Defaults; Events of Default. The following shall, if any requirement for notice or lapse of time or both has not been met, constitute defaults hereunder, and, if such conditions have been met, constitute “Events of Default” hereunder: (a) The failure of Lessee to perform or observe any of Lessee’s covenants or agreements hereunder concerning the payment of Rent for a period often (10) days after written notice thereof, provided, however, that Lessee shall not be entitled to such notice if Lessor has given notice to Lessee of one or more previous such failures within a twelve-month period, in which event such failure shall constitute an Event of Default hereunder upon the expiration of ten (10) days after such payment was due; (b) The failure of Lessee, either (i) to maintain the insurance required hereunder in full force and effect, or (ii) to deliver an estoppel certificate to Lessor within the time provided in Section 22.0 below) for a period of ten (10) days after written notice thereof, provided, however, that Lessee shall not be entitled to such notice if Lessor has given notice to Lessee of one or more previous such failures within a twelve-month period, in which event such failure shall constitute an Event of Default hereunder upon the expiration of ten ( I 0) days after such default; (c) The execution by Lessee of any assignment, sublease or other agreement without the prior written approval of Lessor as required by Section 8.0; (d) The failure of Lessee to perform or observe any of Lessee’s other covenants or agreements hereunder for a period of thirty (30) days after written notice thereof (provided that, in the case of defaults not curable in thirty (30) days through the exercise of reasonable diligence, such 30-day period shall be extended so long as Lessee commences cure within such 30-day period and thereafter prosecutes such cure to completion with reasonable diligence, but such extended cure period shall not in any event exceed ninety (90) days after Lessor’s initial notice to Lessee); and (e) if the leasehold hereby created shall be taken on execution, or by other process of law, or if any assignment shall be made of Lessee’s property for the benefit of creditors, or if a receiver, guardian, conservator, trustee in bankruptcy or similar officer shall be appointed to take charge of all or any part of Lessee’s assets by a court of competent jurisdiction; or if a petition is filed by Lessee under any bankruptcy or insolvency law; or if a petition is filed against Lessee under any bankruptcy or insolvency law and the same shall not be dismissed within sixty (60) days from the date upon which it is filed, or a lien or other involuntary encumbrance is filed against Lessee’s leasehold (or against the Premises, the Building or the Land based on a claim against Lessee) and is not discharged or bonded within thirty (30) days after the filing thereof.
Appears in 2 contracts
Samples: Lease (Aura Biosciences, Inc.), Lease (Aura Biosciences, Inc.)
Defaults; Events of Default. The following shall, if any requirement for notice or lapse of time or both has not been met, constitute defaults hereunder, and, if such conditions requirements have been met, constitute “"Events of Default” " hereunder:
(a) The failure of Lessee to perform or observe any of Lessee’s 's covenants or agreements hereunder concerning the payment of Rent money for a period often of ten (10) business days after written notice thereof, providedPROVIDED, howeverHOWEVER, that Lessee shall not be entitled to such notice if Lessor has given notice to Lessee of one two or more previous such failures within a twelve-month period, in which event such failure shall constitute an Event of Default hereunder upon the expiration of ten (10) business days after such payment was due;
(b) The failure of Lessee, either (i) Lessee to maintain the insurance required hereunder in full force and effect, or (ii) to deliver an estoppel certificate to Lessor within the time provided in Section 22.0 below) for a period of ten (10) days after written notice thereof, provided, however, that Lessee shall not be entitled to such notice if Lessor has given notice to Lessee of one or more previous such failures within a twelve-month period, in which event such failure shall constitute an Event of Default hereunder upon the expiration of ten ( I 0) days after such default;
(c) The execution by Lessee of any assignment, sublease or other agreement without the prior written approval of Lessor as required by Section 8.0;
(d) The failure of Lessee to perform or observe any of Lessee’s 's other covenants or agreements hereunder for a period of thirty (30) days after written notice thereof (provided that, in the case of defaults not reasonably curable in thirty (30) days through the exercise of reasonable diligence, such 30-day period shall be extended for so long as Lessee commences cure within such 30-day period and thereafter prosecutes such cure to completion continuously and with reasonable diligence, but such extended cure period shall not in any event exceed ninety (90) days after Lessor’s initial notice to Lessee); and
(ed) if the leasehold hereby created shall be taken on execution, or by other process of law, and such taking is not vacated by a final order of a court of competent jurisdiction within sixty (60) days thereafter; or if any assignment shall be made of Lessee’s 's property for the benefit of creditors, ; or if a receiver, guardian, conservator, trustee in bankruptcy or similar officer shall be appointed to take charge of all or any part of Lessee’s assets 's property by a court of competent jurisdiction, and such appointment is not vacated by a final order of a court of competent jurisdiction within sixty (60) days thereafter; or if a petition is filed by Lessee under any bankruptcy or insolvency law; or if a petition is filed against Lessee under any bankruptcy or insolvency law and the same shall not be dismissed within sixty (60) days from the date upon which it is filed, ; or if a lien or other involuntary encumbrance is filed against Lessee’s 's leasehold (or against the Premises, the Building or the Land based on a claim against Lessee) and is not discharged or bonded within thirty (30) days after the filing thereof.
Appears in 1 contract
Samples: Lease (Alkermes Inc)
Defaults; Events of Default. The following shall, if any requirement for notice or lapse of time or both has not been met, constitute defaults hereunder, and, if such conditions requirements have been met, constitute “"Events of Default” " hereunder:
(a) The failure of Lessee to perform or observe any of Lessee’s 's covenants or agreements hereunder concerning the payment of Rent money for a period often of ten (10) days after written notice thereof, providedPROVIDED, howeverHOWEVER, that Lessee shall not be entitled to such notice if Lessor has given notice to Lessee of one two or more previous such failures within a twelve-month period, in which event such failure shall constitute an Event of Default hereunder upon the expiration of ten (10) days after such payment was due;
(b) The failure of Lessee, either (i) Lessee to maintain the insurance required hereunder in full force and effect, or (ii) to deliver an estoppel certificate to Lessor within the time provided in Section 22.0 below) for a period of ten (10) days after written notice thereof, provided, however, that Lessee shall not be entitled to such notice if Lessor has given notice to Lessee of one or more previous such failures within a twelve-month period, in which event such failure shall constitute an Event of Default hereunder upon the expiration of ten ( I 0) days after such default;
(c) The execution by Lessee of any assignment, assignment or sublease or other agreement without the prior written approval consent of Lessor as required by Section 8.0Lessor;
(d) The failure of Lessee to perform or observe any of Lessee’s 's other covenants or agreements hereunder for a period of thirty (30) days after written notice thereof (provided that, in the case of defaults not reasonably curable in thirty (30) days through the exercise of reasonable diligence, such 30-day period shall be extended for so long as Lessee commences cure within such 30-day period and thereafter prosecutes such cure to completion continuously and with reasonable diligence, but such extended cure period shall not in any event exceed ninety (90) days after Lessor’s 's initial notice to Lessee); andor
(e) if If the leasehold hereby created shall be taken on execution, or by other process of law, ; or if any assignment shall be made of Lessee’s 's property for the benefit of creditors, ; or if a receiver, guardian, conservator, trustee in bankruptcy or similar officer shall be appointed to take charge of all or any part of Lessee’s 's assets by a court of competent jurisdiction; or if a petition is filed by Lessee under any bankruptcy or insolvency law; or if a petition is filed against Lessee under any bankruptcy or insolvency law and the same shall not be dismissed within sixty (60) days from the date upon which it is filed, ; or a lien or other involuntary encumbrance is filed against Lessee’s 's leasehold (or against the Premises, the Building or the Land based on a claim against Lessee) and is not discharged or bonded within thirty (30) days after the filing thereof.
Appears in 1 contract
Samples: Lease (Transcend Therapeutics Inc)
Defaults; Events of Default. The following shall, if any requirement for notice or lapse of time or both has not been met, constitute defaults hereunder, and, if such conditions requirements have been met, constitute “"Events of Default” " hereunder:
(a) The failure of Lessee to perform or observe any of Lessee’s 's covenants or agreements hereunder concerning the payment of Rent money for a period often of ten (10) days after written notice thereof, providedPROVIDED, howeverHOWEVER, that Lessee shall not be entitled to such notice if Lessor has given notice to Lessee of one two or more previous such failures within a twelve-month period, in which event such failure shall constitute an Event of Default hereunder upon the expiration of ten (10) days after such payment was due;
(b) The failure of Lessee, either (i) Lessee to maintain the insurance required hereunder in full force and effect, or (ii) to deliver an estoppel certificate to Lessor within the time provided in Section 22.0 below) for a period of ten (10) days after written notice thereof, provided, however, that Lessee shall not be entitled to such notice if Lessor has given notice to Lessee of one or more previous such failures within a twelve-month period, in which event such failure shall constitute an Event of Default hereunder upon the expiration of ten ( I 0) days after such default;
(c) The execution by Lessee of any assignment, assignment or sublease or other agreement without the prior written approval consent of Lessor as required by Section 8.0Lessor;
(d) The failure of Lessee to perform or observe any of Lessee’s 's other covenants or agreements hereunder for a period of thirty (30) days after written notice thereof (provided thatPROVIDED THAT, in the case of defaults not reasonably curable in thirty (30) days through the exercise of reasonable diligence, such 30-day period shall be extended for so long as Lessee commences cure within such 30-day period and thereafter prosecutes such cure to completion continuously and with reasonable diligence, but such extended cure period shall not in any event exceed ninety (90) days after Lessor’s initial notice to Lessee); andor
(e) if If the leasehold hereby created shall be taken on execution, or by other process of law, ; or if any assignment shall be made of Lessee’s 's property for the benefit of creditors, ; or if a receiver, guardian, conservator, trustee in bankruptcy or similar officer shall be appointed to take charge of all or any part of Lessee’s 's assets by a court of competent jurisdiction; or if a petition is filed by Lessee under any bankruptcy or insolvency law; or if a petition is filed against Lessee under any bankruptcy or insolvency law and the same shall not be dismissed within sixty (60) days from the date upon which it is filed, ; or a lien or other involuntary encumbrance is filed against Lessee’s 's leasehold (or against the Premises, the Building or the Land based on a claim against Lessee) and is not discharged or bonded within thirty (30) days after the filing thereof.
Appears in 1 contract
Samples: Lease (Analog Devices Inc)
Defaults; Events of Default. The occurrence of any of --------------------------- the following shall, if any requirement for notice or lapse events is defined as and declared to be and to constitute an Event of time or both has not been met, constitute defaults hereunder, and, if such conditions have been met, constitute “Events of Default” Default hereunder:
(a) The failure Failure to pay the principal of Lessee to perform or observe any of Lessee’s covenants premium on any Bond when such principal or agreements hereunder concerning the payment of Rent for a period often (10) days after written notice thereofpremium shall become due and payable, providedwhether at stated maturity, howeverby redemption, that Lessee shall not be entitled to such notice if Lessor has given notice to Lessee of one by acceleration or more previous such failures within a twelve-month period, in which event such failure shall constitute an Event of Default hereunder upon the expiration of ten (10) days after such payment was dueotherwise;
(b) The failure Failure to pay any interest on any Bond within one Business Day of Lessee, either (i) to maintain the insurance required hereunder in full force when such interest shall become due and effect, or (ii) to deliver an estoppel certificate to Lessor within the time provided in Section 22.0 below) for a period of ten (10) days after written notice thereof, provided, however, that Lessee shall not be entitled to such notice if Lessor has given notice to Lessee of one or more previous such failures within a twelve-month period, in which event such failure shall constitute an Event of Default hereunder upon the expiration of ten ( I 0) days after such defaultpayable;
(c) The execution by Lessee Failure to pay the purchase price due to the Holder of any assignment, sublease or other agreement without the prior written approval Bond who has tendered such Bond for purchase pursuant to Article IV within one Business Day of Lessor as required by Section 8.0when such purchase price shall have become due and payable;
(d) The Failure by the Issuer to comply with the provisions of the Act relating to the Bonds or the Project or to observe or perform any other covenant, agreement or obligation on its part to be observed or performed and which is contained in this Indenture or in the Bonds, which failure of Lessee to perform or observe any of Lessee’s other covenants or agreements hereunder shall have continued for a period of thirty (30) 90 days after written notice, by registered or certified mail, to the Issuer, the Bank and the Borrower specifying the failure and requiring that it be remedied, which notice thereof (provided that, may be given by the Trustee in the case of defaults not curable in thirty (30) days through the exercise of reasonable diligence, such 30-day period its discretion and shall be extended so long as Lessee commences cure within such 30-day period and thereafter prosecutes such cure to completion with reasonable diligence, but such extended cure period shall given by the Trustee at the written request of the Holders of not less than 25% in any event exceed ninety (90) days after Lessor’s initial notice to Lessee); andprincipal amount of the Bonds outstanding;
(e) The occurrence and continuance of an Event of Default as defined in Section 7.1 of the Financing Agreement;
(f) Receipt by the Trustee of a written notice from the Bank stating that an event of default has occurred under the Reimbursement Agreement and directing the Trustee to call the Bonds for mandatory purchase (if the leasehold hereby created shall be taken Bonds are in the Weekly Mode) or to declare the principal of the outstanding Bonds immediately due and payable;
(g) Receipt by the Trustee of a written notice from the Bank, prior to the tenth calendar day following payment of a drawing under the Letter of Credit for interest on executionBonds which remain outstanding after the application of the proceeds of such drawing, or by other process stating that the Letter of law, or if any assignment shall be made of Lessee’s property for the benefit of creditors, or if a receiver, guardian, conservator, trustee in bankruptcy or similar officer shall be appointed to take charge of all or any part of Lessee’s assets by a court of competent jurisdiction; or if a petition is filed by Lessee under any bankruptcy or insolvency law; or if a petition is filed against Lessee under any bankruptcy or insolvency law and the same shall Credit will not be dismissed within sixty reinstated with respect to such interest; or
(60h) days from Failure by the date upon which it is filedBorrower to cause an amendment extending the Expiration Date of the current Letter of Credit on or before the Interest Payment Date next preceding such Expiration Date, unless the Bonds have been called for mandatory redemption or a lien mandatory purchase on such Interest Payment Date pursuant to Subsection 3.01(e) or other involuntary encumbrance is filed against Lessee’s leasehold clause (or against the Premises, the Building or the Land based on a claim against Lesseeb) and is not discharged or bonded within thirty (30) days after the filing thereofof Section 4.02.
Appears in 1 contract
Samples: Trust Indenture (Innovative Solutions & Support Inc)
Defaults; Events of Default. The following shall, if any requirement for notice or lapse of time or both has not been met, constitute defaults hereunder, and, if such conditions requirements have been met, constitute “"Events of Default” " hereunder:
(a) The failure of Lessee to perform or observe any of Lessee’s 's covenants or agreements hereunder concerning the payment of Rent money for a period often of ten (10) days after written notice thereof, providedPROVIDED, howeverHOWEVER, that Lessee shall not be entitled to such notice if Lessor has given notice to Lessee of one two or more previous such failures within a twelve-month period, in which event such failure shall constitute an Event of Default hereunder upon the expiration of ten (10) days after such payment was due;
(b) The failure of Lessee, either (i) Lessee to maintain the insurance required hereunder in full force and effect, or (ii) to deliver an estoppel certificate to Lessor within the time provided in Section 22.0 below) for a period of ten (10) days after written notice thereof, provided, however, that Lessee shall not be entitled to such notice if Lessor has given notice to Lessee of one or more previous such failures within a twelve-month period, in which event such failure shall constitute an Event of Default hereunder upon the expiration of ten ( I 0) days after such default;
(c) The execution by Lessee of any assignment, assignment or sublease or other agreement without the prior written approval consent of Lessor as required by Section 8.0Lessor;
(d) The failure of Lessee to perform or observe any of Lessee’s 's other covenants or agreements hereunder for a period of thirty (30) days after written notice thereof (provided that, in the case of defaults not reasonably curable in thirty (30) days through the exercise of reasonable diligence, such 30-day period shall be extended for so long as Lessee commences cure within such 30-day period and thereafter prosecutes such cure to completion continuously and with reasonable diligence, but such extended cure period shall not in any event exceed ninety (90) days after Lessor’s initial notice to Lessee); andor
(e) if If the leasehold hereby created shall be taken on execution, or by other process of law, and such taking is not vacated by a final order of a court of competent jurisdiction within sixty (60) days thereafter; or if any assignment shall be made of Lessee’s 's property for the benefit of creditors, ; or if a receiver, guardian, conservator, trustee in bankruptcy or similar officer shall be appointed to take charge of all or any part of Lessee’s 's assets by a court of competent jurisdiction, and such appointment is not vacated by a final order of a court of competent jurisdiction within sixty (60) days thereafter; or if a petition is filed by Lessee under any bankruptcy or insolvency law; or if a petition is filed against Lessee under any bankruptcy or insolvency law and the same shall not be dismissed within sixty (60) days from the date upon which it is filed, ; or a lien or other involuntary encumbrance is filed against Lessee’s 's leasehold (or against the Premises, the Building or the Land based on a claim against Lessee) and is not discharged or bonded within thirty (30) days after the filing thereof.
Appears in 1 contract
Samples: Lease Extension Agreement (Millennium Pharmaceuticals Inc)
Defaults; Events of Default. The If any one or more of the following shallevents occur, if any requirement for notice or lapse of time or both has not been met, it is hereby defined as and declared to be and to constitute defaults hereunder, and, if such conditions have been met, constitute an “Events Event of Default” hereunderunder and for purposes of this Loan Agreement:
(a) The failure of Lessee to perform or observe any of Lessee’s covenants or agreements hereunder concerning Default in the due and punctual payment of Rent any installment of principal or of any payment of interest or premium on the Promissory Note;
(b) Default in the performance or observance of any other of the covenants, agreements or conditions on the part of the Borrower in this Loan Agreement contained and the continuance thereof for a period often (10) of 30 days after receipt by the Borrower of written notice thereof(from the Issuer, the Trustee or the Owners of at least 10% in aggregate principal amount of the Bonds at the time Outstanding) specifying such default and requesting that it be cured; provided, however, that Lessee if the default is capable of being cured, but not so within such 30 day period, such default shall not be entitled to such notice if Lessor has given notice to Lessee of one or more previous such failures within a twelve-month period, in which event such failure shall constitute become an Event of Default hereunder upon if the expiration of ten (10) days after Borrower institutes reasonable corrective action within such payment was due;
(b) The failure of Lessee, either (i) to maintain the insurance required hereunder in full force period and effect, or (ii) to deliver an estoppel certificate to Lessor within the time provided in Section 22.0 below) for a period of ten (10) days after written notice thereof, provided, however, that Lessee shall not be entitled to pursues such notice if Lessor has given notice to Lessee of one or more previous action diligently until such failures within a twelve-month period, in which event such failure shall constitute an Event of Default hereunder upon the expiration of ten ( I 0) days after such defaultdefault is cured;
(c) The execution by Lessee Borrower shall: (i) become insolvent; or (ii) be unable, or admit in writing its inability, to pay its debts as they mature; or (iii) make a general assignment for the benefit of creditors or to an agent authorized to liquidate any assignmentsubstantial amount of its property; or (iv) have a court order relief against it under the United States Bankruptcy Code; or (v) file a petition with respect to itself as debtor under chapter 7 or 11 of the United States Bankruptcy Code; or (vi) have a petition under chapter 7 or 11 of the United States Bankruptcy Code filed against it as debtor and fail to have such petition vacated or discharged within 60 days following the filing thereof; or (vii) file an answer to a creditor’s petition, sublease admitting the material allegations thereof, for liquidation, reorganization or to effect a plan or other agreement arrangement with creditors; or (viii) apply to a court for the appointment of a receiver for any of its assets; or (ix) have a receiver appointed for any of its assets (with or without the prior written approval consent of Lessor as required by Section 8.0;the Borrower) and such receiver shall not be discharged within 60 days after its appointment; or
(d) The failure An “event of Lessee to perform or observe any of Lessee’s other covenants or agreements hereunder for a period of thirty default” (30as defined therein) days after written notice thereof (provided that, in shall have occurred under the case of defaults not curable in thirty (30) days through the exercise of reasonable diligence, such 30-day period shall be extended so long as Lessee commences cure within such 30-day period and thereafter prosecutes such cure to completion with reasonable diligence, but such extended cure period shall not in any event exceed ninety (90) days after Lessor’s initial notice to Lessee); and
(e) if the leasehold hereby created shall be taken on execution, or by other process of law, or if any assignment shall be made of Lessee’s property for the benefit of creditors, or if a receiver, guardian, conservator, trustee in bankruptcy or similar officer shall be appointed to take charge of all or any part of Lessee’s assets by a court of competent jurisdiction; or if a petition is filed by Lessee under any bankruptcy or insolvency law; or if a petition is filed against Lessee under any bankruptcy or insolvency law and the same shall not be dismissed within sixty (60) days from the date upon which it is filed, or a lien or other involuntary encumbrance is filed against Lessee’s leasehold (or against the Premises, the Building or the Land based on a claim against Lessee) and is not discharged or bonded within thirty (30) days after the filing thereofIndenture.
Appears in 1 contract
Defaults; Events of Default. The following shall, if any requirement for notice or lapse of time or both has not been met, constitute defaults hereunder, and, if such conditions requirements have been met, constitute “"Events of Default” " hereunder:
(a) The failure of Lessee Tenant to perform or observe any of Lessee’s Tenant's covenants or agreements hereunder concerning the payment of Rent money for a period often of five (105) days after written notice thereof, provided, however, that Lessee Tenant shall not be entitled to such notice if Lessor Landlord has given notice to Lessee Tenant of one two or more previous such failures within a twelve-month period, in which event such failure shall constitute an Event of Default hereunder upon the expiration of ten five (105) days after such payment was due;
; (b) The failure of Lessee, either (i) Tenant to maintain the any insurance required hereunder in full force and effect, or (ii) to deliver an estoppel certificate to Lessor within the time provided in Section 22.0 below) for a period of ten (10) days after written notice thereof, provided, however, that Lessee shall not be entitled to such notice if Lessor has given notice to Lessee of one or more previous such failures within a twelve-month period, in which event such failure shall constitute an Event of Default hereunder upon the expiration of ten ( I 0) days after such default;
; (c) The execution by Lessee of any assignment, sublease or other agreement without the prior written approval of Lessor as required by Section 8.0;
(d) The failure of Lessee Tenant to perform or observe any of Lessee’s Tenant's other covenants or agreements hereunder for a period of thirty twenty (3020) days after written notice thereof (provided that, in the case of defaults not reasonably curable in thirty twenty (3020) days through the exercise of reasonable diligence, such 3020-day period shall be extended for so long as Lessee Tenant commences cure within such 30-day period and thereafter prosecutes such cure to completion continuously and with reasonable diligence, but such extended cure period shall not in any event exceed ninety (90) days after Lessor’s initial notice to Lessee); and
(d) The occurrence of any Event of Default on the part of Tenant under the Sublease; (e) if the leasehold hereby created shall be taken on execution, or by other process of law, or if any assignment shall be made and such taking is not vacated by a final order of Lessee’s property for the benefit of creditors, or if a receiver, guardian, conservator, trustee in bankruptcy or similar officer shall be appointed to take charge of all or any part of Lessee’s assets by a court of competent jurisdiction; or if a petition is filed by Lessee under any bankruptcy or insolvency law; or if a petition is filed against Lessee under any bankruptcy or insolvency law and the same shall not be dismissed jurisdiction within sixty (60) days from the date upon which it is filed, or a lien or other involuntary encumbrance is filed against Lessee’s leasehold (or against the Premises, the Building or the Land based on a claim against Lessee) and is not discharged or bonded within thirty (30) days after the filing thereofthereafter.
Appears in 1 contract
Samples: Equipment Use and Services Agreement (Immunogen Inc)
Defaults; Events of Default. The following shall, if any requirement for notice or lapse of time or both has not been met, constitute defaults hereunder, and, if such conditions have been met, constitute “Events of Default” hereunder:.
(a) The failure of Lessee to perform or observe any of Lessee’s covenants or agreements hereunder concerning the payment of Rent money for a period often of ten (10) days after written notice thereof, provided, however, that Lessee shall not be entitled to such notice if Lessor has given notice to Lessee of one or more previous such failures within a twelve-month period, in which event such failure shall constitute an Event of Default hereunder upon the expiration of ten (10) days after such payment was due;
(b) The failure of Lessee, without the necessity of any notice from Lessor to Lessee, either (i) to maintain the insurance required hereunder in full force and effect, or (ii) to deliver an estoppel certificate to Lessor within the time provided in Section 22.0 21.0 below) for a period of ten (10) days after written notice thereof, provided, however, that Lessee shall not be entitled to such notice if Lessor has given notice to Lessee of one or more previous such failures within a twelve-month period, in which event such failure shall constitute an Event of Default hereunder upon the expiration of ten ( I 0) days after such default);
(c) The execution by Lessee of any assignment, sublease or other agreement without the prior written approval of Lessor as required by Section 8.0;
(d) The failure of Lessee to perform or observe any of Lessee’s other covenants or agreements hereunder for a period of thirty (30) days after written notice thereof (provided that, in the case of defaults not curable in thirty (30) days through the exercise of reasonable diligence, such 30-day period shall be extended so long as Lessee commences cure within such 30-day period and thereafter prosecutes such cure to completion with reasonable diligence, but such extended cure period shall not in any event exceed ninety (90) days after Lessor’s initial notice to Lessee); and
(e) if the leasehold hereby created shall be taken on execution, or by other process of law, or if any assignment shall be made of Lessee’s property for the benefit of creditors, or if a receiver, guardian, conservator, trustee in bankruptcy or similar officer shall be appointed to take charge of all or any part of Lessee’s assets by a court of competent jurisdiction; or if a petition is filed by Lessee under any bankruptcy or insolvency law; or if a petition is filed against Lessee under any bankruptcy or insolvency law and the same shall not be dismissed within sixty (60) days from the date upon which it is filed, or a lien or other involuntary encumbrance is filed against Lessee’s leasehold (or against the Premises, the Building or the Land based on a claim against Lessee) and is not discharged or bonded within thirty (30) days after the filing thereof.
Appears in 1 contract
Samples: Lease (Elixir Pharmaceuticals, Inc.)
Defaults; Events of Default. The occurrence of any of the following shall, if any requirement for notice or lapse events is defined as and declared to be and to constitute an Event of time or both has not been met, constitute defaults hereunder, and, if such conditions have been met, constitute “Events of Default” Default hereunder:
(a) The failure Failure to pay the principal of Lessee to perform or observe any of Lessee’s covenants premium on any Bond when such principal or agreements hereunder concerning the payment of Rent for a period often (10) days after written notice thereofpremium shall become due and payable, providedwhether at stated maturity, howeverby redemption, that Lessee shall not be entitled to such notice if Lessor has given notice to Lessee of one by acceleration or more previous such failures within a twelve-month period, in which event such failure shall constitute an Event of Default hereunder upon the expiration of ten (10) days after such payment was dueotherwise;
(b) The failure of Lessee, either (i) Failure to maintain the insurance required hereunder in full force and effect, or (ii) to deliver an estoppel certificate to Lessor within the time provided in Section 22.0 below) for a period of ten (10) days after written notice thereof, provided, however, that Lessee shall not be entitled to such notice if Lessor has given notice to Lessee of one or more previous such failures within a twelve-month period, in which event such failure shall constitute an Event of Default hereunder upon the expiration of ten ( I 0) days after such defaultpay any interest on any Bond when due;
(c) The execution by Lessee Failure to pay the purchase price due to the Holder of any assignment, sublease or other agreement without the prior written approval of Lessor as required by Section 8.0Bond who has tendered such Bond for purchase pursuant to Article IV when such purchase price shall have become due and payable;
(d) The Failure by the Issuer to observe or perform any other covenant, agreement or obligation on its part to be observed or performed and which is contained in this Indenture or in the Bonds, which failure of Lessee to perform or observe any of Lessee’s other covenants or agreements hereunder shall have continued for a period of thirty (30) 90 days after written notice, by registered or certified mail, to the Issuer, the Agent and the Company specifying the failure and requiring that it be remedied, which notice thereof (provided that, may be given by the Trustee in the case of defaults not curable in thirty (30) days through the exercise of reasonable diligence, such 30-day period its discretion and shall be extended so long as Lessee commences cure within such 30-day period and thereafter prosecutes such cure to completion with reasonable diligence, but such extended cure period shall given by the Trustee at the written request of the Holders of not less than 25% in any event exceed ninety (90) days after Lessor’s initial notice to Lessee); andaggregate principal amount of Bonds outstanding;
(e) The occurrence and continuance of an Event of Default as defined in Section 17.1 of the Lease;
(f) Receipt by the Trustee of a written notice from the Agent stating that an Event of Default has occurred under the Reimbursement Agreement and directing the Trustee to call the Bonds for mandatory purchase or to declare the principal of the outstanding Bonds immediately due and payable;
(g) Receipt by the Trustee of a written notice from the Agent, prior to the sixth day (or, if such sixth day is not a Business Day, the leasehold hereby created shall next preceding Business Day) following payment of a drawing under any Letter of Credit for interest on Bonds which remain outstanding after the application of the proceeds of such drawing, stating that such Letter of Credit will not be taken reinstated with respect to such interest;
(h) Failure by the Company to cause an amendment extending the Expiration Date of the current Letters of Credit or Alternate Letters of Credit to be delivered to the Trustee pursuant to Subsection 5.08(b) on executionor before the Interest Payment Date next preceding such Expiration Date, unless the Bonds have been called for mandatory redemption or mandatory purchase on such Interest Payment Date pursuant to Section 4.02(a)(ii);
(i) The occurrence of an Act of Bankruptcy of an LC Issuer; or
(j) The Issuer becomes insolvent or fails, or by other process of lawadmits in writing its inability, to pay its debts as they mature or applies for, consents to, or if any assignment shall be made acquiesces in the appointment of Lessee’s property a trustee, receiver or custodian for the benefit Issuer or a substantial part of creditorsits property; or in the absence of such application, consent or if acquiescence, a receivertrustee, guardian, conservator, trustee in bankruptcy receiver or similar officer shall be custodian is appointed to take charge for the Issuer or a substantial part of all its property and is not discharged within sixty (60) days; or any part of Lessee’s assets by a court of competent jurisdiction; bankruptcy, reorganization, debt arrangement, moratorium or if a petition is filed by Lessee any case or proceeding under any bankruptcy or insolvency law; , or any dissolution or liquidation proceeding, is instituted by or, if a petition permitted by law, against the Issuer and, if instituted against the Issuer, is filed against Lessee under any bankruptcy consented to or insolvency law and acquiesced in by the same shall Issuer or is not be dismissed within sixty (60) days from the date upon which it is fileddays, or a lien or other involuntary encumbrance if an "order for relief" is filed against Lessee’s leasehold (or against entered at any time in any such case under the Premises, the Building or the Land based on a claim against Lessee) and is not discharged or bonded within thirty (30) days after the filing thereofBankruptcy Code.
Appears in 1 contract
Defaults; Events of Default. The following shall, if any requirement for notice or lapse of time or both has not been met, constitute defaults hereunder, and, if such conditions have been met, constitute “Events of Default” "EVENTS OF DEFAULT" hereunder:
(a) The failure of Lessee to perform or observe any of Lessee’s 's covenants or agreements hereunder concerning the payment of Rent money for a period often of ten (10) days after written notice thereof, providedPROVIDED, howeverHOWEVER, that Lessee shall not be entitled to such notice if Lessor has given notice to Lessee of one or more previous such failures within a twelve-month period, in which event such failure shall constitute an Event of Default hereunder upon the expiration of ten (10) days after such payment was due;
(b) The failure of Lessee, without the necessity of any notice from Lessor to Lessee, either (i) to maintain the insurance required hereunder in full force and effect, or (ii) to deliver an estoppel certificate to Lessor within the time provided in Section 22.0 24.0 below) for a period of ten (10) days after written notice thereof, provided, however, that Lessee shall not be entitled to such notice if Lessor has given notice to Lessee of one or more previous such failures within a twelve-month period, in which event such failure shall constitute an Event of Default hereunder upon the expiration of ten ( I 0) days after such default);
(c) The execution by Lessee of any assignment, sublease or other agreement without the prior written approval of Lessor as required by Section 8.0;
(d) The failure of Lessee to perform or observe any of Lessee’s 's other covenants or agreements hereunder for a period of thirty (30) days after written notice thereof (provided that, in the case of defaults not curable in thirty (30) days through the exercise of reasonable diligence, such 30-day period shall be extended so long as Lessee commences cure within such 30-day period and thereafter prosecutes such cure to completion with reasonable diligence, but such extended cure period shall not in any event exceed ninety (90) days after Lessor’s 's initial notice to Lessee); and
(e) if the leasehold hereby created shall be taken on execution, or by other process of law, or if any assignment shall be made of Lessee’s 's property for the benefit of creditors, or if a receiver, guardian, conservator, trustee in bankruptcy or similar officer shall be appointed to take charge of all or any part of Lessee’s 's assets by a court of competent jurisdiction; or if a petition is filed by Lessee under any bankruptcy or insolvency law; or if a petition is filed against Lessee under any bankruptcy or insolvency law and the same shall not be dismissed within sixty (60) days from the date upon which it is filed, or a lien or other involuntary encumbrance is filed against Lessee’s 's leasehold (or against the Premises, the Building or the Land based on a claim against Lessee) and is not discharged or bonded within thirty (30) days after the filing thereof.
Appears in 1 contract
Defaults; Events of Default. The occurrence of any of the following shall, if any requirement for notice or lapse events is defined as and declared to be and to constitute an Event of time or both has not been met, constitute defaults hereunder, and, if such conditions have been met, constitute “Events of Default” Default hereunder:
(a) The Payment of any interest on any Bond shall not be made when and as that interest shall become due and payable;
(b) Payment of the principal of or any premium on any Bond shall not be made when and as that principal or premium shall become due and payable, whether at stated maturity, by redemption, pursuant to any mandatory sinking fund requirements, by acceleration or otherwise;
(c) Failure by the Issuer to observe or perform any other covenant, agreement or obligation on its part to be observed or performed contained in this Indenture or in the Bonds, which failure of Lessee to perform or observe any of Lessee’s covenants or agreements hereunder concerning the payment of Rent shall have continued for a period often (10) of 60 days after written notice, by registered or certified mail, to the Issuer and the Company specifying the failure and requiring that it be remedied, which notice thereof, may be given by the Trustee in its discretion and shall be given by the Trustee at the written request of the Holders of not less than 50 percent in aggregate principal amount of Bonds then outstanding; provided, however, that Lessee if the Issuer shall proceed to take such curative action which, if begun and prosecuted with due diligence, cannot be entitled to such notice if Lessor has given notice to Lessee of one or more previous such failures completed within a twelve-month period, in which event such failure shall constitute an Event of Default hereunder upon the expiration of ten (10) days after such payment was due;
(b) The failure of Lessee, either (i) to maintain the insurance required hereunder in full force and effect, or (ii) to deliver an estoppel certificate to Lessor within the time provided in Section 22.0 below) for a period of ten (10) days after written notice thereof60 days, provided, however, that Lessee then such period shall not be entitled increased to such notice if Lessor has given notice extent as shall be necessary to Lessee of one or more previous enable the Issuer diligently to complete such failures within a twelve-month period, in which event such failure shall constitute an Event of Default hereunder upon the expiration of ten ( I 0) days after such default;
(c) The execution by Lessee of any assignment, sublease or other agreement without the prior written approval of Lessor as required by Section 8.0;curative action; and
(d) The failure occurrence and continuance of Lessee an Event of Default as defined in Section 7.1 of the Agreement. During the existence of an Event of Default, upon a decision by the Trustee to perform enforce or observe exercise any right, remedy or power available to it on behalf of Lessee’s other covenants the Holders (whether arising hereunder, under the Agreement or agreements hereunder for a period of thirty (30) days after written notice thereof (provided thatexisting at law, in equity or by statute or otherwise now or hereafter), concurrently with any action to enforce or exercise that right, remedy or power, except as provided below in this Article, the Trustee shall deposit any moneys received pursuant to any right given or action taken in the Enforcement Account created hereby as a subaccount of the Bond Fund. The Enforcement Account shall be maintained in the custody of the Trustee as a separate bank account (except when invested in Eligible Investments). Following that transfer, the Trustee shall pay Bond Service Charges on the Outstanding Bonds from the Enforcement Account in the order and as provided in this Article. Whenever any Event of Default with respect to the payment of Bond Service Charges on the Bonds and all other Defaults are cured, in each case in the manner provided in Section 7.03 hereof, the Trustee shall transfer promptly all moneys in, including without limitation, all investments credited to, the Enforcement Account into the appropriate Fund. The declaration of defaults not curable in thirty (30) days through an Event of Default and the exercise of reasonable diligencerights, such 30-day period shall be extended so long as Lessee commences cure within such 30-day period remedies and thereafter prosecutes such cure powers upon the declaration are subject to completion with reasonable diligenceany applicable limitations of federal bankruptcy law affecting or precluding the declaration or exercise during the pendency of or immediately following any bankruptcy, but such extended cure period shall not in any event exceed ninety (90) days after Lessor’s initial notice to Lessee); and
(e) if the leasehold hereby created shall be taken on execution, liquidation or by other process of law, or if any assignment shall be made of Lessee’s property for the benefit of creditors, or if a receiver, guardian, conservator, trustee in bankruptcy or similar officer shall be appointed to take charge of all or any part of Lessee’s assets by a court of competent jurisdiction; or if a petition is filed by Lessee under any bankruptcy or insolvency law; or if a petition is filed against Lessee under any bankruptcy or insolvency law and the same shall not be dismissed within sixty (60) days from the date upon which it is filed, or a lien or other involuntary encumbrance is filed against Lessee’s leasehold (or against the Premises, the Building or the Land based on a claim against Lessee) and is not discharged or bonded within thirty (30) days after the filing thereofreorganization proceedings.
Appears in 1 contract
Defaults; Events of Default. The 34.1 Tenant shall be in default under this Lease upon the occurrence of any one or more of the following shallevents (collectively, if any requirement for notice or lapse of time or both has not been met“Defaults”, constitute defaults hereunderand individually, and, if such conditions have been met, constitute a “Events of Default” hereunder:”):
(a) The failure If Tenant fails to move into or take possession of Lessee to perform or observe any of Lessee’s covenants or agreements hereunder concerning the payment of Rent for a period often Demised Premises within fifteen (1015) days after written notice thereof, provided, however, that Lessee shall not be entitled to such notice if Lessor has given notice to Lessee of one or more previous such failures within a twelve-month period, in which event such failure shall constitute an Event of Default hereunder upon the expiration of ten (10) days after such payment was dueCommencement Date;
(b) The failure of Lessee, either (i) to maintain If the insurance required hereunder in full force and effect, or (ii) to deliver an estoppel certificate to Lessor within Tenant vacates the time provided in Section 22.0 below) Demised Premises for a period of ten (10) days after written notice thereof, provided, however, that Lessee shall not be entitled to such notice if Lessor has given notice to Lessee of one or more previous such failures within a twelve-month period, in which event such failure shall constitute an Event of Default hereunder upon the expiration of ten ( I 0) days after such default;
(c) The execution by Lessee of any assignment, sublease or other agreement without the prior written approval of Lessor as required by Section 8.0;
(d) The failure of Lessee to perform or observe any of Lessee’s other covenants or agreements hereunder for a period excess of thirty (30) days after other than during the month prior to the Expiration Date;
(c) If the Tenant is delinquent in the due and punctual payment of all or any portion of Minimum Rent, additional rent or any other monies payable by Tenant hereunder;
(d) If any execution, attachment or other action shall be taken against Tenant or any or Tenant’s property whereupon the Demised Premises shall be taken, occupied or used by someone other than Tenant or any assignee or Sublessee permitted in strict accordance with Article 16, including the storage of any of Tenant’s property on behalf of another person or entity; or
(e) If Tenant is delinquent in the performance of or compliance with any of the other covenants, agreements or conditions contained in this Lease, any other lease demising space in the Building to Tenant, or any other written agreement between Landlord and Tenant pertaining to the Demised Premises, the Building, and/or the Real Estate.
34.2 Upon the occurrence of a Default, Landlord, at any time thereafter, may give written notice thereof to Tenant specifying the nature of such Default. Tenant shall have five (provided that5) business days from the receipt of said notice (the “Cure Period”) to comply with or remedy any such Default, except in the case of defaults any Default presenting a clear and present danger to life or property, which Tenant shall cure immediately upon request of Landlord or Managing Agent, written or otherwise. If such Default is not curable of an emergency nature, is other than due to the nonpayment of money, and shall be of a nature that the same cannot be substantially cured or remedied within said Cure Period, Tenant shall promptly give Landlord written notice of such fact, and Tenant shall diligently and in good faith proceed to remedy or cure such Default within a reasonable time, but in no event in excess of thirty (30) days through days. Neither the exercise cost to Tenant of reasonable diligence, curing any Default nor Tenant’s financial or other inability to cure any Default (for whatever reason) shall operate to extend any Cure Period. Tenant’s failure to remedy such 30-day period Default within the applicable time set forth in this Section shall be extended so long as Lessee commences cure an “Event of Default”.
34.3 Tenant acknowledges that Landlord is obligated to make timely payments on obligations arising out of its ownership, operation, and financing of the Real Estate. In the event that the payment of any sum required to be paid by Tenant to Landlord under this Lease (including, without limiting the generality of the foregoing, Minimum Rent, additional rent, payment made by Landlord under any provision of this Lease for which Landlord is entitled to reimbursement by Xxxxxx, or for construction or other work performed by Landlord or its contractor specifically for Tenant) is not received by Landlord in good funds within such 30-day period and thereafter prosecutes such cure to completion with reasonable diligence, but such extended cure period shall not in any event exceed ninety seven (907) business days after Lessor’s initial the date on which it is due and payable or should any check from Tenant be returned to Landlord as uncollectible, then, notwithstanding any notice provision or Cure Period, Tenant shall pay Landlord, as additional rent, interest (“Interest”) at an annual rate equal to Lessee); and
five hundred (e500) if basis points over the leasehold hereby created shall be taken on executionprime rate announced from time-to-time by Citibank, or by other process of law, or if any assignment shall be made of Lessee’s property for the benefit of creditors, or if a receiver, guardian, conservator, trustee in bankruptcy or similar officer shall be appointed to take charge of all NA (or any part of Lessee’s assets successor thereto) (but subject to any maximum interest permitted by a court of competent jurisdiction; or if a petition is filed Law) on any amounts not received by Lessee under any bankruptcy or insolvency law; or if a petition is filed against Lessee under any bankruptcy or insolvency law and the same shall not be dismissed within sixty (60) days Landlord from the date on which they became due and payable until the date they are received in full. In the event of nonpayment of any Interest provided for above, Landlord shall have, in addition to all other rights and remedies, all the rights and remedies provided for herein and by Law in the case of nonpayment of rent. Failure by Landlord or Managing Agent to insist upon the strict performance by Tenant of Tenant’s obligations to pay any Interest shall not constitute a waiver by Landlord of its rights to enforce the provisions of this Section in any instance thereafter occurring. Neither the provisions of this Section nor Tenant’s payment of any Interest shall be construed in any way to extend any time period provided for in this Lease or to Limit Landlord’s other remedies hereunder. Tenant’s obligation to pay any Interest as provided in this Section shall continue beyond the expiration or sooner termination or this Lease.
34.4 In addition to the provisions of Section 34.3, should Minimum Rent be received by Landlord or Managing Agent later than the first day of the month on which it is fileddue twice or more in any twelve-month period, Landlord may, in addition to all other rights and remedies provided herein and by Law, require that Tenant either (1) increase the amount of the Security by an additional amount equal to three (3) months’ of the then applicable Adjusted Minimum Rent or a lien or other involuntary encumbrance is filed against Lessee’s leasehold (or against the Premises, the Building or the Land based on a claim against Lessee2) and is not discharged or bonded within thirty (30) days after the filing thereofdeposit such amount as Security if none has previously been paid.
Appears in 1 contract
Defaults; Events of Default. The 34.1 Tenant shall be in default under this Lease upon the occurrence of any one or more of the following shallevents (collectively, if any requirement for notice or lapse of time or both has not been met"DEFAULTS", constitute defaults hereunderand individually, and, if such conditions have been met, constitute “Events of Default” hereunder:a "DEFAULT"):
(a) The failure If the Tenant or any Sublessee or Assignee fails to timely vacate the Demised Premises on the Expiration Date or earlier termination of Lessee to perform the Term hereof;
(b) If the Tenant is delinquent in the due and punctual payment of all or observe any portion of Minimum Rent, Adjusted Minimum Rent, additional rent or any other monies payable by Tenant hereunder more than twice in any twelve-month period;
(c) If any execution, attachment or other action shall be taken against Tenant or any of Lessee’s covenants Tenant's property whereupon the Demised Premises shall be taken, occupied or used by someone other than Tenant or any assignee or Sublessee permitted in strict accordance with Article 16, including the storage of any of Tenant's property on behalf of another person or entity; or
(d) If Tenant is delinquent in the performance of or compliance with any of the other covenants, agreements hereunder concerning or conditions contained in this Lease, any other lease demising space in the Building to Tenant, or any other written agreement between Landlord and Tenant pertaining to the Demised Premises, the Building and/or the Real Estate.
34.2 Upon the occurrence of a Default, Landlord, at any time thereafter, may give written notice to Tenant specifying the nature of such Default. Tenant shall have five (5) business days from the receipt of said notice (the "CURE PERIOD") to comply with or remedy any such Default, except in the case of any Default presenting a clear arid present danger to life or property, which Tenant shall cure immediately upon request of Landlord or Managing Agent, written or otherwise. If such Default is not of an emergency nature, is other than due to the nonpayment of money, and shall be of a nature that the same cannot be substantially cured or remedied within. said Cure Period, Tenant shall promptly give Landlord written notice of such fact, and Tenant shall diligently and in good faith proceed to remedy or cure such Default within a reasonable time, but in no event in excess of thirty (30) days. Neither the cost to Tenant of curing any Default nor Tenant's financial or other inability to Cure any Default (for whatever reason) shall operate to extend any Cure Period. Tenant's failure to remedy such Default within the applicable time set forth in this Section shall be an "EVENT OF DEFAULT".
34.3 Tenant acknowledges that Landlord is obligated to make timely payments on obligations arising out of its ownership, operation, arid financing of the Real Estate. In the event that the payment of Rent any sum required to be paid by Tenant to Landlord under this Lease (including, without limiting the generality of the foregoing, Minimum Rent, Adjusted Minimum Rent, additional rent, payment made by Landlord under any provision of this Lease for a period often which Landlord is entitled to reimbursement by Tenant, or for construction or other work performed by Landlord or its contractor specifically for Tenant) is not received by Landlord in good funds within five (105) business days after written the date on which it is due and payable or should any check from Tenant be returned to Landlord as uncollectible, then, notwithstanding any notice thereofprovision or Cure Period, provideda delinquency service charge equal to four percent (4%) of the amount overdue (the "SERVICE CHARGE") shall become immediately due and payable to Landlord as liquidated damages for Tenant's failure to make prompt payment to Landlord; Landlord and Tenant hereby agreeing that the actual damages' to Landlord due to such late or non-payment exceed the interest cost of money but are difficult to estimate. Such Service Charge shall become payable as additional rent within five (5) business days after Tenant's receiving an invoice therefor. Tenant shall also pay Landlord as additional RENT INTEREST ("INTEREST") at an annual rate equal to 4% in excess of the prime rate announced from time-to-time by Citibank, howeverNA or such other major commercial bank in the United States designated by Landlord (but subject to any maximum interest permitted by Law) on any amounts not received by Landlord from the date an which they became due and payable. In the event of nonpayment of any Service Charge and/or Interest provided for above, that Lessee Landlord shall have, in addition to all other rights and remedies, all the rights and remedies provided for herein and by Law in the case of nonpayment of rent. Failure by Landlord or Managing Agent to insist upon the strict performance by Tenant of Tenant's obligations to pay any Service Charge or Interest shall not constitute a waiver by Landlord of its rights to enforce the provisions of this Section in any instance thereafter occurring. Neither the provisions of this Section nor Tenant's payment of any Service Charge or Interest shall be entitled construed in any way to such notice if Lessor has given notice extend any time period provided for in this Lease or to Lessee limit Landlord's other remedies hereunder. Tenant's obligation to pay any Service Charge or Interest as provided in this Section shall continue beyond the expiration or sooner termination of one this Lease.
34.4 In addition to the provisions of Section 34.3, should Adjusted Minimum Rent. be received by Landlord or Managing Agent later than the first day of the month on which it is due twice or more previous such failures within a in any twelve-month period, in which event such failure shall constitute an Event of Default hereunder upon the expiration of ten (10) days after such payment was due;
(b) The failure of Lessee, either (i) to maintain the insurance required hereunder in full force and effect, or (ii) to deliver an estoppel certificate to Lessor within the time provided in Section 22.0 below) for a period of ten (10) days after written notice thereof, provided, however, that Lessee shall not be entitled to such notice if Lessor has given notice to Lessee of one or more previous such failures within a twelve-month periodLandlord may, in which event such failure shall constitute addition to all other nights and remedies provided herein and by Law, require that Tenant increase the amount of the Security by an Event additional amount equal to three (3) month's of Default hereunder upon the expiration of ten ( I 0) days after such default;
(c) The execution by Lessee of any assignment, sublease or other agreement without the prior written approval of Lessor as required by Section 8.0;
(d) The failure of Lessee to perform or observe any of Lessee’s other covenants or agreements hereunder for a period of thirty (30) days after written notice thereof (provided that, in the case of defaults not curable in thirty (30) days through the exercise of reasonable diligence, such 30-day period shall be extended so long as Lessee commences cure within such 30-day period and thereafter prosecutes such cure to completion with reasonable diligence, but such extended cure period shall not in any event exceed ninety (90) days after Lessor’s initial notice to Lessee); and
(e) if the leasehold hereby created shall be taken on execution, or by other process of law, or if any assignment shall be made of Lessee’s property for the benefit of creditors, or if a receiver, guardian, conservator, trustee in bankruptcy or similar officer shall be appointed to take charge of all or any part of Lessee’s assets by a court of competent jurisdiction; or if a petition is filed by Lessee under any bankruptcy or insolvency law; or if a petition is filed against Lessee under any bankruptcy or insolvency law and the same shall not be dismissed within sixty (60) days from the date upon which it is filed, or a lien or other involuntary encumbrance is filed against Lessee’s leasehold (or against the Premises, the Building or the Land based on a claim against Lessee) and is not discharged or bonded within thirty (30) days after the filing thereofthen applicable Adjusted Minimum Rent.
Appears in 1 contract
Samples: Sublease (Protarga Inc)
Defaults; Events of Default. The following shall, if any requirement for notice or lapse of time or both has not been met, constitute defaults hereunder, and, if such conditions requirements have been met, constitute “"Events of Default” " hereunder:
(a) The failure of Lessee Tenant to perform or observe any of Lessee’s Tenant's covenants or agreements hereunder concerning the payment of Rent money for a period often of five (105) days after written notice thereof, provided, however, that Lessee Tenant shall not be entitled to such notice if Lessor Landlord has given notice to Lessee Tenant of one two or more previous such failures within a twelve-month period, in which event such failure shall constitute an Event of Default hereunder upon the expiration of ten five (105) days after such payment was due;
(b) The failure of Lessee, either (i) Tenant to maintain the any insurance required hereunder in full force and effect, or (ii) to deliver an estoppel certificate to Lessor within the time provided in Section 22.0 below) for a period of ten (10) days after written notice thereof, provided, however, that Lessee shall not be entitled to such notice if Lessor has given notice to Lessee of one or more previous such failures within a twelve-month period, in which event such failure shall constitute an Event of Default hereunder upon the expiration of ten ( I 0) days after such default;
(c) The execution by Lessee of any assignment, sublease or other agreement without the prior written approval of Lessor as required by Section 8.0;
(d) The failure of Lessee Tenant to perform or observe any of Lessee’s Tenant's other covenants or agreements hereunder for a period of thirty twenty (3020) days after written notice thereof (provided that, in the case of defaults not reasonably curable in thirty twenty (3020) days through the exercise of reasonable diligence, such 3020-day period shall be extended for so long as Lessee Tenant commences cure within such 30-day period and thereafter prosecutes such cure to completion continuously and with reasonable diligence, but such extended cure period shall not in any event exceed ninety (90) days after Lessor’s initial notice to Lessee); and
(d) The failure of Tenant to perform or observe any of Tenant's covenants or agreements under that certain Equipment Use and Services Agreement of even date, between Landlord and Tenant, which failure concerns the payment of money and continues beyond any applicable notice and grace periods therein; (e) if the leasehold hereby created shall be taken on execution, or by other process of law, and such taking is not vacated by a final order of a court of competent jurisdiction within sixty (60) days thereafter; or if any assignment shall be made of Lessee’s Tenant's property for the benefit of creditors, ; or if a receiver, guardian, conservator, trustee in bankruptcy or similar officer shall be appointed to take charge of all or any part of Lessee’s assets Tenant's property by a court of competent jurisdiction, and such appointment is not vacated by a final order of a court of competent jurisdiction within sixty (60) days thereafter; or if a petition is filed by Lessee Tenant under any bankruptcy or insolvency law; or if a petition is filed against Lessee Tenant under any bankruptcy or insolvency law and the same shall not be dismissed within sixty (60) days from the date upon which it is filed, ; or if a lien or other involuntary encumbrance is filed against Lessee’s Tenant's leasehold (or against the Premises, the Building or the Land Premises based on a claim against LesseeTenant) and is not discharged or bonded within thirty ten (3010) days after the filing thereof.
Appears in 1 contract
Samples: Sublease (Immunogen Inc)