Common use of Default Clause in Contracts

Default. The occurrence of any one or more of the following events shall constitute a default of this Lease by Tenant (a “Tenant Default”): (a) the failure by Tenant to make any payment of Monthly Rent, or any other payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of fifteen (15) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure period; (b) the failure by Tenant to observe or perform any of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where such failure shall continue for a period of thirty (30) days after Tenant’s receipt of written notice thereof by Landlord provided that if such cure reasonably requires more than thirty (30) days to complete, then Tenant shall not be in default if Tenant shall promptly commence the cure of such Tenant Default and diligently pursues such cure to completion; (c) the making by Tenant of a general assignment or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed within sixty (60) days of filing); or the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of same.

Appears in 3 contracts

Samples: Ground Lease Agreement (VCG Holding Corp), Ground Lease Agreement (VCG Holding Corp), Stock Purchase Agreement (VCG Holding Corp)

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Default. The occurrence of In addition to any one or more other Default specifically described in this Lease, each of the following events occurrences shall constitute a default of this Lease by Tenant (be a “Tenant Default”): : (a) Tenant’s failure to pay any portion of Rent when due, if the failure continues for five (5) Business Days after Landlord gives written notice to Tenant of the applicable failure by Tenant to make any payment timely pay such portion of Monthly Rent, or any other payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of fifteen the Rent (15) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure period“Monetary Default”); (b) Tenant’s failure (other than a Monetary Default) to comply with any term, provision, condition or covenant of this Lease, if the failure by Tenant to observe or perform any of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where such failure shall continue for a period of is not cured within thirty (30) days after written notice to Tenant provided, however, if Tenant’s receipt of written notice thereof by Landlord provided that if failure to comply cannot reasonably be cured within such cure reasonably requires more than thirty (30) days to completethirty-(30)-day period, then Tenant shall be allowed additional time (not be in default if to exceed an additional ninety (90) days) as is reasonably necessary to cure the failure so long as Tenant shall promptly commence begins the cure of within such Tenant Default thirty-(30)-day period and diligently pursues such the cure to completion; (c) the making by Tenant effects or permits a Transfer without Landlord’s required approval or otherwise in violation of Section 11 of this Lease; (d) Tenant becomes insolvent, makes a general transfer in fraud of creditors, makes an assignment or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed within sixty forfeits or loses its right to conduct business; (60e) days the leasehold estate is taken by process or operation of filing)Law; or the appointment (f) if a receiver, guardian, conservator, trustee in bankruptcy or similar officer shall be appointed by a court of a trustee or receiver competent jurisdiction to take possession charge of substantially all or any part of Tenant’s assets located at property and such appointment is not discharged within ninety (90) days thereafter, or if a petition including, without limitation, a petition for reorganization or arrangement is filed by Tenant under any bankruptcy law or is filed against Tenant and the Premises or same shall not be dismissed within ninety (90) days from the date upon which it is filed. In addition, if Landlord provides Tenant with notice of Tenant’s interest in failure to comply with any specific provision of this LeaseLease on two (2) separate occasions during any twelve-(12)-month period, where any subsequent violation of such seizure is not contestedprovision within such twelve-(12)-month period shall, dischargedat Landlord’s option, constitute a Default by Tenant without the requirement of any further notice or stayed in thirty (30) days after appointment of said trustee or receiver, cure period as provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order above. All notices sent under this Section shall be an event of default hereunderin satisfaction of, or the filing of a petition for the appointment of same and not in addition to, any notice required by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of sameLaw.

Appears in 3 contracts

Samples: Lease Agreement (Monte Rosa Therapeutics, Inc.), Lease Agreement (Monte Rosa Therapeutics, Inc.), Lease Agreement (Ikena Oncology, Inc.)

Default. (a) The occurrence of any one or more of the following events shall constitute a be deemed to be events of default by Tenant under this Lease: (i) Tenant shall fail to pay any installment of Rent or any other charge or assessment against Tenant pursuant to the terms hereof within five (5) days after the "Default Date" for such payment, the "Default Date" being (x) if all payments previously due from Tenant in the current calendar year, or if all except one or two of such payments, have been paid by their respective due dates, the Default Date for the payment in question shall be the date notice is given by Landlord that the payment has not been received by its due date and (y) in all other cases, the Default Date shall be the due date of the payment; (ii) Tenant shall fail to comply with any term, provision, covenant or warranty made under this Lease by Tenant (a “Tenant Default”): (a) Tenant, other than the failure by Tenant to make any payment of Monthly Rent, the Rent or any other payment required to be made charge or assessment payable by Tenant hereunderTenant, as and when due, where (x) shall not cure such failure shall continue for a period of within fifteen (15) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that , or (y) if Tenant fails notifies Landlord that said cure will take more than fifteen (15) days and Tenant provides evidence that it is diligently pursuing said cure, Tenant shall not cure such failure within a reasonable time, not to pay Monthly Rent exceed sixty (60) days; (iii) Tenant or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure period; (b) the failure by Tenant to observe or perform any of the covenants, conditions, or provisions guarantor of this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where such failure shall continue for a period of thirty (30) days after Tenant’s receipt of written notice thereof by Landlord provided that if such cure reasonably requires more than thirty (30) days to complete, then Tenant shall not be in default if Tenant shall promptly commence the cure of such Tenant Default and diligently pursues such cure to completion; (c) the making by Tenant of make a general assignment or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed within sixty (60) days of filing); or the appointment of a trustee or receiver shall admit in writing its inability to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not contested, dischargedpay its debts as they become due, or stayed shall file a petition in thirty (30) days after appointment of said trustee bankruptcy, or receiver, provided however, if a final order adjudicating the tenant shall be adjudicated as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunderinsolvent, or shall file a petition in any proceeding seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, or shall file an answer admitting or fail timely to contest the filing material allegations of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of same.filed

Appears in 2 contracts

Samples: Lease Agreement (Indus International), Lease Agreement (TSW International Inc)

Default. (a) The occurrence of any one or more of the following events shall constitute a be deemed to be events of default of this Lease (herein so called) by Tenant under this Lease: (a “i) Tenant Default”): (a) the failure shall fail to pay any rental or other sum payable by Tenant to make any payment of Monthly Rent, or any other payment required to be made by Tenant hereunder, hereunder as and when due, where such rental or other sum becomes due and payable and such failure shall continue continues for a period of fifteen (15) 5 business days after Tenant’s receipt of written notice thereof by from Landlord; provided, however, Landlord shall not be obligated to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time provide notice more than two (2) times in a any twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure period; (bii) the failure by Tenant shall fail to observe comply with any other provision, condition or perform any of the covenants, conditions, or provisions covenant of this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where and any such failure shall continue for a period of is not cured within thirty (30) days after Landlord gives written notice of such failure to Tenant (or if such failure is not capable of being cured within such 30 day period, the cure is not commenced within 30 days and diligently pursued to completion not to exceed 90 days); (iii) Tenant shall assign this Lease or sublet all or any part of the Premises or grant any license, concession or other right of occupancy of any portion of the Premises, without the prior written consent of Landlord except as otherwise allowed under this Lease; (iv) any petition shall be filed by or against Tenant or any guarantor of Tenant’s receipt obligations under this Lease pursuant to any section or chapter of written notice the present federal Bankruptcy Act or under any future federal Bankruptcy Act or under any similar law or statute of the United States or any state thereof by Landlord provided that if such cure reasonably requires more than thirty (30) days which as to complete, then Tenant any involuntary petition shall not be and remain discharged or stayed within a period of sixty (60) days after its entry), or Tenant or any guarantor [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED. of Tenant’s obligations under this Lease shall be adjudged bankrupt or insolvent in default if Tenant shall promptly commence proceedings filed under any section or chapter of the cure present federal Bankruptcy Act or under any future federal bankruptcy act or under any similar law or statute of such Tenant Default and diligently pursues such cure to completionthe United States or any state thereof; (cv) the making by Tenant or any guarantor of Tenant’s obligations under this Lease shall become insolvent or make a general transfer in fraud of creditors; (vi) Tenant or any guarantor of this Lease shall make an assignment or general arrangement for the benefit of creditors; or (vii) a receiver or trustee shall be appointed for Tenant or any guarantor of this Lease or for any of the filing assets of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed within sixty (60) days any guarantor of filing); or the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of same.

Appears in 2 contracts

Samples: Lease Agreement (Elevate Credit, Inc.), Lease Agreement (Elevate Credit, Inc.)

Default. The occurrence Tenant shall be in default of its obligations under this Lease if any one or more of the following events shall constitute a default of this Lease by Tenant (a “Tenant Default”): occur: (a) the failure by Tenant to make any payment of Monthly Rent, or any other payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of fifteen (15) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly any Rent or when due within five (5) days after Landlord’s delivery of written notice of a delinquency, provided, however, if Landlord has provided such notices twice in any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable be in default if Tenant fails to pay Rent when due thereafter without any notice or cure period; (b) the failure by Tenant fails to observe or perform any of the covenantsterm, conditions, covenant or provisions condition of this Lease (except those requiring payment of Rent) and fails to be observed or performed by Tenant, other than as described in subsection cure such breach within fifteen (a) above, where such failure shall continue for a period of thirty (3015) days after Tenant’s receipt delivery of a written notice thereof by Landlord provided specifying the nature of the breach; provided, however, that if such cure reasonably requires more than thirty fifteen (3015) days reasonably are required to completeremedy the failure, then Tenant shall not be in default if Tenant shall promptly commence commences the cure of such Tenant Default within the fifteen (15) day period and thereafter diligently pursues such cure endeavors to completioncomplete the cure; (c) the making by Tenant of makes a general assignment or general arrangement of its assets for the benefit of its creditors; the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissedincluding attachment of, or stayed within sixty (60) days of filing); execution on, or the appointment of a trustee custodian or receiver with respect to take possession of substantially all a substantial part of Tenant’s assets located at property or any property essential to the Premises conduct of its business; or (d) a petition is filed by or against Tenant under the bankruptcy laws of Tenant’s interest in this Leasethe United States or any other debtors’ relief law or statute, where unless such seizure petition is not contested, discharged, or stayed in dismissed within thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order filing. Any notice given under this section shall be an event of default hereunderin lieu of, and not in addition to, or the filing shall be deemed to constitute, any notice required under any provision of applicable law, and shall not be deemed a petition for the appointment forfeiture or a termination of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret this Lease unless Landlord expressly elects otherwise in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of samesuch notice.

Appears in 2 contracts

Samples: Lease (Protagonist Therapeutics, Inc), Lease (Protagonist Therapeutics, Inc)

Default. The occurrence of any one or more of the following events shall constitute a default of this Lease “Default” by Tenant and shall give rise to Landlord’s remedies set forth in Paragraph B below: (a “Tenant Default”): (ai) the failure by Tenant to make when due any payment of Monthly Rent, or any other payment required to be made by Tenant hereunder, as and when due, where unless such failure shall continue for a period of fifteen is cured within ten (1510) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure periodnotice; (bii) the failure by Tenant to observe or perform any of the covenants, conditions, term or provisions condition of this Lease to be observed or performed by Tenant, other than as the payment of Rent (or the other matters expressly described in subsection (a) aboveherein), where unless such failure shall continue for a is cured within any period of thirty (30) days after Tenant’s receipt of written time following notice thereof by Landlord expressly provided that if such cure reasonably requires with respect thereto in other Articles hereof, or otherwise within a reasonable time, but in no event more than thirty (30) days following notice (provided, if the nature of Tenant’s failure is such that more time is reasonably required in order to completecure, then Tenant shall not be in default Default if Tenant shall commences to cure promptly commence the cure of within such Tenant Default period, and diligently pursues seeks and keeps Landlord reasonably advised of efforts to cure such cure failure to completion); (ciii) failure to cure immediately upon notice thereof any condition which is hazardous, interferes with another tenant or the operation or leasing of the Property, or may cause the imposition of a fine, penalty or other remedy on Landlord or its agents or affiliates, (iv) violating Article 13 respecting Transfers, or abandoning the Premises (“abandonment” under this Lease shall mean vacating or failing to occupy the Premises for more than thirty (30) days while Tenant is in Default for failure to pay Rent), or (v) (a) making by Tenant or any guarantor of a this Lease (“Guarantor”) of any general assignment or general arrangement for the benefit of creditors; , (b) filing by or for reorganization or arrangement under any Law relating to bankruptcy or insolvency (unless, in the filing case of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition filed against Tenant has been filed and or such Guarantor, the same is not contesteddismissed within thirty (30) days), dismissed, or stayed within sixty (60c) days of filing); or the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at in the Premises or of Tenant’s interest in this Lease, where such seizure possession is not contested, discharged, or stayed in restored to Tenant within thirty (30) days after appointment of said trustee or receiverdays, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain attachment, execution or other judicial seizure of substantially all of Tenant’s assets located in the premises as an adult cabaret in continuous operation, subject to the provisions Premises or of Article VI. Notwithstanding anything Tenant’s interest in this provision which may be construed to Lease, (e) Tenant’s or any Guarantor’s convening of a meeting of its creditors or any class thereof for the contrarypurpose of effecting a moratorium upon or composition of its debts, (f) Tenant’s or any Guarantor’s insolvency or failure, in the event or admission of an involuntary bankruptcy petition against itinability, has to pay debts as they mature, or (g) a violation by Tenant or any affiliate of Tenant under any other lease or agreement with Landlord or any affiliate thereof which is not cured within the right time permitted for cure thereunder. The notice and cure periods herein are intended to contest an order for relief prior to entry of or defeating the entry of samesatisfy and run concurrently with any notice and cure periods provided by Law, and shall not be in addition thereto.

Appears in 2 contracts

Samples: Standard Lease (Aldagen Inc), Lease Agreement (Aldagen Inc)

Default. The occurrence of any one or more of the following events shall constitute a default “Default” by Tenant and shall give rise to Landlord’s remedies set forth in Section 16(B) below: (i) failure to make when due any payment of Rent, unless such failure is cured within five (5) days after notice from Landlord; (ii) failure to observe or perform any term or condition of this Lease by other than the payment of Rent (or the other matters expressly described herein), unless such failure is cured within any period of time following notice expressly provided with respect thereto in other Sections hereof, or otherwise within a reasonable time, but in no event more than thirty (30) days following notice from Landlord (provided, if the nature of Tenant’s failure is such that more time is reasonably required in order to cure, Tenant shall not be in Default if Tenant commences to cure promptly within such period and thereafter diligently pursues its completion); (iii) failure to cure upon such shorter notice period as set forth in Landlord’s notice to Tenant (a “Tenant Default”): (awhich notice shall be at least three business days unless the condition, in Landlord’s reasonable judgment, may cause imminent danger to person or property, and shall also contain Landlord’s reasoning for the shorter notice period) any condition which is hazardous, interferes with another tenant or the failure by Tenant to make any payment operation or leasing of Monthly Rentthe Property, or any may cause the imposition of a fine, penalty or other payment required remedy on Landlord or its agents or affiliates (provided, except in a situation where there is imminent danger to be made by Tenant hereunderperson or property, as and when due, where such failure shall continue for a period if the nature of fifteen (15) days after Tenant’s receipt of written notice thereof by Landlord failure is such that more time is reasonably required in order to Tenant; provided that cure, Tenant shall not be in Default if Tenant fails commences to cure promptly within such period set forth in Landlord’s notice and thereafter diligently pursues its completion); (iv) [intentionally omitted]; or (v) Tenant filing by or for reorganization or arrangement under any Law relating to bankruptcy or insolvency (unless, in the case of a petition filed against Tenant, the same is dismissed within ninety (90) days); or (b) Tenant’s or any Guarantor’s insolvency or failure, or admission of an inability, to pay Monthly Rent debts as they mature. Additionally, if Tenant violates the same term or any other payment required to be made by Tenant hereunder condition of this Lease on time more than two (2) times in a occasions during any twelve (12) month period, a Tenant Default Landlord shall occur notwithstanding that such payments have been made within the applicable cure period; (b) the failure by Tenant right to observe or perform exercise all remedies for any violations of the covenantssame term or condition during the next twelve (12) months without providing further notice or an opportunity to cure. The notice and cure periods provided herein are intended to satisfy any and all notice requirements imposed by Law on Landlord and are in lieu of, conditionsand not in addition to, or provisions of this Lease any notice and cure periods provided by Law; provided, Landlord may elect to be observed or performed comply with such notice and cure periods provided by Tenant, other than as described in subsection (a) above, where such failure shall continue for a period of thirty (30) days after Tenant’s receipt of written notice thereof by Landlord provided that if such cure reasonably requires more than thirty (30) days to complete, then Tenant shall not be in default if Tenant shall promptly commence Law. In the cure of such Tenant Default and diligently pursues such cure to completion; (c) the making by Tenant of a general assignment or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed within sixty (60) days of filing); or the appointment of a trustee or receiver to take possession of substantially all event of Tenant’s assets located at the Premises Default, and in addition to any other amounts or of remedies that Landlord may be entitled to, Landlord shall be entitled to recover from Tenant, Landlord’s reasonable costs and reasonable attorney fees incurred in enforcing this Lease or otherwise arising from Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of sameDefault.

Appears in 2 contracts

Samples: Office Lease (Carbon Black, Inc.), Office Lease (Carbon Black, Inc.)

Default. The occurrence of any one or more of Except as otherwise set forth herein and/or in the Exhibits hereto, the following events shall constitute a default of "Default" under this Lease by Tenant Agreement: (a “Tenant Default”): (ai) the failure by Tenant to make any payment of Monthly Rent, or any other payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of fifteen ; or (15) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure period; (bii) the failure by Tenant to observe perform or perform fulfill any other material term, provision, obligation, or covenant of this Agreement, where in each case such failure remains uncured after the expiration of applicable notice and cure periods. The City shall follow the procedures set forth in Sections 18.02.260 and 18.02.300 of the covenantsDevelopment Agreement Ordinance with respect to any alleged or actual Default of Developer. Notwithstanding the foregoing, conditions, or provisions of this Lease to if a failure can be observed or performed by Tenant, other than as described in subsection (a) above, where such failure shall continue for a period of cured but the cure cannot reasonably be completed within thirty (30) days after Tenant’s receipt of written notice thereof by Landlord provided that if such cure reasonably requires more than thirty (30) days to completedays, then Tenant it shall not be in default considered a Default if Tenant shall promptly commence the a cure of such Tenant Default is commenced within said 30-day period and diligently pursues such cure prosecuted to completion; completion thereafter. Any notice of Default given by Developer to the City shall specify the nature of the alleged failure and, where appropriate, the manner in which said failure satisfactorily may be cured (c) if at all). The City shall follow the making by Tenant aforementioned provisions of a general assignment the Development Agreement Ordinance with respect to any notice of Default to Developer. Notwithstanding any other provision in this Agreement to the contrary but subject to Article 12 below, if Developer conveys or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is Transfers some but not contested, dismissed, or stayed within sixty (60) days of filing); or the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or Project and there is more than one Party that assumes obligations of Tenant’s interest in "Developer" under this LeaseAgreement, where such seizure is not contested, discharged, or stayed in thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order there shall be no cross-default between the separate Parties that assumed Developer obligations. Accordingly, if, for example, a Transferee Defaults, it shall not be a Default by any other Transferee or Developer that owns a different portion of the Project Site. As an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject alternative to the provisions of Article VIDefault procedure set forth herein, the City may elect to first hold a compliance review as set forth in the Development Agreement Ordinance. Notwithstanding anything in this provision which may be construed to the contrary, TenantFurther, in the event of noncompliance with a condition required under an involuntary bankruptcy petition against itadministrative permit or any subsequent planned development permit issued for a conditional or special use, has the right PBCE Director may revoke, suspend or modify the administrative permit or subsequent planned development permit or otherwise enforce the requirements of the administrative permit and subsequent planned development permit pursuant to contest the remedies available to the City under the Municipal Code. A violation of an order administrative permit or a subsequently issued planned development permit for relief prior to entry a conditional or special use shall not, by itself, constitute a violation of or defeating the entry of sameDowntown West PD Permit.

Appears in 2 contracts

Samples: Development Agreement, Development Agreement

Default. The occurrence of any one Any act or more of omission by Subtenant that would constitute a breach or default by the following events Tenant under the Prime Lease shall constitute a default or an “Event of Default” by Subtenant under this Lease Sublease. In addition, the following shall also constitute an Event of Default by Tenant Subtenant hereunder: (a “Tenant Default”): (ai) the failure by Tenant Subtenant fails to make pay any payment installment of Monthly Rent, Basic Rent or any other payment required to be made sum payable by Tenant it hereunder, as and when due, where such failure shall continue continues for a period of fifteen five (155) days after Tenant’s receipt of Subtenant has been given written notice thereof by Landlord to Tenant; provided of such failure (except that if Tenant fails to pay Monthly Rent or any other payment Sublandlord shall only be required to be made by Tenant hereunder on time more than two (2) times in give Subtenant such written notice twice within a twelve (12) month period, a Tenant and for all other failures to pay such amounts within such twelve (12) month period, an automatic Event of Default shall occur notwithstanding that be deemed to have occurred, without prior written notice from Sublandlord); or (ii) Subtenant fails to maintain the insurance required under this Sublease or Subtenant fails to deliver to Sublandlord the required insurance certificates within 10 days after a written request from Sublandlord; or (iii) Subtenant subleases the Sublease Space (or any portion thereof) or assigns or otherwise transfers this Sublease without complying with all the provisions of this Sublease and Prime Lease, as incorporated; or (iv) Subtenant files a petition in bankruptcy pursuant to the Bankruptcy Code or under any similar federal or state law, or is adjudicated a bankrupt or becomes insolvent, or commits any act of bankruptcy as defined in any such payments have been made within law, or takes any action in furtherance of any of the applicable cure periodforegoing; or (v) a petition or answer is filed proposing the adjudication of Subtenant as bankrupt pursuant to the Bankruptcy Code or any similar federal or state law, and (a) Subtenant consents to the filing thereof, or (b) such petition or answer is not discharged within sixty (60) days after the failure by Tenant filing thereof; or (vi) Subtenant fails to observe discharge any lien (or perform any of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant, other than as described in subsection (apost a bond therefor) above, where such failure shall continue for a period of within thirty (30) days after Tenant’s receipt of the lien was filed; or (vii) Subtenant fails to perform or violates any non-monetary covenant or condition set forth in the Sublease or the Prime Lease and such default or violation continues for twenty (20) days after written notice thereof by Landlord provided that is delivered to Subtenant (or if such cure reasonably requires more than thirty default is of a nature such that it is curable but cannot practicably be cured within twenty (3020) days solely as a result of nonfinancial circumstances outside of Subtenant’s control, then, so long as Subtenant commences such cure within the initial twenty (20) days and is diligently taking all steps necessary to completeeffect such cure, then Tenant Subtenant shall have additional time to effect such cure, not be to exceed 60 days, unless such additional time will cause a default to extend past any applicable cure period under the Prime Lease (or not allow Sublandlord sufficient time to cure such nonmonetary default), in default if Tenant shall promptly commence which case the cure of such Tenant Default and diligently pursues such cure to completion; (c) the making by Tenant of a general assignment or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed within sixty (60) days of filing); or the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in period under this Lease, where such seizure is not contested, discharged, or stayed in thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order Sublease shall be an event of default hereunder, or shortened to 10 days less than the filing of a petition for cure period under the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of samePrime Lease).

Appears in 2 contracts

Samples: Lease Agreement, Lease Agreement (Verrica Pharmaceuticals Inc.)

Default. The occurrence of any one or more of the following events shall constitute a default of this Lease “Default” by Tenant and shall give rise to Landlord’s remedies set forth in Paragraph B below: (a “Tenant Default”): (ai) the failure by Tenant to make when due any payment of Monthly Rent, or unless such failure is cured within five (5) days after written notice, provided, however, that Section 15.F shall apply to any other payment required to be of Rent that is not made by Tenant hereunder, as and when due, where such failure shall continue for a regardless of any grace or notice and cure period of fifteen (15) days after Tenant’s receipt of written notice thereof provided by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure periodthis Section 15.A; (bii) the failure by Tenant to observe or perform any of the covenants, conditions, term or provisions condition of this Lease to be observed or performed by Tenant, other than as the payment of Rent (or the other matters expressly described in subsection (a) aboveherein), where unless such failure shall continue for a is cured within any period of thirty time following notice expressly provided with respect thereto in other Articles hereof, or otherwise within a reasonable time, but in no event more than twenty (3020) days after following notice (provided, if the nature of Tenant’s receipt of written notice thereof by Landlord provided failure is such that if such cure more time is reasonably requires more than thirty (30) days required in order to completecure, then Tenant shall not be in default Default if Tenant shall commences to cure promptly commence the within such period, diligently seeks and keeps Landlord reasonably advised of efforts to cure of such Tenant Default failure to completion, and diligently pursues completes such cure to completionwithin ninety (90) days following Landlord’s notice); or (ciii) the (a) making by Tenant or any guarantor of a this Lease (“Guarantor”) of any general assignment or general arrangement for the benefit of creditors; , (b) filing by or for reorganization or arrangement under any Law relating to bankruptcy or insolvency (unless, in the filing case of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition filed against Tenant has been filed and or such Guarantor, the same is not contesteddismissed within thirty (30) days), dismissed, or stayed within sixty (60c) days of filing); or the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at in the Premises or of Tenant’s interest in this Lease, where such seizure possession is not contested, discharged, or stayed in restored to Tenant within thirty (30) days after appointment of said trustee or receiverdays, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain attachment, execution or other judicial seizure of substantially all of Tenant’s assets located in the premises as an adult cabaret in continuous operation, subject to the provisions Premises or of Article VI. Notwithstanding anything Tenant’s interest in this provision which may be construed to Lease, (e) Tenant’s or any Guarantor’s convening of a meeting of its creditors or any class thereof for the contrarypurpose of effecting a moratorium upon or composition of its debts, or (f) Tenant’s or any Guarantor’s insolvency or failure, in the event or admission of an involuntary bankruptcy petition against itinability, has to pay debts as they mature. If Tenant violates the same term or condition of this Lease on two (2) occasions during such twelve (12) months, Landlord shall have the right to contest exercise all remedies for any additional violations of the same term or condition during the next twelve (12) months without providing further notice or an order opportunity to cure. The cure period provided herein with respect to Tenant’s failure to pay Rent when due incorporates ORS 91.090. Landlord’s termination of this Lease for relief prior Tenant’s failure to entry pay Rent when due shall be deemed a statutory, and not a contractual, lease forfeiture pursuant to ORS 91.090. The other notice and cure periods provided herein are in lieu of, and not in addition to, any notice and cure periods provided by Law: provided, Landlord may elect to comply with such notice and cure periods provided by Law in lieu of or defeating the entry of samenotice and cure periods provided herein.

Appears in 2 contracts

Samples: Lease (New Relic Inc), Office Lease (New Relic Inc)

Default. The occurrence of any one of the following shall constitute a default by Tenant: (i) failure of Tenant to pay any rent or more other sum payable hereunder within five (5) days of when due; (ii) abandonment of the Premises (Tenant’s failure to occupy and conduct business in the Premises for fourteen (14) consecutive days shall be deemed an abandonment); or (iii) failure of Tenant to perform any other term, covenant or condition of this lease if the failure to perform is not cured within thirty (30) days after notice thereof has been given to Tenant (provided that if such default cannot reasonably be cured within thirty (30) days, Tenant shall not be in default if Tenant commences to cure such failure to perform within the thirty (30) days, period and diligently and in good faith continues to cure the failure to perform). The notice referred to in clause (iii) above shall specify the failure to perform and the applicable lease provision and shall demand that Tenant perform the provisions of this lease within the applicable period of time. No notice shall be deemed a forfeiture or termination of this lease unless Landlord so elects in the notice. No notice shall be required in the event of abandonment or vacation of the Premises. In addition to the above, the occurrence of any of the following events shall also constitute a default by Tenant: (i) Tenant fails to pay its debts as they become due or admits in writing its inability to pay its debts, or makes a general assignment for the benefit of creditors (for purposes of determining whether Tenant is not paying its debts as they become due, a debt shall be deemed overdue upon the earliest to occur of the following: thirty (30) days from the date a statement therefor has been rendered; the date on which any action or proceeding therefor is commenced; or the date on which a formal notice of default or demand has been sent); (ii) Tenant fails to furnish Landlord a schedule of Tenant’s aged accounts payable within ten (10) days after Landlord’s written request, (iii) any financial statements given to Landlord by Tenant, any assignee of Tenant, subtenant of Tenant, any guarantor of Tenant, or successor in interest of Tenant (including, without limitation, any schedule of Tenant’s aged accounts payable) are materially false. At any time during the term of this Lease lease Landlord, at Landlord’s option, shall have the right to receive from Tenant upon Landlord’s request, a current annual balance sheet for Landlord’s review. If the balance sheet shows a negative net worth, Landlord may terminate this lease by giving Tenant sixty (60) days prior notice. In the event of a default by Tenant, then Landlord, in addition to any other rights and remedies of Landlord at law or in equity, shall have the right either to terminate Tenant’s right to possession of the Premises (and thereby terminate this lease) or, from time to time and without termination of this lease, to relet the premises or any part thereof for the account and in the name of Tenant Default”): for such term and on such terms and conditions as Landlord in its sole discretion may deem advisable, with the right to make alterations and repairs to the Premises. Should Landlord elect to keep this lease in full force and effect, Landlord shall have the right to enforce all of Landlord’s rights and remedies under this lease, including but not limited to the right to recover and to relet the Premises. If Landlord relets the Premises, then Tenant shall pay to Landlord, as soon as ascertained, the costs and expenses incurred by Landlord in such reletting and in making alterations and repairs. Rentals received by Landlord from such reletting shall be applied (ai) to the failure by payment of any indebtedness due hereunder, other than basic rent and common area charges, from Tenant to make any Landlord; (ii) to the payment of Monthly Rentthe cost of any repairs necessary to return the Premises to good condition normal wear and tear excepted, including the cost of alterations and the cost of storing any of Tenant’s property left on the Premises at the time of reletting; and (iii) to the payment of basic rent or common area charges due and unpaid hereunder. The residue, if any, shall be held by Landlord and applied in payment of future rent or damages in the event of termination as the same may become due and payable hereunder and the balance, if any other payment required at the end of the term of this lease, shall be paid to Tenant. Should the basic rent and common area charges received from time to time from such reletting during any month be less than that agreed to be made paid during that month by Tenant hereunder, Tenant shall pay such deficiency to Landlord. Such deficiency shall be calculated and paid monthly. No such reletting of the Premises by Landlord shall be construed as and when duean election on its part to terminate this lease unless a notice of such intention is given to Tenant or unless the termination hereof is decreed by a court of competent jurisdiction. Notwithstanding any such reletting without termination, where Landlord may at any time thereafter elect to terminate this lease for such failure previous breach, provided it has not been cured. Landlord shall have the remedy described in California Civil Code section 1951.4 (Landlord may continue for a period of fifteen (15) days the lease in effect after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that breach and abandonment and recover as rent as it becomes due, if Tenant fails has the right to pay Monthly Rent sublet or assign, subject only to reasonable limitations). Should Landlord at any time terminate this lease for any breach, in addition to any other remedy it may have, it shall have the immediate right of entry and may remove all persons and property from the Premises and shall have all the rights and remedies of a landlord provided by California Civil Code Section 1951.2 or any successor code section. Upon such termination, in addition to all its other payment required rights and remedies, Landlord shall be entitled to recover from Tenant all damages it may incur by reason of such breach, including the cost of recovering the Premises and including (i) the worth at the time of award of the unpaid rent which had been earned by the time of termination; (ii) the worth at the time of 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; (iii) the worth at the time of the award of the amount by which the unpaid rent for the balance of the term after the time of award exceeds the amount of such rental loss that Tenant proves could be made reasonably avoided; and (iv) any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant hereunder on Tenant’s failure to perform its obligations under this lease or which in the ordinary course of events would be likely to result therefrom. The “worth at the time more than two of award of the amounts referred to in (2i) times and (ii) above is computed by allowing interest at the rate of twelve percent (12%) per annum or the maximum rate permitted by law, whichever is less. The “worth at the time of award of the amount referred to in (iii) above shall be 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%). Property removed from the Premises may be stored in a twelve (12) month period, a public or private warehouse or elsewhere at the sole cost and expense of Tenant. In the event that Tenant Default shall occur notwithstanding that not immediately pay the cost of storage of such payments have property after the same has been made within the applicable cure period; (b) the failure by Tenant to observe or perform any of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where such failure shall continue stored for a period of thirty (30) days after Tenant’s receipt of written notice or more, Landlord may sell any or all thereof by Landlord provided at a public or private sale in such manner and at such times and places that if such cure reasonably requires more than thirty (30) days to complete, then Tenant shall not be in default if Tenant shall promptly commence the cure of such Tenant Default and diligently pursues such cure to completion; (c) the making by Tenant of a general assignment or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed within sixty (60) days of filing); or the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, TenantLandlord, in the event of an involuntary bankruptcy petition against itits sole discretion, has the right may deem proper, without notice to contest an order for relief prior to entry of or defeating the entry of samedemand upon Tenant.

Appears in 2 contracts

Samples: Entire Agreement (Southwall Technologies Inc /De/), Entire Agreement (Southwall Technologies Inc /De/)

Default. The “Default” means the occurrence of any one or more of the following events shall constitute a default following: (i) failure of this Lease by Tenant (a “Tenant Default”): (a) the failure by Tenant to make pay when due any payment of Monthly Rent, Rent or any other payment amount required to be made by Tenant paid hereunder, as and when due, where if such failure shall continue continues for a period of fifteen more than five (155) days after Tenant’s receipt of written notice thereof by from Landlord; provided, however, that Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment shall not be required to be made by provide Tenant hereunder on time with notice of such failure and the five (5) day period within which to cure such failure more than two (2) times in a twelve (12) month periodany calendar year during the Term, and, at Landlord’s election, a Tenant subsequent failure to timely pay the Rent when due shall immediately constitute a Default shall occur notwithstanding that such payments have been made within the applicable cure periodhereunder; (bii) the failure by Tenant of Tenant, after fifteen (15) days written notice, or such other notice period specified in this Lease, to observe or and fully perform any all of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant’s obligations hereunder, other than as described in subsection (a) payment of Rent which is covered above, where except as otherwise provided below, provided if such failure cannot reasonably be cured within fifteen (15) days, the length for curing shall continue for a period of thirty be extended as reasonably required but in no event to more than sixty (3060) days after Tenant’s receipt of such written notice thereof by Landlord provided that if such cure reasonably requires more than thirty notice, which sixty (3060) days to complete, then Tenant shall not period will be extended in default if Tenant shall promptly commence the cure event of such Tenant Default and diligently pursues such cure to completiona Force Majeure Event (as said term is defined in Article 47); (ciii) the adjudication of Tenant to be bankrupt; (iv) the filing by Tenant of a voluntary petition in bankruptcy or other similar proceedings; (v) the making by Tenant of a general assignment or general arrangement for the benefit of its creditors; (vi) the filing appointment of a voluntary bankruptcy petition by receiver of Tenant. If an ’s interests in the Premises; (vii) any involuntary bankruptcy petition proceedings instituted against Tenant has been filed and under any bankruptcy or similar laws, unless such is not contested, dismissed, dismissed or stayed within sixty (60) days thereafter; (viii) if the Tenant is an individual or if the Tenant is controlled by a single individual, the death or incapacity of filing)such individual; or the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in thirty (30ix) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a voluntary petition in bankruptcy or other similar proceeding by any Guarantor of Tenant’s obligations hereunder, or if such Guarantor is an individual or controlled by a single individual, the death or incapacity of such individual; (x) the voluntary or involuntary dissolution of the Guarantor, or any transaction involving the Guarantor which, if done by Tenant would constitute an assignment by Tenant hereunder, without the written consent of Landlord; or (xi) vacancy of the Premises for more than sixty (60) consecutive days. Upon the occurrence of a monetary Default, Landlord may, at its option and without waiving any other rights available herein, at law, or in equity, require Tenant to pay Rent by (a) wire transfer of funds to an account designated by Landlord or (b) direct draft from Tenant’s account through bank draft, ACH transfer, or other equivalent funds transfer to Landlord’s designated account. Tenant shall provide all necessary information and execute any additional documents requested by Landlord to facilitate payment of Rent by the method designated by Landlord. Tenant’s failure to provide such information or documents within fifteen (15) days after written notice by Landlord shall constitute a Default hereunder. Upon the occurrence of a Default, Landlord may, at its option, without terminating this Lease, but with no less than twenty-four (24) hours prior written notice to Tenant, enter into and upon the Premises and, without being liable for any damages as a result thereof, maintain the Premises and repair or replace any damage to the Premises or do anything for which Tenant is responsible hereunder on Tenant’s behalf; and, in such event, Tenant shall reimburse Landlord immediately upon demand for any expenses which Landlord incurs in effecting Tenant’s compliance under this Lease. In such event, Landlord will care for Tenant’s personal property in accordance with Laws. In addition, if a Default occurs, then or at any time thereafter while such Default continues, Landlord, at its option, may, without waiving any other rights available herein, at law, or in equity, either terminate this Lease or terminate Tenant’s right to possession without terminating this Lease. In either event, Landlord may, without additional notice and without court proceedings, reenter and repossess the Premises, and remove all persons and property therefrom using such force as may be necessary, and Tenant hereby waives any claim arising by reason thereof or by reason of issuance of any distress warrant and agrees to hold Landlord harmless from any such claims. If Landlord elects to terminate this Lease, it may treat the Default as an entire breach of this Lease and Tenant immediately shall become liable to Landlord for damages for the appointment entire breach in an amount equal to the total of same (a) the worth at the time of award of any unpaid Rent which had been earned at the time of the termination, plus (b) the worth at the time of award of the amount by which the Tenantunpaid Rent which would have been earned after termination until the time of award exceeds the amount of Rent loss Tenant proves could have been reasonably avoided, whichever shall first occur plus (c) the worth at the time of award of the amount by which the unpaid Rent for the balance of the Lease Term after the time of award exceeds the amount of Rent loss that Tenant proves could be reasonably avoided. As used in subparagraphs (a) and (db) failure above, the “worth at the time of award” is computed by allowing interest at the Interest Rate. As used in subparagraph (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 five percent (5%). If Landlord elects to maintain terminate Tenant’s right to possession of the premises Premises without terminating this Lease, Landlord may rent the Premises or any part thereof for the account of Tenant to any person for such rent and for such terms and other conditions as Landlord deems practical, and Tenant shall be liable to Landlord for the amount, if any, by which the total Rent and all other payments herein provided for the unexpired balance of the Term exceed the net amount, if any, received by Landlord from such re-renting, being the gross amount so received less the cost of repossession, re-renting, remodeling and other expenses relating thereto; Tenant shall be and remain liable for such net amount even after an adult cabaret eviction of Tenant from the Premises, should an eviction of Tenant from the Premises occur. Such sums shall be immediately due and payable by Tenant upon demand. In no event shall Tenant be entitled to any rents received by Landlord from reletting the Premises, even if Landlord relets the Premises for an amount exceeding the Rent due from Tenant for the remainder of the unexpired Term. If a Default occurs or in continuous operationcase of any holding over or possession by Tenant of the Premises after the expiration or termination of this Lease, subject Tenant shall reimburse Landlord on demand for all costs incurred by Landlord in connection therewith including, but not limited to, reasonable attorneys’ fees, court costs and related costs plus interest thereon at the Default Rate, defined below. Actions by Landlord to the provisions of Article VI. Notwithstanding anything collect amounts due from Tenant as provided in this provision which Section may be construed brought at any time, and from time to time, on one or more occasions, without the contrarynecessity of Landlord’s waiting until the termination of this Lease. The remedies expressed herein are cumulative and not exclusive, and the election by Landlord to terminate Tenant’s right to possession without terminating this Lease shall not deprive Landlord of the right, in and Landlord shall have the event continuing right, to terminate this Lease. Upon the occurrence of an involuntary bankruptcy petition against ita Default, has Landlord shall have the right to contest an order for relief prior recover from Tenant all damages caused by Tenant’s Default and to entry of pursue all rights and remedies available at law or defeating in equity. Landlord shall use reasonable efforts to mitigate its damages by reletting the entry of samePremises.

Appears in 2 contracts

Samples: Commercial Lease (Ziprecruiter, Inc.), Commercial Lease (Ziprecruiter, Inc.)

Default. The occurrence of any one or more of the following events shall constitute a default and breach of this Lease by Tenant (a “Tenant Default”): (a) Tenant. 23.a. The vacating or abandonment of the Premises by Tenant. 23.b. The failure by Tenant to make any payment of Monthly Rent, rent or any other payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of fifteen three (153) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure period; (b) the . 23.c. The failure by Tenant to observe or perform any of the covenants, conditions, conditions or provisions of this Lease to be observed or performed by the Tenant, other than as described in subsection (a) Article 23.b above, where such failure shall continue for a period of thirty (30) days after Tenant’s receipt of written notice thereof by Landlord provided to Tenant; provided, however, that if the nature of Tenant's default is such cure reasonably requires that more than thirty (30) days to completeare reasonably required for its cure, then Tenant shall not be deemed to be in default if default. If Tenant shall promptly commence the commences such cure of such Tenant Default within said thirty (30) day period and thereafter diligently pursues prosecutes such cure to completion; (c) the . 23.d. The making by Tenant of a any general assignment or general arrangement for the benefit of creditors; or the filing by or against Tenant of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against to have Tenant has been filed and is not contested, dismissedadjudged a bankrupt, or stayed a petition or reorganization or arrangement under any law relating to bankruptcy (unless, in the case of a petition filed against Tenant, the same is dismissed within sixty (60) days of filingdays); or the appointment of a trustee or a receiver to take possession of substantially all of Tenant’s 's assets located at the Premises or of Tenant’s 's interest in this Lease, where possession is not restored to Tenant within thirty (30) days; or the attachment, execution or other judicial seizure of substantially all of Tenant's assets located at the Premises or of Tenant's interest in this Lease, where such seizure is not contested, discharged, or stayed discharged in thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of samedays.

Appears in 2 contracts

Samples: Quokka Sports Inc, Quokka Sports Inc

Default. The occurrence of In addition to any one or more other Default specifically described in this Lease, each of the following events occurrences shall constitute a default of this Lease by Tenant (be a “Tenant Default”): : (a) the Tenant’s failure by Tenant to make pay any payment portion of Monthly Rent, or any other payment required to be made by Tenant hereunder, as and Rent when due, where such if the failure shall continue continues for a period of fifteen seven (157) days Business Days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure period“Monetary Default”); (b) Tenant’s failure (other than a Monetary Default) to comply with any term, provision, condition or covenant of this Lease, if the failure by Tenant to observe or perform any of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where such failure shall continue for a period of is not cured within thirty (30) days after written notice to Tenant provided, however, if Tenant’s receipt of written notice thereof by Landlord provided that if failure to comply cannot reasonably be cured within such cure reasonably requires more than thirty (30) days to complete-day period, then Tenant shall not be in default if allowed additional time as is reasonably necessary to cure the failure so long as Tenant shall promptly commence begins the cure of within such Tenant Default thirty-(30)-day period and diligently pursues such the cure to completion; (c) the making by Tenant effects or permits a Transfer without Landlord’s required approval (where such approval is required under this Lease) or otherwise in violation of Section 11 of this Lease; (d) Tenant or any guarantor becomes insolvent, makes a general transfer in fraud of creditors, makes an assignment or general arrangement for the benefit of creditors, admits in writing its inability to pay its debts when due or forfeits or loses its right to conduct business; (e) the filing leasehold estate is taken by process or operation of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed within sixty (60) days of filing)Law; or the appointment (f) if a receiver, guardian, conservator, trustee in bankruptcy or similar officer shall be appointed by a court of a trustee or receiver competent jurisdiction to take possession charge of substantially all or any part of Tenant’s assets located at the Premises or of Tenantany guarantor’s interest in this Lease, where property and such seizure appointment is not contested, dischargeddischarged within ninety (90) days thereafter, or stayed in thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunderpetition including, or the filing of without limitation, a petition for the appointment of same reorganization or arrangement is filed by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, TenantTenant or any guarantor under any bankruptcy law or is filed against Tenant or any guarantor and, in the event case of an involuntary bankruptcy petition a filing against itTenant only, has the right to contest an order for relief prior to entry of or defeating same shall not be dismissed within ninety (90) days from the entry of samedate upon which it is filed.

Appears in 2 contracts

Samples: Office Lease Agreement (Haemonetics Corp), Office Lease Agreement (Haemonetics Corp)

Default. The occurrence of any one or more Each of the following events shall constitute a default of this Lease (“Default”) by Tenant under this Lease: (a “Tenant Default”): (ai) the Tenant’s failure by Tenant to make any payment of Monthly Rentpay, or make available as required by this Lease, any other payment required to be made Rent by Tenant hereunder, as and when the date such Rent is due, where such failure shall continue for a period of fifteen ; (15ii) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant breaches or fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure period; (b) the failure by Tenant to observe or perform any of the covenantsterm, conditions, condition or provisions covenant of this Lease to be observed or performed by TenantLease, other than as described in subsection (a) abovethose involving the payment of Rent, where and such breach or failure shall continue for a period of is not cured within thirty (30) days after Tenant’s receipt of written notice thereof by Landlord provided that if thereof, unless such condition cannot reasonably be cured within such thirty (30) days, in which case Tenant must commence such cure reasonably requires more than within said thirty (30) days to complete, then Tenant shall not be in default if Tenant shall promptly commence the cure of such Tenant Default and diligently pursues such pursue said cure to completion; its completion (c) the making by Tenant of provided, however, if such breach or failure creates a general assignment hazard, public nuisance or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contesteddangerous situation, dismissed, or stayed within sixty (60) days of filing); or the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in said thirty (30) days day grace period shall be reduced to forty-eight (48) hours after appointment Tenant’s receipt of said trustee notice); or receiver, provided however, (iii) if a final order adjudicating Tenant fails to carry and maintain the tenant as being bankrupt or appointing a trustee or receiver shall have been entered insurance required by this Lease. Any notice given pursuant to 11 U.S.C. §303 such order this Section shall be an event in lieu of, and not in addition to, any notice required under Section 1161, et seq., of default hereunder, or the filing California Code of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VICivil Procedure. Notwithstanding anything in this provision which may be construed to the contrarycontrary contained herein, Tenantif the Default can be cured by the payment of money, Tenant shall, except as hereinafter provided, have five (5) business days after notice from Landlord to cure the Default. Notwithstanding the preceding sentence, if Landlord shall give notice of two (2) such monetary Defaults within any twelve (12) month period, then thereafter, Tenant shall be in Default under this Lease if it fails to pay any Rent within ten (10) days after the event same shall be due and payable, without the necessity of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of samenotice.

Appears in 2 contracts

Samples: Lease Extension and Modification Agreement (SI-BONE, Inc.), Lease Extension and Modification Agreement (SI-BONE, Inc.)

Default. The occurrence of any one or more of A. Landlord may terminate the following events shall constitute a default term of this Lease by Tenant (a “Tenant Default”): lease on notice to Tenant: (a) the failure by Tenant to make any payment of Monthly Rent, if fixed annual rent or additional rent or any other payment required due hereunder is not paid within three (3) business days when due or if Landlord shall receive rent after the date when first due three (3) times within any twelve-month period (which shall be deemed to be made a persistent default or behavior); or (b) if the Guarantor (as hereinafter defined), if any, defaults under the Guarantee (as hereinafter defined); or (c) unless otherwise specified elsewhere in this lease, if Tenant shall have failed to cure a default in the performance of any covenant of this lease (except the payment of rent), or any rule or regulation hereinafter set forth, within thirty (30) days after written notice thereof from Landlord, or if such default cannot be completely cured in such time, if Tenant shall not promptly proceed to cure such default within said thirty (30) days, or shall not complete the curing of such default with due diligence; or (d) irrespective that Tenant’s interest in this lease may have been assigned (with or without Landlord’s consent [if permitted herein or by law]), if a petition in bankruptcy shall be filed by or against Tenant hereunderor if Tenant shall make a general assignment for the benefit of creditors, as or receive the benefit of any insolvency or reorganization act; or (e) if a receiver or trustee is appointed for any portion of Tenant’s property and when due, where such failure appointment is not vacated within twenty (20) days; or (f) if an execution or attachment shall continue be issued under which the premises shall be taken or occupied or attempted to be taken or occupied by anyone other than Tenant; or (g) if the premises become and remain vacant or deserted for a period over ten (10) days following Tenant’s initial move-in; or (h if Tenant shall fail to move into or take possession of the premises within fifteen (15) days after Tenant’s receipt commencement of written notice thereof by Landlord to Tenantthe term of this lease; provided that or (i) if Tenant fails to pay Monthly Rent shall have made a material misrepresentation herein; or (j) there shall occur any breach of Section 1.B hereof or any equity owner, member, manager, director, executive officer or other payment required to be made by principal of Tenant hereunder on time more than two (2) times engaging in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure period; (b) the failure by Tenant to observe any activity or perform any of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant, other than as conduct described in subsection items (ai) aboveand (ii) of Section 1.B hereof. Notwithstanding anything herein to the contrary set forth, where such failure shall continue for a period of thirty (30) days after Tenant’s receipt of written notice thereof by Landlord provided that if such cure reasonably requires more than thirty (30) days to complete, then Tenant shall not commit waste or cause any damage to any portion of the Building irrespective of whether within or without the demised premises. The willful infliction of damage on any property or the intentional or repetitive interference with the quiet enjoyment by any other occupant of the Building shall be in default if deemed to be a conditional limitation of the term of this lease. Tenant shall promptly commence not create any nuisance or other disturbance within the cure of such Tenant Default and diligently pursues such cure to completion; (c) the making by Tenant of a general assignment or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed within sixty (60) days of filing); or the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of sameBuilding.

Appears in 2 contracts

Samples: Agreement of Lease (On Deck Capital Inc), Agreement of Lease (On Deck Capital Inc)

Default. The occurrence If (i) the Registration Statement required to be filed by the Company pursuant to Section 2(a) hereof is not filed with the SEC prior to the Filing Date or declared effective by the SEC on or before the Registration Deadline or (ii) if, after any such Registration Statement has been declared effective by the SEC, sales of any one or more of the following events shall constitute Registrable Securities required to be covered by such Registration Statement cannot be made pursuant to such Registration Statement (by reason of a default of this Lease by Tenant (a “Tenant Default”): (a) stop order, the Company's failure by Tenant to make any payment of Monthly Rent, update the Registration Statement as required hereby or any other payment required failure of such Registration Statement to be made effective or by Tenant hereunderreason of the Company exercising its rights under Section 3(p) hereof) (any such event, being a “Default”), then the Company shall, for each such day, pay each Holder with respect to any such failure, as liquidated damages and when duenot as a penalty, where an amount per 30-day period equal to 2.0% (accruing daily) of the purchase price paid pursuant to the Purchase Agreement by the Initial Holder for such failure shares; and for any such 30-day period (or a portion thereof), such payment shall continue for a period of fifteen (15) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more no later than two three (23) times in business days following such 30-day period (or the day the Registration Statement becomes effective). If such Holder shall be prohibited from selling Registrable Securities under the Registration Statement as a twelve (12) month period, result of a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure period; (b) the failure by Tenant to observe or perform any Suspension of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where such failure shall continue for a period of thirty (30) days after Tenant’s receipt of written notice thereof by Landlord provided that if such cure reasonably requires more than thirty (30) consecutive days to completeor more than forty-five (45) days in any calendar year, then Tenant for each day on which a Suspension is in effect that exceeds the maximum allowed period for a Suspension, but not including any day on which a Suspension is lifted, the Company shall pay each Holder, as liquidated damages and not as a penalty, an amount per 30-day period equal to 2.0% (accruing daily) of the purchase price paid pursuant to the Purchase Agreement by the Initial Holder for such shares, and for any such 30-day period (or a portion thereof), such payment shall be made no later than three (3) business days following such 30-day period (or the day the Suspension is lifted). For purposes of this Section 2(a), a Suspension shall be deemed lifted on the date that notice that the Suspension has been lifted is delivered to such Holder. Any payments made pursuant to this Section 2(a) shall constitute such Holder’s exclusive remedy for such events. Notwithstanding the foregoing provisions, the liquidated damages payable to such Holder shall not be in default if Tenant shall promptly commence exceed 24% of the cure of such Tenant Default and diligently pursues such cure to completion; (c) aggregate purchase price paid by the making by Tenant of a general assignment or general arrangement Initial Holder for the benefit of creditors; shares purchased under the filing of a voluntary bankruptcy petition by TenantSecurities Purchase Agreement. Such payments shall be made to the Holders in cash. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed the Company fails to pay any liquidated damages pursuant to this Section in full within sixty seven (60) days of filing); or the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in thirty (307) days after appointment the date of said trustee written demand therefor, the Company will pay interest thereon at a rate of 10% per annum (or receiversuch lesser maximum amount that is permitted to be paid by applicable law) to such Holder, provided howeveraccruing daily from the date such liquidated damages are due until such amounts, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunderplus all interest thereon, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret are paid in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of samefull.

Appears in 2 contracts

Samples: Resale Registration Rights Agreement (Kinderhook Partners, Lp), Resale Registration Rights Agreement (Active Power Inc)

Default. The occurrence of any one or more of the following events shall constitute will be a default of this Lease by Tenant (a “Tenant Default”): under this Lease: (a) the failure by Tenant to make if there ever is a Guaranty of any payment of Monthly Rent, or any other payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of fifteen (15) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month periodLiabilities under this Lease, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure perioddefault by a Guarantor thereunder; (b) the failure to pay rent or any other required amount within ten (10) days after written notice that the payment is due, although no such prior written notice will be required if Tenant is late more than twice in any twelve-month period; (c) as provided in Articles 23 (Exhibit “F”) and 25: (d) a Transfer or attempted Transfer in violation of Article 18; (e) Tenant’s failure to maintain its required insurance policies within five (5) days after Tenant becomes aware (by Tenant notice or otherwise) that one or more of its insurance policies have lapsed; (f) [Intentionally Omitted]; or (g) Tenant’s failure to observe or perform any of other obligation, term or condition within the covenantstime period specified in this Lease, conditionsand if no time period is specified, or provisions of it will be a default if this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where such failure shall continue continues for a period of thirty (30) days after Tenant’s receipt of written notice thereof by from Landlord provided that to Tenant, but if such cure reasonably requires more than thirty (30) days reasonably are required to completecure, then Tenant shall will not be in default if Tenant shall promptly commence begins to cure within the thirty (30)-day period and then diligently completes the cure of such Tenant Default and diligently pursues such cure to completion; as soon as possible but in any case within ninety (c) the making by Tenant of a general assignment or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed within sixty (60) days of filing); or the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in thirty (3090) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event notice of default hereunder, is given (in the case of repair or the filing of a petition for the appointment of same maintenance required under Section 12.2. this cure period may be extended by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject delays to the provisions of Article VIextent resulting from force majeure, but the aggregate cure period will not exceed one hundred eighty (180) days. Notwithstanding anything The term “default” or “Tenant default” or similar wording as used in this provision which may be construed Lease means a default as defined in this Section 21, but notwithstanding the foregoing or anything else to the contrary, Tenantif there is an Event of Bankruptcy as described in Article 23 (Exhibit “F”), Tenant will still be deemed to have been and to be in the event default if it fails to pay or perform its obligations under this Lease as and when required even if Landlord does not deliver or is prevented from delivering a notice of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of samesuch failure.

Appears in 2 contracts

Samples: Lease (TransMedics Group, Inc.), Lease (TransMedics Group, Inc.)

Default. The occurrence of any one or more of the following events shall constitute a default of Any other provisions in this Lease by notwithstanding, it shall be a Tenant event of default (a Tenant Event of Default”): ) under this Lease if: (ai) the failure by Tenant to make any payment of Monthly Rent, or any other payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of fifteen (15) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times twice in a any twelve (12) month periodperiod to pay any installment of Fixed Rent, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure period; (b) the failure Additional Rent or other sum payable by Tenant hereunder when due and such failure continues after written notice given by or on behalf of Landlord to Tenant for more than ten (10) days after its due date; or (ii) Tenant fails to perform or observe any other covenant, condition or perform any of the covenants, conditions, or provisions agreement of this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where and such failure shall continue for a period of thirty (30) days continues after Tenant’s receipt of written notice thereof given by or on behalf of Landlord provided that if such cure reasonably requires to Tenant for more than thirty (30) days days; or (iii) Tenant uses or occupies the Premises other than as permitted hereunder; or (iv) Tenant violates Sections 14, 18, 23, 24 or 37 of this Lease; or (v) Tenant abandons or vacates the Premises without Landlord’s prior written consent, or Tenant removes or attempts to completeremove or manifests an intention to remove any or all of Tenant’s property from the Premises other than in the ordinary and usual course of business; or (vi) Tenant files a petition commencing a voluntary case, then Tenant or has filed against it a petition commencing an involuntary case, under the Federal Bankruptcy Code (Title 11 of the Unites States Code), as now or hereafter in effect, or under any similar law, or files or has filed against it a petition or answer in bankruptcy or for reorganization or for an arrangement pursuant to any state bankruptcy or insolvency law or any similar state law, and, in the case of any such involuntary action, such action shall not be in default if Tenant shall promptly commence the cure of such Tenant Default and diligently pursues such cure to completion; (c) the making by Tenant of a general assignment or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, discharged or stayed denied within sixty (60) days of filing)after the filing thereof, or Tenant consents to or acquiesces in the filing thereof; or the appointment of (vii) if Tenant is a banking organization, Tenant files an application for protection, voluntary liquidation or dissolution applicable to banking organizations; or (viii) a custodian, receiver, trustee or receiver to take possession liquidator of Tenant or of all or substantially all of Tenant’s assets located at property or of the Premises shall be appointed in any proceedings brought by or against Tenant and, in the latter case, such entity shall not be discharged within sixty (60) days after the appointment thereof, or Tenant consents to or acquiesces in the appointment thereof; or (ix) Tenant shall generally not pay Tenant’s debts as such debts become due, or shall admit in writing its inability to pay its debts as they become due, or shall make an assignment of Tenant’s interest lease obligations for the benefit of or enter into an agreement with its creditors; or (x) any of the circumstances set forth in clauses (vi), (viii) or (ix) occurs as to any guarantor or surety of Tenant’s performance under this Lease (a “Guarantor”), or such Guarantor defaults under or is in breach of any provision under its guaranty or suretyship agreement; or (xi) Landlord shall determine that any financial or other information provided to Landlord by or on behalf of Tenant or Guarantor shall be or have been materially false or misleading; or (xii) there is committed by Tenant any other act or omission which is stated in this Lease, where such seizure is not contested, discharged, or stayed Lease to be an Event of Default. The notice and grace period provisions in thirty clauses (30i) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver and (ii) above shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject no application to the provisions Events of Article VI. Notwithstanding anything Default referred to in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of sameclauses (iii) through (xii) above.

Appears in 2 contracts

Samples: Lease Agreement (Histogenics Corp), Lease Agreement (Histogenics Corp)

Default. The occurrence of any one or more of the following events shall constitute a be deemed to be events of default of this Lease by Tenant under this lease: (a “1) Tenant Default”): (a) the failure by Tenant shall fail to make pay any payment installment of Monthly Rentrent, or any other payment required to be made by Tenant hereunder, as including Percentage Rent and when due, where additional rent hereby reserved and such failure shall continue for a period of ten (10) days. (2) Tenant shall fail to comply with any term, provision, or covenant of this lease, other than payment of rent and shall not cure such failure within fifteen (15) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure period; (b) the failure by Tenant to observe or perform any of the covenants, conditionstenant, or provisions of this Lease if the compliance cannot reasonably be completed within such time, then tenant shall fail to be observed or performed by Tenant, other than as described in subsection commence and diligently pursue the compliance and complete same within one hundred twenty (a) above, where such failure shall continue for a period of thirty (30120) days after Tenant’s receipt of written notice thereof by Landlord provided that if such cure reasonably requires more than thirty is provided. (303) days to complete, then Tenant or guarantor shall not be become insolvent or shall make a transfer in default if Tenant fraud of creditors of shall promptly commence the cure of such Tenant Default and diligently pursues such cure to completion; (c) the making by Tenant of a general make an assignment or general arrangement for the benefit of creditors; . (4) Tenant or guarantor shall file a petition under any section or chapter of the filing National Bankruptcy Act, as amended, or under any similar law or statute of the United States or any State thereof, or there shall be filed against Tenant a voluntary petition in bankruptcy petition by or insolvency or a similar proceeding, and any such proceedings shall not have been dismissed within ninety (90) days after its commencement, or Tenant shall be adjudged bankrupt or insolvent in proceeding filed against tenant thereunder. (5) A receiver or Trustee shall be appointed for the Demised Premises or for all or substantially all the assets of Tenant. If an involuntary bankruptcy petition against (6) Tenant has been filed and is not contested, dismissed, shall abandon or stayed within sixty (60) days vacate all or any portion of filing); the premises or the appointment of a trustee or receiver fail to take possession of substantially all of Tenant’s assets located at or open for business within the Premises or of Tenant’s interest in time required by this Lease, where such seizure is not contested, discharged, or stayed in thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VIlease. Notwithstanding anything in this provision which may be construed any statutory definition to the contrary, Tenantthe premises will be deemed abandoned if Tenant fails to open and operate for the purpose of conducting business for ten (10) consecutive business days. (7) Tenant shall do or permit to be done anything which creates a lien upon the Demised Premises, in the event which is not bonded or released within twenty (20) days after notice of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of samefiling.

Appears in 2 contracts

Samples: Business Lease (Amazon Herb Co), Business Lease (Amazon Herb Co)

Default. The occurrence of any one or more of the following events shall constitute a default of this Lease by Tenant (a “Tenant Default”): (a) the failure by Tenant to make any payment of Monthly Rent, or any other payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of fifteen Lessor may in writing declare this Agreement in default (15"Default") days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails if: (1) Lessees breach their obligation to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two sum when due; (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure period; (b) the failure by Tenant to observe or perform Lessees breach any of the covenants, conditions, or provisions their insurance obligations under Section IX hereof and (3) Lessees breach any of this Lease their other obligations hereunder and fails to be observed or performed by Tenant, other than as described in subsection (a) above, where such failure shall continue for a period of cure that breach within thirty (30) days after Tenant’s receipt of written notice thereof or Lessees breach any of their obligations under any Premises Lease or Sublease executed between Lessor and either Lessee from time to time, and Lessees fail to cure such breach before the expiration of the applicable cure or grace periods; (4) any representation or warranty made by Landlord provided that either Lessee in connection with this Agreement shall be false or misleading in any material respect; (5) either Lessee becomes insolvent or ceases to do business as a going concern; (6) a petition is filed by or against either Lessee under any bankruptcy or insolvency laws and, if such cure reasonably requires more than petition is filed against either Lessee, such petition is not dismissed within forty- five (45) days; (7) either Lessee shall have terminated its corporate existence, consolidated with, merged into, or conveyed or leased substantially all of its assets as an entirety to any person (such actions being referred to as an "Event") unless Lessees provide Lessor thirty (30) days days' prior written notice of such Event and on or prior to completesuch Event: (x) such person is organized and existing under the laws of the United States or any state, then Tenant shall not be and executes and delivers to Lessor an agreement containing an effective assumption by such person of the due and punctual performance of this Lease; and (y) Lessor is reasonably satisfied as to the creditworthiness of such person; (8) there occurs a default after expiration of any applicable cure periods under any guaranty executed in connection with this Agreement; (9) if SFC is in default if Tenant shall promptly commence under the cure Term Loan Agreement dated as of July 17, 1995, as amended, or any replacement or refinancing of such Tenant Default credit agreement (collectively, the "Credit Agreement"), and diligently pursues such cure to completion; (c) the making by Tenant creditor thereunder has accelerated the obligations thereunder, or if either Lessee is in default under any obligation in excess of a general assignment or general arrangement $10,000,000 for borrowed money, for the benefit deferred purchase price of creditors; property or any lease agreement and the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant creditor thereunder has been filed and is not contested, dismissed, or stayed within sixty (60) days of filing)accelerated the obligations thereunder; or (10) either Lessee ceases to be a wholly-owned subsidiary of SFC. Any default under the appointment terms of this or any other agreement between Lessor and either Lessee may be declared by Lessor a trustee default under this and any such other agreement. Any provision of this Agreement to the contrary notwithstanding, Lessor may exercise all rights and remedies hereunder independently with respect to each Schedule, but a declaration of Default shall apply to all Schedules except as specifically excepted by Lessor. Lessees acknowledge that a default in or receiver failure to take possession comply with any of substantially all of Tenant’s assets located at its obligations under the Premises or of Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order Agreement by either Lessee shall be an event deemed a default or failure by both Lessees. Each Lessee hereby waives any requirement that a notice from Lessor not become effective until a period of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, days has the right to contest an order for relief prior to entry of or defeating the entry of sameelapsed.

Appears in 2 contracts

Samples: Master Lease Agreement (Specialty Foods Acquisition Corp), Master Lease Agreement (Specialty Foods Corp)

Default. (a) The occurrence of any one or more of the following events shall constitute a be deemed to be events of default of this Lease (herein so called) by Tenant under this Lease: (a “i) Tenant Default”): (a) the failure shall fail to pay any rental or other sum [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED. payable by Tenant to make any payment of Monthly Rent, or any other payment required to be made by Tenant hereunder, hereunder as and when due, where such rental or other sum becomes due and payable and such failure shall continue continues for a period of fifteen (15) 5 business days after Tenant’s receipt of written notice thereof by from Landlord; provided, however, Landlord shall not be obligated to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time provide notice more than two (2) times in a any twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure period; (bii) the failure by Tenant shall fail to observe comply with any other provision, condition or perform any of the covenants, conditions, or provisions covenant of this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where and any such failure shall continue for a period of is not cured within thirty (30) days after Landlord gives written notice of such failure to Tenant (or if such failure is not capable of being cured within such 30 day period, the cure is not commenced within 30 days and diligently pursued to completion not to exceed 90 days); (iii) Tenant shall assign this Lease or sublet all or any part of the Premises or grant any license, concession or other right of occupancy of any portion of the Premises, without the prior written consent of Landlord except as otherwise allowed under this Lease; (iv) any petition shall be filed by or against Tenant or any guarantor of Tenant’s receipt obligations under this Lease pursuant to any section or chapter of written notice the present federal Bankruptcy Act or under any future federal Bankruptcy Act or under any similar law or statute of the United States or any state thereof by Landlord provided that if such cure reasonably requires more than thirty (30) days which as to complete, then Tenant any involuntary petition shall not be and remain discharged or stayed within a period of sixty (60) days after its entry), or Tenant or any guarantor of Tenant’s obligations under this Lease shall be adjudged bankrupt or insolvent in default if Tenant shall promptly commence proceedings filed under any section or chapter of the cure present federal Bankruptcy Act or under any future federal bankruptcy act or under any similar law or statute of such Tenant Default and diligently pursues such cure to completionthe United States or any state thereof; (cv) the making by Tenant or any guarantor of Tenant’s obligations under this Lease shall become insolvent or make a general transfer in fraud of creditors; (vi) Tenant or any guarantor of this Lease shall make an assignment or general arrangement for the benefit of creditors; or (vii) a receiver or trustee shall be appointed for Tenant or any guarantor of this Lease or for any of the filing assets of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed within sixty (60) days any guarantor of filing); or the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of same.

Appears in 2 contracts

Samples: Lease Agreement (Elevate Credit, Inc.), Lease Agreement (Elevate Credit, Inc.)

Default. The occurrence (A) If (i) Tenant fails to pay any installment of any one or more of the following events shall constitute a default of this Lease by Tenant (a “Tenant Default”): (a) the failure by Tenant to make any payment of Monthly Rent, or any other payment required to be made by Tenant hereunder, as Base Rent when due and when due, where such failure shall continue continues for a period of fifteen five (155) business days after Tenant’s receipt of written notice thereof by from Landlord to Tenant; provided that if such amount is past due, (ii) Tenant fails to pay Monthly any Additional Rent or any other payment required to be made by Tenant hereunder on time more than two when due and such failure continues for a period of ten (210) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding days after written notice from Landlord that such payments have been made within the applicable cure period; amount is past due, (biii) the failure by intentionally omitted, (iv) Tenant fails to observe or perform any of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant, ’s other than as described in subsection (a) above, where obligations herein contained and such failure shall continue continues for a period of thirty (30) days after Tenant’s receipt of written notice thereof by Landlord provided that if such cure reasonably requires more than thirty (30) days to completeafter written notice from Landlord, then Tenant shall provided, that if: (a) such cure cannot be in default if made within 30 days; and (b) Tenant shall promptly commence the cure of such Tenant Default and diligently pursues such cure cure, Tenant shall have such additional time as is needed to completion; cure, (cv) the making by Tenant commits an act of bankruptcy or files a general assignment petition or general arrangement for the benefit of creditors; the filing of commences any proceeding under any bankruptcy or insolvency law, (vi) a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition is filed or any proceeding is commenced against Tenant has been filed under any bankruptcy or insolvency law and is not contested, dismissed, or stayed dismissed within sixty (60) days of filing); days, (vii) Tenant is adjudicated a bankrupt, (viii) a receiver or the appointment of other official is appointed for Tenant or for a trustee or receiver to take possession of substantially all substantial part of Tenant’s assets located at the Premises or for Tenant’s interests in this Lease and is not dismissed within sixty (60) days, or (ix) any attachment or execution is filed or levied against a substantial part of Tenant’s interest assets or Tenant’s interests in this Lease or any of Tenant’s property in the Premises and is not dismissed within sixty (60) days, then in any such event, an “Event of Default” shall be deemed to exist and, at the option of Landlord, in addition to all other legal and equitable remedies: (a) the balance of the Base Rent and all Additional Rent and all other sums to which Landlord is entitled hereunder shall be deemed to be due payable and in arrears, as if payable in advance hereunder (less amounts Landlord should have mitigated under applicable law); or (b) this Lease and the Term shall, without waiver of Landlord’s other rights and remedies, terminate without any right of Tenant to save the forfeiture. Any acceleration of the rent by Landlord shall not constitute a waiver of any right or remedy of Landlord, and if Tenant shall fail to pay the accelerated rent upon Landlord’s demand, then Landlord may thereafter terminate this Lease, where as aforesaid. Immediately upon such seizure is termination by Landlord to the extent Tenant has not contesteddelivered possession of the Premises to Landlord and as permitted under applicable law, discharged, or stayed in thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver Landlord shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry recover possession of the Premises with or defeating the entry of samewithout legal process, breaking locks and replacing locks, and removing Tenant’s and any third party’s property therefrom, and making any disposition thereof as Landlord may deem commercially reasonable.

Appears in 2 contracts

Samples: Lease Agreement, Lease Agreement (Verrica Pharmaceuticals Inc.)

Default. The occurrence of In addition to any one or more other Default specifically described in this Lease, each of the following events occurrences shall constitute a default of this Lease by Tenant (be a “Tenant Default”): : (a) the Tenant’s failure by Tenant to make pay any payment portion of Monthly Rent, or any other payment required to be made by Tenant hereunder, as and Rent when due, where such if the failure shall continue continues for a period of fifteen seven (157) days Business Days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure period“Monetary Default”); (b) Tenant’s failure (other than a Monetary Default) to comply with any term, provision, condition or covenant of this Lease, if the failure by Tenant to observe or perform any of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where such failure shall continue for a period of is not cured within thirty (30) days after written notice to Tenant provided, however, if Tenant’s receipt of written notice thereof by Landlord provided that if failure to comply cannot reasonably be cured within such cure reasonably requires more than thirty (30) days to completethirty-(30)-day period, then Tenant shall be allowed additional time (not be in default if to exceed an additional sixty (60) days) as is reasonably necessary to cure the failure so long as Tenant shall promptly commence begins the cure of within such Tenant Default thirty-(30)-day period and diligently pursues such the cure to completion; (c) the making by Tenant effects or permits a Transfer without Landlord’s required approval or otherwise in violation of Section 11 of this Lease; (d) Tenant or any guarantor becomes insolvent, makes a general transfer in fraud of creditors, makes an assignment or general arrangement for the benefit of creditors, admits in writing its inability to pay its debts when due or forfeits or loses its right to conduct business; (e) the filing leasehold estate is taken by process or operation of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed within sixty (60) days of filing)Law; or the appointment (f) if a receiver, guardian, conservator, trustee in bankruptcy or similar officer shall be appointed by a court of a trustee or receiver competent jurisdiction to take possession charge of substantially all or any part of Tenant’s assets located at the Premises or of Tenantany guarantor’s interest in this Lease, where property and such seizure appointment is not contested, dischargeddischarged within ninety (90) days thereafter, or stayed in thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunderpetition including, or the filing of without limitation, a petition for the appointment of same reorganization or arrangement is filed by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, TenantTenant or any guarantor under any bankruptcy law or is filed against Tenant or any guarantor and, in the event case of an involuntary bankruptcy petition a filing against itTenant only, has the right to contest an order for relief prior to entry of or defeating same shall not be dismissed within ninety (90) days from the entry of samedate upon which it is filed. All notices sent under this Section shall be in satisfaction of, and not in addition to, any notice required by Law.

Appears in 2 contracts

Samples: Office Lease Agreement (Klaviyo, Inc.), Office Lease Agreement (Klaviyo, Inc.)

Default. The (a) Upon the occurrence of any one or more of the following events shall constitute a default of this Lease by Tenant (a “"Tenant Default”): ") Landlord shall have the remedies hereafter set forth: (ai) Tenant defaults in the failure payment of any rent, additional rent, or other sums due and payable by Tenant to make Landlord under this Lease; provided that Tenant shall have the right to cure a monetary default if any such amounts are paid to Landlord within five (5) days after Tenant's receipt of written notice from Landlord of such non-payment; or (ii) Tenant violates or defaults in the performance of any covenant, agreement, or other condition contained in this Lease (other than the payment of Monthly Rent, rent or any other payment required to be made by Tenant hereunder, as and when due, where such failure shall continue sum payable under this Lease) for a period of fifteen (15) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure period; (b) the failure by Tenant to observe or perform any of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where such failure shall continue for a period of thirty (30) days after Tenant’s receipt of written notice thereof by Landlord provided that if such cure reasonably requires more than thirty (30) days after written notice of such violation or default has been given by Landlord to completeTenant (or, then Tenant shall in the case of a default not be in default curable within thirty (30) days, if Tenant shall promptly fail to commence to cure such default within such thirty (30) days and diligently pursue the cure of such the default; or (iii) Tenant Default and diligently pursues such cure to completion; (c) the making by Tenant of makes a general assignment or general arrangement for the benefit of creditors; the filing of creditors or a voluntary or involuntary petition in bankruptcy petition is filed by Tenant. If an involuntary bankruptcy petition or against Tenant has been filed and or Tenant files a petition for reorganization or protection under any law relating to bankruptcy or a trustee or receiver is appointed to take possession of all or substantially all of Tenant's assets located at the Premises or Tenant's interest in this Lease, or all or substantially all of such assets or interest is attached, is judiciously seized or is executed upon provided that in the case of any involuntary proceeding, such proceeding is not contested, dismissed, or stayed dismissed within sixty (60) days of filing); or the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of samethereafter.

Appears in 2 contracts

Samples: Lease (Solera National Bancorp, Inc.), Lease (Solera National Bancorp, Inc.)

Default. The occurrence (A) If (i) Tenant fails to pay any installment of any one or more of the following events shall constitute a default of this Lease by Tenant (a “Tenant Default”): (a) the failure by Tenant to make any payment of Monthly Rent, or any other payment required to be made by Tenant hereunder, as and Base Rent when due, where (ii) Tenant fails to pay any Additional Rent when due and such failure shall continue continues for a period of ten (10) days after written notice from Landlord, (iii) Tenant abandons or vacates the Premises, (iv) Tenant fails to observe or perform any of Tenant's other obligations herein contained and such failure continues for more than fifteen (15) days after Tenant’s receipt of written notice thereof by from Landlord or such longer period as may be necessary so long as Tenant has commenced curing such default and is using diligent efforts to Tenant; provided that if cure the same, (v) Tenant fails to pay Monthly Rent commits an act of bankruptcy or files a petition or commences any proceeding under any bankruptcy or insolvency law, (vi) a petition is filed or any other payment required to be made by proceeding is commenced against Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made under any bankruptcy or insolvency law and is not dismissed within the applicable cure period; (b) the failure by Tenant to observe or perform any of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where such failure shall continue for a period of thirty (30) days after Tenant’s receipt of written notice thereof by Landlord provided that if such cure reasonably requires more than thirty days, (30vii) days to completeTenant is adjudicated a bankrupt, then (viii) a receiver or other official is appointed for Tenant shall not be in default if Tenant shall promptly commence the cure of such Tenant Default and diligently pursues such cure to completion; (c) the making by Tenant of or for a general assignment or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed within sixty (60) days of filing); or the appointment of a trustee or receiver to take possession of substantially all substantial part of Tenant’s 's assets located at the Premises or of for Tenant’s interest 's interests in this Lease, where such seizure or (ix) any attachment or execution is filed or levied against a substantial part of Tenant's assets or Tenant's interests in this Lease or any of Tenant's property in the Premises which is not contesteddismissed or satisfied within forty-five (45) days, dischargedthen in any such event, or stayed in thirty (30) days after appointment an “Event of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order Default” shall be an event of deemed to exist and Tenant shall be in default hereunder, or and, at the filing option of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, TenantLandlord, in addition to all other legal and equitable remedies: (a) the event balance of an involuntary bankruptcy petition against itthe Base Rent and all Additional Rent and all other sums to which Landlord is entitled hereunder shall be deemed to be due payable and in arrears, has as if payable in advance hereunder; or (b) this Lease and the Term shall, without waiver of Landlord's other rights and remedies, terminate without any right of Tenant to save the forfeiture. Any acceleration of the rent by Landlord shall not constitute a waiver of any right or remedy of Landlord, and if Tenant shall fail to pay the accelerated rent upon Landlord's demand, then Landlord may thereafter terminate this Lease, as aforesaid. Immediately upon such termination by Landlord, Landlord shall have the right to contest an order for relief prior to entry recover possession of the Premises with or defeating the entry of samewithout legal process, breaking locks and replacing locks, and removing Tenant's and any third party's property therefrom, and making any disposition thereof as Landlord may deem commercially reasonable.

Appears in 2 contracts

Samples: Lease Agreement, Lease Agreement

Default. The occurrence of any one or more Each of the following events shall constitute is a default of this Lease “Default” by Tenant (a “Tenant Default”): (a) the failure by Tenant to make any payment of Monthly Rent, or any other payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of fifteen (15) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if under this lease: Tenant fails to pay Monthly when due any Rent or and the failure continues for five days following Landlord’s notice (which notice shall also be considered any other payment demand required to be made by Tenant hereunder on time more than two (2) times any Law). If, however, Landlord gives such a notice twice in a twelve (12) any 12- month period, any additional failure to pay any Rent when due within that 12-month period shall be considered a Default (without the requirement of any notice by Landlord). Tenant Default fails to comply with Article 16. Tenant fails to comply with any other term of this lease and the failure continues for 30 days following Landlord’s notice. If, however, compliance cannot, with diligence, reasonably be fully accomplished within that 30-day period, Tenant shall occur notwithstanding have as long as is reasonably necessary to fully comply, provided Tenant commences compliance within that such payments have been made 30-day period and thereafter pursues compliance to completion with diligence. Tenant or any Guarantor, institutes, or has instituted against it any legal action seeking any relief from its debts under any Law which is not dismissed within 60 days, or a receiver, trustee, custodian or other similar official is appointed for it or for all or a substantial portion of its assets, or commits any other act indicating insolvency. Tenant fails to comply with any term of any other lease in the Building, or any Guarantor fails to comply with any term of its Guaranty, and in either instance the failure continues beyond the applicable cure period; . If a Default occurs, Landlord may at any time during the continuance of the Default give notice to Tenant that this lease shall terminate on the date specified in that notice, which date shall not be less than five days after Landlord’s notice to Tenant. If Landlord gives that notice, the Term shall expire on the date set forth in that notice (b) but Tenant shall remain liable as provided in this lease). If Tenant is in arrears in the failure payment of the Rent, Tenant waives Tenant’s right, if any, to designate the items against which any payments made by Tenant are to be credited, and Landlord may apply any payments made by Tenant to observe or perform any of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where such failure shall continue for a period of thirty (30) days after Tenant’s receipt of written notice thereof by items Landlord provided that if such cure reasonably requires more than thirty (30) days to complete, then Tenant shall not be in default if Tenant shall promptly commence the cure of such Tenant Default and diligently pursues such cure to completion; (c) the making by Tenant of a general assignment or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed within sixty (60) days of filing); or the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of samesees fit.

Appears in 2 contracts

Samples: Office Lease, Office Lease

Default. The occurrence In addition to any events defined elsewhere in this Lease as constituting a default of Tenant, any one or more of the following events shall constitute a be considered an event of default of this Lease by Tenant (a “Tenant Default”): hereunder: (a) the failure by of Tenant to make pay rent (including additional rent) or any payment of Monthly Rent, part thereof or any other payment required sums payable pursuant to be made by Tenant hereunder, this Lease as and when due, due hereunder where such failure shall continue for a period of fifteen three (153) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure periodfrom Landlord; (b) the failure by or Tenant to observe or perform any of the covenants, conditions, covenants or provisions of agreements contained in this Lease to be observed or performed by Tenant, other than as those described in subsection (aArticle 22(a) abovehereof, where such failure shall continue for a period of thirty twenty (3020) days after Tenant’s receipt of written notice thereof by Landlord provided that of such failure from Landlord; provided, however, if such failure is of a type that can be cured or corrected but not reasonably within a twenty (20) day period and Tenant has, during the twenty (20) day period, commenced the cure reasonably requires more than thirty (30) days to completeor correction of such failure and thereafter diligently purses such cure or correction, then no default shall exist unless Tenant shall not be in default if Tenant shall promptly commence ceases the cure diligent curing or correcting of such Tenant Default and diligently pursues such cure to completionfailure; (cc)(i) the making by Tenant of a any general assignment or general arrangement for the benefit of creditors; (ii) the filing by or against Tenant of a voluntary petition to have Tenant adjudged bankrupt or a petition for reorganization or arrangement under any law relating to bankruptcy (unless, in the case of a petition by filed against Tenant. If an involuntary bankruptcy petition against Tenant has been filed and , the same is not contested, dismissed, or stayed dismissed within sixty ninety (6090) days of filingdays); or (iii) the appointment of a trustee or receiver to take possession of substantially all of Tenant’s 's assets located at the Premises or of Tenant’s 's interest in this Lease where possession is not restored to Tenant within ninety (90) days; or (iv) the attachment, execution or judicial seizure of substantially all of Tenant's assets or of Tenant's interest in this Lease, where such seizure is not contested, discharged, or stayed in thirty discharged within ninety (3090) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and days; (d) failure the default by Tenant under any other lease agreement between Landlord and Tenant pertaining to maintain premises within the premises as an adult cabaret in continuous operation, subject to Project; (e) the provisions passage or other devolution of Article VI. Notwithstanding anything Tenant's interest in this provision which may be construed Lease to any person or entity except that named as Tenant herein, by law or otherwise, without the contrary, prior written consent of Landlord except as provided in Article 15 of this Lease; (f) the abandoning of the Premises by Tenant; or (g) the discovery by Landlord that any financial statement given to Landlord by Tenant, any assignee of Tenant, any subtenant of Tenant, or any successor in the event interest of an involuntary bankruptcy petition against itTenant, has the right to contest an order for relief prior to entry or any of or defeating the entry of samethem, was materially false.

Appears in 2 contracts

Samples: Lease Agreement (Cygnet Financial Corp), Lease Agreement (Cygnet Financial Corp)

Default. The occurrence of any one or more of the following events shall constitute a default of this Lease by Tenant (a “Tenant Default”): (a) The following shall be events of default under this Lease: (i) if Tenant defaults in payment of the failure by Tenant to make Rent for a period of five (5) days after any payment of Monthly Rent, or the Rent shall become due and payable; (ii) if Tenant defaults in the performance of any other payment required term, covenant, condition or obligation of Tenant under this Lease and fails to be made by Tenant hereundercure, as and when due, where such failure shall continue for default within a period of fifteen (15) days after Tenant’s receipt of written notice thereof by from Landlord to Tenant; provided specifying such default, provided, however, that if Tenant fails to pay Monthly Rent or any other payment the nature of Tenant's default is such that more than fifteen (15) days are required to cure such default, then Tenant shall not be made by Tenant hereunder on time more than two deemed to be in default if it shall commence such cure within such fifteen (215) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within day period and thereafter diligently prosecute the applicable cure periodsame to completion; (biii) the failure by if Tenant to observe abandons or perform vacates any portion of the covenants, conditionsPremises, or provisions of this Lease to be observed if the Premises or performed by Tenant, other than as described in subsection (a) above, where such failure shall continue a substantial part thereof remain unoccupied for a period of thirty (30) days after or more; (iv) if Tenant makes any transfer, assignment, conveyance, sale, pledge or disposition of all or a substantial portion of Tenant’s receipt 's Property, or removes a substantial portion of written notice thereof Tenant's Property from the Premises; (v) if Tenant is a corporation which is not validly existing and in good standing; (vi) if Tenant is a partnership which is dissolved or liquidated; or, (vii) if Tenant's interest herein is sold under execution. Any installment of Rent or any other sum due by Landlord provided that if such cure reasonably requires more than thirty Tenant hereunder not paid within ten (3010) days to complete, then Tenant following the date when due and payable shall not be in default if Tenant shall promptly commence bear interest from the cure date due until paid at the lesser of such Tenant Default and diligently pursues such cure to completion; (ci) 10% per annum or (ii) the making by Tenant of a general assignment or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed within sixty (60) days of filing); or the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of samemaximum lawful contract rate per annum.

Appears in 2 contracts

Samples: Office Lease Agreement (Talk Com), Office Lease Agreement (Talk Com)

Default. The occurrence In the event Tenant shall violate, fail to perform or be in breach of any one or more of the following events shall constitute a default of this Lease by Tenant (a “Tenant Default”): (a) the failure by Tenant any covenant to make any payment of Monthly pay Base Rent, additional rent, or any other payment required to be made by Tenant hereunder, as amount due hereunder and when due, where such failure shall continue for a period of fifteen more than five (155) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent the same is due, or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure period; (b) any other term, condition or covenant hereof and shall fail to cure the failure same within thirty (30) days after being given notice by Tenant to observe Landlord, or perform (c) any term, condition or covenant of any of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant, other than as Other Leases described in subsection (a) above, where such failure shall continue 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 after Tenant’s receipt and does not make reasonable provisions for the security and protection of written notice thereof by Landlord provided that if such cure reasonably requires more than thirty (30) days to completethe Premises from vandalism, then Tenant shall not be in default if Tenant shall promptly commence Landlord may, without further notice to Tenant, but without a breach of the cure of such Tenant Default and diligently pursues such cure to completion; peace either (cx) the making by Tenant of a general assignment or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed within sixty (60) days of filing); or the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at re-enter the Premises and terminate Tenant's right to possession thereof, without terminating this Lease or of (y) re-enter the Premises and terminate both Tenant’s interest in 's right to possession thereof and this Lease. To the extent permitted by law, where such seizure is not contested, discharged, re-entry may be effected without further notice to Tenant or stayed in thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver judicial proceedings and upon such re-entry Landlord shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior remove all persons and personal property from the 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 date set forth in such notice. Landlord may, in its sole discretion, after written notice to entry Tenant, store any personal property so removed at the sole cost and expense of Tenant. Nothing in this Section 10.1 shall relieve Tenant's obligation to pay any late fee or defeating other charge required under the entry terms of samethis Lease.

Appears in 2 contracts

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

Default. The occurrence of any one or more of the following events shall constitute a default “Default” by Tenant and shall give rise to Landlord’s remedies set forth in Section 16(B) below: (i) failure to make when due any payment of Rent, unless such failure is cured within five (5) business days after written notice from Landlord; (ii) failure to observe or perform any term or condition of this Lease by Tenant (a “Tenant Default”): (a) other than the failure by Tenant to make any payment of Monthly RentRent (or the other matters expressly described herein), unless such failure is cured within any period of time following notice expressly provided with respect thereto in other Sections hereof, or any other payment otherwise within a reasonable time, but in no event more than thirty (30) days following notice from Landlord (provided, if the nature of Tenant’s failure is such that more time is reasonably required in order to cure, Tenant shall not be made by in Default if Tenant hereunder, as commences to cure promptly within such period and when due, where such thereafter diligently pursues its completion); (iii) abandonment and vacation of the Premises (failure shall continue to occupy and operate the Premises for a period of fifteen (15) consecutive business days after while in monetary default under this Lease shall conclusively be deemed an abandonment and vacation); (iv) (a) Tenant, or any guarantor or any unreleased assignor of this Lease (“Guarantor”), filing by or for reorganization or arrangement under any Law relating to bankruptcy or insolvency (unless, in the case of a petition filed against Tenant or such Guarantor, the same is dismissed within thirty (30) days; or (b) Tenant’s receipt or any Guarantor’s insolvency or failure, or admission of written notice thereof by Landlord an inability, to pay debts as they mature; or (v) Tenant; provided that ’s failure to obtain Landlord’s consent before assigning the Lease or subletting all or a portion of the Premises. Additionally, if Tenant fails to pay Monthly Rent violates the same term or condition of this Lease on three (3) occasions during any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default Landlord shall occur notwithstanding that such payments have been made within the applicable cure period; (b) the failure by Tenant right to observe or perform exercise all remedies for any violations of the covenantssame term or condition during the next twelve (12) months without providing further notice or an opportunity to cure. The notice and cure periods provided herein are intended to satisfy any and all notice requirements imposed by Law on Landlord and are in lieu of, conditionsand not in addition to, or provisions of this Lease any notice and cure periods provided by Law; provided, Landlord may elect to be observed or performed comply with such notice and cure periods provided by Tenant, other than as described in subsection (a) above, where such failure shall continue for a period of thirty (30) days after Tenant’s receipt of written notice thereof by Landlord provided that if such cure reasonably requires more than thirty (30) days to complete, then Tenant shall not be in default if Tenant shall promptly commence Law. In the cure of such Tenant Default and diligently pursues such cure to completion; (c) the making by Tenant of a general assignment or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed within sixty (60) days of filing); or the appointment of a trustee or receiver to take possession of substantially all event of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, and in addition to any other amounts or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which remedies Landlord may be construed entitled to, Landlord shall be entitled to the contrary, recover from Tenant all of Landlord’s costs and reasonable attorneys’ fees incurred in enforcing this Lease or otherwise arising from Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of same’s default.

Appears in 2 contracts

Samples: Lease (Trupanion Inc.), Lease (Trupanion Inc.)

Default. The occurrence of any one or more of the following events shall constitute a default of this Lease by Tenant (a “Tenant Default”): (a) the failure by The following shall be events of default under this Lease: (i) if Tenant to make any defaults in payment of Monthly Rent, or any other payment required to be made by Tenant hereunder, as and when due, where such failure shall continue Rent for a period of fifteen five (155) days after Tenant’s receipt of written notice thereof by Landlord to Tenantfrom Landlord; provided that (ii) if Tenant defaults in the performance of any other term, covenant, condition or obligation of Tenant under this Lease and fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that cure such payments have been made default within the applicable cure period; (b) the failure by Tenant to observe or perform any of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where such failure shall continue for a period of thirty (30) days after Tenant’s receipt of written notice thereof from Landlord specifying such default (or if such default specified by Landlord provided that if is not curable within such cure reasonably requires more than thirty (30) day period, if Tenant fails within ten (10) days after such notice from Landlord to completecommence to cure such default or thereafter fails diligently to pursue completion of such cure during and after such thirty (30) day period); (iii) if Tenant makes any transfer, then Tenant shall not be in default assignment, conveyance, sale, pledge or disposition of all or a substantial portion of Tenant's Property, or removes a substantial portion of Tenant's Property from the Premises other than by reason of an assignment or subletting of the Premises permitted under this Lease; (iv) if Tenant's interest herein is sold under execution; (v) if Tenant shall promptly commence file a voluntary petition pursuant to the cure of such Tenant Default and diligently pursues such cure United States Bankruptcy Code (as amended from time to completion; (ctime, the "Bankruptcy Code") the making by Tenant of a general assignment or general arrangement for any successor thereto, or take the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If any insolvency act or law or be dissolved, or if an involuntary bankruptcy petition be filed against Tenant has been filed pursuant to the Bankruptcy Code or any successor thereto and said petition is not contested, dismissed, or stayed dismissed within sixty (60) days after such filing; (vi) if a receiver shall be appointed for Tenant's business or assets or any of filing); or them and the appointment of a trustee or such receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in thirty vacated within sixty (3060) days after appointment of said trustee such appointment; or receiver, provided however, (vii) if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver Tenant shall have been entered pursuant to 11 U.S.C. §303 such order shall be make an event of default hereunder, or the filing of a petition assignment for the appointment benefit of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of sameits creditors.

Appears in 2 contracts

Samples: Sublease Agreement (Accord Networks LTD), Sublease Agreement (Accord Networks LTD)

Default. The occurrence of any one or more of the following events shall constitute a default a. Tenant's Default. A material breach of this Lease by Tenant shall exist ---------------- if any of the following events (a “severally, "Event of Default"; collectively, "Events of Default") shall occur: (i) if Tenant Default”): (a) the failure by Tenant shall have failed to make any payment pay Base Rent, Tenant's Percentage Share of Monthly Rentincreased Operating Expenses, or any other payment sum required to be made by Tenant hereunder, as and paid hereunder when due, where including any interest due under Section 3, and such failure shall continue for a period of fifteen five (155) days after Tenant’s receipt of written notice thereof by from Landlord, except that Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment shall only be required to be made by Tenant hereunder on time more than give two (2) times such notices in a twelve (12) month periodany calendar year, a Tenant Default shall occur notwithstanding that and thereafter any such payments have been made within the applicable cure period; (b) the failure by Tenant shall constitute an Event of Default without the requirement of notice from Landlord; (ii) if Tenant shall have failed to observe or perform any of the covenantsterm, conditions, covenant or provisions condition of this Lease except those requiring the payment of money, and Tenant shall have failed to cure the breach within thirty (30) days after written notice from Landlord if the breach could reasonably be cured within the thirty (30) day period; provided, however, if the failure could not reasonably be cured within the thirty (30) day period, then Tenant shall not be in default unless it has failed to promptly commence and thereafter continue to make diligent and reasonable efforts to cure the failure as soon as practicable as reasonably determined by Landlord; (iii) if Tenant shall have assigned its assets for the benefit of its creditors; (iv) if the sequestration of, attachment of, or execution on, any material part of the property of Tenant or on any property essential to the conduct of Tenant's business shall have occurred, and Tenant shall have failed to obtain a return or release of the property within thirty (30) days thereafter, or prior to sale pursuant to any sequestration, attachment or levy, whichever is earlier; (v) if Tenant shall have abandoned the Premises; (vi) if a court shall have made or entered any decree or order adjudging Tenant to be observed insolvent, or performed by approving as properly filed a petition seeking reorganization of Tenant, other than as described in subsection (a) aboveor directing the winding up or liquidation of Tenant, where such failure and the decree or order shall continue have continued for a period of thirty (30) days after Tenant’s receipt of written notice thereof by Landlord provided that if such cure reasonably requires more than thirty days; (30vii) days to complete, then Tenant shall not be in default if Tenant shall promptly commence make or suffer any transfer which constitutes a fraudulent or otherwise avoidable transfer under any provision of the cure of such Tenant Default and diligently pursues such cure to completion; (c) the making by Tenant of a general assignment federal Bankruptcy Laws or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed within sixty (60) days of filing)any applicable state law; or the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in thirty (30viii) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver Tenant shall have been entered pursuant failed to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to comply with the provisions of Article VISections 22 or 24 of this Lease within the time periods stated therein. Notwithstanding anything in An Event of Default shall constitute a default under this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of sameLease.

Appears in 2 contracts

Samples: Avantgo Inc, Avantgo Inc

Default. The occurrence of any one or more of the following events shall constitute a default of this Lease “Default” by Tenant and shall give rise to Landlord’s remedies set forth in Paragraph B below: (a “Tenant Default”): (ai) the failure by Tenant to make when due any payment of Monthly Rent, or any other payment required to be made by Tenant hereunder, as and when due, where unless such failure shall continue for a period of fifteen is cured within ten (1510) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure periodnotice; (bii) the failure by Tenant to observe or perform any of the covenants, conditions, term or provisions condition of this Lease to be observed or performed by Tenant, other than as the payment of Rent (or the other matters expressly described in subsection (a) aboveherein), where unless such failure shall continue for a is cured within any period of thirty (30) days after Tenant’s receipt of written time following notice thereof by Landlord expressly provided that if such cure reasonably requires with respect thereto in other Articles hereof, or otherwise within a reasonable time, but in no event more than thirty (30) days following notice (provided, if the nature of Tenant’s failure is such that more time is reasonably required in order to completecure, then Tenant shall not be in default Default if Tenant shall commences to cure promptly commence the cure of within such Tenant Default period, and diligently pursues seeks and keeps Landlord reasonably advised of efforts to cure such cure failure to completion); (ciii) failure to cure immediately upon notice thereof any condition which is hazardous, interferes with another tenant or the operation or leasing of the Property, or may cause the imposition of a fine, penalty or other remedy on Landlord or its agents or affiliates, (iv) violating Article 13 respecting Transfers, or abandoning the Premises (“abandonment” under this Lease shall mean vacating or failing to occupy the Premises for more than thirty {30) days while Tenant is delinquent in paying Rent), or (v) (a) making by Tenant or any guarantor of a this Lease (“Guarantor”) of any general assignment or general arrangement for the benefit of creditors; , (b) filing by or for reorganization or arrangement under any Law relating to bankruptcy or insolvency (unless, in the filing case of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition filed against Tenant has been filed and or such Guarantor, the same is not contesteddismissed within thirty (30) days), dismissed, or stayed within sixty (60c) days of filing); or the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at in the Premises or of Tenant’s interest in this Lease, where such seizure possession is not contestedrestored to Tenant within thirty (30) days, discharged(d) attachment, execution or other judicial seizure of substantially all of Tenant’s assets located in the Premises or of Tenant’s interest in this Lease, (e) Tenant’s or any Guarantor’s convening of a meeting of its creditors or any class thereof for the purpose of effecting a moratorium upon or composition of its debts, (f) Tenant’s or any Guarantor’s insolvency or failure, or stayed in admission of an inability, to pay debts as they mature, or (g) a violation by Tenant or any affiliate of Tenant under any other lease or agreement with Landlord or any affiliate thereof which is not cured within the time permitted for cure thereunder. If Tenant violates the same term or condition of this Lease on three (3) occasions during any twelve (12) month period, and Landlord has provided notice to Tenant thereof within thirty (30) days after appointment of said trustee or receiverfollowing each such violation, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver then Landlord shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest exercise all remedies for any further violations of the same term or condition during the next twelve (12) months without providing further notice or an order for relief prior opportunity to entry of or defeating the entry of samecure such violation. The notice and cure periods herein are intended to satisfy and run concurrently with any notice and cure periods provided by Law, and shall not be in addition thereto.

Appears in 2 contracts

Samples: Office Lease (Chimerix Inc), Office Lease (Chimerix Inc)

Default. The occurrence of any one or more of the following events shall constitute will be a default of this Lease by Tenant (a “Tenant Default”): under this Lease: (a) the failure by Tenant to make if there ever is a Guaranty of any payment of Monthly Rent, or any other payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of fifteen (15) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month periodLiabilities under this Lease, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure perioddefault by a Guarantor thereunder; (b) the failure to pay rent or any other required amount within ten (10) days after written notice that the payment is due, although no such prior written notice will be required if Tenant is late more than twice in any twelve-month period; (c) as provided in Articles 23 (Exhibit “F”) and 25; (d) a Transfer or attempted Transfer in violation of Article 18; (e) Tenant’s failure to maintain its required insurance policies within five (5) days after Tenant becomes aware (by Tenant notice or otherwise) that one or more of its insurance policies have lapsed; (f) [Intentionally Omitted]; or (g) Tenant’s failure to observe or perform any of other obligation, term or condition within the covenantstime period specified in this Lease, conditionsand if no time period is specified, or provisions of it will be a default if this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where such failure shall continue continues for a period of thirty (30) days after Tenant’s receipt of written notice thereof by from Landlord provided that to Tenant, but if such cure reasonably requires more than thirty (30) days reasonably are required to completecure, then Tenant shall will not be in default if Tenant shall promptly commence begins to cure within the thirty (30)-day period and then diligently completes the cure of such Tenant Default and diligently pursues such cure to completion; as soon as possible but in any case within ninety (c) the making by Tenant of a general assignment or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed within sixty (60) days of filing); or the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in thirty (3090) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event notice of default hereunderis given (in the case of repair or maintenance required under Section 12.2, or the filing of a petition for the appointment of same this cure period may be extended by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject delays to the provisions of Article VIextent resulting from force majeure, but the aggregate cure period will not exceed one hundred eighty (180) days. Notwithstanding anything The term “default” or “Tenant default” or similar wording as used in this provision which may be construed Lease means a default as defined in this Section 21, but notwithstanding the foregoing or anything else to the contrary, Tenantif there is an Event of Bankruptcy as described in Article 23 (Exhibit “F”), Tenant will still be deemed to have been and to be in the event default if it fails to pay or perform its obligations under this Lease as and when required even if Landlord does not deliver or is prevented from delivering a notice of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of samesuch failure.

Appears in 2 contracts

Samples: Lease (Transmedics Inc), Lease (Transmedics Inc)

Default. The In addition to any other events described in this Lease as constituting a material breach or default hereunder, the occurrence of any one or more of the following events events, if not cured within any applicable time permitted for cure below, shall constitute a default an “Event of this Lease Default” by Tenant and shall give rise to Landlord’s remedies set forth in Section 25.2, below: (a “Tenant Default”): (ai) the failure by Tenant to make when due any payment of Monthly RentRent or other monetary obligation required under this Lease, or any other payment required to be made by Tenant hereunder, as and when due, where unless such failure shall continue for a period of fifteen is cured within ten (1510) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure periodnotice; (bii) the failure by Tenant to observe or perform any of the covenants, conditions, terms or provisions conditions of this Lease to be observed or performed by Tenant, Tenant (other than the payment of Rent or other monetary obligation required under this Lease or as described in subsection (a) aboveotherwise provided below), where unless such failure shall continue for a period of is cured within thirty (30) days after notice (provided, if the nature of Tenant’s receipt of written notice thereof by Landlord provided failure is such that if such cure reasonably requires more than thirty (30) days are reasonably required in order to completecure, then Tenant shall not be in default if Tenant shall promptly commence the commences to cure of within such Tenant Default period and diligently pursues thereafter reasonably seeks to cure such cure failure to completioncompletion within ninety (90) days); (ciii) any material misrepresentation herein, or material misrepresentation or omission in any financial statements or other materials provided by Tenant in connection with negotiating or entering into this Lease or in connection with any Transfer; (iv) vacation or abandonment of all or a substantial portion of the Premises for more than thirty (30) consecutive days; (v) making by Tenant of a any general assignment or general arrangement for the benefit of creditors; the filing by or against Tenant of a voluntary petition to have Tenant adjudged a bankrupt or a petition for reorganization or arrangement under any Laws relating to bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and unless the same is not contested, dismissed, or stayed dismissed within sixty (60) days of filing)days; or the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at on the Premises or of Tenant’s interest in this Lease, where such seizure possession is not contested, discharged, or stayed in restored to Tenant within thirty (30) days after appointment days; attachment, execution or other judicial seizure of said trustee substantially all of Tenant’s assets located on the Premises or receiver, provided however, if of Tenant’s interest in this Lease; Tenant’s convening of a final order adjudicating meeting of its creditors or any class thereof for the tenant purpose of effecting a moratorium upon or composition of its debts; or Tenant’s insolvency or admission of an inability to pay its debts as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunderthey mature; (vi) any material misrepresentation herein, or material misrepresentation or omission in any financial statements or other materials provided by Tenant in connection with negotiating or entering into this Lease or in connection with any Transfer under Section 23; or (vii) the filing attempted Transfer of a petition for all or any part of the appointment Premises or this Lease without the prior written consent of same Landlord as provided in Section 23 above. The notice and cure periods provided herein are in lieu of, and not in addition to, any notice and cure periods provided by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of sameLaws.

Appears in 2 contracts

Samples: Lease (Schnitzer Steel Industries Inc), Schnitzer Steel Industries Inc

Default. The occurrence of Notwithstanding any one or more of the following events shall constitute a default other provision of this Lease by Tenant (a “Tenant Default”): (a) Agreement except for FORCE MAJEURE, including, but not limited to the failure by Tenant to make any payment clause DISPUTE RESOLUTION, in the event Supplier shall be in material breach of Monthly Rent, or any other payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of fifteen (15) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure period; (b) the failure by Tenant to observe or perform any of the covenantsterms, conditions, or provisions covenants of this Lease to be observed Agreement or performed by Tenant, any purchase order (other than as described in subsection (aa result of any action or failure to act by Company or the Novus EMS) above, where and such failure breach shall continue for a period of thirty (30) days after Tenant’s the receipt of written notice thereof by Landlord provided that Supplier from Company, then in addition to all other rights and remedies which Company may have at law or equity or otherwise, Company shall have the right to cancel this Agreement and/or any Orders placed by Company without any charge to or obligation or liability of Company. Notwithstanding the foregoing, if such cure reasonably requires more than the material breach is curable but not within thirty (30) days to completeof receipt of notice and Supplier has commenced and is diligently pursuing cure of the material breach, then Tenant Supplier shall have an additional thirty (30) days, or other period as mutually agreed, within which to cure the material breach before Company can exercise its right to cancel this Agreement and/or any Orders placed by Company. Notwithstanding any other provision of this Agreement except for FORCE MAJEURE, including, but not limited to the clause DISPUTE RESOLUTION, in the event Company shall be in default if Tenant shall promptly commence material breach of any of the cure of such Tenant Default and diligently pursues such cure to completion; (c) the making by Tenant of a general assignment or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contestedterms, dismissedconditions, or stayed within sixty covenants of this Agreement or any purchase order (60other than as a result of any action or failure to act by Supplier) and such breach shall continue for a period of fifteen (15) days in the case of filing); payment default or the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in thirty (30) days for any other breach after appointment the receipt of said trustee written notice thereof by Company from Supplier, then in addition to all other rights and remedies which Supplier may have at law or receiverequity or otherwise, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver Supplier shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior refuse to entry fill any Orders placed by Company without any charge to or obligation or liability of or defeating Supplier. Notwithstanding the entry foregoing, if the material breach (other than a payment breach) is curable but not within thirty (30) days of same.receipt of notice and Company has commenced and is diligently pursuing cure

Appears in 1 contract

Samples: Supply Agreement (Andrew Corp)

Default. The occurrence of any one or more of the following events shall constitute a default of this Lease by Tenant (a “Tenant Default”): under this Lease: (a) the failure by Tenant to make any payment of Monthly Rent, pay rent or any other payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of fifteen charge within five (155) calendar days after Tenant’s 's receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure periodfrom Landlord; (b) the failure by Tenant to observe or perform any occupy and operate the Premises for in excess of the covenants, conditions, or provisions of this Lease sixty (60) consecutive days while also failing to be observed or performed by Tenant, other than as described in subsection (a) above, where pay rent during such failure shall continue for a period of thirty (30) days after Tenant’s receipt of written notice thereof by Landlord provided that if such cure reasonably requires more than thirty (30) days to complete, then Tenant shall not be in default if Tenant shall promptly commence the cure of such Tenant Default and diligently pursues such cure to completionsame 60-day period); (c) the making by Tenant of a any general assignment or general arrangement for the benefit of creditors; the filing by or against Tenant of a voluntary petition to have Tenant adjudged a bankrupt or a petition for reorganization or arrangement under any law relating to bankruptcy (unless, in the case of a petition by filed against Tenant. If an involuntary bankruptcy petition against Tenant has been filed and , the same is not contested, dismissed, or stayed dismissed within sixty ninety (6090) days of filing)days; or the appointment of a trustee or receiver to take possession of substantially all of Tenant’s 's assets located at the Premises or of Tenant’s 's interest in this Lease, or of substantially all of Tenant's assets located at the Premises or of Tenant's interest in this Lease, where possession is not restored to Tenant within thirty (30) days; the attachment, execution or other judicial seizure of substantially all of Tenant's assets located at the Premises or of Tenant's interest in this Lease where such seizure is not contesteddischarged within (30) days; or if this Lease shall, dischargedby operation of law or otherwise, pass to any person or stayed persons other than Tenant except as provided in Paragraph 19 herein; (d) The failure of Tenant to timely comply with the provisions of Paragraph 24 or Paragraph 31 of this Lease regarding, respectively, Subordination and Estoppel Certificates; or (e) The failure of Tenant to perform any other provision of this Lease within thirty (30) days after appointment following receipt of said trustee or receiverwritten request from Landlord, provided howeverexcept in the case of an emergency, if a final order adjudicating when the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order cure period shall be an event commensurate with the urgency of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of sameemergency.

Appears in 1 contract

Samples: Industrial Lease (Deckers Outdoor Corp)

Default. The occurrence of any one or more of the following events shall constitute a default of this Lease by Tenant under this Lease: (a “i) Tenant Default”): (a) the failure by Tenant fails to make any payment of Monthly Rent, pay Base Rent or any other payment required amount due under this Lease within five (5) days after the due date; (ii) Tenant fails to be made by execute, acknowledge and return an estoppel certificate under Section 18 or a subordination agreement under Section 22, within ten (10) days after a request therefor; (iii) Tenant hereunder, as and when due, where such failure shall continue for a period of fails to perform any other obligation under this Lease within fifteen (15) days after Tenant’s receipt notice of written notice thereof by Landlord to Tenant; provided nonperformance: provided, however, that if Tenant fails to pay Monthly Rent or any other payment required to the default is of such a nature that it cannot be made by Tenant hereunder on time more than two cured within fifteen (215) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure period; (b) the failure by Tenant to observe or perform any of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where such failure shall continue for a period of thirty (30) days after Tenant’s receipt of written notice thereof by Landlord provided that if such cure reasonably requires more than thirty (30) days to complete, then days. Tenant shall not be in default if Tenant shall promptly commence the commences to cure of such Tenant Default default within such fifteen (15) day period and thereafter diligently pursues prosecutes such cure as soon as practicable: (iv) Tenant vacates, abandons, or otherwise ceases to completionuse the Premises on a substantial continuing basis except temporary absence excused by reason of fire, casualty, or other cause wholly beyond Tenant’s control; (cv) the making by Tenant of a general assignment or general arrangement receiver is appointed for the benefit business, property, affairs or revenues of creditors; Tenant or any guarantor of Tenant’s obligations under this Lease (provided, however, that in the filing case of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against proceedings, Tenant has been filed and is not contested, dismissed, or stayed within shall have sixty (60) days to cause such receiver to be dismissed), or Tenant makes a bulk sale of filing)its goods or threatens to move its goods, chattels and equipment out of the Premises other than in the normal course of its business, or Tenant makes an assignment for the benefit of its creditors, or Tenant becomes insolvent; or the appointment (vi) Tenant fails to comply with any other provision of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of same.

Appears in 1 contract

Samples: Insys Therapeutics, Inc.

Default. The occurrence Tenant shall be in default of its obligations under this Lease if any one or more of the following events shall constitute a default of this Lease by Tenant (a “Tenant Default”): occur: (a) the failure by Tenant to make any payment of Monthly Rent, or any other payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of fifteen (15) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly any Rent or any other payment required the Storage Space Fee when due, when such failure continues for three (3) business day after written notice from Landlord to be made by Tenant hereunder on time more than two (2) times in of a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure perioddelinquency; (b) the failure by Tenant fails to observe or perform any of the covenantsterm, conditions, covenant or provisions condition of this Lease (except those requiring payment of Rent and the Storage Space Fee) and fails to be observed or performed by Tenant, other than as described in subsection (a) above, where cure such failure shall continue for a period of breach within thirty (30) days after Tenant’s receipt delivery of a written notice thereof by Landlord provided specifying the nature of the breach; provided, however, that if such cure reasonably requires more than thirty (30) days are reasonably required to completeremedy the failure, then Tenant shall not be in default if Tenant shall promptly commence commences the cure of such Tenant Default within the thirty (30) day period and thereafter diligently pursues such cure endeavors to completioncomplete the cure; (c) the making by Tenant of makes a general assignment or general arrangement of its assets for the benefit of its creditors; , including attachment of, execution on, or the filing appointment of a voluntary bankruptcy custodian or receiver with respect to a substantial part of Tenant's property or any property essential to the conduct of its business; (d) a petition is filed by Tenant. If an involuntary bankruptcy petition or against Tenant has been filed and under the bankruptcy laws of the United States or any other debtors' relief law or statute, unless such petition is not contested, dismissed, or stayed dismissed within sixty (60) days of after filing); or the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at (e) the Premises are completely abandoned or vacated for a continuous period exceeding thirty (30) days, and such abandonment or vacation continues for three (3) business day after written notice from Landlord to Tenant. Landlord shall be in default if Landlord fails to perform any term, covenant or condition of Tenant’s interest in this Lease, where Lease and fails to cure such seizure is not contested, discharged, or stayed in breach within thirty (30) days after appointment delivery of said trustee or receivera written notice specifying the nature of the breach; provided, provided however, that if a final order adjudicating more than thirty (30) days are reasonably required to remedy the tenant failure, then Landlord shall not be in default if Landlord commences the cure within the thirty (30) day period and thereafter diligently endeavors to complete the cure. In the event that Landlord fails to complete such performance (or to commence performance, as being bankrupt applicable) or appointing a trustee or receiver shall have been entered pursuant fails to 11 U.S.C. §303 diligently prosecute the same to completion within such order thirty (30) day period, Tenant may, at any time thereafter, cure the default and any amounts paid by Tenant in connection therewith shall be an event due from Landlord to Tenant within five (5) days after receipt of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of samewritten demand therefor.

Appears in 1 contract

Samples: SVTC PDF Solutions Lease (PDF Solutions Inc)

Default. The occurrence of If Tenant: (i) fails to pay any one or more of the following events shall constitute a default of this Lease by Tenant (a “Tenant Default”): (a) the failure by Tenant to make any payment of Monthly Rent, or any other payment required sum of money which Tenant is obligated to be made by Tenant hereunderpay, as provided in this Lease WITHIN FIVE (5) BUSINESS DAYS FOLLOWING RECEIPT OF WRITTEN NOTICE THAT SUCH AMOUNT IS PAST DUE; or (ii) breaches any other agreement, covenant or obligation herein set forth and when due, where such failure breach shall continue for a period of fifteen and not be remedied within THIRTY (1530) days after Tenant’s receipt of Landlord shall have given Tenant written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within specifying the applicable cure period; (b) the failure by Tenant to observe or perform any of the covenants, conditionsbreach, or provisions of this Lease to if such breach cannot, with due diligence, be observed or performed by Tenant, other than as described in subsection (a) above, where such failure shall continue for a cured within said period of THIRTY (30) days and Tenant does not within said THIRTY (30) day period commence and thereafter with reasonable diligence completely cure the breach within thirty (30) days after Tenant’s receipt of written notice thereof by Landlord provided that if such cure reasonably requires more than thirty notice; or (30iii) days to complete, then Tenant shall files (or has filed against it and not be in default if Tenant shall promptly commence the cure of such Tenant Default and diligently pursues such cure to completion; (c) the making by Tenant of a general assignment stayed or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed vacated within sixty (60) days of after filing) any petition or action for relief under any creditor's law (including bankruptcy, reorganization, or similar action), either in state or federal court; or (iv) makes any transfer in fraud of creditors as defined in Section 548 of the United States Bankruptcy Code (11 U.S.C. 548, as amended or replaced), has a receiver appointed for its assets (and appointment of a trustee shall not have been stayed or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in vacated within thirty (30) days after appointment days), or makes an assignment for benefit of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order creditors; then Tenant shall be an event of in default hereunder, and, in addition to any other lawful right or remedy which it may have, Landlord at its option may do the following: (i) terminate this Lease OR (ii) repossess the Premises, and with or without terminating (IF LANDLORD REPOSSESSES THE PREMISES WITHOUT TERMINATING THIS LEASE, LANDLORD AGREES TO USE BEST EFFORTS TO MITIGATE ITS DAMAGES), relet the same at such amount as Landlord deems reasonable; and if the amount for which the Premises is relet is less than Tenant's Rent and all other obligations of Tenant to Landlord hereunder, then Tenant shall immediately pay the difference on demand to Landlord, but if in excess of Tenant's Rent, and all other obligations of Tenant hereunder, the entire amount obtained from such reletting shall belong to Landlord, free of any claim of Tenant thereto. All reasonable expenses of Landlord in repairing, restoring, or altering the Premises for reletting as WAREHOUSE space, together with leasing fees and all other expenses in seeking and obtaining a new Tenant, shall be charged to and be a liability of Tenant. Xxxxxxxx's reasonable attorneys' fees in pursuing any of the foregoing remedies, or in collecting any Rent due by Tenant hereunder, shall be paid by Xxxxxx. All rights and remedies of Landlord are cumulative, and the exercise of any one shall not be an election excluding Landlord at any other time from exercise of a different or inconsistent remedy. No exercise by Landlord of any right or remedy granted herein shall constitute or effect a termination of this Lease unless Landlord shall so elect by written notice delivered to Tenant. The failure of Landlord to exercise its rights in connection with this Lease or any breach or violation of any term, or any subsequent breach of the same or any other term, covenant or condition herein contained shall not be a waiver of such term, covenant or condition or any subsequent breach of the same or any other covenant or condition herein contained. No acceptance by Landlord of a lesser sum than the Base Rent, administrative charges, Additional Rent and other sums then due shall be deemed to be other than on account of the earliest installment of such payments due, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed as accord and satisfaction, and Landlord may accept such check or payment without prejudice to Landlord's right to recover the balance of such installment or pursue any other remedy provided in this Lease. In addition, no payments of money by Tenant to Landlord after the expiration or termination of this Lease after the giving of any notice by Landlord to Tenant shall reinstate or extend the Term, or make ineffective any notice given to Tenant prior to the payment of such money. After the service of notice or the filing commencement of a petition for suit, or after final judgment granting Landlord possession of the appointment of same by Premises, Landlord may receive and collect any sums due under this Lease, and the Tenant, whichever payment thereof shall first occur and (d) failure to maintain the premises as an adult cabaret not make ineffective any notice or in continuous operation, subject to the provisions of Article VIany manner affect any pending suit or any judgment previously obtained. Notwithstanding anything in this provision which Xxxxxx further agrees that Landlord may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest obtain an order for relief prior summary ejectment from any court of competent jurisdiction without prejudice to entry of or defeating the entry of sameLandlord's rights to otherwise collect rents from Tenant.

Appears in 1 contract

Samples: Etoys Inc

Default. In the event Tenant fails to pay the Rent as herein provided and such failure continues for ninety (90) days subsequent to Tenant's receipt of written notice of such failure from Landlord, then Landlord, after providing to Tenant a second written notice setting forth such failure and Tenant failing to cure such default within ten (10) days subsequent to Tenant's receipt of such second notice, may exercise any right or remedy allowed at law or in equity. If Tenant fails to promptly perform any other covenant hereunder or pay any other sums due hereunder, and Tenant has not cured such failure within ninety (90) days subsequent to Tenant's receipt of such written notice, then Landlord, after providing to Tenant a second written notice setting forth such failure and Tenant failing to cure such default within ten (10) days subsequent to Tenant's receipt of such second notice, may exercise any right or remedy allowed at law or in equity; provided in no event, except as hereinafter specifically set forth in this Section 14, shall Landlord have the right to terminate this Lease as a result of Tenant's default. Notwithstanding anything in this Section 14 to the contrary, the remedies afforded Landlord under this Section 14 shall not be applicable to any default by Tenant for which a remedy is expressly provided in this Lease. The occurrence of any one or more of the following events shall also constitute a default of this Lease by Tenant (a “Tenant Default”): (a) the failure by Tenant to make any payment of Monthly Rent, or any other payment required to be made by Tenant hereunder, for which Landlord will have the option, as its sole and when dueexclusive remedy, where such failure shall continue for a period of fifteen (15) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure period; (b) the failure by Tenant to observe or perform any of the covenants, conditions, or provisions of terminate this Lease to be observed or performed by Tenantand in connection therewith, other than and as described in subsection (a) above, where such failure shall continue for a period of thirty (30) days after Tenant’s receipt of written notice thereof by Landlord provided that if such cure reasonably requires more than thirty (30) days to complete, then Tenant shall not be in default if Tenant shall promptly commence the cure condition of such Tenant Default and diligently pursues such cure termination, to completion; (c) the making by Tenant of a general assignment or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed within sixty (60) days of filing); or the appointment of a trustee or receiver to take possession of substantially purchase all of Tenant’s assets located at the Premises or of Tenant’s 's then existing interest in the Land, the Sublease, and the improvements being constructed by NCMC on the Land and the Hospital Tract, for an amount equal to the sum of the then outstanding principal balance of the loan from MPT Finance Company, LLC to NCMC, plus any and all other sums expended by Tenant in connection with the transactions contemplated by this Lease, where the Sublease and such seizure is not contested, discharged, or stayed in thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of same.loan:

Appears in 1 contract

Samples: Medical Properties Trust Inc

Default. The occurrence of any one or more of Notwithstanding anything in the following events Lease to the contrary, Tenant shall constitute a not be in default of under this Lease by Tenant (a “Tenant Default”): (a) the failure by Tenant to make any payment of Monthly Rent, or any other payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of fifteen (15) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure period; (b) the failure by Tenant to observe or perform any of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where such failure shall continue for a period of until thirty (30) days after Tenant’s receipt of written notice thereof by from Landlord provided that specifying Tenant's failure to comply with any material provision of this Lease, which failure is not cured within said thirty (30) days; provided, however, where such default cannot reasonably be cured within thirty (30) days, Tenant shall not be deemed to be in default under this Lease if Tenant commences to cure such cure reasonably requires more than default within said thirty (30) days to complete, then Tenant shall not be in default if Tenant shall promptly commence the cure of such Tenant Default and thereafter diligently pursues such cure to completion; (c) . In the making by Tenant of a general assignment or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed within sixty (60) days of filing); or the appointment of a trustee or receiver to take possession of substantially all event of Tenant’s assets located at 's default in the Premises payment of rentals or in Tenant's failure to comply with any other material provision of Tenant’s interest in this Lease, where such seizure Landlord may, at its option, terminate this Lease without affecting its right to sue for all past due rentals and any other damages to which the Landlord may be entitled. In the event of Landlord's failure to comply with any material provision of this Lease, which failure is not contested, discharged, or stayed in cured within thirty (30) days after appointment receipt of said trustee or receiverwritten notice thereof from Tenant (provided, provided however, where any such default cannot reasonably be cured within thirty (30) days, Landlord shall not be deemed to be in default under this Lease if a final order adjudicating Landlord commences to cure such default within said thirty (30) days and thereafter diligently pursues such cure to completion), Tenant may, at its option, terminate this Lease. Notwithstanding the tenant as being bankrupt or appointing a trustee or receiver foregoing, in no event shall have been entered pursuant Landlord's right to 11 U.S.C. §303 such order shall be an event cure exceed sixty (60) days after notice of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VIcomply with this Lease. Notwithstanding anything The rights and remedies stated in this provision which may be construed to Lease are not exclusive and the contrary, Tenantparties, in the event of an involuntary bankruptcy petition against ita breach hereof or a dispute, has are entitled to pursue any of the remedies provided herein, by law, or by equity. No course of dealing between the parties or any delay on the part of a party to exercise any right to contest an order it may have under this Lease shall operate as a waiver of any of the rights hereunder or by law or equity provided, nor shall any waiver of any prior default operate as the waiver of any subsequent default, and no express waiver shall affect any term or condition other than the one specified in such waiver and that one only for relief prior to entry of or defeating the entry of sametime and manner specifically stated.

Appears in 1 contract

Samples: Tower and Ground Lease Agreement

Default. Any act or omission by Subtenant that would constitute a default by Sublandlord under the Original Sublease if it had been committed by Sublandlord shall be a default by Subtenant under this Sublease. The occurrence of any one or more of the following events shall constitute each be deemed to be a default “Default” by Subtenant under this Sublease: (i) Subtenant shall fail to pay Rent when due pursuant to the terms hereof, and shall fail to cure such failure within five (5) calendar days after Subtenant receives notice from Sublandlord of such failure; (ii) Subtenant shall fail to perform any obligation of Subtenant under this Sublease or to comply with any provision of this Lease by Tenant Sublease (a “Tenant Default”): (a) including, without limitation, the failure by Tenant to make any payment of Monthly Rent, or any other payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of fifteen (15) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times provision set forth in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure period; (b) the failure by Tenant to observe or perform any of the covenants, conditions, or provisions first sentence of this Lease to be observed or performed by TenantSection 6), other than as described the payment of Rent or compliance with the items in subsection clauses (aiii) abovethrough (vi) of this Section 6 below, where and shall not cure such failure shall continue for a period of thirty within twenty (3020) calendar days after Tenant’s receipt of written Subtenant receives notice thereof by Landlord from Sublandlord; provided, however, that any such notice shall be in lieu of, and not in addition to, any notice required under California Code of Civil Procedure Section 1161 or any similar or successor law; and provided further, that if the nature of such cure failure is that it cannot reasonably requires more than thirty be cured within a twenty (3020) days to completecalendar day period, then Tenant Subtenant shall not be deemed to be in default Default hereunder if Tenant shall promptly commence the cure of such Tenant Default and it diligently pursues commences such cure within such period, notifies Sublandlord within such period that it cannot reasonably complete such cure within twenty (20) calendar days and thereafter diligently proceeds to completioncure such failure as soon as reasonably possible but in no event later than sixty (60) calendar days after the receipt of Sublandlord’s notice; (ciii) the making by Tenant of Subtenant shall make a general assignment or general arrangement for the benefit of creditors; , or shall admit in writing its inability to pay its debts as they become due, or shall file a petition in bankruptcy, or shall be adjudicated as bankrupt or insolvent, or shall file a petition in any proceeding seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, or shall file an answer admitting or fail timely to contest the filing material allegations of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition filed against Tenant has it in any such proceeding; (iv) a proceeding is commenced against Subtenant seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, and such proceeding shall not have been filed and is not contested, dismissed, or stayed dismissed within sixty (60) calendar days of filing)after the commencement thereof; (v) a receiver or the appointment of a trustee shall be appointed for all or receiver to take possession of substantially all of Tenant’s the assets located at of Subtenant; or (vi) Subtenant shall do or permit to be done anything which creates a lien upon the Subleased Premises or of Tenant’s interest in this Lease, where the Building and such seizure lien is not contested, discharged, removed or stayed in thirty discharged or bonded over within ten (3010) calendar days after appointment Subtenant obtains knowledge of said trustee or receiversuch filing. Any Default by Subtenant shall entitle Sublandlord to exercise any and all of the same rights and remedies against Subtenant as are available to Original Sublandlord against Sublandlord as tenant under the Original Sublease, provided however, if a final order adjudicating arising out of an Event of Default under the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operationOriginal Sublease. In addition, subject to the terms of Section 19 of this Sublease, any Default by Subtenant shall entitle Sublandlord to recover all expenses incurred by Sublandlord to the extent resulting from such Default (including, without limitation, reasonable attorneys’ fees and disbursements incurred in enforcing the provisions of Article VIthis Sublease). If at any time Subtenant or anyone claiming by, through or under Subtenant is holding over in all or any portion of the Subleased Premises beyond the expiration or sooner termination of the Sublease Term (a “Subtenant Holdover”) and Sublandlord incurs any costs, claims, damages, fees (including, without limitation, reasonable attorneys’ fees), expenses, or liabilities resulting from a Subtenant Holdover, including, without limitation, any sums Sublandlord may be required to pay pursuant to Section 28 of the Original Sublease (collectively, “Hold Over Expenses”), then Subtenant shall indemnify and hold Sublandlord harmless from and against any and all Hold Over Expenses. Notwithstanding anything the foregoing, if Sublandlord or anyone claiming by, through or under Sublandlord is holding over in this provision which may all or any portion of the remainder of the Premises after the expiration or sooner termination of the term of the Lease, then Subtenant shall only be construed obligated to the contrarypay 16.932% (i.e., Tenant, in the event Subtenant’s pro rata share) of an involuntary bankruptcy petition against it, has the right such Hold Over Expenses pursuant to contest an order for relief prior to entry of or defeating the entry of samesuch indemnification.

Appears in 1 contract

Samples: Sub Sublease Agreement (Looksmart LTD)

Default. The occurrence of any one or more Each of the following events shall constitute a default be deemed to be an “Event of this Lease Default” by Tenant (and a “Tenant Default”): (a) the failure by Tenant to make any payment of Monthly Rent, or any other payment required to be made breach by Tenant hereunder: (i) if Tenant shall default in the payment when due of any Base Rent, as additional rent, and/or any other sums due under this Lease or any Schedule hereto and when due, where such failure default shall continue for a period of ten (10) days after such due date. Notwithstanding the foregoing, it shall not be an Event of Default if Tenant pays any such delinquent sum within five (5) days after Tenant’s receipt from Landlord of written notice that such sum has not been received by Landlord within the ten (10)-day period following its due date; provided, further, however, that Landlord shall be required to give Tenant such notice of non-payment only once during any twelve (12) consecutive month period and on any subsequent occasion that any sum due under this Lease is not received by Landlord within ten (10) days after the same is due such non-payment shall automatically be an Event of Default; or (ii) if Tenant shall default in the observance or performance of any term, covenant or condition of this Lease on Tenant’s part to be observed or performed (other than the covenants for the payment of Base Rent and additional rent) and Tenant shall fail to remedy such default within fifteen (15) days after Tenant’s receipt of written notice thereof by Landlord to Tenant of such default (however, if Tenant’s failure cannot reasonably be cured within said fifteen (15) days, Tenant shall be allowed such additional time (not to exceed a total of thirty (30) days) as is reasonably necessary to cure the failure so long as: (1) Tenant commences to cure the failure within said fifteen (15) days, and (2) Tenant diligently pursues a course of action that will cure the failure); provided that or (iii) if Tenant fails to pay Monthly Rent shall file a voluntary petition in bankruptcy or insolvency, or shall file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or any future federal bankruptcy act or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month periodpresent or future applicable federal, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure period; (b) the failure by Tenant to observe state or perform any of the covenants, conditionsother statute or law, or provisions shall make an assignment for the benefit of this Lease creditors, or shall seek or consent to be observed or performed by acquiesce in the appointment of any trustee, receiver or liquidator of Tenant or of all or any part of Tenant’s property; or (iv) if, other than as described in subsection (a) above, where such failure shall continue for a period of within thirty (30) days after the commencement of any proceeding against Tenant’s receipt of written notice thereof , whether by Landlord provided that if such cure reasonably requires more than thirty (30) days to complete, then Tenant shall not be in default if Tenant shall promptly commence the cure of such Tenant Default and diligently pursues such cure to completion; (c) the making by Tenant of a general assignment or general arrangement for the benefit of creditors; the filing of a voluntary petition or otherwise, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or any future federal bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has act or any other present or future applicable federal, state or other statute or law, such proceeding shall not have been filed and is not contested, dismissed, or stayed if, within sixty (60) days of filing); or the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the any trustee, receiver or liquidator of Tenant, whichever of all or any part of Tenant’s property, with or without the consent or acquiescence of Tenant, such appointment shall first occur not have been vacated or otherwise discharged, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property pursuant to which the Premises shall be taken or occupied or attempted to be taken or occupied and shall not be dismissed within sixty (d60) failure to maintain days; or (v) if the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything Premises shall become deserted or abandoned; or (vi) if Tenant’s interest in this provision which Lease shall devolve upon or pass to any person, whether by operation of law or otherwise, in violation of the terms of the Lease. Upon the occurrence, at any time prior to or during the Term, of any one or more such Events of Default, Landlord, at any time thereafter, at Landlord’s option, may be construed give to the contrary, TenantTenant a five (5) days’ notice of termination of this Lease and, in the event such notice is given, this Lease and the Term shall come to an end and expire (whether or not said term shall have commenced) upon the expiration of an involuntary bankruptcy petition against itsaid five (5) days with the same effect as if the date of the expiration of said five (5) days were the Expiration Date, has the right to contest an order for relief prior to entry of or defeating the entry of samebut Tenant shall remain liable as hereinafter provided.

Appears in 1 contract

Samples: Lease Agreement (BioXcel Therapeutics, Inc.)

Default. The occurrence of any one or more 19.1 Each of the following events shall constitute a default an “Event of this Lease by Tenant (a “Tenant Default”): : (a) the Tenant’s failure by Tenant to make when due any payment of Monthly the Base Rent, additional rent or any other payment required sum; provided, however, that with respect to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of fifteen (15) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than the first two (2) times such failures in a any twelve (12) month periodperiod only, a Tenant no Event of Default shall occur notwithstanding that be deemed to have occurred unless such payments have been made within the applicable cure periodfailure continues for a period of five (5) business days after Landlord delivers written notice thereof to Tenant; (b) the Tenant’s failure by Tenant to perform or observe any covenant or perform any of the covenants, conditions, or provisions condition of this Lease to be observed or performed by Tenant, other than as not otherwise specifically described in subsection (a) abovethis Section 19.1, where such which failure shall continue continues for a period of thirty (30) days after Tenant’s receipt of Landlord delivers written notice thereof by Landlord provided to Tenant; provided, however, that if the failure on the part of Tenant is not capable of being cured within such 30-day period but Tenant expeditiously commences to cure same and diligently proceeds with such cure, Tenant’s time to cure such failure shall be extended for the time necessary to cure same, but in no event longer than sixty (60) days, inclusive of the original 30-day period; provided, however, that such cure reasonably requires more than period shall not be applicable if, in Landlord’s sole and absolute discretion, such failure raises a life/safety issue with respect to the Building or its occupants or visitors, including but not limited to, a threat of personal injury or continuing physical injury to the Building, or if such failure is affecting another tenant’s use or occupancy of the Building or its premises; (c) Tenant’s abandonment of or failure to occupy continuously the Premises without Landlord’s prior written consent; provided, however, that if (i) Tenant gives Landlord at least thirty (30) days prior written notice that it intends to completevacate the Premises, then (ii) Tenant pays the full amount of all Rent when due under this Lease while the Premises are vacant, and (iii) Tenant leaves the Premises in the condition required by this Lease and continues to maintain the Premises in the condition required by this Lease throughout the remainder of the Term, then, and in such event only, Tenant shall not be deemed to be in default if Tenant shall promptly commence the cure of such Tenant Default and diligently pursues such cure to completionunder this Section 19.1(g); (cd) the making by Tenant an Event of a general assignment Bankruptcy as specified in Article XX; (e) Tenant’s dissolution or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed within sixty (60) days of filing)liquidation; or the appointment (f) any Environmental Default as specified in Section 6.3; (g) any subletting, assignment, transfer, mortgage or other encumbrance of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is Lease not contested, discharged, or stayed in thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same permitted by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of sameVII.

Appears in 1 contract

Samples: Office Lease Agreement (Capitalsource Inc)

Default. The occurrence of any one or more Each of the following events shall constitute be a default of this Lease hereunder by Tenant (a “Tenant Default”): (a) the failure by If Tenant shall fail to make pay any payment of Monthly Rent, or any other payment required amount due to be made by Tenant hereunder, Landlord hereunder as and when due, where such failure the same shall continue become payable and due and the same remains unpaid for a period of fifteen thirty (1530) days after TenantLandlord’s receipt of written notice thereof by Landlord of non-payment; or If Tenant shall fail to Tenant; provided that if Tenant fails to pay Monthly Rent or perform in any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure period; (b) the failure by Tenant to observe or perform material respect any of its obligations or comply in any material respect with the covenants, conditions, or provisions covenants and terms of this Lease on Tenant’s part to be observed or performed by Tenant, other than as described in subsection (a) above, where and such failure non-performance shall continue for a period of thirty (30) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; or in the event such failure cannot with due diligence be cured within such thirty (30) day period, if Tenant shall fail to act in good faith to commence and undertake performance within such thirty (30) day period and, having commenced in good faith to undertake such performance within the initial thirty (30) day period, shall fail to diligently and continuously proceed to cure such non-performance to completion within a reasonable time thereafter; (not to exceed three hundred sixty-five (365) days in the aggregate (but subject to force majeure as provided that in Section 27 hereof); or If Tenant files any petition or action for relief under any creditor'screditor’s law (including bankruptcy, reorganization, or similar action), either in state or federal court, or has such a petition or action filed against it which is not stayed or vacated within sixty (60) days after filing; or If Tenant makes any transfer in fraud of creditors as defined in Xxxxxxx 000 xx xxx Xxxxxx Xxxxxx Bankruptcy Code (11 U.S.C. 548, as amended or replaced), has a receiver appointed for its assets (and the appointment is not stayed or vacated within thirty (30) days), or makes an assignment for benefit of creditors; If Tenant Transfers this Lease in violation of Section 19;19 hereof; or Subject to force majeure as provided in Section 26,27 hereof, if such cure reasonably requires the Facility Premises shall be permanently abandoned, deserted or vacated by Tenant by more than thirty (30) days days. Subject to completecomplying with Section 22,22 hereof, then Landlord may institute litigation to recover damages or to obtain any other remedy at law or in equity (including, without limitation, specific performance, permanent, preliminary or temporary injunctive relief, terminating the Lease, terminating Tenant’s right of possession, appointment of receiver, and any other kind of legal or equitable remedy) for any Tenant Default. In addition, afterat any time there is a continuing Tenant Default, Landlord may enter upon the Facility Premises and do whatever Tenant was obligated to do under the terms of this Lease or otherwise cure any Tenant Default; Tenant agrees to reimburse Landlord on demand for any expenses which Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Tenant further agrees that Landlord shall not be in liable for any damages resulting to Tenant from such action. No action taken by Landlord pursuant to this Section 21(a) shall relieve Tenant from any of its obligations under this Lease or from any damages or liabilities arising from the failure to perform such obligations. Each of the following events shall be a default if hereunder by Landlord (a “Landlord Default”): If Landlord shall fail to pay any amount due to Tenant hereunder as and when the same shall promptly commence become payable and due and the cure of such Tenant Default and diligently pursues such cure to completion; (c) the making by Tenant of a general assignment or general arrangement same remains unpaid for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed within sixty (60) days of filing); or the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in thirty (30) days after appointment Tenant’s written notice of said trustee non-payment; or receiverIf Landlord shall fail to perform in any material respect any of the covenants and terms of this Lease on Landlord’s part to be performed and such non-performance shall continue for a period of thirty (30) days after written notice thereof by Tenant to Landlord; or if Landlord shall fail to act in good faith to commence and undertake performance within such thirty (30) day period to cure a non-performance which is not reasonably susceptible of cure within the initial thirty (30) day period; or Landlord, having commenced in good faith to undertake such performance within the initial thirty (30) day period, shall fail to diligently proceed to cure such non-performance to completion; or If Landlord assigns this Lease in violation of Section 19. 19 hereof. Subject to complying with Section 22,22 hereof, Tenant may institute litigation to recover damages or to obtain any other remedy at law or in equity (including specific performance, permanent, preliminary or temporary injunctive relief, and any other kind of equitable remedy) for any Landlord Default. Except with respect to rights and remedies expressly declared to be exclusive in this Lease, the rights and remedies of the parties provided howeverfor in this Lease are cumulative and the exercise by any party of one or more of such rights or remedies shall not preclude the exercise by it, if a final order adjudicating at the tenant as being bankrupt same or appointing a trustee different times, of any such other rights or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, remedies for the same Default or the filing any other Default. Any failure of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure party to maintain the premises exercise any right or remedy as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything provided in this Lease shall not be deemed a waiver by that party of any claim for damages it may have by reason of the Default. In no event shall either party be liable under any provision which may be construed to the contraryof this Lease for any special, Tenantindirect, incidental, consequential, exemplary, treble or punitive damages, in contract, tort or otherwise, whether or not provided by statute and whether or not caused by or resulting from the event sole or concurrent negligence or intentional acts of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry such party or any of its Affiliates or defeating the entry of samerelated parties.

Appears in 1 contract

Samples: Lease Agreement

Default. The occurrence of any one or more of the following events shall constitute a default of this Lease “Default” by Tenant and shall give rise to Landlord’s remedies set forth in Paragraph B below: (a “Tenant Default”): (ai) the failure by Tenant to make when due any payment of Monthly Rent, or any other payment required to be made by Tenant hereunder, as and when due, where unless such failure shall continue for a period of fifteen is cured within five (155) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure periodnotice; (bii) the failure by Tenant to observe or perform any of the covenants, conditions, term or provisions condition of this Lease to be observed or performed by Tenant, other than as the payment of Rent (or the other matters expressly described in subsection (a) aboveherein), where unless such failure shall continue for a is cured within any period of thirty (30) days after Tenant’s receipt of written time following notice thereof by Landlord expressly provided that if such cure reasonably requires with respect thereto in other Articles hereof, or otherwise within a reasonable time, but in no event more than thirty (30) days following written notice (provided, if the nature of Tenant’s failure is such that more time is reasonably required in order to completecure, then Tenant shall not be in default Default if Tenant shall commences to cure promptly commence the within such period, diligently seeks and keeps Landlord reasonably advised of efforts to cure of such Tenant Default failure to completion, and diligently pursues completes such cure to completion; (c) the making by Tenant of a general assignment or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed within sixty (60) days of filingfollowing Landlord’s notice); (iii) failure to cure immediately upon notice thereof any condition which is hazardous, interferes with another tenant or the operation or leasing of the Property, or may cause the imposition of a fine, penalty or other remedy on Landlord or its agents or affiliates, (iv) violating Article 13 respecting Transfers, or abandoning the Premises (“abandonment” under this Lease shall mean vacating or failing to occupy the Premises for more than thirty (30) days while Tenant is delinquent in paying Rent), or (v) (a) making by Tenant or any guarantor of this Lease (“Guarantor”) of any general assignment for the benefit of creditors, (b) filing by or for reorganization or arrangement under any Law relating to bankruptcy or insolvency (unless, in the case of a petition filed against Tenant or such Guarantor, the same is dismissed within sixty (60) days), (c) appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at in the Premises or of Tenant’s interest in this Lease, where such seizure possession is not contestedrestored to Tenant within sixty (60) days, discharged(d) attachment, execution or other judicial seizure of substantially all of Tenant’s assets located in the Premises or of Tenant’s interest in this Lease, (e) Tenant’s or any Guarantor’s convening of a meeting of its creditors or any class thereof for the purpose of effecting a moratorium upon or composition of its debts, (f) Tenant’s or any Guarantor’s insolvency or failure, or stayed in Table of Contents admission of an inability, to pay debts as they mature, or (g) a violation by Tenant or any affiliate of Tenant under any other lease or agreement with Landlord or any affiliate thereof which is not cured within the time permitted for cure thereunder. If Tenant violates the same term or condition of this Lease on two (2) occasions during any twelve (12) month period, and Landlord has provided notice to Tenant thereof within thirty (30) days after appointment of said trustee or receiverfollowing each such violation, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver then Landlord shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest exercise all remedies for any further violations of the same term or condition during the next twelve (12) months without providing further notice or an order for relief prior opportunity to entry of or defeating the entry of samecure such violation. The notice and cure periods herein are intended to satisfy and run concurrently with any notice and cure periods provided by Law, and shall not be in addition thereto.

Appears in 1 contract

Samples: Office Lease (Intercontinentalexchange Inc)

Default. The occurrence of any one or more of the following events shall constitute a default of this Lease "Default" by Tenant and shall give rise to Landlord's remedies set forth in Paragraph B below: (a “Tenant Default”): (ai) the failure by Tenant to make when due any payment of Monthly Rent, or any other payment required to be made by Tenant hereunder, as and when due, where unless such failure shall continue for a period of fifteen is cured within five (155) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure periodnotice; (bii) the failure by Tenant to observe or perform any of the covenants, conditions, term or provisions condition of this Lease to be observed or performed by Tenant, other than as the payment of Rent (or the other matters expressly described in subsection (a) aboveherein), where unless such failure shall continue for a is cured within any period of thirty time following notice expressly provided with respect thereto in other Articles hereof, or otherwise within a reasonable time, but in no event more than twenty (3020) days after following notice (provided, if the nature of Tenant’s receipt of written notice thereof by Landlord provided 's failure is such that if such cure more time is reasonably requires more than thirty (30) days required in order to complete, then cure. Tenant shall not be in default Default if Tenant shall commences to cure promptly commence the within such period, diligently seeks and keeps Landlord reasonably advised of efforts to cure of such Tenant Default failure to completion. and diligently pursues completes such cure to completion; (c) the making by Tenant of a general assignment or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed within sixty (60) days of filing); following Landlord's notice): (iii) failure to cure immediately upon notice thereof any condition which is hazardous, interferes with another Tenant or the operation or leasing of the Office Parcel, or may cause the imposition of a fine, penalty or other remedy on Landlord or its agents or affiliates, (iv) violating Article 13 respecting Transfers, or abandoning, vacating or failing to occupy the Premises for more than ten (10) days, or removing or making arrangements to remove substantial portions of the furniture or other personal property from the Premises or any material portion thereof, or (v)(a) making by Tenant or any guarantor of this Lease ("Guarantor") of any general assignment for the benefit of creditors, (b) filing by or far reorganization or arrangement under any Law relating to bankruptcy or insolvency (unless, in the case of a petition filed against Tenant or such Guarantor, the same is dismissed within thirty (30) days), (c) appointment of a trustee or receiver to take possession of or substantially all of Tenant’s 's assets located at in the Premises or of Tenant’s 's interest in this Lease, where such seizure possession is not contested, discharged, or stayed in restored to Tenant within thirty (30) days after appointment of said trustee or receiverdays, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain attachment, execution or other judicial seizure of substantially all of Tenant's assets located in the premises as an adult cabaret in continuous operation, subject to the provisions Premises or of Article VI. Notwithstanding anything Tenant's interest in this provision which may be construed to Lease, (e) Tenant's or any Guarantor's convening of a meeting of its creditors or any class thereof for the contrarypurpose of effecting a moratorium upon or composition of its debts, ( f) Tenant's or any Guarantor's insolvency or failure, in the event or admission of an involuntary bankruptcy petition against itinability to pay debts as they mature, has or (g) a violation by Tenant or any affiliate of Tenant under any other lease or agreement with Landlord or any affiliate thereof which is not cured within the time permitted for care thereunder. If Tenant violates the same term or condition of this Lease on two (2) occasions during any twelve (12) month period. Landlord shall have the right to contest exercise all remedies for any violations of the same term or condition during the next twelve (12) months without providing further notice or an order for relief prior opportunity to entry cure. The notice and cure periods provided herein arc in lieu of, and not in addition to, any notice and cure periods provided by Law: provided, Landlord may elect to comply with such notice and cure periods provided by Law in lieu of or defeating the entry of samenotice and cure periods provided herein.

Appears in 1 contract

Samples: Office Lease (Enviro Fuels Manufacturing, Inc.)

Default. The occurrence of any one or more each of the following events shall constitute a an event of default of this Lease by Tenant (a “Tenant Default”): (a) the failure by Tenant to make any payment of Monthly Rent, or any other payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of fifteen under this Lease: (15i) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly any Rent or within five (5) days after the date when same is due; (ii) Tenant fails to timely deliver any Estoppel Certificate to Landlord under Section 24 below; (iii) Tenant fails to timely deliver any Subordination Agreement to Landlord under Section 25 below; (iv) Tenant fails to timely surrender and vacate the Premises in the manner described in Section 17 above; (v) Tenant makes any Transfer (other payment than a Permitted Transfer) without obtaining Landlord’s prior written consent; (vi) Tenant fails to maintain any insurance required to be made maintained by Tenant hereunder on time more than two under Section 12 above; (2vii) times in the occurrence of a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within default by any guarantor of this Lease under the applicable cure periodguaranty; (bviii) the failure by death or dissolution of Tenant or of any guarantor of this Lease; (ix) Tenant (or any Affiliate) is in default beyond any applicable notice and cure period under any other lease or agreement with Landlord (or any affiliate of Landlord); or (x) Tenant fails to observe or perform any other covenant or obligation of the covenants, conditions, or provisions of Tenant under this Lease (which is not referred to be observed or performed by Tenant, other than as described in subsection clauses (ai) through (ix) above, where ) and such failure shall continue for a period of is not cured within thirty (30) days (or immediately if such failure involves a hazardous condition) after Tenant’s receipt of written notice thereof by Landlord provided from Landlord; provided, however, that if such cure failure cannot reasonably requires more than thirty (be cured within said 30) days to complete-day period, then Tenant shall be allowed such additional time (not be in default if Tenant shall promptly commence the cure of such Tenant Default and diligently pursues such cure to completion; (c) the making by Tenant of a general assignment or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed within exceed sixty (60) days days) as is reasonably necessary to cure such failure, so long as: (A) Tenant commences to cure the failure within ten (10) days; and (B) Tenant diligently pursues a course of filing)action that will cure the failure and bring Tenant back into compliance with this Lease; or the appointment of a trustee or receiver to take possession of substantially all and (C) Tenant provides Landlord with detailed weekly written status reports of Tenant’s assets located at progress in curing such failure throughout the Premises or period of Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of samefailure.

Appears in 1 contract

Samples: Lease Agreement (NEUROONE MEDICAL TECHNOLOGIES Corp)

Default. The occurrence of any A. Any one or more of the following events shall constitute a default of this Lease by Tenant under this Lease: if, (a “Tenant Default”): (ai) the failure by Tenant to make any payment of Monthly Rent, or any other payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of fifteen (15) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly any portion of Rent or any other payment required to be made by Tenant hereunder on time more than two within seven (27) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure perioddays of its due date; (bii) the failure by Tenant fails to observe or perform any of the covenantsterms, conditions, conditions or provisions covenants of this Lease to be observed or performed by Tenant, Tenant (other than as described those involving the payment of money and those set forth in subsection the following clause (aiii)) aboveand, where such failure breach shall continue not have been cured for a period of thirty (30) days after Tenant’s receipt of written notice thereof by from Landlord provided that if to Tenant unless such cure reasonably requires more than failure, within Landlord's reasonable judgment, cannot be cured within said thirty (30) days to completedays, then in which event Tenant shall not be in default if Tenant shall promptly commence commences to cure such breach within the cure of such Tenant Default thirty (30) day period and diligently pursues such cure proceeds to completioncomplete the same; (ciii) Tenant vacates or abandons the making Premises for a period of more than thirty (30) days (or more than sixty (60) days in the aggregate in any one lease year) or Tenant shall not open for business in the Premises in accordance with Article IX or shall fail to continuously operate its business in the Premises as required by the terms of this Lease for a period of more than thirty (30) days (or more than sixty (60) days in the aggregate in any one lease year); (iv) Tenant fails during any twelve (12) month period to perform any covenant or agreement under this Lease after Tenant shall have defaulted under this Lease on two previous occasions during such twelve (12) month period, even though such default or defaults had been cured by Tenant; (v) Tenant or any guarantor of this Lease shall file a petition in bankruptcy or shall be adjudicated bankrupt or insolvent, or shall file any petition or answer seeking any reorganization, dissolution or similar relief under any applicable Law or if Tenant or any such guarantor shall seek or consent to the appointment of a general trustee, receiver or liquidator of Tenant or such guarantor or the business of either, shall make an assignment or general arrangement for the benefit of creditors, or shall admit in writing its inability to pay its debts when due; the filing (vi) there shall be filed against Tenant or any guarantor of a voluntary bankruptcy petition by Tenant. If this Lease an involuntary petition in bankruptcy petition against or any proceeding seeking to reorganize, dissolve or liquidate Tenant has been filed or such guarantor, or if a trustee or receiver shall be appointed for Tenant or such guarantor or over the business or substantially all of the property of either of them, and such petition, proceeding, trustee or receiver is not contested, dismissed, or stayed dismissed with prejudice within sixty (60) days of filing)days; (vii) any execution or the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver attachment shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of same.be

Appears in 1 contract

Samples: Lease Agreement (Mason George Bankshares Inc)

Default. (a) The occurrence of any one or more of the following events shall constitute a be deemed to be events of default by Tenant under this Lease: (i) Tenant shall fail to pay any installment of Rent or any other charge or assessment against Tenant pursuant to the terms hereof within five (5) days after the date notice of such late payment is received by Tenant; provided, however, if more than two (2) payments due of Tenant hereunder in any one (1) calendar year are not made until after notice of such late payment is received by Tenant, then it shall be an event of default hereunder by Tenant if any subsequent payment due of Tenant hereunder in the same calendar year is not made within ten (10) days of the date when due; (ii) Tenant shall fail to comply with any term, provision, covenant or warranty made under this Lease by Tenant, other than the payment of the Rent or any other charge or assessment payable by Tenant, and shall not cure such failure within fifteen (15) business days after notice thereof to Tenant, or, if such matter cannot be cured within fifteen (15) business days, if Tenant does not commence to cure such matter within fifteen (15) business days and diligently pursue such cure to completion (and in any event cure such matter within ninety (90) days after notice thereof); (iii) Tenant or any guarantor of this Lease by Tenant (shall make a “Tenant Default”): (a) general assignment for the failure by Tenant to make any payment benefit of Monthly Rentcreditors, or shall admit in writing its inability to pay its debts as they become due, or shall file a petition in bankruptcy, or shall be adjudicated as bankrupt or insolvent, or shall file a petition in any other payment required proceeding seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, or shall file an answer admitting or fail timely to contest the material allegations of a petition filed against it in any such proceeding; (iv) a proceeding is commenced against Tenant or any guarantor of this Lease seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, and such proceeding shall not have been dismissed within sixty (60) days after the commencement thereof; (v) a receiver or trustee shall be appointed for the Demised Premises or for all or substantially all of the assets of Tenant or of any guarantor of this Lease; (vi) Tenant shall fail to take possession of the Demised Premises as provided in this Lease; (vii) Tenant shall do or permit to be made by Tenant hereunder, as done anything which creates a lien upon the Demised Premises or the Project and when due, where such failure shall continue for a period of lien is not removed or discharged within fifteen (15) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure periodfiling thereof; (bviii) the failure by Tenant to observe or perform any of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where such failure shall continue for a period of thirty (30) days after Tenant’s receipt of written notice thereof by Landlord provided that if such cure reasonably requires more than thirty (30) days to complete, then Tenant shall not be fail to return a properly executed instrument to Landlord in default if Tenant shall promptly commence the cure of such Tenant Default and diligently pursues such cure to completion; (c) the making by Tenant of a general assignment or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed within sixty (60) days of filing); or the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to accordance with the provisions of Article VI. Notwithstanding anything in this provision which may be construed to 27 hereof within the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order time period provided for relief prior to entry of or defeating the entry of same.such return following Landlord's

Appears in 1 contract

Samples: Lease Agreement (Manhattan Associates Inc)

Default. The occurrence of In addition to any one or more other default specifically described in this Lease, each of the following events occurrences shall constitute a default of this Lease by Tenant (be a “Tenant Default”): : (a) Tenant’s failure to pay any portion of Rent when due, if the failure continues for more than 5 days after such payment was due, provided that in the case of only the first 2 such failures by Tenant to timely pay any portion of the Rent in a given calendar year, such 5 day grace period shall not commence until Landlord gives Tenant written notice of the applicable failure by Tenant to make any payment timely pay such portion of Monthly Rent, or any other payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of fifteen the Rent (15) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure period“Monetary Default”); (b) Tenant’s failure (other than a Monetary Default) to comply with any term, provision, condition or covenant of this Lease, if the failure by Tenant to observe or perform any of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where such failure shall continue for a period of thirty (30) is not cured within 30 days after written notice to Tenant provided, however, (i) if Tenant’s receipt of written notice thereof by Landlord provided that if such cure failure to comply cannot reasonably requires more than thirty (30) days to completebe cured within 30 days, then Tenant shall not be in default if allowed additional time as is reasonably necessary to cure the failure so long as Tenant shall promptly commence begins the cure of such Tenant Default within 30 days and diligently pursues such the cure to completioncompletion and (ii) if Tenant’s failure to comply creates a hazardous condition, the failure must be cured immediately upon notice to Tenant; (c) the making by Tenant permits a Transfer without Landlord’s required approval or otherwise in violation of Article 11 of this Lease; (d) Tenant or any Guarantor becomes insolvent, makes a general transfer in fraud of creditors, makes an assignment or general arrangement for the benefit of creditors, admits in writing its inability to pay its debts when due or forfeits or loses its right to conduct business; (e) the filing leasehold estate is taken by process or operation of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed Law and such action is not contested, dismissed, or stayed released within sixty 60 days; (60f) days of filing)intentionally omitted; or the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in (g) intentionally omitted. All notices sent under this Lease, where such seizure is not contested, discharged, or stayed in thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order Section shall be an event of default hereunderin satisfaction of, or the filing of a petition for the appointment of same and not in addition to, notice required by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of sameLaw.

Appears in 1 contract

Samples: Office Lease Agreement (Baxalta Inc)

Default. The occurrence of any one or more of the following events shall constitute a default an Event of Default under this Lease by Tenant (a “Tenant Default”): Lease: (a) the Tenant's failure by Tenant to make any payment of Monthly Basic Rent when due which continues unremedied for a period of three (3) days, provided, however, Tenant shall not be entitled to an opportunity to cure such default if Tenant has failed to make Basic Rent payments on two (2) or more occasions within the previous twelve (12) month period. (b) Tenant's failure to make payment of Additional Rent, Non-Rent Monetary Obligations or any other payment sum herein required to be made paid by Tenant hereunder, as and when due, where such failure default shall continue for a period of fifteen ten (1510) days after Tenant’s receipt of written notice thereof by Landlord or Lender to Tenant; provided that if Tenant fails . (c) Tenant's failure to pay Monthly Rent duly perform and observe, or Tenant's violation or breach of, any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure period; (b) the failure by Tenant to observe or perform any of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where provision hereof if such failure shall continue for a period of thirty (30) days after Tenant’s receipt of written notice thereof by from Landlord or Lender, or if such failure cannot be cured within such period of thirty (30) days, such period shall be extended for such longer time as reasonably necessary provided that if Tenant has commenced to cure such cure reasonably requires more than default within said period of thirty (30) days and is actively, diligently and in good faith proceeding with continuity to completeremedy such failure. Tenant agrees that after receiving any such notice of default referred to above in this subparagraph (c), then Tenant shall, upon request of Landlord or Lender, advise the requesting party of Tenant's progress in curing such default. (d) Tenant shall not (i) voluntarily be in default if Tenant shall promptly commence adjudicated a bankrupt or insolvent, or (ii) consent to the cure appointment of such Tenant Default and diligently pursues such cure to completion; a receiver or trustee for itself or for any of the Leased Premises, (ciii) file a petition seeking relief under the making by Tenant bankruptcy or other similar laws of the United States, any state or any jurisdiction, or (iv) make a general assignment or general arrangement for the benefit of creditors; . (e) A court shall enter an order, judgment or decree appointing a receiver or trustee for it or for any of the filing of Leased Premises or approving a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition filed against Tenant has been filed which seeks relief under the bankruptcy or other similar laws of the United States, any state or any jurisdiction, and such order, judgment or decree shall remain in force, undischarged or unstayed sixty days after it is entered. (f) Tenant shall in any insolvency proceedings be liquidated or dissolved or shall begin proceedings towards its liquidation or dissolution. (g) The estate or interest of Tenant in any of the Leased Premises shall be levied upon or attached in any proceeding and such estate or interest is about to be sold or transferred or such process shall not contested, dismissed, be vacated or stayed discharged within sixty (60) days of filing); after such levy or the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VIattachment. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of same20.

Appears in 1 contract

Samples: Lease Agreement (Beckman Coulter Inc)

Default. The occurrence of any one or more of the following events shall (each an “Event of Default”) will constitute a default by Subtenant and a breach of this Lease by Tenant (a “Tenant Default”): Sublease: (a) the failure filing of a petition by Tenant Subtenant for adjudication as bankrupt, the involuntarily adjudication of Subtenant as bankrupt or the voluntary reorganization of Subtenant pursuant to make any payment of Monthly Rent, or any other payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of fifteen (15) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure periodUnited States Bankruptcy Code; (b) the failure by Tenant to observe or perform any appointment of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where such failure shall continue a receiver for a period of thirty (30) days after Tenant’s receipt of written notice thereof by Landlord provided that if such cure reasonably requires more than thirty (30) days to complete, then Tenant shall not be in default if Tenant shall promptly commence the cure of such Tenant Default and diligently pursues such cure to completionSubtenant; (c) the making by Tenant Subtenant of a general any assignment or general arrangement for the benefit of creditors; (d) Subtenant’s failure to pay Rent after same becomes due; provided that Subtenant will be entitled to a cure period of three (3) business days after written notice before such failure to pay will constitute an Event of Default unless Subtenant has failed to pay Rent when due more than twice during the filing prior twelve month period, in which event such cure period will not apply; (d) Subtenant’s failure to maintain the required insurance coverage; (e) Subtenant’s failure to cure forthwith, immediately after receipt of notice from Landlord or Fxxxxxx Mac, any hazardous condition that Subtenant has created in violation of law or the Master Lease; (f) a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and default in the performance of any of Subtenant’s other obligations under this Sublease which is not contested, dismissed, or stayed cured within sixty (60) days of filing); or the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in thirty (30) days after appointment of said trustee or receiverwritten notice (provided that if such default is not susceptible to cure within 30 days, such 30 day period may be extended if Subtenant has commenced curing such default within such 30 day period and diligently pursues such cure to completion not more than 90 days from the date notice was received by Subtenant and in any event within the cure period provided howeverto Fxxxxxx Mac under the Master Lease), if unless Subtenant has committed a final order adjudicating similar default more than once during the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 prior twelve month period, in which event such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur cure period will not apply; and (dg) failure to maintain any other act or omission by Subtenant that constitutes a default under the premises as an adult cabaret in continuous operation, subject to terms of the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of sameMaster Lease.

Appears in 1 contract

Samples: Sublease Agreement (Sidoti & Company, Inc.)

Default. The occurrence of If Tenant: (i) fails to pay when due any one or more of the following events shall constitute a default of this Lease by Tenant (a “Tenant Default”): (a) the failure by Tenant to make any payment of Monthly Rent, or any other payment required sum of money which Tenant is obligated to be made by Tenant hereunderpay, as provided in this Lease, and when due, where such failure shall continue continues for a period of fifteen ten (1510) days after Tenant’s receipt notice of written notice thereof by default from Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made provided, however, chronic delinquency by Tenant hereunder on time more than in the payment of Rent for any two (2) times in a months (consecutive or non-consecutive) during any period of twelve (12) month periodmonths, a shall constitute an event of default; or (ii) breaches any other agreement, covenant or obligation herein set forth and such breach shall continue and not be remedied within thirty (30) days after Landlord shall have given Tenant Default shall occur notwithstanding that such payments have been made within written notice specifying the applicable cure period; (b) the failure by Tenant to observe or perform any of the covenants, conditionsbreach, or provisions of this Lease to if such breach cannot, with due diligence, be observed or performed by Tenant, other than as described in subsection (a) above, where such failure shall continue for a cured within said period of thirty (30) days after Tenant’s receipt of written notice thereof by Landlord provided that if such cure reasonably requires more than and Tenant does not within said thirty (30) days to complete, then Tenant shall not be in default if Tenant shall promptly day period commence and thereafter with reasonable diligence completely cure the cure of such Tenant Default and diligently pursues such cure to completion; (c) the making by Tenant of a general assignment or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed breach within sixty (60) days of filing)after notice; or the appointment of a trustee (iii) files (or receiver to take possession of substantially all of Tenant’s assets located at the Premises has filed against it and not stayed or of Tenant’s interest in this Leasevacated within sixty (60) days after filing) any petition or action for relief under any creditor's law (including bankruptcy, where such seizure is not contested, dischargedreorganization, or similar action), either in state or federal court; or (iv) makes any transfer in fraud of creditors as defined in Xxxxxxx 000 xx xxx Xxxxxx Xxxxxx Bankruptcy Code (11 U.S.C. 548, as amended or replaced), has a receiver appointed for its assets (and appointment shall not have been stayed in or vacated within thirty (30) days after appointment days), or makes an assignment for benefit of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order creditors; then Tenant shall be an event of in default hereunder, and, in addition to any other lawful right or the filing of a petition for the appointment of same by the Tenantremedy which Landlord may have, whichever shall first occur and (d) failure Landlord at its option, in addition to maintain the premises such other remedies as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to available under Georgia law, may do the contrary, following: (1) terminate this Lease and Tenant, in the event ’s right of an involuntary bankruptcy petition against it, has the possession; or (2) terminate Tenant’s right to contest an order for relief prior to entry possession but not this Lease and/or proceed in accordance with any and all of or defeating the entry of same.following remedies:

Appears in 1 contract

Samples: Lease (Immucor Inc)

Default. The occurrence If: (i) Tenant fails to pay any installment of any one or more of the following events shall constitute a default of this Lease by Tenant (a “Tenant Default”): (a) the failure by Tenant to make any payment of Monthly Rent, Fixed Rent or any other payment required to be made by Tenant hereunder, as amount of Additional Rent when due and when due, where such failure shall continue continues for a period of fifteen three (153) business days after Tenant’s 's receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure periodfrom Landlord; (b) the failure by Tenant ii)Tenant fails to observe or perform or violates any of the covenants, conditions, or provisions other Tenant's agreements of this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where a material nature herein contained and such failure shall continue or violation continues for a period of thirty (30) days after or such additional time, if any, as is reasonably necessary to cure such failure, following Tenant’s 's receipt of written notice thereof from Landlord specifying with precision the nature of the default; (iii) Tenant makes any assignment for the benefit of creditors; (iv) Tenant commits an act of bankruptcy or files a petition or commences any proceeding under any bankruptcy or insolvency law; (v) a petition is filed or any proceeding is commenced against Tenant under any bankruptcy or insolvency law and such petition or proceeding is not dismissed within sixty (60) days; (vi) Tenant is adjudicated a bankrupt; (vii) Tenant by Landlord provided that if such cure reasonably requires any act indicates its consent to, approval of or acquiescence in, or a court approves, a petition filed or proceeding commenced against Tenant under any bankruptcy or insolvency law; (viii) a receiver or other official is appointed for Tenant or for a substantial part of Tenant's assets or for Tenant's interests in this Lease; (ix) any attachment or execution against a substantial part of Tenant's assets or of Tenant's interests in this Lease remains unstayed or undismissed for a period of more than thirty (30) days days; or (x) a substantial part of Tenant's assets or of Tenant's interest in this Lease is taken by legal process in any action against Tenant when such remaining assets are not reasonably sufficient to completeallow Tenant to perform its obligations under this Lease, then then, in any such event, an Event of Default shall be deemed to exist and Tenant shall not be in default if Tenant shall promptly commence the cure of such Tenant Default and diligently pursues such cure to completion; (c) the making by Tenant of a general assignment or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenanthereunder. If an involuntary bankruptcy petition against Event of Default shall occur, Landlord shall have the rights and remedies set forth herein, which rights and remedies may be exercised upon or at any time following the occurrence of an Event of Default unless, prior to such exercise, Landlord shall agree in writing with Tenant that the Event(s) of Default has been filed and is not contested, dismissed, or stayed within sixty (60) days of filing); or the appointment of a trustee or receiver to take possession of substantially cured by Tenant in all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of same.respects:

Appears in 1 contract

Samples: Lease (Homegrocer Com Inc)

Default. The occurrence of any one or more of the following events shall constitute a default of this Lease “Default” by Tenant if not cured within the applicable time permitted for cure specified below, and shall give rise to Landlord’s remedies set forth in Section 22(B), below: (a “Tenant Default”): (ai) the failure by Tenant to make when due any payment of Monthly Rent, or any other payment required provided that, on up to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of fifteen (15) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times occasions in a any twelve (12) month period, a there shall exist no Default unless Tenant Default shall occur notwithstanding that such payments have been given written notice of such failure and shall not have made the payment within five (5) days following the applicable cure periodgiving of such notice; (bii) the failure by Tenant to observe or perform any of the covenants, conditions, terms or provisions conditions of this Lease to be observed or performed by Tenant, Tenant other than the payment of Rent, or as described in subsection (a) aboveprovided below, where unless such failure shall continue for a period of is cured within thirty (30) days after Tenant’s receipt of written notice thereof by Landlord provided that [provided, if such an asserted default is not reasonably subject to cure reasonably requires more than within said thirty (30) day period, and Tenant has commenced a cure within said original thirty (30) period that is reasonably calculated to effect the cure within a reasonable time, and Tenant continues to diligently prosecute the cure to completion, Tenant shall be granted an additional reasonable time to effect the cure to completion; (iii) failure by Tenant to comply with the Rules, unless such failure is cured within five (5) business days after notice (provided, if the nature of Tenant’s failure is such that more than five (5) business days time is reasonably required in order to completecure, then Tenant shall not be in default Default if Tenant shall promptly commence the commences to cure of within such Tenant Default period and thereafter diligently pursues such prosecutes a cure to completion); (civ) the making by Tenant failure to take possession of a general assignment or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed Premises within sixty (60) days of filing)after the Commencement Date, whether or not Tenant thereafter continues to pay Rent due under this Lease; (v) any material misrepresentation herein, or the appointment of a trustee material misrepresentation or receiver omission in any financial statements or other materials provided by Tenant in connection with negotiating or entering this Lease or in connection with any Transfer under Article 20; (vi) failure by Tenant to take possession of substantially all of Tenant’s assets located cure within any applicable times permitted thereunder any default under any other lease for space at the Premises Complex or of Tenantany other buildings owned or managed by Landlord or its affiliates, now or hereafter entered into by Tenant (and any Default hereunder not cured within the times permitted for cure herein shall, at Landlord’s interest election, constitute a default under any such other lease or leases). The notice and cure periods provided herein are in this Leaselieu of, where such seizure is and not contestedin addition to, discharged, or stayed in thirty (30) days after appointment of said trustee or receiver, any notice and cure periods provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of sameLaw.

Appears in 1 contract

Samples: Workletter Agreement (Medical Connections Holdings, Inc.)

Default. The occurrence of any one or more Each of the following events shall constitute be a default of this Lease hereunder by Tenant (a “Tenant Default”): (a) the failure by If Tenant shall fail to make pay any payment of Monthly Rent, or any other payment required amount due to be made by Tenant hereunder, Landlord hereunder as and when due, where such failure the same shall continue become payable and due and the same remains unpaid for a period of fifteen thirty (1530) days after TenantLandlord’s receipt of written notice thereof by Landlord of non-payment; or If Tenant shall fail to Tenant; provided that if Tenant fails to pay Monthly Rent or perform in any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure period; (b) the failure by Tenant to observe or perform material respect any of its obligations or comply in any material respect with the covenants, conditions, or provisions covenants and terms of this Lease on Tenant’s part to be observed or performed by Tenant, other than as described in subsection (a) above, where and such failure non-performance shall continue for a period of thirty (30) days after Tenant’s receipt of written notice thereof by Landlord provided that if to Tenant; or in the event such cure reasonably requires more than failure cannot with due diligence be cured within such thirty (30) days to completeday period, then Tenant shall not be in default if Tenant shall promptly fail to act in good faith to commence and undertake performance within such thirty (30) day period and, having commenced in good faith to undertake such performance within the initial thirty (30) day period, shall fail to diligently and continuously proceed to cure of such non-performance to completion within a reasonable time thereafter (not to exceed three hundred sixty-five (365) days in the aggregate (but subject to force majeure as provided in Section 2727 hereof); or If Tenant Default and diligently pursues files any petition or action for relief under any creditor'screditor’s law (including bankruptcy, reorganization, or similar action), either in state or federal court, or has such cure to completion; (c) the making by Tenant of a general assignment petition or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition action filed against Tenant has been filed and it which is not contested, dismissed, stayed or stayed vacated within sixty (60) days of after filing); or If Tenant makes any transfer in fraud of creditors as defined in Xxxxxxx 000 xx xxx Xxxxxx Xxxxxx Bankruptcy Code (11 U.S.C. 548, as amended or replaced), has a receiver appointed for its assets (and the appointment is not stayed or vacated within thirty (30) days), or makes an assignment for benefit of creditors; If Tenant Transfers this Lease in violation of Section 1919 hereof; or Subject to force majeure as provided in Section 2727 hereof, if the Facility Premises shall be permanently abandoned, deserted or vacated by Tenant. Subject to complying with Section 2222 hereof, Landlord may institute litigation to recover damages or to obtain any other remedy at law or in equity (including, without limitation, specific performance, permanent, preliminary or temporary injunctive relief, and any other kind of legal or equitable remedy) for any Tenant Default. In addition, at any time there is a trustee continuing Tenant Default, Landlord may enter upon the Facility Premises and do whatever Tenant was obligated to do under the terms of this Lease or receiver otherwise cure any Tenant Default; Tenant agrees to take possession of substantially all of reimburse Landlord on demand for any expenses which Landlord may incur in effecting compliance with Tenant’s assets located at the Premises or of Tenant’s interest in obligations under this Lease, where and Tenant further agrees that Landlord shall not be liable for any damages resulting to Tenant from such seizure is not contested, discharged, action. No action taken by Landlord pursuant to this Section 21(a) shall relieve Tenant from any of its obligations under this Lease or stayed in from any damages or liabilities arising from the failure to perform such obligations. Each of the following events shall be a default hereunder by Landlord (a “Landlord Default”): If Landlord shall fail to pay any amount due to Tenant hereunder as and when the same shall become payable and due and the same remains unpaid for thirty (30) days after appointment Tenant’s written notice of said trustee non-payment; or receiverIf Landlord shall fail to perform in any material respect any of the covenants and terms of this Lease on Landlord’s part to be performed and such non-performance shall continue for a period of thirty (30) days after written notice thereof by Tenant to Landlord; or if Landlord shall fail to act in good faith to commence and undertake performance within such thirty (30) day period to cure a non-performance which is not reasonably susceptible of cure within the initial thirty (30) day period; or Landlord, having commenced in good faith to undertake such performance within the initial thirty (30) day period, shall fail to diligently proceed to cure such non-performance to completion; or If Landlord assigns this Lease in violation of Section 1919 hereof. Subject to complying with Section 2222 hereof, Tenant may institute litigation to recover damages or to obtain any other remedy at law or in equity (including specific performance, permanent, preliminary or temporary injunctive relief, and any other kind of equitable remedy) for any Landlord Default. Except with respect to rights and remedies expressly declared to be exclusive in this Lease, the rights and remedies of the parties provided howeverfor in this Lease are cumulative and the exercise by any party of one or more of such rights or remedies shall not preclude the exercise by it, if a final order adjudicating at the tenant as being bankrupt same or appointing a trustee different times, of any such other rights or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, remedies for the same Default or the filing any other Default. Any failure of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure party to maintain the premises exercise any right or remedy as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything provided in this Lease shall not be deemed a waiver by that party of any claim for damages it may have by reason of the Default. In no event shall either party be liable under any provision which may be construed to the contraryof this Lease for any special, Tenantindirect, incidental, consequential, exemplary, treble or punitive damages, in contract, tort or otherwise, whether or not provided by statute and whether or not caused by or resulting from the event sole or concurrent negligence or intentional acts of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry such party or any of its Affiliates or defeating the entry of samerelated parties.

Appears in 1 contract

Samples: Lease Agreement

Default. The occurrence of any 21.1. If one or more of the following events (“defaults”) shall constitute a default happen and be continuing: (a) Lessee fails to make punctual payment of the rent or any other amount to be paid under this Lease by Tenant Lessee, and that failure continues for ten (a “Tenant Default”): (a) the failure by Tenant to make any payment of Monthly Rent, or any other payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of fifteen (1510) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure periodfrom Lessor; (b) the failure by Tenant Lessee fails to perform or observe any other covenant or perform any of the covenants, conditions, or provisions of this Lease condition to be observed performed or performed complied with by TenantLessee under this Lease, other than as described in subsection (a) above, where such and that failure shall continue continues for a period of thirty (30) days after Tenant’s receipt of written notice thereof by Landlord provided Lessor to Lessee; or if the breach is of such a nature that if such cure it cannot reasonably requires more than be cured or remedied within the thirty (30) days day period, Lessee fails to completediligently commence to cure the same during the thirty (30) day period, then Tenant shall not be or does thereafter, with reasonable diligence and in default if Tenant shall promptly commence good faith, proceed to remedy or cure the cure of such Tenant Default and diligently pursues such cure to completionsame; (c) Lessee abandons or vacates the making by Tenant of a general assignment Leased Premises; (d) an attachment or general arrangement for execution is levied upon Lessee’s property in the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and Leased Premises or Lessee’s interest under this Lease that is not contested, dismissed, satisfied or released or stayed within sixty (60) days of filing)the levy; (e) Lessee files or there is filed against Lessee a petition in bankruptcy or a petition or answer seeking reorganization under the Federal Bankruptcy Code or any other applicable statute, and within sixty (60) days thereof, Lessee fails to secure a dismissal thereof; or (f) an order is entered adjudicating Lessee a bankrupt or approving an involuntary petition seeking a reorganization of Lessee under the appointment of a trustee Federal Bankruptcy Code or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt any other applicable statute or appointing a receiver, trustee or receiver conservator for all or any substantial part of the property of Lessee, and the order is not vacated or stayed within 60 days of such entry; then, and in any of these events, Lessor shall have been entered pursuant the right, at its option, then or at any later time while the default is continuing, to 11 U.S.C. §303 such order give a written notice specifying a date on which this Lease shall be an event of default hereunderterminate, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operationon that date, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed Section relating to the contrarysurvival of Lessee’s obligations, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of samethis Lease shall terminate and expire by limitation.

Appears in 1 contract

Samples: Lease Agreement (EQM Technologies & Energy, Inc.)

Default. The occurrence of any one or more of the following events shall constitute a default of this Lease by Tenant (a “Tenant Default”): (a) the failure by Tenant to make any payment of Monthly Rent, or any other payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of fifteen (15) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure period; (b) the failure by Tenant to observe or perform any of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where such failure shall continue for a period of thirty (30) days after Tenant’s receipt of written notice thereof by Landlord provided that if such cure reasonably requires more than thirty (30) days to complete, then Tenant shall not be in default if Tenant shall promptly commence the cure of such Tenant Default and diligently pursues such cure to completion; (c) the making by Tenant of a general assignment or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed within sixty (60) days of filing); or the appointment of a trustee or receiver to take possession of substantially all Portions of this exhibits indicated by “(*[TEXT]*)” have been omitted pursuant to a request for confidential treatment and such omitted portions have been filed separately with the Securities and Exchange Commission. of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of same.

Appears in 1 contract

Samples: Confidential Treatment (VCG Holding Corp)

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Default. This Lease and Tenant’s right to possession of the Premises is made subject to and condition upon Tenant performing all of the covenants and obligations to be performed by Tenant hereunder, at the times and pursuant to terms and conditions set forth herein. If Tenant (i) fails to pay any Rent or other charge when the same is due and such monetary default continues to exist in full or part at the expiration of five (5) days after written notice is given by Landlord to Tenant; provided, however, Landlord shall only be obligated to provide such written notice to Tenant two (2) times within any calendar year and in the event Tenant fails to timely pay Rent or any other sums for a third time during any calendar year, then Tenant shall be in default for such late payment and Landlord shall have no obligation or duty to provide notice of such non-payment to Tenant prior to declaring an event of default under this Lease, (ii) fails to comply with or observe any other provision of this Lease and such failure shall continue for thirty (30) days after written notice to Tenant except that if such failure can not reasonably be cured within such 30 day period, Tenant shall be afforded such additional cure period as shall be reasonably necessary to effect cure (provided that Tenant is acting in good faith and with constant diligence to cure such failure); (iii) makes an assignment for the benefit of creditors, (iv) vacates or abandons the Premises for more than thirty (30) days, (v) files or has filed against it a petition in bankruptcy, (vi) has a receiver, trustee or liquidator appointed over a substantial portion of its property, or (vii) is adjudicated insolvent (each of the foregoing each being referred to hereafter as a ‘Default’), then Tenant shall be in default under this Lease. In the event of a Default under this Lease by Tenant, Landlord may either (a) terminate this Lease, or (b) terminate Tenant’s right of possession to the Premises without terminating this Lease. In either event, Landlord shall have the right to dispossess Tenant, or any other person in occupancy, together with their property, and re-enter the Premises. Upon such re-entry, Tenant shall be liable for all expenses incurred by Landlord in recovering the Premises, including, without limitation, clean-up costs, legal fees, removal, storage or disposal of Tenant’s property, and restoration costs. Tenant agrees that any notice given by Landlord pursuant to this Paragraph 14 shall satisfy the requirements for notice under California Code of Civil Procedure Section 1161, and Landlord shall not be required to give any additional notice in order to be entitled to commence an unlawful detainer proceeding. All rights, powers and remedies of Landlord hereunder and under any other agreement now or hereafter in force between Landlord and Tenant shall be cumulative and not alternative and shall be in addition to all rights, powers and remedies given to Landlord at law or in equity. The occurrence exercise of any one or more of such rights or remedies shall not impair Landlord’s right to exercise any other right or remedy, including, without limitation, any and all rights and remedies of Landlord under California Civil Code Section 1951.8, California Code of Civil Procedure Section 1161 et seq., or any similar, successor or related provision of law. In the following events event Landlord elects to terminate this Lease, all Rent through the effective date of termination shall immediately become due, together with any late fees payable to Landlord and the aforesaid expenses incurred by Landlord to recover possession, plus an amount equal to all tenant concessions granted to Tenant including, but not limited to, free or reduced rent, all tenant finish constructed within the Premises, or any contribution paid to Tenant in lieu thereof. In the event Landlord elects not to terminate this Lease, but only to terminate Tenant’s right of possession to the Premises, Landlord may re-enter the Premises without process of law if Tenant has vacated the Premises or, if Tenant has not vacated the Premises by an action for ejection, unlawful detainer, or other process of law. No such dispossession of Tenant or re-entry by Landlord shall constitute a default or be construed as an election by Landlord to terminate this Lease, unless Landlord delivers written notice to Tenant specifically terminating this Lease. Upon Landlord recovering possession, Landlord shall use reasonable efforts to mitigate its damages and relet the Premises upon terms and conditions satisfactory to Landlord; however, Landlord shall have no duty to prioritize the reletting of the Premises over the leasing of other vacant space within the Property. Tenant shall remain liable for all past due Rent and late fees, plus the aforesaid expenses incurred by Landlord to recover possession of the Premises. In addition, Tenant shall be liable for all Rent thereafter accruing under this Lease by Tenant (a “Tenant Default”): Lease, payable at Landlord’s election: (a) monthly as such Rent accrues, in an amount equal to the failure by Tenant to make Rent payable under this Lease less the rent (if any) collected from any payment of Monthly Rentreletting, or any other payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of fifteen (15) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure period; (b) the failure by Tenant to observe or perform any of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where such failure shall continue for a period of lump sum within thirty (30) days after Tenant’s receipt Landlord repossesses the Premises, in an amount equal to the total Rent payable under this Lease for the unexpired term, discounted at the rate of written notice thereof by Landlord provided that if six percent (6%), per annum. In the event the Premises are relet, Tenant shall also be liable for all costs of reletting, including, without limitation, any brokers fees, legal fees, and/or tenant finish required to be paid in connection with any reletting. Should the Rents received from such cure reasonably requires more reletting, when applied in the manner and order indicated above, at any time be less than thirty (30) days the total amount owing from Tenant pursuant to completethis Lease, then Tenant shall not be in default pay such deficiency to Landlord, and if Tenant shall promptly commence the cure does not pay such deficiency within 5 days of its receipt of written notice, Landlord may bring an action against Tenant for recovery of such Tenant Default and diligently pursues such cure to completion; (c) the making deficiency or pursue its other remedies hereunder or under California Civil Code Section 1951.8, California Code of Civil Procedure Section 1161 et seq., or any similar, successor or related provision of applicable Laws. No payment of money by Tenant after the termination of a general assignment or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed within sixty (60) days of filing); or the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not contestedservice of any notice, dischargedcommencement of any suit, or stayed after final judgment for possession of the Premises, shall reinstate this Lease or affect any such notice, demand or suit, or imply consent for any action for which Landlord’s consent is required. Tenant shall pay all costs and attorney’s fees incurred by Landlord from enforcing the covenants of this Lease. Should Landlord elect not to exercise its rights in thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereundera Default, it shall not be deemed a waiver of such rights as to subsequent Defaults. Tenant waives redemption or relief from forfeiture under California Code of Civil Procedure Sections 1174 and 1179, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenantunder any other pertinent present or future Law, in the event Tenant is evicted or Landlord takes possession of an involuntary bankruptcy petition against itthe Premises by reason of any Default of Tenant hereunder. In the event of any Default by Tenant, has then in addition to any other remedies available to Landlord at law or in equity and under this Lease, Landlord shall have the right to contest an order for relief prior to entry of or defeating the entry of same.following remedies:

Appears in 1 contract

Samples: Agreement of Lease (Shutterfly Inc)

Default. The occurrence of any one or more of the following events shall constitute a default of this Lease by Tenant (a “Tenant Default”): (a) If Tenant shall default in the failure by Tenant to make any payment of Monthly the Basic Annual Rent, additional rent, or any other payment required to be made by Tenant hereunder, as charges or sums due hereunder and when due, where such failure default shall continue for a period ten (10) days (after notice from Landlord to Tenant; provided, however, that Landlord shall not be required to give such notice more than one time in any Lease Year), or if Tenant shall default in the performance of fifteen any other of its obligations and such default shall continue for thirty (1530) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided Tenant (except that if Tenant fails to pay Monthly Rent or cannot reasonably cure any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made default within the applicable cure period; (b) the failure by Tenant to observe or perform any of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where such failure shall continue for a period of said thirty (30) days after Tenant’s receipt day period, this period may be extended for a reasonable period of written notice thereof by Landlord provided that if such cure reasonably requires more than time not exceeding thirty (30) days additional days, provided that Tenant commences to completecure such default within the thirty (30) day period and proceeds diligently thereafter to effect such cure), then Tenant shall not be in default or if Tenant or the Guarantor (as such term is defined in Section 36 hereof) shall promptly commence the cure of file a petition under any bankruptcy, insolvency law or code, or if such a petition filed against Tenant Default and diligently pursues such cure or Guarantor is not dismissed within sixty (60) days, or if Tenant or Guarantor shall be adjudicated bankrupt or insolvent according to completion; (c) the making by law, or if Tenant of a general or Guarantor shall make any assignment or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed within sixty (60) days of filing); if Tenant or the appointment of Guarantor shall file any petition seeking a reorganization, arrangement or similar relief, or if a receiver, custodian, trustee or receiver to take possession of substantially similar agent is appointed for all or a substantial portion of Tenant’s assets located at the Premises 's or of Guarantor's assets, or if Tenant’s 's interest in this Lease is taken upon execution or other process of law in any action against Tenant or if the Guarantor shall attempt to rescind or terminate the Guaranty (as such term is defined in Section 36 hereof), then Landlord may lawfully enter the Premises and repossess the same as the former estate of Landlord, or terminate this Lease by written notice to Tenant and. in either event, expel Tenant and those claiming through or under Tenant, and remove their effects, without being deemed guilty of any manner of trespass and without prejudice to any other remedy which Landlord may have for arrears of Basic Annual Rent and additional rent and other charges and sums due hereunder or proceeding on account of breach of covenant, and upon entry or notice as aforesaid, this Lease shall terminate. In addition, Tenant covenants, in case of any default by Tenant hereunder, to pay Landlord all costs of enforcing Landlord's rights under this Lease (including, without limitation, reasonable attorneys' fees and actual out-of- pocket expenses), reletting expenses (including without limitation, the costs to prepare the Premises for a new tenant) and brokerage fees, and in addition, liquidated damages of any one of the following elected by Landlord: (i) the amount by which, at the termination of the Lease, where the then present value (using as a discount factor the current interest rate on U.S. Treasury bills having a maturity equivalent to the unexpired Term of the Lease) of the aggregate of the Basic Annual Rent (including, without limitation, the Real Estate Tax and Operating Cost payments -projected on the basis of experience under this Lease) and other sums payable hereunder projected over a period from such seizure is not contestedtermination until the normal expiration date of the Term, dischargedexceeds the then present value (using as a discount factor the current interest rate on U.S. Treasury bills having a maturity equivalent to the unexpired Term of the Lease) of the aggregate projected fair market rental value of the Premises for such period, or stayed in thirty (30ii) days after appointment an amount equal to the Basic Annual Rent, plus Operating Costs and Real Estate Tax payments projected on the basis of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and experience under this Lease not so terminated (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to off-set for net rents actually received from reletting after subtraction of the provisions expenses of Article VI. Notwithstanding anything in this provision which may be construed to reletting), payable upon the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of samedue dates as specified herein.

Appears in 1 contract

Samples: Lease Agreement (BGS Systems Inc)

Default. The occurrence Any other provisions in the Lease notwithstanding, it shall be an Event of any one or more of the following events shall constitute a default of Default under this Lease by Tenant (a “Tenant Default”): (a) the failure by Tenant to make any payment of Monthly Rent, or any other payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of fifteen (15) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly any installment of Fixed Rent, Additional Rent or any other payment required to be made sum payable by Tenant hereunder when due and such failure continues for a period of ten (10) days after written notice given by or on time behalf of Landlord to Tenant, provided, however, Landlord need not give any such written notice, for non-payment of rent and Tenant shall not be entitled to any such period of grace, more than two (2) times twice in a any twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within abandons the applicable cure period; (b) Leased Premises or uses or occupies the failure Leased Premises otherwise than as permitted by Sections 1 and 9 hereof, or assigns or sublets, or purports to assign or sublet, the Leased Premises or any part thereof otherwise than in the manner and upon the conditions set forth in Section 25 hereof, Tenant fails to observe or perform any other covenant or agreement of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where Tenant herein contained and such failure shall continue for a period of thirty (30) days continues after Tenant’s receipt of written notice thereof given by or on behalf of Landlord provided that if such cure reasonably requires to Tenant for more than thirty (30) days and such additional time, if any, as is reasonably necessary to completecure such failure, then provided Tenant shall not be in default if Tenant shall promptly commence the commences to cure of such Tenant Default failure within such thirty (30) day period and diligently pursues thereafter prosecutes such cure to completion; (c) , without Landlord's prior written consent, Tenant removes or attempts to remove or manifests an intention to remove any or all of Tenant's property from the making by Leased Premises otherwise than in the ordinary and usual course of business, Tenant of a general makes any assignment or general arrangement for the benefit of creditors; the filing Tenant commits an act of bankruptcy or files a voluntary petition or commences any proceeding under any bankruptcy or insolvency law; a petition by Tenant. If an involuntary bankruptcy petition is filed or any proceeding is commenced against Tenant has been filed under any bankruptcy or insolvency law and such petition or proceeding is not contesteddismissed within thirty (30) days; Tenant is adjudicated a bankrupt; Tenant by any act indicates its consent to, dismissedapproval of or acquiescence in, or stayed within sixty (60) days of filing)a court approves, a petition filed or proceeding commenced against Tenant under any bankruptcy or insolvency law; a receiver or the appointment of other official is appointed for Tenant or for a trustee or receiver to take possession of substantially all substantial part of Tenant’s 's assets located at the Premises or for Tenant's interests in this Lease; any attachment or execution against a substantial part of Tenant's assets or of Tenant’s 's interest in this Lease remains unstayed or undismissed for a period of more than ten (10) days; a substantial part of Tenant's assets or of Tenant's interest in this Lease is taken by legal process in any action against Tenant, or any of the foregoing occur as to any guarantor or surety of Tenant's performance under this Lease, where or such seizure is not contestedguarantor or surety defaults on any provision under its guaranty or suretyship agreement. If Landlord should be in default in the performance of any of its obligations under this Lease, discharged, or stayed in which default continues for a period of more than thirty (30) days after appointment receipt of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 written notice from Tenant specifying such order shall be an event of default hereunderdefault, or the filing if such default is of a petition nature to require more than thirty (30) days for remedy and continues beyond the appointment of same by time reasonably necessary to cure (and Landlord has not undertaken procedures to cure the Tenantdefault within such thirty (30) day period and diligently pursued such efforts to complete such cure), whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, TenantTenant may, in addition to any other remedy available at law or in equity at its option, upon written notice, incur any expense necessary to perform the event obligation of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry Landlord specified in such notice and Landlord shall reimburse Tenant promptly after receipt of or defeating the entry of samea statement therefor from Tenant.

Appears in 1 contract

Samples: Agreement of Lease (Worldgate Communications Inc)

Default. Any act or omission by Subtenant that would constitute a default by Sublandlord under the Lease if it had been committed by Sublandlord shall be a default by Subtenant under this Sublease. The occurrence of any one or more of the following events shall constitute a default of this Lease by Tenant (each be deemed to be a “Tenant Default”): ” by Subtenant under this Sublease: (ai) Subtenant shall fail to pay Rent when due pursuant to the failure by Tenant terms hereof, and shall fail to make any payment of Monthly Rent, or any other payment required to be made by Tenant hereunder, as and when due, where cure such failure shall continue for a period of fifteen within five (155) days after Tenant’s receipt Subtenant receives notice from Sublandlord of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure periodfailure; (bii) the failure by Tenant Subtenant shall fail to observe or perform any obligation of the covenants, conditions, Subtenant under this Sublease or provisions to comply with any provision of this Lease to be observed or performed by TenantSublease (including, without limitation, the provision set forth in the first sentence of this Section 6), other than as described the payment of Rent or compliance with the items in subsection clauses (aiii) abovethrough (vi) of this Section 6 below, where and shall not cure such failure shall continue for a period of thirty within twenty (3020) days after Tenant’s receipt of written Subtenant receives notice thereof by Landlord from Sublandlord; provided, however, that any such notice shall be in lieu of, and not in addition to, any notice required under California Code of Civil Procedure Section 1161 or any similar or successor law; and provided further, that if the nature of such cure failure is that it cannot reasonably requires more than thirty be cured within a twenty (3020) days to completeday period, then Tenant Subtenant shall not be deemed to be in default Default hereunder if Tenant shall promptly commence the cure of such Tenant Default and it diligently pursues commences such cure within such period, notifies Sublandlord within such period that it cannot reasonably complete such cure within twenty (20) days and thereafter diligently proceeds to completioncure such failure as soon as reasonably possible but in no event later than sixty (60) days after the receipt of Sublandlord’s notice; (ciii) the making by Tenant of Subtenant shall make a general assignment or general arrangement for the benefit of creditors; , or shall admit in writing its inability to pay its debts as they become due, or shall file a petition in bankruptcy, or shall be adjudicated as bankrupt or insolvent, or shall file a petition in any proceeding seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, or shall file an answer admitting or fail timely to contest the filing material allegations of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition filed against Tenant has it in any such proceeding; (iv) a proceeding is commenced against Subtenant seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, and such proceeding shall not have been filed and is not contested, dismissed, or stayed dismissed within sixty (60) days of filing)after the commencement thereof; (v) a receiver or the appointment of a trustee shall be appointed for all or receiver to take possession of substantially all of Tenant’s the assets located at of Subtenant; or (vi) Subtenant shall do or permit to be done anything which creates a lien upon the Subleased Premises or of Tenant’s interest in this Lease, where the Building and such seizure lien is not contested, discharged, removed or stayed in thirty discharged or bonded over within ten (3010) days after appointment Subtenant obtains knowledge of said trustee or receiversuch filing. Any Default by Subtenant shall entitle Sublandlord to exercise any and all of the same rights and remedies against Subtenant as are available to Landlord against Sublandlord as tenant under the Lease, provided however, if a final order adjudicating arising out of an Event of Default under the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operationLease. In addition, subject to the terms of Section 19 of this Sublease, any Default by Subtenant shall entitle Sublandlord to recover all expenses incurred by Sublandlord to the extent resulting from such Default (including, without limitation, reasonable attorneys’ fees and disbursements incurred in enforcing the provisions of Article VIthis Sublease). If at any time Subtenant or anyone claiming by, through or under Subtenant is holding over in all or any portion of the Subleased Premises beyond the expiration or sooner termination of the Sublease Term (a “Subtenant Holdover”) and Sublandlord incurs any costs, claims, damages, fees (including, without limitation, reasonable attorneys’ fees), expenses, or liabilities resulting from a Subtenant Holdover, including, without limitation, any sums Sublandlord may be required to pay pursuant to Section 28 of the Original Lease (collectively, “Hold Over Expenses”), then Subtenant shall indemnify and hold Sublandlord harmless from and against any and all Hold Over Expenses. Notwithstanding anything the foregoing, if Sublandlord or anyone claiming by, through or under Sublandlord is holding over in this provision which may all or any portion of the remainder of the Premises after the expiration or sooner termination of the term of the Lease, then Subtenant shall only be construed obligated to the contrarypay 16.932% (i.e., Tenant, in the event Subtenant’s pro rata share) of an involuntary bankruptcy petition against it, has the right such Hold Over Expenses pursuant to contest an order for relief prior to entry of or defeating the entry of samesuch indemnification.

Appears in 1 contract

Samples: Sublease Agreement (Looksmart LTD)

Default. The occurrence In the event that Subtenant shall fail to timely perform any of its obligations under this Sublease other than those referred to in Section 14 above and such failure continues (i) in the case of the payment of any one amounts payable to Sublandlord for more than three (3) days, or (ii) in the case of obligations referred to in Section 14 above, for more than the applicable cure period specified in Section 14, or (iii) in the case of any other obligation hereunder (except under Section 19 below, as to which there is no cure period), for more than twenty five (25) days after written notice thereof, or (iv) if Subtenant becomes insolvent, fails to pay its debts as they fall due, files a petition under any chapter of the following events U.S. Bankruptcy Code (or similar petition under any insolvency law of any jurisdiction), or if such petition is filed against Subtenant and such proceeding is not dismissed within ninety (90) days after the filing thereof, or Subtenant proposes any dissolution, liquidation, composition, financial reorganization or recapitalization with creditors, makes an assignment for the benefit of creditors, or if a receiver trustee or similar agent is appointed or takes possession with respect to any property of the Subtenant, or if the leasehold hereby created is taken on execution or other process of law in any action against Subtenant, then Subtenant shall constitute be deemed to be in default under this Sublease. In the event of a default of this Lease by Tenant (a “Tenant Default”): Subtenant, Sublandlord shall have (a) the failure right to terminate this Sublease by Tenant written notice to make Subtenant and enforce, with respect to this Sublease and the Subtenant hereunder, (b) any payment and all of Monthly Rentthe rights and remedies available to Landlord under the Master Lease on account of a default by the tenant thereunder, and (c) all other rights and remedies to which Sublandlord is entitled under this Sublease and under applicable law (including, without limitation, the remedies of Civil Code Section 1951.4 and any successor statute or similar law). Sublandlord will not be in default in the performance of any other payment obligation required to be made performed by Tenant hereunder, as and when due, where such failure shall continue for a period of fifteen (15) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant Sublandlord under this Sublease unless Sublandlord fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that perform such payments have been made obligation within the applicable cure period; (b) the failure by Tenant to observe or perform any of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where such failure shall continue for a period of thirty (30) days after Tenant’s the receipt of written notice thereof by Landlord from Subtenant specifying in detail Sublandlord’s failure to perform; provided however, that if the nature of Sublandlord’s obligation is such cure reasonably requires that more than thirty (30) days to completeare required for performance, then Tenant shall Sublandlord will not be deemed in default if Tenant shall promptly commence the cure of it commences such Tenant Default and diligently pursues performance within such cure to completion; (c) the making by Tenant of a general assignment or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed within sixty (60) days of filing); or the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in thirty (30) days after appointment day period and thereafter diligently pursues the same to completion. Upon any default by Sublandlord, Subtenant may exercise any of said trustee its rights provided in this Sublease, at law or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operationequity, subject to the provisions of Article VI. Notwithstanding anything limitations on liability set forth in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of sameSublease.

Appears in 1 contract

Samples: Contribution and Purchase Agreement (Steadfast Apartment REIT, Inc.)

Default. The occurrence of any one or more Any of the following events occurrences or acts shall constitute a an event of default (“Event of Default”) under this Lease: (i) if Tenant, at any time during the continuance of this Lease by (and regardless of the pendency of any bankruptcy, reorganization, receivership, insolvency or other proceedings, in law, in equity, or before any administrative tribunal, which have or might have the effect of preventing Tenant (a “Tenant Default”): from complying with the terms of this Lease), shall (a) the failure by Tenant fail to make any payment of Monthly Base Rent, additional rent or any other payment sum herein required to be made paid by Tenant hereunder, as and when due, where and Tenant shall fail to make any such failure shall continue for a period of fifteen payment within ten (1510) days after Tenant’s receipt of written notice thereof by Landlord to TenantTenant of such default, provided, however, that after Tenant has failed to timely make such payment on three (3) occasions during the preceding five (5) year period during the term of this Lease, said ten (10) day period shall be reduced to five (5) days for any monetary default thereafter occurring after such payment has become due; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure period; (b) the failure by Tenant fail to observe or perform any of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where such failure shall continue provision hereof for a period of thirty (30) days after Landlord shall have delivered to Tenant notice of such failure (provided that Landlord shall in no event be required to deliver a notice to Tenant in connection with Tenant’s receipt failure to provide a notice to Landlord as required under this Lease) (further provided, that in the case of written notice thereof by Landlord provided that if any default referred to in this clause (b) which cannot with diligence be cured within such cure reasonably requires more than thirty (30) days to completeday period, then Tenant shall not be in default if Tenant shall proceed promptly commence to cure the cure same and thereafter shall prosecute the curing of such Tenant Default and diligently pursues default with diligence, then the time within which such cure failure may be cured shall be extended for such period not to completion; (c) the making by Tenant of a general assignment or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If exceed an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed within additional sixty (60) days as may be necessary to complete the curing of filingthe same with diligence; provided, however, that Tenant shall not be entitled to cure such breach or default that is not susceptible to cure or that is non-curable according to the terms hereof); or (ii) the appointment abandonment or vacation of the Premises by Tenant; or (iii) any voluntary or involuntary assignment, transfer, encumbrance or subletting of this Lease in violation of the provisions hereof; or (iv) if Tenant shall file a petition in bankruptcy or for reorganization or for an arrangement pursuant to any present or future federal or state bankruptcy law or under any similar federal or state law, or shall be adjudicated a bankrupt or insolvent or shall make an assignment for the benefit of its creditors or shall admit in writing its inability to pay its debts generally as they become due, or if a petition or answer proposing the adjudication of Tenant as a bankrupt or its reorganization under any present or future federal or state bankruptcy law or any similar federal or state law shall be filed in any court and such petition or answer shall not be discharged or denied within 90 days after the filing thereof; or (v) if a receiver, trustee or receiver to take possession liquidator of Tenant of all or substantially all of Tenant’s the assets located at of Tenant or of the Premises or of shall be appointed in any proceeding brought by Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed if any such receiver, trustee or liquidator shall be appointed in thirty (30) any proceeding brought against Tenant and shall not be discharged within 90 days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunderappointment, or the filing of a petition for the appointment of same by the Tenant, whichever if Tenant shall first occur and (d) failure consent to maintain the premises as an adult cabaret or acquiesce in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of samesuch appointment.

Appears in 1 contract

Samples: Lease (Palace Entertainment Holdings, Inc.)

Default. The occurrence of If any one or more of the following events shall constitute a default of this Lease by Tenant (a “Tenant Default”): (a) continues after notice, except in the failure by Tenant to make any payment case of Monthly Rent, or any other payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of fifteen (15) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Base Rent or any other payment required additional rent in which case Landlord is not obligated to be made by Tenant hereunder on time send a five-day notice more than two (2) times in a any twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure period; (b) the failure by Tenant to observe or perform any of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant, other for more than as described in subsection (a) above, where such failure shall continue for a period of thirty (30) days after Tenant’s receipt of written notice thereof by Landlord provided that if such cure reasonably requires days, or in any other case for more than thirty (30) days and such additional time, if any, as is reasonably necessary to complete, then Tenant shall not be in cure the default if Tenant shall promptly commence the cure default is of such a nature that it cannot reasonably be cured in thirty (30) days; or if Tenant Default and diligently pursues such cure to completion; (c) the making by Tenant of a general makes any trust mortgage or assignment or general arrangement for the benefit of creditors; the filing or if Tenant proposes any composition, arrangement, reorganization or recapitalization with creditors; or if Tenant's leasehold hereunder is taken on execution or other process of law or is attached or subjected to any other voluntary encumbrance; or if a voluntary bankruptcy petition by receiver, trustee, custodian, liquidator or similar agent is appointed with respect to Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed within sixty (60) days of filing); if any such person or the appointment of a trustee mortgagee, secured party or receiver to take other creditor takes possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest any substantial part of the property of Tenant and, in this Leaseeither case, where if such seizure appointment or taking of possession is not contested, discharged, or stayed in terminated within thirty (30) days after appointment of said trustee it first occurs; or receiver, provided however, if a final order adjudicating petition is filed by or with consent of Tenant under -any federal or state law concerning bankruptcy, insolvency, reorganization, arrangement or relief from creditors; or if a petition is filed against Tenant under any federal or state law concerning bankruptcy, insolvency, reorganization, arrangement, or relief from creditors, and such petition is not dismissed within thirty (30) days thereafter, or if Tenant dissolves or is dissolved or liquidated or adopts any plan or commences any proceeding, the tenant result of which is intended to include dissolution or liquidation (each of the above, as being bankrupt well as Tenant’s failure to faithfully perform any agreement, term, covenant, or appointing a trustee condition of this Lease after any applicable notice and cure period, constitute an “Event of Default”); then in any such case, whether or receiver not the Term shall have begun, Landlord may immediately or at any time while such Event of Default exists, and without further notice, and without prejudice to any remedies which might otherwise be used, re-enter and take complete possession of the Premises, terminate this Lease by notice to Tenant, specifying a date on which this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration of the Term, to remove Tenant’s effects, and Tenant shall then quit and surrender the Premises to Landlord, but Tenant shall remain liable as hereinafter provided. In the event that this Lease is terminated on account of an Event of Default, Tenant covenants to pay forthwith to Landlord, as compensation, the excess of the total Base Rent and other sums owed hereunder reserved for the residue of the Term over the fair market rental value of the Premises for said residue of the Term. Tenant further covenants as an additional and cumulative obligation after this Lease has been entered pursuant terminated to 11 U.S.C. §303 such order pay punctually to Landlord all the sums and perform all the obligations which Tenant covenants in this Lease to pay and to perform in the same manner and to the same extent and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant under the next preceding sentence, Tenant shall be an event credited with any amount paid to Landlord as compensation as provided in the first sentence of default hereunderthis paragraph and also with the net proceeds of any rent obtained by Landlord by reletting the Premises, after deducting all of Landlord's expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, reasonable fees for legal services and expenses of preparing the Premises for such reletting, it being agreed by Tenant that Landlord may (a) relet the Premises or any part or parts thereof for a term or terms which may, at Landlord's option, be equal to or less than or exceed the filing period which would otherwise have constituted the balance of a petition for the appointment of Term and may grant such concessions and free rent as Landlord in its sole judgment considers advisable or necessary to relet the same by the Tenant, whichever shall first occur and (db) make such alterations and repairs in the Premises as Landlord in its sole judgment considers advisable or necessary to relet the same, and no action of Landlord in accordance with the foregoing or failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may relet shall operate or be construed to the contrary, release or reduce Tenant's liability as aforesaid. Following a termination of this Lease for default of Tenant, Landlord shall use commercially reasonable efforts to mitigate its damages. In lieu of any other damages or indemnity and in lieu of full recovery by Landlord of all sums payable under all the event foregoing provisions of this Section, Landlord may by written notice to Tenant, at any time after this Lease is terminated as a result of an involuntary bankruptcy petition against itEvent of Default, has and before such full recovery, elect to recover, and Tenant shall thereupon pay, as liquidated damages, an amount equal to the right to contest an order aggregate of the Base Rent and all additional sums payable by Tenant under this Lease accrued under this Lease for relief the lesser of the twelve (12) months ended next prior to entry such termination or the date of or defeating the entry of sametermination under this Lease.

Appears in 1 contract

Samples: Lease (Arbios Systems Inc)

Default. The occurrence of Section 1. This lease is made on the condition that if the Tenant shall fail to perform any one or more of the following events shall constitute a default of this Lease by Tenant (a “Tenant Default”): (a) the failure by Tenant to make any payment of Monthly Rent, or any other payment required to be made by Tenant hereunder, as obligation hereunder and when due, where such failure shall continue for a period of fifteen ten (1510) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent in payment of annual base rent, additional rent, or in payment of any other payment required to be made by Tenant hereunder on time more than two sums due under this lease or for twenty five (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure period; (b) the failure by Tenant to observe or perform any of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where such failure shall continue for a period of thirty (3025) days after Tenant’s receipt of written notice thereof by Landlord provided that of default in the case of any other obligation (or, if said default cannot reasonably be expected to be cured within such cure reasonably requires more than thirty twenty five (3025) days to completeday period, then Tenant shall not within such twenty five (25) day period promptly commence to cure such default and thereafter prosecute the curing of such default to completion with due diligence) or if the estate hereby created shall be in default taken on execution or other process of law, or if the Tenant shall promptly commence be declared bankrupt or insolvent according to law, or if the cure Tenant shall make or offer to make, in or out of such bankruptcy, a composition with the Tenant's creditors, or if the Tenant Default and diligently pursues such cure to completion; (c) the making by Tenant of a general shall make an assignment or general arrangement for the benefit of its creditors; , as if the Tenant shall commit any act of bankruptcy, or if a receiver, trustee or other officer shall be appointed to take charge of all or any substantial part of the Tenant's property by a court, or if a petition shall be filed by or against the Tenant (except for a filing against Tenant by Landlord or at the request of a voluntary bankruptcy petition Landlord) for the reorganization of the Tenant or for an "arrangement" under the Bankruptcy Code or under any other provisions of the Bankruptcy Code or any successor or similar State or Federal statute or regulation now or hereafter in effect, and the same, if filed against but not by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is , shall not contested, dismissed, or stayed be dismissed within sixty ninety (60) days of filing); or the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in thirty (3090) days after appointment the date on which it is filed, then and in any of the said trustee cases, notwithstanding any prior waivers or receiverconsent the Landlord lawfully may, provided howeverin addition to and not in derogation of any remedies for any preceding breach of covenant, if immediately or at any time thereafter and without prior demand or prior notice (1) terminate this lease by notice in writing forthwith, or on a final order adjudicating date stated in said notice, (2) with process of law, enter into and upon the tenant demised premises or any part thereof in the name of the whole and repossess the same as of the Landlord's former estate, and (3) expel the Tenant and those claiming through or under the Tenant and remove its and their effects without being bankrupt deemed guilty of any manner of trespass and without prejudice to any remedies which might otherwise be used for arrears of rent or appointing a trustee preceding breach of covenant, and upon entry as aforesaid this lease shall terminate; and in case of such termination or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event termination by reason of default hereunder, or on the filing part of a petition for the appointment of same by the Tenant, whichever the Tenant shall first occur pay to the Landlord (i) all arrearages of annual base rent and other amounts outstanding and (dii) failure in equal monthly installments, in advance (on the same days when monthly installments on account of annual base rent are due and payable), sums equal to maintain each monthly installment of annual base rent herein provided for or, if the demised premises as an adult cabaret in continuous operationhave been relet, subject sums equal to the provisions excess of Article VIthe annual base rent herein provided for over the sums actually received by the Landlord from such reletting as well as any reasonable expenses incurred by the Landlord as a consequence of such default or in such reletting including for reasonable attorneys' fees and brokers' fees. Notwithstanding anything in this provision which may be construed to Such sums being payable as liquidated damages for the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of sameunexpired term hereof.

Appears in 1 contract

Samples: Lease Agreement (Aerovox Inc)

Default. The occurrence of any one or more each of the following events shall constitute a an event of default of this Lease by Tenant (a “Tenant Default”): (a) the failure by Tenant to make any payment of Monthly Rent, or any other payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of fifteen under this Lease: (15i) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly any Rent or when due and such failure continues for five (5) days after written notice from Landlord; (ii) Tenant fails to timely deliver any Estoppel Certificate to Landlord under Section 21 below; (iii) Tenant fails to timely deliver any Subordination Agreement to Landlord under Section 22 below; (iv) Tenant fails to timely surrender and vacate the Premises in the manner described in Section 16 above; (v) Tenant makes any Transfer (other payment than a Permitted Transfer) without obtaining Landlord’s prior written consent; (vi) Tenant fails to maintain any insurance required to be made maintained by Tenant hereunder on under Section 11 above; (vii) the occurrence of a default by any guarantor under the Guaranty (if any) attached hereto as Exhibit E; (viii) the death or dissolution of Tenant or of any guarantor of this Lease, (ix) Tenant (or any Affiliate) is in default beyond any applicable notice and cure period under any other lease or agreement with Landlord (or any affiliate of Landlord); or (x) Tenant fails to observe or perform any other covenant or obligation of Tenant under this Lease (which is not referred to in clauses (i) through (ix) above) and such failure is not cured within thirty (30) days (or immediately if such failure involves a hazardous condition) after written notice from Landlord; provided, however, that (A) if such failure cannot reasonably be cured within said 30-day period, Tenant shall be allowed such additional time more than two (not to exceed sixty (60) days) as is reasonably necessary to cure such failure, so long as (1) Tenant commences to cure the failure within ten (10) days, and (2) times Tenant diligently pursues a course of action that will cure the failure and bring Tenant back into compliance with this Lease, and (3) Tenant provides Landlord with detailed weekly written status reports of Tenant’s progress in curing such failure throughout the period of such failure; and (B) if Landlord provides Tenant with a notice of Tenant’s failure to observe or perform any particular term, provision or covenant of this Lease on three (3) separate occasions during any twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure period; (b) the then Tenant’s subsequent failure by Tenant to observe or perform any such term, provision or covenant shall, at Landlord’s option, be an uncurable event of the covenants, conditions, or provisions of this Lease to be observed or performed default by Tenant, other than as described in subsection (a) above, where such failure shall continue for a period of thirty (30) days after Tenant’s receipt of written notice thereof by Landlord provided that if such cure reasonably requires more than thirty (30) days to complete, then which event Tenant shall not be in default if Tenant shall promptly commence the have no further notice and cure of such Tenant Default and diligently pursues such cure period under this clause (x) with respect to completion; (c) the making by Tenant of a general assignment or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed within sixty (60) days of filing); or the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of same.

Appears in 1 contract

Samples: Industrial Lease Agreement (Ufp Technologies Inc)

Default. The occurrence Occurrence of any one or more of the following events shall constitute a default by Tenant: (1) failure of Tenant to pay rent or other payments when due hereunder; (2) assignment, sublease or transfer of Tenant's interest in this Lease, or any part thereof, either voluntarily or by operation of law, whether by judgment, execution, death, receivership or other means, without the consent of Landlord; (3) occurrence of a breach of this Lease by Tenant under Paragraph 13 or Paragraph 35 hereof, relating to the financial condition of Tenant; or (a “Tenant Default”): (a4) the failure by of Tenant to make perform any payment of Monthly Rentother covenant, condition, or any representation of Tenant under this Lease. If Tenant's default is a failure to pay rent or other payment required to be made by Tenant payments when due hereunder, as Tenant shall not be deemed in default and when dueLandlord shall exercise no remedies provided in subparagraph 14(b) hereof for such default, where such failure shall continue for a period of fifteen (15) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if unless Tenant fails to pay Monthly Rent or any other payment required to be made by cure such default within five (5) business days after Landlord gives Tenant hereunder on time more than two written notice of such default. If Tenant's default is a default included in item (24) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure period; (b) the failure by Tenant to observe or perform any of the covenants, conditions, or provisions first sentence of this Lease subparagraph 14(a), Tenant shall not be deemed in default and Landlord shall exercise no remedies provided in subparagraph 14(b) hereof for such default unless Tenant fails to be observed or performed by Tenant, other than as described in subsection (a) above, where cure such failure shall continue for a period of default within thirty (30) days after Tenant’s receipt of Landlord gives Tenant written notice thereof by Landlord provided of such default, provided, however, that if such cure reasonably requires more than thirty (30) days period shall terminate if Tenant fails to complete, then do the following: Tenant shall not be in default if Tenant shall promptly diligently commence the to cure of such Tenant Default and diligently pursues such cure to completion; failure within seven (c) the making by Tenant of a general assignment or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed within sixty (60) days of filing); or the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in thirty (307) days after appointment such notice is given and shall give Landlord a weekly report of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant Tenant's actions to 11 U.S.C. §303 cure such order failure each week until such failure is cured. Any notice by Landlord under this Paragraph shall be an event sufficient if it informs Tenant of default hereunder, or the filing general nature of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) 's failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, perform Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of same's obligations hereunder.

Appears in 1 contract

Samples: Agreement Regarding Sublease (Informatica Corp)

Default. The “Default” means the occurrence of any one or more of the following events shall constitute a default following: (i) failure of this Lease by Tenant (a “Tenant Default”): (a) the failure by Tenant to make pay when due any payment of Monthly Rent, Rent or any other payment amount required to be made by Tenant paid hereunder, as and when due, where if such failure shall continue continues for a period of fifteen more than ten (1510) days after Tenant’s receipt of written notice thereof by from Landlord; provided, however, that Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment shall not be required to be made by provide Tenant hereunder on time with notice of such failure and the ten (10) day period within which to cure such failure more than two (2) times in a twelve (12) month periodtwice during the Term, and, at Landlord’s election, a Tenant subsequent failure to timely pay the Rent when due shall immediately constitute a Default shall occur notwithstanding that such payments have been made within the applicable cure periodhereunder; (bii) the failure by Tenant to observe or perform any of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where such failure shall continue for a period of after thirty (30) days after written notice, or such other notice period specified in this Lease, to observe and fully perform all of Tenant’s receipt obligations hereunder, other than payment of written notice thereof by Landlord Rent which is covered above, except as otherwise provided that if such cure reasonably requires more than thirty (30) days to complete, then Tenant shall not be in default if Tenant shall promptly commence the cure of such Tenant Default and diligently pursues such cure to completionbelow; (ciii) the adjudication of Tenant to be bankrupt; (iv) the filing by Tenant of a voluntary petition in bankruptcy or other similar proceedings; (v) the making by Tenant of a general assignment or general arrangement for the benefit of its creditors; (vi) the filing appointment of a voluntary bankruptcy petition by receiver of Tenant. If an ’s interests in the Premises; (vii) any involuntary bankruptcy petition proceedings instituted against Tenant has been filed and under any bankruptcy or similar laws, unless such is not contested, dismissed, dismissed or stayed within sixty (60) days thereafter; (viii) if the Tenant is an individual or if the Tenant is controlled by a single individual, the death or incapacity of filing)such individual; or the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in thirty (30ix) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a voluntary petition in bankruptcy or other similar proceeding by any Guarantor of Tenant’s obligations hereunder, or if such Guarantor is an individual or controlled by a single individual, the death or incapacity of such individual; (x) the voluntary or involuntary dissolution of the Guarantor, or any transaction involving the Guarantor which, if done by Tenant would constitute an assignment by Tenant hereunder, without the written consent of Landlord; or (xi) vacancy of the Premises for more than one hundred eighty (180) consecutive days. Notwithstanding any applicable notice and cure period provided above, Landlord shall not, with respect to the occurrence of any of the events described in subparts (ii) through (xi) above, be required to provide Tenant with notice of such failure and the cure period, if any, that would otherwise be applicable to such failure, more than twice during the Term for substantially the same failure, and, at Landlord’s election, a subsequent occurrence of substantially the same failure shall immediately constitute a Default hereunder. Upon the occurrence of a Default, Landlord may, at its option and without waiving any other rights available herein, at law, or in equity, require Tenant to pay Rent by (a) wire transfer of funds to an account designated by Landlord or (b) direct draft from Tenant’s account through bank draft, ACH transfer, or other equivalent funds transfer to Landlord’s designated account. Execution of this Lease by Tenant and Landlord shall be evidence of Landlord’s authorization to debit Tenant’s account as set forth herein. Tenant shall provide all necessary information and execute any additional documents requested by Landlord to facilitate payment of Rent by the method designated by Landlord. Tenant’s failure to provide such information or documents within five (5) days after written notice by Landlord shall constitute a Default hereunder. Upon the occurrence of a Default, Landlord may, at its option, without terminating this Lease, and with or without notice to Tenant, enter into and upon the Premises and, without being liable for any damages as a result thereof, maintain the Premises and repair or replace any damage to the Premises or do anything for which Tenant is responsible hereunder on Tenant’s behalf; and, in such event, Tenant shall reimburse Landlord immediately upon demand for any reasonable expenses which Landlord incurs in effecting Tenant’s compliance under this Lease. In addition, if a Default occurs, then or at any time thereafter while such Default continues, Landlord, at its option, may, without waiving any other rights available herein, at law, or in equity, either terminate this Lease or terminate Tenant’s right to possession without terminating this Lease. In either event, Landlord may, without additional notice and without court proceedings, reenter and repossess the Premises, and remove all persons and property therefrom using such force as may be reasonably necessary. If Landlord elects to terminate this Lease, it may treat the Default as an entire breach of this Lease and Tenant immediately shall become liable to Landlord for damages for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as entire breach in an adult cabaret in continuous operation, subject amount equal to the provisions total Rent and all other payments due for the balance of Article VIthe Term discounted at the rate of six percent (6%) per annum to the then present value, and all unpaid Rent through the date of such termination. Notwithstanding anything If Landlord elects to terminate Tenant’s right to possession of the Premises without terminating this Lease, Landlord may rent the Premises or any part thereof for the account of Tenant to any person for such rent and for such terms and other conditions as Landlord deems practical, and Tenant shall be liable to Landlord for the amount, if any, by which the total Rent and all other payments herein provided for the unexpired balance of the Term exceed the net amount, if any, received by Landlord from such re-renting, being the gross amount so received less the cost of repossession, re-renting, remodeling and other expenses relating thereto; Tenant shall be and remain liable for such net amount even after an eviction of Tenant from the Premises, should an eviction of Tenant from the Premises occur. Such sums shall be immediately due and payable by Tenant upon demand. In no event shall Tenant be entitled to any rents received by Landlord from reletting the Premises, even if Landlord relets the Premises for an amount exceeding the Rent due from Tenant for the remainder of the unexpired Term. If a Default occurs or in case of any holding over or possession by Tenant of the Premises after the expiration or termination of this Lease, Tenant shall reimburse Landlord on demand for all costs incurred by Landlord in connection therewith including, but not limited to, reasonable attorneys’ fees, court costs and related costs plus interest thereon at the Default Rate, defined below. Actions by Landlord to collect amounts due from Tenant as provided in this provision which Section may be construed brought at any time, and from time to time, on one or more occasions, without the contrarynecessity of Landlord’s waiting until the termination of this Lease. The remedies expressed herein are cumulative and not exclusive, and the election by Landlord to terminate Tenant’s right to possession without terminating this Lease shall not deprive Landlord of the right, in and Landlord shall have the event continuing right, to terminate this Lease. Upon the occurrence of an involuntary bankruptcy petition against ita Default, has Landlord shall have the right to contest an order for relief prior recover from Tenant all damages caused by Tenant’s Default and to entry of pursue all rights and remedies available at law or defeating the entry of samein equity.

Appears in 1 contract

Samples: Commercial Lease (Fleetmatics Group PLC)

Default. The occurrence of any one or more of the following events shall constitute a default of this Lease by Tenant under this Lease: (a “i) Tenant Default”): (a) the failure by Tenant fails to make any payment of Monthly Rent, pay Base Rent or any other payment required additional rent due under this Leasewithin five (5) days after the due date; (ii) Tenant fails to be made by execute, acknowledge and return an estoppel certificate under Section 16 or a subordination agreement under Section 20, within ten (10) days after a request therefore; (iii) Tenant hereunder, as and when due, where such failure shall continue for a period of fails to perform any other obligation under this Lease within fifteen (15) days after Tenant’s receipt notice of written notice thereof by Landlord to Tenantnonperformance; provided provided, however, that if Tenant fails to pay Monthly Rent or any other payment required to the default is of such a nature that it cannot be made by Tenant hereunder on time more than two cured within fifteen (215) times in a twelve (12) month perioddays, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure period; (b) the failure by Tenant to observe or perform any of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where such failure shall continue for a period of thirty (30) days after Tenant’s receipt of written notice thereof by Landlord provided that if such cure reasonably requires more than thirty (30) days to complete, then Tenant shall not be in default if Tenant shall promptly commence the commences to cure of such Tenant Default default and thereafter diligently pursues cures such cure to completiondefault within thirty (30) days thereafter; (civ) Tenant vacates, abandons, or otherwise ceases to use the making Premises on a continuing basis except temporary absence excused by Tenant reason of fire, casualty, or other cause wholly beyond Tenant's control; (v) a general assignment or general arrangement receiver is appointed for the benefit business, property, affairs or revenues of creditors; Tenant or any guarantor (provided, however, that in the filing case of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against proceedings, Tenant has been filed and is not contested, dismissed, or stayed within shall have sixty (60) days to cause such receiver to be dismissed), or Tenant makes a bulk sale of filing)its goods or threatens to move its goods, chattels and equipment out of the Premises other than in the normal course of its business, or Tenant makes an assignment for the benefit of its creditors, or Tenant becomes insolvent; or the appointment (vi) Tenant fails to comply with any other provision of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of same.

Appears in 1 contract

Samples: Office Lease (Tradeshow Marketing Co. Ltd.)

Default. The occurrence of any one or more of the following events shall constitute a default of this Lease by Tenant (a “Tenant Default”): (a) In the failure by event that: (seq level4 \*romani) Tenant to make any shall default in the payment of Monthly Rent, Rent or any other payment required to be made sums payable by Tenant hereunderherein, as and when due, where such failure default shall continue for a period of fifteen ten (1510) days after Tenant’s receipt of Landlord's written notice thereof by Landlord to Tenant; provided that if (seq level4 \*romanii) Tenant fails to pay Monthly Rent or shall default in the performance of any other payment required covenants or agreements to be made performed by Tenant hereunder on time more than two (2) times in a twelve (12) month periodunder this Lease, a Tenant Default shall occur notwithstanding that and such payments have been made within the applicable cure period; (b) the failure by Tenant to observe or perform any of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where such failure default shall continue for a period of thirty (30) days after Tenant’s receipt of written notice thereof by Landlord provided from Landlord, provided, however, that if the default is not susceptible to cure by Tenant within such cure reasonably requires more than thirty (30) days to completeday period, then Tenant shall not be in default and further provided that if Tenant shall promptly commence begins such cure, provides Landlord notice in writing of the steps it is taking to attempt to cure and the estimated time required for completion of such the cure, and Tenant Default continuously and diligently pursues prosecutes such cure to completion, it shall not constitute a Default hereunder; (cseq level4 \*romaniii) Tenant shall become bankrupt or insolvent or unable to pay its debts as they become due, or files any debtor proceedings, or if Tenant shall take or have taken against it in any court pursuant to any statute either of the making by Tenant United States or of any state, a petition in bankruptcy or insolvency or for reorganization or for the appointment of a general receiver for Tenant's property, unless such petition, in the case of an involuntary proceeding, is dismissed within forty-five (45) days, or if Tenant makes an assignment for the benefit of creditors, or general petitions for or enters into an arrangement for the benefit of creditors; , any of the filing of foregoing events shall be deemed a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed "Default" hereunder, and is not contestedLandlord may, dismissed, or stayed within sixty (60) days of filing); or the appointment of a trustee or receiver in addition to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest any other remedies contained in this Lease, where such seizure is not contested, discharged, or stayed in thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant and any other remedies as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to permitted by law, exercise the contrary, following rights and remedies: (a) terminate this Lease and/or Tenant, in the event of an involuntary bankruptcy petition against it, has the 's right to contest an order for relief prior possession hereunder by notice in writing to Tenant; and/or (b) enforce Landlord's rights under this Lease by bringing suit in law and/or in equity. Upon any termination of this Lease, whether by lapse of time or otherwise, Tenant shall immediately surrender possession and vacate the Premises immediately, and deliver possession thereof to Landlord. Tenant hereby grants to Landlord full and free license to enter into and upon the Premises in such event with process of law and to expel or remove Tenant and any others who may be occupying or within the Premises, and to remove all property therefrom with process of law, without being deemed in any manner guilty of trespass, eviction or forcible entry or detainer, and without relinquishing Landlord's rights to Rent or any other right given the Landlord hereunder or by operation of or defeating the entry of samelaw.

Appears in 1 contract

Samples: Lease Agreement (Hamilton Bancorp Inc)

Default. The occurrence of any one or more This Lease and Tenant’s right to possession of the following events shall constitute a default Premises is made subject to and conditioned upon Tenant performing all of this Lease by Tenant (a “Tenant Default”): (a) the failure by Tenant to make any payment of Monthly Rent, or any other payment required covenants and obligations to be made performed by Tenant hereunder, as at the times and pursuant to terms and conditions set forth herein. If Tenant (i) fails to pay any Rent or other charge when duethe same is due and such monetary default continues to exist in full or part at the expiration of ten (10) days after written notice is given by Landlord to Tenant; provided, where however, Landlord shall only be obligated to provide such written notice to Tenant two (2) times within any calendar year and in the event Tenant fails to timely pay Rent or any other sums for a third time during any calendar year, then Tenant shall be in default for such late payment and Landlord shall have no obligation or duty to provide notice of such non-payment to Tenant prior to declaring an event of default under this Lease, (ii) fails to comply with or observe any other provision of this Lease and such failure shall continue for a period of fifteen (15) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure period; (b) the failure by Tenant to observe or perform any of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where such failure shall continue for a period of thirty (30) days after Tenant’s receipt of written notice thereof by Landlord provided to Tenant except that if such cure failure cannot reasonably requires more than thirty (30) days to completebe cured within such 30 day period, then Tenant shall not be afforded such additional cure period as shall be reasonably necessary to effect cure (provided that Tenant is acting in default if Tenant shall promptly commence the good faith and with constant diligence to cure of such Tenant Default and diligently pursues such cure to completionfailure); (ciii) the making by Tenant of a general makes an assignment or general arrangement for the benefit of creditors; the filing of , (iv) files a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy in bankruptcy, (v) has filed against it a petition against Tenant has been filed in bankruptcy, and such petition is not contested, dismissed, stayed or stayed discharged within sixty (60) days after such petition is filed; (vi) has a receiver, trustee or liquidator appointed over a substantial portion of filing)its property, and such proceeding is not stayed or dismissed within sixty (60) days after such proceeding is filed; or (vii) is adjudicated insolvent (each of the appointment foregoing each being referred to hereafter as a “Default”), then Tenant shall be in default under this Lease. In the event of a trustee Default under this Lease by Tenant, Landlord may either (a) terminate this Lease, or receiver (b) terminate Tenant’s right of possession to take possession of substantially the Premises without terminating this Lease. In either event, Landlord shall have the right to dispossess Tenant, or any other person in occupancy, together with their property, and re-enter the Premises. Upon such re-entry, Tenant shall be liable for all expenses incurred by Landlord in recovering the Premises, including, without limitation, clean-up costs, legal fees, removal, storage or disposal of Tenant’s assets located at property, and restoration costs. In the Premises or of Tenant’s interest in event Landlord elects to terminate this Lease, where such seizure all Rent through the effective date of termination shall immediately become due, together with any late fees payable to Landlord and the aforesaid expenses incurred by Landlord to recover possession, plus, provided this Lease is terminated within the first three (3) years of the Lease Term, an amount equal to all tenant concessions granted to Tenant including, but not contestedlimited to, dischargedfree or reduced rent, all tenant finish constructed within the Premises, or stayed any contribution paid to Tenant in lieu thereof. In the event Landlord elects not to terminate this Lease, but only to terminate Tenant’s right of possession to the Premises, Landlord may re-enter the Premises without process of law if Tenant has vacated the Premises or, if Tenant has not vacated the Premises by an action for ejection, unlawful detainer, or other process of law. No such dispossession of Tenant or re-entry by Landlord shall constitute or be construed as an election by Landlord to terminate this Lease, unless Landlord delivers written notice to Tenant specifically terminating this Lease. Upon Landlord recovering possession, Landlord shall use reasonable efforts to mitigate its damages and relet the Premises upon terms and conditions satisfactory to Landlord; however, Landlord shall have no duty to prioritize the reletting of the Premises over the leasing of other vacant space within the Project. Tenant shall remain liable for all past due Rent and late fees, plus the aforesaid expenses incurred by Landlord to recover possession of the Premises. In addition, Tenant shall be liable for all Rent thereafter accruing under this Lease, payable at Landlord’s election: (a) monthly as such Rent accrues, in an amount equal to the Rent payable under this Lease less the rent (if any) collected from any reletting, or (b) in a lump sum within thirty (30) days after appointment Landlord repossesses the Premises, in an amount equal to the present value of said trustee the total Rent payable under this Lease for the unexpired term, discounted at the rate of six percent (6%), per annum to the extent that it exceeds the fair rental value of the Premises for the remainder of the Term (which shall in no event be less than zero), discounted in the same manner. In the event the Premises are relet, Tenant shall also be liable for all reasonable costs of reletting, including, without limitation, any brokers fees, legal fees, and/or tenant finish required to be paid in connection with any reletting. No payment of money by Tenant after the termination of this Lease, service of any notice, commencement of any suit, or receiverafter final judgment for possession of the Premises, provided howevershall reinstate this Lease or affect any such notice, if a final order adjudicating demand or suit, or imply consent for any action for which Landlord’s consent is required. Tenant shall pay all costs and attorney’s fees incurred by Landlord from enforcing the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order covenants of this Lease. Such attorneys’ fees shall be an event calculated on the basis of default hereundersuch attorneys’ standard hourly rate, or the filing of a petition for the appointment of same by the Tenanttime in fact incurred, whichever shall first occur and (d) failure without regard to maintain the premises as an adult cabaret in continuous operation, subject any statutory presumption. Should Landlord elect not to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, exercise its rights in the event of a Default, it shall not be deemed a waiver of such rights as to subsequent Defaults. Tenant shall not seek to enforce any remedy it may have for any default on the part of Landlord without first giving written notice by prepaid overnight delivery by a reputable overnight courier service, specifying the default in reasonable detail (each, a “Landlord Default Notice”), to any Mortgagee whose address has been given to Tenant, and affording such Mortgagee a reasonable opportunity to cure such default, in accordance with the next succeeding sentence, and perform Landlord’s obligations hereunder. Tenant agrees that any Mortgagee shall have an involuntary bankruptcy petition additional thirty (30) days within which to cure such default after receipt of a Landlord Default Notice, or if such default cannot be cured within that time, then such additional time as may be necessary to cure such default (including commencement of foreclosure proceedings, if necessary to effect such cure), provided that the Mortgagee is diligently pursuing a cure, in which event the Lease shall not be terminated, nor shall Tenant reduce the rent or credit or offset any amounts against itthe rent, has while such remedies are being diligently pursued by Mortgagee. Tenant acknowledges that Mortgagee is not obligated to cure any Landlord default under this Lease, but if Mortgagee elects to do so in accordance with this Section, Tenant agrees to accept cure by Mortgagee as that of the right to contest an order for relief prior to entry of or defeating the entry of sameLandlord.

Appears in 1 contract

Samples: Agreement of Lease (Invitae Corp)

Default. The occurrence of any one or more of the following events shall constitute a material default and breach of this Lease by Tenant (a “Tenant Default”): (a) the Tenant: a. The failure by Tenant to make any payment of Monthly Rent, or any other payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of fifteen (15) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent rent or any other payment required to be made by Tenant hereunder within a period of ten (10) days after the same is due and payable; b. Abandonment or vacating the Premises, violating Restrictions on time more than two (2) times in a twelve (12) month periodUse or failing to Comply with Law, a Tenant Default shall occur notwithstanding that such payments have been made within Assignment or Subletting of the applicable cure period; (b) Premises without Landlord's prior written consent, the failure by Tenant to keep the Premises free from any Mechanic's Liens, or failure to procure and maintain insurance; c. Tenant makes any general assignment for the benefit of creditors; a petition is filed by or against Tenant to have Tenant adjudged a bankrupt or for reorganization or arrangement under any law relating to bankruptcy or insolvency (unless, in the case of a petition filed against Tenant, the same is dismissed within sixty (60) days); a trustee or receiver is appointed to take possession of substantially all of Tenant's assets located at the Premises or Tenant's interest in this Lease, or any trustee under the Federal Bankruptcy Code or other similar statute attempts to assume this Lease or take possession of the Premises; or there occurs any attachment, execution or other judicial seizure of substantially all of Tenant's assets located at the Premises or of Tenant's interest in this Lease and such seizure is not discharged within thirty (30) days; or d. Failure to observe or and perform any of the covenants, conditions, or provisions other provision of this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where such failure shall continue continues for a period of thirty ten (3010) days after Tenant’s receipt of written notice thereof by Landlord provided is given to Tenant; provided, however, that if the nature of such cure default is such that the same cannot reasonably requires more than thirty be cured within such ten (3010) days to completeday period, then Tenant shall not be deemed to be in default if Tenant shall promptly commence the cure of within such Tenant Default and diligently pursues period commences such cure and thereafter diligently prosecute the same to completion; (c) the making by Tenant of a general assignment or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed within sixty (60) days of filing); or the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of same24.

Appears in 1 contract

Samples: Commercial Lease (Sunrise Usa Inc)

Default. The occurrence of any one or more of the following events shall constitute a default of this Lease by Tenant (a “Tenant Default”): If (a) the failure by Tenant shall fail to make pay any payment of Monthly Rent, Rent or any other payment required to be made by Tenant hereunder, as sum provided for under this Lease on or before the date that the same shall have become due and when due, where payable and such failure shall continue for a period of fifteen five (155) days after Tenant’s following receipt of written notice thereof by Landlord from Landlord; provided, that Tenant shall not be entitled to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times such written notices in a any twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure period; or (b) Tenant shall vacate or abandon the failure by Leased Premises without continuing to pay Rent, or (c) Tenant to observe shall assign this Lease or perform sublet the whole or any part of the covenants, conditions, or provisions Leased Premises in violation of this Lease or permit any other person to occupy the whole or any part of the Leased Premises in violation of this Lease, or (d) Tenant shall fail to maintain any insurance pursuant to the terms of this Lease and such failure shall not be observed cured within five (5) days after written notice thereof from Landlord, or performed (e) bankruptcy or other insolvency proceedings shall be instituted by Tenant, other than as described in subsection or (af) above, where such failure bankruptcy proceedings shall continue for a period of be instituted against Tenant which are not withdrawn or dismissed within thirty (30) days after Tenant’s receipt the institution of written notice thereof by Landlord provided that if such cure reasonably requires more than thirty said proceedings, or (30g) days to complete, then Tenant an assignment shall not be in default if Tenant shall promptly commence the cure of such Tenant Default and diligently pursues such cure to completion; (c) the making made by Tenant of a general assignment or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition creditors by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissedlegal proceedings or otherwise, or stayed (h) Tenant shall fail to comply with any provision of Articles IV, VII or X of this Lease and such failure shall not be cured within sixty five (605) days of filing); or the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not contested, dischargedafter written notice thereof from Landlord, or stayed in (i) Tenant shall breach or fail to perform any other term, condition or covenant of this Lease and such failure shall not be cured within thirty (30) days after appointment of said trustee or receiver, provided howeverwritten notice thereof from Landlord; provided, if Tenant shall commence the cure within such thirty (30) day period and proceed diligently thereafter to cure the failure specified in the notice but shall not be able to do so, then any such failure shall not be considered a final order adjudicating the tenant Tenant Default so long as being bankrupt or appointing Tenant shall continue to exercise good faith diligent efforts to cure such failure and shall do so within a trustee or receiver shall have been entered pursuant reasonable period of time, not to 11 U.S.C. §303 exceed ninety (90) days, then and in any such order event Tenant shall be an event in default hereunder (each of default hereunder, or the filing of foregoing is hereinafter referred to as a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of same“Tenant Default”).

Appears in 1 contract

Samples: Lease Agreement (NeuBase Therapeutics, Inc.)

Default. a) The occurrence of any one or more of the following events shall constitute a default be deemed to be Events of this Lease Default by Tenant under this Lease: (a “i) Tenant Default”): (a) the failure by Tenant shall fail to make pay any payment installment of Monthly Rent, rent or any other payment required charge or assessment against Tenant pursuant to be made by Tenant hereunder, as the terms hereof when due and when due, where shall not cure such failure shall continue for a period of fifteen within five (155) business days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if (ii) Tenant fails shall fail to pay Monthly Rent comply with any term, provision, covenant or any other payment required to be warranty made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure period; (b) the failure by Tenant to observe or perform any of the covenants, conditions, or provisions of under this Lease to be observed or performed by Tenant, other than as described in subsection (a) abovethe payment of rent or any other charge or assessment payable by Tenant, where and shall not cure such failure within thirty (30) days after notice thereof to Tenant; (iii) any court or competent jurisdiction shall enter, with regard to Tenant, a decree or order for relief in an involuntary case under the federal bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law, or a decree or order appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of Tenant or for any substantial part of Tenant's property or for a decree or order ordering the winding-up or liquidation of Tenant's affairs, and any such decree or order shall continue unstayed and in effect for a period of thirty (30) days after Tenant’s receipt of written notice thereof by Landlord provided that if such cure reasonably requires more than thirty days, (30iv) days to complete, then Tenant shall not be in default if commence a voluntary case under the federal bankruptcy laws, as now constituted or hereafter amended, or any other applicable federal or state bankruptcy, insolvency or other similar law, or Tenant shall promptly commence the cure of such Tenant Default and diligently pursues such cure consent to completion; (c) the making by Tenant of a general assignment or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed within sixty (60) days of filing); or the appointment of or taking possession by a trustee receiver, liquidator, assignee, trustee, custodian, sequestrator (or receiver other similar official) of Tenant or for any substantial part of Tenant's property; (v) Tenant shall abandon or vacate all or any portion of the Premises or fail to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest thereof as provided in this Lease, where ; or (vi) Tenant shall do or permit to be done anything which creates a lien of any nature or whatsoever upon the Premises and shall not cure such seizure is not contested, discharged, or stayed in lien within thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant notice thereof to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of same.

Appears in 1 contract

Samples: Lease Agreement (Netbank Inc)

Default. The occurrence following shall be an "Event of Default" hereunder: (i) NBO shall default in fulfilling any one or more of covenant contained in this Agreement, including, but not limited to, NBO's failure to reimburse retail establishments at the following events shall constitute a Center for redeemed gift certificates, and such default of this Lease by Tenant (a “Tenant Default”): (a) the failure by Tenant to make any payment of Monthly Rent, or any other payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of fifteen (15) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure period; (b) the failure by Tenant to observe or perform any of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where such failure shall continue unremedied for a period of thirty (30) days after Tenant’s receipt of written notice thereof by Landlord provided that NBO specifying the default or if such cure default cannot reasonably requires more than be cured within a period of thirty (30) days days, if NBO shall have failed to complete, then Tenant shall not be in default if Tenant shall promptly commence the cure of such Tenant Default default within the thirty (30) day period and thereafter diligently pursues such cure prosecute same to completion; completion within a reasonable time thereafter not to exceed ninety (c90) the making by Tenant of a days, (ii) (a) NBO makes any general assignment or general arrangement for the benefit of creditors; , (b) a petition to have NBO adjudged a bankrupt or a petition for reorganization or arrangement under any law relating to bankruptcy or insolvency is filed by or against NBO (unless, in the filing case of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition filed against Tenant has been filed and NBO the same is not contested, dismissed, or stayed dismissed within sixty (60) days of filingdays); or the appointment of , (c) a trustee or receiver is appointed to take possession of substantially all of Tenant’s NBO's assets located at the Premises or of Tenant’s NBO's interest in this LeaseAgreement, where such seizure possession is not contested, discharged, or stayed in restored to NBO within thirty (30) days after appointment of said trustee or receiverdays, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) substantially all of NBO's assets or NBO's interest in this Agreement are subject to attachment, execution or other judicial seizure, (e) a meeting of NBO's creditors or any class thereof is convened for the purpose of effecting a moratorium upon or composition of its debt or (f) NBO is insolvent or admits its inability to pay its debts as they mature or (iii) there is a default beyond any applicable cure period, if any, by NBO or any affiliate of NBO under any other lease or agreement with Owner or its beneficiary, if applicable, or any Affiliate (as hereinafter defined) of Owner or its beneficiary, if applicable. Upon the occurrence of an Event of Default, Owner may terminate this Agreement. Failure by NBO to comply with the same term or condition of this Agreement on two (2) occasions (after notice thereof on each such occasion) during any twelve (12) month period shall cause any failure to maintain comply with such term or condition during the premises as succeeding twelve (12) month period, at Owner's option, to constitute an adult cabaret incurable Event of Default, thereby entitling Landlord to immediately terminate this Agreement. The notice and cure period provided herein are in continuous operationlieu of, subject to the provisions and not in addition to, any notice and cure periods provided by law. For purposes hereof, an "Affiliate" of Article VIOwner shall mean any entity controlled by, controlling or under common control with Owner, Owner's beneficiary or any majority partner in Owner or Owner's beneficiary. Notwithstanding anything in NBO's obligations under this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief Agreement accruing prior to entry of or defeating the entry of sameany termination hereof shall survive such termination.

Appears in 1 contract

Samples: Account and Security Agreement (Nbo Inc)

Default. The occurrence of any one or more Any of the following events occurrences or acts shall constitute a an event of default (“Event of Default”) under this Lease: (i) if Tenant, at any time during the continuance of this Lease by (and regardless of the pendency of any bankruptcy, reorganization, receivership, insolvency or other proceedings, in law, in equity, or before any administrative tribunal, which have or might have the effect of preventing Tenant (a “Tenant Default”): from complying with the terms of this Lease), shall (a) the failure by Tenant fail to make any payment of Monthly Base Rent, additional rent or any other payment sum herein required to be made paid by Tenant hereunder, as and when due, where and Tenant shall fail to make any such failure shall continue for a period of fifteen payment within ten (1510) days after Tenant’s receipt of written notice thereof by Landlord to TenantTenant of such default, provided, however, that after Tenant has failed to timely make such payment on three (3) occasions during the preceding five (5) year period during the term of this Lease, said ten (10) day period shall be reduced to five (5) days for any monetary default thereafter occurring after such payment has become due; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure period; (b) the failure by Tenant fail to observe or perform any of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where such failure shall continue provision hereof for a period of thirty (30) days after Landlord shall have delivered to Tenant notice of such failure (provided that Landlord shall in no event be required to deliver a notice to Tenant in connection with Tenant’s receipt of written failure to provide a notice thereof by to Landlord as required under this Lease), (further provided that if in the case of any default referred to in this clause (b) which cannot with diligence be cured within such cure reasonably requires more than thirty (30) days to completeday period, then Tenant shall not be in default if Tenant shall proceed promptly commence to cure the cure same and thereafter shall prosecute the curing of such Tenant Default and diligently pursues default with diligence, then the time within which such cure failure may be cured shall be extended for such period not to completion; (c) the making by Tenant of a general assignment or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If exceed an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed within additional sixty (60) days as may be necessary to complete the curing of filingthe same with diligence; provided, however, that Tenant shall not be entitled to cure such breach or default that is not susceptible to cure or that is non-curable according to the terms hereof); or (ii) the appointment abandonment or vacation of the Premises by Tenant; or (iii) any voluntary or involuntary assignment, transfer, encumbrance or subletting of this Lease in violation of the provisions hereof; or (iv) if Tenant shall file a petition in bankruptcy or for reorganization or for an arrangement pursuant to any present or future federal or state bankruptcy law or under any similar federal or state law, or shall be adjudicated a bankrupt or insolvent or shall make an assignment for the benefit of its creditors or shall admit in writing its inability to pay its debts generally as they become due, or if a petition or answer proposing the adjudication of Tenant as a bankrupt or its reorganization under any present or future federal or state bankruptcy law or any similar federal or state law shall be filed in any court and such petition or answer shall not be discharged or denied within 90 days after the filing thereof; or (v) if a receiver, trustee or receiver to take possession liquidator of Tenant of all or substantially all of Tenant’s the assets located at of Tenant or of the Premises or of shall be appointed in any proceeding brought by Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed if any such receiver, trustee or liquidator shall be appointed in thirty (30) any proceeding brought against Tenant and shall not be discharged within 90 days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunderappointment, or the filing of a petition for the appointment of same by the Tenant, whichever if Tenant shall first occur and (d) failure consent to maintain the premises as an adult cabaret or acquiesce in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of samesuch appointment.

Appears in 1 contract

Samples: Palace Entertainment Holdings, Inc.

Default. The occurrence Time being of the essence, any one or more of the following events shall constitute a default of this Lease Default by Tenant (a “Tenant Default”): Borrower: (a) Borrower’s failure to pay within five days of the due date thereof any debt, or installment thereof, owing to Lenders, including failure by Tenant to make pay when due all sums advanced under this Agreement; (b) failure of Borrower or members of Borrower to timely comply with any payment of Monthly Rentother covenant, term, or condition in this Agreement or any other payment required to be agreement with Lenders within 10 days after written notice by Lenders; (c) any material representation or warranty made by Tenant hereunderor on behalf of Borrower herein or otherwise in connection with the transactions contemplated hereby shall prove to have been false or incorrect in any material respect on the date as of which made; (d) entry or filing of any judgment, as and when duelevy, where such failure shall continue execution, writ or warrant of attachment, or of any similar process against Borrower or against Borrower’s properties that for a period of fifteen (15) 15 days after Tenant’s receipt of written notice thereof by Landlord or more remains unsatisfied or as to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure period; (b) the failure by Tenant to observe or perform any of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where such failure shall continue for a period of thirty (30) days after Tenant’s receipt of written notice thereof by Landlord provided that if such cure reasonably requires more than thirty (30) days to complete, then Tenant which adequate protection shall not be in default if Tenant shall promptly commence the cure of such Tenant Default and diligently pursues such cure afforded by Borrower to completionLenders within said 15 days by indemnity satisfactory to Lenders; (ce) institution of bankruptcy, reorganization, arrangement, or insolvency proceedings or other proceedings for relief under any bankruptcy or similar laws for the relief of debtors by or against Borrower that if instituted against Borrower, is consented to or is not dismissed within 60 days after such institution; (f) Borrower’s breach of any obligation owed to Lenders under the Note without Lenders’ prior written consent; and (g) the making nonacceptance by Tenant Lenders of any document, matter, or fact requiring Lenders’ approval, acceptance, or consent; provided, however, that a general assignment or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition determination by Tenant. If Lenders under Section 2.03 that an involuntary bankruptcy petition against Tenant has been filed and intended expenditure by Borrower is not contested, dismissed, a permissible use or stayed within sixty (60) days of filing); or the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is amount shall not contested, discharged, or stayed in thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be constitute an event of default Default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever but shall first occur and (d) failure allow Lenders to maintain the premises as an adult cabaret in continuous operation, subject not make Principal Advances to Borrower with respect to the provisions of Article VIsubject requested payment. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of same.7.02

Appears in 1 contract

Samples: Interim Loan Agreement

Default. The occurrence or existence of any one or more of the following events shall constitute a default of this Lease "Default" by Tenant under this Lease: (a “Tenant Default”): (ai) the failure by Tenant to make any installment or other payment of Monthly Rent, Rent including Rent Adjustment Deposits or any other payment required to be made by Tenant hereunder, as Rent Adjustments is not paid on the date when due and when due, where such failure shall continue remains unpaid for a period of fifteen of; five (155) days after Tenant’s receipt of written notice thereof by from Landlord to Tenant; provided that if (ii) Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure period; (b) the failure by Tenant to observe or perform any of the other covenants, conditions, conditions or provisions of this Lease and fails to be observed or performed by Tenant, other than as described in subsection (a) above, where cure such failure shall continue for a period of default within thirty (30) days after Tenant’s receipt of written notice thereof by Landlord to Tenant (provided that if such cure reasonably requires more than can not be cured within such thirty (30) days day period and Tenant commences such cure within such period and diligently proceeds to completecure such default, then Tenant shall not have ninety (90) days in which to complete such cure) , unless the default involves a hazardous condition, which shall be in default if Tenant shall promptly commence cured forthwith or unless the failure to perform is a Default for which this Lease specifies there is no cure of such Tenant Default and diligently pursues such cure to completionor grace period; or (ciii) the making interest of Tenant in this Lease is levied upon under execution or other legal process; or a petition is filed by or against Tenant to declare Tenant bankrupt or seeking a plan of a general reorganization or arrangement under any Chapter of the Bankruptcy Act, or any amendment, replacement or substitution therefor, or to delay payment of, reduce or modify Tenant's debts, which in the case of an involuntary action is not discharged within ninety (90) days; or Tenant is declared insolvent by Law or any assignment or general arrangement of Tenant's property is made for the benefit of creditors; the filing of or a voluntary bankruptcy petition by receiver is appointed for Tenant or Tenant. If an involuntary bankruptcy petition against Tenant has been filed and 's property, which appointment is not contested, dismissed, or stayed discharged within sixty ninety (6090) days of filing); or the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of samedays.

Appears in 1 contract

Samples: Biotime Inc

Default. The occurrence Any other provisions in the Lease notwithstanding, it shall ------- be an Event of any one or more of the following events shall constitute a default of Default under this Lease if (A) Tenant fails to pay any installment of Fixed Rent, Additional Rent or other sum payable by Tenant (a “Tenant Default”): (a) the failure by Tenant to make any payment of Monthly Rent, or any other payment required to be made by Tenant hereunder, as hereunder when due and when due, where such failure shall continue continues for a period of fifteen ten (1510) days after Tenant’s receipt of written notice thereof given by or on behalf of Landlord to Tenant; provided that if , provided, however, Landlord need not give any such written notice, and Tenant fails shall not be entitled to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time such period of grace, more than two (2) times once in a any twelve (12) month period, a (B) Tenant Default shall occur notwithstanding that such payments have been made within vacates the applicable cure period; Leased Premises or uses or occupies the Leased Premises otherwise than as permitted by Sections 1 and 10 hereof, or assigns or sublets, or purports to assign to sublet, the Leased Premises or any part thereof otherwise than in the manner and upon the conditions set forth in Section 26 hereof, (bC) the failure by Tenant fails to observe or perform any other covenant or agreement of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where Tenant herein contained and such failure shall continue for a period of thirty (30) days continues after Tenant’s receipt of written notice thereof given by or on behalf of Landlord provided that if such cure reasonably requires to Tenant for more than thirty (30) days and such additional time, if any, as is reasonably necessary to completecure such failure, then provided Tenant shall not be in default if Tenant shall promptly commence the commences to cure of such Tenant Default failure within such thirty (30) day period and diligently pursues thereafter prosecutes such cure to completion; , (cD) without Landlord's prior written consent, Tenant removes or attempts to remove or manifests an intention to remove any or all of Tenant's property from the making by Leased Premises otherwise than in the ordinary and usual course of business, (E) Tenant of a general makes any assignment or general arrangement for the benefit of creditors; the filing Tenant commits an act of bankruptcy or files a voluntary petition or commences any proceeding under any bankruptcy or insolvency law; a petition by Tenant. If an involuntary bankruptcy petition is filed or any proceeding is commenced against Tenant has been filed under any bankruptcy or insolvency law and such petition or proceeding is not contested, dismissed, or stayed dismissed within sixty (60) days days; Tenant is adjudicated a bankrupt; Tenant by any act indicates its consent to, approval of filing)or acquiescence in, or a court approves, a petition filed or proceeding commenced against Tenant under any bankruptcy or insolvency law; a receiver or the appointment of other official is appointed for Tenant or for a trustee or receiver to take possession of substantially all substantial part of Tenant’s 's assets located at the Premises or of for Tenant’s interest 's interests in this Lease, where such seizure is not contested, discharged, or stayed in thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of same.this

Appears in 1 contract

Samples: Collagenex Pharmaceuticals Inc

Default. The occurrence of Tenant covenants and agrees that any one or more of the following events shall constitute be a default under this Lease: (i) if any false or materially misleading financial report or statement is furnished or made by or on behalf of this Lease by Tenant Tenant; or (a “Tenant Default”): (aii) the failure by Tenant to make If any payment of Monthly Base Rent, or any other payment required to be made by Tenant's share of Operating Costs is in arrears provided Tenant hereunder, as and when due, where does not cure such failure shall continue for a period of fifteen default within ten (1510) days after Tenant’s receipt of written notice thereof by Landlord to Tenantnotice; provided that or (iii) if Tenant fails shall fail to pay Monthly Rent perform or observe or breach any other payment required covenant, condition or agreement to be made performed or observed by Tenant such party hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure period; (b) the failure by Tenant to observe or perform any of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant, other than as described in subsection (athe payment of rent) above, where provided Tenant does not cure such failure shall continue for a period of default within thirty (30) days after Tenant’s receipt of written notice thereof notice; or (iv) if Tenant shall be in breach of any other lease with Landlord or in breach of or in default in the payment and performance of any obligation owing to Landlord, beyond any applicable grace or cure period, whether or not related to this Lease and howsoever arising, whether by Landlord operation or law or otherwise, present or future, contracted for or acquired, and whether joint, several, absolute, contingent, secured, unsecured, matured or unmatured; or (v) if Tenant shall cease doing business as a going concern, make an assignment for the benefit of creditors, generally not pay its debts as they become due, admit in writing its inability to pay its debts as they become due, become insolvent (i.e. greater liabilities than assets), or take any action looking to its dissolution of liquidation; or (vi) if Tenant should file for relief, or have filed against it, an action under any provision of any state or federal bankruptcy or insolvency law (provided that Tenant shall have ninety (90) days to discharge such action); or (vii) if such cure reasonably requires Tenant shall abandon or vacate the Premises for more than thirty (30) days to complete, then Tenant shall not be in default days; or (viii) if Tenant shall promptly commence the cure of such Tenant Default fails to pay all charges for gas, sewer, electricity and diligently pursues such cure to completion; (c) the making by Tenant of a general assignment or general arrangement other utilities which are separately metered for the benefit of creditorsPremises within twenty (20) days after such are due; or (ix) if Landlord determines, in its sole discretion, that unpleasant noises or odors emanate from the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Premises and Tenant has been filed does not take immediate steps to eliminate such noises and/or odors or fails to eliminate such noises and is not contested, dismissed, or stayed odors permanently within sixty twenty (6020) days of filing)notice from Landlord; or (x) if Landlord has sent Tenant, at any time during the appointment term of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where five notices for the same type of lease violation irrespective of whether such seizure is not contested, discharged, or stayed in thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall violation may have been entered pursuant to 11 U.S.C. §303 such order shall be an event cured at the time of default hereunder, or receipt of the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VInotice. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in In the event of an involuntary bankruptcy petition against itany such default, has Landlord may, at its option, without notice, elect any of the right to contest an order for relief prior to entry of or defeating the entry of same.following remedies:

Appears in 1 contract

Samples: Commercial Lease Agreement (Video Jukebox Network Inc)

Default. The occurrence of any one or more of the following events shall constitute a default be deemed to be Events of Default by Lessee under this Lease: (i) Lessee shall fail to pay any Monthly Rental or any other charge or assessment against Lessee pursuant to the terms hereof within five (5) business days after the due date of such payment; (ii) Lessee shall fail to comply with any term, provision, covenant or warranty made under this Lease by Tenant (a “Tenant Default”): (a) Lessee, other than the failure by Tenant to make any payment of a Monthly Rent, Rental or any other payment required to be made charge or assessment payable by Tenant hereunderLessee, as and when due, where shall not cure such failure shall continue for a period of fifteen (15) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure period; (b) the failure by Tenant to observe or perform any of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where such failure shall continue for a period of thirty (30) days after Tenant’s receipt of written notice thereof by Landlord to Lessee; provided that if such cure reasonably requires more than period shall be extended beyond thirty (30) days as to complete, then Tenant shall any default which cannot be in default if Tenant shall promptly commence cured within thirty (30) days so long as Lessee continues diligently to extend its reasonable best efforts to effect the cure of such Tenant Default and diligently pursues such cure to completionthereof; (ciii) the making by Tenant of Lessee shall make a general assignment or general arrangement for the benefit of creditors; , or shall admit in writing its inability to pay its debts as they become due, or shall file a petition in bankruptcy, or shall be adjudicated as bankrupt or insolvent, or shall file a petition in any proceeding seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, or shall file an answer admitting or fail timely to contest the filing material allegations of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition filed against Tenant has it in any such proceeding; (iv) a proceeding is commenced against Lessee seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, and such proceeding shall not have been filed and is not contested, dismissed, or stayed dismissed within sixty (60) days of filing)after the commencement thereof; (v) a receiver or trustee shall be appointed for the appointment of a trustee Demised Premises or receiver to take possession of for all or substantially all of Tenant’s the assets located at of Lessee; (vi) Lessee shall do or permit to be done anything which creates a lien upon the Demised Premises or of Tenant’s interest in this Lease, where the building and such seizure lien is not contested, discharged, removed or stayed in discharged or bonded off within thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing thereof; or (vii) Lessee vacates or abandons all or any portion of a petition for the appointment Demised Premises during the Term without the prior written approval of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of sameLessor.

Appears in 1 contract

Samples: ) Lease Agreement

Default. The occurrence of any one or more of the following events shall constitute a default of this Lease by Tenant (a “Tenant Default”): (a) The Developer and the failure by Tenant Municipality each covenant and agree to make give DHCD written notice of any payment default, violation or breach of Monthly Rentthe obligations of the Developer or the Municipality hereunder, (with a copy to the other party to this Agreement) within seven (7) days of first discovering such default, violation or breach (a "Default Notice"). If DHCD becomes aware of a default, violation, or breach of obligations of the Developer or the Municipality hereunder without receiving a Default Notice from Developer or the Municipality, DHCD shall give a notice of such default, breach or violation to the offending party (with a copy to the other party to this Agreement) (the "DHCD Default Notice"). If any other payment required such default, violation, or breach is not cured to be made by Tenant hereunder, as and when due, where such failure shall continue for a period the satisfaction of fifteen DHCD within thirty (1530) days after Tenant’s receipt the giving of written the Default notice thereof by Landlord the Developer or the Municipality, or if no Default Notice is given, then within thirty (30) days after the giving of the DHCD Default Notice, then at DHCD's option, and without further notice, DHCD may either terminate this Agreement, or DHCD may apply to Tenant; provided any state or federal court for specific performance of this Agreement, or DHCD may exercise any other remedy at law or in equity or take any other action as may be necessary or desirable to correct non-compliance with this Agreement. The Municipality and the DHCD agree that if Tenant fails and so long as the Project is encumbered by any first or second mortgages, to pay Monthly Rent give to the holder of such mortgages copies of any Default Notice or DHCD Default Notice, as applicable, simultaneously with the delivery thereof to the Developer, and the holder of any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month periodsuch mortgages shall have the right, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure period; (b) same period afforded the failure by Tenant to observe or perform any of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where such failure shall continue for a Developer hereunder plus an additional period of thirty (30) days after Tenant’s days, to cure such default on behalf of the Developer, it being the intention of the parties hereto that the DHCD shall not exercise its rights and remedies under this subsection (a) without affording to the holder of any such mortgages the same rights and the same notices with respect to any such default, and the same period or periods of time within which to cure the same, as are afforded to the Developer hereunder, plus the aforesaid additional period thereafter. The obligation herein imposed upon the Municipality and DHCD to give written notice of the existence of any default by the Developer to the holder of any mortgage, shall be limited to such first and second mortgagees who shall have given to the Municipality and DHCD written notice of the existence of such mortgages, and the address to which notices hereunder are to be sent to it. The Municipality and the DHCD acknowledge receipt of written the identity of the mortgagee executing the Consent and Subordination attached hereto, as well as the notice thereof by Landlord provided that if such cure reasonably requires more than thirty (30) days to complete, then Tenant shall not be in default if Tenant shall promptly commence the cure of such Tenant Default and diligently pursues such cure to completion; (c) the making by Tenant of a general assignment or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed within sixty (60) days of filing); or the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of sameaddress specified therein.

Appears in 1 contract

Samples: Land Disposition Agreement

Default. The occurrence of any one or more of the following events shall constitute a default of this Lease "Default" by Tenant Tenant, which if not cured within any applicable time permitted for cure below, shall give rise to Landlord's remedies set forth in Paragraph (a “Tenant Default”): B), below: (ai) the failure by Tenant to make when due any payment of Monthly Rent, or any other payment required to be made by Tenant hereunder, as and when due, where unless such failure shall continue for a period of fifteen is cured within five (155) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure periodnotice; (bii) the failure by Tenant to observe or perform any of the covenants, conditions, terms or provisions conditions of this Lease to be observed or performed by Tenant, Tenant other than the payment of Rent, or as described in subsection (a) aboveprovided below, where unless such failure shall continue for a period of is cured within thirty (30) days after notice, or such shorter period expressly provided elsewhere in this Lease (provided, if the nature of Tenant’s receipt 's failure is such that more time is reasonably required in order to cure, Tenant shall not be in Default if Tenant commences to cure within such period and thereafter reasonably seeks to cure such failure to completion); (iii) failure by Tenant to comply with the Rules, unless such failure is cured within five (5) days after notice (provided, if the nature of written notice thereof by Landlord provided Tenant's failure is such that more than five (5) days’ time is reasonably required in order to cure, Tenant shall not be in Default if Tenant commences to cure within such period and thereafter reasonably seeks to cure reasonably requires such failure to completion); (iv) vacation or abandonment of all or a substantial portion of the Premises for more than thirty (30) consecutive days to complete, then Tenant shall not be in default if Tenant shall promptly commence (the cure of such Tenant Default and diligently pursues such cure to completion; (c) the making by Tenant transfer of a general assignment substantial part of the operations, business or general arrangement for personnel of Tenant to some other location being deemed, without limiting the benefit meaning of creditors; the filing terms "vacation" and "abandonment" to be a vacation or abandonment with the meaning of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissedthis clause (iv)), or stayed the failure to take possession of the Premises within sixty (60) days after the Commencement Date, whether or not Tenant thereafter continues to pay Rent due under this Lease; (v) (a) making by Tenant or any guarantor of filingthis Lease ("Guarantor") of any general assignment for the benefit of creditors, (b) filing by or against Tenant or any Guarantor of a petition to have Tenant or such Guarantor adjudged a bankrupt or a petition for reorganization or arrangement under any Law relating to bankruptcy (unless, in the case of a petition filed against Tenant or such Guarantor, the same is dismissed within sixty (60) days); or the , (c) appointment of a trustee or receiver to take possession of substantially all of Tenant’s 's assets located at on the Premises or of Tenant’s 's interest in this Lease, where such seizure possession is not contested, discharged, or stayed in restored to Tenant within thirty (30) days after appointment of said trustee or receiverdays, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) attachment, execution or other judicial seizure of substantially all of Tenant's assets located on the Premises or of Tenant's interest in this Lease, (e) Tenant's or any Guarantor's convening of a meeting of its creditors or any class thereof for the purpose of effecting a moratorium upon or composition of its debts, or (f) Tenant's or any Guarantor's insolvency or admission of an inability to pay its debts as they mature; (vi) any material misrepresentation herein, or material misrepresentation or omission in any financial statements or other materials provided by Tenant or any Guarantor in connection with negotiating or entering this Lease or in connection with any Transfer under Article 20; or (vii) cancellation of any guaranty of this Lease by any Guarantor. Failure by Tenant to comply with the same term or condition of this Lease on three (3) occasions during any twelve (12) month period shall cause any failure to maintain comply with such term or condition during the premises as succeeding twelve month period, at Landlord's option, to constitute an adult cabaret incurable Default, if Landlord has given Tenant notice of each such failure within five (5) days after each such failure occurs. The notice and cure periods provided herein are in continuous operationlieu of, subject to the provisions of Article VI. Notwithstanding anything and not in this provision which may be construed to the contraryaddition to, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of sameany notice and cure periods provided by Law.

Appears in 1 contract

Samples: Office Lease

Default. The occurrence of any one of the following shall constitute a default by Tenant: (i) failure of Tenant to pay any rent or more other sum payable hereunder within five (5) days after the date that such payment becomes due; (ii) abandonment of the Premises (Tenant's failure to occupy and conduct business in the Premises for fourteen (14) consecutive days shall be deemed an abandonment); (iii) failure of Tenant to deliver to Landlord any instrument, assurance, financial statement, subordination agreement or certificate of estoppel required under this Lease within the time period specified for such performance if the failure continues for five (5) days after written notice of the failure from Landlord to Tenant; or (iv) failure of Tenant to perform any other obligation under this lease if the failure to perform is not cured within thirty (30) days after written notice thereof has been given to Tenant (provided that if such default cannot reasonably be cured within thirty (30) days, Tenant shall not be in default if Tenant commences to cure such failure to perform within the thirty (30) day period and diligently and in good faith continues to cure the failure to perform), except in the case of an emergency or dangerous condition, in which case Tenant's time to perform shall be that time period which is reasonable under the circumstances. The notice referred to in clauses (iii) and (iv) above shall specify the failure to perform and the applicable lease provision and shall demand that Tenant perform the provisions of this lease within the applicable period of time. No notice shall be deemed a forfeiture or termination of this lease unless Landlord so elects in the notice. No notice shall be required in the event of abandonment or vacation of the Premises. In addition to the above, the occurrence of any of the following events shall also constitute a default by Tenant: (i) Tenant fails to pay its debts as they become due or admits in writing its inability to pay its debts, or makes a general assignment for the benefit of creditors (for purposes of determining whether Tenant is not paying its debts as they become due, a debt shall be deemed overdue upon the earliest to occur of the following: thirty (30) days from the date a statement therefor has been rendered; the date on which any action or proceeding therefor is commenced; or the date on which a formal notice of default or demand has been sent); (ii) Tenant fails to furnish to Landlord a schedule of Tenant's aged accounts payable within ten (10) days after Landlord's written request (not to exceed two (2) requests per calendar year); or (iii) any financial statements given to Landlord by Tenant, any assignee of Tenant, subtenant of Tenant, any guarantor of Tenant, or successor in interest of Tenant (including, without limitation, any schedule of Tenant's aged accounts payable) are materially false. At any time during the term of this Lease lease Landlord, at Landlord's option, shall have the right to receive from Tenant, upon Landlord's request, a current annual balance sheet for Landlord's review. If the balance sheet shows a negative net worth, Landlord may terminate this lease by giving Tenant sixty (60) days prior written notice. In the event of a default by Tenant, then Landlord, in addition to any other rights and remedies of Landlord at law or in equity, shall have the right either to terminate Tenant's right to possession of the Premises (and thereby terminate this lease) or, from time to time and without termination of this lease, to relet the Premises or any part thereof for the account and in the name of Tenant Default”): (a) for such term and on such terms and conditions as Landlord in its sole discretion may deem advisable, with the failure by Tenant right to make any payment alterations and repairs to the Premises. Should Landlord elect to keep this lease in full force and effect, Landlord shall have the right to enforce all of Monthly RentLandlord's rights and remedies under this lease, including but not limited to the right to recover and to relet the Premises and such other rights and remedies as Landlord may have under California Civil Code Section 1951.4 (or successor Code section) or any other California statute. If Landlord relets the Premises, then Tenant shall pay to Landlord, as soon as ascertained, the costs and expenses incurred by Landlord in such reletting and in making alterations and repairs. Rentals received by Landlord from such reletting shall be applied (i) to the payment required of any indebtedness due hereunder, other than basic rent and common area charges, from Tenant to Landlord; (ii) to the payment of the cost of any repairs necessary to return the Premises to good condition normal wear and tear excepted, including the cost of alterations and the cost of storing any of Tenant's property left on the Premises at the time of reletting; and (iii) to the payment of basic rent or common area charges due and unpaid hereunder. The residue, if any, shall be held by Landlord and applied in payment of future rent or damages in the event of termination as the same may become due and payable hereunder and the balance, if any at the end of the term of this lease, shall be paid to Tenant. Should the basic rent and common area charges received from time to time from such reletting during any month be less than that agreed to be made paid during that month by Tenant hereunder, as Tenant shall pay such deficiency to Landlord. Such deficiency shall be calculated and when due, where paid monthly. No such failure shall continue for a period reletting of fifteen (15) days after Tenant’s receipt of written notice thereof the Premises by Landlord shall be construed as an election on its part to Tenant; terminate this lease unless a notice of such intention is given to Tenant or unless the termination hereof is decreed by a court of competent jurisdiction. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this lease for such previous breach, provided that if Tenant fails it has not been cured. Should Landlord at any time terminate this lease for any breach, in addition to pay Monthly Rent any other remedy it may have, it shall have the immediate right of entry and may remove all persons and property from the Premises and shall have all the rights and remedies of a landlord provided by California Civil Code Section 1951.2 or any successor code section. Upon such termination, in addition to all its other payment required rights and remedies, Landlord shall be entitled to recover from Tenant all damages it may incur by reason of such breach, including the cost of recovering the Premises and including (i) the worth at the time of award of the unpaid rent which had been earned at the time of termination; (ii) the worth at the time of 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; (iii) the worth at the time of the award of the amount by which the unpaid rent for the balance of the term after the time of award exceeds the amount of such rental loss that Tenant proves could be made reasonably avoided; and (iv) 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 events would be likely to result therefrom. The "worth at the time of award" of the amounts referred to in (i) and (ii) above is computed by allowing interest at the rate of twelve percent (12%) per annum. The "worth at the time of award" of the amount referred to in (iii) above shall be 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%). Tenant hereunder on time more than two waives the provisions of Section 1179 of the California Code of Civil Procedure (2) times which Section allows Tenant to petition of court of competent jurisdiction for relief against forfeiture of this lease). Property removed from the Premises may be stored in a twelve (12) month period, a public or private warehouse or elsewhere at the sole cost and expense of Tenant. In the event that Tenant Default shall occur notwithstanding that not immediately pay the cost of storage of such payments have property after the same has been made within the applicable cure period; (b) the failure by Tenant to observe or perform any of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where such failure shall continue stored for a period of thirty (30) days after Tenant’s receipt of written notice or more, Landlord may sell any or all thereof by Landlord provided at a public or private sale in such manner and at such times and places that if such cure reasonably requires more than thirty (30) days to complete, then Tenant shall not be in default if Tenant shall promptly commence the cure of such Tenant Default and diligently pursues such cure to completion; (c) the making by Tenant of a general assignment or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed within sixty (60) days of filing); or the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, TenantLandlord, in the event of an involuntary bankruptcy petition against itits sole discretion, has the right may deem proper, without notice to contest an order for relief prior to entry of or defeating the entry of samedemand upon Tenant.

Appears in 1 contract

Samples: Lease (Exodus Communications Inc)

Default. The occurrence of In addition to any one or more other Default specifically described in this Lease, each of the following events occurrences shall constitute a default of this Lease by Tenant (be a “Tenant Default”): : (a) the Tenant’s failure by Tenant to make pay any payment portion of Monthly Rent, or any other payment required to be made by Tenant hereunder, as and Rent when due, where such if the failure shall continue continues for a period of fifteen ten (1510) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure period“Monetary Default”); (b) Tenant’s failure (other than a Monetary Default) to comply with any term, provision, condition or covenant of this Lease, if the failure by Tenant to observe or perform any of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where such failure shall continue for a period of is not cured within thirty (30) days after written notice to Tenant provided, however, if Tenant’s receipt of written notice thereof by Landlord provided that if failure to comply cannot reasonably be cured within such cure reasonably requires more than thirty (30) days to completethirty-30)-day period, then Tenant shall be allowed additional time (not be in default if to exceed an additional sixty (60) days) as is reasonably necessary to cure the failure so long as Tenant shall promptly commence begins the cure of within such Tenant Default thirty-(30)-day period and diligently pursues such the cure to completion; (c) the making by Tenant effects or permits a Transfer without Landlord’s required approval or otherwise in violation of Section 11 of this Lease; (d) Tenant becomes insolvent, makes a general transfer in fraud of creditors, makes an assignment or general arrangement for the benefit of creditors, admits in writing its inability to pay its debts when due or forfeits or loses its right to conduct business; (e) the filing leasehold estate is taken by process or operation of Law; (f) if a voluntary receiver, guardian, conservator, trustee in bankruptcy petition or similar officer shall be appointed by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed within sixty (60) days a court of filing); or the appointment of a trustee or receiver competent jurisdiction to take possession charge of substantially all or any part of Tenant’s assets located property and such appointment is not discharged within ninety (90) days thereafter, or if a petition including, without limitation, a petition for reorganization or arrangement is filed by Tenant under any bankruptcy law or is filed against Tenant or the Guarantor and, in the case of a filing against Tenant only, the same shall not be dismissed within ninety (90) days from the date upon which it is filed, or (g) Tenant is in default beyond any notice and cure period under any other lease or agreement with Landlord at the Premises or Project. In addition, if Landlord provides Tenant with notice of Tenant’s interest in failure to comply with any specific provision of this LeaseLease on two (2) separate occasions during any twelve-(12)-month period, where any subsequent violation of such seizure is not contestedprovision within such twelve-(12)-month period shall, dischargedat Landlord’s option, constitute a Default by Tenant without the requirement of any further notice or stayed in thirty (30) days after appointment of said trustee or receiver, cure period as provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order above. All notices sent under this Section shall be an event of default hereunderin satisfaction of, or the filing of a petition for the appointment of same and not in addition to, any notice required by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of sameLaw.

Appears in 1 contract

Samples: Office Lease Agreement (resTORbio, Inc.)

Default. 20.1.1 The occurrence following shall be considered Events of any one or more of the following events shall constitute a default of this Lease by Tenant (a “Tenant Default”): : (a) the failure by Tenant Contractor fails to make pay any payment of Monthly Rent, Rentals or other sums whatsoever due hereunder or any other payment required portion thereof (including without limitation, amounts due as reimbursement to be made Airports Authority for costs incurred by Tenant hereunder, as and when due, where such Airports Authority in performing obligations of Contractor hereunder upon Contractor's failure shall continue so to perform) for a period of fifteen more than five (155) days after Tenant’s receipt of written notice thereof by Landlord such Rentals or other sums whatsoever due hereunder were not received on the date required for payment pursuant to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure periodthis Lease; (b) the failure by Tenant Contractor to observe or perform any other of the covenantsterms, conditions, or provisions covenants of this Lease to be observed or performed by Tenant, other Contractor for more than as described in subsection twenty (a20) above, where days after written notice from Airports Authority to Contractor of such default; (c) Contractor fails to submit any statement or report required on or before the date required by this Lease; (d) Contractor fails to commence construction of Contractor's Work within twenty (20) days of the Airports Authority's issuance of the Permit for such Contractor's Work and such failure shall continue is not occasioned by reason of Force Majeure; (e) Contractor fails to complete Contractor's Work, move into and merchandise/stock the Premises with high-quality goods, products or services and to initially open for business on or before the Latest Rental Commencement Date; (f) Contractor fails to operate continuously in the manner and during the hours established by Airports Authority , or for the Permitted Use, or discontinues its business operations in the Premises for a period in excess of 48 consecutive hours; (g) Contractor's abandonment of the Premises, or permitting this Lease to be taken under any writ of execution or similar writ or order; (h) Contractor fails to comply with any obligation as a result of any inspection or audit; (i) Contractor fails to comply with any of the other operational requirements set forth herein; (j) if applicable, Contractor fails to obtain and maintain continuously throughout the Term, its eligibility and certification from the Airports Authority of its MBE, WBE or LDBE status and/or to renew such eligibility and certification as may be required by the Airports Authority from time to time; (k) Contractor fails to carry insurance as required under this Lease or fails to perform or observe any policies, regulations, directives, rules or practices pertaining to Airport safety and security, and such failure continues for 48 hours after written notice from Airports Authority thereof; (l) a governmental authority, board, agency or officer with competent jurisdiction terminates or suspends any certificate, license, permit or authority held by Contractor without which Contractor shall not be lawfully empowered to conduct its business operations in the Premises; or (m) except as otherwise provided by applicable law, if the estate hereby created shall be taken on execution or by other process of law, or if Contractor shall be judicially declared bankrupt or insolvent according to law, or if any assignment shall be made of the property of Contractor for the benefit of creditors, or if a receiver, guardian, conservator, trustee in involuntary bankruptcy or other similar officer shall be appointed to take charge of all or any substantial part of Contractor's property by a court of competent jurisdiction, or if a petition shall be filed for the reorganization of Contractor under any provisions of law now or hereafter enacted, and such proceeding is not dismissed within thirty (30) days after Tenant’s receipt of written notice thereof by Landlord provided that it is begun, or if Contractor shall file or consent to a petition for such cure reasonably requires more than thirty (30) days to completereorganization, then Tenant shall not be in default if Tenant shall promptly commence the cure or for arrangements under any provisions of such Tenant Default and diligently pursues such cure laws providing a plan for a debtor to completion; (c) settle, satisfy or extend the making by Tenant of a general assignment or general arrangement time for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed within sixty (60) days of filing); or the appointment of a trustee or receiver to take possession payment of substantially all or general payment of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of samedebts.

Appears in 1 contract

Samples: www.mwaa.com

Default. The occurrence of any one or more of the following events shall constitute a default of this Lease “Default” by Tenant Tenant, which if not cured within any applicable time permitted for cure below, shall give rise to Landlord’s remedies set forth in Paragraph (a “Tenant Default”): B), below: (ai) the failure by Tenant to make when due any payment of Monthly Rent, or any other payment required to be made by Tenant hereunder, as and when due, where unless such failure shall continue for a period of fifteen is cured within five (155) days after Tenant’s receipt of written notice thereof by from Landlord or Landlord’s agent to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2ii) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure period; (b) the failure by Tenant to observe or perform any of the covenants, conditions, terms or provisions conditions of this Lease to be observed or performed by Tenant, Tenant other than the payment of Rent, or as described in subsection (a) aboveprovided below, where unless such failure shall continue for a period of is cured within thirty (30) days after written notice from Landlord or Landlord’s agent to Tenant, or such shorter period expressly provided elsewhere in this Lease (provided, if the nature of Tenant’s receipt of written notice thereof by Landlord provided failure is such that if such cure more time is reasonably requires more than thirty (30) days required in order to completecure, then Tenant shall not be in default Default if Tenant shall promptly commence the commences to cure of within such Tenant Default period and diligently pursues thereafter reasonably seeks to cure such cure failure to completion); (ciii) failure by Tenant to comply with the Rules, unless such failure is cured within fifteen (15) days after notice; (iv) intentionally deleted; (v) (a) making by Tenant of a any general assignment or general arrangement for the benefit of creditors; the , (b) filing by or against Tenant of a voluntary petition to have Tenant adjudged a bankrupt or a petition for reorganization or arrangement under any Law relating to bankruptcy (unless, in the case of a petition by filed against Tenant. If an involuntary bankruptcy petition against Tenant has been filed and , the same is not contested, dismissed, or stayed dismissed within sixty (60) days of filingdays); or the , (c) appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at on the Premises or of Tenant’s interest in this Lease, where such seizure possession is not contested, discharged, or stayed in restored to Tenant within thirty (30) days after appointment of said trustee or receiverdays, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) attachment, execution or other judicial seizure of substantially all of Tenant’s assets located on the Premises or of Tenant’s interest in this Lease, (e) Tenant’s convening of a meeting of its creditors or any class thereof for the purpose of effecting a moratorium upon or composition of its debts, or (f) Tenant’s insolvency or admission of an inability to pay its debts as they mature; or (vi) any material misrepresentation herein, or material misrepresentation or omission in any financial statements or other materials provided by Tenant in connection with negotiating or entering this Lease or in connection with any Transfer under Article 20. Failure by Tenant to comply with the same term or condition of this Lease on three (3) occasions during any twelve (12) month period shall cause any failure to maintain comply with such term or condition during the premises as succeeding twelve month period, at Landlord’s option, to constitute an adult cabaret incurable Default, if Landlord has given Tenant notice of each such failure within five (5) days after each such failure occurs. The notice and cure periods provided herein are in continuous operationlieu of, subject to the provisions of Article VI. Notwithstanding anything and not in this provision which may be construed to the contraryaddition to, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of sameany notice and cure periods provided by Law.

Appears in 1 contract

Samples: Office Lease (SP Plus Corp)

Default. (a) The occurrence of any one or more of the following events shall constitute a be deemed to be events of default of by Tenant under this Lease by Tenant (each, a “Tenant Default”): (ai) the failure by Tenant shall fail to make pay when due any payment installment of Monthly Rent, Rent or any other charge or assessment against Tenant pursuant to the terms hereof, and shall fail to cure such breach within five (5) days after the due date thereof or, with respect to the first (1st) failure to pay in any calendar year during the Lease Term (subject to a maximum of five (5) times in the aggregate during the Lease Term), within five (5) days of Tenant’s receipt of notice that the same is unpaid; (ii) Tenant shall fail to perform any obligation of Tenant or to comply with any provision of this Lease, other than the payment required to be made of the Rent or any other charge or assessment payable by Tenant hereunderor compliance with the items in clauses (iii) through (xi) hereof, as and when due, where shall not cure such failure shall continue for a period of within fifteen (15) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided however, that any such notice shall be in lieu of, and not in addition to, any notice required under California Code of Civil Procedure Section 1161 or any similar or successor law; and provided further, that if the nature of such failure is that it cannot reasonably be cured within a fifteen (15) day period, Tenant fails shall not be deemed to be in default if it diligently commences such cure within such period, notifies Landlord within such period that it cannot reasonably complete such cure within fifteen (15) days and thereafter diligently proceeds to cure said failure as soon as possible; (iii) abandonment of the Premises by Tenant as defined in California Civil Code Section 1951.3; (iv) Tenant or Guarantor shall make a general assignment for the benefit of creditors, or shall admit in writing its inability to pay Monthly Rent its debts as they become due, or shall file a petition in bankruptcy, or shall be adjudicated as bankrupt or insolvent, or shall file a petition in any other payment required proceeding seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, or shall file an answer admitting or fail timely to contest the material allegations of a petition filed against it in any such proceeding; (v) a proceeding is commenced against Tenant or Guarantor seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, and such proceeding shall not have been dismissed within forty-five (45) days after the commencement thereof; (vi) a receiver or trustee shall be appointed for the Premises or for all or substantially all of the assets of Tenant or Guarantor; (vii) Intentionally omitted; (viii) Tenant shall do or permit to be made by Tenant hereunder on time more than two (2) times in done anything which creates a twelve (12) month period, a Tenant Default shall occur notwithstanding that lien upon the Premises or the Project and such payments have been made lien is not removed or discharged within the applicable cure period; (b) the failure by Tenant to observe or perform any of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where such failure shall continue for a period of thirty (30) days after Tenant’s receipt of written notice thereof by Landlord provided that if such cure reasonably requires more than thirty the filing thereof; (30ix) days to complete, then Tenant shall not fail to return a properly executed instrument to Landlord in accordance with Section 25 hereof within the time period provided therein; (x) Tenant shall fail to return a properly executed estoppel certificate to Landlord in accordance with Section 26 hereof within the time period provided therein; or (xi) Guarantor shall be in default if Tenant shall promptly commence of any of its obligations under the cure of such Tenant Default and diligently pursues such cure to completion; (c) the making by Tenant of a general assignment or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed within sixty (60) days of filing); or the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of sameGuaranty.

Appears in 1 contract

Samples: Lease (Atlassian Corp PLC)

Default. The occurrence of any one or more of If (1) Borrower shall fail to pay the following events shall constitute a default of this Lease by Tenant (a “Tenant Default”): (a) then unpaid Principal Amount on the failure by Tenant to make any payment of Monthly Rent, Maturity Date or any other payment required to be made by Tenant hereunder, as and Interest accrued thereon when due, where such (2) Borrower shall fail to perform, observe or comply with any other obligation under this Note, which failure shall continue for a period of is not cured promptly but in no case more than fifteen (15) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided Borrower, except that if Tenant fails in the event Borrower is unable to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two complete the cure within the fifteen (215) times in a twelve (12) month day period, a Tenant Default the cure period shall occur notwithstanding that such payments have been made be extended if Borrower has commenced the cure within fifteen (15) days and is diligently pursuing the applicable cure; in no event, however, shall the cure period; (b) the failure by Tenant to observe or perform any of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where such failure shall continue for a period of exceed thirty (30) days from the date of Lender’s notice, unless Lender and Borrower mutually agree to an extension of the cure period, (3) NextGen Pro, LLC shall fail to pay any amount due under the Unconditional Guaranty Agreement attached hereto and incorporated herein by reference as Exhibit A and executed on the date hereof by the NextGen Pro, LLC in favor of the Lender (the “Guaranty”), (4) NextGen Pro, LLC shall fail to perform, observe or comply with any other obligation under the Guaranty or the Security Agreement attached hereto and incorporated herein by reference as Exhibit B and executed on the date hereof by the NextGen Pro, LLC in favor of the Lender (the “Security Agreement”), which failure is not cured promptly but in no case more than fifteen (15) days after Tenant’s receipt of written notice thereof by Landlord provided to NextGen Pro, LLC, except that in the event NextGen Pro, LLC is unable to complete the cure within the fifteen (15) day period, the cure period shall be extended if such NextGen Pro, LLC has commenced the cure reasonably requires more than within fifteen (15) days and is diligently pursuing the cure; in no event, however, shall the cure period exceed thirty (30) days from the date of Lender’s notice, unless Lender and NextGen Pro, LLC mutually agree to complete, then Tenant shall not be in default if Tenant shall promptly commence an extension of the cure period, (4) Borrower or NextGen Pro, LLC is acquired in a merger, consolidation or transfer of all or substantially all of its assets, or (5) Borrower shall commence a voluntary case concerning itself under Title 11 of the United States Code entitled “Bankruptcy,” as now or hereafter in effect, or any successor thereto (the “Bankruptcy Code”); or an involuntary case is commenced against Borrower under the Bankruptcy Code, and the petition is not controverted within 30 days, or is not dismissed within 90 days, after commencement of the case; or a trustee or custodian is appointed for, or takes charge of, all or substantially all of the property of Borrower, or Borrower commences any other proceeding under any reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction whether now or hereafter in effect relating to Borrower, or there is commenced against Borrower any such Tenant Default and diligently pursues proceeding which remains undismissed for a period of 90 days, or Borrower is adjudicated insolvent or bankrupt; or any order of relief or other order approving any such cure to completioncase or proceeding is entered; (c) the making by Tenant of or Borrower makes a general assignment or general arrangement for the benefit of creditors; creditors (any of the filing of events referred to in Section 4 (1) – (5) above being referred to herein as a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed within sixty (60) days of filing“Default”); then Lender, by written notice to Borrower, may declare the unpaid Principal Amount and any accrued Interest thereon to be, and the same shall thereupon become, forthwith due and payable without presentment, demand, protest or the appointment other notice of a trustee or receiver to take possession of substantially any kind, all of Tenant’s assets located which are hereby waived by Borrower, and Interest on the unpaid Principal Amount shall thereafter accrue at the Premises or rate of Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in thirty ten percent (3010%) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of sameper annum.

Appears in 1 contract

Samples: Security Agreement (RumbleON, Inc.)

Default. The occurrence of any one or more of the following events shall constitute a Borrower will be in default of under this Lease by Tenant (a “Tenant Default”): Agreement if: (a) the failure by Tenant Borrower breaches any terms, warranties or representations contained herein, in any Statement of Transaction to make any payment of Monthly Rentwhich Borrower has not objected as provided in Section 2, or in any other payment required to be made agreement between CDF and Borrower (which breach is not covered by Tenant hereunder, as another section of this Section 13) and when due, where such failure breach shall continue for twenty (20) days; provided, that, such twenty (20) day period shall not apply in the case of (A) any failure to observe any such term, representation or warranty which is not capable of being cured at all or within such twenty (20) day period or which has been the subject of a period of fifteen prior breach within the preceding six (15) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (126) month period, period or (B) any failure by Borrower to pursue a Tenant Default shall occur notwithstanding that cure diligently and promptly during such payments have been made within the applicable cure twenty (20) day period; (b) the failure any representation, statement, report or certificate made or delivered by Tenant Borrower to observe or perform any of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where such failure shall continue for a period of thirty (30) days after Tenant’s receipt of written notice thereof by Landlord provided that if such cure reasonably requires more than thirty (30) days to complete, then Tenant shall CDF is not be in default if Tenant shall promptly commence the cure of such Tenant Default and diligently pursues such cure to completionaccurate when made; (c) Borrower fails to pay any portion of Borrower's debts to CDF within two (2) business days after the making by Tenant same becomes due and payable; (d) Borrower abandons any Collateral; (e) Borrower is or becomes in default in the payment of any debt owed to any third party which in the aggregate exceeds at any time Five Hundred Thousand Dollars ($500,000.00); (f) a money judgment issues against Borrower which in the aggregate exceeds at any time Five Hundred Thousand Dollars ($500,000.00); (g) an attachment, sale or seizure issues or is executed against any assets of Borrower; (h) Borrower shall cease existence as a corporation, partnership, limited liability company or trust, as applicable; (i) Borrower ceases or suspends business; (j) Borrower makes a general assignment or general arrangement for the benefit of creditors; (k) Borrower becomes insolvent or voluntarily or involuntarily becomes subject to the filing Federal Bankruptcy Code, any state insolvency law or any similar law (and, in the case of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant proceeding, such proceeding has not been filed and is not contested, dismissed, or stayed dismissed within sixty ninety (6090) days of filingthe filing thereof; provided, however, that CDF's obligation to provide any financing to Borrower during such ninety (90) day period shall be subject to the terms of the Intercreditor Agreement, as defined below); (l) any receiver is appointed for any assets of Borrower; (m) Borrower loses any material franchise, permission, license or right to sell or deal in any Collateral which CDF finances; (n) Borrower misrepresents Borrower's financial condition or organizational structure; (o) there shall occur a material adverse change in the appointment financial or other condition or business prospects of a trustee Borrower; (p) CDF determines in good faith that it is insecure with respect to the payment of any part of Borrower's obligation to CDF; (q) any Default or receiver Event of Default occurs under the Congress Loan Agreement (as defined in that certain Intercreditor and Subordination Agreement between CDF and Congress dated March 15, 2001, as modified and amended from time to take possession time (the "Intercreditor Agreement")), without giving effect to any waiver or forbearance regarding any such Default or Event of substantially all Default which may be given by Congress or any amendment to the Congress Loan Agreement which has the effect of Tenant’s assets located at causing such Default or Event of Default to not occur; (r) any Stop Approval Notice (as defined in the Premises Intercreditor Agreement) is issued by Congress to CDF; (s) the Intercreditor Agreement is terminated or of Tenant’s interest in this Lease, where such seizure is not contested, discharged, cancelled for any reason; or stayed in (t) thirty (30) days after appointment prior to the expiration date of said trustee any Letter of Credit or receiverany subsequent or substitute Letter of Credit accepted by CDF, provided however, if such Letter of Credit is not extended for a final order adjudicating the tenant as being bankrupt term of twelve (12) months or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunderlonger, or the filing a new Letter of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, Credit in the event amount of the Inventory Facility Amount and in form and from an involuntary bankruptcy petition against it, has the right institution reasonably acceptable to contest an order CDF and for relief prior a term of twelve months or longer is not provided to entry of or defeating the entry of sameCDF.

Appears in 1 contract

Samples: Agreement for Wholesale Financing (Pc Mall Inc)

Default. The occurrence of any one or more of the following events shall constitute a default of this Lease by Tenant Reseller (a “Tenant Default”): (a) the failure by Tenant Reseller shall fail to make pay any payment of Monthly Rent, or any other payment required to be made by Tenant hereunder, as and Indebtedness comprising principal when due; (b) Reseller shall fail to pay any Indebtedness comprising interest, where fees or other amounts within two Business Days when due; (c) any representation or warranty made to CPC by Reseller shall not be true in any material respect when made; (d) Reseller shall breach or fail to perform any covenant contained in this Agreement or the other Documents and such breach or failure shall continue for 30 days; provided, that, such 30 day period shall not apply in the case of (i) any failure to observe any such covenant which is not capable of being cured at all or within such 30 day period or which has been the subject of a period of fifteen (15) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) prior failure within the preceding four month period, or (ii) any failure by Reseller to pursue a Tenant Default shall occur notwithstanding that cure diligently and promptly during such payments have been made within the applicable cure 30 day period; (be) the failure by Tenant Reseller shall become insolvent or generally fail to observe pay its debts as they become due or perform any of the covenants, conditions, or provisions of this Lease shall cease to be observed or performed by Tenant, other than do business as described in subsection (a) above, where such failure shall continue for a period of thirty (30) days after Tenant’s receipt of written notice thereof by Landlord provided that if such cure reasonably requires more than thirty (30) days to complete, then Tenant shall not be in default if Tenant shall promptly commence the cure of such Tenant Default and diligently pursues such cure to completiongoing concern; (cf) the making by Tenant of a general Reseller shall make an assignment or general arrangement for the benefit of creditors, or commence a proceeding under any bankruptcy, reorganization, arrangement, insolvency, receivership, dissolution or liquidation statute or similar law of any jurisdiction, or any such proceeding shall be commenced against it or any of its property, and in the case of any involuntary proceeding, such proceeding shall not be dismissed within 60 days (an “Automatic Default”); (g) an attachment, sale or seizure shall be issued or shall be executed against any assets of Reseller; (h) Reseller shall lose, or shall be in default of, any franchise, license or right to deal in any Financed Inventory and such loss or default shall not be cured within 30 days; (i) any default by Reseller relating to indebtedness for borrowed money or secured indebtedness owing to any Person other than CPC, in excess of $5,000,000 in the filing aggregate, which default continues for more than the applicable cure period, if any, with respect thereto, or any default by Reseller under any material contact, lease, license or other obligation to any person other than CPC which default continues for more than the applicable cure period, if any, with respect thereto, unless such defaults are being contested in good faith by appropriate proceedings diligently pursued; or (j) the indebtedness under the Revolving Loan Documents shall become due by acceleration by reason of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed within sixty (60) days of filing); or the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of samedefault.

Appears in 1 contract

Samples: Credit Agreement (Pcm, Inc.)

Default. The occurrence of If Tenant: (i) fails to pay when due any one or more of the following events shall constitute a default of this Lease by Tenant (a “Tenant Default”): (a) the failure by Tenant to make any payment of Monthly Rent, or any other payment required sum of money which Tenant is obligated to be made by Tenant hereunderpay, as provided in this Lease; or (ii) breaches any other agreement, covenant or obligation herein set forth and when due, where such failure breach shall continue for a and not be remedied within fifteen (15) days after Landlord shall have given Tenant written notice specifying the breach, or if such breach cannot, with due diligence, be cured within said period of fifteen (15) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if and Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two does not within said fifteen (215) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made day period commence and thereafter with reasonable diligence completely cure the breach within the applicable cure period; (b) the failure by Tenant to observe or perform any of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where such failure shall continue for a period of thirty (30) days after Tenant’s receipt of written notice thereof by Landlord provided that if such cure reasonably requires more than thirty notice; or (30iii) days to complete, then Tenant shall files (or has filed against it and not be in default if Tenant shall promptly commence the cure of such Tenant Default and diligently pursues such cure to completion; (c) the making by Tenant of a general assignment stayed or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed vacated within sixty (60) days of after filing) any petition or action for relief under any creditor's law (including bankruptcy, reorganization, or similar action), either in state or federal court; or the (iv) makes any transfer in fraud of creditors as defined in Xxxxxxx 000 xx xxx Xxxxxx Xxxxxx Bankruptcy Code (11 U.S.C. 548, as amended or replaced), has a receiver appointed for its assets (and appointment of a trustee shall not have been stayed or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in vacated within thirty (30) days after appointment days), or makes an assignment for benefit of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order creditors; then Tenant shall be an event of in default hereunder, and, in addition to any other lawful right or remedy which it may have, Landlord at its option may do the filing following: (i) terminate this lease; (ii) repossess the Premises, and with or without terminating, relet the same at such amount as Landlord deems reasonable; and if the amount for which the Premises is relet is less than Tenant's Rent and all other obligations of Tenant to Landlord hereunder, then Tenant shall immediately pay the difference on demand to Landlord, but if in excess of Tenant's Rent, and all other obligations of Tenant hereunder, the entire amount obtained from such reletting shall belong to Landlord, free of any claim of Tenant thereto; (iii) seize and hold any personal property of Tenant located in the Premises and assert against the same a petition lien for monies due Landlord; or (iv) without obtaining any court authorization, lock the appointment Premises and deny Tenant access thereto. All reasonable expenses of same by Landlord in repairing, restoring, or altering the Premises for reletting as general office space, together with leasing fees and all other expenses in seeking and obtaining a new Tenant, whichever shall first occur be charged to and be a liability of Tenant. Landlord's reasonable attorneys' fees in pursuing any of the forgoing remedies, or in collecting [ILLEGIBLE] by Tenant hereunder shall be paid by Tenant States Bankruptcy Code, as amended, (dthe "Code") failure may have certain rights to maintain assume or assign this Lease. Landlord and Tenant further understand that, in any event, pursuant to the premises as an adult cabaret in continuous operationCode, subject Landlord is entitled to adequate assurances of future performance of the provisions of Article VIthis Lease. Notwithstanding anything in this provision which may be construed The parties agree that, with respect to any such assumption or assignment, the contrary, Tenant, in term "adequate assurance" shall include at least the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of same.following:

Appears in 1 contract

Samples: Office Lease (Medicalogic/Medscape Inc)

Default. The occurrence of any one or more of the following events shall constitute a default of this Lease "Default" by Tenant Tenant, which if not cured within any applicable time permitted for cure below, shall give rise to Landlord's remedies set forth in Paragraph (a “Tenant Default”): B), below: (ai) the failure by Tenant to make when due any payment of Monthly Rent, or any other payment required to be made by Tenant hereunder, as and when due, where unless such failure shall continue for a period of fifteen is cured within ten (1510) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable cure periodnotice; (bii) the failure by Tenant to observe or perform any of the covenants, conditions, terms or provisions conditions of this Lease to be observed or performed by Tenant, Tenant other than the payment of Rent, or as described in subsection (a) aboveprovided below, where unless such failure shall continue for a period of is cured within thirty (30) days after notice, or such shorter period expressly provided elsewhere in this Lease (provided, if the nature of Tenant’s receipt 's failure is such that more time is reasonably required in order to cure, Tenant shall not be in Default if Tenant commences to cure within such period and thereafter reasonably seeks to cure such failure to completion); (iii) failure by Tenant to comply with the Rules, unless such failure is cured within five (5) days attar notice (provided, if the nature of written notice thereof by Landlord provided Tenant's failure is such that more time is reasonably required in order to cure. Tenant shall not be in Default if Tenant commences to cure within such period and thereafter reasonably seeks to cure reasonably requires such failure to completion); (iv) vacation of all or a substantial portion of the Premises for more than thirty (30) days to complete, then Tenant shall not be in default if Tenant shall promptly commence the cure of such Tenant Default and diligently pursues such cure to completion; (c) the making by Tenant of a general assignment or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissedconsecutive days, or stayed the failure to take possession of the Premises within sixty (60) days after the Commencement Date, (v) (a) making by Tenant or any guarantor of filingthis Lease ("Guarantor") of any general assignment for the benefit of creditors, (b) filing by or against Tenant or any Guarantor of a petition to have Tenant or such Guarantor adjudged a bankrupt or a petition for reorganization or arrangement under any law relating to bankruptcy (unless, in the case of a petition filed against Tenant or such Guarantor, the same is dismissed within sixty (60) days); or the , (c) appointment of a trustee or receiver to take possession of substantially all of Tenant’s 's assets located at on the Premises or of Tenant’s 's interest in this Lease, where such seizure possession is not contested, discharged, or stayed in restored to Tenant within thirty (30) days after appointment of said trustee or receiverdays, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) attachment, execution or other judicial seizure of substantially all of Tenant's assets located on the Premises or of Tenant's interest in this Lease, (e) Tenant's or any Guarantor's convening of a meeting of its creditors or any class thereof for the purpose of effecting a moratorium upon or composition of its debts, or (f) Tenant's or any Guarantor's insolvency or admission of an inability to pay its debts as they mature; (vi) any material misrepresentation herein, or material misrepresentation or omission in any financial statements or other materials provided by Tenant or any Guarantor in connection with negotiating or entering this Lease or in connection with any Transfer under Article 21, (vii) cancellation of any guaranty of this Lease by any Guarantor. Failure by Tenant to comply with the same term or condition of this Lease on three occasions during any twelve (12) month period shall cause any failure to maintain comply with such term or condition during the premises as succeeding twelve (12) month period, at Landlord's option, to constitute an adult cabaret incurable Default. If Landlord has given Tenant notice of each such failure with ten (10) days after such failure occurs. The notice and cure periods provided herein are in continuous operationlieu of, subject to the provisions of Article VI. Notwithstanding anything and not in this provision which may be construed to the contraryaddition to, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of sameany notice and cure periods provided by Law.

Appears in 1 contract

Samples: Office Lease (Southern Community Bancorp)

Default. (a) The occurrence of any one or more of the following events shall constitute a be deemed to be events of default of this Lease by Tenant under this Lease: (a “i) Tenant Default”): shall fail to pay any installment of Rent or any other charge or assessment against Tenant pursuant to the terms hereof within five (a5) days after receipt by Tenant of notice in writing from Landlord; provided, however, such notice and such grace period shall be required to be provided by Landlord and shall be accorded Tenant if necessary, only two times during any consecutive twelve month period of the Lease Term, and in the event of default shall be deemed to have immediately occurred upon the third failure by Tenant to make a timely payment as aforesaid within any payment of Monthly Rent, or any other payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of fifteen (15) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a consecutive twelve (12) month periodperiod of the Lease Term, a Tenant Default shall occur notwithstanding it being intended by the parties hereto that such payments have been made within notice and such grace period shall protect against infrequent unforeseen clerical errors beyond the applicable cure periodcontrol of Tenant, and shall not protect against Tenant's lack of diligence of planning in connection with its obligation to make timely payment of rent and other amounts due hereunder; (bii) the failure by Tenant shall fail to observe comply with any term, provision, covenant or perform any of the covenants, conditions, or provisions of warranty made under this Lease to be observed or performed by Tenant, other than as described in subsection (a) abovethe payment of the Rent or any other charge or assessment payable by Tenant, where and shall not cure such failure shall continue for within thirty (30) days after notice thereof to Tenant provided, however, in the case of a failure or breach which is capable of being remedied by Tenant but which cannot with due diligence be remedied by Tenant within a period of thirty (30) days days, if Tenant proceeds as promptly as may be reasonably possible after Tenant’s receipt the service of written such notice thereof by Landlord provided that if and with all due diligence to remedy the failure or breach and thereafter to prosecute the remedying of such cure reasonably requires more than thirty failure or breach with all due diligence, Tenant shall have an additional period of time, not to exceed ninety (3090) days to complete, then Tenant shall not be in default if Tenant shall promptly commence (for a total of one hundred twenty (120) days from the cure service of such Tenant Default and diligently pursues notice), in which to effect such cure to completioncure; (ciii) the making by Tenant or any guarantor of this Lease shall make a general assignment or general arrangement for the benefit of creditors; , or shall admit in writing its inability to pay its debts as they become due, or shall file a petition in bankruptcy, or shall be adjudicated as bankrupt or insolvent, or shall file a petition in any proceeding seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, or shall file an answer admitting or fail timely to contest the filing material allegations of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition filed against it in any such proceeding; (iv) a proceeding is commenced against Tenant has or any guarantor of this Lease seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, and such proceeding shall not have been filed and is not contested, dismissed, dismissed or stayed discharged within sixty (60) days after the commencement thereof; (v) a receiver or trustee shall be appointed for the Demised Premises or for all or substantially all of filing)the assets of Tenant or of any guarantor of this Lease; or the appointment of a trustee or receiver (vi) Tenant shall fail to take possession of substantially all of Tenant’s assets located at the Demised Premises or of Tenant’s interest as provided in this Lease, where ; (vii) Tenant shall do or permit to be done anything which creates a lien upon the Demised Premises or the Project and such seizure lien is not contestedremoved or discharged by bond or otherwise (or by the posting of such security with Landlord as Landlord shall determine, discharged, or stayed in Landlord's sole discretion) within thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of thereof; (viii) Tenant shall fail to return a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure properly executed instrument to maintain the premises as an adult cabaret Landlord in continuous operation, subject to accordance with the provisions of Article VI. Notwithstanding anything 26 hereof within the time period provided for such return following Landlord's request for same as provided in this provision which may be construed Article 26; (ix) Tenant shall fail to return a properly executed estoppel certificate to Landlord in accordance with the contraryprovisions of Article 27 hereof within the time period provided for such return following Landlord's request for same as provided in Article 27; or (x) Tenant shall fail, Tenantfor any reason whatsoever, to maintain the Original Letter of Credit or any Replacement Letter of Credit (as those terms are defined in Article 39 hereof) in full force and effect at all times during the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of sameSecurity Period (as that term is defined in Article 39 hereof).

Appears in 1 contract

Samples: Lease Agreement (Wells Real Estate Investment Trust Inc)

Default. The occurrence of any one or more of A Party shall not be in default under this Agreement herein unless and until the following events other Party shall constitute a default of this Lease by Tenant (a “Tenant Default”): (a) the failure by Tenant to make any payment of Monthly Rent, or any other payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of fifteen (15) days after Tenant’s receipt of have given written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that of such payments have been made default and such default is not cured within the applicable cure period; (b) the failure by Tenant to observe or perform any of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where such failure shall continue for a period of thirty (30) days after Tenant’s receipt of written notice thereof by Landlord provided such notice; provided, however, that if where such cure default cannot reasonably requires more than be cured within such thirty (30) days day period, if the defaulting Party shall proceed promptly to completecure the same and prosecute such curing with due diligence, then Tenant the time for curing such default (except for payment defaults and Insolvency Defaults, as defined below and the failure of Provider to satisfy its obligations pursuant to Section 4.1) shall be extended for such period of time as may be necessary to complete such curing; provided, however, such period of extension shall not exceed ninety (90) days. Events of default shall include, but not be in default if Tenant shall promptly commence the cure of such Tenant Default and diligently pursues such cure to completion; (c) limited to, the making by Tenant a Party of a general assignment or general arrangement for the benefit of its creditors; , the filing of a voluntary petition in bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed within sixty (60) days of filing); or the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order shall be an event of default hereunder, or the filing of a petition for in bankruptcy or other insolvency protection against a Party which is not dismissed within ninety (90) days thereafter, or the appointment filing by a Party of same any petition or answer seeking, consenting to, or acquiescing in reorganization, arrangement, adjustment, composition, liquidation, dissolution, or similar relief (collectively, an “Insolvency Default”). Any event of default by a Party may be waived under the Tenantterms of this Agreement at the other Party’s sole option. Upon the failure by a Party to timely cure any such default after written notice thereof, whichever shall first occur the other Party may (i) take such action as it determines, in its sole discretion, to be necessary to correct the default, (ii) terminate this Agreement, and (diii) failure pursue any legal remedies it may have under applicable law or principles of equity relating to maintain such breach. Notwithstanding the premises as an adult cabaret in continuous operationabove, subject if a defaulting Party certifies to the provisions other Party in writing that a default has been cured, such default shall be deemed to be cured unless the other Party otherwise notifies the defaulting Party in writing within fifteen (15) days of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event receipt of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or defeating the entry of samesuch notice.

Appears in 1 contract

Samples: Conduit Sale Agreement

Default. The occurrence of If Tenant: (i) fails to pay when due any one or more of the following events shall constitute a default of this Lease by Tenant (a “Tenant Default”): (a) the failure by Tenant to make any payment of Monthly Rent, or any other payment required sum of money which Tenant is obligated to be made by Tenant hereunderpay, as provided in this Lease; or (ii) breaches any other agreement, covenant or obligation herein set forth and when due, where such failure breach shall continue for a period of fifteen and not be remedied within thirty (1530) days after Tenant’s receipt of Landlord shall have given Tenant written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within specifying the applicable cure period; (b) the failure by Tenant to observe or perform any of the covenants, conditionsbreach, or provisions of this Lease to if such breach cannot, with due diligence, be observed or performed by Tenant, other than as described in subsection (a) above, where such failure shall continue for a cured within said period of thirty (30) days after Tenant’s receipt of written notice thereof by Landlord provided that if such cure reasonably requires more than and Tenant does not within said thirty (30) days day period commence and thereafter with reasonable diligence completely cure the breach within a reasonable period thereafter not to complete, then Tenant shall exceed ninety (90) days; or (iii) files (or has filed against it and not be in default if Tenant shall promptly commence the cure of such Tenant Default and diligently pursues such cure to completion; (c) the making by Tenant of a general assignment stayed or general arrangement for the benefit of creditors; the filing of a voluntary bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed vacated within sixty (60) days of after filing) any petition or action for relief under any creditor's law (including bankruptcy, reorganization, or similar action), either in state or federal court; or the (iv) makes any transfer in fraud of creditors as defined in Xxxxxxx 000 xx xxx Xxxxxx Xxxxxx Bankruptcy Code (11 U.S.C. 548, as amended or replaced), has a receiver appointed for its assets (and appointment of a trustee shall not have been stayed or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in vacated within thirty (30) days after appointment days), or makes an assignment for benefit of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order creditors; then Tenant shall be an event of in default hereunder, and, in addition to any other lawful right or remedy which it may have, Landlord at its option may do the following: (i) terminate this Lease; (ii) repossess the Premises, and with or without terminating, relet the same at such amount as Landlord deems reasonable; and if the amount for which the Premises is relet is less than Tenant's Rent and all other obligations of Tenant to Landlord hereunder, then Tenant shall immediately pay the difference on demand to Landlord, but if in excess of Tenant's Rent, and all other obligations of Tenant hereunder, the entire amount obtained from such reletting shall belong to Landlord, free of any claim of Tenant thereto; or (iii) without obtaining any court authorization, but only to the extent permitted by applicable law, lock the Premises and deny Tenant access thereto. All reasonable expenses of Landlord in repairing, restoring, or altering the Premises for reletting as general office space, together with leasing fees and all other expenses in seeking and obtaining a new Tenant, shall be charged to and be a liability of Tenant. Landlord's reasonable attorneys' fees in pursuing any of the foregoing remedies, or in collecting any Rent due by Tenant hereunder, shall be paid by Tenant. All rights and remedies of Landlord are cumulative, and the exercise of any one shall not be an election excluding Landlord at any other time from exercise of a different or inconsistent remedy. No exercise by Landlord of any right or remedy granted herein shall constitute or effect a termination of this Lease unless Landlord shall so elect by written notice delivered to Tenant. The failure of Landlord or Tenant to exercise its rights in connection with this Lease or any breach or violation of any term, or any subsequent breach of the same or any other term, covenant or condition herein contained shall not be a waiver of such term, covenant or condition or any subsequent breach of the same or any other covenant or condition herein contained. No acceptance by Landlord of a lesser sum than the Base Rent, administrative charges, Additional Rent and other sums then due shall be deemed to be other than on account of the earliest installment of such payments due, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed as accord and satisfaction, and Landlord may accept such check or payment without prejudice to Landlord's right to recover the balance of such installment or pursue any other remedy provided in this Lease. In addition, no payments of money by Tenant to Landlord after the expiration or termination of this Lease after the giving of any notice by Landlord to Tenant shall reinstate or extend the Term, or make ineffective any notice given to Tenant prior to the payment of such money. After the service of notice or the filing commencement of a petition for suit, or after final judgment granting Landlord possession of the appointment of same by Premises, Landlord may receive and collect any sums due under this Lease, and the Tenant, whichever payment thereof shall first occur and (d) failure to maintain the premises as an adult cabaret not make ineffective any notice or in continuous operation, subject to the provisions of Article VIany manner affect any pending suit or any judgment previously obtained. Notwithstanding anything in this provision which Tenant further agrees that Landlord may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest obtain an order for relief prior summary ejectment from any court of competent jurisdiction without prejudice to entry of or defeating the entry of sameLandlord's rights to otherwise collect rents from Tenant.

Appears in 1 contract

Samples: Metavante Corp

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