Common use of Default Clause in Contracts

Default. If the Lessee fails to pay, `when due, any amounts or charges required to be paid pursuant to this Lease, the Lessor after giving five (5) days notice in writing to the Lessee may, but shall not be obligated to, pay all or any part of the same. If the Lessee is in default in the performance of any of its covenants or obligations hereunder (other than the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any other right, shall have the same remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this Lease.

Appears in 3 contracts

Samples: Indenture (Miad Systems LTD), Miad Systems LTD, Miad Systems LTD

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Default. If (1) Vendor becomes insolvent, (2) Vendor files a voluntary petition under any bankruptcy or insolvency law, (3) a petition is filed against Vendor under any bankruptcy or insolvency law, (4) Vendor makes an assignment for the Lessee fails to paybenefit of creditors, `when due, any amounts or charges required to be paid pursuant to this Lease, the Lessor after giving five (5) days notice Vendor fails to deliver in writing to accordance with this Agreement goods Voith has paid for, (6) Vendor comes under the Lessee maycontrolling influence of a competitor of Voith; or (7) Vendor breaches any provision of these terms or the Order (each, but a default), Voith shall not be obligated have the right to, pay : terminate all or any part portion of this Agreement for default, require satisfactory assurances of performance, take over all or any portion of the same. If work itself or assign it to a third party at Vendor’s cost, withhold all further payments until the Lessee work is in default in the performance of complete, and/or exercise or demand any of its covenants or obligations hereunder (and all other than the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, rights and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises remedies available under this paragraph Agreement or the law, all such rights and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due remedies being cumulative and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition prejudice to any other rightright or remedy. Upon a default, Voith shall retain title to all of Voith’s property and goods Voith has paid for, and Vendor irrevocably grants Voith the right to enter and access Vendor’s facilities to remove such property and paid-for goods. If a court of competent jurisdiction subsequently determines that Voith’s termination under this section was wrongful or unjustified, then such termination shall be automatically considered a termination for convenience as set forth in section 3 and Vendor shall have the same remedies and may take the same steps rights under that provision, but no other rights or claims for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this Leasedamages.

Appears in 3 contracts

Samples: voith.com, voith.com, voith.com

Default. If Landlord determines that Tenant is in default of this Agreement, including but not limited to the Lessee fails failure to pay, `pay rent when due, as authorized under O.C.G.A. § 44-7-50, Landlord may immediately demand possession of the Premises. In such event, Landlord shall provide Tenant with at least one (1) day written Notice to Vacate. Landlord may provide such notice by serving it personally on Tenant, or by leaving the same at the principal building on the Premises, or by posting the same conspicuously on the leased Premises. In addition, all unpaid rents payable during the remainder of this Agreement or any amounts renewal period shall be accelerated without notice or charges required to be paid pursuant to this Lease, the Lessor after giving five (5) days notice in writing demand. Tenant shall remain fully liable to the Lessee mayLandlord for (a) any lost rent and any other financial obligation under this Agreement; (b) Landlord's cost of leasing the Premises including but not limited to leasing fees, but shall not be obligated toutility charges, pay all or and any part of other fees necessary to renting the same. If the Lessee is in default in the performance of any of its covenants or obligations hereunder Premises; (other than the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergencyc) having regard repairs to the circumstances applicablePremises for Tenant's use that are beyond normal wear and tear; (d) all of Landlord's costs associated with evicting Tenant, perform or cause including but not limited to be performed any court costs, costs of such covenants or obligationsservice, or any part thereofprejudgment interest, and for such purpose may do such things as may be requiredreasonable attorney's fees; (e) all of Landlord's costs associated with collecting amounts due under this Agreement, includingincluding but not limited to debt collection fees, without limitationslate charges, entering upon the demised Premises and doing such things upon returned check charges; (f) and any other recovery to which Landlord is entitled by law or in respect of the demised Premises equity. Landlord is obligated to make all reasonable efforts to mitigate any damage or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry Tenant's breach by attempting to lease the Lessor upon the demised Premises under this paragraph to acceptable tenants and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any other right, shall have the same remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this Leasethereby reducing Tenant's liability.

Appears in 3 contracts

Samples: Month Lease Agreement, Month Lease Agreement, Month Lease Agreement

Default. The commencement of a bankruptcy action or liquidation action or reorganization in bankruptcy action or insolvency action or an assignment of or by Tenant for the benefit of creditors, or any similar action undertaken by Tenant, or the insolvency of Tenant, shall, at Landlord's option, constitute a breach of this Lease by Tenant. If the Lessee fails trustee or receiver appointed to payserve during a bankruptcy, `when dueliquidation, reorganization, insolvency or similar action elects to reject Tenant's unexpired Lease, the trustee or receiver shall notify Landlord in writing of its election within thirty (30) days after any amounts order for relief in any liquidation action or charges required to be paid pursuant to within thirty (30) days after the commencement of any action. Within thirty (30) days after the court approval of the assumption of this Lease, the Lessor after giving five trustee or receiver shall cure (5) days notice in writing or provide adequate assurance to the Lessee mayreasonable satisfaction of Landlord that the trustee or receiver shall cure) any and all previous defaults under the unexpired Lease and shall compensate Landlord for all actual pecuniary loss and shall provide adequate assurance of future performance under said Lease to the reasonable satisfaction of Landlord. Adequate assurance of future performance, as used herein, includes, but shall not be obligated limited to: (i) assurance of source and payment of Rent, pay all and other consideration due under this Lease; and (ii) assurance that the assumption or assignment of this Lease will not breach any provision in any agreement relating to the above described Premises. Nothing contained in this Paragraph shall affect the exercising of any right of Landlord to refuse to accept an assignment upon commencement or in connection with a bankruptcy, liquidation, reorganization or insolvency action or an assignment of Tenant for the benefit of creditors or other similar act. Nothing contained in this Lease shall be construed as giving or granting or creating an equity in the Premises to Tenant. In no event shall the leasehold estate under this Lease, or any part interest therein, be assigned by voluntary or involuntary bankruptcy proceeding without the prior written consent of Landlord. In no event shall this Lease or any rights or privileges hereunder be an asset of Tenant under any bankruptcy, insolvency or reorganization proceedings. The failure of Tenant to perform or honor any covenant, condition or representation made under this Lease shall constitute a default hereunder by Tenant upon expiration of the sameappropriate grace period hereinafter provided. If Tenant shall have a period of ten (10) days following the Lessee is in date of written notice from Landlord within which to cure any default in the performance of any of its covenants or obligations hereunder (other than the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessaryRent when otherwise due hereunder. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor Tenant shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach period of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount thirty (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses30) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to days following the date of paymentwritten notice from Landlord within which to cure any other default by Tenant under this Lease; provided, subject however, that if the nature of Tenant's failure is such that more than thirty (30) days is reasonably required to monthly compounding; cure the same, Tenant shall not be in default so long as Tenant commences performance within such thirty (30) day period and thereafter prosecutes the Lessorsame to completion. Upon an uncured default of this Lease by Tenant, Landlord shall have the following rights and remedies in addition to any other right, shall have the same rights or remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent available to Landlord at law or in arrears under the terms of this Lease.equity:

Appears in 3 contracts

Samples: Ground Lease (Alza Corp), Lease Agreement (Alza Corp), Alza Corporation Lease Agreement (Alza Corp)

Default. Section 15: (a) If proceedings are commenced against Tenant in any court under a bankruptcy act or for the Lessee fails to payappointment of a Trustee or Receiver of Tenant’s property either before or after commencement of the Lease term, `when due, or (b) if the rent or any amounts or charges required to be paid pursuant to other payments due from Tenant under this Lease, the Lessor after giving five (5) days notice in writing to the Lessee may, but shall not be obligated to, pay all or any part thereof, shall at any time be in arrears and unpaid for a period of the same. If the Lessee is in 30 days after agreed due date per this Lease, or (c) if there shall be default in the performance of any other covenant or condition herein contained on the part of its covenants or obligations hereunder (other Tenant for more than the payment 30 days after written notice of rent or other sums required such default by Landlord, then Tenant’s right to be paid possession pursuant to this Lease), if Landlord so elects, shall thereupon cease, and Landlord shall have the Lessor may from time right to time after giving such notice as it considers sufficient (reenter or without notice in repossess the case of any emergency) having regard premises by summary proceedings, surrender or otherwise, and to dispossess and remove therefrom the circumstances applicable, perform Tenant or cause to be performed any of such covenants or obligations, or any part other occupants thereof, and for such purpose may do such things as may be required, includingits effects, without limitationsbeing liable to prosecution therefore. In such case, entering upon Landlord may, at its option, relet the demised Demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred agent of Tenant, and expenditures made pursuant Tenant shall pay to this paragraph shall Landlord the difference between the rent hereby reserved and agreed to be paid by Tenant for the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality portion of the foregoingterm remaining at the time of reentry or repossession, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessorlesser amount, if any, received or to be received under such reletting for such portion of the term, together with Landlord’s fees and costs, including reasonable attorney fees, incurred by Landlord in addition enforcing its remedies hereunder and reletting the Demised Premises. Tenant hereby expressly waives service of notice of intention to any other right, shall have the same remedies and may take the same steps for the recovery reenter or of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this Leaseinstituting legal proceedings to that end.

Appears in 3 contracts

Samples: Lease (Global Medical REIT Inc.), Lease (Global Medical REIT Inc.), Lease, Made (Global Medical REIT Inc.)

Default. If Time is of the essence with respect to Lessee’s performance of its obligations under this Agreement. Lessor may declare this Lease in default if any one or more of the following occurs: (a) Lessee fails to pay, `make any payment required hereunder when due; (b) Lessee fails to maintain in force at all times the required insurance; (c) Lessee fails to properly operate, maintain or repair the Equipment; (d) Lessee fails to observe or perform any amounts other covenant or charges required to be paid pursuant to requirement of this Lease, the Lessor after giving which failure is not cured to Lessor’s satisfaction within five (5) days after Lessor’s notice to Lessee thereof; (e) Lessee attempts to sell, transfer or encumber the Equipment; (f) a voluntary or involuntary proceeding is instituted in writing any court of competent jurisdiction, seeking a decree or order (i) for relief in respect of Lessee under any applicable bankruptcy, insolvency, reorganization, assignment for the benefit of creditors, or other similar law, or (ii) for the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of Lessee or its property, or (iii) for the winding up or liquidation of the Lessee’s affairs; (g) Lessee shall generally fail to pay its debts as they come due; and/or (h) Lessee, in Lessor’s opinion, shall become financially insecure. At any time after such declaration, Lessor may enter, with or without legal process, any premises where the Equipment is located and take possession thereof. Lessee mayshall provide Lessor with unobstructed ingress and egress for such purpose. Furthermore, Lessee shall immediately pay to Lessor all amounts then due hereunder and all costs of removal and repossession of the Equipment. Lessor’s remedies herein shall be cumulative and are in addition to all other remedies existing at law or in equity, including but not limited to, (a) terminate this Agreement and all rights of Lessee hereunder; (b) to declare the entire unpaid rent due (including any rent accruing during any minimum rental term) to be immediately due and payable; (c) to enter the premises where the Equipment is located, take possession of and remove the Equipment or render the Equipment inoperable, with or without legal process; (d) to demand that Lessee surrender and deliver up possession of the Equipment to Lessor; (e) with or without terminating this Agreement, to re-let the Equipment on such terms and conditions as are then available and otherwise acceptable to Lessor, and apply rent payments received, after deduction of all costs and expenses incurred by Lessor, to amounts due from Lessee under this Agreement; and (f) within Lessor’s sole discretion, but shall without any obligation, to take such action or make any payment to remedy any default, including but not be obligated limited to, pay procuring any required insurance coverage, paying any fine, imposition, penalty, taxes or fees incurred to recover and/or release the Equipment from any forfeiture, seizure, confiscation or similar proceeding, or from any lien or other encumbrance imposed on the Equipment, all or any part such payments of the samewhich shall be reimbursed by Lessee. If the Lessee is in default in the performance of any of its covenants or obligations hereunder (other than In addition to the payment of rent or other sums required to any amounts due Lessor hereunder, Lessee shall be paid pursuant to this Lease)responsible for and shall reimburse Lessor for all costs and expenses incurred by Lessor in connection with the exercise of any rights and remedies hereunder, the Lessor may from time to time after giving such notice as it considers sufficient (or without notice including all expenses incurred in the case removal and transportation of the Equipment to Lessor’s premises, any emergency) having regard to cleaning, service and/or repair of the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereofEquipment, and for such purpose may do such things as may be required, including, without limitations, entering upon in the demised Premises and doing such things upon or in respect enforcement of the demised Premises terms and conditions of this Agreement or any part thereof as the Lessor reasonably considers requisite or necessary. All damages recoverable hereunder, including costs of collection and reasonable attorney’s fees (including fees and expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent in any bankruptcy proceeding or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenseson appeal) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any other right, shall have the same remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this Lease.

Appears in 3 contracts

Samples: Rental Agreement, Rental Agreement, Rental Agreement

Default. (a) If the Lessee fails to pay, `when due, Tenant (i) defaults in any amounts of its monetary obligations under this Lease or charges required to be paid pursuant to (ii) materially defaults in any of its non-monetary obligations under this Lease, and Tenant fails to cure such default within ten (10) business days after receipt of written notice thereof, then, in addition to all other rights which Landlord has at law or in equity, Landlord shall have the Lessor after giving five following rights and remedies: (5x) days notice in writing to terminate this Lease with respect to the Lessee applicable Leased Premises in which event Tenant shall immediately surrender such Leased Premises to Landlord and, if Tenant fails to do so, Landlord may, but shall not be obligated towithout prejudice to any other remedy which Landlord may have for possession or arrearages in Rent, pay all or any part enter upon and take possession of the same. If the Lessee is in default in the performance of applicable Leased Premises and expel or remove Tenant and any of its covenants or obligations hereunder (other than the payment of rent or other sums required to person who may be paid pursuant to this Lease), the Lessor may from time to time after giving occupying such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, Leased Premises or any part thereof, by any legal means, without being liable for prosecution for any claim of damages therefore; (y) to enter upon and for such purpose may do such things as take possession of the applicable Leased Premises and expel or remove Tenant and any other person who may be required, including, without limitations, entering upon the demised Premises and doing occupying such things upon or in respect of the demised Leased Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid thereof, by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee any legal means, without being liable for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach prosecution of any covenant claim for quiet enjoyment contained in damages therefore with or without having terminated this Lease. In the event that the Lessee fails ; (z) do whatever Tenant is obligated to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any other right, shall have the same remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears do under the terms of this LeaseLease (and enter upon the applicable Leased Premises in connection therewith if necessary) without being liable for prosecution or any claim for damages therefore, and Tenant agrees to reimburse Landlord on demand for any expenses which Landlord may incur in thus effecting compliance with Tenant’s obligations under this Lease with respect to a Leased Premises, plus interest thereon at the Default Rate, and Tenant further agrees that Landlord shall not be liable for any damages resulting to Tenant from such action.

Appears in 3 contracts

Samples: Master Lease Agreement (Lands End Inc), Master Lease Agreement (Lands End Inc), Master Lease Agreement (Lands End Inc)

Default. If In the Lessee fails to pay, `when due, any amounts or charges required to be paid pursuant to this Lease, event the Lessor after giving five (5) days notice in writing to the Lessee may, but Tenant shall not be obligated to, pay all or any part of the same. If the Lessee is in default in the performance covenant to pay rent, or if the Tenant shall default in the observance of any of its covenants or obligations hereunder (other than the payment of rent or other sums required to be paid pursuant to this Lease)covenant, the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicablecondition, perform or cause to be performed any of such covenants or obligations, or any part thereof, and/or rule and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms regulation of this Lease, and if the tenant shall fail to rectify such unpaid amount default, or if the Premises shall bear interest at an annual rate equal be abandoned, vacated or deserted or if the Tenant shall fail to move in or take possession of the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from Premises after the due date thereof to commencement of the date of paymentLease, subject to monthly compounding; and the Lessorexcept as otherwise provided herein, in addition to any other right, Landlord shall have the same remedies right, at its sole option, to take possession of the Premises and may take re-rent said Premises as agent of the same steps Tenant for the recovery balance of all the Lease term and apply the proceeds from such amounts re-renting towards the payment of the rent of the Tenant under this Lease and such interest thereon as it might take re-entry and re-renting shall not discharge the Tenant from liability for the recovery of rent in arrears nor from any other obligation under the terms of this LeaseLease and the parties further understand and agree that under the terms and conditions of this provision, the Landlord shall be under no obligation whatsoever to attempt to re-rent the Premises before renting other units Landlord has available, but may at its option pursue any other remedy conferred upon the Landlord by this provision or benefit of any law of this urisdiction now or in future effect. The Landlord upon re-renting the Premises for the benefit of the Tenant may do so for a term which may at the Landlord’s option exceed the period which otherwise constituted the balance of the Lease term. Tenant shall be obligated to pay for and/or reimburse Landlord for any court costs and reasonable attorney’s fees equal to the greater of Landlord’s actual attorney’s fees or 25% of the amount in controversy. The prevailing party in any action to enforce the terms of this lease shall be entitled to an award of attorney’s fees.

Appears in 3 contracts

Samples: auctioneersoftware.s3.amazonaws.com, auctioneersoftware.s3.amazonaws.com, auctioneersoftware.s3.amazonaws.com

Default. If In the event the Lessee fails to payshall default in the payment of rent, `when due, those sums designated as additional rent or any amounts or charges required to be paid pursuant to this Lease, the Lessor after giving five (5) days notice in writing to other sums payable by the Lessee mayherein, but and such default shall not be obligated tocontinue for a period of ten days from the date of written notice by Lessor to Lessee, pay all or any part of the same. If if the Lessee is in shall default in the performance of any of its other covenants or obligations hereunder agreements of this Lease and such default shall continue for thirty days after written notice thereof (or if the default cannot be cured within thirty (30) days, that Lessee failed to diligently proceed to cure), or if the Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against the Lessee, then and in addition to any and all other than the payment of rent or other sums required to be paid pursuant to this Lease)legal remedies and rights, the Lessor may from time terminate this Lease and retake possession of the leased premises, or enter the leased premises and re-let the same without termination, in which later event the Lessee covenants and agrees to time pay any deficiency after giving Lessee is credited with the rent thereby obtained less all repairs and expenses (including the expenses of obtaining possession), or the Lessor may resort to any two or more of such notice as it considers sufficient (remedies or without notice rights, and any other remedies provided by law except acceleration, and adoption of one or more such remedies or rights shall not necessarily prevent the enforcement of others concurrently or thereafter. Lessor shall be entitled to its landlord's lien provided by law. Lessor agrees to mitigate damages, if possible. The Lessee also covenants and agrees to pay reasonable attorney's fees and costs and expenses of the Lessor, including court costs, if the Lessor employs an attorney to collect rent or enforce other rights of the Lessor herein in the case event of any emergency) having regard to breach as aforesaid and the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph same shall be paid payable regardless of whether collection or enforcement is effected by the Lessee as Additional Rent suit or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Leaseotherwise. In the event that any litigation arises under this Agreement, the Lessee fails prevailing party shall be entitled to payattorney's fees and costs, when the same is due and payable, including attorney's fees for any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any other right, shall have the same remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this Leaseappeal.

Appears in 3 contracts

Samples: Lease Agreement (Diagnostic Retrieval Systems Inc), Lease Agreement (Diagnostic Retrieval Systems Inc), Lease Agreement (Diagnostic Retrieval Systems Inc)

Default. If It is expressly understood and agreed that if the Lessee fails to pay, `when due, any amounts or charges required to be paid pursuant to this Lease, the Lessor after giving five (5) days notice in writing to the Lessee may, but shall not be obligated to, pay all or any part of the same. If the Lessee is in default in the performance of any of its covenants or obligations hereunder (other than the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligationsrents above, or any part thereof, shall be in arrears, or if default shall be made in any of the covenants of agreements herein contained to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant ten (10) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and for avoid forfeiture thereof. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such purpose may do termination or at any time after such things as may be required, includingtermination, without limitationsfurther notice, entering upon rent the demised Premises Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and doing may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such things upon or in respect of termination, Landlord may relet the demised Premises or any part thereof as in the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent name of Landlord or otherwise as for such term (which may be greater or lesser than the case forthwith upon demandperiod which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. The Lessor Landlord shall have in no liability to the Lessee way be responsible for or liable for any loss failure to relet the Premises or damages resulting from any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Leasetermination. In the event that of any such termination, whether or not the Lessee fails Premises or any part thereof shall have been relet, Tenant shall pay to pay, when Landlord the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable rent required to be paid up by the Lessee pursuant Tenant up to the terms time of such termination, and thereafter, Tenant, until the end of what would have been the term of this LeaseLease in the absence of such termination shall be liable to Landlord for, such unpaid amount and shall bear interest at an annual rate equal pay to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; Landlord as and the Lessor, in addition to any other right, shall have the same remedies for liquidated and may take the same steps agreed damages for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this Lease.Tenant’s default;

Appears in 3 contracts

Samples: Sigma Labs, Inc., Sigma Labs, Inc., Quantum Solar Power Corp.

Default. If In the Lessee event Subcontractor fails to paycomply, `when dueor becomes unable to comply, or with reasonable probability (as determined solely by Contractor) will become unable to comply, with any amounts or charges required to be paid pursuant to this Lease, the Lessor after giving five (5) days notice in writing to the Lessee may, but shall not be obligated to, pay all or any part of the same. If the Lessee is in default provisions of this Agreement; or in the performance event Subcontractor fails at any time to supply a sufficient number of properly skilled workmen with sufficient materials, equipment or plant of proper quality or fails in any respect to prosecute the work with promptness and diligence; or causes by any action or omission a stoppage of its covenants or obligations hereunder (other than delay in the payment work of rent Contractor or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (subcontractor of Contractor; or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, event Subcontractor abandons its work or any part thereof; and such failure, inability or deficiency (as determined solely by Contractor) is not corrected within three (3) days after written demand by Contractor to Subcontractor; Contractor may, in addition to and for such purpose may do such things as may be requiredwithout prejudice to any other right or remedy, includingtake over and complete the performance of this Agreement, at the expense of Subcontractor; or Contractor may, without limitationstaking over the work, entering upon immediately and without notice to Subcontractor, furnish the demised Premises necessary materials and doing such things upon labor through itself or in respect others, to remedy the situation, all at the expense of the demised Premises or Subcontractor. Upon any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made action by Contractor pursuant to this paragraph provision, Subcontractor shall not be entitled to further payment on this Agreement until the work has been completed and accepted by Owner and payment therefore has been received by Contractor. If the expense incurred by Contractor exceeds the unpaid balance due, Subcontractor agrees to promptly pay the difference to Contractor together with interest thereon at the rate of the prime rate plus 2% per annum until paid, and Contractor shall have a lien upon all material, tools, and equipment taken possession of to secure the payment thereof. With respect to expenses incurred by Contractor pursuant to this provision, it is hereby agreed that the costs and expenses chargeable to Subcontractor as herein before provided shall include, without restriction, the cost of materials, labor, subcontracts, purchase orders, transportation, equipment and expense thereon, supplies, services, insurance, taxes, appliances, tools, utilities, power used or consumed, supervision, administration, job overhead, travel, attorney’s fees, legal and accounting fees and expenses, Contractor’s general overhead as allocated to the work and other costs and expenses incurred or sustained by Contractor, plus ten percent (10%) profit on the actual cost of the work performed as well as on the amount of claims paid by the Lessee as Additional Rent Contractor for Subcontractor or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Leasewhich it deems itself liable. In the event the employment of Subcontractor is terminated by Contractor for cause under this provision and it is subsequently determined by a court of competent jurisdiction that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, such termination was without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Leasecause, such unpaid amount termination shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any other right, shall have the same remedies and may take the same steps thereupon be deemed a termination for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this Leaseconvenience.

Appears in 2 contracts

Samples: tri-mgroup.com, www.energtest.com

Default. If Whenever a Default shall be existing, all Secured Obligations may (notwithstanding any provisions thereof), at the Lessee fails option of the Lender, and without demand or notice of any kind, be declared, and thereupon immediately shall become, due and payable, and the Lender may exercise from time to pay, `when due, time any amounts or charges required rights and remedies available to be paid pursuant to this Lease, the Lessor after giving five (5) days notice in writing to the Lessee it under applicable law and may, but shall not be obligated towithout notice except as specified below, pay sell, lease, assign, and deliver, or grant options to purchase, or otherwise dispose of all or any part of the sameCollateral, at such place or places as the Lender may determine, at public or private sale, it being agreed that the purchaser, lessee, assignee, or recipient of all or any part of the Collateral so disposed of at any public or private sale may thereafter hold the same absolutely free from any claim or right of Debtor of whatsoever kind, including any right of redemption, and any obligation to see to the application of any part of the purchase money paid therefor or any liability for the misapplication or non-application thereof; and the Lender may, without notice or publication, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for such sale, and such sale may be made at any time or place to which the same may be so adjourned. If The parties hereto hereby agree that the Lessee is duties of the Lender pursuant to the UCC will be deemed to be satisfied so long as the requirements of this Section 6 are satisfied in default connection with any disposition of Collateral pursuant to this Agreement. Debtor agrees, in case of Default, to assemble, at its expense, all Collateral at a convenient place acceptable to the performance Lender. Any notification of intended disposition of any of its covenants or obligations hereunder the Collateral required by law, shall be deemed reasonably and properly given if given at least five (other than 5) days before such disposition. Any proceeds of any disposition by the Lender of any of the Collateral may be applied by the Lender to the payment of rent or other sums required expenses in connection with the Collateral, including reasonable attorneys’ fees and legal expenses, and any balance of such proceeds shall be applied by the Lender (i) first, to be paid pursuant to this Lease)the payment of such of the Secured Obligations, and in such order of application, as the Lessor Lender may from time to time after giving such notice elect; (ii) second, to the payment to whosoever may be lawfully entitled to receive the same or as it considers sufficient (or without notice in the case a court of competent jurisdiction may direct, of any emergencysurplus then remaining from such proceeds; and (iii) having regard if any balance is remaining, to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any other right, shall have the same remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this LeaseDebtor.

Appears in 2 contracts

Samples: Security Agreement (Idt Spectrum, Inc.), Security Agreement (Idt Spectrum, Inc.)

Default. If the Lessee fails to pay, `when due, any amounts or charges required to be paid pursuant to this Lease, the Lessor after giving five (5a) days notice in writing to the Lessee may, but shall not be obligated to, pay all or any part of the same. If the Lessee is in default in the performance of any of its covenants or obligations hereunder (other than the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee Pledgor fails to paypay to the Pledgee any Obligation when due or there shall otherwise occur an Event of Default (as defined in the Note) ("Default"), when the same is due Pledgee shall have all of the rights and payable, any rent, Additional Rent or remedies afforded to secured parties with respect to the Collateral as set forth in the Code as well as all other amount (including, without rights and remedies granted in the Note and this Agreement. Without limiting the generality of the foregoing, taxesthe Pledgee, insurance premiums without demand of performance or other demand, presentment, protest, advertisement or notice of any kind (except any notice required by law referred to below) to or upon the Pledgor (all and common area maintenance expenses) payable by each of which demands, defenses, advertisements and notices are hereby waived), may in such circumstances forthwith collect, receive, appropriate and realize upon the Lessee pursuant Collateral, or any part thereof, and/or may forthwith sell, assign, give an option or options to purchase or otherwise dispose of and deliver the Collateral or any part thereof (or contract to do any of the foregoing), in one or more parcels at public or private sale or sales, upon such terms and conditions and at such prices as it may deem advisable, for cash or on credit or for future delivery without assumption of any credit risk. The Pledgee shall have the right upon any such public sale or sales, and, to the terms extent permitted by law, upon any such private sale or sales, to purchase the whole or any part of this Lease, such unpaid amount the Collateral so sold. The Pledgee shall bear interest at an annual rate equal to the prime lending rate in effect apply any proceeds from time to time charged held by it and the net proceeds of any such sale or other disposition, after deducting all reasonable costs and expenses of every kind incurred in respect thereof or incidental to the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of the Pledgee hereunder, including, without limitation, reasonable attorneys' fees and disbursements of counsel to the Pledgee, to the satisfaction in whole or in part of the Obligations, in such order as the Pledgee may elect and only after such application and after the payment by the Pledgee of any other amount required by any provision of law, including, without limitation, Section 9-504 (1)(c) of the Code, need the Pledgee account for the surplus, if any, to the Pledgor. To the extent permitted by applicable law, the Pledgor waives all claims, damages and demands he may acquire against the Pledgee arising out of the lawful exercise by it of any rights hereunder. Neither the Pledgee nor any of its respective directors, officers, employees or agents shall be liable for failure to sell or otherwise dispose of the Collateral or for any delay in doing so. If any notice of a proposed sale or other disposition of the Collateral shall be required by law, such notice shall be deemed reasonable and proper if given at least ten (10) days before such sale or other disposition. In any event, notice of a proposed sale or other disposition shall be given at least ten (10) days before such sale or other disposition to the Pledgor and Xxxxx Xxxx. The Toronto-Dominion Bank Pledgor shall remain liable for any deficiency if the proceeds of any sale or other disposition of the Collateral are insufficient to its best commercial customers pay all of the Obligations and any and all costs and expenses of every kind incurred by the Pledgee with respect to the collection of such deficiency, including, without limitation, all reasonable fees and disbursements of any attorneys employed by the Pledgee. The Pledgor recognizes that the Pledgee may be unable to effect a public sale of any or all the Collateral by reason of certain restrictions contained in Toronto plus 5% per annum calculated from the due date Securities Act of 1933, as amended, and applicable state securities laws or otherwise, and may be compelled to resort to one or more private sales thereof to a restricted group of purchasers which will be obliged to agree, among other things, to acquire such securities for their own account for investment and not with a view to the date of payment, subject distribution or resale thereof. The Pledgor acknowledges and agrees that any such private sale may result in prices and other terms less favorable than if such sale were a public sale and agrees that any such private sale under such circumstances shall not be evidence that it has been made in other than a commercially reasonable manner. The Pledgor agrees to monthly compounding; and the Lessor, in addition use his best efforts to any do or cause to be done all such other right, shall have the same remedies and acts as may take the same steps for the recovery be necessary to make such sale or sales of all such amounts or any portion of the Collateral pursuant to this section valid and such interest thereon as it might take for the recovery binding and in compliance with any and all other applicable requirements of rent in arrears under the terms of this Leaselaw.

Appears in 2 contracts

Samples: Pledge Agreement (Extech Corp), Pledge Agreement (Dcap Group Inc)

Default. If the Lessee Tenant(s) fails to paycomply with any of the financial, `when duematerial, or miscellaneous provisions of this Agreement, or any amounts present rules and regulations of the tenancy under this Agreement in general that may be hereafter prescribed by the Landlord, or charges required materially fails to be paid pursuant comply with any duties imposed on the Tenant(s) by statute, regulations, ordinances, orders, or any other mandates imposed by federal, state, and local governments, within the timeframe after delivery of a written notice to quit by the Landlord specifying noncompliance with this LeaseAgreement and indicating the intention of the Landlord to terminate the Agreement by reason thereof, the Lessor after giving five (5) days notice in writing to the Lessee may, but shall not be obligated to, pay all or any part of the sameLandlord may terminate this Agreement. If the Lessee is Tenant(s) fails to pay Rent upon the Rent Due Date, and the default continues for the timeframe specified in the written notice to quit thereafter, the Landlord may, at their option, declare the entire balance (compiling all months applicable to this Agreement) of Rent payable hereunder to be immediately due. The Landlord may exercise any and all rights and remedies available to the Landlord at law or in equity, and the Landlord may terminate this Agreement immediately by exercising the rights and remedies thereof. The Tenant(s) shall be in default in the performance of if any of its covenants the following applies: (a) Tenant(s) does not pay Rent on the Rent Due Date and after the state- or obligations hereunder locally-mandated grace period, if any, or if the Tenant(s) fails to pay any other dues owed in accordance with respective local and state laws and this Agreement; (other than the payment of rent or other sums required to be paid pursuant to this Leaseb) Tenant(s), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligationsOccupant(s), or any part Guest(s) thereof, violate the terms and conditions of this Agreement, or any local ordinances, fire-safety or health codes, or violate any criminal laws, regardless of whether arrest or conviction occurs; (c) Tenant(s) abandons the Premises as described in Section XX of this Agreement; (d) Tenant(s) gives incorrect or false information in their rental application, if any; (e) Tenant(s), Occupant(s), or Guest(s) thereof, is arrested, convicted, or given deferred adjudication for such purpose may do such things as may be requireda criminal offense involving actual or potential physical harm to a person, includingor involving possession, without limitationsmanufacture, entering upon or delivery of a controlled substance, marijuana, or drug paraphernalia under state statute; (f) any illegal drugs or paraphernalia are found in the demised Premises and doing such things upon or in respect on the person of the demised Premises Tenant(s), Occupant(s), or any part thereof as Guest(s) thereof, while on the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compoundingPremises; and the Lessor(g) as otherwise allowed by local, in addition to any other rightstate, shall have the same remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this Leasefederal law.

Appears in 2 contracts

Samples: Management Residential Lease Agreement, Month Lease Agreement

Default. If Tenant covenants that if the Lessee fails to pay, `when due, any amounts or charges required to be paid pursuant to rent reserved by this Lease, the Lessor after giving five (5) days notice in writing to the Lessee may, but shall not be obligated to, pay all or any part of the same. If the Lessee is in default in the performance of any of its covenants or obligations hereunder (other than the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises Lease or any part thereof shall be unpaid when due, or if the premises shall become vacant or actually unoccupied during the term, or if Tenant shall fail to perform any of the conditions, covenants, provisions and agreements contained herein, or if a petition in bankruptcy shall be filed by Tenant, or if Tenant shall be adjudged bankrupt or insolvent by any court, or if a receiver or trustee in bankruptcy or a receiver of the property of Tenant shall be appointed in any suit, action or proceeding, or if Tenant shall make an assignment for the benefit of creditors, or if an execution shall be issued against Tenant, or if Tenant's leasehold interest herein shall be levied upon, or if Tenant's leasehold interest herein shall by operation of law pass to any person other than Tenant, then, in such events, Landlord may, subject to the applicable provisions of the laws of the State of North Carolina, at its option, without notice to Tenant or to any assignee, transferee, trustee, receiver or other person or persons, with force or otherwise retake and recover possession of said premises and terminate this Lease and the term herein and hereby granted and demised; or, in each and every such case, Landlord at its option without notice to Tenant, or to any assignee, transferee, trustee, receiver or other person or persons, with force or otherwise, may enter said premises and relet the same as it may see fit, without avoiding or terminating this Lease and for the Lessor reasonably considers requisite purpose of such reletting Landlord may make such repairs in or necessary. All to said premises as Landlord may deem necessary for the purpose of such reletting, and if a sufficient sum shall not be realized from such reletting after paying the costs, expenses incurred and expenditures made pursuant charges of such reletting and of the repairs in and to this paragraph shall said premises to equal the rent hereinbefore covenanted to be paid by the Lessee Tenant, then Tenant shall pay any deficiency thereby upon demand therefor and such deficiency shall be considered, construed and taken to be a debt provable in bankruptcy or receivership. On default, as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to payherein defined, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any other right, Landlord shall have the same remedies further right to take possession of any furniture or other property on said premises, and may take to sell the same steps at public or private sale without notice, and to apply the same to the payment of the rent due by these presents, holding the Tenant liable for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this Leasedeficiency, if any.

Appears in 2 contracts

Samples: Lease Agreement (Quaker Fabric Corp /De/), Lease Agreement (Quaker Fabric Corp /De/)

Default. If Pledgor (a) defaults in the Lessee fails to paypayment of the principal under the Note when it becomes due (whether upon demand, `when dueacceleration or otherwise) or any other event of default under the Note or this Agreement occurs (including, any amounts or charges required to be paid pursuant to this Leasewithout limitation, the Lessor after giving bankruptcy or insolvency of Pledgor) or (b) defaults in the payment of interest or any other amount related to the Note, the Company may (following five (5) days days' notice in writing to Executive, during which the default is not cured) exercise any and all the rights, powers and remedies of any owner of the Pledged Interests (including the right to vote the Pledged Interests and receive any distributions with respect to such Pledged Interests) and shall have and may exercise without demand any and all the rights and remedies granted to a secured party upon default under the Uniform Commercial Code of Delaware or otherwise available to the Lessee mayCompany under applicable law. Without limiting the foregoing, but shall not be obligated toafter the occurrence of and during the continuance of a default, pay the Company is authorized to sell, assign and deliver at its discretion, from time to time, all or any part of the sameCollateral at any private sale or public auction, on not less than ten (10) days' written notice to Pledgor, at such price or prices and upon such terms as the Company may deem advisable. If Pledgor shall have no right to redeem the Lessee is Collateral after any such sale or assignment. At any such sale or auction, the Company may bid for, and become the purchaser of, the whole or any part of the Pledged Interests offered for sale. In case of any such sale, after deducting the costs, attorneys' fees and other expenses of sale and delivery, the remaining proceeds of such sale shall be applied to the principal of and accrued interest on the Note and other amounts related thereto (including costs, attorneys' fees associated with enforcement hereof); provided that after payment in default in full of the performance indebtedness evidenced by the Note, the balance of the proceeds of sale then remaining shall be paid to Pledgor and Pledgor shall be entitled to the return of any of its covenants or obligations hereunder (other than the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice Pledged Interests remaining in the case hands of the Company. Pledgor shall be liable for any deficiency (but only to the extent liable therefor under the Note) if the remaining proceeds are insufficient to pay the indebtedness under the Note in full, including the fees of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid attorneys employed by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability Company to the Lessee for any loss or damages resulting from any collect such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any other right, shall have the same remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this Leasedeficiency.

Appears in 2 contracts

Samples: Executive Agreement (Jondex Corp), Executive Agreement (Jondex Corp)

Default. If The TENANT promises and agrees that if default be made in the Lessee fails to pay, `when due, any amounts payment of rents or charges required to be paid pursuant to this Lease, the Lessor after giving five (5) days notice in writing to the Lessee may, but shall not be obligated to, pay all or any part of the same. If the Lessee is in default in the performance of any other conditions of this lease, or if TENANT in its covenants use of the premises violates any city ordinances, State or obligations hereunder (Federal Laws or if any TENANT, or any Guarantor hereof, files any petition under the bankruptcy or insolvency laws of the United States, or of any other than jurisdiction, or makes an assignment for the benefit of creditors, or makes application for appointment of a trustee or receiver regarding any of TENANT’S property that this lease may be forthwith terminated at the election of the LANDLORD, subject to the prior written notice requirements hereof, and that the TENANT will, subject to the grace periods hereinafter set forth, surrender and deliver up possession of the LEASED PREMISES to the LANDLORD upon receiving written notice from the LANDLORD of the breach of conditions of this lease and the election of the LANDLORD to so terminate this lease. In the event of such default by the TENANT, then the LANDLORD, besides other rights or remedies he may have, shall have the immediate right of re-entry. Should the LANDLORD elect to re-enter, as herein provided, or should he take possession pursuant to legal proceedings or pursuant to any notice provided by law, he may either terminate this lease, or he may, from time to time, without terminating this lease, re-let or re-lease the LEASED PREMISES or any part thereof for such amount of rental and upon such terms and conditions as the LANDLORD, in his sole discretion and judgment, may deem advisable, and he may make such alterations, improvements and repairs to the LEASED PREMISES as he may deem advisable. No such re-letting or re-leasing of the LEASED PREMISES by the LANDLORD, under the circumstances set forth in this paragraph, shall be construed as an election on the LANDLORD'S part to terminate or cancel this lease, unless a written notice of such termination or cancellation is mailed by the LANDLORD to the TENANT at the address set out herein for notices, nor shall such re-letting or re-leasing relieve the TENANT from liability to the LANDLORD for any and all damages, of whatsoever type or nature, which the LANDLORD may have or will suffer or incur as a result of the TENANT'S breach of any of the terms, covenants, provisions and conditions herein contained. Notwithstanding any such re-letting or re-leasing without termination of this lease by the LANDLORD, the LANDLORD may at any time thereafter elect to terminate the lease for such previous breach of the TENANT. In the event LANDLORD is required to retain an attorney to enforce any provision of this lease, then LANDLORD shall be entitled to recover from TENANT its actual attorney's fees reasonably incurred and its court costs. In the event default by TENANT in the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any other right, shall have the same remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears occurs under the terms of this Leaselease, LANDLORD shall provide TENANT with three (3) days written notice of such default. In the event TENANT fails to cure such default within three (3) days following receipt of such notice, then LANDLORD may proceed with the remedies as above specified. If default by the TENANT be for reasons other than non-payment of rent, then LANDLORD shall provide TENANT with ten (l0) days prior written notice to cure such default, and failing such cure by TENANT, LANDLORD shall be entitled to those remedies set forth under Paragraph 13 hereof. Acceleration of rent. Following default by TENANT, LANDLORD may demand, and in such case, TENANT shall immediately pay in a single accelerated payment, the entire amount of lease payments that would become due and owing to LANDLORD over the remaining portion of the lease term. No discount for early payment shall occur by reason of the acceleration. If TENANT shall make payment of such accelerated rent at any time prior to LANDLORD’S termination of TENANT’S right to possession of the premises, then TENANT shall be entitled to remain in possession of the premises for the remainder of the term of this lease, so long as no further default shall occur, but upon the occurrence of a further default, LANDLORD shall be entitled to recover possession of the premises without any rebate of accelerated rent.

Appears in 2 contracts

Samples: Business Lease Agreement (Liquid Spins, Inc.), Business Lease Agreement (Liquid Spins, Inc.)

Default. If the Lessee (i) Purchaser fails to paymake any payment due hereunder or to comply with any other provision hereof, `when (ii) Purchaser becomes the subject of any voluntary or involuntary bankruptcy proceedings, (iii) Purchaser has a receiver or trustee appointed for it or its property, or (iv) Purchaser makes an assignment for the benefit of its creditors or admits in writing that it is unable to pay its debts as they become due, any amounts or charges required an “Event of Default” shall be deemed to be paid pursuant have occurred. Upon the occurrence of an Event of Default, Toco shall have the right to this Lease, the Lessor after giving five (5) days notice in writing take such actions as are available to the Lessee may, but shall not be obligated to, pay all or any part of the same. If the Lessee is in default in the performance of any of its covenants or obligations hereunder (other than the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon Toco at law or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessaryequity. All expenses incurred and expenditures made pursuant to this paragraph Toco shall be paid entitled to reimbursement for reasonable attorneys; fees and costs in enforcing Toco's rights hereunder. RELEASE: Purchaser hereby releases and discharges Toco from any liability for damages with respect to any action taken following an Event of Default by the Lessee as Additional Rent Purchaser and shall indemnify and hold Toco harmless from any liabilities, claims, damages or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from causes of action in connection with any such action or entry by the Lessor Toco. ACCEPTANCE, RATIFICATION, ACCURACY: This Agreement shall be effective upon the demised Premises under this paragraph and same is not a re-entry or a breach mailing to Purchaser by Toco of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms its acceptance of this Lease, such unpaid amount Agreement. Purchaser agrees that Toco shall bear interest at an annual rate equal have the authority to the prime lending rate in effect from time revise this Agreement to time charged by The Toronto-Dominion Bank insert any provision omitted (including but not limited to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof of the first installment) upon written notice to Purchaser. In addition, if the date of paymenttotal payments due hereunder are increased due to underwriting considerations, subject to monthly compounding; and the Lessor, in addition to any other right, Toco shall have the same remedies and may take right, upon receipt of Purchaser’s written authorization, to revise dollar amounts on the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms face of this LeaseAgreement. Any change by Purchaser (by way of deletion, modification, supplementation or otherwise), to the preprinted portion of this Agreement shall render the Agreement voidable, at Toco's option.

Appears in 2 contracts

Samples: Payment Plan Agreement, Payment Plan Agreement

Default. If In the Lessee fails event Tenant shall violate, fail to payperform or be in breach of (a) any covenant to pay Base Rent, `when dueadditional rent, or any amounts or charges required to be paid pursuant to this Lease, the Lessor after giving other amount due hereunder and for more than five (5) days after the same is due, or (b) any other term, condition or covenant hereof and shall fail to cure the same within thirty (30) days after being given notice in writing to the Lessee mayby Landlord, but shall not be obligated toor (c) any term, pay all condition or any part of the same. If the Lessee is in default in the performance covenant of any of its covenants the Other Leases described in Section 14.12 below after the expiration of any applicable cure period permitted under the applicable Other Lease abandons the Premises for a period of thirty (30) consecutive days and does not make reasonable provisions for the security and protection of the Premises from vandalism, then Landlord may, without further notice to Tenant, but without a breach of the peace either (x) re-enter the Premises and terminate Tenant's right to possession thereof, without terminating this Lease or obligations hereunder (other than y) re-enter the payment of rent or other sums required Premises and terminate both Tenant's right to be paid pursuant to possession thereof and this Lease). To the extent permitted by law, the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry may be effected without further notice to Tenant or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due judicial proceedings and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, upon such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Torontore-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any other right, entry Landlord shall have the same remedies right to remove all persons and may take personal property from the same steps for Premises. No such re-entry shall be deemed a termination of this Lease unless Landlord notifies Tenant that this Lease is terminated; and any such termination shall be effective only as of the recovery date set forth in such notice. Landlord may, in its sole discretion, after written notice to Tenant, store any personal property so removed at the sole cost and expense of all such amounts and such interest thereon as it might take for the recovery of rent Tenant. Nothing in arrears this Section 10.1 shall relieve Tenant's obligation to pay any late fee or other charge required under the terms of this Lease.

Appears in 2 contracts

Samples: Consulting Agreement (Alltrista Corp), Consulting Agreement (Alltrista Corp)

Default. If the Lessee fails to pay, `when due, any amounts or charges required to be paid pursuant to this Lease, the Lessor after giving five (5a) days notice in writing to the Lessee may, but shall not be obligated to, pay all or any part of the same. If the Lessee is in default in the performance of any of its covenants or obligations hereunder (other than the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee Pledgor fails to paypay to the Pledgee any Obligation when due or there shall otherwise occur an Event of Default (as defined in the Note) ("Default"), when the same is due Pledgee shall have all of the rights and payable, any rent, Additional Rent or remedies afforded to secured parties with respect to the Collateral as set forth in the Code as well as all other amount (including, without rights and remedies granted in the Note and this Agreement. Without limiting the generality of the foregoing, taxesthe Pledgee, insurance premiums without demand of performance or other demand, presentment, protest, advertisement or notice of any kind (except any notice required by law referred to below) to or upon the Pledgor (all and common area maintenance expenses) payable by each of which demands, defenses, advertisements and notices are hereby waived), may in such circumstances forthwith collect, receive, appropriate and realize upon the Lessee pursuant Collateral, or any part thereof, and/or may forthwith sell, assign, give an option or options to purchase or otherwise dispose of and deliver the Collateral or any part thereof (or contract to do any of the foregoing), in one or more parcels at public or private sale or sales, upon such terms and conditions and at such prices as it may deem advisable, for cash or on credit or for future delivery without assumption of any credit risk. The Pledgee shall have the right upon any such public sale or sales, and, to the terms extent permitted by law, upon any such private sale or sales, to purchase the whole or any part of this Lease, such unpaid amount the Collateral so sold. The Pledgee shall bear interest at an annual rate equal to the prime lending rate in effect apply any proceeds from time to time charged held by it and the net proceeds of any such sale or other disposition, after deducting all reasonable costs and expenses of every kind incurred in respect thereof or incidental to the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of the Pledgee hereunder, including, without limitation, reasonable attorneys' fees and disbursements of counsel to the Pledgee, to the satisfaction in whole or in part of the Obligations, in such order as the Pledgee may elect and only after such application and after the payment by the Pledgee of any other amount required by any provision of law, including, without limitation, Section 9-504 (1)(c) of the Code, need the Pledgee account for the surplus, if any, to the Pledgor. To the extent permitted by applicable law, the Pledgor waives all claims, damages and demands he may acquire against the Pledgee arising out of the lawful exercise by it of any rights hereunder. Neither the Pledgee nor any of its respective directors, officers, employees or agents shall be liable for failure to sell or otherwise dispose of the Collateral or for any delay in doing so. If any notice of a proposed sale or other disposition of the Collateral shall be required by law, such notice shall be deemed reasonable and proper if given at least ten (10) days before such sale or other disposition. In any event, notice of a proposed sale or other disposition shall be given at least ten (10) days before such sale or other disposition to the Pledgor and Xxxxx Xxxx. The Toronto-Dominion Bank Pledgor recognizes that the Pledgee may be unable to its best commercial customers effect a public sale of any or all the Collateral by reason of certain restrictions contained in Toronto plus 5% per annum calculated from the due date Securities Act of 1933, as amended, and applicable state securities laws or otherwise, and may be compelled to resort to one or more private sales thereof to a restricted group of purchasers which will be obliged to agree, among other things, to acquire such securities for their own account for investment and not with a view to the date of payment, subject distribution or resale thereof. The Pledgor acknowledges and agrees that any such private sale may result in prices and other terms less favorable than if such sale were a public sale and agrees that any such private sale under such circumstances shall not be evidence that it has been made in other than a commercially reasonable manner. The Pledgor agrees to monthly compounding; and the Lessor, in addition use his best efforts to any do or cause to be done all such other right, shall have the same remedies and acts as may take the same steps for the recovery be necessary to make such sale or sales of all such amounts or any portion of the Collateral pursuant to this section valid and such interest thereon as it might take for the recovery binding and in compliance with any and all other applicable requirements of rent in arrears under the terms of this Leaselaw.

Appears in 2 contracts

Samples: Pledge Agreement (Dcap Group Inc), Pledge Agreement (Extech Corp)

Default. If the Lessee fails to pay, `when due, any amounts or charges required to be paid pursuant to this Lease, the Lessor after giving five (5) days notice in writing to the Lessee may, but shall not be obligated to, pay all or any part Time is of the same. If the Lessee is in default in the performance essence of any of its covenants or obligations hereunder (other than the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee Tenant fails to paypay rent (or any other payment required to be made by Tenant hereunder) when due or in the event of Tenant’s material breach, when the same is due and payabledefault, or failure to comply with, or keep, observe, or perform any rent, Additional Rent or other amount (including, without limiting the generality of the foregoingother covenants, taxesagreements, insurance premiums and common area maintenance expensesrepresentations, or warranties described herein to be kept, observed, or performed by Tenant, Landlord shall provide written notice of such failure to Tenant. If the identified failure or breach is not cured within thirty (30) payable by days, Landlord may terminate the Lessee pursuant to the terms lease. Upon termination of this Lease, Tenant shall immediately surrender possession of and vacate the Property and shall deliver possession thereof to Landlord. Following termination, Landlord shall have the full and free right to enter into and upon the Property with or without process of law and repossess the Property and expel or remove Tenant and any others who may be occupying, possessing or using the same. In such unpaid amount event, Landlord shall bear interest at an annual rate equal not be deemed in any manner guilty of trespass, eviction, or forcible entry or detainer and shall not incur any liability to Tenant or any other person for any damage resulting therefrom. Further, such actions by Landlord shall not relinquish Landlord's right to recover rent from Tenant or any other right given to Landlord hereunder or by operation of law. Upon termination of this Lease by Landlord, Tenant shall have no right to return to the prime lending rate in effect from time Property or to time charged harvest the crops remaining, if any, without the prior written consent of Landlord. Landlord reserves the right to supervise any such harvest by Tenant and to impose upon Tenant's reentry and harvest any terms and conditions Landlord deems appropriate. The Toronto-Dominion Bank right to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, terminate this Lease shall be in addition to any other right, shall have rights or remedies then provided by the same remedies and may take laws of the same steps State of Nebraska for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms breach of this Leasecontract by Tenant.

Appears in 2 contracts

Samples: Rent Hay Lease Agreement, Cash Rent Farm Lease Agreement

Default. If an Event of Default shall occur, at the Lessee fails election of the Lender, all Obligations shall become immediately due and payable without notice or demand, except with respect to payObligations payable on DEMAND, `when duewhich shall be due and payable on DEMAND, whether or not an Event of Default has occurred. The Lender is hereby authorized, at its election, after an Event of Default or after Demand, without any amounts further demand or charges notice except to such extent as notice may be required by applicable law, to be paid pursuant take possession and/or sell or otherwise dispose of all or any of the Collateral at public or private sale; and the Lender may also exercise any and all other rights and remedies of a secured party under the Code or which are otherwise accorded to this Leaseit by applicable law, all as the Lessor after giving Lender may determine. If notice of a sale or other action by the Lender is required by applicable law, unless the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market, each Borrower agrees that five (5) days days' written notice in writing to such Borrower, or the shortest period of written notice permitted by such law, whichever is larger, shall be sufficient notice; and that to the Lessee mayextent permitted by law, but shall not be obligated tothe Lender, pay all or its officers, attorneys and agents may bid and become purchasers at any part such sale, if public, and may purchase at any private sale any of the Collateral that is of a type customarily sold on a recognized market or which is the subject of widely distributed standard price quotations. Any sale (public or private) shall be free from any right of redemption, which each Borrower hereby waives and releases. No purchaser at any sale (public or private) shall be responsible for the application of the purchase money. Any balance of the net proceeds of sale remaining after paying all Obligations of the Borrowers to the Lender shall be returned to the Borrowers or to such other party as may be legally entitled thereto; and if there is a deficiency, the Borrowers shall be responsible for the same, with interest. If Upon demand by the Lessee Lender, each Borrower shall assemble the Collateral and make it available to the Lender at a place designated by the Lender which is reasonably convenient to the Lender and such Borrower. Each Borrower hereby acknowledges that the Lender has extended credit and other financial accommodations to such Borrower upon reliance of such Borrower's granting the Lender the rights and remedies contained in default in this Agreement including without limitation the performance right to take immediate possession of the Collateral upon the occurrence of an Event of Default or after DEMAND with respect to Obligations payable on DEMAND and each Borrower hereby acknowledges that the Lender is entitled to equitable and injunctive relief to enforce any of its covenants rights and remedies hereunder or obligations hereunder (other than under the payment Code and each Borrower hereby waives any defense to such equitable or injunctive relief based upon any allegation of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case absence of any emergency) having regard irreparable harm to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any other right, shall have the same remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this LeaseLender.

Appears in 2 contracts

Samples: Loan and Security Agreement (Fix Corp International Inc), Loan and Security Agreement (Fix Corp International Inc)

Default. If the Lessee fails to payPledgor defaults in the payment of the principal or interest under the Note as it becomes due (whether upon demand, `when due, acceleration or otherwise) or any amounts other event of default under the Note occurs and has not been remedied within the 10 day period provided in Section 3(a)(i) of the Note (including the bankruptcy or charges required to insolvency of the Pledgor) (each such occurrence shall be paid pursuant to this Leasedeemed a "Default"), the Lessor after giving five Company may exercise any and all of the rights, powers and remedies of an owner of the Pledged Securities (5including the right to vote the shares and receive dividends and distributions with respect to such shares) days notice in writing and shall have and may exercise without demand any and all the rights and remedies granted to a secured party upon default under the Uniform Commercial Code of the State of New York or otherwise available to the Lessee mayCompany under applicable law. Without limiting the foregoing, but shall not be obligated toif the Pledgor Defaults, pay the Company is authorized to sell, assign and deliver at its discretion, from time to time, all or any part of the samePledged Securities at any private sale or public auction, on not less than ten days written notice to the Pledgor, at such price or prices and upon such terms as the Company may deem advisable. If The Pledgor shall have no right to redeem the Lessee is Pledged Securities after any such sale or assignment. At any such sale or auction, the Company or any other holder of shares of the Company may bid for, and become the purchaser of, the whole or any part of the Pledged Securities offered for sale. In case of any such sale, after deducting the costs, attorneys' fees and other expenses of sale and delivery, the remaining proceeds of such sale shall be applied to the principal of and accrued interest on the Note; provided, however, that after payment in default in full of the performance indebtedness evidenced by the Note, the balance of the proceeds of sale then remaining shall be paid to the Pledgor and the Pledgor shall be entitled to the return of any of its covenants or obligations hereunder (other than the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice Pledged Securities remaining in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect hands of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any other right, shall have the same remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this LeaseCompany.

Appears in 2 contracts

Samples: Pledge Agreement (RPP Capital Corp), Pledge Agreement (RPP Capital Corp)

Default. (a) If a Borrower remains in default under any Loan for thirty (30) days, then within three (3) business days thereafter, MFC will give ELK written notice of such default and simultaneously deliver copies of any written notice given to such Borrower. MFC hereby agrees that in the Lessee fails to pay, `when due, any amounts or charges required to be paid pursuant to this Lease, even t of a default by the Lessor after giving Borrower which remains uncured for seventy five (575) days notice days, it shall endeavor to commence foreclosure proceedings against the subject Borrower and all Collateral security the Loan. in writing any event, if such default remains uncured for a period of one hundred twenty (120) days, MFC must commence foreclosure proceedings unless ELK has previously agreed, in writing, to the Lessee may, but shall not be obligated to, pay all or any part of the a forbearance regarding same. If the Lessee is in default in the performance of any of its covenants or obligations hereunder (other than the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that MFC fails for any reason to enforce the Lessee fails Agreements pertaining to paysuch Loan, when then ELK shall have the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessorright, in addition to any other rightrights it may have pursuant to the terms of both the Agreements and this agreement, or at law or equity, on fifteen (15) days prior written notice to MFC, to take whatever steps it deems necessary and appropriate to protect its Participation Interest in such Loan. ELK’s rights with respect thereto shall include the independent right to commence a foreclosure proceeding, or appropriate litigation in its own name, as a subordinate holder of a security interest in the Collateral given by Borrower to secure the Loan, and thereafter ELK shall have the same remedies right to conduct the foreclosure sale or litigation, hire attorneys with respect thereto, disburse expenses and may take any taxes, parking tickets, violations, etc necessary to secure the Collateral, and pay obligations of the Borrower so that the Collateral can be sold and transferred at the City of Chicago Department of Consumer Services to a new purchaser thereof. All such disbursements paid by Elk to secure the Collateral, pay attorneys fees, and to pay and discharge taxes and other liabilities of Borrower necessary to permit the completion of a foreclosure sale shall be repaid to ELK out of the proceeds of the sale in the same steps order of priority to ELK as if MFC had paid for same and was seeking reimbursement thereof according to the recovery terms and conditions set forth for reimbursement of all such amounts items as described in Paragraph 4 (a) (i) or 4 (b) (i), or as may otherwise be specifically set forth elsewhere in this Agreement. In the event Elk exercises its rights hereunder and such interest thereon gives MFC notice thereof as it might take for the recovery of rent in arrears under required by the terms of this Leaseparagraph, upon receipt of such notice, MFC shall promptly deliver to ELK such Agreements, including, but not limited to, Notes and Security Agreements and other Agreements and records relating to the Loan, together with all necessary and proper assignments and documents of authority, that ELK may request for the purpose of protecting its Participation interest.

Appears in 2 contracts

Samples: Loan Portfolio Sale and Purchase Agreement, Loan Portfolio Sale and Purchase Agreement (Ameritrans Capital Corp)

Default. If In the Lessee fails to pay, `when due, event that Tenant defaults on any amounts of the covenants or charges required to be paid pursuant to ------- provisions contained in this Lease, the Lessor after giving five (5) days Landlord shall give Tenant written notice in writing of such default and 10 days' opportunity to the Lessee may, but shall not be obligated to, pay all or any part of the same. If the Lessee is in default in the performance of any of its covenants or obligations hereunder (other than the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice cure in the case of a monetary default or 30 days opportunity to cure in the case of a non-monetary default, provided that if such default cannot reasonably be cured within a 30 day period and if Tenant has commenced and is diligently proceeding to cure such default, Tenant shall be given a reasonable period of time to cure such default. If any emergency) having regard such default remains uncured after the aforesaid time period, then Landlord at its election may terminate this Lease or terminate Tenant's right to possession only, without terminating the Lease. Upon termination of this Lease or Tenant's right of possession, Landlord may re-enter the Leased Premises without process of law and remove all persons, fixtures, and property therefrom, and Landlord shall not be liable for any damages resulting therefrom. Upon the termination of the Lease, or upon termination of Tenant's right of possession without termination of the Lease, the Tenant shall surrender possession and vacate the Leased Premises immediately, and deliver possession thereof to the circumstances applicableLandlord, perform and hereby grants to Landlord the full and free right to enter upon the Leased Premises and to repossess the Leased Premises as Landlord's former estate and to expel or cause remove the Tenant and any others who may be occupying or within the Leased Premises without relinquishing the Landlord's rights to be performed any of such covenants or obligations, rent or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon other right given to Landlord hereunder or in respect by operation of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Leaselaw. In the event that the Lessee fails to pay, when the same is due and payable, Tenant breaches any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms provisions or covenants of this Lease, such unpaid amount Landlord shall bear interest at an annual rate equal be entitled to recover as damages, all rent and other sums due and payable by Tenant as well as the prime lending rate in effect cost of performing any covenants to be performed by Tenant. Furthermore, Landlord shall be entitled to recover any court costs or attorney's fees incurred as a result of Tenant's breach. The rights and remedies of Landlord under this Lease are cumulative. The exercise or use of any one or more thereof shall not bar the Landlord from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date exercise or use of payment, subject to monthly compounding; and the Lessor, in addition to any other rightright or remedy provided herein or otherwise provided by law, nor shall have the same remedies and may take exercise nor the same steps for the recovery use of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this Leaseany right or remedy by Landlord waive any other right or remedy.

Appears in 2 contracts

Samples: Privatebancorp Inc, Privatebancorp Inc

Default. If In the Lessee fails to pay, `when due, any amounts or charges required to be paid pursuant to this Lease, event TENANT shall default in the Lessor after giving five (5) days notice in writing to the Lessee may, but shall not be obligated to, pay all payment of rent or any part other sums payable by TENANT herein and such default shall continue for a period of three (3) days, or if the same. If TENANT shall abandon the Lessee is in premises and remove or attempt to remove therefrom the major portion of its furniture or fixtures, or if the TENANT shall default in the performance of any of its other covenants or obligations hereunder agreements of this Lease and such default shall continue for thirty (other than the payment of rent 30) days or other sums required to be paid pursuant to this Lease), the Lessor may from time to time for fifteen (15) days after giving such written notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligationsthereof, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon if TENANT should become bankrupt or in respect of the demised Premises insolvent or any part thereof as debtor proceedings be taken by or against the Lessor reasonably considers requisite or necessary. All expenses incurred TENANT, then and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any and all other rightlegal remedies and rights, the LANDLORD may declare the entire balance of the rent for the remainder of the term to be due and payable and may collect the same by distress or otherwise and LANDLORD shall have a lien on the personal property of the TENANT which is located in the leased premises and in order to protect its security interest in the said property LANDLORD may, without first obtaining a distress warrant, lock up the leased premises in order to protect said interest in the secured property, or the LANDLORD may terminate this Lease and retake possession of the leased premises, or enter the leased premises and relet the same without termination, in which latter event the TENANT covenants and agrees to pay any deficiency after TENANT is credited with the rent thereby obtained less all repairs and expenses (including the expenses of obtaining possession), or the LANDLORD may resort to any two or more of such remedies or rights, and may take adoption of one or more such remedies or rights shall not necessarily prevent the enforcement of others concurrently or thereafter. Any monies received from the TENANT at any point during the period of the Lease will be applied at LANDLORD'S discretion towards TENANT'S earliest obligation. TENANT also covenants and agrees to pay reasonable attorney's fees and costs and expenses of the LANDLORD, including court costs, if the LANDLORD employs an attorney to collect rent or enforce other rights of the LANDLORD herein in event of any breach as aforesaid and the same steps for the recovery shall be payable regardless of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this Leasewhether collection or enforcement is effected by suit or otherwise.

Appears in 2 contracts

Samples: Sublease Agreement (Eventures Group Inc), Lease Agreement (Total Tel Usa Communications Inc)

Default. If In the Lessee fails event of failure of to paypay rent when due or the failure to comply with any of the other terms, `when duecovenants, any amounts or charges required conditions of this lease for a period of 15 days after written notice from PIONEER to of such default, or if shall abandon the premises before the end of said term, or if shall be paid pursuant to this Lease, the Lessor after giving five (5) days notice in writing adjudged bankrupt or insolvent according to the Lessee maylaw or shall make an assignment or attachment of or levy on 's interest herein, but then in any said cases, PIONEER, at its option may pursue either of the following remedies the pursuit of which shall not be obligated topreclude PIONEER from pursuing any other remedies herein or at law or in equity provided, pay all nor shall pursuit of any remedy by PIONEER constitute a forfeiture or waiver of any part rent due to PIONEER hereunder or of the same. If the Lessee is in default in the performance any damages accruing to PIONEER by reason of 's violation of any of its the covenants or obligations hereunder (other than and provisions of this Lease: Terminate this Lease by written notice to , whereupon this lease shall end. Upon such termination by PIONEER, will at once surrender possession of the payment premises to PIONEER and remove all of rent 's effects therefrom, and PIONEER may forthwith re-enter the premises and repossess itself thereof, and remove all persons and effects therefrom, using such force as may be necessary, without being guilty of trespass, forcible entry, detainer or other sums required to tort. Continue this lease in full force and effect and enter upon and take possession of the premises and expel or remove any person, including , who may be paid pursuant to this Lease), occupying the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, premises or any part thereof, without being liable for prosecution of any claim for damages therefore, and relet the premises as agent of and receive the rent therefore. shall remain liable for such purpose may do such things as may be requiredpayment of all rentals and other charges and costs imposed on herein, includingin the amounts, without limitations, entering at the times and upon the demised Premises conditions as herein provided, but PIONEER shall credit against such liability of all amounts received by PIONEER from such reletting after first reimbursing itself for all cost incurred in curing 's defaults and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant entering, preparing and refinishing the premises for quiet enjoyment contained in this Lease. In reletting, and reletting the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any other right, shall have the same remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this Leasepremises.

Appears in 2 contracts

Samples: Pioneer Technology Center Small Business Incubator Lease Agreement, Small Business Incubator Lease Agreement

Default. If (a) In the Lessee event (i) Pledgor fails to pay, `pay any portion of the principal or interest under the Note when it becomes due, and such failure or breach is not cured by Pledgor within five days of written notice thereof from the Company, (ii) any amounts representation of Pledgor in the Note or charges required this Pledge Agreement was incorrect in any material respect when made, (iii) Pledgor otherwise breaches this Agreement or the Note in any manner, which breach is not cured within five days of written notice from the Company, or (iv) the Pledgor files a petition or otherwise seeks relief under any bankruptcy, insolvency or similar law ("Insolvency Law") or a receiver, conservator, custodian or similar person is appointed by court order, or an order for relief is entered under federal or other applicable bankruptcy laws with respect to be paid pursuant Pledgor, or a petition is filed against Pledgor under any Insolvency Law, or Pledgor makes an assignment for the benefit of creditors (any such event in (i)-(iv) being a "Default"), then the Company may exercise any and all rights, powers and remedies of any owner of the Pledged Shares or other pledged collateral in furtherance of this Agreement and shall have, and may exercise without demand, any and all of the rights and remedies granted to this Leasea secured party upon default under the Uniform Commercial Code of Illinois or otherwise available to the Company under applicable law. Without limiting the foregoing, the Lessor Company is authorized to sell, assign and deliver at its discretion, from time to time during any period after giving five (5) days notice in writing to the Lessee maya Default, but shall not be obligated to, pay all or any part of the samePledged Shares and other pledged collateral for the account of Pledgor at any private sale or public auction, on not less than ten days' written notice to Pledgor, at such price or prices and upon such terms as the Company may reasonably deem advisable. If Pledgor shall have no right to redeem any Pledged Shares or other pledged collateral thus sold or auctioned. At any such sale or auction, the Lessee is Company may bid for, and become the purchaser of, the whole or any part of the Pledged Shares or other collateral offered for sale. In case of any such sale or auction, after deducting the costs, attorneys' fees and other expenses of sale and delivery, the remaining proceeds of such sale shall be applied to the due and unpaid principal of, and due and unpaid accrued interest on, the Note; provided that promptly after payment in default in full of the performance indebtedness evidenced by the Note, the balance of the proceeds of sale or auction then remaining shall be paid to Pledgor and Pledgor shall be entitled to the prompt return of any of its covenants or obligations hereunder (other than the payment of rent Pledged Shares or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice collateral remaining in the case hands of the Company. Pledgor shall be liable for any emergency) having regard deficiency if the remaining proceeds are insufficient to pay the indebtedness under the Note in full only to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereofextent, and for such purpose may do such things as may be requiredin the circumstances, including, without limitations, entering upon set forth in the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any other right, shall have the same remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this LeaseNote.

Appears in 2 contracts

Samples: Executive Stock Pledge, Security and Retention Agreement (Apropos Technology Inc), Executive Stock Pledge, Security and Retention Agreement (Apropos Technology Inc)

Default. If the Lessee fails to pay, `when due, any amounts or charges required to be paid pursuant to this Lease, the Lessor after giving five (5) days notice in writing to the Lessee may, but shall not be obligated to, pay all or any part For Use In All States Except Louisiana. Time is of the same. If the Lessee is essence hereof and if Borrower defaults in default in the performance any one of any of its covenants or obligations hereunder (other than the payment of rent on the loan or other sums required to be paid pursuant to payment provided for herein when due or breaches any other covenant or condition of this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligationsAgreement, or any part other contract or agreement between Borrower and Lender or its affiliates or if the Goods are levied upon, or Borrower becomes bankrupt or insolvent or a petition in bankruptcy is filed by or against the Borrower, then Lender may, in its sole option and discretion in any such event declare the total amount unpaid hereunder, including accrued delinquency charges, and excluding unearned interest immediately due and payable and may take possession of the Goods in a lawful manner wherever found without notice, demand or legal process, or may require the Borrower to assemble the Goods and make it available to the Lender at a place to be designated by the Lender, and where not prohibited by law, may sell the same at public or private sale, with or without notice, at which sale Lender may become the purchaser, may deduct from the proceeds of any such sale all taxes and charges due on the Goods and all expenses of taking, removing, holding, repairing and selling the Goods, and may apply the net proceeds to any indebtedness of Borrower, returning to Borrower any surplus or holding Borrower liable for any deficiency; and in consideration of the use of the Goods and for diminution in saleable value thereof, and for such purpose Lender may do such things as retain all payments made; or Lender may be required, including, pursue any other remedy provided by law. Lender may accept partial payments of any sum due without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent waiving or otherwise as may be modifying the case forthwith upon demand. The Lessor shall have no liability to terms of this Agreement and the Lessee for any loss or damages resulting from any such action or entry waiver by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or Lender of a breach of any covenant for quiet enjoyment contained in condition of this LeaseAgreement shall not constitute a waiver of any subsequent breach whether or not of a like character. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent of bankruptcy or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessorinsolvency proceedings, in addition to the above remedies, the Lender shall be entitled to any rental or other right, shall have income produced by the same remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this Lease.Goods prior to its release to Lender. ADDITIONAL PROVISIONS -- (Continued)

Appears in 2 contracts

Samples: Loan and Security Agreement (Boyd Bros Transportation Inc), Loan and Security Agreement (Boyd Bros Transportation Inc)

Default. If In the Lessee fails to pay, `when due, any amounts or charges required to event either party should be paid pursuant to this Lease, the Lessor after giving five (5) days notice in writing to the Lessee may, but shall not be obligated to, pay all or any part of the same. If the Lessee is in default in the ------- performance of any of its covenants material duties or obligations hereunder under this Agreement, the other party may give notice to the defaulting party specifying the term or condition which is alleged as the basis of the default. If the defaulting Party does not proceed with due diligence to cure the default or does not correct or cure the noticed default within twenty (other than 20) days after such notice, then this Agreement may be terminated by the payment non-defaulting party by giving written notice of rent or other sums required termination to the defaulting party; said termination to be paid pursuant without prejudice to any rights or remedies, legal, equitable, or otherwise, available to the terminating party including such rights and remedies as shall from time-to-time be afforded by the Uniform Commercial Code. Any provision of this Lease)Agreement to the contrary notwithstanding, if, at any time during the Lessor may term of this Agreement, Seller or Buyer is adjudicated bankrupt; or a petition for voluntary or involuntary bankruptcy is filed by or against Seller or Buyer; or Seller or Buyer shall petition for relief from its creditors under the Bankruptcy Act, or similar act, as from time to time after giving such notice as it considers sufficient (amended; or Seller or Buyer shall make a general assignment for the benefit of creditors or consent to the appointment of a receiver for a substantial part of its property; or if an order or decree is entered by any court of competent jurisdiction appointing a receiver for Seller or Buyer or for a substantial part of their property either with or without notice their consent, and such receiver is not removed or discharged within sixty (60) days from the date of said appointment; or if in any judicial proceeding a substantial part of the case property of Seller or Buyer shall be attached or seized under [LOGO] any legal process and shall not be released or discharged therefrom by the furnishing of security or otherwise within sixty (60) days thereafter, then, upon the occurrence of any emergency) having regard such events applicable to the circumstances applicableBuyer, perform or cause Seller may, at its option, declare Buyer to be performed in breach hereof, terminate this Agreement, refuse to make any further deliveries hereunder and declare the obligations of such covenants or obligations, or any part thereof, and Buyer for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is all Product theretofore furnished immediately due and payable; and upon the occurrence of any such events applicable to Seller, Buyer may, at its option, declare Seller to be in breach hereof, terminate this Agreement, refuse to make any rent, Additional Rent or other amount (including, without limiting the generality further purchases hereunder and terminate all of Buyer's obligations to Seller. The exercise of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant rights provided in this Section 21 shall be without prejudice to any legal rights or remedies otherwise available to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any other right, shall have the same remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this Leaseterminating party.

Appears in 2 contracts

Samples: Basestock Supply Agreement (Paperweight Development Corp), Basestock Supply Agreement (Appleton Papers Inc/Wi)

Default. If the Lessee fails to pay, `when due, Tenant shall at any amounts or charges required to time be paid pursuant to this Lease, the Lessor after giving five (5) days notice in writing to the Lessee may, but shall not be obligated to, pay all or any part of the same. If the Lessee is in default in the performance of any of its covenants or obligations hereunder (other than the payment of rent or other sums of money required to be paid pursuant by Tenant or in the performance of any of the covenants, terms, conditions, provisions, rules and regulations of this Lease and Tenant shall fail to remedy such default within five (5) days after the giving of written notice thereof by Landlord in the event the default is as to payment of rent or other sums of money or within ten (10) days after the giving of written notice thereof by Landlord if the default relates to matters other than the payment of rent and other sums of money (but Tenant shall not be deemed to be in default if Tenant commences to remedy said defaults other than the payment of rent and other sums of money within said ten-day period and proceeds therewith with due diligence). Landlord, in addition to all other remedies given to Landlord in law or in equity, may by written notice to Tenant terminate this Lease or without terminating this Lease and without notice to enter the Premises by summary proceedings or otherwise and in any event that disposesses Tenant. In the event Landlord elects to terminate the Lease, Tenant agrees, notwithstanding such termination, that it shall be and remain liable for all rent and other charges and sums due hereunder for the remainder of the term, which liability shall survive the termination of this Lease, the re-entry by Landlord and the commencement of any action to secure possession of the Premises. Landlord shall have the right to maintain successive actions against Tenant for recovery of all damages, including, without limitation, amounts equal to the rents and other charges and sums payable hereunder as and when said rents and other charges and sums are payable hereunder and Landlord shall not be required to wait to begin such actions or legal proceedings until the date this Lease would have expired. -22. In the event of such re-entry, Landlord may enter as agent for Tenant or in its own name, without being obligated to do so, and relet the whole or any portion of said Premises (with or without any improvements made by Tenant thereon or thereto), or the Lessor whole or any portion thereof with additional space, for any period equal to, greater or less than the remainder of the term of this Lease, for any sum (including any rental concessions and rent free occupancy) which it may from time deem reasonable, to time after giving such notice as any Tenant which it considers sufficient may deem suitable and satisfactory, and, for any use and purpose which it may deem appropriate. Landlord's damages shall include without limitation, attorneys' fees and collection costs incurred by reason of Tenant's default, commissions and the cost of repair or alteration of the Premises (or without notice "Costs of Reletting") and, in the case event of any emergency) having regard reletting, Landlord may apply the rent therefrom first to the circumstances applicablepayment of Landlord's expenses, perform including Costs of Reletting, and then to the payment of rent and all other sums due from Tenant hereunder, Tenant remaining liable for any deficiency. In computing damages or cause rental due under this Lease, the value of the Percentage Rental for any period subsequent to termination of this Lease or Tenant's right of possession shall be included and shall be an amount equal to the highest Percentage Rental which was payable by Tenant during the term of this Lease. Any obligation imposed by law upon Landlord to relet the Premises shall be subject to the reasonable requirements of Landlord to develop in a harmonious manner the real estate of which the Premises are a part and to establish the tenant mix which is suitable to Landlord; and the failure of Landlord to relet, or if relet, to collect the rent under such reletting, shall not release or affect Tenant's liability for damages hereunder. In any event, Landlord shall have the right to lease other vacant storerooms before leasing the Premises. In the event of default by Tenant of any of the terms, provisions, covenants, conditions, or rules and regulations of this Lease, Landlord shall have the right to invoke any remedy permitted to Landlord in law or in equity. All remedies available to Landlord in this Lease, in law or equity are declared to be performed cumulative and concurrent. No termination of this Lease nor any taking or recovering of possession of the Premises shall deprive Landlord of any of such covenants its rights, remedies or obligationsactions against Tenant including, without limitation, the right to receive all past due rents and damages equal to future rents and other charges accruing under this Lease, which rights shall survive the termination of this Lease or taking of possession of the Premises. If this Lease be terminated for any reason whatsoever or if Landlord should re-enter the Premises as a result of any breach of Tenant hereunder without terminating the Lease, Tenant covenants, any other covenant herein to the contrary notwithstanding (except where this Lease is terminated following eminent domain proceedings) that (i) the Premises shall then be in the condition required by all applicable provisions of this Lease; and (ii) Tenant shall perform any covenant contained in this Lease for the construction of the Premises or the making of any repair, improvement, alteration or betterment to the Premises or for restoring or rebuilding any part thereof. For the breach of either of the foregoing obligations Landlord shall be entitled to recover and Tenant shall pay, forthwith, without notice or other action by Landlord for the cost of performing such obligation(s). In the event Tenant violates any of the provisions, covenants, conditions or promises set forth in this Lease Agreement, and further in the event Landlord determines in its exercise of its sole discretion that such default is susceptible of a cure by Landlord, then in addition in any and all other remedies provided for in this Lease, or at law or in equity Landlord shall have the right (but shall not be obligated) to cure such default and implement such corrective measures as Landlord deems reasonably necessary to correct such default. In the event Landlord exercises the right of "self help" as set forth in the preceding sentence, then Tenant covenants and agrees that it shall within five (5) days after notice from Landlord pay to Landlord [***] of the cost incurred by Landlord in connection with implementation of such corrective measures, it being the intent to permit Landlord to recover a reasonable administrative fee in addition to the actual cost incurred. Further, in the event Tenant is not conducting a going business within the Premises or vacates or abandons the Premises (the cessation of operation of a business within the Premises for a period in excess of seven (7) days to be conclusive evidence of Tenant's intent to abandon or vacate the Premises) then Landlord shall have the right (but shall not be obligated) to enter the Premises after providing notice to Tenant for the purpose may do of inspection and implementation of such things as repairs, maintenance or other improvements to the Premises which may be required, includingin Landlord's opinion, without limitations, entering to preserve the overall appearance of the Premises or to mitigate the adverse impact of the appearance of the Premises upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessaryShopping Center. All expenses incurred and expenditures made pursuant to this paragraph Landlord shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any other right, shall additionally have the same remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this Lease*** Confidential treatment requested.

Appears in 2 contracts

Samples: Retail Lease Agreement (Silicon Entertainment Inc /Ca/), Retail Lease Agreement (Silicon Entertainment Inc /Ca/)

Default. If Lessee should be in breach or default of or violate any of the Lessee fails to pay, `when due, any amounts or charges required to be paid pursuant to terms and conditions of this Lease, the Lessor after giving five (5) days notice in writing to or if the Lessee may, but shall should assign or hypothecate this Lease or sublet the Demised Premises in a manner not be obligated to, pay all provided by this Lease or otherwise dispose of the whole or any part of the Demised Premises or make any structural alterations therein without the prior written approval of the Lessor, or shall commit waste or suffer the same to be committed on said Demised Premises or injure or misuse the same. If the Lessee is in default in the performance of any , or shall cease to exist as an IRS qualified or Connecticut corporation, or shall be adjudicated bankrupt, or shall make a voluntary or involuntary assignment of its covenants estate or obligations hereunder (effects for the benefit of creditors, or if a receiver of Lessee’s property shall be appointed, or if this Lease shall by operation of law, devolve upon or pass to anyone other than the payment Lessee, then this Lease shall thereupon, by virtue of this express stipulation expire and terminate, at the sole option of the Lessor, and the Lessor may, at any time thereafter re-enter said premises and shall have and possess all of the Lessor’s former estate, and without such re-entry, may recover possession thereof in the manner prescribed by the statutes relating to summary process; it being understood that no demand for rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry for condition broken, as at common law, shall be necessary to enable the Lessor to recover such possession pursuant to said statutes relating to summary process, that any or a breach of all right to any covenant for quiet enjoyment contained in this Leasesuch demand or any such re-entry is hereby expressly waived by Lessee. In the event that the Lessee fails to pay, when the same is due and payable, should be in breach or default of or violate any rent, Additional Rent or other amount (including, without limiting the generality of the foregoingLessee’s obligations set forth in the Lease and fail to cure such breach, taxes, insurance premiums and common area maintenance expensesdefault or violation within thirty (30) payable by the Lessee pursuant to the terms days written notice of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect breach from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, then this Lease shall thereupon, by virtue of this express stipulation expire and terminate, at the sole option of the Lessor, and the Lessor may, at any time thereafter re-enter said premises and shall have and possess all of the Lessor’s former estate, and without such re-entry may recover possession thereof in addition the manner prescribed by the statutes relating to summary process; it being understood that no demand for rent or re-entry for condition broken, as at common law, shall be necessary to enable Lessor to recover such possession pursuant to said statutes relating to summary process, that any or all right to any other right, shall have the same remedies and may take the same steps for the recovery of all such amounts and demand or such interest thereon as it might take for the recovery of rent in arrears under the terms of this Leasere-entry is hereby expressly waived by Lessee.

Appears in 2 contracts

Samples: Lease Agreement, Lease Agreement

Default. If (a) Upon the Lessee fails to pay, `when due, any amounts occurrence and continuance of a Default or charges required to be paid pursuant to this LeaseEvent of Default, the Lessor after giving five (5) days notice Lenders agree to promptly confer in writing to order that Required Lenders, Required Revolver Lenders, or the Lessee mayLenders, but shall not be obligated toas the case may be, pay all or any part may agree upon a course of action for the enforcement of the same. If the Lessee is in default in the performance of any of its covenants or obligations hereunder (other than the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect rights of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compoundingLenders; and the Lessor, in addition Administrative Agent and the Collateral Agent shall be entitled to refrain from taking any action (without incurring any liability to any other rightPerson for so refraining) unless and until the Administrative Agent or the Collateral Agent, as appropriate, shall have received instructions from Required Lenders or Required Revolver Lenders, as applicable. All rights of action under the same remedies Loan Documents and all right to the Collateral, if any, hereunder may take be enforced by the same steps for Administrative Agent and the Collateral Agent and any suit or proceeding instituted by the Administrative Agent or the Collateral Agent in furtherance of such enforcement shall be brought in its name as the Administrative Agent or the Collateral Agent, as applicable, without the necessity of joining as plaintiffs or defendants any other Lender, and the recovery of all such amounts and such interest thereon as it might take any judgment shall be for the recovery benefit of rent in arrears under the terms Lenders (and, with respect to Lender Hedging Agreements, Affiliates, if applicable) subject to the expenses of this Leasethe Administrative Agent and/or the Collateral Agent. In actions with respect to any property of the Borrower or any other Obligor, each of the Administrative Agent and the Collateral Agent is acting for the ratable benefit of each Lender (and, with respect to Lender Hedging Agreement, Affiliates, if applicable). Any and all agreements to subordinate (whether made heretofore or hereafter) other indebtedness or obligations of Borrower to the Obligation shall be construed as being for the ratable benefit of each Lender (and, with respect to Lender Hedging Agreement, Affiliates, if applicable).

Appears in 2 contracts

Samples: Credit Agreement (Martin Midstream Partners Lp), Credit Agreement (Martin Midstream Partners Lp)

Default. If Pledgor (a) defaults in the Lessee fails to paypayment of the principal under the Note when it becomes due (whether upon demand, `when dueacceleration or otherwise) or any other event of default under the Note or this Agreement occurs (including, any amounts or charges required to be paid pursuant to this Leasewithout limitation, the Lessor after giving bankruptcy or insolvency of Pledgor) or (b) defaults in the payment of interest or any other amount related to the Note, the Company may (following five (5) days notice in writing to Executive, during which the default is not cured) exercise any and all the rights, powers and remedies of any owner of the Pledged Interest (including the right to vote the Pledged Interest and receive any distributions with respect to such Pledged Interest) and shall have and may exercise without demand any and all the rights and remedies granted to a secured party upon default under the Uniform Commercial Code of New York or otherwise available to the Lessee mayCompany under applicable law. Without limiting the foregoing, but shall not be obligated toafter the occurrence of and during the continuance of a default, pay the Company is authorized to sell, assign and deliver at its discretion, from time to time, all or any part of the sameCollateral at any private sale or public auction, on not less than ten days written notice to Pledgor, at such price or prices and upon such terms as the Company may deem advisable. If Pledgor shall have no right to redeem the Lessee is Collateral after any such sale or assignment. At any such sale or auction, the Company may bid for, and become the purchaser of, the whole or any part of the Pledged Interest offered for sale. In case of any such sale, after deducting the costs, attorneys' fees and other expenses of sale and delivery, the remaining proceeds of such sale shall be applied to the principal of and accrued interest on the Note and other amounts related thereto (including costs, attorneys' fees associated with enforcement hereof); provided that after payment in default in full of the performance indebtedness evidenced by the Note, the balance of the proceeds of sale then remaining shall be paid to Pledgor and Pledgor shall be entitled to the return of any of its covenants or obligations hereunder (other than the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice Pledged Interest remaining in the case hands of the Company. Pledgor shall be liable for any deficiency (to the extent liable therefor under the Note) if the remaining proceeds are insufficient to pay the indebtedness under the Note in full, including the fees of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid attorneys employed by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability Company to the Lessee for any loss or damages resulting from any collect such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any other right, shall have the same remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this Leasedeficiency.

Appears in 2 contracts

Samples: Stock Pledge Agreement (Maxxim Medical Inc), Stock Pledge Agreement (Maxxim Medical Inc)

Default. If Member shall be deemed to be in default under this License as follows: (i) if Member defaults in the Lessee fails to pay, `when payment of the License Fee or other sums due, (ii) if Member shall be late in paying the License Fee and any amounts other additional fees due hereunder, more than three times within any 12-month period, (iii) if Member abandons the Office, (iv) if Member assigns or charges required to be paid pursuant to sublets this Lease, the Lessor after giving five (5) days notice in writing to the Lessee may, but shall not be obligated to, pay all License or any part portion thereof in violation of the same. If the Lessee is in default this License, or (v) if Member defaults in the prompt and full performance of any other provision of its covenants this License. Upon the occurrence of one or obligations hereunder (other than the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect more of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to above events of default, this paragraph License shall automatically be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Leaseterminated. In the event of default and termination of this License, or the revocation of this License by Workville, Workville shall have the option to pursue one or more of the following remedies without any additional notice or demand and without limitation to Workville in the exercise of any other remedy: (i) Workville may deny Member access to the Office, and may enter the Office, and take possession of the contents thereof, without releasing Member from any of its obligations hereunder; and (ii) Workville may exercise any remedy now or hereafter available to it at law or in equity upon Member’s breach or default of this License, or upon Workville’s revocation or other termination of this License in accordance with its terms, and Member hereby agrees that Workville shall not have a duty to seek a court order or to provide due process before evicting Member from the Lessee fails to paylicensed space and removing Member’s property therefrom. In the event of such termination, when Workville may, at its option, declare the same is entire amount of the License Fee which would become due and payablepayable during the remainder of the Term to be due and payable immediately, any rent, Additional Rent or other amount in which event Member agrees to pay same immediately. Member agrees to pay all costs and expenses (including, without limiting limitation, reasonable attorneys’ fees, disbursements and court costs) expended or incurred by Workville in connection with the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms enforcement of this LeaseLicense, such unpaid amount shall bear interest at an annual rate equal the collection of any sums due hereunder, any action for declaratory relief in any way related to this License, and/or the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date protection or preservation of payment, subject to monthly compounding; and the Lessor, in addition to any other right, shall have the same remedies and may take the same steps for the recovery rights of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this LeaseWorkville hereunder.

Appears in 2 contracts

Samples: Terms and Conditions, Terms and Conditions

Default. If and whenever the Lessee fails to pay, `when due, any amounts or charges required to be paid pursuant to this Lease, the Lessor after giving five (5) days notice in writing to the Lessee may, but shall not be obligated to, pay all or any part of the same. If the Lessee is in default in the performance of any of its covenants or obligations hereunder (other than the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligationsRent hereby reserved, or any part thereof, will not be paid on the day appointed for payment thereof, whether demanded or not, or in the case of breach or non-observance or non-performance of any of the covenants, agreements, provisos, conditions, or rules and regulations on the part of the Tenant to be kept, observed, or performed, or in case the Premises will be vacated or remain unoccupied for such purpose may do such things as may be required5 days, includingor if, without limitationsthe written consent of the Landlord, entering the Premises will be used by any person other than the Tenant, or for any purpose other than that for which the same was let, or in case the Term will be taken in execution or attachment for any cause whatever, then and in every such case it will be lawful for the Landlord at any time thereafter to enter into and upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof in the name of the whole and the same to have again, repossess, and enjoy as of its former estate, anything in this Lease contained to the contrary notwithstanding. Whenever the Landlord is entitled to re-enter the Premises it may, at its option and without limiting its other remedies, terminate the Lease. If this Lease is so terminated, the Landlord, to the extent permitted by law, may immediately repossess the Premises, sell or dispose of such Tenant’s fixtures, trade fixtures, personal property, or leasehold improvements therein as the Lessor reasonably Landlord considers requisite appropriate, or necessary. All expenses incurred store any of the Tenant’s fixtures, trade fixtures, personal property, or leasehold improvements therein in a public warehouse or elsewhere at the cost of the Tenant, all without service of notice, without legal proceedings, and expenditures made pursuant without liability for loss or damage and wholly without prejudice to this paragraph shall be paid the rights of the Landlord to recover arrears of Rent or damages for any default by the Lessee as Additional Rent Tenant of its obligations or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises agreements under this paragraph and same is not a re-entry Lease or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent term or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms condition of this Lease, such unpaid amount shall bear interest at an annual rate equal and wholly without prejudice to the prime lending rate in effect from time rights of the Landlord to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated recover from the due date thereof to the date Tenant damages for loss of paymentRent suffered by reason of this Lease having been prematurely terminated, subject to monthly compounding; including prospective damages, and the LessorLandlord reserves a right to claim all costs (including legal fees on a full indemnity basis), in addition to any other rightlosses, shall have damages, and expenses arising from the same remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this LeaseTenant’s breach.

Appears in 2 contracts

Samples: Lease Agreement, Lease Agreement

Default. If the Lessee fails Lease Space shall be deserted or vacated, or if proceedings are commenced as to paythe Tenant in any court under the bankruptcy act or for the appointment of a trustee or receiver of the Tenant’s property, `when due, any amounts or charges required to if there shall be paid pursuant to this Lease, a default in the Lessor after giving payment of rent for more than five (5) days after written notice in writing to of such default by the Lessee mayLandlord, but or if there shall not be obligated to, pay all or any part of the same. If the Lessee is in a default in the performance of any other covenant, agreement, condition, rule or regulation herein contained on the part of its covenants the Tenant for more than twenty (20) days after written notice of such default by the Landlord, this lease (if the landlord so elects) shall become null and void, and the Landlord shall have the right to re-enter or obligations hereunder (other than repossess the payment of rent lease property, either by force, summary proceedings, surrender or otherwise, and to dispossess and remove therefrom the Tenant or other sums required to occupants and their effects without being liable from any prosecution therefore. Landlord may place Landlord’s lock up on the storage door at the end of the default period and Tenant or Tenant’s agents may not go upon the premises, and anyone going upon the premises shall constitute a criminal trespass for which Tenant may be paid pursuant to this Lease)prosecuted by the full extent allowable by law. In Case of an uncured default, the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in Landlord may, at it’s option, re-let the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligationsleased property, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect agent of the demised Premises or any part thereof as Tenant, and the Lessor reasonably considers requisite or necessary. All expenses incurred Tenant shall pay the Landlord the difference between the rent hereby reserved and expenditures made pursuant agreed to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be Tenant for the case forthwith upon demand. The Lessor shall have no liability to portion of the Lessee for any loss or damages resulting from any such action or entry by term remaining at the Lessor upon the demised Premises under this paragraph and same is not a time of re-entry or a breach repossession and the amount, if any, received or to be received under such re-letting for such portion of the term. Any default notice may be sent to the above address of Tenant. In addition to the rental, Tenant shall pay Landlord attorney’s and/or collections fees for each default notice within 20 days of receipt of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any other right, shall have the same remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this Leasenotice.

Appears in 2 contracts

Samples: Lease Agreement, alliedstoragemt.com

Default. If the Lessee fails to pay, `when due, any amounts or charges required to be paid pursuant to this Lease, the Lessor after giving five (5) days notice in writing to the Lessee may, but shall not be obligated to, pay all or any part of the same. If the Lessee is in default in the performance of any of its covenants or obligations hereunder (other than the payment of said rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as shall at any time be in arrears and unpaid for ten (10) days after written notice from Landlord or if said Tenant or its successors shall fail to keep and perform any of the Lessor reasonably considers requisite covenants, agreements, or necessary. All expenses incurred conditions of this Lease on its part to be performed, and expenditures made pursuant to this paragraph the breach is not cured within thirty (30) days after written notice from Landlord, or if said Tenant shall abandon or vacate said premises during the term thereof, or shall make an assignment for the benefit of creditors, or if a receiver for the Tenant hereunder be appointed in any action or proceeding by or against the Tenant or if a petition (voluntary or involuntary) under the Federal Bankruptcy File Act or Acts amendatory thereof or supplemental thereto shall be paid filed by or against the Tenant, or if the Tenant should be adjudicated bankrupt, or if the interest of the Tenant in said premises shall be sold under execution or other legal process, the Landlord may enter in and upon said premises and again have and repossess and enjoy the same as if this Lease had not been made and, thereupon this Lease and everything contained herein on the part of said Landlord to be kept and performed shall cease and determine and be utterly void, without prejudice, however, to the right of the Landlord to recover from said Tenant or its successors all rent due up to the time of such entry. The commencement of a proceeding or suit in forcible entry and detainer or in ejectment or otherwise, after any default by the Lessee as Additional Rent or otherwise as may Tenant, shall be the case forthwith upon demand. The Lessor shall have no liability equivalent in every respect to the Lessee for any loss or damages resulting from any such action or actual entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach Landlord. In case of any covenant such default by said Tenant and entry by said Landlord, said Landlord may relet said premises at Tenant's cost (including but not limited to brokers and attorneys fees) for quiet enjoyment contained in this Leasethe remainder of said term for the highest rent obtainable, and may recover from said Tenant any deficiency between the amount so obtained and the amount of rent hereinbefore reserved. In the event that the Lessee fails to payof litigation regarding said default, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount Tenant shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any other right, shall have the same remedies and may take the same steps be responsible for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this LeaseLandlord's reasonable attorney's fees.

Appears in 2 contracts

Samples: Lease Agreement (Retail Ventures Inc), Lease Agreement (Retail Ventures Inc)

Default. If BANKRUPTCY In the Lessee fails to pay, `when due, event that: (a) Tenant shall default in the payment of any amounts installment of rent or charges required to be paid pursuant to this Lease, the Lessor after giving other sum herein specified and such default shall not have been cured within five (5) days notice in writing to the Lessee may, but days; or (b) Tenant shall not be obligated to, pay vacate or abandon all or any part of the samePremises or fail to continuously occupy the Premises, such circumstances not having been cured within five (5) days; or (c) Tenant shall materially default in the observance or performance of any other of Tenant’s covenants, agreements or obligations hereunder, such default not having been cured within five 5 days of receiving written notice of such material default; or (d) Tenant shall suffer a material adverse change in it’s business, as determined by Landlord; or (e) Tenant shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of Tenant’s property for the benefit of creditors, provided, then Landlord shall have the right to proceed with summary process to remove Tenant from the Premises. In the event of default by Tenant, Tenant shall pay to Landlord all costs and expenses incurred in enforcing the terms of this Lease, including reasonable attorneys’ fees, whether or not legal proceedings are instituted. Tenant shall indemnify the Landlord against all loss of rent and other payments, which the Landlord may incur by reason of such termination during the balance of the Term of this Lease. If Tenant shall default in the observance or performance of any conditions or covenants on Tenant’s part to be observed or performed hereunder or by virtue of any of the provisions in any article of this Lease other than Tenant’s rental payment obligations, Landlord, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the Tenant. If the Lessee is Landlord makes any expenditures or incurs any obligations for the payment of money in connection therewith, including but not limited to, all attorney’s fees in instituting, prosecuting or defending any action or proceeding, such sums paid or obligations incurred, with interest at the rate of two (2%) percent per month and costs, shall be paid to the Landlord by the Tenant as Additional Rent upon written notice from Landlord to Tenant of such costs and expenses. Notwithstanding anything contained in this Lease to the contrary, Landlord shall not be in default in the performance of any of its covenants Landlord’s obligations under this Lease unless and until Landlord shall have failed to perform such obligations within thirty (30) days, or obligations hereunder (other than the payment of rent or other sums such additional time as is required to be paid pursuant correct any such default, after receipt of written notice from Tenant to this Lease), the Lessor may from time Landlord specifying wherein Landlord has failed to time after giving perform any such notice as it considers sufficient (obligation. If Tenant claims or without notice asserts that Landlord is in default in the case performance of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises Landlord’s obligations under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount Tenant shall bear interest at not be relieved of Tenant’s obligations under this Lease and Tenant’s sole remedy shall be an annual rate equal to the prime lending rate action for specific performance, declaratory judgment or injunction and in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition no event shall Tenant be entitled to any money damages or to terminate this Lease and in no event shall Tenant claim or assert any claim for money damages in any action or by way of set-off, defense or counterclaim and Tenant hereby specifically waives the right to any money damages, to terminate this Lease or any other right, shall have the same remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent available at law or in arrears under the terms of this Leaseequity.

Appears in 2 contracts

Samples: Lease (Acacia Communications, Inc.), Commercial Lease (Acacia Communications, Inc.)

Default. If In the event Lessee fails defaults in the terms hereof, Lessor, at his option, and in addition to payany other rights he may have, `when may re-enter and repossess said premises and remove all property therefrom and store the same at the expense of Lessee. Lessor, upon default of Lessee, may relet said premises or any portion thereof, in a changed condition or otherwise, for such rental and upon such terms as he deems reasonable, and hold Lessee for the difference received, plus expenses of reletting and collecting such rental, and the rental herein provided. No such re-entry or taking of possession by Lessor shall be deemed an election to terminate this lease unless Lessee is served with notice of said termination by Lessor or the same be decreed by a court of competent jurisdiction. In the event Lessee shall breach this lease and abandon the demised premises, Lessor may also elect to continue the lease in effect and Lessor may enforce all rights and remedies hereunder, including the right to recover rent as it becomes due, all pursuant to the provisions of Section 1951.4 of the California Civil Code. In the event of such election by Lessor to continue the lease, Lessee hereby irrevocably appoints Lessor the agent of Lessee to enter upon the demised premises and remove any amounts and all persons and/or property whatsoever situated upon said premises, and to place all or charges required any portion of said property, except such property as may become the property of Lessor, in storage for the account of and at the expense of Lessee; and, in such case, Lessor may relet the demised premises upon such terms as to it may seem fit, and if a sufficient sum shall not be thus realized, after paying expenses of such reletting and collecting, to satisfy the rent and such other sums as may be reserved herein to be paid pursuant paid, Lessee shall satisfy and pay any deficiency, and pay the expenses of such reletting and collecting. Lessee hereby releases Lessor and agrees to save harmless Lessor from any cost, loss or damage arising out of or caused by any such entry or reentry upon the demised premises and/or the removal of persons and/or property and storage of such property by Lessor or his agents. Lessee hereby grants to Lessor a security interest in all its fixtures, machinery, equipment, presently owned by Lessee and located at said demised premises. While Lessee is not in default in the payment of rent or any of its obligations under this Lease, it may trade in or replace any of said items free of this security interest and the security interest shall then apply to the newly acquired items. All trade fixtures, equipment and other like property which the Lessee has installed in the building shall remain the property of the Lessee, subject to Lessor's security interest, and the Lessor after giving five (5) days notice in writing to agrees that the Lessee mayshall have the option at any time, but shall not be obligated toand from time to time, pay all or any part of the same. If provided the Lessee is not then in default in the performance of any of the obligations of the lease on its covenants or obligations hereunder (other than the payment of rent or other sums required part to be paid pursuant performed, to this Lease)trade in or replace any and all of its trade fixtures, the Lessor equipment, and other page two 3 like property which it may from time to time after giving such notice as it considers sufficient (or without notice have installed in the case building or improvements, and upon the termination of the lease, to remove same, provided, that if Lessee be in default it shall not then have any emergency) having regard to the circumstances applicableright of trading in, perform replacing or cause to be performed any removing of such covenants or obligationstrade fixtures, or any part thereof, equipment and for such purpose other like property which it may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any other right, shall have the same remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this Leaseinstalled.

Appears in 2 contracts

Samples: Lease (Argonaut Technologies Inc), Lease (Argonaut Technologies Inc)

Default. If The occurrence of any one or more of the Lessee fails to pay, `when due, any amounts or charges required following events shall be deemed to be paid pursuant an “event of default” of this Subcontract/Purchase Order Agreement: a) Refusal, failure or neglect of the Subcontractor/Material Supplier to this Leasesupply a sufficient number of properly skilled workmen of a sufficient quantity or quality of materials; b) Dissolution, the Lessor after giving five termination of existence, insolvency (5) days notice in writing however evidenced), general failure to the Lessee maypay debts as they mature, but shall not be obligated tobusiness failure, pay all or appointment of a receiver of any part of the sameproperty of, assignment for the benefit of creditors by, commission of any act or bankruptcy by, or the service or filing of any warrant, attachment or levy or of any tax lien or assessment or similar process against the Subcontractor/Material Supplier; c) Failure of the Subcontractor/Material Supplier to make prompt payment to its materialmen, suppliers, subcontractor or workmen, or to insure prompt payment by any of them to any party to whom they may be obligated by reason of the work; d) Failure of the Subcontractor/Material Supplier in any respect to prosecute the work in a proper and prompt manner; or e) Failure of the Subcontractor/Material Supplier to perform fully any and all of the obligations of the Subcontractor/Material Supplier to be performed pursuant to this Subcontract/Purchase Order Agreement. Upon the happening of any “event of default”, and at any time thereafter, the Contractor may, at its option, after giving forty-eight (48) hours written notice to the Subcontractor/Material Supplier, provide any such labor and materials and/or do all things as may be necessary or convenient to complete the work and deduct the cost thereof from any monies due, or thereafter to become due, under the Subcontract/Purchase Order Agreement. Alternatively, or in addition, upon the occurrence of any one or more events of default, the Contractor may, at its option, terminate the Subcontract/Purchase Order. In that event, the Contractor shall have the right to enter upon the premises of the Subcontractor’s/Material Supplier’s facilities at the Project, and take possession, for the purpose of completing the work, of all materials, tools and appliances therein, and may employ any other person or persons to finish the work and provide the materials therefor. In case of such discontinuance of the Subcontractor’s/Material Supplier’s right to proceed with the work, the Subcontractor/Material Supplier shall not be entitled to receive any further monies under this Subcontract/Purchase Order Agreement until the work undertaken by the Contractor is completely finished and payment therefor has actually been received by the Contractor from the Owner (such payment by the Owner being a condition precedent to any obligation for payment by the Contractor to the Subcontractor/Material Supplier.) At that time, if the unpaid balance of the amount to be paid under this Subcontract/Purchase Order Agreement exceeds the costs (including, but not limited to, any incidental or consequential damages and reasonable attorney fees and litigation expenses (meaning, without limitation, paralegal fees, filing fees, deposition expenses and other out-of-pocket litigation expenses) incurred by the Contractor by reason of the Subcontractor's/Material Supplier's default and/or in any and all types of litigation arising from such, shall be chargeable to, and paid by, the Subcontractor/Material Supplier. If the Lessee is aforementioned costs exceed the unpaid balance due the Subcontractor/Material Supplier, then the Subcontractor/Material Supplier shall promptly pay the Contractor the amount by which such costs exceed such unpaid balance. The costs incurred by the Contractor as herein provided, either for furnishing materials or for finishing the work, and any damages, including incidental and consequential damages incurred by the Contractor by reasons of the Subcontractor’s/Material Supplier’s default, shall be chargeable to, and paid by the Subcontractor/Material Supplier. Any and all rights and remedies of the Contractor under this Subcontract/Purchase Order Agreement shall be cumulative. The enumeration of specific rights and remedies of the Contractor shall not affect or impair any of the Contractor’s right or remedies at law or in default equity, or under the Prime Contract. In the event any acts or omissions of the Subcontractor/Material Supplier delay the Contractor in the performance of any of its covenants or obligations hereunder (other than the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice Prime Contract and result in the case of Contractor’s being subjected to any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting but not limited to acceleration, delay or recovery costs), claims, penalties, liabilities, or liquidated damages thereunder, the generality Subcontractor/Material Supplier shall, upon demand of the foregoingContractor, taxes, insurance premiums promptly pay to and common area maintenance expenses) payable by reimburse the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any other right, shall have the same remedies and may take the same steps Contractor for the recovery full amount of all any penalties, liabilities or liquidated damages, including costs and attorney’s fees incurred by Contractor in responding to such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this Leasedelay.

Appears in 2 contracts

Samples: www.hannigbidding.com, www.hannigbidding.com

Default. If Section 1. Subject to the Lessee fails provisions of this Article XIV, this Lease is made upon the express condition that Tenant shall faithfully and punctually perform and observe all the agreements, covenants and conditions herein set forth to paybe performed by Tenant, `when dueand that if at any time any Rent, taxes, assessments, charges, insurance premiums, utilities charges or any amounts or charges other monies required to be paid pursuant to this Lease, the Lessor after giving five (5) days notice in writing to the Lessee may, but shall not be obligated to, pay all or any part of the same. If the Lessee is in default in the performance of any of its covenants or obligations hereunder (other than the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligationsby Tenant hereunder, or any part thereof, shall be in arrears and unpaid for such purpose may do such things as may a period of five (5) days after notice in writing thereof shall have been given by Landlord to Tenant, or if defaults shall be required, including, without limitations, entering upon made or suffered in the demised Premises and doing such things upon performance or in respect observance of any of the demised Premises other covenants or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms conditions of this Lease, and if Tenant fails to commence action to eliminate such unpaid amount default within thirty (30) days after notice in writing thereof shall bear interest at an annual rate equal have been given by Landlord to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of paymentTenant, subject to monthly compounding; and the Lessor, in addition to any other right, Landlord shall have the same remedies right, at its election, to terminate this Lease or to enter upon the Leased Premises and take immediate possession thereof. If Landlord shall elect to so terminate this Lease, then Landlord may take recover from Tenant: (a) the same steps worth at the time of award of any unpaid Rent which had been earned at the time of such termination; plus (b) the worth at the time of the award of the amount by which the unpaid Rent which would have been earned after termination until the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; plus (c) the worth at the time of award of the amount by which the unpaid Rent for the recovery balance of the term after the time of award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided; plus (d) any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant’s failure to perform its obligations under this Lease or which, in the ordinary course of things, would be likely to result therefrom, and this Lease and the Building and all improvements upon the Leased Premises shall be forfeited to Landlord without compensation therefor to Tenant, or any other person, firm or corporation whomsoever; provided, however, that Tenant may at any time before the expiration of such amounts periods, pay and/or perform the engagements of this Lease for which Tenant shall be in default, and thereby prevent such entry and forfeiture. As used herein, the “worth at the time of award” is computed by allowing interest thereon as it might take at the rate of ten percent (10%) per annum. As used in (c) above, the “worth at the time of award” is computed by discounting such amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of award plus one percent (1%). Such right to xxx and the right to forfeit and reenter are cumulative and not exclusive of each other or of any other lawful right or remedy that Landlord may have, and the fact that Landlord may have brought suit and recovered judgment for Rent or other sums in default hereunder shall not impair its right to cause forfeiture of this Lease and reenter, upon the terms set forth herein, in case the default upon which any such suit was based shall continue unsatisfied for the recovery period of rent in arrears under the terms of this Leasetime hereinabove stipulated for such forfeiture and entry.

Appears in 2 contracts

Samples: Lease (Sylvamo Corp), Lease (Sylvamo Corp)

Default. If the Lessee fails to pay, `when due, any amounts or charges required to be paid pursuant to this Lease, the Lessor after giving five (5) days notice Tenant hereby agrees that in writing to the Lessee may, but case Tenant shall not be obligated to, pay all default in making its payments hereunder or any part of them or in performing any of the same. If the Lessee is in other agreements, terms and conditions of this Lease and such default in the performance of any of its covenants or obligations hereunder (other than continues for five days after written notice thereof as to the payment of rent Base Rent and regular monthly installments of fixed estimates of operating costs (a "Monetary Default") or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient thirty (30) days (or without such longer period as Tenant, acting diligently, may reasonably require) after written notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from all other defaults, then, in any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to payevent, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the LessorLandlord, in addition to all other rights and remedies available to Landlord by law or by other provisions hereof, may after five days written notice, with due process, re-enter immediately into the Premises and remove all persons and property therefrom, and, at Landlord's option, annul and cancel this Lease as to all future rights of Tenant and Tenant hereby expressly waives the service of any notice in writing of intention to re-enter as aforesaid. Tenant further agrees that in case of any such termination Tenant will indemnify the Landlord against all loss of rents and other rightdamage which Landlord incurs by reason of such termination, shall have including, but not being limited to, costs of restoring and repairing the same remedies Premises as required by this Lease, costs of renting the Premises to another tenant, loss or diminution of rents and other damage which Landlord may take the same steps for the recovery incur by reason of such termination, and all such amounts reasonable attorney's fees and such interest thereon as it might take for the recovery expenses incurred in enforcing any of rent in arrears under the terms of this the Lease. Neither acceptance of rent by Landlord, with or without knowledge of breach, nor failure of Landlord to take action on account of any breach hereof or to enforce its rights hereunder shall be deemed a waiver of any breach, and absent written notice or consent, said breach shall be a continuing one.

Appears in 2 contracts

Samples: Lease Agreement (Angeion Corp/Mn), Lease Agreement (Veritas Software Corp)

Default. If Lessee defaults in the Lessee fails performance or observance of any of the covenants or conditions herein contained, or contained in the Vessel and Mooring Rules, as adopted by Lessor from time to paytime, `when duethen Lessor may, any amounts or charges required to be paid pursuant to this Lease, the Lessor after giving at Lessor’s option and upon five (5) days days’ written notice to Lessee, terminate this Agreement and immediately expel and remove Lessee and the Boat or PWC, or any other persons or vessels occupying the Slip(s). The foregoing right of Lessor shall be without prejudice to any remedies that might otherwise be used for breach of covenants, including but not limited to, retention by Lessor of any prepaid Mooring Fees. No such termination, entry, expulsion, or removal, whether by direct act of Lessor through legal proceedings or otherwise, shall affect the liability of Lessee for any sums due Lessor, including but not limited to, the costs and expenses of such expulsion and removal. If at any time Lessee shall file a voluntary petition in writing bankruptcy or petitions for (or enters into) an arrangement for reorganization, composition, or any other arrangement with Lessee’s creditors under any federal or state law, this Agreement shall terminate and Lessor shall have the immediate right to remove all persons and property from the Lessee may, but Slip(s). This Agreement shall not be obligated totreated as an asset of the Lessee’s estate, pay all and neither the Lessee nor anyone claiming by, through, or under Lessee by virtue of any law or any part order of any court shall be entitled to the possession of the same. If the Lessee is in default Slip(s) or to remain in the performance of any of its covenants or obligations hereunder (other than the payment of rent or other sums required possession thereof. The remedies afforded Lessor under this Paragraph 7 shall not be deemed to be paid pursuant to this Lease)exclusive or alternative, the Lessor may from time to time after giving but such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause remedies shall at all times be deemed to be performed any of such covenants or obligationscumulative; and in addition thereto, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry each and every other remedy afforded it by the Lessor upon the demised Premises under this paragraph Agreement, by custom and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to payusage, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums by law and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any other right, shall have the same remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this Leaseequity.

Appears in 2 contracts

Samples: Slip Rental Agreement, Slip Rental Agreement

Default. If an Event of Default shall occur, at the Lessee fails election of the Lender, all Obligations shall become immediately due and payable without notice or demand, except with respect to payObligations payable on DEMAND, `when duewhich shall be due and payable on DEMAND, whether or not an Event of Default has occurred. The Lender is hereby authorized, at its election, after an Event of Default or after Demand, without any amounts further demand or charges notice except to such extent as notice may be required by applicable law, to be paid pursuant take possession and/or sell or otherwise dispose of all or any of the Collateral at public or private sale; and the Lender may also exercise any and all other rights and remedies of a secured party under the Code or which are otherwise accorded to this Leaseit by applicable law, all as the Lender may determine. If notice of a sale or other action by the Lender is required by applicable law, unless the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market, the Lessor after giving Borrower agrees that five (5) days days' written notice in writing to the Lessee mayBorrower, but or the shortest period of written notice permitted by such law, whichever is larger, shall not be obligated tosufficient notice; and that to the extent permitted by law, pay all or the Lender, its officers, attorneys and agents may bid and become purchasers at any part such sale, if public, and may purchase at any private sale any of the Collateral that is or a type customarily sold on a recognized market or which is the subject of widely distributed standard price quotations. Any sale (public or private) shall be free from any right of redemption, which the Borrower hereby waives and releases. No purchaser at any sale (public or private) shall be responsible for the application of the purchase money. Any balance of the net proceeds of sale remaining after paying all Obligations of the Borrower to the Lender shall be returned to the Borrower or to such other party as may be legally entitled thereto; and if there is a deficiency, the Borrower shall be responsible for the same, with interest. If Upon demand by the Lessee Lender, the Borrower shall assemble the Collateral and make it available to the Lender at a place designated by the Lender which is reasonably convenient to the Lender and the Borrower. The Borrower hereby acknowledges that the Lender has extended credit and other financial accommodations to the Borrower upon reliance of the Borrower's granting the Lender the rights and remedies contained in default in this Agreement including without limitation, the performance right to take immediate possession of the Collateral upon the occurrence of an Event of Default or after DEMAND with respect to Obligations payable on DEMAND and the Borrower hereby acknowledges that the Lender is entitled to equitable and injunctive relief to reinforce any of its covenants rights and remedies hereunder or obligations hereunder (other than under the payment Code and the Borrower hereby waives any defense to such equitable or injunctive relief based upon any allegation of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case absence of any emergency) having regard irreparable harm to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any other right, shall have the same remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this LeaseLender.

Appears in 2 contracts

Samples: Loan and Security Agreement (Fix Corp International Inc), Loan and Security Agreement (Fix Corp International Inc)

Default. If (a) In the Lessee fails event that Seller is ready, willing and able to payclose in accordance with the terms and provisions hereof, `when due, any amounts or charges required to be paid pursuant to this Lease, the Lessor after giving five (5) days notice and Buyer defaults in writing to the Lessee may, but shall not be obligated to, pay all or any part of the same. If the Lessee is in default in the performance of any of its covenants or obligations undertaken in this Agreement, and after Buyer has received ten (10) days’ written notice to cure and has failed to cure, Seller shall be entitled to, as its sole and exclusive remedies to either: (i) if Buyer is willing to proceed to Closing, waive such default and proceed to Closing in accordance with the terms and provisions hereof; (ii) enforce specific performance of Buyer’s obligations hereunder upon Buyer or upon one of Buyer’s Affiliates that shall be designated by Buyer to perform the obligations hereunder; or (other than the payment of rent or other sums required iii) declare this Agreement to be terminated, and Seller shall be entitled to immediately receive all of the Xxxxxxx Money (First EM Deposit, Second EM Deposit and Third EM Deposit) as liquidated damages. Upon such termination, neither Buyer nor Seller shall have any further rights, obligations or liabilities hereunder, except as otherwise expressly provided herein. Seller and Buyer agree that (a) actual damages due to Buyer’s default hereunder would be difficult and inconvenient to ascertain and that such amount is not a penalty and is fair and reasonable in light of all relevant circumstances, (b) the amount specified as liquidated damages is not disproportionate to the damages that would be suffered and the costs that would be incurred by Seller as a result of having withdrawn the Property from the market, and (c) Buyer desires to limit its liability under this Agreement to the amount of the Xxxxxxx Money paid pursuant in the event Buyer fails to complete Closing. Except as otherwise expressly set forth in this LeaseSection 9(a), Seller hereby waives any right to recover the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in balance of the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligationsPurchase Price, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon right to pursue any other remedy permitted at law or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessaryequity against Buyer. All expenses incurred and expenditures made pursuant to In no event under this paragraph shall be paid by the Lessee as Additional Rent Section or otherwise as may shall Buyer be the case forthwith upon demand. The Lessor shall have no liability liable to the Lessee Seller for any loss punitive, speculative or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any other right, shall have the same remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this Leaseconsequential damages.

Appears in 2 contracts

Samples: Agreement for Purchase And (American Realty Capital Trust III, Inc.), Agreement (American Realty Capital Daily Net Asset Value Trust, Inc.)

Default. If an Investor (or any of its affiliates) defaults on its obligation to fund its Investment Commitment in accordance with the Lessee fails terms of its Equity Commitment Letter or breaches its obligations under the Cooperation Agreement, its Limited Guaranty, its Equity Commitment Letter or this Agreement (a “Defaulting Investor”), and such default causes the Investors (or their respective affiliates) or the Acquisition Entities to paybecome liable to make any payments (including the Termination Fee) pursuant to the Purchase Agreement, `when duethe Equity Commitment Letters, the Limited Guaranties or otherwise in respect of the Transaction, then the Defaulting Investor will be responsible for all such amounts payable (or previously paid) by any Investor that is not a Defaulting Investor (a “Non-Defaulting Investor”), other than any amounts or charges required that are paid to be paid pursuant to this Lease, fund the Lessor after giving five (5) days notice in writing to the Lessee may, but shall not be obligated to, pay all or any part payment of the same. If Purchase Price under the Lessee Purchase Agreement if the Transaction is consummated, as well as all fees, costs and expenses incurred by the Non- Defaulting Investors in default connection with the Transaction or in the performance connection with any claim made by Seller, HFSG of any of its covenants or obligations hereunder their Affiliates against it in respect of the Transaction (other than the payment of rent or other sums required to be paid pursuant to this Lease)collectively, the Lessor may from time “Default Costs”). The Defaulting Investor hereby agrees to time after giving indemnify the Non-Defaulting Investors in respect of all Default Costs and shall pay all of such notice as it considers sufficient Default Costs to the Non- Defaulting Investors (or without notice in accordance with the Non-Defaulting Investors’ direction) promptly after their incurrence. For greater certainty, if there is more than one Defaulting Investor, the Default Costs will be borne by the Defaulting Investors on a pro rata basis that corresponds to their Investment Commitments promptly after their incurrence; provided that, in the case of any emergencyDefaulting Investor that is not a Lead Investor, (i) having regard the Lead Investor associated with such Investor as identified on Annex A (the “Corresponding Lead Investor”) agrees to jointly indemnify the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or Non-Defaulting Investors in respect of all Default Costs owed by the demised Premises or Defaulting Investor and (ii) the Defaulting Investor agrees to promptly pay to the Corresponding Lead Investor any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be Default Costs paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability Corresponding Lead Investor to the Lessee for any loss or damages resulting from any such action or entry other Non-Defaulting Investors. For greater certainty, if there is more than one Defaulting Investor, the Default Costs will be borne by the Lessor upon the demised Premises under this paragraph and same is not Defaulting Investors on a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event pro rata basis that the Lessee fails corresponds to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any other right, shall have the same remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this Leasetheir Investment Commitments.

Appears in 2 contracts

Samples: Interim Investors Agreement, Interim Investors Agreement

Default. If Administrative Agent shall not be deemed to have knowledge or notice of the Lessee fails occurrence of any Default or Event of Default, except with respect to paydefaults in the payment of principal, `when due, any amounts or charges interest and fees required to be paid pursuant to Administrative Agent for the account of the Lenders, unless Administrative Agent shall have received written notice from any Lender or Borrower referring to this LeaseAgreement, describing such Default or Event of Default and stating that such notice is a “notice of default.” Administrative Agent will promptly notify the Lessor after giving five (5) days notice in writing Lenders of its receipt of any such notice. Upon the occurrence and continuance of a Default or an Event of Default, Administrative Agent shall make a recommendation to the Lessee mayLenders of any actions to be taken, but shall not be obligated to, pay all and each Lender agrees to promptly confer with the other Lenders in order that the Lenders can consider such course of action or any part other actions to be taken for the enforcement of the sameRights of the Lenders; provided that Administrative Agent shall be entitled (but not obligated) to proceed to take any actions necessary in its reasonable judgment to preserve Rights, pending agreement by the Lenders on the course of action to be taken. If the Lessee Required Lenders cannot agree on a course of action to be taken within sixty (60) days following Administrative Agent’s initial recommendation, Administrative Agent shall thereafter take such action as Administrative Agent deems advisable to enforce the Rights of the Lenders; provided, that if, after Administrative Agent has begun taking such action, the Required Lenders agree on a course of action contrary to that undertaken by Administrative Agent, then Administrative Agent shall change its course of action so as to follow the course of action agreed upon by the Required Lenders. Any action directed or approved by the Required Lenders, including without limitation, any exercise of remedies or initiation of suit or other legal proceedings, shall be binding upon each Lender. In actions with respect to any property of Borrower or any Subsidiary of Borrower, Administrative Agent is acting for the account of each Lender to the extent of each Lender’s Commitment Percentage. Any and all agreements to subordinate (whether made heretofore or hereafter) other indebtedness or obligations of Borrower or any Subsidiary to the Obligations shall be construed as being for the benefit of each Lender to the extent of its respective Commitment Percentage. If Administrative Agent acquires any security for the Obligations or any guaranty of the Obligations, the same shall be held for the benefit of each Lender in default proportion to such Lender’s respective Commitment Percentage. Lenders agree, among themselves, that unless otherwise agreed to by Administrative Agent and the Required Lenders, all monies collected or received by Administrative Agent after the occurrence and during the continuance of an Event of Default in the performance respect of any security that may be given for the Obligations, directly or indirectly, or by exercise of its covenants or obligations hereunder (Rights, judgment on the Notes any other than means shall be applied first to the payment of rent unpaid, past due fees hereunder, and then to either interest or other sums required principal of the Obligations as recommended by Administrative Agent and approved by the Required Lenders (except that any amounts to be paid pursuant applied to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (interest or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph principal shall be distributed to Lenders based on their Aggregate Loan Percentage until the Loan is paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any other right, shall have the same remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this Leasefull).

Appears in 2 contracts

Samples: Credit Agreement (Camden Property Trust), Credit Agreement (Camden Property Trust)

Default. If either party breaches the Lessee fails to pay, `when due, any amounts or charges required to be paid pursuant to terms of this LeaseAgreement, the Lessor after giving five (5) days notice in writing non-breaching party shall be entitled to pursue all legal remedies available by law and the Lessee may, but shall not be obligated to, pay all or any part release of the sameXxxxxxx Deposit shall be the sole and exlusive remedy available to Seller as liquidated damages. If the Lessee is in default in the performance of any of its covenants or obligations hereunder (other than the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect release of the demised Premises or any part thereof as Xxxxxxx Deposit does not prevent the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant Seller from seeking additional damages from the Buyer for the failure to close on the purchase of this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this LeaseProperty. In the event either party is forced to file suit to enforce its rights on this Agreement, the substantially prevailing party shall be entitled to reasonable reimbursement of all costs, including reasonable attorneys fees, for bringing such action. Liens Seller represents and warrants that there are no unpaid (whether recorded or not) chattel mortgages, conditional sales contracts, financing statements, or security agreements affecting any fixture, portion of the premises, or item of personal property covered by this Agreement. Any existing liens upon the premises that the Lessee fails Seller is required to payremove under this Agreement may be paid and discharged from the sale proceeds at the closing of the sale. Seller shall execute an Owner’s Affidavit, when the same is due and payable, any rent, Additional Rent or other amount (includingsimilar documents at closing that affirm that Seller is not aware of any liens, without limiting claims by mechanic’s utility bills, or other debts that may constitute a lien against the generality Property following closing. Modifications, Electronic Signature, Severability Any modifications of this Agreement must be in writing and signed by both Xxxxxx and Buyer. The parties agree that this transaiction may be conducted by electronic means, including email, according to the Uniform Electronic Transactions Act as adopted in the state wher the Property is located and/or in counterparts. If any provision of this Agreement shall be found by a court of competent jurisdiction to be illegal, in conflict with any law of the foregoingState or otherwise unenforceable, taxesthe validity and enforceability of the remaining provisions shall not be affected, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessorrights and obligations of the parties shall be construed and enforced as if this Agreement did not contain the particular provision found to be illegal, in addition to any other right, shall have the same remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this Leaseinvalid or otherwise unenforceable.

Appears in 2 contracts

Samples: Purchase Agreement, Residential Purchase Agreement

Default. If Tenant shall be deemed in default hereunder in the Lessee event Tenant fails to pay, `when due, any amounts or charges required to be paid pursuant to this Lease, the Lessor after giving five (5) days notice in writing to the Lessee may, but shall not be obligated to, pay all or any part of the same. If the Lessee is in default in the performance of keep and perform any of its covenants or obligations hereunder (hereunder. In the event of any breach of this Lease by Tenant, Landlord, in addition to the other than rights or remedies it may have, shall have the payment immediate right of rent 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 other sums required elsewhere at the cost of and for the account of Tenant. Should Landlord elect to be paid re-enter as herein provided, or should it take possession pursuant to legal proceedings or pursuant to any notice provided for by law, Landlord may either terminate this Lease), the Lessor Lease or may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, includingtime, without limitationsterminating this Lease, entering upon re-let the demised Premises and doing such things upon or in respect of the demised Demised Premises or any part thereof for such term or terms (which may be for a term extending beyond the Lease Term) and at such rental or rentals and on such other terms and conditions as Landlord in its sole discretion may deem advisable, with the Lessor reasonably considers requisite or necessaryright to make alterations and repairs to the Demised Premises. All expenses incurred and expenditures made pursuant to this paragraph On each such re-letting (a) Tenant shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability immediately liable to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails pay to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the LessorLandlord, in addition to any indebtedness other rightthan rent due hereunder, the expenses of such re-letting and repairs incurred by Landlord; and the amount, if any, by which the rent in this instant Lease for the period of such re-letting (up to but not beyond the Lease Term) exceeds the amount agreed to be paid as rent for the Demised Premises for such period on such re-letting; or (b) at the option of Landlord, rents received by Landlord from such re-letting shall be applied first to the payment of any indebtedness, other than rent due hereunder from Tenant to Landlord; second, to the payment of any expenses of such re-letting and of such repairs; third, to the payment of rent due and unpaid hereunder; and the residue, if any, shall have be held by Landlord and applied in payment of future rent as the same remedies may become due and may take payable hereunder. If, after the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery application of rent amounts received from re-renting, there is a deficit, the Tenant shall be liable for said deficit. Such deficiency shall be calculated and due and payable in arrears under full immediately upon Landlord’s demand. No such re-entry or taking possession of the terms Demised Premises by Landlord shall be construed as an election on the part of Landlord to terminate this LeaseLease unless a written notice of such intention is given to Tenant or unless the termination thereof is decreed by a court of competent jurisdiction. In the event the Landlord is unable to re-rent the Demised Premises, the Tenant shall remain wholly liable for all rental and other obligations provided for herein.

Appears in 2 contracts

Samples: Lease (Certified Diabetic Services Inc), Lease (Medical Solutions Management Inc.)

Default. If Any act or omission by Subtenant that would constitute a breach or default by the Lessee Tenant under the Lease shall constitute a default on the part of Subtenant hereunder. In addition, Sublandlord shall have the right to declare a default under this Sublease in the event Subtenant fails to payperform or violates any covenant or condition set forth herein. In the event of any breach or default by Subtenant hereunder or under the Lease, `when dueSublandlord shall have each and all of the rights and remedies afforded Landlord under the Lease. In addition to the rights or remedies afforded Landlord under the Lease, Sublandlord shall have the right, but not the obligation, (i) to cure any amounts such breach or charges default by Subtenant (and enter upon the Premises in connection therewith if necessary), without being liable for damages, and Subtenant shall thereupon be obligated to reimburse Sublandlord immediately upon demand for all costs (including costs of settlements, defense, court costs and attorneys’ fees) that Sublandlord may incur in effecting the cure of such breach or default, plus interest thereon at the rate of ten percent (10%) per annum; (ii) terminate this Sublease and Subtenant’s interest in the Premises by giving Subtenant written notice thereof, in which event Subtenant shall pay to Sublandlord the sum of (a) all Rent accrued hereunder through the date of termination, and (b) an amount equal to the total Rent that Subtenant would have been required to be paid pursuant pay for the remainder of the Term; (iii) terminate Subtenant’s right to possess the Premises without terminating this LeaseSublease by giving written notice thereof to Subtenant, the Lessor after giving five in which event Subtenant shall pay to Sublandlord (51) days notice in writing all Rent and other amounts accrued hereunder to the Lessee maydate of termination of possession, but shall not be obligated to, pay (2) all or any part of the same. If the Lessee is in default in the performance of any of its covenants or obligations hereunder (other than the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may amounts due from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereofunder this Sublease, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises (3) all Rent and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant other net sums required hereunder to this paragraph shall be paid by Subtenant during the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality remainder of the foregoingTerm, taxesdiminished by any net sums thereafter received by Sublandlord through reletting the Premises during such period, insurance premiums after deducting all costs incurred by Sublandlord in reletting the Premises and common area maintenance expenses(iv) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; have any and the Lessor, in addition to any other right, shall have the same all rights and remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears now or hereafter afforded a landlord under the terms of this Leaseapplicable law.

Appears in 2 contracts

Samples: Sublease (Synacor, Inc.), Sublease (Synacor, Inc.)

Default. If the Lessee fails to pay, `when due, any amounts or charges required to be paid pursuant to this Lease, the Lessor after giving five (5a) days notice in writing to the Lessee may, but shall not be obligated to, pay all or any part of the same. If the Lessee is in default in the performance of any of its covenants or obligations hereunder (other than the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee Pledgor fails to paypay to the Pledgee any Obligation when due or there shall otherwise occur an Event of Default (as defined in the Note) ("Default"), when the same is due Pledgee shall have all of the rights and payable, any rent, Additional Rent or remedies afforded to secured parties with respect to the Collateral as set forth in the Code as well as all other amount (including, without rights and remedies granted in the Note and this Agreement. Without limiting the generality of the foregoing, taxesthe Pledgee, insurance premiums without demand of performance or other demand, presentment, protest, advertisement or notice of any kind (except any notice required by law referred to below) to or upon the Pledgor (all and common area maintenance expenses) payable by each of which demands, defenses, advertisements and notices are hereby waived), may in such circumstances forthwith collect, receive, appropriate and realize upon the Lessee pursuant Collateral, or any part thereof, and/or may forthwith sell, assign, give an option or options to purchase or otherwise dispose of and deliver the Collateral or any part thereof (or contract to do any of the foregoing), in one or more parcels at public or private sale or sales, upon such terms and conditions and at such prices as it may deem advisable, for cash or on credit or for future delivery without assumption of any credit risk. The Pledgee shall have the right upon any such public sale or sales, and, to the terms extent permitted by law, upon any such private sale or sales, to purchase the whole or any part of this Lease, such unpaid amount the Collateral so sold. The Pledgee shall bear interest at an annual rate equal to the prime lending rate in effect apply any proceeds from time to time charged held by it and the net proceeds of any such sale or other disposition, after deducting all reasonable costs and expenses of every kind incurred in respect thereof or incidental to the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of the Pledgee hereunder, including, without limitation, reasonable attorneys' fees and disbursements of counsel to the Pledgee, to the satisfaction in whole or in part of the Obligations, in such order as the Pledgee may elect and only after such application and after the payment by the Pledgee of any other amount required by any provision of law, including, without limitation, Section 9-504 (1)(c) of the Code, need the Pledgee account for the surplus, if any, to the Pledgor. To the extent permitted by applicable law, the Pledgor waives all claims, damages and demands he may acquire against the Pledgee arising out of the lawful exercise by it of any rights hereunder. Neither the Pledgee nor any of its respective directors, officers, employees or agents shall be liable for failure to sell or otherwise dispose of the Collateral or for any delay in doing so. If any notice of a proposed sale or other disposition of the Collateral shall be required by law, such notice shall be deemed reasonable and proper if given at least ten (10) days before such sale or other disposition. In any event, notice of a proposed sale or other disposition shall be given at least ten (10) days before such sale or other disposition to the Pledgor and Abraham Weinzimer. The Toronto-Dominion Bank Pledgor recognizes that the Pledgee may be unable to its best commercial customers effect a public sale of any or all the Collateral by reason of certain restrictions contained in Toronto plus 5% per annum calculated from the due date Securities Act of 1933, as amended, and applicable state securities laws or otherwise, and may be compelled to resort to one or more private sales thereof to a restricted group of purchasers which will be obliged to agree, among other things, to acquire such securities for their own account for investment and not with a view to the date of payment, subject distribution or resale thereof. The Pledgor acknowledges and agrees that any such private sale may result in prices and other terms less favorable than if such sale were a public sale and agrees that any such private sale under such circumstances shall not be evidence that it has been made in other than a commercially reasonable manner. The Pledgor agrees to monthly compounding; and the Lessor, in addition use his best efforts to any do or cause to be done all such other right, shall have the same remedies and acts as may take the same steps for the recovery be necessary to make such sale or sales of all such amounts or any portion of the Collateral pursuant to this section valid and such interest thereon as it might take for the recovery binding and in compliance with any and all other applicable requirements of rent in arrears under the terms of this Leaselaw.

Appears in 2 contracts

Samples: Pledge Agreement (Dcap Group Inc), Pledge Agreement (Extech Corp)

Default. If (a) Upon the Lessee fails to pay, `when due, any amounts occurrence and continuance of a Default or charges required to be paid pursuant to this LeaseEvent of Default, the Lessor after giving five (5) days notice Lenders agree to promptly confer in writing to order that Required Lenders, or the Lessee mayLenders, but shall not be obligated toas the case may be, pay all or any part may agree upon a course of action for the enforcement of the same. If rights of the Lessee is in default in the performance of any of its covenants or obligations hereunder (other than the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereofLenders, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises Administrative Agent and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph Collateral Agent shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no entitled to refrain from taking any action (without incurring any liability to any Person for so refraining) unless and until the Lessee for any loss Administrative Agent or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to payCollateral Agent, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any other rightas appropriate, shall have received instructions from Required Lenders. All rights of action under the same remedies Loan Documents and all right to the Collateral, if any, hereunder may take be enforced by the same steps for Administrative Agent and the Collateral Agent and any suit or proceeding instituted by the Administrative Agent or the Collateral Agent in furtherance of such enforcement shall be brought in its name as the Administrative Agent or the Collateral Agent, as applicable, without the necessity of joining as plaintiffs or defendants any other Lender, and the recovery of all such amounts and such interest thereon as it might take any judgment shall be for the recovery benefit of rent in arrears under the terms Lenders (and, with respect to Lender Hedging Agreements, Lender Swap Parties) subject to the expenses of this Leasethe Administrative Agent and/or the Collateral Agent. In actions with respect to any property of the Borrower or any other Loan Party, each of the Administrative Agent and the Collateral Agent is acting for the ratable benefit of each Lender (and, with respect to Lender Hedging Agreements, Lender Swap Parties). Any and all agreements to subordinate (whether made heretofore or hereafter) other indebtedness or obligations of the Borrower to the Obligation shall be construed as being for the ratable benefit of each Lender (and, with respect to Lender Hedging Agreements, Lender Swap Parties).

Appears in 2 contracts

Samples: Credit Agreement (Martin Midstream Partners L.P.), Security Agreement (Martin Midstream Partners Lp)

Default. If the Lessee fails to pay, `when due, any amounts or charges required to be paid pursuant to this Lease, the Lessor after giving five (5a) days notice in writing to the Lessee may, but shall not be obligated to, pay all or any part of the same. If the Lessee is in default in the performance of any of its covenants or obligations hereunder (other than the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee Pledgor fails to paypay to the Pledgee any Obligation when due or there shall otherwise occur an Event of Default (as defined in the Note) ("Default"), when the same is due Pledgee shall have all of the rights and payable, any rent, Additional Rent or remedies afforded to secured parties with respect to the Collateral as set forth in the Code as well as all other amount (including, without rights and remedies granted in the Note and this Agreement. Without limiting the generality of the foregoing, taxesthe Pledgee, insurance premiums without demand of performance or other demand, presentment, protest, advertisement or notice of any kind (except any notice required by law referred to below) to or upon the Pledgor (all and common area maintenance expenses) payable by each of which demands, defenses, advertisements and notices are hereby waived), may in such circumstances forthwith collect, receive, appropriate and realize upon the Lessee pursuant Collateral, or any part thereof, and/or may forthwith sell, assign, give an option or options to purchase or otherwise dispose of and deliver the Collateral or any part thereof (or contract to do any of the foregoing), in one or more parcels at public or private sale or sales, upon such terms and conditions and at such prices as it may deem advisable, for cash or on credit or for future delivery without assumption of any credit risk. The Pledgee shall have the right upon any such public sale or sales, and, to the terms extent permitted by law, upon any such private sale or sales, to purchase the whole or any part of this Lease, such unpaid amount the Collateral so sold. The Pledgee shall bear interest at an annual rate equal to the prime lending rate in effect apply any proceeds from time to time charged held by it and the net proceeds of any such sale or other disposition, after deducting all reasonable costs and expenses of every kind incurred in respect thereof or incidental to the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of the Pledgee hereunder, including, without limitation, reasonable attorneys' fees and disbursements of counsel to the Pledgee, to the satisfaction in whole or in part of the Obligations, in such order as the Pledgee may elect and only after such application and after the payment by the Pledgee of any other amount required by any provision of law, including, without limitation, Section 9-504 (1)(c) of the Code, need the Pledgee account for the surplus, if any, to the Pledgor. To the extent permitted by applicable law, the Pledgor waives all claims, damages and demands he may acquire against the Pledgee arising out of the lawful exercise by it of any rights hereunder. Neither the Pledgee nor any of its respective directors, officers, employees or agents shall be liable for failure to sell or otherwise dispose of the Collateral or for any delay in doing so. If any notice of a proposed sale or other disposition of the Collateral shall be required by law, such notice shall be deemed reasonable and proper if given at least ten (10) days before such sale or other disposition. In any event, notice of a proposed sale or other disposition shall be given at least ten (10) days before such sale or other disposition to the Pledgor and Xxxxxxx Xxxxxxxxx. The Toronto-Dominion Bank Pledgor shall remain liable for any deficiency if the proceeds of any sale or other disposition of the Collateral are insufficient to its best commercial customers pay all of the Obligations and any and all costs and expenses of every kind incurred by the Pledgee with respect to the collection of such deficiency, including, without limitation, all reasonable fees and disbursements of any attorneys employed by the Pledgee. The Pledgor recognizes that the Pledgee may be unable to effect a public sale of any or all the Collateral by reason of certain restrictions contained in Toronto plus 5% per annum calculated from the due date Securities Act of 1933, as amended, and applicable state securities laws or otherwise, and may be compelled to resort to one or more private sales thereof to a restricted group of purchasers which will be obliged to agree, among other things, to acquire such securities for their own account for investment and not with a view to the date of payment, subject distribution or resale thereof. The Pledgor acknowledges and agrees that any such private sale may result in prices and other terms less favorable than if such sale were a public sale and agrees that any such private sale under such circumstances shall not be evidence that it has been made in other than a commercially reasonable manner. The Pledgor agrees to monthly compounding; and the Lessor, in addition use his best efforts to any do or cause to be done all such other right, shall have the same remedies and acts as may take the same steps for the recovery be necessary to make such sale or sales of all such amounts or any portion of the Collateral pursuant to this section valid and such interest thereon as it might take for the recovery binding and in compliance with any and all other applicable requirements of rent in arrears under the terms of this Leaselaw.

Appears in 2 contracts

Samples: Pledge Agreement (Extech Corp), Pledge Agreement (Dcap Group Inc)

Default. If the Lessee fails (1) Failure of TENANT to pay, `pay rent or any additional rent when due, or (2) TENANT'S violation of any amounts other term, condition or charges required covenant of this lease (and if applicable, attached rules and regulations), condominium or HOA rules regulations, restrictions, by-laws or neighborhood deed restrictions or (3) failure of TENANT to be paid pursuant comply with any Federal, State and/or Local laws, rules and ordinances, or (4) TENANT'S failure to this Lease, move into the Lessor after giving five (5) days notice in writing to the Lessee may, but shall not be obligated to, pay all premises or any part TENANT’S abandonment of the samepremises, shall constitute a default by TENANT. If the Lessee is in default in the performance of any of its covenants or obligations hereunder (other than the payment of Upon default, TENANT shall owe LANDLORD rent or other and all sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises they become due under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Leaselease and any addendums attached hereto and any and all amounts owed to LANDLORD as permitted by Florida law. If the TENANT abandons or surrenders possession of the premises during the lease term or any renewals, such unpaid amount or is evicted by the LANDLORD, LANDLORD may retake possession of the premises and make a good faith effort to re- rent it for the TENANT account. Retaking of possession shall bear interest at an annual rate equal to not constitute a rescission of this lease nor a surrender of the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessorleasehold estate. If TENANT(s) breach this lease agreement, in addition to any other rightremedies available by law and this lease agreement, TENANT(s) shall have be responsible for any leasing fee or commission charge which OWNER may incur in attempting to re-lease the same remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent premises through a licensed real estate company. If TENANT'S actions or inactions result in arrears under the terms any fines, attorney’s fees, costs or charges from or imposed by a condo association or homeowners association if in place, TENANT shall be in default of this Leaselease and shall be immediately required to pay such sums as additional rent. TENANT is liable to pay any and all association charges and/or attorney's fees assessed to owner and/or TENANT due to TENANT'S and/or guest's actions or inactions or TENANT'S and/or guest's failure to comply with rules and regulations, and, in addition, any amounts due may be deducted from any homeowner or condo association common area security deposit paid by the TENANT or paid by the LANDLORD on TENANT'S behalf if applicable.

Appears in 1 contract

Samples: Residential Lease

Default. If Lessee agrees that should default be made in the payment of the rent herein reserved or should Lessee fails fail to payfaithfully perform or observe any other covenant, `when due, any amounts condition or charges required to be paid pursuant to this Lease, agreement herein contained on the Lessor after giving five (5) days notice in writing to the Lessee may, but shall not be obligated to, pay all or any part of the same. If Lessee to be performed, and should such default continue for a period of ten (10) days after written notice thereof, or should the leased premises be vacated or abandoned, then Lessors may, at their option, either (1) enter upon and repossess the leased premises and terminate this lease and all rights of the Lessee is herein in default in the performance of any of its covenants or obligations hereunder (other than the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard and to the circumstances applicable, perform or cause to be performed any of such covenants or obligationsleased premises, or any part thereof(2) re-enter the leased premises and, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect agent of the demised Premises Lessee, rent the same or any part thereof for the remainder of the term, applying such rentals first to the payment of such expenses as the Lessor reasonably considers requisite or necessary. All expenses incurred Lessors may have been put to in re-entering, repossessing and expenditures made pursuant to this paragraph shall be paid by reletting the Lessee as Additional Rent or otherwise as may be premises, including costs and attorneys' fees, and the case forthwith upon demand. The Lessor shall have no liability balance to the payment of the rent and the fulfillment of each of the covenants, conditions and agreements herein contained, and Lessee agrees that such action on the part of the Lessors will not release Lessee from any liability which would otherwise attach or [ILLEGIBLE] the provisions of this lease, or for any loss loss, damage or damages resulting from any liability which Lessors may suffer during the remainder of the term of this lease by reason of such action breach, and the failure of Lessee to thereafter perform the covenants and conditions hereof, whether the premises remain vacant or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Leasebe rented. In the event that the Lessee fails to pay, when the same is due and payable, of any rent, Additional Rent or other amount (including, without limiting the generality breach of this lease. Lessors may pursue either of the foregoingforegoing remedies, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to or Lessors may pursue or seek any other right, shall have the same remedies and remedy or enforce any right to which they may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this Leasebe by law entitled.

Appears in 1 contract

Samples: Sublease (Scripps Financial Corp)

Default. If The Lessor and the Lessee agree that each of the following events amounts to a default by the Lessee under this Lease: if the Lessee fails to paypay any Payment payable under this Lease on the due date for payment, `when due, any amounts or charges required subject to be paid pursuant to this Lease, the Lessor after giving five a seven (57) days notice in writing to day grace period; the Lessee may, but shall not be obligated to, pay all fails to perform or observe any of the covenants or provisions of this Lease on the part of the same. Lessee to be performed or observed; This is a general catch-all if a writ of execution is issued against the Lessee’s property under a judgment in any court of competent jurisdiction; if a distress warrant is issued against the Lessee’s property under a judgment in any court of competent jurisdiction; If the Lessee becomes bankrupt or if the Lessee makes an assignment or composition with the Xxxxxx’s creditors or if the Lessee is in default in a body corporate and a resolution is passed or a petition filed for the performance winding up of any of its covenants or obligations hereunder (the Lessee other than for the payment purposes of rent reconstruction or other sums required amalgamation or if the Lessee becomes subject to be paid pursuant to this Lease)the appointment of a receiver. In the event default occurs, the Lessor may from immediately or at any time to time after thereafter without giving such any notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed Lessee reset the DNS setting for the Domain Name and terminate this Lease Agreement but without releasing the Lessee from any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or liability in respect of any breach or non-observance of any of the demised Premises provisions contained or any part thereof as implied in this Lease and without prejudice to the Lessor’s right to retain all money paid to the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid Lease and the Lessor’s right to claim damages pursuant to subparagraph (c) below. Often a Lessee will insist upon notice prior to any reset of DNS settings. Sometimes, a Lessor will insist upon being able to terminate and reset immediately without any curative period, in some severe situations. If this Lease is terminated for any reason other than its due fulfillment by the Lessee Lessee, or other than as Additional Rent a result of Early Termination, or otherwise as may be other than with the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by express consent of the Lessor upon in writing, then without prejudice to its other rights at law or in equity the demised Premises under this paragraph and same is not a re-entry or a breach Lessor may at any time demand immediate payment of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality all of the foregoing, taxes, insurance premiums following: All arrears of Rent and common area maintenance expenses) other money then due and/or payable by the Lessee pursuant under the Lease. The Lessor’s loss on the Lease to be notified by the Lessor to the terms Lessee. All costs and expenses incurred by the Lessor enforcing this agreement. I Often a Lessee will want to be able to simply stop paying and walk away without liability for ongoing payments. Sometimes a Lessee can terminate upon notice or breakup fee. nterest on all money payable under this provision from the date of this Leasetermination, such unpaid amount shall bear interest the date of payment at an annual the rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus of 5% per annum year calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any other right, shall have the same remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this Leasemonthly.

Appears in 1 contract

Samples: His Lease Agreement

Default. If Lessee agrees that should default be made in the payment of the rent herein reserved or should Lessee fails fail to payfaithfully perform or observe any other covenant, `when due, any amounts condition or charges required to be paid pursuant to this Lease, agreement herein contained on the Lessor after giving five (5) days notice in writing to the Lessee may, but shall not be obligated to, pay all or any part of the same. If Lessee to be performed, and should such default continue for a period of ten (10) days after written notice thereof, or should the leased premises be vacated or abandoned, then Lessor may, at his option, either (1) enter upon and repossess the leased premises and terminate this lease and all rights of the Lessee is herein in default in the performance of any of its covenants or obligations hereunder (other than the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard and to the circumstances applicable, perform or cause to be performed any of such covenants or obligationsleased premises, or any part thereof(2) re-enter the leased premises and, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect agent of the demised Premises Lessee, rent the same or any part thereof for the remainder of the term, applying such rentals first to the payment of such expenses as the Lessor reasonably considers requisite or necessary. All expenses incurred may have been put to in re-entering, repossessing and expenditures made pursuant to this paragraph shall be paid by reletting the Lessee as Additional Rent or otherwise as may be premises, including costs and attorneys' fees, and the case forthwith upon demand. The Lessor shall have no liability balance to the payment of the rent and the fulfillment of each of the covenants, conditions and agreements herein contained, and Lessee agrees that such action on the part of the Lessor will not release Lessee from any liability which would otherwise attach or secure under the provisions of this lease, or for any loss loss, damage or damages resulting from any liability which Lessor may suffer during the remainder of the term of this lease by reason of such action breach, and the failure of Lessee to thereafter perform the covenants and conditions hereof, whether the premises remain vacant or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Leasebe rented. In the event that the Lessee fails to payof any breach of this lease, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality Lessor may pursue either of the foregoingforegoing remedies, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to or Lessor may pursue or seek any other right, shall have the same remedies and remedy or enforce any right to which he may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this Leasebe by law entitled.

Appears in 1 contract

Samples: Sublease (Scripps Financial Corp)

Default. (a) In the event of any noncompliance by Tenant with the terms and provisions of this Agreement or of said Rules, this Lease Agreement will terminate upon a date set by Landlord, and all rent for the entire unexpired lease term will at once become due and payable. (b) If there is more than one Tenant to the Lessee fails Lease, each Tenant shall be jointly and/or severally obligated with other Tenant(s) to pay, `when Landlord for all rent due, all damages, and/or all other charges due. (c) Failure by Landlord to exercise any amounts of its respective rights hereunder upon nonperformance of breach by the Tenant of any condition, covenant or charges required to be paid pursuant to this Lease, the Lessor after giving five (5) days notice in writing to the Lessee may, but provision herein contained shall not be obligated to, pay all or any part construed as a waiver thereof. (d) The acceptance by Landlord of the same. If the Lessee is in default in the performance delinquent rent with knowledge of any of its covenants or obligations hereunder (other than the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained herein shall not in and of itself be deemed a waiver of such breach, and any pending eviction procedures may be further prosecuted without prejudice to Landlord based on this Leaseoccurrence alone. (e) In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to Tenant's default of any of the terms of this LeaseLease which results in ATTORNEY FEES AND COSTS expended by Landlord, such unpaid amount Tenant shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessorpay, in addition to any rents due, interest, damages and all other rightrecoverable amounts, shall have an ATTORNEY'S COMMISSION of 15% of the same remedies and may take the same steps default amount placed for the recovery collection due plus costs of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this Lease.suit. (f) TENANT AGREES TO WAIVE CERTAIN LEGAL RIGHTS AS PROVIDED BY PENNSYLVANIA LAW, SPECIFICALLY:

Appears in 1 contract

Samples: Lease Agreement

Default. If the Lessee Licensee (i) fails to paypay any sums when due under this Agreement and such failure continues for five business days after written demand by the University; (ii) fails to perform when due any other of the terms, `when due, any amounts conditions or charges required covenants of this Agreement to be paid pursuant to this Leaseobserved and performed by Licensee and such failure continues for thirty (30) business days after written demand by the University; (iii) becomes bankrupt or insolvent or files any debtor proceedings, or takes or has taken a petition in bankruptcy or insolvency or for reorganization; (iv) makes application for the Lessor after giving five (5) days notice in writing to the Lessee may, but shall not be obligated to, pay appointment of a receiver or trustee of all or a portion of Licensee's property; (v) makes an assignment for the benefit of creditors, or petitions for or enters into any part of similar arrangement; (vi) abandons the same. If Premises; or (vii) ceases normal business operations in the Lessee is Premises for more than thirty (30) consecutive business days except as expressly permitted under this Agreement with respect to casualty, then Licensee shall be in default in the performance of any of its covenants or obligations hereunder (other than the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; Agreement and the LessorUniversity may thereafter, in addition to any other rightright or remedy provided at law or in equity for such default, shall have (i) immediately terminate this Agreement upon written notice to Licensee; (ii) cure the same remedies default of Licensee and may be reimbursed by Licensee upon demand for all reasonable costs of such cure incurred by the University; and/or (iii) without termination of the Agreement, re-enter and take possession of the same steps Premises, remove all persons and property from the Premises, and store such property in a public warehouse or elsewhere at the cost of, and for the recovery account of Licensee, all such amounts without service of notice or resort to legal process and such interest thereon as it might take without being deemed guilty of trespass, or becoming liable for the recovery of rent in arrears under the terms of this Leaseany loss or damage that may be occasioned thereby and without any liability to Licensee.

Appears in 1 contract

Samples: Sample Campus Bookstore Agreement

Default. If Should the Lessee fails to payTenant default on any material term of this lease, `when due, any amounts or charges required to be paid pursuant to this Leaseunless otherwise specified herein, the Lessor after giving five (5) days Landlord shall provide notice in writing to the Lessee may, but Tenant of such Default and shall provide a reasonable time for the Tenant to cure said default. Waiver of any default at any time shall not constitute grounds for the Tenant to claim waiver of further or a future default of whatever nature. Acquiescence to any circumstance, for any period of time, shall not constitute a waiver of any default associated with any such circumstance nor grant to the Tenant any additional rights hereunder. Should the Tenant fail to cure any default within the reasonable time permitted hereunder, or should the Tenant commit the same or substantially similar default after the Tenant's initial cure of same, the Landlord shall have the right to remedy the default at the expense of the Tenant or to declare the lease terminated. Should the Landlord elect to the cure the defect at the Tenant's expense, then all costs associated with said cure shall be obligated to, pay all or charged against the Tenant as additional rent which shall be immediately due to the Landlord. If there should occur any default on the part of the same. If the Lessee is in default Tenant in the performance of any conditions and covenants herein contained which remain uncured, or if during the term hereof the premises or the restaurant part thereof shall be or become abandoned or deserted, vacated or vacant, or should the Tenant be evicted by summary proceedings, or otherwise, or should any party named on the lease file for bankruptcy protection, or otherwise have its, his, or her interest in the lease become under the control of its covenants or obligations hereunder (other than the payment of rent another or other sums required to be paid pursuant to this Lease)entity, the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the LessorLandlord, in addition to any other rightremedies herein contained or as may be permitted by law, shall have may either by force or otherwise, without being liable for prosecution thereof, or for damages, re-enter the said premises and the same remedies have and again possess and enjoy; and as agent for the Tenant or otherwise, re-let the premises and receive the rents therefore and apply the same, first to the payment of such expenses, reasonable attorney fees and costs, as the Landlord may take have been put to in re-entering and repossessing the same steps for the recovery of all and in making such amounts repairs and such interest thereon alterations as it might take for the recovery of rent in arrears under the terms of this Leasemay be necessary.

Appears in 1 contract

Samples: www.bradleybeachnj.gov

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Default. If In the event of a failure of the Borrower and the Lessee fails or the Dissemination Agent to paycomply with any provision of this Disclosure Agreement, `when duethe right of any Registered Owner to challenge the timely filing, any amounts failure to file or charges required to be paid the adequacy of the information furnished pursuant to this LeaseDisclosure Agreement shall be limited to an action by or on behalf of Registered Owners representing at least 25% of the aggregate outstanding principal amount of the Series 2023 Bonds. This Disclosure Agreement is also enforceable on behalf of the Registered Owners of the Series 2023 Bonds by the Bond Trustee, and the Bond Trustee may, and upon the written direction of the Registered Owners of not less than 25% of the aggregate outstanding principal amount of the Series 2023 Bonds shall, proceed to protect and enforce the rights of the Registered Owners of the Series 2023 Bonds pursuant to this Disclosure Agreement; provided that in all cases the Bond Trustee shall be entitled to the indemnification and other provisions of the Bond Indenture with regard to any actions, and prior to proceeding at the request or direction of the Underwriter, the Lessor after giving five (5) days notice in writing Bond Trustee may require the same types of indemnification and related protections from the Underwriter to which the Bond Trustee would otherwise be entitled under the Bond Indenture if so requested or directed by the Registered Owners. Any failure by the Borrower and the Lessee may, but to comply with the provisions of this Disclosure Agreement shall not be obligated toan Event of Default under the Master Indenture, pay all the Leases, the Loan Agreement or the Bond Indenture. In no event shall any part violation of this Disclosure Agreement, by itself, constitute a violation of any other laws, including other applicable securities laws. The Registered Owners’ and the same. If Bond Trustee’s rights to enforce the provisions of this Disclosure Agreement shall be limited solely to a right, by action in mandamus or for specific performance, to compel the Borrower and the Lessee is in default in the performance to perform under this Disclosure Agreement, and their directors, officers and employees shall incur no liability under this Disclosure Agreement by reason of any of its covenants act or obligations hereunder (other than the payment of rent or other sums required failure to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessaryact hereunder. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without Without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by neither the Lessee pursuant commencement nor the successful completion of an action to compel performance under this Section shall entitle the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to Trustee or any other rightperson to attorneys’ fees, financial damages of any sort or any other relief other than an order or injunction compelling performance; provided that the Bond Trustee shall have the same remedies and may take the same steps for the recovery of all such amounts nevertheless be entitled to attorneys’ fees and such interest thereon other rights and amounts as it might take for provided in the recovery of rent in arrears under the terms of this LeaseBond Indenture.

Appears in 1 contract

Samples: Continuing Disclosure Agreement

Default. If Landlord determines that the Lessee fails to pay, `when due, any amounts or charges required to be paid pursuant to this Lease, the Lessor after giving five (5) days notice in writing to the Lessee may, but shall not be obligated to, pay all or any part of the same. If the Lessee Tenant is in default of this Agreement, Landlord may terminate Tenant's right to use and to occupy the Premises by providing Tenant with at least one (1) day written notice to vacate. Landlord must provide such notice in any manner authorized by §24.005 of the Texas Property Code. In addition, all unpaid rents payable during the remainder of this Agreement or any renewal period shall be accelerated without notice or demand. Tenant shall remain fully liable to the Landlord for (a) any lost rent and any other financial obligation imposed by this Agreement; (b) Landlord's cost of reletting the Premises including but not limited to leasing fees, utility charges, and any other fees necessary to relet the Premises; (c) repairs to the Premises for Tenant’s use that are beyond normal wear and tear; (d) all of Landlord's costs associated with evicting Tenant, including but not limited to court costs, costs of service, prejudgment interest, and reasonable attorney's fees; (e) all of Landlord's costs associated with collecting amounts due under this Agreement, including but not limited to debt collection fees, late charges, and returned check charges; (f) and any other recovery to which Landlord is entitled by law or in equity. Landlord is obligated to make all reasonable efforts to mitigate any damage or loss resulting from Tenant's breach by attempting to relet the Premises to acceptable tenants and thereby reducing Tenant's liability. As provided under Subchapter C, Chapter 54 of the Texas Property Code, Landlord shall have a lien for any and all unpaid rent against all of Tenant’s nonexempt personal property located in the performance of any of its covenants or obligations hereunder (other than the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereofPremises, and for Landlord is authorized to seize such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant nonexempt property if Tenant fails to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Leasepay rent. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any other rightamounts to which Landlord is entitled, shall have Landlord is authorized to collect a charge for packing, removing, or storing property seized. Landlord is authorized to sell or dispose of any seized property, provided that any such sale or disposition complies with the same remedies and may take procedure outlined in §54.045 of the same steps for Texas Property Code. Finally, Landlord reserves the recovery right to change the locks on the door to the Premises because of all such amounts and such interest thereon as it might take for Tenant's failure to timely pay the recovery of rent in arrears full. Tenant has the right to receive a key to the new lock at any hour, regardless of whether Tenant pays the delinquent rent. If Landlord changes the locks or otherwise prevents Tenant from entering Tenant's individual rental unit, Landlord may not change the locks or otherwise prevent a tenant from entering a common area of residential rental property. Landlord may not change the locks on the door of the Premises under this paragraph: (1) while the terms of this LeaseTenant or any other legal occupant is inside the Premises, or (2) more than once during a rental payment period.

Appears in 1 contract

Samples: Texas Residential Lease Agreement

Default. If the Lessee fails to pay, `when due, any amounts or charges required to be paid pursuant to this Lease, the Lessor after giving five (5) days notice in writing to the Lessee may, but Guarantor shall not be obligated to, pay all or any part of the same. If the Lessee is considered to be in default in the performance of Guarantor’s obligations under this Guaranty unless (a) Landlord shall have provided Guarantor notice of any alleged breach of its covenants or obligations hereunder (other than the payment of rent or other sums required failure by Guarantor to be paid pursuant perform such obligations, and Guarantor shall have failed to this Lease), the Lessor may from time to time after giving cure such notice as it considers sufficient breach or failure within (or without notice i) in the case of a monetary default, ten (10) days after such notice, and (ii) in the case of a non-monetary default, thirty (30) days after such notice, or (b) if at any emergencytime during the Term, (i) having regard to the circumstances applicableGuarantor files a Petition (as hereinafter defined), perform (ii) any creditor or cause to be performed other person that is an Affiliate of Guarantor files against Guarantor any of such covenants or obligationsPetition, or any part creditor or other person (whether or not an Affiliate of Guarantor) files against Guarantor any Petition, where Guarantor cooperates or colludes with such creditor or other person in connection with such Petition or the filing thereof, (iii) any creditor or other person that is not an Affiliate of Guarantor files a Petition against Guarantor, where Guarantor does not cooperate or collude with such creditor or other Person in connection with such Petition or the filing thereof, and for such purpose may do such things as may be requiredPetition is not vacated or withdrawn within sixty (60) days after the filing thereof, including, without limitations, entering upon the demised Premises and doing such things upon (iv) a trustee or in respect receiver is appointed to take possession of the demised Premises, and such appointment is not vacated or withdrawn and possession of the Premises restored to Tenant within sixty (60) days thereafter, or (v) any part thereof as sheriff, marshal, constable or other duly-constituted public official takes possession of the Lessor reasonably considers requisite Premises by authority of any attachment, execution, or necessaryother judicial seizure proceedings, and such attachment or other seizure remains undismissed or undischarged for a period of sixty (60) days after the levy thereof. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from “Petition” means a petition in bankruptcy (including any such action petition seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or entry by similar relief) under the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality Bankruptcy Code of the foregoingUnited States of America, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to or under any other rightpresent or future federal or state statute, shall have the same remedies and may take the same steps for the recovery law or regulation of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this Leasesimilar intent or application.

Appears in 1 contract

Samples: Purchase Agreement (Supervalu Inc)

Default. If the Lessee a Default or Potential Default exists (or if Borrower fails to pay, `when duegive directions as permitted under Section 3.12(a)), any amounts payment or charges required prepayment (including proceeds from the exercise of any Rights) shall be applied to the Obligation in the following order: (i) to the ratable payment of all fees, expenses, and indemnities for which Agents or Lenders have not been paid or reimbursed in accordance with the Loan Documents (as used in this Section 3.12(b)(i), a "ratable payment" for any Lender or any Agent shall be, on any date of determination, that proportion which the portion of the total fees, expenses, and indemnities owed to such Lender or such Agent bears to the total aggregate fees, expenses, and indemnities owed to Agents and all Lenders on such date of determination); (ii) to the ratable payment of accrued and unpaid interest on the Principal Debt (as used in this Section 3.12(b)(ii), "ratable payment" means, for any Lender, on any date of determination, that proportion which the accrued and unpaid interest on the Principal Debt owed to such Lender bears to the total accrued and unpaid interest on the Principal Debt owed to all Lenders); (iii) to the ratable payment of the Swing Line Principal Debt which is due and payable and which remains unfunded by any Borrowing under the Revolver Facility; provided that, such payments shall be paid allocated ratably among the Swing Line Lender and the Revolver Lenders which have funded their participations in the Swing Line Principal Debt; (iv) to the ratable payment of any reimbursement obligation with respect to any LC issued pursuant to this Leasethe Agreement which is due and payable and which remains unfunded by any Borrowing, provided that, such payments shall be allocated ratably among Administrative Agent (as the Lessor after giving five issuing Lender) and the Lenders which have funded their participations in such LC; (5v) days notice in writing to the Lessee may, but shall not be obligated to, pay all or any part ratable payment of the same. If Principal Debt (as used in this Section 3.12(b)(v), "ratable payment" means for any Lender, on any date of determination, that proportion which the Lessee is Principal Debt owed to such Lender bears to the Principal Debt owed to all Lenders; (vi) to provide cash collateral in default an amount equal to 105% of the LC Exposure then existing in the performance of any of its covenants or obligations hereunder accordance with Section 2.5(g); and (other than vii) to the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice remaining Obligation in the case order and manner Required Lenders deem appropriate. Subject to the provisions of Section 12 and provided that Administrative Agent shall not in any event be bound to inquire into or to determine the validity, scope, or priority of any emergency) having regard to the circumstances applicable, perform interest or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach entitlement of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due Lender and payable, any rent, Additional Rent may suspend all payments or other amount seek appropriate relief (including, without limiting limitation, instructions from Required Lenders or an action in the generality nature of interpleader) in the foregoingevent of any doubt or dispute as to any apportionment or distribution contemplated hereby, taxes, insurance premiums and common area maintenance expenses) payable by Administrative Agent shall promptly distribute such amounts to each Lender in accordance with the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; Agreement and the Lessor, in addition to any other right, shall have the same remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this Leaserelated Loan Documents.

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Acx Technologies Inc)

Default. If the Lessee fails Park incurs attorneys’ fees or any other cost to payenforce or interpret any of the terms of this Agreement (including any addendum and/or the Park Rules), `when duewhether or not a lawsuit or other legal proceeding is filed, any amounts or charges required to be paid pursuant to this Lease, the Lessor after giving five (5) days notice in writing to the Lessee may, but Guest shall not be obligated to, pay all or any part of the samePark’s damages, attorneys’ fees and court costs. If In the Lessee is event of a default by Guest, Xxxxx agrees to immediately vacate the Park and to immediately remove his or her RV and personal property upon the request of the Park. Guest’s failure to comply with any of the terms of this Agreement shall constitute a default of this Agreement, and the Park shall be entitled to all the remedies as set forth herein and as provided by law. In addition to all rights and remedies available to it by law or in equity, or provided elsewhere in this the Agreement or this Addendum, upon Guest’s default in the performance of any of its covenants the terms and conditions of the Agreement or obligations hereunder (other than the payment of rent or other sums required to be paid pursuant to this Lease)Addendum, the Lessor Park shall have the following rights: (a) if Guest abandons or vacates his/her RV, the Park may from time terminate this Agreement without prejudice to time after giving such notice as it considers sufficient (or without notice in Guest’s liability for all amounts provided for herein for the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect balance of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compoundingterm; and the Lessor, (b) in addition to any other liens or interests provided by law, Guest hereby grants and the Park shall have a lien against all of Guest’s property located at the park to secure the Guest’s performance of each and every term of this Agreement, and payment to the Park of all amounts due from Guest, including but not limited to the costs of preservation, sale, removal or disposal of Guest’s property. If Guest fails to pay any amount due to the Park for thirty (30) continuous days or more, the Park may, at its option, deny Guest access to and sell any or all of Guest’s property at public or private sale, in such manner and at such times and places as the Park, in its sole discretion, may deem appropriate, and shall apply the proceeds of the sale first to the costs of the sale, including but not limited to the Park’s attorneys’ fees, second to any fees due pursuant to the Agreement and/or this Addendum, and third to the payment of any amounts then or thereafter due to the Park. The Park shall have no obligation to determine the contents of the Premises or the value of such property prior to proceeding with a sale in accordance with this paragraph. No failure or delay by the Park in exercising any rights, powers or remedies under this Agreement will operate as a waiver of any such right, shall have power or remedy or of the same remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under Park’s right to strictly enforce the terms of this LeaseAgreement. The Park may, in its sole discretion, terminate this agreement immediately for: (a) Guest’s failure to pay any amount due to the Park in full as and when due; (b) for Guest’s breach of any provision of the Agreement, any Addendum or any Park Rules; or (c) if the Park or any portion thereof is destroyed or damaged so as to materially hinder the safe and effective use of the site as provided herein. If Guest fails to remove his/her RV from the park at the termination of this Agreement, the Park may, at its option, have Guest’s vehicle(s) towed, or otherwise remove and store Guest’s property without liability for loss thereof or damages thereto, such removal and storage to be for the account and at the sole expense of Guest.

Appears in 1 contract

Samples: Guest Agreement

Default. If In the Lessee fails to pay, `when due, event of any amounts or charges required to be paid pursuant to breach of this LeaseLease by Tenant, the Lessor after giving five Landlord shall notify the Tenant in writing of such breach, and Tenant shall have ten (510) days notice in writing which to the Lessee may, but shall not be obligated to, pay all or cure any part of the same. If the Lessee is in default in the performance of any of its covenants or obligations hereunder (other than the payment such breach as to payments of rent or other sums required due hereunder, and thirty (30) days to cure any other breach and, if Tenant shall fail to cure such breach or default within such time limit, then Landlord, besides other rights or remedies Landlord may have, shall have the immediate right of reentry and may remove all persons and property from the Premises, and such property may be paid removed and stored in a public warehouse or elsewhere at the cost of and for the account of Tenant. Should Landlord elect to reenter, as herein provided, or should Landlord take possession pursuant to legal proceedings or pursuant to any notice provided for by law, Landlord may either terminate this Lease), the Lessor Lease or may from time to time after giving such notice as it considers sufficient (or time, without notice in terminating this Lease, relet the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligationsPremises, or any part thereof, and for such purpose term or terms and at such rental or rentals and upon such other terms and conditions as Landlord in his sole discretion may do deem advisable, with the right to make alterations and repairs to said premises. Upon such things reletting: (a) Tenant shall be immediately liable to pay to Landlord, in addition to any indebtedness other than rent due hereunder, the cost and expenses of such reletting and of such alteration and repair, incurred by Landlord, and the amount, if any, by which the rent reserved in this Lease for the period of such reletting up to but not beyond the Term, exceeds the amount agreed to be paid as may be required, including, without limitations, entering upon rent for the demised Premises and doing premises for such things upon period oflach reletting or in respect (b) At the option of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph Landlord, rents received by such Landlord from such reletting shall be paid by the Lessee applied as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability follows: First, to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach payment of any covenant for quiet enjoyment contained in this Lease. In indebtedness, other than rent, due hereunder from Tenant to Landlord; second, to the event that payment of any costs and expenses of such reletting and of such alterations and repairs; Third, to the Lessee fails to pay, when the same is payment of rent due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compoundinghereunder; and the Lessorresidue, if any, shall be held by Landlord and applied in payment of future rent as the same may become due and payable hereunder. If Tenant has been credited with any rent to be received by such reletting under option (a), and such rent shall not be promptly paid to Landlord by the new Tenant, or if such rentals received from reletting under option (b) during any month be less than that to be paid during that month by Tenant hereunder, Tenant shall pay any such deficiency to Landlord. Such deficiency shall be calculated and paid monthly. No such reentry or taking possession of the Premises by Landlord shall be construed as an election on Landlord's part to terminate this Lease unless a written notice of such intention be given to Tenant or unless the termination thereof be decreed by a court of competent jurisdiction. Notwithstanding any re-letting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach. Should Landlord at any time elect to terminate this Lease for any breach, in addition to any other rightremedies he may have, shall have Landlord may recover from Tenant all damages incurred by Landlord by reason of such breach, including the same remedies cost of recovering the premises, and may take including the same steps worth at the time of such termination of the excess, if any, of the amount of rent and charges equivalent to rent reserved in this Lease for the recovery remainder-of all such amounts and such interest thereon as it might take the stated term of this Lease over the then reasonable rental value of the premises for the recovery remainder of rent in arrears under the terms stated term, all of this Leasewhich amounts shall be immediately due and payable from Tenant to Landlord.

Appears in 1 contract

Samples: Lease Agreement (Emeritus Corp\wa\)

Default. If Tenant hereby agrees that in case Tenant shall default in making its payments hereunder or any of them or in performing any of the Lessee fails other agreements, terms and conditions of this Lease and such default continues for five days after written notice thereof as to pay, `when due, any amounts the payment of Base Rent or charges required to be paid pursuant to this Lease, the Lessor after giving five Additional Rent (5a "Monetary Default") or thirty (30) days (or such longer period as Tenant, acting diligently, may reasonably require) after written notice thereof as to all other defaults, then, in any such event, Landlord, in addition to all other rights and remedies available to Landlord by law or by other provisions hereof, may after five days written notice, with due process, re-enter immediately into the Premises and remove all persons and property therefrom, and, at Landlord's option, annul and cancel this Lease as to all future rights of Tenant and Tenant hereby expressly waives the service of any notice in writing of intention to the Lessee may, but shall not be obligated to, pay all or any part of the same. If the Lessee is in default in the performance of any of its covenants or obligations hereunder re-enter as aforesaid (other than the payment of rent or other sums required to be paid pursuant to this Leasenotices specified above), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice . Tenant further agrees that in the case of any emergency) having regard to such termination Tenant will indemnify the circumstances applicable, perform or cause to be performed any Landlord against all loss of rents and other actual pecuniary loss which Landlord incurs by reason of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be requiredtermination, including, without limitationsbut not being limited to, entering upon reasonable costs of restoring and repairing the demised Premises as required by this Lease, costs of renting the Premises to another tenant, loss or diminution of rents and doing other damage which Landlord may incur by reason of such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All termination, and all reasonable attorney's fees and expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for in enforcing any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this the Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any other right, shall have the same remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery . Neither acceptance of rent in arrears under the terms by Landlord, with or without knowledge of this Leasebreach, nor failure of Landlord to take action on account of any breach hereof or to enforce its rights hereunder shall be deemed a waiver of any breach, and absent written notice or consent, said breach shall be a continuing one.

Appears in 1 contract

Samples: Lease Agreement (Department 56 Inc)

Default. If (1) Vendor becomes insolvent, (2) Vendor files a voluntary petition under any bankruptcy or insolvency law, (3) a petition is filed against Vendor under any bankruptcy or insolvency law, (4) Vendor makes an assignment for the Lessee fails to paybenefit of creditors, `when due, any amounts or charges required to be paid pursuant to this Lease, the Lessor after giving five (5) days notice Vendor fails to deliver in writing to accordance with this Agreement goods Voith has paid for, (6) Vendor comes under the Lessee maycontrolling influence of a competitor of Voith; or (7) Vendor breaches any provision of these terms or the Order (each, but a default), Voith shall not be obligated have the right to, pay : terminate all or any part portion of this Agreement for default, require satisfactory assurances of performance, take over all or any portion of the same. If work itself or assign it to a third party at Vendor’s cost, withhold all further payments until the Lessee work is in default in the performance of complete, and/or exercise or demand any of its covenants or obligations hereunder (and all other than the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, rights and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises remedies available under this paragraph Agreement or the law, all such rights and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due remedies being cumulative and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition prejudice to any other rightright or remedy. Upon a default, Voith shall retain title to all of Voith’s property and goods Voith has paid for, and Vendor irrevocably grants Voith the right to enter and access Vendor’s facilities to remove such property and paid-for goods. If a court of competent jurisdiction subsequently determines that Voith’s termination under this section was wrongful or unjustified, then such termination shall be automatically considered a termination for convenience as set forth in Section 3-Termination and Modification for Convenience; Changes; Claims, and Vendor shall have the same remedies and may take the same steps rights under that provision, but no other rights or claims for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this Leasedamages.

Appears in 1 contract

Samples: voith.com

Default. A. If Tenant, (1) defaults in the Lessee fails to pay, `when due, payment of any amounts single installation of rent or charges in the payment of any other sum required to be paid pursuant to under this Lease, Lease or under the Lessor after giving five terms of any other agreement between Tenant and Lessor; or (52) days notice in writing to the Lessee may, but shall not be obligated to, pay all or any part of the same. If the Lessee is in default defaults in the performance of any other covenant or agreement hereof, Lessor may treat such event as a breach of its covenants this Lease and Lessor shall have any one or obligations hereunder more of the following described remedies in addition to all other rights and remedies provided at law or in equity; Then: (other than a) Lessor may terminate this Lease and the payment term created hereby, in which event Lessor may forthwith repossess the apartment in accordance with law and Tenant agrees to pay to Lessor damages in an amount equal to the amount of rent or other sums required provided in this Lease to be paid pursuant by Tenant for the balance of the term as set forth in this Lease less the fair rental value of the apartment for said period, and in addition, any other sum of money and damages owed by Tenant or Lessor, or (b) Lessor may terminate Tenant’s right of possession and may repossess the apartment in accordance with law without further demand or notice of any kind to Tenant and without such entry and possession terminating this Lease)Lease or releasing Tenant in whole or in part from Tenant’s obligation to pay rent hereunder for the full term. Upon and after such entry into possession without termination of this lease, Lessor may relet the apartment as Xxxxxx’s agent and may make repairs, alterations, and additions in or to the apartment and redecorate. Tenant shall on demand pay to Lessor damages and all Lessor’s expenses of reletting as set forth. If the consideration collected by Lessor from any such reletting for Xxxxxx’s account is not sufficient to pay the amount provided in the Lease to be paid monthly by Tenant together with all such expenses, Tenant shall pay to lessor, as damages, the amount of each month deficiency. Xxxxxx agrees that Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard file suit to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from recover any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is sums falling due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any other right, shall have the same remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this Leaseparagraph and that no suit or recovery of any portion due Lessor hereunder shall be a defense to any subsequent action brought for any amount not theretofore reduced to judgment in favor of Lessor except that Lessor shall not be permitted more than one recovery in the aggregate amount so due.

Appears in 1 contract

Samples: irp.cdn-website.com

Default. If the Lessee fails (a) Tenant shall neglect or fail to pay, `when due, make any amounts payment of rent or other charges required to be paid pursuant to this Lease, the Lessor after giving five within ten (510) days after notice in writing of such nonpayment from Landlord, or (b) Tenant shall fail to the Lessee may, but shall not be obligated to, pay all or any part of the same. If the Lessee is in cure a default in the performance of any other of its Tenant’s covenants within thirty (30) days after notice of such default from Landlord or such longer period as may be necessary to cure such default in the exercise of all due diligence, or (c) the leasehold hereby created shall be taken on execution, or by other process of law, or (d) any assignment shall be made of Tenant’s property .for the benefit of creditors, or (e) a receiver, guardian, conservator, trustee in bankruptcy or similar officer shall be appointed by a court of competent jurisdiction to take charge of all or any part of Tenant’s property, or (f) a petition is filed by Tenant under any bankruptcy or insolvency law, or (g) a petition is filed against Tenant under any bankruptcy or insolvency law and the same shall not be dismissed within thirty (30) days from the date upon which it is filed, or (h) any of the events specified in clauses (d), (e), (f) or (g) shall occur with respect to any guarantor of any of Tenant’s obligations hereunder (other than hereunder, then, and in any of said cases, Tenant shall be deemed in default and Landlord lawfully may immediately or at any time thereafter declare the payment term of this lease ended and enter upon the premises and repossess the same and expel Tenant and those claiming through or under Tenant and remove their effects, without prejudice to any remedies which might otherwise be used for arrears of rent or previous breach of covenant; and Tenant covenants that in case of such termination, Tenant will forthwith pay to Landlord as damages a sum equal to the present value of the amount by which the rent and other sums required payments called for hereunder for the remainder of the original term and of any extension thereof exceed the fair rental value of the premises for the remainder of the original term and of any extension thereof, and, in addition thereto, will during the remainder of the original term and of any extension thereof, pay to be Landlord on the last day of each calendar month the difference, if any, between the rental which would have been due for such month had there been no such termination and the sum of the amount being received by Landlord (who shall exercise good faith efforts to re-let the premises and thereby mitigate such damages) as rent from occupants of the premises, if any, and the applicable prorated amount of the damages previously paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in Landlord. In the case of any emergencysuch default, Landlord may (i) having regard to re-let the circumstances applicable, perform or cause to be performed any of such covenants or obligations, premises or any part or parts thereof, and either in the name of Landlord or otherwise, for such purpose a term or terms which may do such things as may at Landlord’s option be required, including, without limitations, entering upon equal to or less than or exceed the demised Premises and doing such things upon or in respect period which would otherwise have constituted the balance of the demised Premises term of this lease and may grant concessions or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability free rent to the Lessee for any loss or damages resulting from any such action or entry by extent that, in the Lessor upon the demised Premises under this paragraph exercise of reasonable judgment, Landlord considers advisable and same is not a necessary to re-entry let the same and (ii) make such reasonable alterations, repairs and decorations in the premises as Landlord in its reasonable judgment considers advisable and necessary for the purpose of reletting the premises; and the making of such alterations, repairs and decorations shall not operate or a breach of be construed to release Tenant from liability hereunder as aforesaid. Landlord shall in no event be liable in any covenant way whatsoever for quiet enjoyment contained failure to re-let the premises, or, in this Lease. In the event that the Lessee fails premises are re-let, for failure to paycollect the rent under such re-letting. Tenant hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Tenant’s being evicted or dispossessed, when or in the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality event of Landlord’s obtaining possession of the foregoingpremises, taxes, insurance premiums by reason of the violation by Tenant of any of the covenants and common area maintenance expenses) payable by the Lessee pursuant to the terms conditions of this Leaselease. Without thereby affecting any other right or remedy hereunder, such unpaid amount shall bear interest at an annual rate equal its sole option Landlord may cure for Tenant’s account any default by Tenant hereunder which remains uncured after thirty (30) days’ notice of the default from Landlord to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compoundingTenant; and the Lessor, in addition cost to Landlord thereof shall be deemed to be additional rent and shall be added to the installment of rent next accruing or to any other rightsubsequent installment of rent, at Landlord’s election. Any and all rights and remedies which Landlord may have under this lease or by operation of law, either at law or in equity, upon any breach, shall have the same remedies be distinct, separate, and may take the same steps for the recovery cumulative and shall not be deemed inconsistent with each other; and no one of them, whether or not exercised by Landlord, shall be deemed to be in exclusion of any other; and any two or more of all such amounts rights and remedies may be exercised at the same time. Landlord shall in no event be deemed in default of any of Landlord’s obligations hereunder unless and until Landlord shall have failed to perform such interest thereon obligation within thirty (30) days, or such additional time as it might take for the recovery is reasonably required to correct any such default, after Landlord has received (i) notice by Tenant to Landlord specifying wherein Landlord has failed to perform such obligation or (ii) actual and independent knowledge of rent in arrears under the terms of this Leasesuch failure.

Appears in 1 contract

Samples: Boston Life Sciences Inc /De

Default. If the Lessee fails to pay, `when due, any amounts or charges required to be paid pursuant to this Lease, the Lessor after giving five (5a) days notice in writing to the Lessee may, but shall not be obligated to, pay all or any part of the same. If the Lessee is in default in the performance of any of its covenants or obligations hereunder (other than the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee Pledgor fails to paypay to the Pledgee any Obligation when due or there shall otherwise occur an Event of Default (as defined in the Note) ("Default"), when the same is due Pledgee shall have all of the rights and payable, any rent, Additional Rent or remedies afforded to secured parties with respect to the Collateral as set forth in the Code as well as all other amount (including, without rights and remedies granted in the Note and this Agreement. Without limiting the generality of the foregoing, taxesthe Pledgee, insurance premiums without demand of performance or other demand, presentment, protest, advertisement or notice of any kind (except any notice required by law referred to below) to or upon the Pledgor (all and common area maintenance expenses) payable by each of which demands, defenses, advertisements and notices are hereby waived), may in such circumstances forthwith collect, receive, appropriate and realize upon the Lessee pursuant Collateral, or any part thereof, and/or may forthwith sell, assign, give an option or options to purchase or otherwise dispose of and deliver the Collateral or any part thereof (or contract to do any of the foregoing), in one or more parcels at public or private sale or sales, upon such terms and conditions and at such prices as it may deem advisable, for cash or on credit or for future delivery without assumption of any credit risk. The Pledgee shall have the right upon any such public sale or sales, and, to the terms extent permitted by law, upon any such private sale or sales, to purchase the whole or any part of this Lease, such unpaid amount the Collateral so sold. The Pledgee shall bear interest at an annual rate equal to the prime lending rate in effect apply any proceeds from time to time charged held by it and the net proceeds of any such sale or other disposition, after deducting all reasonable costs and expenses of every kind incurred in respect thereof or incidental to the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of the Pledgee hereunder, including, without 4limitation, reasonable attorneys' fees and disbursements of counsel to the Pledgee, to the satisfaction in whole or in part of the Obligations, in such order as the Pledgee may elect and only after such application and after the payment by the Pledgee of any other amount required by any provision of law, including, without limitation, Section 9-504 (1)(c) of the Code, need the Pledgee account for the surplus, if any, to the Pledgor. To the extent permitted by applicable law, the Pledgor waives all claims, damages and demands he may acquire against the Pledgee arising out of the lawful exercise by it of any rights hereunder. Neither the Pledgee nor any of its respective directors, officers, employees or agents shall be liable for failure to sell or otherwise dispose of the Collateral or for any delay in doing so. If any notice of a proposed sale or other disposition of the Collateral shall be required by law, such notice shall be deemed reasonable and proper if given at least ten (10) days before such sale or other disposition. In any event, notice of a proposed sale or other disposition shall be given at least ten (10) days before such sale or other disposition to the Pledgor and Kevin Lang. The Toronto-Dominion Bank Plxxxxx xxxll remain liable for any deficiency if the proceeds of any sale or other disposition of the Collateral are insufficient to its best commercial customers pay all of the Obligations and any and all costs and expenses of every kind incurred by the Pledgee with respect to the collection of such deficiency, including, without limitation, all reasonable fees and disbursements of any attorneys employed by the Pledgee. The Pledgor recognizes that the Pledgee may be unable to effect a public sale of any or all the Collateral by reason of certain restrictions contained in Toronto plus 5% per annum calculated from the due date Securities Act of 1933, as amended, and applicable state securities laws or otherwise, and may be compelled to resort to one or more private sales thereof to a restricted group of purchasers which will be obliged to agree, among other things, to acquire such securities for their own account for investment and not with a view to the date of payment, subject distribution or resale thereof. The Pledgor acknowledges and agrees that any such private sale may result in prices and other terms less favorable than if such sale were a public sale and agrees that any such private sale under such circumstances shall not be evidence that it has been made in other than a commercially reasonable manner. The Pledgor agrees to monthly compounding; and the Lessor, in addition use his best efforts to any do or cause to be done all such other right, shall have the same remedies and acts as may take the same steps for the recovery be necessary to make such sale or sales of all such amounts or any portion of the Collateral pursuant to this section valid and such interest thereon as it might take for the recovery binding and in compliance with any and all other applicable requirements of rent in arrears under the terms of this Leaselaw.

Appears in 1 contract

Samples: Employment Agreement (Extech Corp)

Default. (a) If Seller defaults in its duties or obligations under this Agreement prior to Settlement, and if such default continues for more than ten business days following written notice thereof to Seller, Purchaser shall be entitled to terminate this Agreement (either in its entirety or, at Purchaser's election, only as to the Lessee Closed Properties for which Settlement did not occur as a result of Seller's material breach) and the sole liability of Seller shall be to pay (and the sole remedy of Purchaser shall be limited to receiving from Seller) liquidated damages in an amount equal to 10% of the Purchase Price for each Closed Property on which Seller fails to paymake Settlement, `provided that, notwithstanding an election by Purchaser to terminate this Agreement in its entirety as a result a material breach hereof by Seller, Seller and Purchaser shall nevertheless remain entitled and obligated to complete Settlement on all Closed Properties and Purchaser shall only be entitled to receive liquidated damages as aforesaid for Closed Properties if, as and when dueSeller fails to complete Settlement thereon as required hereby. Upon Seller's payment of the liquidated damages to Purchaser as aforesaid, any amounts Purchaser shall deliver to Seller (without representation or charges required to be paid pursuant to this Leasewarranty and with a disclaimer of reliance) complete copies (with all appendices and exhibits) of all (interim drafts as well as final reports, the Lessor after giving five (5if any) days notice due diligence reports, evaluations, investigations, surveys and title searches in writing Purchaser's possession or control as to the Lessee mayClosed Properties for which Settlement did not occur as a result of Seller's material breach, but this Agreement shall not be obligated to, pay all or any part of become null and void with respect to such Closed Properties and the same. If the Lessee is in default in the performance of any of its covenants parties shall have no further liabilities or obligations hereunder (other than the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in with respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any other right, shall have the same remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this Leasethereto.

Appears in 1 contract

Samples: Master Purchase, Sale and Lease Transfer Agreement (American Financial Realty Trust)

Default. If the Lessee fails to pay, `when due, any amounts or charges required to be paid pursuant to this Lease, the Lessor after giving five (5) days notice Seller shall notify Buyer in writing to the Lessee may, but shall not be obligated to, pay all or any part of the same. If the Lessee is in default in the performance of any of its covenants or obligations hereunder (other than the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails Seller becomes aware that Buyer or Buyer's successors or assigns have failed to pay, when the same is due and payable, any rent, Additional Rent satisfy one or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable more obligations assumed by the Lessee Buyer pursuant to the terms of this LeaseAgreement, the Assignments, and/or any amendments thereto (any such unpaid failures hereinafter referred to as "Defaults"). Buyer shall correct or redress or respond to or begin to correct or redress or respond to such Defaults within thirty (30) days after receipt of such written notice or such lesser or greater time as may be dictated by any emergency situation or as required by applicable agreements or as required by any law, order, rule or regulation of any governmental authority. If (i) within such time as defined hereinabove, Buyer does not correct or redress or respond to or begin to correct or redress or respond to such Defaults, or (ii) after beginning such efforts Buyer does not correct or redress such Defaults within a reasonable amount of time and within the time required by any applicable agreements or required by any law, order, rule or regulation of any governmental authority, or (iii) Seller is unable to locate Buyer in order to notify Buyer after reasonable efforts to do so, Seller, at its option, may endeavor to and shall bear interest be authorized to plug and abandon well(s), remove facility(ies) or equipment or restore the surface area(s), or otherwise correct such defaults, or cause such to be done provided that Seller shall exercise reasonable discretion and endeavor to accomplish only that necessary to remedy such Defaults, all at an annual rate equal to the prime lending rate entire cost, risk, expense of Buyer except that Buyer shall not be responsible for costs and expenses of any such work done by Seller or Seller's affiliates in effect from time to time excess of amounts typically charged by The Toronto-Dominion Bank unaffiliated third parties for like or similar services in the area, and furthermore, Buyer shall only be liable for costs attributable to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof Buyer's interest to the date of payment, subject be acquired pursuant to monthly compounding; and the Lessor, in addition to any other right, shall have the same remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this LeaseAgreement. Compliance with the Notice Requirements under Section 11.9 of this Agreement shall be considered as sufficient notice under this Section. Within a reasonable period of time after any such efforts by Seller to correct or redress such Defaults, Seller shall furnish Buyer at its last known address with detailed invoices and supporting documentation for expenses incurred by Seller in the efforts to correct such Defaults, including appropriate charges for overhead, salaries, legal costs, permits, penalties, interest, or other losses or expenses incurred for or by Seller or Seller's employees for the purpose of correcting or redressing such Defaults. In the event that Buyer does not pay Seller within fifteen (15) days after the mailing of said invoices and supporting documentation, Seller shall be entitled to reimburse itself for such invoices by recovering such sums under the Escrow Agreement. Any such recovery by Seller under the Escrow Agreement shall satisfy only those liabilities and obligations of Buyer with respect to the particular Default and only to the extent that Seller has been reimbursed therefor by recovery under the Escrow Agreement. Seller's right to proceed in the manner above described to correct or redress Defaults of Buyer or its successors or assigns is not intended to be nor shall it limit or be exclusive of any other right or remedy, whether personal or "in rem", available to Seller under this Agreement, the Assignments, and/or any amendments thereto, or otherwise by law, all of which remedies are expressly and fully ratified, granted and reserved to Seller. Seller shall in no event be obligated to satisfy any Defaults by Buyer or its successors or assigns. The recovery by Seller of amounts under the Escrow Agreement is not intended and shall not be deemed to be a waiver by Buyer of any claim, protest, dispute or cause of action conceding the amount or nature of the activities performed by Seller pursuant to this Section 11.13 or the necessity thereof or the amounts expended therefor. Notwithstanding any recovery by Seller of amounts under the Escrow Agreement, Buyer shall have the right to pursue in any manner all rights and remedies available to it in connection with any such claim, protest, dispute or cause of action.

Appears in 1 contract

Samples: Asset Sale Agreement (Denbury Resources Inc)

Default. If the Lessee fails to paypay any rental or other payment due hereunder or due pursuant to the Lease documents, `when dueor if Lessee shall become bankrupt or insolvent, or shall file any debtor proceeding, or takes, or has taken against it, any amounts Petition in Bankruptcy, or charges required files a petition for appointment of receiver or for a reorganization, or if Lessee fails to perform any terms hereof, and if the same shall not have been cured within ten (10) days following written notice from the Lessor to the Lessee stating the nature of the default, then Lessee shall be paid pursuant in default and Lessor may, at her option and without further notice to Lessee, terminate Lessee's right to possess the premises and, without terminating this Lease, Lessor may reenter and resume possession of the premises and/or declare the Lease terminated, and may thereupon, in either event, remove all persons and property from the premises, with or without resort to process of any court. In no event shall Lessor's termination of the Lease and/or termination of Lessee's right to possession of the premises abrogate Lessee's agreement to pay rent and any other charges due hereunder. Following reentry of the premises by Lessor, Lessee shall continue to pay all such rent and any other charges as same become due under the terms hereof, together with all reasonable expenses (including attorney fees) incurred by Lessor after giving five (5) days notice in writing to regaining possession, until such time, if any, as Lessor relets same and the Lessee may, but premises are occupied by a successor. If Lessor shall not be obligated topermitted to terminate this Lease as hereinabove provided because of the provisions of the United States Code relating to Bankruptcy, pay all as amended ("The Bankruptcy Code"), then Lessee, as a debtor in possession, or any part trustee for Lessee, agrees promptly, within no more than sixty (30) days following request by Lessor to the Bankruptcy Court, to assume or reject this Lease, and Lessee, on behalf of itself and any trustee, agrees not to seek or request any extension or adjournment of any application to assume or reject this Lease by Lessor with such Court. In such event, Lessee, or any trustee for Lessee, may only assume this Lease if (a) it cures or provides adequate assurance that the trustees will promptly cure any default hereunder, (b) compensates, or provides adequate assurance that the trustees will promptly compensate, Lessee for any actual pecuniary loss to Lessor resulting from Lessee's defaults, and (c) provides adequate assurance of performance during the fully stated term hereof of all of the same. If the Lessee is in default in the performance terms, covenants, and provision of any of its covenants or obligations hereunder (other than the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause Lease to be performed by Lessee. In no event after the assumption of this Lease shall any then-existing default remain uncured for a period in excess of such covenants or obligations, or any part thereof, and for such purpose may do such things fifteen (15) days. Adequate assurance of performance of this Lease as may be required, includingset forth hereinabove shall include, without limitationslimitation, entering upon the demised Premises and doing such things upon or in respect adequate assurance (1) of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred source of rent reserved hereunder and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event (2) that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms assumption of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to Lease will not breach any other right, shall have the same remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms provision of this Lease.

Appears in 1 contract

Samples: Lease Agreement (Eagle Financial Services Inc)

Default. If the Lessee Tenant fails to pay, `pay rent when due, or perform any amounts provision of this Agreement, after not less than three (3) days (or charges longer if required to be paid pursuant to this Leaseby local law) written notice of such default given in the manner required by law, the Lessor after giving five (5) days notice in writing to the Lessee mayOwner, but shall not be obligated toat his or her option, pay may terminate all or any part rights of the sameTenant, unless Tenant, within said time, cures such default. If Tenant abandons or vacates the Lessee is property while in default in the performance of any of its covenants or obligations hereunder (other than the payment of rent or other sums required rent, Owner may consider any property left on the premises to be paid pursuant to this Lease), the Lessor abandoned and may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect dispose of the demised Premises or same in any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid manner allowed by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Leaselaw. In the event the Owner reasonably believes that such abandoned property has no value, it may be discarded. All property on the Lessee fails premises will be subject to paya lien for the benefit of Owner securing the payment of all sums due, when to the same is due Tenant Initials [ ] [ ] [ ] [ ] Property Address: The Hill (_), Timber Ridge ( ), Xxxxxxx Xxxxx Place (_), Bethel Duplexes ( ) Swan Lake (_) Parkview (_), Lakeview (_) maximum extent allowed by law. In the event of a default by Xxxxxx, Owner may elect to: (a) continue the lease in effect and payableenforce all his rights and remedies, including the right to recover the rent as it becomes due, provided that Owner's consent to assignment or subletting by the Tenant will not be unreasonably withheld; or (b) at any renttime, Additional Rent terminate all of Tenant's rights and recover from Tenant all damages he or other amount (including, without limiting the generality she may incur by reason of the foregoingbreach of the lease, taxesincluding the cost of recovering the premises, insurance premiums and common area maintenance expenses) payable including the worth at the time of such termination, or at the time of an award if suit be instituted to enforce this provision, of the amount by which the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any other right, shall have the same remedies and may take the same steps rent for the recovery balance of all the term exceeds the amount of such amounts and such interest thereon as it might take for rental loss which the recovery of rent in arrears under the terms of this LeaseTenant proves could be reasonably avoided.

Appears in 1 contract

Samples: Residential Lease Rental Agreement

Default. If Tenant agrees that the Lessee fails to pay, `when due, any amounts or charges required to be paid pursuant to this Lease, the Lessor after giving five (5) days notice in writing to the Lessee may, but shall not be obligated to, pay all or any part of the same. If the Lessee is in default in the performance violation of any of its the foregoing covenants and conditions shall, at the option of Landlord, void this Lease and render the same null and void, and shall constitute a ground of forfeiture and ejection under the provisions for that purpose hereinafter contained if such violation is not cured within the applicable time period after written notice of the violation to Tenant, if such written notice is expressly required hereunder. Provided, however, and this Lease is made upon this condition, that if Fixed Rent, any part thereof or obligations any other sum due and payable to Landlord hereunder shall remain unpaid for thirty (other than the 30) days after written notice by Landlord of such default in payment of rent or other sums (but Landlord shall only be required to be paid pursuant to give notice of a monetary default two times during the term of this LeaseLease and thereafter default is automatic), or if Tenant shall assign this Lease or sublet the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligationsLeased Premises, or any part thereof, or any interest therein, without the written consent of Landlord, or if Tenant shall use the Leased Premises for any purpose other than herein agreed, or if Tenant shall apply for relief under the Federal Bankruptcy Code, or any similar state or Federal laws providing relief to debtors, or if an involuntary petition is filed against Tenant under the Federal Bankruptcy Code or any such similar state or Federal laws, or if Tenant shall make an assignment for the benefit of creditors, or if a receiver or receivers be appointed for Tenant, or if the interest of Tenant in the Leased Premises shall be sold under execution, foreclosure, or legal process, or if any judicial sale of the interest of Tenant be had, or if a voluntary or involuntary sale, transfer, or assignment of this Lease of any kind or character whatsoever shall be made, or if Tenant shall fail to perform, keep, fulfill, or observe any of the terms, agreements, covenants, and conditions contained in this Lease on the part of Tenant to be kept, performed, fulfilled, or observed, it shall be lawful for Landlord at its option to re-enter into the Leased Premises and the same to have again, repossess and enjoy, as in its first and former estate, and that without notice to or demand upon Tenant or any other person, and thereupon, at its option, this Lease and everything herein contained on the Landlord's behalf to be done and performed, shall cease, determine, and be utterly void and that without prejudice to any remedies or proceedings for arrearages of rent, breach of covenant, or collection of debt, or alternatively this Lease shall remain in full force and effect. Tenant hereby expressly waives any and all claims or demands for injuries or damages occasioned by and an account of any such purpose may do re-entry by Landlord. If Tenant abandons the Leased Premises, or otherwise defaults in performance of this Lease and thereby entitles Landlord to terminate Tenant's possession of the Leased Premises, and Landlord elects to terminate Tenant's right to possession only without termination of the Lease, Landlord may, at Landlord's option, enter into the Leased Premises, remove Tenant's signs and other evidences of tenancy, and take and hold possession thereof, without such things as may be requiredentry and possession terminating the Lease or releasing Tenant, in whole or in part, from Tenant's obligations to pay all rent due hereunder for all the full term, and in any such case Tenant shall pay forthwith to Landlord, if Landlord so elects, a sum equal to the entire amount of all rent due under this Lease for the residue of the stated term, plus any other sums then due Landlord hereunder, including, without limitationslimitation, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All Landlord's expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any other right, shall have the same remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this Lease.connection

Appears in 1 contract

Samples: Dominion Homes Inc

Default. If In the Lessee fails to pay, `when due, any amounts or charges required to be paid pursuant to this Lease, event the Lessor after giving five (5) days notice in writing to the Lessee may, but shall not be obligated to, pay all or any part of the same. If the Lessee is in TENANT should default in the performance payment of the rent when due hereunder or default in the keeping or performing of any other term or condition of this Lease the LANDLORD is hereby authorized to re-enter said premises, to eject the TENANT, and take full possession of said premises, to terminate this Lease at its covenants or obligations hereunder (other than option, and to lease and let said premises as to them shall seem best, to remove from said premises all personal property of the payment of rent or other sums required TENANT, and to be paid pursuant to this Lease), store the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard same to the circumstances applicableaccount and at the expense and risk of the TENANT, perform or cause and to be performed any of such covenants or obligations, sell said property or any part thereof, and out of the proceeds to pay all expense of so removing, storing and selling the same, and all sums which shall then Ix: in arrears or past due for rent; and that no such purpose may do such things act or acts of the LANDLORD shall be construed as cancellation of this Lease or waiver of the right of the LANDLORD to collect rent hereunder for the remainder of said term, except said exercise of its option to terminate the same; and that in case the LANDLORD shall determine that any action or proceeding at law or otherwise is necessary to enforce the terms and conditions hereof, the TENANT agrees that reasonable attorney's fees and the necessary costs and disbursements thereof may be requiredallowed and taxed against it. The TENANT agrees not to remove any of its fixtures, including, equipment and inventory (other than in the ordinary course of business) from the premises without limitations, entering upon the demised Premises and doing such things upon or consent in respect writing of the demised Premises or LANDLORD while any part thereof as installments of rent are past due, and during any other default in the Lessor reasonably considers requisite or necessaryconditions of this Lease. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability Notwithstanding any provision to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contrary contained in this Lease. In , in the event that TENANT defaults in the Lessee payment of any amount due by TENANT to LANDLORD under this Lease or defaults in performance of any of the covenants contained herein and fails to paycure said default within thirty (30) days after written notice of said default from LANDLORD, when LANDLORD at its sole discretion, may accelerate and declare due all monthly payments required to be paid under this Lease and may bring whatever action it deems appropriate to compel the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms specific performance of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any other right, shall have the same remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this LeaseLease against TENANT.

Appears in 1 contract

Samples: Lease Agreement (Commercial E-Waste Management Inc)

Default. If the Lessee fails to pay, `when due, any amounts or charges required to be paid pursuant to this Lease, the Lessor after giving five (5) days notice in writing to the Lessee may, but shall not be obligated to, pay all or any part of the same. If the Lessee is in default in the performance of any of its covenants or obligations hereunder (other than the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises Rent or any part thereof as shall at any time be in arrears and unpaid for thirty (30) days or if the Lessor reasonably considers requisite Tenant or necessary. All expenses incurred and expenditures made pursuant its successors shall fail to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for perform any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoingcovenants, taxesagreements, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms or conditions of this Lease, such unpaid amount and the breach is not cured within thirty (30) days after written notice from Landlord, or if Tenant shall bear abandon or vacate any of the Parcels during the term thereof, or shall make an assignment for the benefit of creditors, or if a receiver for Tenant be appointed in any action or proceeding by or against Tenant or if a petition (voluntary or involuntary) under the Federal Bankruptcy Act or acts amendatory thereof or supplemental thereto shall be filed by or against Tenant, or if Tenant should be adjudicated bankrupt, or if the interest at an annual rate equal of Tenant in the Demised Premises be sold under execution or other legal process, Landlord may enter in and upon the Demised Premises and again have and repossess and enjoy the Demised Premises as if this Lease had not been made and thereupon this Lease and everything contained herein on the part of Landlord to be kept and performed shall cease and determine and be utterly void, without prejudice, however, to the prime lending rate in effect right of Landlord to recover from time to time charged by The Toronto-Dominion Bank to Tenant or its best commercial customers in Toronto plus 5% per annum calculated from the successors all Rent due date thereof up to the date time of paymententry. The commencement of a proceeding or suit in forcible entry and detainer or in ejectment or otherwise, subject after any default by Tenant, shall be equivalent in every respect to monthly compounding; actual entry by Landlord. In case of any default by Tenant and entry by Landlord, Landlord may relet the premises at Tenant's cost (including but not limited to brokers and attorneys fees) for the remainder of the Lease term for the highest rent obtainable, and may recover from Tenant any deficiency between the amount so obtained and the Lessor, in addition to any other right, shall have the same remedies and may take the same steps for the recovery amount of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this LeaseRent hereinbefore reserved.

Appears in 1 contract

Samples: Agreement (Retail Ventures Inc)

Default. A. If Tenant defaults in the Lessee fails to paypayment of the Base Rent, `when due, or any amounts or charges required to be paid pursuant to this Lease, the Lessor after giving five other sums due hereunder and such default continues for seven (57) days notice in writing to after the Lessee maydate such sums are payable hereunder, but shall not be obligated to, pay all or any part of the same. If the Lessee is in default if Tenant defaults in the performance of any other of its covenants obligations or obligations hereunder otherwise breaches or fails to perform any other provision of this Lease and such default continues for ten (other than 10) days after written notice thereof by Landlord to Tenant unless Tenant diligently commences to cure said default, or if Tenant files a petition under any bankruptcy, insolvency law or code, or if Tenant is adjudicated bankrupt or insolvent according to law, or if Tenant makes any assignment for the payment benefit of rent creditors, or if Tenant files any petition seeking a reorganization, arrangement or similar relief, or if a receiver, custodian, trustee or similar agent of the Premises or of all or a substantial part of Tenant's property is appointed, or if the operation of Tenant's business is assumed by a bank regulatory agency, or if Tenant's interest in this Lease is taken upon execution or other sums required process of law in any action against Tenant, or if Tenant abandons the Premises, then Landlord may lawfully terminate this Lease by written notice to be paid pursuant Tenant and, expel Tenant and those claiming by, through, or under Tenant, and remove their effects, if necessary, without being deemed guilty of any manner of trespass and without prejudice to any as aforesaid, this Lease)Lease shall terminate. Tenant covenants, the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard default by Tenant hereunder, to the circumstances applicable, perform or cause to be performed any pay Landlord all costs of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be requiredenforcing Landlord's rights under this Lease, including, without limitationslimitation, entering upon reasonable attorney's fees and expenses, loss of rent, reletting expenses, and brokerage fees, together with the demised agreed liquidated damages described in this Section. Landlord and Tenant agree that Landlord shall suffer damages from Tenant's breach of this Lease and Landlord's necessity to recover possession of the Premises and doing that such things upon damages are difficult or in respect of the demised Premises or any part thereof impossible to ascertain. For this reason, Landlord and Tenant agree that Tenant shall pay Landlord as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee liquidated damages for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a Tenant's breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other Lease which remains uncured an amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from total Base Rent over the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any other right, shall have the same remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms term of this LeaseLease and other sums which would have been payable had the Lease not so terminated, as offset by net rents actually received by Landlord from reletting, after deducting the expenses of reletting.

Appears in 1 contract

Samples: Lease Agreement (Avid Sportswear & Golf Corp)

Default. If the Lessee fails to pay, `when due, any amounts or charges required to be paid pursuant to this Lease, the Lessor after giving five (5) days notice in writing to the Lessee may, but shall not be obligated to, pay all or any part of the same. If the Lessee is in default in the performance of any of its covenants or obligations hereunder (other than the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. A. In the event that the Lessee fails Licensee, on behalf of the Occupying Agency, shall fail to paypay the License Fee or any part thereof when due or in the event that the Licensee or the Occupying Agency shall violate or fail to perform any of the covenants hereof on the part of the Licensee or the Occupying Agency to be performed, when in both such circumstances after notice of such failure or violation have been given as hereinbelow provided (each such event shall be hereinafter referred to as a “Default”), the Licensor may elect to either: To re-enter the Licensed Premises by summary proceedings or otherwise and re-let the Licensed Premises to a third party or parties, making diligent efforts therefor, and upon receiving the license fee therefrom, applying the same is due and payable, any rent, Additional Rent or other amount (including, without limiting first to the generality payment of the foregoingLicense Fee and other fees and expenses accruing hereunder, taxesand the balance, insurance premiums if any, to be paid to the Licensee, on behalf of the Occupying Agency; provided, however, that the Licensee, on behalf of the Occupying Agency, shall remain liable for the equivalent of the amount of all License Fee and common area maintenance expensesother payments due, as the case may be, throughout the remaining Term of this License Agreement to the extent such amounts are not mitigated by such third party licensee or licensees; or To terminate this License Agreement and to resume possession of the Licensed Premises wholly discharged from this License Agreement. The Licensor shall make such election by written notice to the Licensee, in accordance with Section 10 of this License Agreement, at any time on or before the doing of any act or the commencement of any proceedings to recover possession of the Licensed Premises by reason of the Default then existing and such election shall be final. If the Licensor shall elect to terminate this License Agreement as set forth in this Section 16(A)(2), then immediately upon such termination, all rights and obligations whatsoever of the Licensee, the Occupying Agency and their successors and assigns under this License Agreement, so far as the same may relate to the unexpired portion of the Term hereof, shall cease. Within ten (10) payable days after receipt by the Lessee Licensee of notice of election by the Licensor to terminate this License Agreement pursuant to this Section 16(A)(2), (i) the terms Parties shall, by an instrument in writing, cancel this License Agreement and the unexpired portion of this Leasethe Term hereof, such unpaid amount and (ii) the Licensee and the Occupying Agency shall bear interest at an annual rate equal surrender and deliver to the prime lending rate Licensor the entire Licensed Premises, and upon any default by the Licensee or the Occupying Agency in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from so doing, the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any other right, Licensor shall have the same remedies right to re-enter the Licensed Premises either by summary proceeding or otherwise. No Default hereunder shall be deemed to have occurred on the part of the Licensee or the Occupying Agency until thirty (30) days after written notice of such Default shall have been received by the Licensee, and the Licensee or the Occupying Agency within such time shall have failed to remedy such Default. If any Default by the Licensee or the Occupying Agency, (with the exception of the payment of the Licensee Fee), cannot reasonably be cured within such thirty (30) day period, then the Licensee and the Occupying Agency shall have such additional time as may take be reasonably necessary to remedy the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this Leasesame.

Appears in 1 contract

Samples: License Agreement

Default. If Tenant's compliance with each and every of its ------- obligations hereunder is a condition precedent to each and every covenant and obligation of Landlord. In the Lessee fails to pay, `when due, event that (a) Tenant shall default in the payment of any amounts or charges sum of money required to be paid pursuant to this Lease, the Lessor after giving hereunder and such default continues for five (5) days after written notice thereof; or (b) Tenant shall default in writing the performance of any other of its obligations hereunder and such default continues for ten (10) days after written notice thereof (except for defaults which create a nuisance or illegal condition, or which cause or threaten serious danger or life, limb or property, in which case there shall be no requirement for written notice or right to cure); or (c) Tenant should vacate or abandon the Leased Property during the Term of this Lease, or (d) there is filed by or against Tenant any petition in bankruptcy, or Tenant is adjudicated as a bankrupt or insolvent, or there is appointed a receiver or trustee to take possession of all or substantially all of the assets of Tenant or of the Leased Property, or there is a general assignment by Tenant for the benefit of creditors, or any action is taken by or against Tenant under any state or federal insolvency or bankruptcy act, or any similar law now or hereafter in effect, including without limitation, the filing of any petition for or in reorganization or an arrangement, or should the Leased Property or any portion thereof be taken or seized under the levy of execution or attachment against Tenant, Landlord at its sole option, shall, in addition to all other rights and remedies granted to Landlord hereunder or at law or in equity, have (i) the right to declare the Term of this Lease ended and to re-enter the Leased Property and take possession thereof, and to terminate all of the rights of Tenant in and to the Lessee Leased Property, or (ii) the right without declaring the Term of this Lease ended, to re-enter the Leased Property and to occupy the same, or any portion thereof, or to lease the whole or any portion thereof, for and on account of Tenant as hereinafter provided, applying any monies received first to payment of such expenses, including attorneys' fees and real estate commissions paid, assumed or incurred by Landlord in or in connection with the recovery, repairing or reletting of the Leased Property and then to the fulfillment of the covenants of Tenant (any such reletting shall be for such a term, at such a rent, and on such other conditions as Landlord in its sole discretion deems advisable); or (iii) the right, even though it may have relet all or any portion of the Leased Property as above-provided, to thereafter at any time terminate this Lease for such previous default on the part of Tenant. Pursuant to said right of re-entry, Landlord may remove all persons from the Leased Property and may, but shall not be obligated to, pay remove all property therefrom, and may, but shall not be obligated to, enforce any rights Landlord may have against said property, or store the same in any public or private warehouse or elsewhere at the cost and for the account of Tenant or the owner or owners thereof. Tenant agrees to hold Landlord free and harmless of any liability whatsoever for the removal, storage or discarding of any such property, whether of Tenant or any part of the samethird party whomsoever. If the Lessee is in default in the performance of any of its covenants or obligations hereunder (other than the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and As security for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to Tenant's compliance with all the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal Landlord is hereby given a lien upon all of Tenant's property in, upon or about the Leased Property. Anything contained herein to the prime lending rate in effect from time contrary notwithstanding, Landlord shall not be deemed to time charged have terminated this Lease or any of Tenant's obligations hereunder by The Torontoany such re-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of paymententry, subject to monthly compounding; and the Lessor, in addition to any other right, shall have the same remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this Lease.or by action in

Appears in 1 contract

Samples: Office Lease (Expedia Inc)

Default. If the Lessee fails to pay, `when due, any amounts or charges required to be paid pursuant to this Lease, the Lessor after giving five (5) days notice in writing to the Lessee may, but shall not be obligated to, pay all or any part of the same. If the Lessee is in default in the performance of any of its covenants or obligations hereunder (other than the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that of any failure of Tenant to pay the Lessee fails to pay, when Base Rent or Additional Rent due hereunder within ten ( 10 ) days after the same is due and payable, or any rent, Additional Rent or other amount (including, without limiting failure to commence and diligently pursue the generality performance of any of the foregoingother terms, taxescovenants, insurance premiums and common area maintenance expensesconditions of this Lease to be observed and performed by Tenant for more than thirty ( 30 ) payable by days after written notice of such default, or if Tenant makes any transfer, assignment, conveyance, sale, pledge or disposition of all or a substantial portion of its property or if the Lessee Tenant's interest herein shall be sold under execution, then Landlord, at its option, may terminate this Lease without further notice to Tenant and upon such termination Tenant shall quit and surrender the Premises to Landlord, but such termination shall not affect the Landlord's right to recover damages or exercise any other right hereinafter provided ; however, in lieu of terminating this Lease, Landlord may elect to recover possession of the Premises without terminating this Lease and Landlord shall have the right subject to compliance with applicable law, to re - enter the Premises and to remove all persons or property therefrom and store any property in a public warehouse or elsewhere at the cost and for the account of Tenant, and Landlord shall not be liable for any loss or damage resulting from such re - entry nor shall Landlord be deemed guilty of trespass therefor . In the event of termination of this Lease or a re - entry of the Premises pursuant to this Section 24 , Landlord may re - let the terms whole or any part of the Premises on behalf of Tenant for a period equal to, greater or less than the remainder of the then term of this Lease, at such unpaid amount rental and upon such terms and conditions as Landlord shall bear interest at an annual rate equal to the prime lending rate deem reasonable . Landlord shall not be liable in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any other right, shall have the same remedies and may take the same steps respect for the recovery failure to relet the Premises or in the event of all such amounts reletting, for failure to collect the rent thereunder and such interest thereon as it might take for any sums received by Landlord on a reletting shall belong to Landlord . In the recovery event of rent in arrears under the terms a termination of this Lease., Landlord shall forthwith be entitled to recover from Tenant, as liquidated damages, the amount by which the sum of (a) rent and additional rent payable for the remainder of the term of this Lease ; and (b) all expenses of Landlord incurred in recovering possession of the Premises and reletting the same including costs of repair and renovating the Premises, management agents' commissions and fees, court costs and reasonable attorneys' fees, exceed the fair rental value of the Premises . 17

Appears in 1 contract

Samples: Office Lease (Portage Biotech Inc.)

Default. If the Lessee fails to pay, `when due, any amounts or charges required to be paid pursuant to this Lease, the Lessor after giving five (5) days notice Unless otherwise agreed in writing to by the Lessee mayparties, but terms for payment shall not be obligated to, pay all or any part of the same. If the Lessee is in default stipulated in the performance of any of its covenants or obligations hereunder (other than the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this LeaseContract Confirmation. In the event that Buyer shall fail to pay in accordance with these Terms, Seller may, at its option (1) terminate the Lessee fails Contract forthwith and without notice, without prejudice to payany claim for damages for breach of contract, when (2) suspend deliveries until all indebtedness is paid in full, or (3) convert the same terms for payment to a cash delivery basis. No cash discount will be allowed unless specified otherwise in writing by Seller. Seller shall be entitled to interest on past due accounts/amounts due as set out below. Should Buyer default in payment under this Contract, Seller where permitted by law, shall be entitled to recover from Buyer all court/arbitration costs and lawyer’s and attorney’s fees and expenses incurred by Seller incident to or in connection with such default and proceedings, and proceedings intended to obtain security for Seller’s claim and interest on past due amounts at 2.0% per month or the highest rate chargeable to Buyer under applicable law, if less than 2.0% per month. Where payment is due agreed to be by letter of credit to be opened by or on behalf of Buyer in favour of Seller (“Letter of Credit”), such Letter of Credit shall be opened and payableconfirmed to Seller by a bank and in a form acceptable to Seller on the date specified by the Contract Confirmation or agreed in writing by the parties and time for performance thereof shall be of the essence. Should the Letter of Credit not be opened and/or confirmed on time, Seller shall forthwith become entitled, but not obliged, to terminate the Contract without prejudice to its right to claim damages for Buyer non-performance and such entitlement to terminate the Contract shall not be lost, surrendered or affected in anyway by any rentpassage of time, Additional Rent delay, or any other amount (act or omission of Seller including, without limiting limitation, by affirmation or waiver, before Seller exercises such entitlement, which entitlement shall persist and continue in favour of Seller until the generality of the foregoingContract is performed in full by Buyer. Seller may, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged time, require and impose upon Buyer different terms of payment from those referred to in the above BULK TRADING S.A. | GENERAL SALE TERMS AND CONDITIONS 2020 - PETCOKE & SULPHUR 1/3 paragraph whenever it appears to Seller, in its sole discretion, that Buyer’s financial condition requires, or might require different terms of payment. Further, Seller may require financial assurance or guarantee (“Assurance”) of Buyer’s ability to pay whenever Seller, in its sole discretion, determines that such ability is in doubt or might be in doubt. Any such Assurance shall be in the form and for the amount stipulated by The Toronto-Dominion Seller in its sole discretion. Such Assurance may, at the option of Seller, include, without limitation any of the following or any combination of the following: (1) the required opening of a letter of credit as security for payment and performance (in a format provided by the Seller and issued by a commercial Bank acceptable to Seller); (2) cash prepayments; and/or (3) a corporate guarantee. Any such demand may be in writing or oral and Seller may, upon the making of such demand, suspend shipments hereunder until written acceptance of differing payment terms or receipt of Assurance of financial ability in a form acceptable to Seller, whichever has been requested, has been received by Seller to its best commercial customers satisfaction. If within the period stated in Toronto plus 5% per annum calculated such demand Buyer fails or refuses to agree to such different terms of payment or fails or refuses to give adequate Assurance of ability to pay to Seller’s satisfaction, Seller may, at its option, treat such failure or refusal as a repudiation of the portion of this Contract which has not been fully performed and Seller shall then be discharged from its obligations concerning such portion. Buyer waives any entitlement to a written notice of any such demand or of any suspension or cancellation hereof. Failure of Buyer to accept delivery and/or make payment for the goods shipped hereunder in accordance with these Terms shall constitute a breach of the whole Contract, permitting Seller to suspend all deliveries until such breach is cured or to cancel this Contract forthwith. Any such Suspension or Cancellation may be notified in writing or orally. Seller’s election to suspend deliveries shall not preclude it from subsequently cancelling this Contract and claiming damages. In the event of a default in any payment due date thereof from Buyer or any company associated or affiliated with Buyer to Seller or any company associated with Seller among the date associated or affiliated companies of paymenteither, subject or, in the event any such companies associated or affiliated with Buyer become insolvent or enter into an arrangement with its creditors, Seller may, at its option and without limitation withhold any payments due to monthly compounding; Buyer or its associates or affiliates under this or any other agreement including in respect of any deliveries due to Seller or its associates or affiliates under this or any other contract and the Lessor, set-off such amount against payment due from Buyer. The foregoing specific rights shall be cumulative and alternative and shall be in addition to any other rightof the rights, shall have the same remedies and including but not limited to damages or specific performance to which Seller may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this Leasebe entitled.

Appears in 1 contract

Samples: www.bulktrading.ch

Default. If the Lessee fails Upon default by LICENSEE, NEW PARADIGM shall be entitled to pay, `when due, terminate this agreement and to pursue any amounts remedy available to it at law or charges required equity or otherwise in addition to be paid pursuant to this Lease, the Lessor after giving five (5) days notice in writing to the Lessee may, but any specific rights or remedies set forth herein. LICENSEE shall not be obligated to, pay all or any part entitled to a rebate of the same. If the Lessee is in default in the performance of any of its covenants or obligations hereunder (other than the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligationsLICENSE FEE, or any part thereof, upon termination of this Agreement pursuant to this paragraph. A default shall, for the purposes of this Agreement, be defined to include: LICENSEE's failure to pay any amount due within ten (10) days after notice to LICENSEE that the same is delinquent; any assignment, sublease, sublicense, sale, offer to sell, franchise, encumbrance, disposition, or other exploitation of the SOFTWARE SYSTEM or any part thereof not specifically permitted; the insolvency of LICENSEE; the initiation of bankruptcy or receivership proceedings by or against LICENSEE; the assignment of LICENSEE's assets for the benefit of creditors; or breach of any other term or condition of this Agreement, including the protection of NEW PARADIGM's continuing proprietary interest in the SOFTWARE SYSTEM and for every part thereof. Upon default, LICENSEE agrees to pay the costs of any action or proceeding instituted as a result thereof, including collection costs, costs of any such purpose may do such things as action or proceeding and attorneys' fees. 15. EQUITABLE RELIEF: Because of the unique and proprietary nature of the SOFTWARE SYSTEM, NEW PARADIGM's remedies at law may be requiredinadequate and NEW PARADIGM shall be entitled to equitable relief, including, without limitationslimitation, entering upon the demised Premises injunctive relief, specific performance, or other equitable remedies in addition to all other remedies provided or available to NEW PARADIGM at law or equity. 16. REMEDIES NOT EXCLUSIVE: No remedy made available to NEW PARADIGM by this Agreement is intended to be exclusive of any other remedy, and doing such things upon each and every remedy shall be cumulative and shall be in addition to every other remedy given or now or hereafter existing at law or in respect of the demised Premises equity or any part thereof as the Lessor reasonably considers requisite by statute or necessaryotherwise. All expenses incurred and expenditures made pursuant to this paragraph 17. FORCE MAJEURE: If either party shall be paid by the Lessee as Additional Rent delayed in its performance of any obligation or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting prevented entirely from performing any such action obligation due to causes or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to payevents beyond its control, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality limitation, any Act of the foregoingGod, taxesfire, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Leasestrike or other labor problem, legal action, present or future law, government order, rule, or regulation, such unpaid amount delay or nonperformance shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; be excused and the Lessor, in addition time for performance shall be extended to any other right, shall have include the same remedies and may take the same steps for the recovery period of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this Leasedelay or nonperformance. 18.

Appears in 1 contract

Samples: Ibm Worldwide Software Vendor Agreement Base Agreement (New Paradigm Software Corp)

Default. If In the Lessee fails event of a default by the Seller under the Participation Agreement, GB shall have the right to payenforce its rights, `when duepowers and remedies thereunder or hereunder or under any other instrument concerning or securing the financial liabilities of the Seller or other obligations or undertakings of the Seller evidenced by or arising under the Participation Agreement or the transactions contemplated by the Participation Agreement, in any amounts order, and all rights, powers and remedies available to GB in such event shall be nonexclusive and cumulative of all other rights, powers and remedies provided thereunder or charges required hereunder or by law or in equity. The obligations of the Guarantor hereunder are independent of the obligations of the Seller, and GB may proceed directly to enforce all rights under this Guaranty without proceeding against or joining the Seller or any other person and without applying or enforcing any security for the Participation Agreement. The Guarantor hereby authorizes and empowers GB upon making demand for payment of the financial liabilities of the Seller, at its sole discretion, to exercise any right or remedy which GB may have and the Guarantor shall be liable to GB for any deficiency resulting from the exercise by it of any such right or remedy, even though any rights which the Guarantor may have against the Seller or others may be destroyed or diminished by exercise of any such right or remedy. Until all of the obligations of the Seller to GB have been paid pursuant to this Leaseand performed in full, the Lessor after giving five (5) days notice Guarantor shall have no right of subrogation to GB, and the Guarantor hereby waives any rights to enforce any remedy which GB may have against the Seller and any right to participate in writing to any security for the Lessee mayParticipation Agreement. Further, but shall not be obligated tothe Guarantor also hereby waives any claim, pay all right or any part of remedy which the same. If Guarantor may now have or hereafter acquire against the Lessee is in default in Seller that arises hereunder and/or from the performance of any of its covenants or obligations hereunder (other than by the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be requiredGuarantor hereunder, including, without limitationslimitation, entering upon any claim, remedy or right of subrogation, reimbursement, exoneration, indemnification, or participation in any claim, right or remedy of GB against the demised Premises and doing such things upon or in respect of the demised Premises Seller or any part thereof as the Lessor reasonably considers requisite security which GB acquires, whether or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid not such claim, right or remedy arises in equity, under contract, by the Lessee as Additional Rent statute, under common law or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any other right, shall have the same remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this Leaseotherwise.

Appears in 1 contract

Samples: Finet Com Inc

Default. If A. In the Lessee fails event of any failure of Tenant to paypay any fixed monthly rent due hereunder within ten (10) days after written notice of such failure, `when dueor any failure to perform any other of the terms, any amounts conditions or charges required covenants of this Lease to be paid pursuant observed or performed by Tenant for more than thirty (30) days after written notice of such default shall have been mailed to Tenant, or if Tenant abandons the Leased Premises, or permit this LeaseLease to be taken under any writ of execution, then the Lessor after giving five Landlord, in addition to other rights or remedies it may have, shall have the right by three (53) days notice to declare this Lease terminated and the term ended. Upon expiration of such three (3) day period, the term of the Lease shall expire, cease and terminate with the same force and effect as though the date set forth in writing such notice were the date originally set forth herein and fixed for the expiration of the term and Tenant shall vacate and surrender the Leased Premises but shall remain liable as hereafter provided. Landlord shall have the right to bring a special proceeding to recover possession from the Lessee Tenant holding over and/or Landlord may, but shall not be obligated to, pay all or any part of the same. If the Lessee is in default in the performance of any of its covenants or obligations hereunder (other than the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants events, without notice, re-enter the Leased Premises either by force or obligationsotherwise, and dispossess by summary proceedings or any part thereofotherwise, Tenant and the legal representative of Tenant or other occupant of the Leased Premises and remove their effects and hold the Leased Premises as if this Lease had not been made. Tenant hereby waives the service of notice of intention to re-enter or to institute legal proceedings to that end. In the event of re-entry by Landlord, Landlord may remove all persons and property from the Leased Premises and such property may be removed and stored in a public warehouse or elsewhere at the cost of, and for such purpose may do such things as may be required, includingthe account of Tenant, without limitationsnotice or resort to legal process and without being deemed guilty of trespass, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee becoming liable for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any other right, shall have the same remedies and damage which may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this Leasebe occasioned thereby.

Appears in 1 contract

Samples: Lease Agreement (Austins Steaks & Saloon Inc)

Default. If Upon the Lessee fails occurrence and continuance of a Default or an Event of Default, Administrative Agent shall make a recommendation to pay, `when due, Lenders of any amounts or charges required actions to be paid pursuant taken and each of the Lenders agrees to this Lease, the Lessor after giving five (5) days notice promptly confer in writing to the Lessee may, but shall not be obligated to, pay all order that Lenders can consider such course of action or any part other actions to be taken for the enforcement of the sameRights of Lenders; provided that Administrative Agent shall be entitled (but not obligated) to proceed to take any actions necessary in its reasonable judgment to preserve Rights, pending agreement by Lenders on the course of action to be taken. If the Lessee Required Lenders cannot agree on a course of action to be taken within sixty (60) days following Administrative Agent's initial recommendation, Administrative Agent shall thereafter take such action as Administrative Agent deems advisable to protect the Collateral. Any action directed or approved by the Required Lenders, including without limitation, any exercise of remedies or initiation of suit or other legal proceedings, shall be binding upon each Lender. In actions with respect to any property of Borrower or any Guarantor, Administrative Agent is in default in acting for the performance account of each Lender to the extent of each Lender's Loan Percentage. Any and all agreements to subordinate (whether made heretofore or hereafter) other indebtedness or obligations of Borrower or any Guarantor to the Obligations shall be construed as being for the benefit of each Lender to the extent of its covenants respective Loan Percentage. If Administrative Agent acquires any security for the Obligations or obligations hereunder (other than any guaranty of the payment of rent or other sums required to be paid pursuant to this Lease)Obligations, the Lessor may from time same shall be held for the benefit of each Lender in proportion to time after giving such notice as it considers sufficient Lender's respective Loan Percentage. SECOND AMENDED AND RESTATED LOAN AGREEMENT (Monarch Dental Corporation) Page 63 64 Lenders agree, among themselves, that unless otherwise agreed to by Administrative Agent and the Required Lenders, all monies collected or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or received by Administrative Agent in respect of the demised Premises security of the Credit Facility, directly or indirectly, shall be applied (a) to any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made fees owed to Administrative Agent pursuant to this paragraph any other agreements between Borrower and Administrative Agent pertaining to the Credit Facility, to all costs of collection or maintenance of the Collateral, to repay outstanding Swingline Advances, and then to all fees, interest or principal of the Credit Facility and Short Term Debt on a pro rata basis, or as otherwise recommended by Administrative Agent and approved by all of the Lenders and (b) to the amounts owed to any Lender under any Interest Hedge Agreement, but only after payment in full of the outstanding principal and interest and other amounts under the Credit Facility (if Borrower has entered into an Interest Hedge Agreement with more than one Lender, the amounts distributed pursuant hereto shall be paid to such Lenders on a pro rata basis based upon each such Lender's estimated exposure as reasonably determined by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any other right, shall have the same remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this LeaseLenders).

Appears in 1 contract

Samples: Loan Agreement (Monarch Dental Corp)

Default. If The occurrence of any one or more of the following events shall constitute a default under a Lease (an "Event of Defautt"): (a) default by Lessee fails to pay, `in the payment of any installment of Rent or any other amount payable by Lessee under such Lease when due, any amounts if such default continues for a period of 10 days after written notice from Lessor, or charges required to be paid pursuant to this Lease, the Lessor after giving five (5b) days notice in writing to the material default by Lessee may, but shall not be obligated to, pay all or any part of the same. If the Lessee is in default in the performance of any other term, covenant or condition of such Lease or the inaccuracy in any material respect of any representation or warranty made by the Lessee in such Lease or in any document or certificate furnished to the Lessor In connection therewith, if such default or inaccuracy is not cured within 15 days after written notice from Lessor, or (c) with respect to (I) the filing of any involuntary petition against Lessee, or the filing of a petition or any other affirmative act by Lessee, under any bankruptcy, reorganization, insolvency, liquidation, dissolution or moratorium law, or any other law for the relief of debtors, or (ii) the appointment of any trustee, receiver or liquidator of Lessee for all or any substantial part of the properties of Lessee, unless such appointment is set aside within 60 days (the provisions of this subsection (c) shall also be applicable to any guarantor of any Lease); or (d) the default by Lessee under any other Lease. Upon the occurrence of any Event of Default, Lessor, at its covenants or obligations hereunder (option, may declare the Lease and every other than the payment of rent or other sums required Lease to which Lessee is then a party to be in default. Lessee shall, without further demand, immediately pay Lessor an amount equal to all accrued and unpaid Rent for each item of Equipment then leased by Lessee under each and every Lease PLUS as liquidated damages and not as a penalty, an amount equal to the aggregate of Rent Payments remaining under all Leases, discounted at the rate of 6.0% (six percent) per annum, PLUS all costs of enforcement and collection, including reasonable attorneys fees and expenses (the "Default Payment"). Interest shall accrue on the Default Payment from the date due until the date paid pursuant to this Lease)at the rate of 18% per annum or the maximum rate permitted by law, the whichever is less. Lessor may from time elect, at its option and in its sole discretion to: (a) Take possession of the Equipment and (I) lease the Equipment or any portion thereof, on such terms and to time after giving such notice persons as it considers sufficient Lessor shall reasonably elect, or (ii) sell the Equipment or any portion thereof at public or private sale in bulk or in parcels and with or without notice in and without demand or notice of intention to sell; and apply the case proceeds of any emergencysuch lease or sale, after deducting all costs and expenses incurred in connection with the recovery, repair, storage, leasing and sale of the Equipment, in payment of the Default Payment, with the Lessee remaining responsible for any deficiency; (b) having regard Proceed by appropriate court action, either at law or in equity, to enforce performance by Lessee of the circumstances applicable, perform applicable covenants of the Lease or cause to be performed recover damages for breach of the Lease. Lessor may take possession of any or all of such covenants or obligations, or any part thereof, and for such purpose may do such things as the Equipment wherever it may be required, includinglocated, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or incurring any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any occasioned by such action or entry by action. Lessor may require Lessee to return the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained Equipment in this Leaseaccordance with Section 10. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality Lessor takes possession of the foregoingEquipment, taxesLessor shall make commercially reasonable efforts to mitigate its damages and Lessee agrees that Lessors proceeding in accordance with the remedies in Section (a) or (b) of the preceding paragraph shall be sufficient effort for such purposes. No remedy referred to in this Section 13 is intended to be exclusive, insurance premiums but each shall be cumulative and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any other rightremedy referred to above or otherwise available to Lessor at law or in equity. Lessee shall be liable, and shall have promptly reimburse Lessor, for all costs and expenses, including reasonable legal fees and expenses, incurred by reason of any Event of Default or the same remedies exercise or enforcement of any of Lessors remedies, or otherwise arising from or related in any way to the Lease, including but not limited to all fees and may take costs incurred in any bankruptcy or insolvency proceedings involving or concerning Lessee or the same steps for the recovery Lease. Lessee agrees that, upon any Event of Default, Lessee will cease and refrain from further use of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this Leasesoftware described on any Equipment Schedule.

Appears in 1 contract

Samples: Master Lease (Signature Eyewear Inc)

Default. If In the Lessee fails to payevent of any breach of this lease by Lessee, `when due, then Lessor shall retain all advance rentals and or security deposits as partial liquidated damages without waiving or otherwise restricting any amounts or charges required to be paid pursuant to this Lease, all of Lessor's rights herein provided nor shall the Lessor after giving five (5) days notice in writing to the Lessee may, but shall not be obligated to, pay all or any same constitute an election on Lessor's part of the sameremedies available herein or as otherwise provided by law. If Besides other rights or remedies Lessor may have, he shall have the Lessee is immediate right of re-entry and may remove all persons and property from the premises: such property may be removed and stored in default in a public warehouse or elsewhere at the performance cost of, and for the account of any of its covenants Lessee. Should Lessor elect to re-enter, as herein provided, or obligations hereunder (other than the payment of rent or other sums required to be paid should he take possession pursuant to legal proceedings or pursuant to any notice provided for by law, he may either terminate this Lease), the Lessor lease or he may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, includingtime, without limitationsterminating this lease, entering upon the demised Premises and doing such things upon or in respect of the demised Premises re-let said premises or any part thereof for such term or terms (which may be 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 his sole discretion may deem advisable with the Lessor reasonably considers requisite or necessary. All expenses incurred right to make alterations and expenditures made pursuant repairs to this paragraph said premises: upon each such re-letting (a) Lessee shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability immediately liable to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the pay Lessor, in addition to any indebtedness other rightthan rent due hereunder, the cost and expenses of such re-letting and of such alterations and repairs, incurred by Lessor, and the amount, if any, by which the rent reserved in this lease for the period of such re-letting; or (b) at the option of Lessor rents received by such Lessor from such re-letting shall br applied: 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 re-letting and of such alterations and repair; third, to the payment of rent due and unpaid hereunder and the residue, if any, shall have be held by Lessor and applied in payment of future rent as the same remedies may become due and payable hereunder. If Lessee has been credited with any rent to be received by such re- letting under option (a) and such rent shall not be promptly paid to Lessor by the new tenant, or if such rentals received from such re-letting under option (b) during any month be less than that to be paid during that month by Lessee hereunder, Lessee shall pay any such deficiency to Lessor. Such deficiency shall be calculated and paid monthly. No such re-entry or taking possession of said premises by Lessor shall be construed as an election on his 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 of competent jurisdiction. Notwithstanding any such re-letting without termination, Lessor may take at any time thereafter elect to terminate this lease for such previous breach. Should Lessor at any time terminate this lease for any breach, in addition to any other remedy he may have, he may recover from Lessee all damages he may incur by reason of such breach, including the same steps cost of recovering the premises, and including the worth at the time of such termination of the excess, if any, of the amount of rent and charges equivalent to rent reserved in this lease for the recovery remainder of all such amounts and such interest thereon as it might take the stated term over the then reasonable rental value of the premises for the recovery remainder of rent in arrears under the terms stated term; all of this Leasewhich amounts shall be immediately due and payable from Lessee to Lessor.

Appears in 1 contract

Samples: Atlantic Syndication Network Inc

Default. If Tenant hereby agrees that in case Tenant shall default in making any payment due hereunder or in performing any of the Lessee fails to payother agreements, `when due, any amounts or charges required to be paid pursuant to terms and conditions of this Lease, or if any proceeding is commenced by or against Tenant in bankruptcy or for appointment of a receiver, or if Tenant becomes insolvent or makes a general assignment for the Lessor after giving five (5) days benefit of creditors, then, in any such event, Landlord, in addition to all other rights and remedies available to Landlord, by law or by other provisions hereof, may, with process of law, re-enter immediately into the Premises and remove all persons and property therefrom, and, at Landlord's option, annul and cancel this Lease as to all future rights of Tenant, and Tenant hereby expressly waives the service of any notice in writing of intention to the Lessee may, but shall not be obligated to, pay all or any part of the samere-enter as aforesaid. If the Lessee is Tenant further agrees that in default in the performance of any of its covenants or obligations hereunder (other than the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergencysuch termination or re-entry the obligations of Landlord hereunder shall cease but the obligation of Tenant to pay Base Rent, Additional Rent (as defined in Section 31 below) having regard to and other sums which may become due hereunder shall continue for the circumstances applicablethen unexpired portion of the Term, perform or cause to be performed any and that Tenant will indemnify the Landlord against all loss of rents and other damage which Landlord may incur by reason of such covenants termination or obligations, or any part thereof, and for such purpose may do such things as may be requiredre-entry, including, without limitationsbut not limited to, entering upon costs of restoring and repairing the demised Premises and doing putting the same into rentable condition, costs of renting the Premises to another tenant, loss or diminution of rents and other damage which Landlord may incur by reason of such things upon termination or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All re-entry, and all reasonable attorneys' fees and expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for in enforcing any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any other right, shall have the same remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery . Neither acceptance of rent in arrears under the terms by Landlord, with or without knowledge of this Leasebreach, nor failure of Landlord to take action on account of any breach hereof or to enforce its rights hereunder shall be deemed a waiver of any breach, and absent written notice or consent, said breach shall be a continuing one.

Appears in 1 contract

Samples: Lease Agreement (Quad City Holdings Inc)

Default. If at any time any Event of Default under the Lessee fails to payNote has occurred, `when due, any amounts or charges required to be paid pursuant to this Lease, the Lessor after giving five (5) days notice in writing to the Lessee may, but shall not be obligated to, pay all or any part of the same. If the Lessee is in default in the performance of any of its covenants or obligations hereunder (other than the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant then subject to the terms of this Leasethe Note, such unpaid amount all liabilities of Grantor to Lender shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the immediately become due date thereof to the date of payment, subject to monthly compoundingand payable; and Collateral Agents or the LessorLender, in addition to any other rightrights and remedies which Lender may have, immediately and without demand, may exercise any and all of the rights and remedies granted to a secured party upon default under the UCC. The Collateral Agents and Lender may require Grantor to assemble its Collateral and make it available to the Collateral Agents or the Lender at a place to be designated which is reasonably convenient to the Collateral Agents or the Lender. Grantor shall pay to the Collateral Agents or Lender upon demand any and all expenses, including legal expenses and actual attorney’s fees incurred or paid in protecting or enforcing liabilities and the Collateral Agents’ or the Lender’s rights, including their right to take possession of the Collateral and to hold, prepare for sale, sell and dispose of such Collateral. Any notice of sale, disposition or other intended action by the Collateral Agents or the Lender sent to Grantor at the address specified in the preamble or such other address of Grantor as may from time to time be shown on Collateral Agents or the Lender’s records, at least ten (10) days prior to such action, shall have constitute reasonable notice to Grantor. However, to the same remedies extent allowed under law, and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms notwithstanding any other provision of this LeaseAgreement, Grantor waives all presentments, demands for performance, notices of nonperformance, protests, notices of protest, notices of dishonor, notices of demand, notices of sale of any Collateral securing any of the Secured Obligations, and notice of the existence, creation or incurring of new or additional indebtedness. Exercise or omission to exercise any right of Lender shall not affect any subsequent right of Lender to exercise the same. The provisions of this Agreement shall be in addition to those of any note or other evidence of any liability, all of which shall be constructed as one instrument.

Appears in 1 contract

Samples: Security Agreement (HydroPhi Technologies Group, Inc.)

Default. (a) If at any time prior to or during the Lessee fails Term of this Lease any one or more of the following events shall occur each such event shall constitute an event of default: any failure of Tenant to paypay any rental, `when or other charges due at the time due, or any amounts failure to perform any other of the terms, conditions, or charges covenants of this Lease to be observed or performed by Tenant for more than thirty (30) days after written notice of such default shall have been given to Tenant; if Tenant or an agent of Tenant shall falsify any report required to be paid pursuant furnished to this Lease, the Lessor after giving five (5) days notice in writing to the Lessee may, but shall not be obligated to, pay all or any part of the same. If the Lessee is in default in the performance of any of its covenants or obligations hereunder (other than the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee Landlord pursuant to the terms of this Lease; if Tenant or any guarantor of this Lease shall become bankrupt or insolvent, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate or file any debtor proceedings or take or have taken against Tenant or any guarantor of this Lease in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition 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 Tenant's or any such guarantor's property; if Tenant or any such guarantor makes an assignment for the benefit of creditors, or petitions for or enters into an arrangement, or if Tenant shall cease operation of business in, vacate or abandon said Premises, or suffer this Lease to be taken under any writ of execution or if Tenant transfers or attempts to transfer this Lease or Tenant's interest herein in violation of this lease then Landlord besides other rightrights or remedies it may have, shall have the same remedies immediate right for re-entry and may take remove all persons and property from the same steps Leased Premises and such property may be removed and stored in a public warehouse or elsewhere at the cost of, and for the recovery account of Tenant, all such amounts without service of notice or resort to legal process and such interest thereon as it might take without being deemed guilty of trespass, or becoming liable for the recovery of rent in arrears under the terms of this Leaseany loss damages which may be occasioned thereby.

Appears in 1 contract

Samples: Agreement of Lease

Default. If the Lessee fails (1) Failure of TENANT to pay, `pay rent or any additional rent when due, or (2) TENANT'S violation of any amounts other term, condition or charges required covenant of this lease (and if applicable, attached rules and regulations), condominium or HOA rules regulations, restrictions, by-laws or neighborhood deed restrictions or (3) failure of TENANT to be paid pursuant comply with any federal, state and/or local laws, rules and ordinances, or (4) TENANT'S failure to this Lease, move into the Lessor after giving five (5) days notice in writing to the Lessee may, but shall not be obligated to, pay all premises or any part TENANT’S abandonment of the samepremises, shall constitute a default by TENANT. If the Lessee is in default in the performance of any of its covenants or obligations hereunder (other than the payment of Upon default, TENANT shall owe LANDLORD rent or other and all sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises they become due under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Leaselease and any addenda attached hereto and any and all amounts owed to LANDLORD as permitted by Florida law. If the TENANT abandons or surrenders possession of the premises during the lease term or any renewals, such unpaid amount or is evicted by the LANDLORD, LANDLORD may retake possession of the premises and make a good faith effort to re-rent it for the TENANT account. Retaking of possession shall bear interest at an annual rate equal to not constitute a rescission of this lease nor a surrender of the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessorleasehold estate. If TENANT(s) breach this lease agreement, in addition to any other rightremedies available by law and this lease agreement, TENANT(s) shall be responsible for any leasing fee or commission charge which OWNER may incur in attempting to re-lease the premises through a licensed real estate company. If TENANT'S actions or inactions result in any fines, attorney’s fees, costs or charges from or imposed by a condo association or homeowners association if in place, or governmental agency, TENANT shall be in default of this lease and shall be immediately required to pay such sums as additional rent. TENANT shall be responsible for a $50.00 posting charge as additional rent for any notice related to TENANT'S default under the lease terms, including but not limited to three-day notices to pay rent and seven-day notices of noncompliance. ATTORNEY'S FEES: The prevailing party in any litigation between LANDLORD and TENANT concerning enforcement of the terms and conditions of the lease shall be entitled to reasonable attorney’s fees and court costs. LANDLORD and TENANT waive the right to demand a jury trial concerning any litigation between LANDLORD and TENANT regarding enforcement of the terms and conditions of this lease. UTILITIES: LANDLORD is responsible for providing the following utilities only: WATER, SEWER and GARBAGE. The TENANT agrees to pay all charges and deposits for all other utilities and TENANT agrees to have all accounts for utilities immediately placed in TENANT name with accounts kept current throughout occupancy. Garbage and or trash removal is considered a utility under this lease. If the same remedies utilities which TENANT is responsible for are still in LANDLORD'S name at the time TENANT takes occupancy, TENANT agrees that LANDLORD shall order such utilities to be terminated. In the event a condominium association or homeowner's association is currently providing any services to the unit such as cable, satellite TV, alarm monitoring, internet, water, sewer, trash, guarded security gate or other services and the association decides these services will no longer be provided, TENANT agrees and understands that LANDLORD shall not be required to replace, provide or pay for these removed services for TENANT. TENANT may take opt to pay for non-essential services but shall be required to pay for essential services including but not limited to water, sewer and trash if the same steps association no longer provides these services. The discontinuation of any such services by the association shall not be construed as a prohibited practice by LANDLORD nor shall it constitute a default under the lease. The failure of TENANT to retain and pay for essential services upon notice and demand by the LANDLORD shall constitute a material breach of the lease. In the event the premises is currently on well water, if the municipality or county decides to connect the premises to city/municipality water, TENANT agrees that TENANT shall be responsible for paying for the recovery monthly water xxxx and monthly sewer xxxx if no longer on septic and shall place the water/sewer utility in TENANT’S name unless prohibited by the municipality to avoid any interruption in service. If TENANT surrenders the premises early, abandons the premises, or is evicted, TENANT shall remain responsible for all accruing utility charges otherwise the responsibility of all such amounts and such interest thereon as it might take for the recovery of rent in arrears TENANT under the terms lease. Tenant is responsible for any cost related to the installation and/or maintenance of this Leasephone lines, cable lines, outlets and/or jacks, if Tenant chooses to have phone land line service and/or cable service. VEHICLES: Vehicle(s) must be currently licensed, owned by TENANT, registered, operational and properly parked. TENANT agrees to abide by all parking rules established now or in the future by LANDLORD or condo /homeowner association's rules, if applicable. No trailers, campers, vehicles on blocks, motorcycles, boats or commercial vehicles are allowed on or about the premises without Landlord's prior written approval. TENANT is not to repair or disassemble vehicles on the premises. Vehicles not meeting the above requirements and additional rules of LANDLORD are unauthorized vehicles subject to being towed at TENANT expense. Parking on the grass is prohibited. TENANT agrees to indemnify LANDLORD for any expenses incurred due to the towing of any vehicle belonging to the guest or invitee of TENANT. TENANT agrees that only the following vehicles will be parked on the premises: .

Appears in 1 contract

Samples: Residential Lease

Default. If Tenant’s failure to comply with the Lessee fails to pay, `when due, any amounts or charges required to be paid pursuant to provisions and conditions of this Lease, the Lessor after giving five (5) days notice in writing to the Lessee may, but Lease shall not be obligated to, pay all or any part constitute Tenant’s default of the same. If the Lessee is in default in the performance of any of its covenants or obligations hereunder (other than the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessordefault, in addition to any other rightremedies provided for in this Lease, shall have the same remedies Management may immediately terminate this Lease by written notice to Tenant and/or commence eviction proceedings in accordance with applicable laws. Tenant agrees to pay, as additional Rent, all costs and may take the same steps expenses incurred by Owner or Management by reason of Tenant’s default including without limitation, all Rent that would be due for the recovery remaining portion of the Term, loss of rents, reasonable attorney’s fees, costs of regaining possession and re-renting the Premises, storage fees and repair and cleaning costs. The rights and remedies in this Lease are cumulative, not exclusive, and are in addition to any other rights and remedies available to Management or Owner at law or in equity. The exercise, or beginning of the exercise, of any one or more of the rights or remedies by Management or Owner provided for in this Lease or now or hereafter existing at law or in equity or by statute or otherwise shall not preclude the simultaneous or later exercise of any or all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms other rights or remedies. If at any time this Lease is terminated pursuant to this or any other Section of this Lease, Tenant hereby covenants and agrees to surrender and deliver up the Premises peacefully to Landlord immediately upon the termination of this Lease. Tenant may be in default if Tenant or any occupant of the Premises is convicted of, pleads guilty to, pleads no contest to a) any felony offense b) any offense involving actual/potential physical harm to any person, or involving possession, use, manufacture, sale/delivery of illegal substances.

Appears in 1 contract

Samples: Residential Lease Agreement (Arrived Homes, LLC)

Default. If the Lessee fails to pay, `when due, any amounts or charges required to be paid pursuant to this Lease, the Lessor after giving five (5) days notice in writing to the Lessee may, but shall not be obligated to, pay all or any part Time is of the same. If the Lessee is in default essence in the payment and performance of all Obligations. It shall be an “Event of Default” hereunder if (a) a Note Default (as defined in the Note) occurs and is not waived or cured within the time period applicable thereto, if any, (b) Debtor breaches any of its covenants representation, warranty, covenant or obligations hereunder provision hereof (other than the payment obligation to pay the Obligations or to maintain insurance as set forth above in Section 5 and except for a breach of rent the provisions of Section 4(n) hereof (other than a breach of Debtor’s obligations to provide the certificates described therein), which breach shall not constitute an Event of Default), and such breach is not cured within ten (10) days after notice from Lender, (c) Debtor fails to maintain insurance as set forth above in Section 5, (d) a material portion of the Collateral is lost or destroyed, (e) other sums required than as a result of Lender’s failure to be paid pursuant to this Leasefile UCC-1 financing statements (or continuations thereof), the Lessor may from time security interests granted hereunder are challenged as to time after giving such notice as it considers sufficient (either perfection or without notice priority or if Lender’s rights in the case Collateral become materially impaired, or (f) the Obligations are accelerated for any reason. The occurrence of any emergencya loss or destruction of a material portion of the Collateral described in clause (e) having regard of this Section shall not constitute an Event of Default if proceeds of insurance on such portion are received by Lender and, at Debtor’s election, either applied to the circumstances applicableObligations, perform or cause held in escrow by Lender for disbursement by Lender upon (A) the receipt by Lender of a written request from Debtor to be performed any use such proceeds to purchase items of equipment to replace the Collateral lost or destroyed, (B) the receipt by Lender of the manufacturers’ invoices for such replacement items, specifying per item serial numbers and costs and indicating that the costs of such covenants replacement items are, in the aggregate, equal to or obligationsgreater than the aggregate fair market value (as determined by Lender in its good faith, reasonable discretion) of the Collateral lost or any part thereofdestroyed, and for (C) the grant by Debtor to Lender of a first-priority security interest in such purpose may do replacement items such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any other right, shall have the same remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this Leasebecome Collateral hereunder.

Appears in 1 contract

Samples: Security Agreement: Equipment (Avant Immunotherapeutics Inc)

Default. If It is further mutually understood and agree that in the Lessee fails to pay, `when due, any amounts or charges required to be paid pursuant to this Lease, event Tenant(s) are in default in the Lessor after giving five (5) days notice in writing to the Lessee may, but shall not be obligated to, pay all or any part payment of the same. If the Lessee is in default rent herein reserved or in the performance of any of its the covenants or obligations hereunder agreements herein contained following the delivery of three (other than the payment 3) days’ notice of rent or other sums required such default by Landlord to be paid pursuant to this LeaseTenant(s), Tenant(s)' right to possessions of the Lessor may from time Leased Premises shall automatically terminate and Tenant(s) shall peacefully surrender the Leased Premises to Landlord, and Landlord may, upon or at any time after giving any such notice as termination, without further notice, re-enter the Leased Premises and repossess it considers sufficient (by force, summary proceedings ejectment, or without notice in otherwise, and may dispossess Tenant(s), and remove Tenant(s) and all other persons and property from the case of Leased Premises. At any emergency) having regard to time after such termination, Landlord may relet the circumstances applicable, perform or cause to be performed any of such covenants or obligations, Leased Premises or any part thereof, as Landlord, in his discretion may determine, and may collect and receive the rents therefore. Landlord shall in no way be responsible for or liable for any failure to relet the Leased Premises or any part thereof, or for any failure to collect any rent due upon any such purpose may do reletting. No such things as may be requiredtermination shall relieve Tenant(s) of his/her liability and obligations under this lease and such liability and obligations shall survive any such termination. In the event of any such termination, including, without limitations, entering upon whether or not the demised Premises and doing such things upon or in respect of the demised Leased Premises or any part thereof as shall have been relet, Tenant(s) shall pay the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant Landlord the rent required to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability Tenant(s) up to the Lessee for any loss or damages resulting from any time of such action or entry by termination, and thereafter Tenant(s), until the Lessor upon end of what would have been the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms term of this Lease, lease in the absence of such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any other righttermination, shall have the same remedies be liable to Landlord for, and may take the same steps shall pay to Landlord, as and for the recovery of all such amounts liquidated and such interest thereon as it might take agreed damages for the recovery of rent in arrears under the terms of this Lease.Tenant(s)' default:

Appears in 1 contract

Samples: Duplex Lease

Default. If the Lessee with regard to any item or items of Equipment fails to pay, `when due, pay any amounts or charges required to be paid pursuant to this Lease, the Lessor after giving five amount herein provided within ten (510) days notice in writing to the Lessee may, but shall not be obligated to, pay all or any part of the same. If the Lessee is in default in the performance of any of its covenants or obligations hereunder (other than the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. In the event that the Lessee fails to pay, when the same is due and payable, or if Lessee with regard to any rentitem or items of Equipment fails to observe, Additional Rent keep or perform any other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms provision of this Lease, required to be observed, kept or performed by Lessee, and if Lessee fails to remedy, cure or remove such unpaid failure in payment of such other failure in observing, keeping or performing the provisions of this Lease within ten (10) days after receipt of written notice thereof from Lessor, Lessor shall have the right to exercise any one or more of the following remedies: (a) To declare the entire amount of rent hereunder immediately due and payable as to any or all items of Equipment, without notice or demand to Lessee; (b) To xxx for and recover all rents, and other payments, then accrued or thereafter accruing with respect to any or all items of Equipment; (c) To take possession of any or all items of Equipment, without demand or notice, wherever same may be located, without any court order or other process of law; (d) To terminate this Lease as to any or all items of Equipment; or (e) To pursue any other remedy available to Lessor at law or in equity. Lessee hereby waives any and all damages occasioned by such taking of possession unless caused by Lessor's gross negligence or willful misconduct. Any such taking of possession shall bear interest not constitute a termination of this Lease as to any or all items of Equipment unless Lessor expressly so notifies Lessee in writing. Notwithstanding any said repossession, or any other action which Lessor may take, Lessee shall be and remain liable for the full performance of all obligations on the part of Lessee to be performed under this Lease. All such remedies are cumulative, and may be exercised concurrently or separately. In no event, however, shall these remedies be exercised in such a manner that the Lessor recovers more than the balance of rent and any other amounts payable by Lessee to Lessor hereunder, plus the fair market value which the Equipment would have at an annual rate equal to the prime lending rate in effect end of the initial term of this Lease, discounted from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject the default to monthly compounding; and the Lessor, in addition to any other right, shall have end of the same remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms initial term of this LeaseLease at a rate of nine percent (9%) per annum.

Appears in 1 contract

Samples: Stock Purchase Agreement (Americabilia Com Inc)

Default. (a) In the event of Subtenant's default, with respect to any of the terms, conditions, or provisions of this Sublease or the Prime Lease, Subtenant's rights and obligations shall be governed by this Sublease and not by the terms of the Prime Lease. If the Lessee fails Subtenant defaults (i) by failing to paypay Base Rent, `Additional Rent, or any other charge of any nature whatsoever when it becomes due, (ii) by failing to keep or to perform any amounts covenant or charges required obligation made incumbent upon Subtenant under any part of this Sublease, or under any part of the Prime Lease, (iii) by failing to pay any amount otherwise due from Subtenant to Sublandlord, or (iv) by violating or neglecting any other covenant, agreement, stipulation, or obligation of this Sublease or the Prime Lease on Subtenant's part to be paid pursuant to this Leasekept, the Lessor after giving performed or observed, and any such default shall continue for five (5) days after notice thereof is given to Subtenant, or if the leasehold interest or any property of Subtenant in writing the Subleased Premises shall be taken or levied upon by attachment, execution or other process, or if a receiver, trustee, guardian, conservator or similar officer shall be appointed to take charge of Subtenant or any of Subtenant's property, whether in the Subleased Premises or not, or to windup Subtenant's business or affairs, or if any assignment is made for the benefit of Subtenant's creditors; or if Subtenant files a petition under any bankruptcy or insolvency law or if such a petition is filed against Subtenant and is not dismissed within thirty (30) days; or if Subtenant does or permits to be done any act which creates a mechanic's lien or claim against the Subleased Premises; or if Subtenant abandons the Subleased Premises; then, and in any such case, to the Lessee extent permitted by applicable laws, and in addition to other remedies, now or hereafter provided by law, Sublandlord may, but shall not be obligated to, pay all at its option without waiving any other remedies for such default herein or any part at law or by incorporation by reference of the samePrime Lease, (i) terminate, cancel and annul this Sublease at once and enter and take possession of the Subleased Premises immediately without any previous notice of intention to reenter, and may remove all persons and property from the Subleased Premises in order to recover, at once, full and exclusive possession of the Subleased Premises, and/or (ii) Sublandlord may declare all Base Rent and items of Additional Rent for the entire balance of the Term immediately due and payable by Subtenant as though such amounts were payable in advance on the date the event of default occurred and/or (iii) Sublandlord may cure such default for the account of Subtenant, and any amount paid or incurred by Sublandlord in so doing shall be deemed paid or incurred for the account of Subtenant and Subtenant agrees promptly to reimburse Sublandlord therefor and save Sublandlord harmless therefrom. If this Sublease shall be terminated, or if Sublandlord repossesses the Lessee is in default in the performance Subleased Premises as a result of any of its covenants the causes set forth above in this Section, then Subtenant shall remain liable to Sublandlord for all loss, damage cost and expense sustained by Sublandlord by reason of such termination, cancellation or obligations hereunder repossession, including but not limited to reasonable attorneys fees, brokerage commissions, finders fees, and all costs and expenses sustained in connection with the reletting of the Subleased Premises (other than including those sustained in connection with the payment repair, preparation, renovation, or modification of rent or other sums the Subleased Premises to the extent required to be paid pursuant bring the Subleased Premises back to their condition at the commencement of this Lease)Sublease, as well as, to the Lessor may from time extent deemed appropriate by the Sublandlord, to time after giving such notice as it considers sufficient (or without notice in meet the case requirements of any emergency) having regard to prospective other subtenant). Sublandlord may take such further action in law or equity, including enjoinment and actions for specific performance, as is permitted under the circumstances applicable, perform or cause to be performed laws of the jurisdiction in which the Subleased Premises is located. Subtenant further agrees that it shall not interpose any of such covenants or obligationscounterclaim, or set-off, in any part thereof, and proceedings brought by Sublandlord for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon possession or in respect of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Leasemoney damages. In the event that the Lessee fails of a default under this Sublease by Subtenant, Subtenant empowers Sublandlord to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality appear on behalf of Subtenant to confess judgment against Subtenant for Sublandlord's recovery of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any other right, shall have the same remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this LeaseSubleased Premises.

Appears in 1 contract

Samples: Agreement (Lp Innovations Inc)

Default. If (a) By Purchaser. Default by Purchaser shall be deemed to have occurred upon Purchaser=s failure (1) to make all cash payments on or before the Lessee fails dates specified herein; (2) to payprovide any required notice or information or take any required action within the time specified; (3) on the appointed date, `when due, any to tender at settlement the amounts called for herein and accept title; (4) to truthfully represent Purchaser=s financial ability to qualify for a mortgage loan or charges required otherwise to be paid pursuant to this Lease, the Lessor after giving five perform Purchaser=s financial obligations hereunder; (5) days notice to exercise best efforts and due diligence in writing to the Lessee may, but shall not be obligated to, pay all or any part of the same. If the Lessee is in default in the performance pursuit of any of its covenants financing as further described in Section 5; or obligations hereunder (6) to comply with any other than the payment of rent or other sums required to be paid pursuant to this Lease)term, the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligationscondition, or any part thereof, and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in respect covenant of the demised Premises or any part thereof as the Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise as may be the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or damages resulting from any such action or entry by the Lessor upon the demised Premises under this paragraph and same is not a re-entry or a breach of any covenant for quiet enjoyment contained in this LeaseAgreement. In the event of Purchaser=s default, Xxxxxxxxx agrees that the Lessee fails to payPurchaser=s rights under this Agreement shall be terminated and all Deposit Monies shall be retained by, when the same is and in all events due and payableowing to, Seller as liquidated damages and not as a penalty, whereupon the parties shall be released from any rent, Additional Rent further liability or other amount (including, without limiting the generality obligation hereunder. In furtherance of the foregoing, taxesin the event of Purchaser=s default, insurance premiums Purchaser hereby instructs that all Deposit Monies held in escrow under this Agreement (if held by a third-party escrow agent) be delivered to Seller, after which delivery, said escrow agent, if any, shall be released from further obligation to Purchaser and common area maintenance expensesSeller. The parties agree that actual damages at this juncture would be difficult to ascertain and that the aforesaid liquidated damages represent a fair and reasonable estimate of actual damages that Se ller would sustain upon any default by Purchaser hereunder. Alternatively, Seller may sue Purchaser in any court of competent jurisdict ion for any form of equitable relief available in connection herewith, and/or for money damages, and may retain the Deposit Monies as a prejudgment attachment by consent. Following Purchaser=s default, and unless otherwise agreed (after the occurrence of such default) payable in writing signed by the Lessee pursuant parties, Seller shall reserve its option to declare all Deposit Monies retained under this Section 20(a) as liquidated damages notwithstanding any resale of the Unit(s) to a third party and/or the filing by Seller of any alternati ve claim, suit, or action (which, to the terms of extent required by law, would thereby be subject to dismissal in whole or in part). In any claim, suit, or action for money damages by Seller against Purchaser for Purchaser=s default, Seller=s damages shall include, but will not be limited to, (i) actual interest expense incurred by Seller on any construction costs (whether incurred to perform this Lease, such unpaid amount shall bear interest at Agreement or in mitigation); (ii) an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% eighteen percent (18%) per annum calculated internal rate of interest for any such construction costs incurred from the due date thereof to the date of payment, subject to monthly compoundingSeller=s own funds; (iii) lost profit after any resale; and (iv) eighteen percent (18%) per annum interest on lost profit until paid. In the Lessorevent Seller must engage counsel arising from Purchaser=s default under this Agreement, Purchaser shall reimburse Seller for all of Seller=s reasonable attorneys= fees and costs, whether suit be brought or not, and any court costs. Any election of remedies by Seller under this Section 20(a) shall be made in addition writing by Seller, and shall be reserved to any other right, shall have the same remedies and may take the same steps for the recovery Seller in all respects unless a court of all such amounts and such interest thereon as it might take for the recovery of rent in arrears under the terms of this Leasecompetent jurisdi ction rules otherwise.

Appears in 1 contract

Samples: Condominium Condominium Unit Purchase Agreement

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