possession of the Premises on the Lease Commencement Date or cessation of the use of vacates, abandons or ceases to carry on its ordinary activities in the Premises for prior to the purpose leasedLease Expiration Date, with or without an intention of paying Rent.

Appears in 1 contract

Samples: Lease Agreement (Yellow Brix Inc)

Default of Tenant. Each of the following events following, but not limited thereto, shall be an event deemed a default by Tenant and a breach of default under this Lease: (a) Failure A default in the payment of Tenant to pay the rent herein reserved, or any installment of rent or other sum payable to Landlord hereunder on the date that same is due and such failure shall continue part thereof, for a period often of ten (10) days;. (b) Failure A default in the performance of any other covenants or conditions on the part of Tenant to comply with any termbe performed, condition or covenant for a period of this Lease, other than the payment of rent or other sum of money, and such failure shall not be cured within twenty (20) days after written the service of notice thereof by Landlord, provided, however, that no default on the part of Tenant in the performance of work required to Tenant;be performed or acts to be done or conditions to be modified shall be deemed to exist if before the end of such twenty (20) day period, Tenant has begun to rectify the same, and thereafter prosecutes the curing thereof to completion with diligence and continuity. (c) The filing of a petition, by or against Tenant, for adjudication as a bankrupt Under the Bankruptcy laws, now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter X of said Bankruptcy laws or the filing of any petition by or against Tenant or any guarantor of Tenant's obligations hereunder shall commence any case, proceeding or other action seeking reorganization, arrangement, adjustment, liquidation, dissolution or composition of it or its debts under any law relating to bankruptcy, insolvency, reorganization future bankruptcy act for the same or relief of debtors, or seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or any substantial part of its property;relief. (d) Any caseThe dissolution, or the commencement of any action or proceeding for the dissolution or other action against Tenant or any guarantor for liquidation of Tenant's obligations hereunder shall be commenced seeking to have an order for relief entered , whether instituted by or against it as debtorTenant, or seeking reorganization, arrangement, adjustment, liquidation, dissolution or composition of it or its debts under any law relating to bankruptcy, insolvency, reorganization or relief of debtors, or seeking for the appointment of a receiver, trustee, custodian receiver or other similar official for it or for all or any substantial part of its property, and Tenant (i) fails to obtain a dismissal of such case, proceeding, or other action within sixty (60) days of its commencement; or (ii) converts the case from one chapter trustee of the Federal Bankruptcy Code to another chapter; or (iii) is property of the subject of an order of relief which is not fully stayed within seven (7) business days after the entry thereof; andTenant (e) Abandonment The taking possession of the property of Tenant by any governmental office or agency pursuant to statutory authority for the dissolution or liquidation of the Tenant. (f) The making by Tenant of any substantial portion an assignment for the benefit of creditors. (g) The vacation or abandonment of the Premises or cessation of the use of the Premises premises for the purpose leaseda PERIOD OF AT LEAST FIFTEEN (15) DAYS BY TENANT.

Appears in 1 contract

Samples: Space Lease (Pacific Energy Resources LTD)

Default of Tenant. Each of the The following events shall be an event of a default by Tenant (a "Default") under this Lease: (a1) Failure of Tenant to pay any installment of rent or other sum payable to Rent as and when due, if the failure continues for five (5) days after notice from Landlord hereunder on specifying the date that same is due and such failure shall continue for a period often (10) days;failure. (b2) Failure of Tenant to comply with or perform any term, condition covenant or covenant obligation of Tenant under this Lease, other than those concerning the payment of rent or other sum of moneyRent, and such if the failure shall not be cured within twenty continues for thirty (2030) days after written notice thereof from Landlord to Tenant;Tenant specifying the failure; provided, however, that with respect to any failure to comply with or perform any covenant or obligation which is not curable within such 30 day period, if (i) Tenant has expeditiously commenced to cure same, (ii) the failure does not adversely affect the Building or other tenants therein and does not result in any liability to, or expenditure of funds by, Landlord, and (iii) Tenant diligently pursues the cure of such condition, the cure period shall be extended to the time necessary to cure the condition, not to exceed a total of sixty (60) days (inclusive of the original 30 days). (c3) If, in Landlord's reasonable opinion, Tenant's activities or presence in the Premises results in a significant, continuing or repeated threat of physical danger to other tenants and/or users of the Building, whether or not Tenant or is capable of controlling such threat. (4) If Tenant, any guarantor of Tenant's obligations performance hereunder (a *Guarantor) or, if Tenant is a partnership, any partner of Tenant ("Partner"), shall commence file a voluntary petition in bankruptcy or insolvency, shall be adjudicated bankrupt or insolvent or shall file a petition or answer seeking any case, proceeding or other action seeking reorganization, arrangement, adjustmentcomposition, readjustment, liquidation, dissolution or composition of it or its debts similar relief under any law relating to bankruptcypresent or future federal, insolvency, reorganization state or relief of debtorsother law, or seeking shall make an assignment for the benefit of creditors, or shall seek or acquiesce in the appointment of a receiver, any trustee, custodian receiver or other similar official for it liquidator of Tenant or for of any Guarantor or Partner or of all or any substantial part of its property;the property of Tenant or of such Guarantor or Partner. (d5) Any caseIf, within thirty (30) days after the commencement of any proceeding or other action against Tenant or a Guarantor or Partner, whether by the filing of a petition or otherwise, seeking any guarantor of Tenant's obligations hereunder shall be commenced seeking to have an order for relief entered against it as debtor, or seeking reorganization, arrangement, adjustmentcomposition, readjustment, liquidation, dissolution or composition of it or its debts similar relief under any law relating to bankruptcypresent or future applicable federal, insolvencystate or other law, reorganization such proceeding shall not have been dismissed or relief if, within thirty (30) days after the appointment of debtorsany trustee, receiver or liquidator of Tenant or any Guarantor or Partner, or seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or any substantial part of its propertythe property of Tenant or of any Guarantor or Partner, and without the acquiescence of such individual or entity, such appointment shall not have been vacated or otherwise discharged, or if any execution or attachment shall have been issued against the property of Tenant or of any Guarantor or Partner, pursuant to which the Premises shall be taken or occupied or attempted to be taken or occupied. (6) If Tenant fails to take possession of the Premises on the Lease Commencement Date or vacates or abandons the Premises prior to the Lease Expiration Date, with or without an intention of paying Rent; provided, however, that if (i) fails Tenant gives Landlord at least thirty (30) days prior written notice that it intends to obtain a dismissal vacate the Premises, (11) Tenant pays the full amount of such caseall Rent due under this Lease while the Premises are vacant, proceeding(111) the fact that the Premises are vacant does not adversely affect the Building or other tenants therein and does not result in any liability to, or other action within sixty expenditure of funds by, Landlord, and (60iv) days of its commencement; or (ii) converts Tenant leaves the case from one chapter Premises in a condition satisfactory to Landlord and continues to maintain the Premises in a condition satisfactory to Landlord throughout the remainder of the Federal Bankruptcy Code Term, then, and in such event only, Tenant shall not be deemed to another chapter; be in Default under this Section 19.A.(6) and Landlord shall have the right, exercisable by sending written notice to Tenant, to sublet from Tenant for the balance of the Term of this Lease all or (iii) is the subject of an order of relief which is not fully stayed within seven (7) business days after the entry thereof; and (e) Abandonment by Tenant of any substantial portion of the Premises Premises, or cessation to terminate this Lease as to all or any portion of the use Premises, which rights of the Premises for the purpose leasedLandlord as to subletting and termination shall be exercisable by Landlord in its sole discretion.

Appears in 1 contract

Samples: Lease Agreement (Hagler Bailly Inc)

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Default of Tenant. Each of the The following events shall be an event of a default by Tenant (a “Default”) under this Lease: (a1) Failure of Tenant to pay any installment of rent or other sum payable to Rent as and when due, if the failure continues for three (3) days after notice from Landlord hereunder on specifying the date that same is due and such failure shall continue for a period often (10) days;failure. (b2) Failure of Tenant to comply with or perform any term, condition covenant or covenant obligation of Tenant under this Lease, other than those concerning the payment of rent or other sum of moneyRent, and such if the failure shall not be cured within twenty continues for ten (2010) days after written notice thereof from Landlord to Tenant;Tenant specifying the failure. (c3) If, in Landlord’s reasonable opinion, Tenant’s activities or presence in the Premises results in a significant, continuing or repeated threat of physical danger to other tenants and/or users of the Building, whether or not Tenant or is capable of controlling such threat. (4) If Tenant, any guarantor of Tenant's obligations ’s performance hereunder (a “Guarantor”) or, if Tenant is a partnership, any partner of Tenant (“Partner”), shall commence file a voluntary petition in bankruptcy or insolvency, shall be adjudicated bankrupt or insolvent or shall file a petition or answer seeking any case, proceeding or other action seeking reorganization, arrangement, adjustmentcomposition, readjustment, liquidation, dissolution or composition of it or its debts similar relief under any law relating to bankruptcypresent or future federal, insolvency, reorganization state or relief of debtorsother law, or seeking shall make an assignment for the benefit of creditors, or shall seek or acquiesce in the appointment of a receiver, any trustee, custodian receiver or other similar official for it liquidator of Tenant or for of any Guarantor or Partner or of all or any substantial part of its property;the property of Tenant of such Guarantor or Partner. (d5) Any caseIf, within thirty (30) days after the commencement of any proceeding or other action against Tenant or a Guarantor or Partner, whether by the filing of a petition or otherwise, seeking any guarantor of Tenant's obligations hereunder shall be commenced seeking to have an order for relief entered against it as debtor, or seeking reorganization, arrangement, adjustmentcomposition, readjustment, liquidation, dissolution or composition of it or its debts similar relief under any law relating to bankruptcypresent or future applicable federal, insolvencystate or other law, reorganization such proceeding shall not have been dismissed or relief if, within thirty (30) days after the appointment of debtorsany trustee, receiver or liquidator of Tenant or any Guarantor or Partner, or seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or any substantial part of its propertythe property of Tenant or of any Guarantor or Partner, and without the acquiescence of such individual or entity, such appointment shall not have been vacated or otherwise discharged or if any execution or attachment shall have been issued against the property of Tenant or of any Guarantor or Partner pursuant to which the Premises shall be taken or occupied or attempted to be taken or occupied. (i6) If Tenant fails to obtain a dismissal of such case, proceeding, or other action within sixty (60) days of its commencement; or (ii) converts the case from one chapter of the Federal Bankruptcy Code to another chapter; or (iii) is the subject of an order of relief which is not fully stayed within seven (7) business days after the entry thereof; and (e) Abandonment by Tenant of any substantial portion take possession of the Premises on the Lease Commencement Date or cessation of the use of vacates, abandons or ceases to carry on its ordinary activities in the Premises for prior to the purpose leasedLease Expiration Date, with or without an intention of paying Rent.

Appears in 1 contract

Samples: Lease Agreement (Sucampo Pharmaceuticals, Inc.)

Default of Tenant. Each of the The following events shall be an event of a default by Tenant (a "Default") under this Lease: (a1) Failure of Tenant to pay any installment of rent or other sum payable to Rent as and when due, if the failure continues for five (5) days after notice from Landlord hereunder on specifying the date that same is due and such failure shall continue for a period often (10) days;failure. (b2) Failure of Tenant to comply with or perform any term, condition covenant or covenant obligation of Tenant under this Lease, other than those concerning the payment of rent or other sum of moneyRent, and such if the failure shall not be cured within continues for twenty (20) days after written notice thereof from Landlord to Tenant specifying the failure; provided, however, that if the failure on the part of Tenant is not capable of being cured within such 20-day period but Tenant expeditiously commences to cure same and diligently proceeds with such cure, Tenant;'s time to cure such failure shall be extended for the time necessary to cure same, but in no event longer than sixty (60) days, inclusive of the original 20-day period. (c3) Tenant or [Intentionally omitted.] (4) If Tenant, any guarantor of TenantXxxxxx's obligations performance hereunder (a "Guarantor") or, if Tenant is a partnership, any partner of Tenant ("Partner"), shall commence file a voluntary petition in bankruptcy or insolvency, shall be adjudicated bankrupt or insolvent or shall file a petition or answer seeking any case, proceeding or other action seeking reorganization, arrangement, adjustmentcomposition, readjustment, liquidation, dissolution or composition of it or its debts similar relief under any law relating to bankruptcypresent or future federal, insolvency, reorganization state or relief of debtorsother law, or seeking shall make an assignment for the benefit of creditors, or shall seek or acquiesce in the appointment of a receiver, any trustee, custodian receiver or other similar official for it liquidator of Tenant or for of any Guarantor or Partner or of all or any substantial part of its property;the property of Tenant or of such Guarantor or Partner. (d5) Any caseIf, within thirty (30) days after the commencement of any proceeding or other action against Tenant or a Guarantor or Partner, whether by the filing of a petition or otherwise, seeking any guarantor of Tenant's obligations hereunder shall be commenced seeking to have an order for relief entered against it as debtor, or seeking reorganization, arrangement, adjustmentcomposition, readjustment, liquidation, dissolution or composition of it or its debts similar relief under any law relating to bankruptcypresent or future applicable federal, insolvencystate or other law, reorganization such proceeding shall not have been dismissed or relief if, within thirty (30) days after the appointment of debtorsany trustee, receiver or liquidator of Tenant or any Guarantor or Partner, or seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or any substantial part of the property of Tenant or of any Guarantor or Partner without the acquiescence of such individual or entity, such appointment shall not have been vacated or otherwise discharged, or if any execution or attachment shall have been issued against the property of Tenant or of any Guarantor or Partner, pursuant to which the Premises shall be taken or occupied or attempted to be taken or occupied. (6) If Tenant fails to take possession of the Premises on the Lease Commencement Date or vacates, abandons or ceases to carry on its propertyordinary activities in the Premises prior to the Lease Expiration Date, and Tenant with or without an intention of paying Rent; provided, however, that if (i) fails to obtain a dismissal of such case, proceeding, or other action within sixty Tenant gives Landlord at least thirty (6030) days of its commencement; or prior written notice that it intends to vacate the Premises, (ii) converts Tenant pays the case from one chapter full amount of all Rent when due under this Lease while the Federal Bankruptcy Code to another chapter; or Premises are vacant, (iii) is the subject fact that the Premises are vacant does not adversely affect the Building or other tenants of an order the Park and does not result in any liability to, or expenditure of relief which is funds by, Landlord, and (iv) Tenant leaves the Premises in a condition satisfactory to Landlord and continues to maintain the Premises in a condition satisfactory to Landlord throughout the remainder of the Term, then, and in such event only, Tenant shall not fully stayed within seven (7be deemed to be in Default under this Section 19.A.(6) business days after and Landlord shall have the entry thereof; and (e) Abandonment right, exercisable by sending written notice to Tenant, to sublet from Tenant for the balance of the Term of this Lease all or any substantial portion of the Premises at Tenant's then rental rate hereunder, or cessation to terminate this Lease as to all or any portion of the use Premises, which rights of the Premises for the purpose leasedLandlord as to subletting and termination shall be exercisable by Landlord in its sole discretion.

Appears in 1 contract

Samples: Deed of Lease (Equinix Inc)

Default of Tenant. Each of the following events shall be an event of default under this Lease: (a) Failure of Tenant to pay any installment of rent or other sum payable to Landlord hereunder on the date that same is due and such failure shall continue for a period often of ten (10) days; (b) Failure of Tenant to comply with any term, condition or covenant of this Lease, other than the payment of rent or other sum of money, and such failure shall not be cured within twenty (20) days after written notice thereof to Tenant; (c) Tenant or any guarantor of Tenant's obligations hereunder shall commence any case, proceeding or other action seeking reorganization, arrangement, adjustment, liquidation, dissolution or composition of it or its debts under any law relating to bankruptcy, insolvency, reorganization or relief of debtors, or seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or any substantial part of its property; (d) Any case, proceeding or other action against Tenant or any guarantor of Tenant's obligations hereunder shall be commenced seeking to have an order for relief entered against it as debtor, or seeking reorganization, arrangement, adjustment, liquidation, dissolution or composition of it or its debts under any law relating to bankruptcy, insolvency, reorganization or relief of debtors, or seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or any substantial part of its property, and Tenant (i) fails to obtain a dismissal of such case, proceeding, or other action within sixty (60) days of its commencement; or (ii) converts the case from one chapter of the Federal Bankruptcy Code to another chapter; or (iii) is the subject of an order of relief which is not fully stayed within seven (7) business days after the entry thereof; and (e) Abandonment by Tenant of any substantial portion of the Premises or cessation of the use of the Premises for the purpose leased.

Appears in 1 contract

Samples: Lease Agreement (Essxsport Corp)

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