Common use of Defaults or Breach Clause in Contracts

Defaults or Breach. a. The occurrence of any one (1) of the following events shall constitute a Default or Breach under the terms of this Lease: 1. Failure by the Tenant to make any payment of Rent, Additional Rent, or any other payment required to be made by the Tenant under this Lease and the Tenant fails to remedy such default within five (5) business days after any such payment is due and payable. 2. Failure by the Tenant to observe or perform any of the covenants, conditions or provisions of this Lease. 3. The Tenant’s general assignment or general arrangement for the benefit of creditors, the filing by or against the Tenant of a petition to have the Tenant 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 the Tenant, the same is dismissed within sixty (60) calendar days), the appointment of a trustee or receiver to take possession of substantially all of the Tenant’s property located in the Premises or the Tenant’s interest in this Lease where such seizure is not discharged or bonded within ten (10) business days, the attachment, execution or other judicial seizure of substantially all of the Tenant’s interest in this Lease, where such seizure is not discharged or bonded within ten (10) business days. 4. Vacating or abandonment of the Premises by the Tenant, which vacating or abandonment shall be automatically deemed to have occurred by the Tenant if there are no Furnishings on the Premises for a period of ten (10) consecutive days at any point during the Term of this Lease. 5. Any material misrepresentation by the Tenant to the City in connection with the negotiation or execution of this Lease. 6. Failure by the Tenant to make any payment of rent, mortgage, loan, or other payments required to be made by the Tenant in order to retain ownership, tenancy, or custody and control of the primary business premises. 7. Being delinquent on any other City obligation, tax, payment, or other liability, including any other leases or agreements with the City. b. Upon the occurrence of a Default or Breach, the City may, after giving the Tenant ten (10) calendar days written notice, proceed in the following manner: 1. Terminate this Lease and the Tenant’s right to possession of the Premises and with or without legal process, re-enter and take possession of the Premises and remove the Tenant, any occupant and any property therefrom, without being guilty of trespass or being liable to any suit, action or prosecution therefore, which liability the Tenant hereby expressly waives, and without relinquishing any rights of the City against the Tenant. Notwithstanding such re-entry and termination of this Lease, the Tenant shall remain liable to the City for any payments or damages, including, but not limited to, outstanding Rent and Additional Rent and attorneys’ fees, due or sustained prior thereto; or 2. Maintain the Tenant’s right to possession, in which case this Lease shall continue in effect, whether or not the Tenant shall have abandoned the Premises. In such event, the City shall be entitled to enforce all of the City’s rights and remedies under this Lease, including the right to recover the Rent and Additional Rent as it becomes due hereunder. c. No act or omission by the City shall be deemed to be an acceptance of a surrender of the Premises or a termination of the Tenant’s liabilities under this Lease, unless the City shall execute a written release of the Tenant. The Tenant’s liability under this Lease shall not be terminated by the execution by the City of any new lease for all or any portion of the Premises or the acceptance of rent from any assignee or subtenant. d. The City, in its sole discretion, may afford the Tenant a reasonable time to cure any default or breach of this Lease before declaring a Default or Breach and terminating this Lease.