Common use of Event of Default by Lessee Clause in Contracts

Event of Default by Lessee. The occurrence of any of the following will constitute a material breach and default of this LEASE by LESSEE (an “EVENT OF DEFAULT” by LESSEE): 17.1.1 Failure to pay rent or make payment of any other monetary sums required to be paid hereunder to CALTRANS when it is due if such failure will continue for a period of thirty (30) days after receipt of written notice of such failure to pay. 17.1.2 The determination that any warranty, representation, or other statement by LESSEE contained in this LEASE, was known to be false or misleading at the time made in any material respect. 17.1.3 The entry of an order or decree, with the acquiescence of LESSEE, appointing a receiver for any part of the PROJECT; or if such order or decree, having been entered without the consent or acquiescence of LESSEE, will not be vacated or discharged or stayed on appeal within one hundred twenty (120) days after the entry thereof. 17.1.4 The institution of any proceeding, with the acquiescence of LESSEE, for the purpose of effecting a composition between LESSEE and its creditors or for the purpose of adjusting the claims of such creditors, pursuant to any federal or state statute now or hereafter enacted; or if such proceeding, having been instituted without the consent or acquiescence of LESSEE, will not be vacated or discharged or stayed on appeal within one hundred twenty (120) days after the institution thereof. 17.1.5 The institution of any bankruptcy, insolvency, or other similar proceeding by LESSEE under federal or state bankruptcy or insolvency law now or hereafter in effect or the failure by LESSEE to obtain a dismissal within one hundred twenty (120) days after filing of any bankruptcy, insolvency, or other similar proceeding against LESSEE under federal or state bankruptcy or insolvency law now or hereafter in effect. 17.1.6 The failure by LESSEE to timely start construction of the PROJECT as provided in Section 11.1. 17.1.7 The failure by LESSEE to complete construction of the PROJECT and begin providing interstate high-speed passenger rail service on the PROPERTY between Apple Valley, California and Las Vegas, Nevada within seven (7) years of the EFFECTIVE DATE of this LEASE (subject to a force majeure event or any extension by written agreement of the parties.) 17.1.8 The failure to operate interstate high-speed passenger rail service following commencement of service for a period longer than eighteen (18) consecutive months (unless the period of non-operation is due to construction or maintenance work that LESSEE is performing with reasonable diligence, or subject to a force majeure event or any extension by written agreement of the parties.) 17.1.9 Any failure to comply with the material provisions of this LEASE or failure in the performance or observance of any of the covenants or actions required by this LEASE in any material respects beyond the cure period applicable thereto, if any (a "GENERAL NON-COMPLIANCE DEFAULT"); provided, however, that LESSEE will have a period of thirty (30) days following receipt of written notice from CALTRANS within which to cure a GENERAL NON-COMPLIANCE DEFAULT; provided, however, that if the GENERAL NON-COMPLIANCE DEFAULT reasonably requires more than thirty (30) days to cure, LESSEE will have an additional reasonable period to cure the GENERAL NON-COMPLIANCE DEFAULT so long as LESSEE commences to cure within such thirty (30) day period and thereafter diligently prosecutes such cure to completion.

Event of Default by Lessee. The occurrence of any Each of the following will shall constitute a material breach and default of this LEASE by LESSEE (an “EVENT OF DEFAULTEvent of Default” by LESSEE):under this Lease: 17.1.1 Failure (a) Lessee’s failure to pay rent, additional rent or make payment of any other monetary sums amount owed hereunder within five (5) days after written notice from Lessor that the same is past due; provided that no such notice shall be required if a notice has been given at any time during the immediately preceding twelve (12) month period; (b) Lessee fails to be paid hereunder to CALTRANS when it is due if such failure will continue for a period of observe or perform any other term, condition or covenant herein binding upon Lessee within thirty (30) days after receipt of written notice of such failure to pay. 17.1.2 The determination that any warranty, representation, or other statement by LESSEE contained in this LEASE, was known to be false or misleading at the time made in any material respect. 17.1.3 The entry of an order or decree, with the acquiescence of LESSEE, appointing a receiver for any part of the PROJECT; or if such order or decree, having been entered without the consent or acquiescence of LESSEE, will not be vacated or discharged or stayed on appeal within one hundred twenty (120) days after the entry thereof. 17.1.4 The institution of any proceeding, with the acquiescence of LESSEE, for the purpose of effecting a composition between LESSEE and its creditors or for the purpose of adjusting the claims of such creditors, pursuant to any federal or state statute now or hereafter enacted; or if such proceeding, having been instituted without the consent or acquiescence of LESSEE, will not be vacated or discharged or stayed on appeal within one hundred twenty (120) days after the institution thereof. 17.1.5 The institution of any bankruptcy, insolvency, or other similar proceeding by LESSEE under federal or state bankruptcy or insolvency law now or hereafter in effect or the failure by LESSEE to obtain a dismissal within one hundred twenty (120) days after filing of any bankruptcy, insolvency, or other similar proceeding against LESSEE under federal or state bankruptcy or insolvency law now or hereafter in effect. 17.1.6 The failure by LESSEE to timely start construction of the PROJECT as provided in Section 11.1. 17.1.7 The failure by LESSEE to complete construction of the PROJECT and begin providing interstate high-speed passenger rail service on the PROPERTY between Apple Valley, California and Las Vegas, Nevada within seven (7) years of the EFFECTIVE DATE of this LEASE (subject to a force majeure event or any extension by written agreement of the parties.) 17.1.8 The failure to operate interstate high-speed passenger rail service following commencement of service for a period longer than eighteen (18) consecutive months (unless the period of non-operation is due to construction or maintenance work that LESSEE is performing with reasonable diligence, or subject to a force majeure event or any extension by written agreement of the parties.) 17.1.9 Any failure to comply with the material provisions of this LEASE or failure in the performance or observance of any of the covenants or actions required by this LEASE in any material respects beyond the cure period applicable thereto, if any (a "GENERAL NON-COMPLIANCE DEFAULT"); provided, however, that LESSEE will have a period of thirty (30) days following receipt of written notice from CALTRANS within which to cure a GENERAL NON-COMPLIANCE DEFAULTLessor; provided, however, provided that if the GENERAL NON-COMPLIANCE DEFAULT reasonably requires nature of Lessee’s default is such that more than thirty (30) days to are reasonably required for its cure, LESSEE will have an additional reasonable period then Lessee shall not be deemed to be in default if Lessee shall commence such cure the GENERAL NON-COMPLIANCE DEFAULT so long as LESSEE commences to cure within such thirty (30) day period promptly and shall thereafter diligently prosecutes such cure proceed to completion; (c) Lessee abandons or vacates the Leased Premises for fourteen (14) consecutive days, or Lessee fails to surrender the Leased Premises to Lessor on the Expiration Date (as the same may be extended) or earlier termination of this Lease; (d) Lessee makes or consents to a general assignment for the benefit of creditors or a receiver is appointed for all or substantially all of Lessee’s assets; or (e) Lessee files a voluntary petition in any bankruptcy or insolvency proceeding or an involuntary petition in any bankruptcy or insolvency proceeding is filed against Lessee and is not discharged by Lessee within sixty (60) days.

Event of Default by Lessee. The occurrence of any of the following will shall constitute an “Event of Default” by Lessee under this Agreement: 7.1.1 Lessee fails to pay any monies when due and continues in its failure to pay for a material breach and default period of fifteen (15) days following the date written notice to cure is sent by the Port Department to Lessee; 7.1.2 Lessee fails to comply with any provision of this LEASE Agreement and (a) such failure continues for a period of fifteen (15) days following the date written notice to cure is sent by LESSEE the Port Department to Lessee; (an “EVENT OF DEFAULT” by LESSEE): 17.1.1 Failure to pay rent or make payment b) in the case of any other monetary sums required obligation that cannot be cured with due diligence and good faith within fifteen (15) days, as determined by the Port Department, Lessee fails to be paid hereunder proceed promptly and with due diligence and good faith to CALTRANS when it begin to cure the default within fifteen (15) days after such notice is due if such failure will continue sent by the Port Department; or (c) having begun to cure the default in a timely manner, Lessee thereafter fails to diligently prosecute the cure to completion; 7.1.3 Lessee assigns all or substantially all of Lessee’s assets for the benefit of Lessee’s creditors; 7.1.4 Lessee abandons, deserts, or vacates the Premises, or ceases to operate in the Premises in compliance with this Agreement, for a period of thirty (30) days after receipt consecutive days; 7.1.5 By or pursuant to, or under authority of written notice any legislative act, resolution, or rule or any order or decree of any court or governmental board, agency, or officer having jurisdiction, a receiver, trustee, or liquidator shall take possession or control of all or substantially all of the assets of Lessee, and such possession or control shall continue in effect for a period of ninety (90) days; 7.1.6 Lessee, or an officer, director, executive, partner, member, shareholder, employee, or agent who is active in the management of Lessee, is found guilty or convicted of illegal conduct or activity (with or without an adjudication of guilt) as a result of a jury verdict, nonjury trial, or entry of a plea of guilty or nolo contendere, where the illegal conduct or activity (i) is considered to be a Public Entity Crime as defined by Chapter 287, Florida Statutes, as amended; (ii) is customarily considered to be a “white collar crime” or theft-related crime such as fraud, smuggling, bribery, embezzlement, or misappropriation of funds; (iii) involves an act of moral turpitude, meaning conduct or acts that tend to degrade the person in society or bring them into public hatred, contempt, scorn, or ridicule, or that tends to shock, insult, or offend the community, or to ridicule public morals, or decency, or to harm the image of County by virtue of its association with Lessee; or (iv) results in a felony conviction. Notwithstanding the foregoing, Lessee may xxxxx this triggering event by submitting evidence satisfactory to the Port Department that Lessee has implemented best business practices seeking to address such illegal conduct or activity and prevent it from reoccurring, and requiring the offending person(s) to resign and has otherwise removed the person from Lessee’s management activities related to this Agreement; 7.1.7 Suspension or revocation of Lessee’s operations by a governmental unit or agency having jurisdiction over the Premises or the business as being conducted thereon; 7.1.8 Lessee assigns this Agreement in violation of Article 10; or 7.1.9 The material inaccuracy of any representation or warranty made or given by Lessee in this Agreement and Lessee’s failure to pay. 17.1.2 The determination that any warranty, representation, or other statement by LESSEE contained in this LEASE, was known cure such inaccuracy to be false or misleading at the time made in any material respect. 17.1.3 The entry of an order or decree, with the acquiescence of LESSEE, appointing a receiver for any part satisfaction of the PROJECT; or if such order or decree, having been entered without the consent or acquiescence of LESSEE, will not be vacated or discharged or stayed on appeal Port Department within one hundred twenty fifteen (12015) days after the entry thereof. 17.1.4 The institution of any proceeding, with the acquiescence of LESSEE, for the purpose of effecting a composition between LESSEE and its creditors or for the purpose of adjusting the claims of such creditors, pursuant to any federal or state statute now or hereafter enacted; or if such proceeding, having been instituted without the consent or acquiescence of LESSEE, will not be vacated or discharged or stayed on appeal within one hundred twenty (120) days after the institution thereof. 17.1.5 The institution of any bankruptcy, insolvency, or other similar proceeding by LESSEE under federal or state bankruptcy or insolvency law now or hereafter in effect or the failure by LESSEE to obtain a dismissal within one hundred twenty (120) days after filing of any bankruptcy, insolvency, or other similar proceeding against LESSEE under federal or state bankruptcy or insolvency law now or hereafter in effect. 17.1.6 The failure by LESSEE to timely start construction of the PROJECT as provided in Section 11.1. 17.1.7 The failure by LESSEE to complete construction of the PROJECT and begin providing interstate high-speed passenger rail service on the PROPERTY between Apple Valley, California and Las Vegas, Nevada within seven (7) years of the EFFECTIVE DATE of this LEASE (subject to a force majeure event or any extension by written agreement of the parties.) 17.1.8 The failure to operate interstate high-speed passenger rail service following commencement of service for a period longer than eighteen (18) consecutive months (unless the period of non-operation is due to construction or maintenance work that LESSEE is performing with reasonable diligence, or subject to a force majeure event or any extension by written agreement of the parties.) 17.1.9 Any failure to comply with the material provisions of this LEASE or failure in the performance or observance of any of the covenants or actions required by this LEASE in any material respects beyond the cure period applicable thereto, if any (a "GENERAL NON-COMPLIANCE DEFAULT"); provided, however, that LESSEE will have a period of thirty (30) days following receipt of written notice from CALTRANS within which to cure a GENERAL NON-COMPLIANCE DEFAULT; provided, however, that if the GENERAL NON-COMPLIANCE DEFAULT reasonably requires more than thirty (30) days is sent to cure, LESSEE will have an additional reasonable period to cure the GENERAL NON-COMPLIANCE DEFAULT so long as LESSEE commences to cure within such thirty (30) day period and thereafter diligently prosecutes such cure to completionLessee.