Events of Default Remedies. If Tenant shall at any time be in default in the payment of rental or any other charges hereunder or in the performance of any of the covenants of this Lease, and Tenant shall fail to remedy such default within (a) five (5) days after written notice from Landlord with respect to any monetary default, or (b) within thirty (30) days after receipt of written notice thereof if such default is non-monetary (but Tenant shall not be deemed in default if such default cannot reasonably be cured in thirty (30) days and Tenant commences to remedy such default within said thirty (30) day period and proceeds therewith with due diligence until completion); or if Tenant shall be adjudged a bankrupt or shall make an assignment for the benefit of creditors, or if a receiver of any property of Tenant in or upon the Premises be appointed in any action, suit or proceeding by or against Tenant and not removed within ninety (90) days after appointment; or if the interest of Tenant in the Premises shall be sold under execution or other legal process (except as otherwise permitted by Section 10.6); or if Tenant hereafter files a voluntary petition in any bankruptcy or insolvency proceeding, or an involuntary petition in any bankruptcy or insolvency proceeding is filed against Tenant and is not discharged within ninety (90) days; Landlord may, in addition to all other legal and equitable remedies, terminate this Lease, or without terminating this Lease, re-enter the Premises by summary proceedings, proceedings in forcible entry and detainer, eviction, or otherwise, and may dispossess Tenant.
Appears in 5 contracts
Samples: Lease (ViewRay, Inc.), Lease (ViewRay, Inc.), Lease (ViewRay, Inc.)
Events of Default Remedies. a. If Tenant one or more of the following events (the "Events of Default") shall at any time occur and be continuiing, then Lender shall be entitled to pursue such remedies as are provided for in default subparagraph b. hereunder:
i. Default shall be made and continue for ten (10) days in the payment when due of rental any installment of principal or interest on the Note;
ii. A material adverse change occurs in the property or condition, financial or otherwise of the Borrower; and such material adverse change remains unremedied for a period of thirty (30) days;
iii. The dissolution of the Borrower;
iv. The Borrower fails to pay its debts as they become due or admits its inability to pay its debts as they mature, or the Borrower is adjudicated bankrupt or insolvent or any other charges hereunder of the property of the Borrower is sequestered by court order or a petition is filed against the Borrower under any bankruptcy, reorganization, arrangement, insolvency or readjustment of debt law of any jurisdiction, whether now or subsequently in effect, and such condition remains in existence or effect for a period of sixty (60) days; or
v. The Borrower files a petition in voluntary bankruptcy, reorganization, arrangement, insolvency or readjustment of debt law of any jurisdiction, whether now or subsequently in effect, or consents to the performance filing of any petition against Borrower under any such law; or consents to the filing of any petition against Borrower under any such law; or consents to the appointment of or taking possession by a custodian, receiver, trustee or liquidator of any of the covenants property of this LeaseBorrower, and Tenant shall fail to remedy such default within condition remains in existence or effect for a period of sixty (a) five (5) days after written notice from Landlord with respect to any monetary default, or (b) within thirty (30) days after receipt of written notice thereof if such default is non-monetary (but Tenant shall not be deemed in default if such default cannot reasonably be cured in thirty (30) days and Tenant commences to remedy such default within said thirty (30) day period and proceeds therewith with due diligence until completion); or if Tenant shall be adjudged a bankrupt or shall make an assignment for the benefit of creditors, or if a receiver of any property of Tenant in or upon the Premises be appointed in any action, suit or proceeding by or against Tenant and not removed within ninety (90) days after appointment; or if the interest of Tenant in the Premises shall be sold under execution or other legal process (except as otherwise permitted by Section 10.6); or if Tenant hereafter files a voluntary petition in any bankruptcy or insolvency proceeding, or an involuntary petition in any bankruptcy or insolvency proceeding is filed against Tenant and is not discharged within ninety (9060) days; Landlord may, in addition to all other legal and equitable remedies, terminate this Lease, or without terminating this Lease, re-enter the Premises by summary proceedings, proceedings in forcible entry and detainer, eviction, or otherwise, and may dispossess Tenant.
Appears in 2 contracts
Samples: Loan Agreement (Penn Octane Corp), Loan Agreement (Penn Octane Corp)
Events of Default Remedies. If Tenant shall at any time be in default in the payment of rental or any other charges hereunder or in the performance of any of the covenants of this Lease, and Tenant shall fail to remedy such default within (a) five Any one or more of the following shall constitute an “Event of Default” under this Lease:
(51) Failure by Tenant to maintain the insurance required hereby.
(2) Failure by Tenant to perform or observe any provision, covenant or condition contained in this Lease which failure shall continue for a period of ten (10) days after written notice from Landlord with respect to any monetary defaultthereof; provided, or however, that if the obligation (bother than the payment of money when due) within thirty is of such nature that more than ten (3010) days after receipt of written notice thereof if such default is non-monetary (but Tenant are required for its performance, then there shall not be deemed in default to be an Event of Default hereunder if the Tenant shall commence such default cannot reasonably be cured in thirty (30) days and Tenant commences to remedy such default performance within said thirty ten (3010) day period and proceeds therewith with due diligence until diligently pursues such cure to completion); or if Tenant , but in no event shall be adjudged a bankrupt or shall make an assignment for the benefit such cure period exceed ninety (90) days.
(3) Institution of creditors, or if a receiver of any property of Tenant in or upon the Premises be appointed in any action, suit or proceeding bankruptcy proceedings by or against Tenant and which are not removed withdrawn or dismissed within ninety (90) days after appointment; the institution of said proceedings.
(4) Any transfer of Xxxxxx’s rights under this Lease by assignment, sublease or if other means.
(b) In the interest event that Tenant commits, or allows to occur, an Event of Tenant Default which is not cured, the Landlord shall have the right to immediately terminate this Lease and shall also have all rights and remedies provided herein and at law and in the Premises equity. All remedies herein set forth (or provided by law) shall be sold under execution or other legal process (except as otherwise permitted by Section 10.6); or if Tenant hereafter files a voluntary petition in any bankruptcy or insolvency proceeding, or an involuntary petition in any bankruptcy or insolvency proceeding is filed against Tenant cumulative and is not discharged within ninety (90) days; Landlord may, in addition to all other legal and equitable remedies, terminate this Lease, or without terminating this Lease, re-enter the Premises by summary proceedings, proceedings in forcible entry and detainer, eviction, or otherwise, exclusive and may dispossess Tenantbe pursued simultaneously or separately and in such order or combination as Landlord so elects.
Appears in 1 contract
Samples: Lease Agreement
Events of Default Remedies. If Tenant shall at any time be in default in the payment of rental or any other charges hereunder or in the performance of any of the covenants of this Lease, and Tenant shall fail to remedy such default within (a) five (5) business days after written notice from Landlord such payment is due with respect to any monetary default, or (b) within thirty fifteen (3015) business days after receipt of written notice thereof if such default is non-monetary (but Tenant shall not be deemed in default if such default cannot reasonably be cured in thirty fifteen (3015) business days and Tenant commences to remedy such default within said thirty fifteen (3015) business day period and proceeds therewith with due diligence until completion); or if Tenant shall have defaulted in any of its obligations hereunder twice within any twelve (12) month period; or if Tenant shall be adjudged a bankrupt or shall make an assignment for the benefit of creditors, or if a receiver of any property of Tenant in or upon the Premises be appointed in any action, suit or proceeding by or against Tenant and not removed within ninety sixty (9060) days after appointment; or if the interest of Tenant in the Premises shall be sold under execution or other legal process (except as otherwise permitted by Section 10.6); process, or if the Premises are sublet or this Lease is assigned without Landlord's consent, or if Tenant hereafter files a voluntary petition in any bankruptcy or insolvency proceedingshall commit waste, or an involuntary petition in any bankruptcy or insolvency proceeding is filed against Tenant and is not discharged within ninety (90) days; Landlord may, in addition to all other legal and equitable remedies, terminate this Lease, or without terminating this Lease, re-enter the Premises by summary proceedings, proceedings in forcible entry and detainer, eviction, or otherwise, and may dispossess Tenant.
Appears in 1 contract
Events of Default Remedies. If Tenant shall at any time be in default in the payment of rental or any other charges hereunder or in the performance of any of the covenants of this Lease, and Tenant shall fail to remedy such default within (a) five fifteen (515) days after receipt of written notice thereof from Landlord with respect if such default is as to payment of Rent, or any monetary defaultother charges payable by Tenant hereunder, or (b) within thirty fifteen (3015) days after receipt of written notice thereof if such default is non-monetary nonmonetary (but Tenant shall not be deemed in default if is such default cannot reasonably be cured in thirty fifteen (3015) days and Tenant commences to remedy such default within said thirty fifteen (3015) day period and proceeds therewith with due diligence until completion); , or if Tenant shall be adjudged a bankrupt or shall make an assignment for the benefit of creditors, or if a receiver of any property of Tenant in or upon the Premises be appointed in any action, suit or proceeding by or against Tenant and not removed within ninety sixty (9060) days after appointment; , or if the interest of Tenant in the Premises shall be sold under execution or other legal process (except as otherwise permitted by Section 10.6); process, or if the Premises are sublet or this Lease is assigned without Landlord’s consent, or if Tenant hereafter files a voluntary petition in any bankruptcy or insolvency proceedingshall commit waste, or an involuntary petition in any bankruptcy or insolvency proceeding is filed against Tenant and is not discharged within ninety (90) days; Landlord may, in addition to all other legal and equitable remedies, may terminate this Lease, or without terminating this Lease, re-enter the Premises by summary proceedings, proceedings in forcible entry and detainer, eviction, or otherwise, otherwise and may dispossess Tenant.
Appears in 1 contract
Samples: Lease Agreement (Oragenics Inc)
Events of Default Remedies. If Tenant 7.1 The occurrence of any of the following events or conditions shall constitute and is hereby defined to be an "Event of Default":
(a) Any failure or neglect to perform or observe any of the terms, provisions, or covenants of this Agreement, and such failure or neglect either (i) cannot be remedied, (ii) can be remedied within fifteen (15) days by prompt and diligent action, but it continues unremedied for a period of fifteen (15) days after notice thereof to Debtor, or (iii) can be remedied, although not within fifteen (15) days even by prompt and diligent action, but such remedy is not commenced within fifteen (15) days after notice thereof to Debtor or is not diligently prosecuted to completion within a total of forty-five (45) days from the date of such notice.
(b) Any warranty, representation or statement contained in this Agreement that shall be or shall prove to have been false when made or furnished.
(d) Any attachment or garnishment of, or the existence or filing of any lien or encumbrance against, any portion of the Collateral or any other collateral or security for the Obligation that is not removed and released within fifteen (15) days after its creation.
(e) The institution of any legal action or proceedings to enforce any lien or encumbrance upon any portion of the Collateral or any other collateral or security for the Obligation, that is not dismissed within sixty (60) days after its institution.
(f) The abandonment by Debtor of all or any part of the Collateral.
(g) The loss, theft or destruction of, or any substantial damage to, any portion of the Collateral or any other collateral or security for the Obligation, that is not adequately covered by insurance.
(h) The occurrence of any event of default under the Loan Agreement.
7.2 Upon the occurrence of any Event of Default and at any time while such Event of Default is continuing, Secured Party shall have the following rights and remedies and may do one or more of the following:
(a) Declare all or any part of the Obligation to be immediately due and payable, and the same, with all reasonable costs and charges, shall be collectible thereupon by action at law.
(b) Without further notice or demand and without legal process, take possession of the Collateral wherever found and, for this purpose, enter upon any property occupied by or in default the control of Debtor. Debtor, upon demand by Secured Party, shall assemble the Collateral and deliver it to Secured Party or to a place designated by Secured Party that is reasonably convenient to both parties.
(c) Pursue any legal or equitable remedy available to collect the Obligation, to enforce its title in and right to possession of the Collateral and to enforce any and all other rights or remedies available to it.
(d) Upon obtaining possession of the Collateral or any part thereof, after notice to Debtor as provided in Paragraph 7.4 herein, sell such Collateral at public or private sale either with or without having such Collateral at the place of sale. The proceeds of such sale, after deducting therefrom all reasonable expenses of Secured Party in taking, storing, repairing and selling the Collateral (including reasonable attorneys' fees) shall be applied to the payment of rental the Obligation, and any surplus thereafter remaining shall be paid to Debtor or any other charges person that may be legally entitled thereto. In the event of a deficiency between such net proceeds from the sale of the Collateral and the total amount of the Obligation, Debtor, upon demand, shall promptly pay the amount of such deficiency to Secured Party. 5
7.3 Secured Party, so far as may be lawful, may purchase all or any part of the Collateral offered at any public or private sale made in the enforcement of Secured Party's rights and remedies hereunder.
7.4 Any demand or notice of sale, disposition or other intended action hereunder or in connection herewith, whether required by the Uniform Commercial Code or otherwise, shall be deemed to be commercially reasonable and effective if such demand or notice is given to Debtor at least ten (10) days prior to such sale, disposition or other intended action, in the manner provided herein for the giving of notices.
7.5 Debtor shall pay all costs and expenses, including without limitation costs of Uniform Commercial Code searches, court costs and reasonable attorneys' fees, incurred by Secured Party in enforcing payment and performance of the Obligation or in exercising the rights and remedies of Secured Party hereunder. All such costs and expenses shall be secured by this Agreement and by all deeds of trust and other lien and security documents securing the Obligation. In the event of any court proceedings, court costs and attorneys' fees shall be set by the court and not by jury and shall be included in any judgment obtained by Secured Party.
7.6 In addition to any remedies provided herein for an Event of Default, Secured Party shall have all the rights and remedies afforded a secured party under the Uniform Commercial Code and all other legal and equitable remedies allowed under applicable law. No failure on the part of Secured Party to exercise any of its rights hereunder arising upon any Event of Default shall be construed to prejudice its rights upon the occurrence of any other or subsequent Event of Default. No delay on the part of Secured Party in exercising any such rights shall be construed to preclude it from the exercise thereof at any time while that Event of Default is continuing. Secured Party may enforce any one or more rights or remedies hereunder successively or concurrently. By accepting payment or performance of any of the covenants of this LeaseObligation after its due date, and Tenant shall fail to remedy such default within (a) five (5) days after written notice from Landlord with respect to any monetary default, or (b) within thirty (30) days after receipt of written notice thereof if such default is non-monetary (but Tenant Secured Party shall not be deemed in default if such default cannot reasonably be cured in thirty (30) days and Tenant commences thereby waive the agreement contained herein that time is of the essence, nor shall Secured Party waive either its right to remedy such default within said thirty (30) day period and proceeds therewith with require prompt payment or performance when due diligence until completion); of the remainder of the Obligation or if Tenant shall be adjudged a bankrupt its right to consider the failure to so pay or shall make perform an assignment for the benefit Event of creditors, or if a receiver of any property of Tenant in or upon the Premises be appointed in any action, suit or proceeding by or against Tenant and not removed within ninety (90) days after appointment; or if the interest of Tenant in the Premises shall be sold under execution or other legal process (except as otherwise permitted by Section 10.6); or if Tenant hereafter files a voluntary petition in any bankruptcy or insolvency proceeding, or an involuntary petition in any bankruptcy or insolvency proceeding is filed against Tenant and is not discharged within ninety (90) days; Landlord may, in addition to all other legal and equitable remedies, terminate this Lease, or without terminating this Lease, re-enter the Premises by summary proceedings, proceedings in forcible entry and detainer, eviction, or otherwise, and may dispossess TenantDefault.
Appears in 1 contract
Events of Default Remedies. If Tenant shall at any time be in default in the payment of rental or any other charges hereunder or in the performance of any of the covenants of this Lease, and Tenant shall fail to remedy such default within (a) five fifteen (515) days after receipt of written notice thereof from Landlord with respect if such default is as to payment of Rent, or any monetary defaultother charges payable by Tenant hereunder, or (b) within thirty fifteen (3015) days after receipt of written notice thereof if such default is non-monetary nonmonetary (but Tenant shall not be deemed in default if is such default cannot reasonably be cured in thirty fifteen (3015) days and Tenant commences to remedy such default within said thirty fifteen (3015) day period and proceeds therewith with due diligence until completion); , or if Tenant shall be adjudged a bankrupt or shall make an assignment for the benefit of creditors, or if a receiver of any property of Tenant in or upon the Premises be appointed in any action, suit or proceeding by or against Tenant and not removed within ninety sixty (9060) days after appointment; , or if the interest of Tenant in the Premises shall be sold under execution or other legal process (except as otherwise permitted by Section 10.6); process, or if the Premises are sublet or this Lease is assigned without Landlord's consent, or if Tenant hereafter files a voluntary petition in any bankruptcy or insolvency proceedingshall commit waste, or an involuntary petition in any bankruptcy or insolvency proceeding is filed against Tenant and is not discharged within ninety (90) days; Landlord may, in addition to all other legal and equitable remedies, may terminate this Lease, or without terminating this Lease, re-enter the Premises by summary proceedings, proceedings in forcible entry and detainer, eviction, or otherwise, and may dispossess Tenant.
Appears in 1 contract
Samples: Lease Agreement (Oragenics Inc)
Events of Default Remedies. If (a) Tenant shall at any time be in default in upon the payment occurrence of rental one or more of the following events (an “Event of Default”):
(1) Tenant fails to pay rent or any other charges sum of money required to be paid by Tenant hereunder or in the performance of any of the covenants of this Lease, and Tenant shall fail to remedy such default within ten (a) five (510) days after written notice from thereof to Tenant, provided that Landlord shall not be obligated to provide Tenant with respect written notice of such failure to pay more than twice in any twelve (12) month period;
(2) Tenant fails to perform any of Tenant’s non-monetary default, obligations under this Lease or (b) within violates any covenant required to be observed by Tenant hereunder for a period of thirty (30) days after receipt of written notice thereof from Landlord (provided that if such default is non-monetary (but Tenant shall not be deemed in default if such default cannot reasonably be cured in more than thirty (30) days are reasonably required to complete such performance, Tenant shall not be in default if Tenant promptly commences such performance and thereafter diligently pursues its completion);
(3) Tenant commences abandons the Premises without paying rent (provided however, if the Premises remain vacant for more than sixty (60) days, notwithstanding that Tenant continues to remedy pay rent then, at any time after the expiration of the said sixty (60) day period, Landlord shall have the right, by notice to Tenant to terminate this Lease upon a date specified in such default within said notice which shall be not less than thirty (30) day period and proceeds therewith with due diligence until completionnor more than sixty (60) days from the date of such notice); or if or
(4) Tenant shall be adjudged a bankrupt or shall make makes an assignment for the benefit of creditors, or if a receiver petition for adjudication of any property of Tenant in bankruptcy or upon the Premises be appointed in any action, suit or proceeding for reorganization is filed by or against Tenant and is not removed dismissed within ninety thirty (9030) days after appointment; or if the interest of Tenant in the Premises shall be sold under execution or other legal process (except as otherwise permitted by Section 10.6); or if Tenant hereafter files a voluntary petition in any bankruptcy or insolvency proceedingdays, or an involuntary petition in any bankruptcy a receiver or insolvency proceeding trustee is filed against Tenant appointed for a substantial part of Tenant’s property and such appointment is not discharged vacated within ninety thirty (9030) days; .
(b) On the occurrence of an Event of Default beyond any applicable notice and cure period set forth herein, Landlord may, at any time thereafter, without notice or demand, and without limiting any other right or remedy Landlord may have:
(1) Terminate this Lease and Tenant’s right to possession of the Premises by any lawful means, in which event Tenant shall immediately surrender possession of the Premises to Landlord. At its option, Landlord may occupy the Premises or cause the Premises to be redecorated, altered, divided, consolidated with other adjoining property, or otherwise prepared for reletting, and may relet the Premises or any part thereof for a term or terms to expire prior to, at the same time or subsequent to the original Expiration Date, and receive the rent therefor, applying the sums received first to the payment of such expenses as Landlord may have incurred in connection with the recovery of possession, preparing for reletting and the reletting itself, including brokerage and attorneys’ fees, and then to the payment of damages in amounts equal to the rent hereunder and to the cost and expense of performance of the other covenants of Tenant under this Lease. Tenant agrees to pay to Landlord damages equal to the rent and other sums payable by Tenant under this Lease, reduced by the net proceeds of the reletting, if any, as ascertained from time to time. In reletting the Premises, Landlord may grant rent concessions, and Tenant shall not be entitled to any credit therefor. Tenant shall not be entitled to any surplus resulting from any reletting. Tenant expressly agrees that Landlord shall not be obligated to rerent the Premises or take any other action to mitigate its damages in the event Tenant is in default under this Lease. Notwithstanding the foregoing, Landlord shall use commercially reasonable efforts to mitigate its damages after an Event of Default has occurred. In so doing, however, Landlord shall not be required to undertake any actions inconsistent with its then current leasing practices, nor shall Landlord be obligated to lease the Premises prior to any other space or property which Landlord or its affiliates have available for rent or sale.
(2) Permit Tenant to remain in possession of the Premises, in which event this Lease shall continue in effect. Landlord shall be entitled to enforce all of Landlord’s rights and remedies under this Lease, including the right to receive the rent as it becomes due under this Lease.
(3) Pursue any other remedy now or hereafter available under the laws of the jurisdiction in which the Premises is located.
(c) The remedies available to Landlord herein specified are not intended to be exclusive and prevent Landlord from exercising any other remedy or means of redress to which Landlord may be lawfully entitled. In addition to other remedies provided in this Lease, Landlord shall be entitled to restraint by injunction of any violation or threatened violation by Tenant of any of the provisions of this Lease. Landlord’s exercise of any right or remedy shall not prevent Landlord from exercising any other right or remedy.
(d) To the extent permitted by law, Tenant, for itself and any person claiming through or under Tenant, waives any equity or right of redemption provided by any law.
(e) Tenant agrees to pay as Additional Rent all reasonable attorneys’ fees and other legal expenses incurred by Landlord in the enforcement of any of the obligations or agreements of Tenant under this Lease.
(f) If this Lease shall terminate by reason of the occurrence of any default of Tenant or any contingency mentioned in this Section 25, Landlord shall at its option and equitable remedieselection be entitled, terminate notwithstanding any other provision of this Lease, or without terminating any present or future law, to recover from Tenant or Tenant’s estate (in lieu of all claims against Tenant relating to unpaid Annual Rent or additional rent), as damages for loss of the bargain and not as a penalty, a lump sum which at the time of such termination of this Lease equals the then present worth of the Annual Rent and all other charges payable by Tenant hereunder that were unpaid or would have accrued for the balance of the Term, less the fair and reasonable rental value of the Premises for the balance of such Term, such lump sum being discounted to the date of termination at the rate of six (6%) percent per annum, unless any statute or rule of law governing the proceeding in which such damages are to be proved shall limit the amount of such claim capable of being so proved, in which case Landlord shall be entitled to prove as and for liquidated damages by reason of such breach and termination of this Lease, the maximum amount which may be allowed by or under any such statute or rule of law. If the Premises or any part thereof shall be re-enter let by the Landlord for a period including the unexpired Term of this Lease or any part thereof, before the presentation of proof of such liquidated damages to any court, commission, or tribunal, the amount of rent reserved on such re-letting shall be deemed to be the fair and reasonable rental value for the part or the whole of the Premises so re-let during the Term of the re-letting. Nothing herein contained shall limit or prejudice Landlord’s right to prove and obtain as liquidated damages arising out of such breach or termination the maximum amount to be allowed by summary proceedings, or under any such statute or rule of law which may govern the proceedings in forcible entry and detainerwhich such damages are to be proved whether or not such amount be greater, evictionequal to, or otherwiseless than the amount of the excess of the Annual Rent over the rental value referred to above.
(g) IT IS MUTUALLY AGREED BY AND BETWEEN LANDLORD AND TENANT THAT (A) THEY HEREBY WAIVE TRIAL BY JURY IN ANY ACTION, and may dispossess TenantPROCEEDING OR COUNTER-CLAIM BROUGHT BY EITHER OF THE PARTIES HERETO AGAINST THE OTHER ON ANY MATTER WHATSOEVER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS LEASE, THE RELATIONSHIP OF LANDLORD AND TENANT, TENANT’S USE OF OCCUPANCY OF THE PREMISES OR CLAIM OF INJURY OR DAMAGE, AND (B) IN ANY ACTION BETWEEN LANDLORD AND TENANT, THE REASONABLE LEGAL FEES OF THE PREVAILING PARTY WILL BE PAID BY THE OTHER PARTY TO THE ACTION.
Appears in 1 contract
Events of Default Remedies. (a) If Tenant shall at does not: (a) within fifteen (15) days after the due date thereof pay any time be in default in the payment installment of rental basic annual rent, additional rent or any other charges hereunder or in the performance of any of the covenants of this Lease, and Tenant shall fail to remedy such default within (a) five (5) days after written notice from Landlord with respect to any monetary default, obligation; or (b) within thirty (30) days after receipt of written notice thereof from Landlord cure a default other than a default in the payment of basic annual rent or additional rent (provided, however, that such thirty (30) day period shall be extended if such the default is non-monetary (but Tenant shall not be deemed in default if of such default cana nature that it could not reasonably be cured in within such period of thirty (30) days and Tenant promptly commences to remedy and thereafter diligently pursues the curing of such default within said thirty (30) day period and proceeds therewith with due diligence until completiondefault); or if , then, in any such event, Tenant shall be adjudged deemed in default under this Lease.
(b) If there should occur any default on the part of the Tenant as set forth in this Lease, or if during the term hereof the Demised Premises or any part thereof shall be or become abandoned or deserted, vacated or vacant, or should the Tenant be evicted by summary proceedings or otherwise, the Landlord, in addition to any other remedies herein contained or as may be permitted by law, may, without being liable for prosecution therefor, or for damages, re-enter the Demised Premises and the same have and again possess and enjoy, so long as such re-entry is in accordance with all applicable laws, orders, rules, regulations and the like of all governmental authorities having jurisdiction over the Demised Premises.
(c) At any time or from time to time after any such expiration or termination, the Landlord may, as agent for the Tenant or otherwise, re-let the Demised Premises, for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) as the Landlord, in its reasonable discretion, may determine, and receive the rents therefor, applying the same: (i) to the payment of such expenses, reasonable attorney fees and costs, as the Landlord may have been put to in -e- entering and repossessions the same and in making such repairs and alterations as may be necessary; and (ii) to the payment of the rents due hereunder. The Tenant shall remain liable for such rents as may be in arrears and also the rents as may accrue subsequent to the re-entry by the Landlord, to the extent of the difference between the rents reserved hereunder and the rents, if any, received by the Landlord during the remainder of the unexpired term hereof, after deducting the aforementioned expenses, fees and costs; the same to be paid as such deficiencies arise and are ascertained each month. Landlord shall in no way be responsible or liable for any failure to relet the Demised Premises or any part thereof, or for any failure to collect any rent due upon any such reletting.
(d) Upon the occurrence of an event of default as set forth in this Lease, or should the Tenant be adjudicated a bankrupt bankrupt, insolvent or shall make an placed in receivership, or should proceedings be instituted by or against the Tenant for bankruptcy, insolvency, receivership, agreement of composition or assignment for the benefit of creditors, or if a receiver this Lease or the estate of the Tenant hereunder shall pass to another by virtue of any property court proceedings, writ of Tenant in or upon the Premises be appointed in any actionexecution, suit or proceeding by or against Tenant and not removed within ninety (90) days after appointment; or if the interest of Tenant in the Premises shall be sold under execution or other legal process (except as otherwise permitted by Section 10.6); or if Tenant hereafter files a voluntary petition in any bankruptcy or insolvency proceedinglevy, sale, or an involuntary petition in any bankruptcy or insolvency proceeding is filed against Tenant and is not discharged within ninety (90) days; by operation of law, the Landlord may, in addition to all other legal and equitable remediesif the Landlord so elects, at any time thereafter, terminate this LeaseLease and the term hereof, upon giving to the Tenant or without terminating to any trustee, receiver, assignee or other person in charge of or acting as custodian of the assets or property of the Tenant, five (5) days written notice of the Landlord's intention so to do. Upon the giving of such notice, this LeaseLease and the term hereof shall end on the date fixed in such notice as if the said date was the date originally fixed in this Lease for the expiration hereof; and the Landlord shall have the right to remove all persons, re-enter the Premises goods, fixtures and chattels therefrom, by summary proceedings, proceedings in forcible entry and detainer, eviction, force or otherwise, and may dispossess Tenantwithout liability for damages.
Appears in 1 contract
Samples: Lease Agreement (Ryan Beck & Co Inc)
Events of Default Remedies. If (a) Tenant shall at any time be in default in upon the payment occurrence of rental one or more of the following events (an “Event of Default”): (i) Tenant fails to pay rent or any other charges sum of money required to be paid by Tenant hereunder or in the performance of any of the covenants of this Lease, and Tenant shall fail to remedy such default within ten (a) five (510) days after written notice from Landlord with respect that such amount was due and remains unpaid; (ii) Tenant fails to perform any of Tenant’s non-monetary default, or (b) obligations under this Lease within thirty (30) days after receipt of written notice thereof from Landlord (provided that if such default is non-monetary (but Tenant shall not be deemed in default if such default cannot reasonably be cured in more than thirty (30) days and are required to complete such performance, Tenant shall not be in default if Tenant promptly commences to remedy such default performance within said such thirty (30) day period and proceeds therewith with due diligence until thereafter diligently pursues its completion); or if (iii) Tenant shall be adjudged a bankrupt or shall make makes an assignment for the benefit of creditors, or if a receiver petition for adjudication of any property of Tenant in bankruptcy or upon the Premises be appointed in any action, suit or proceeding for reorganization is filed by or against Tenant and not removed within ninety (90) days after appointment; or if the interest of Tenant in the Premises shall be sold under execution or other legal process (except as otherwise permitted by Section 10.6); or if Tenant hereafter files a voluntary petition in any bankruptcy or insolvency proceeding, or an involuntary petition in any bankruptcy or insolvency proceeding is filed against Tenant and without its consent or permission, is not discharged dismissed within ninety thirty (9030) days; , or if a receiver or trustee is appointed for a substantial part of Tenant’s property and if such receiver is appointed without Tenant’s consent or permission, such appointment is not vacated within thirty (30) days.
(b) On the occurrence of an Event of Default, without limiting any other right or remedy Landlord may have, without notice or demand, Landlord may, in addition :
(i) Terminate this Lease and Tenant’s right to all other legal and equitable remedies, terminate this Lease, or without terminating this Lease, re-enter possession of the Premises by summary proceedingsdispossession proceeding or other appropriate judicial action, proceedings in forcible entry and detainerwhich event Tenant shall immediately surrender possession of the Premises to Landlord in accordance with Article 21 of this Lease. Landlord may thereupon occupy the Premises or cause the Premises to be redecorated, evictionaltered, divided, consolidated with other adjoining property, or otherwiseotherwise prepared for reletting, and may dispossess Tenantrelet the Premises or any part thereof for a term or terms to expire prior to, at the same time or subsequent to the original Expiration Date, at such rent and upon such other conditions, which may include concessions or free rent periods, as Landlord, in its reasonable discretion, may determine, without relieving Tenant of any liability under this Lease or otherwise affecting any such liability. In the event of a reletting by Landlord, Landlord shall receive the rent therefor, applying the sums received first to the payment of such expenses as Landlord may have incurred in connection with the recovery of possession, preparing for reletting and the reletting itself, including brokerage and attorneys fees, and then to the payment of damages in amounts equal to the rent hereunder and to the cost and expense of performance of the other covenants of Tenant under this Lease. Tenant agrees to pay to Landlord damages equal to the rent and other sums payable by Tenant under this Lease for the period which would otherwise have constituted the unexpired portion of the term, reduced by the net proceeds of the reletting, if any, collected by Landlord as ascertained from time to time. Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents exceed the rental reserved in this Lease. Landlord shall use reasonable efforts to mitigate its damages in the event Tenant is in default under this Lease.
(ii) Permit Tenant to remain in possession of the Premises, in which event this Lease shall continue in effect. Landlord shall be entitled to enforce all of Landlord’s rights and remedies under this Lease, including the right to receive the rent as it becomes due under this Lease.
(iii) Pursue any other remedy now or hereafter available under the laws of the jurisdiction in which the Premises is located.
(c) The remedies available to Landlord herein specified are cumulative, are not intended to be exclusive and shall not preclude Landlord from exercising any other remedy or means of redress to which Landlord may be lawfully entitled. In addition to other remedies provided in this Lease, Landlord shall be entitled to restraint by injunction of any violation or threatened violation by Tenant of any of the provisions of this Lease. Landlord’s exercise of any right or remedy shall not prevent Landlord from exercising any other right or remedy.
(d) In the event Landlord is the prevailing party in any litigation, Tenant agrees to pay, as additional rent, all attorneys’ fees and other expenses incurred by Landlord in the enforcement of any of the agreements or obligations of Tenant under this Lease.
Appears in 1 contract
Samples: Lease Agreement (Party City Corp)
Events of Default Remedies. If (a) The following events shall be deemed to be events of default by Tenant shall at any time be in default in the payment of rental or any other charges hereunder or in the performance of any of the covenants of under this Lease, and : (i) Tenant shall fail to remedy such default pay rental installments when due or within (a) five (5) days after written notice from Landlord receipt of notice.
(ii) Tenant shall fail to comply with respect to any monetary default, or (b) within other provision of this Lease after a period of thirty (30) business days or the additional time, if any, that is reasonably necessary to promptly and diligently cure the failure, after receipt it receives notice from Landlord setting forth in reasonable detail the nature and extent of written notice thereof if such default is non-monetary the failure and identifying the applicable Lease provision(s); (but iii) the leasehold hereunder demised shall be taken on execution or other process of law in any action against Tenant; (iv) Tenant shall not be deemed in default if such default cannot reasonably be cured in thirty (30) days fail to move into and Tenant commences to remedy such default within said thirty (30) day period and proceeds therewith with due diligence until completion); or if Tenant shall be adjudged a bankrupt or shall make an assignment for the benefit take possession of creditors, or if a receiver of any property of Tenant in or upon the Premises be appointed in any action, suit or proceeding by or against Tenant and not removed within ninety (90) days after appointmentthe Premises are ready for occupancy or shall cease to do business in or abandon any substantial portion of the Premises; (v) Tenant shall be adjudicated insolvent or bankrupt and Tenant fails to vacate or stay such adjudication within one hundred twenty (120) days after such adjudication occurs; (vi) Tenant files a petition under any section or chapter of the United States Bankruptcy code, as amended, or under any similar law or statute of the United States or any State thereof; or if the interest of Tenant in the Premises a petition shall be sold under execution or other legal process (except as otherwise permitted by Section 10.6); or if Tenant hereafter files a voluntary petition in any bankruptcy or insolvency proceeding, or an involuntary petition in any bankruptcy or insolvency proceeding is filed against Tenant under any such statute, and is not discharged Tenant fails to vacate or stay such action or petition within ninety (90) daysdays after the date of the filing of such petition; Landlord may, or (vii) a receiver or trustee shall be appointed for tenant's leasehold interest in addition to all other legal and equitable remedies, terminate this Lease, or without terminating this Lease, re-enter the Premises by summary proceedings, proceedings in forcible entry or for all or a substantial part of the assets of Tenant and detainer, eviction, Tenant fails to vacate or otherwise, and may dispossess Tenantstay such appointment within ninety (90) days after the date of such appointment.
Appears in 1 contract
Samples: Lease Agreement (Digimarc Corp)
Events of Default Remedies. If Tenant shall at any time be in default in the payment of rental or any other charges hereunder or in the performance (a) The occurrence of any of the covenants following shall constitute an “Event of this Lease, Default” hereunder:
(i) Borrower fails to pay any principal or interest payable under the Note in accordance with its terms and Tenant shall fail such failure to remedy such default pay is not cured within ten (a) five (510) days after written notice from Landlord with respect Lender;
(ii) Borrower fails to observe or perform any monetary defaultother term of the Note or this Agreement, and such failure to observe or (b) within perform continues for more than thirty (30) days after receipt such failure shall first become known to any Authorized Officer of written notice thereof if such default is non-monetary Borrower;
(but Tenant shall not be deemed in default if such default cannot reasonably be cured in thirty iii) Borrower (30A) days and Tenant commences intentionally makes any materially incorrect or misleading representation, warranty, or certificate to remedy such default within said thirty (30) day period and proceeds therewith with due diligence until completion)Lender; or if Tenant shall be adjudged a bankrupt (B) intentionally makes any materially incorrect or shall make misleading representation in any financial statement or other information delivered to Lender;
(iv) Borrower becomes insolvent or unable to pay its debts as they become due;
(v) Borrower (A) makes an assignment for the benefit of creditors; (B) consents to the appointment of a custodian, receiver, or if trustee for itself or for a substantial part of its assets; or (C) commences or consents to any proceeding under any bankruptcy, reorganization, liquidation, insolvency or similar laws of any jurisdiction;
(vi) a custodian, receiver or trustee is appointed for Borrower, or for a substantial part of its assets, without its consent and is not removed within 60 days after such appointment;
(vii) proceedings are commenced against Borrower under any bankruptcy, reorganization, liquidation, or similar laws of any jurisdiction, and such proceedings remain undismissed for 60 days after commencement;
(viii) any judgment is entered against Borrower, or any attachment, levy or garnishment is issued against any property of Tenant Borrower, in excess of $100,000, individually or upon the Premises be appointed in any action, suit or proceeding by or against Tenant and not removed within ninety (90) days after appointment; or if the interest of Tenant in the Premises shall be sold aggregate, and which judgment, attachment, levy or garnishment has not been discharged, vacated, bonded or stayed within 60 days of being so entered or after such issuance; or
(ix) Borrower defaults under execution any other agreement, obligation or other legal process instrument between Borrower and Lender and such default continues past the applicable cure period, if any.
(except as otherwise permitted by Section 10.6); or if Tenant hereafter files a voluntary petition in b) Upon the happening of any bankruptcy or insolvency proceedingof the foregoing Events of Default, or an involuntary petition in any bankruptcy or insolvency proceeding is filed against Tenant and is not discharged within ninety (90) days; Landlord Lender may, in addition its sole discretion by notice to Borrower, declare all other legal amounts owing under the Note and equitable remediesthis Agreement to be, terminate this Leaseand the same shall thereupon become, immediately due and payable without presentment, demand, protest, or other notice of any kind, all of which are hereby waived by Borrower; provided, however, that in the case of any of the Events of Default specified in clauses 6.1(a)(iv), (v), (vi) and (vii) above with respect to Borrower, without terminating any notice to Borrower or any other act by Lender, all amounts owing under the Note and this LeaseAgreement shall become immediately due and payable without presentment, re-enter the Premises by summary proceedingsdemand, proceedings in forcible entry and detainer, evictionprotest, or otherwiseother notice of any kind, all of which are hereby waived by Borrower.
(c) Upon the happening of any of the foregoing Events of Default, Lender shall have all of the rights and may dispossess Tenantremedies provided by any law or agreement, including the Loan Documents. Borrower shall be liable to Lender for all reasonable costs and expenses of every kind incurred in the making or collection of amounts due hereunder and under the Note, including, without limitation, reasonable attorneys’ fees and court costs. These costs and expenses shall include, without limitation, any costs or expenses incurred by Lender in any bankruptcy, reorganization, insolvency or other similar proceeding.
Appears in 1 contract
Events of Default Remedies. If (a) Tenant shall at any time be in default in upon the payment occurrence of rental one or more of the following events (an "Event of Default"): (i) Tenant fails to pay rent or any other charges sum of money required to be paid by Tenant hereunder or in the performance within ten (10) days of written notice thereof by Landlord; (ii) Tenant fails to perform any of the covenants of Tenant's non-monetary obligations under this Lease, and Tenant shall fail to remedy such default within (a) five (5) days after written notice from Landlord with respect to any monetary default, or (b) Lease within thirty (30) days after receipt of written notice thereof from Landlord (provided that if such default is non-monetary (but Tenant shall not be deemed in default if such default cannot reasonably be cured in more than thirty (30) days are required to complete such performance, Tenant shall not be in default if Tenant promptly commences such performance and Tenant commences to remedy such default within said thirty (30) day period and proceeds therewith with due diligence until thereafter diligently pursues its completion); or if (iii) Tenant shall be adjudged a bankrupt or shall make makes an assignment for the benefit of creditors, or if a receiver petition for adjudication of any property of Tenant in bankruptcy or upon the Premises be appointed in any action, suit or proceeding for reorganization is filed by or against Tenant and is not removed dismissed within ninety thirty (9030) days after appointment; days, or if a receiver or trustee is appointed for a substantial part of Tenant's property and such appointment is not vacated within thirty (30) days.
(b) On the interest occurrence of an Event of Default, without limiting any other right or remedy Landlord may have, without notice or demand, Landlord may:
(i) Terminate this Lease and Tenant's right to possession of the Property by any lawful means, in which event Tenant shall immediately surrender possession of the Property to Landlord. At its option, Landlord may occupy the Property or cause the Property to be redecorated, altered, divided, consolidated with other adjoining property, or otherwise prepared for reletting, and may relet the Property or any part thereof for a term or terms to expire prior to, at the same time or subsequent to the original Expiration Date, and receive the rent therefor, applying the sums received first to the payment of such expenses as Landlord may have incurred in connection with the recovery of possession, preparing for reletting and the reletting itself, including brokerage and attorneys' fees, and then to the payment of damages in amounts equal to the rent hereunder and to the cost and expense of performance of the other covenants of Tenant in under this Lease. Tenant agrees to pay to Landlord damages equal to the Premises shall be sold rent and other sums payable by Tenant under execution or other legal process (except as otherwise permitted by Section 10.6); or if Tenant hereafter files a voluntary petition in any bankruptcy or insolvency proceeding, or an involuntary petition in any bankruptcy or insolvency proceeding is filed against Tenant and is not discharged within ninety (90) days; Landlord may, in addition to all other legal and equitable remedies, terminate this Lease, or without terminating reduced by the net proceeds of the reletting, if any, as ascertained from time to time. In reletting the Property, Landlord may grant rent concessions, and Tenant shall not be entitled to any credit therefor. Tenant shall not be entitled to any surplus resulting from any reletting. Landlord shall use commercially reasonable efforts to re-rent the Property and to take such other actions to mitigate its damages in the event Tenant is in default under this Lease.
(ii) Permit Tenant to remain in possession of the Property, in which event this Lease shall continue in effect. Landlord shall be entitled to enforce all of Landlord's rights and remedies under this Lease, re-enter including the Premises right to receive the rent as it becomes due under this Lease.
(iii) Pursue any other remedy now or hereafter available under the laws of the jurisdiction in which the Property is located.
(c) The remedies available to Landlord herein specified are not intended to be exclusive and prevent Landlord from exercising any other remedy or means of redress to which Landlord may be lawfully entitled. In addition to other remedies provided in this Lease, Landlord shall be entitled to restraint by summary proceedingsinjunction of any violation or threatened violation by Tenant of any of the provisions of this Lease. Landlord's exercise of any right or remedy shall not prevent Landlord from exercising any other right or remedy.
(d) To the extent permitted by law, proceedings Tenant, for itself and any person claiming through or under Tenant, waives any equity or right of redemption provided by any law.
(e) Tenant agrees to pay as additional rent all reasonable attorneys' fees and other expenses incurred by Landlord in forcible entry and detainer, eviction, the enforcement of any of the agreements or otherwise, and may dispossess Tenantobligations of Tenant under this Lease.
Appears in 1 contract
Samples: Lease Agreement (Net Grocer Inc)
Events of Default Remedies. If Tenant shall at any time be in default in the payment of rental or any other charges hereunder or in the performance 5.1 The occurrence of any of the following events or conditions shall constitute and is hereby defined to be an “Event of Default”:
(a) Any failure to pay (i) any required payment under the Promissory Note within 5 days of when such payment becomes due, or (ii) any other principal or interest or any other part of the Obligation within 5 days of when the same shall become due and payable.
(b) Any failure or neglect to perform or observe any of the material terms, provisions, or covenants of this LeaseAgreement, the Purchase Agreement, the Promissory Note, or any other document or instrument executed or delivered in connection with the Obligation (other than a failure or neglect described in one or more of the other provisions of this Section 5.1), and Tenant shall fail to remedy such default failure or neglect either (i) cannot be remedied, (ii) can be remedied within (a) five (5) 30 days by prompt and diligent action, but it continues unremedied for a period of 30 days after written notice thereof to Assignor, or (iii) can be remedied, although not within 30 days even by prompt and diligent action, but such remedy is not commenced within 30 days after notice thereof to Assignor or is not diligently prosecuted to completion within a total of 90 days from Landlord the date of such notice.
(c) Any warranty, representation or statement contained in this Agreement, the Purchase Agreement, the Promissory Note, or any other document or instrument executed or delivered in connection with the Obligation, or made or furnished to Assignee by or on behalf of Assignor, is or is proven to have been false in any material respect when made or furnished.
(d) The filing by Assignor (or against Assignor in which Assignor, acquiesces or which is not dismissed within 60 days after the filing thereof) of any proceeding under the federal bankruptcy laws now or hereafter existing or any other similar statute now or hereafter in effect; the entry of an order for relief under such laws with respect to any monetary default, or (b) within thirty (30) days after receipt of written notice thereof if such default is non-monetary (but Tenant shall not be deemed in default if such default cannot reasonably be cured in thirty (30) days and Tenant commences to remedy such default within said thirty (30) day period and proceeds therewith with due diligence until completion)Assignor; or if Tenant shall be adjudged the appointment of a bankrupt receiver, trustee, custodian or shall make conservator of the assets of Assignor.
(e) The insolvency of Assignor; or the execution by Assignor of an assignment for the benefit of creditors, or if a receiver of any property of Tenant in or upon the Premises be appointed in any action, suit or proceeding by or against Tenant and not removed within ninety (90) days after appointment; or if Assignor is generally not paying its debts as they mature.
(f) The liquidation, termination or dissolution of Assignor.
(g) Any levy or execution upon, or judicial seizure of, any portion of the interest Collateral.
(h) Any attachment or garnishment of Tenant the Collateral.
(i) The institution of any legal action or proceedings to enforce any lien or encumbrance upon any portion of the Collateral.
(j) The occurrence of any Event of Default, as defined in the Premises Promissory Note.
(k) The occurrence of any default under any other agreement to which Assignor is a party, which is not cured within any grace or cure period applicable thereto.
5.2 Upon the occurrence of any Event of Default and at any time while such Event of Default is continuing, Assignee shall have the following rights and remedies and may do one or more of the following without further notice or demand:
(a) Declare all or any part of the Obligation to be immediately due and payable, and the same, with all costs and charges, shall be sold under execution collectible thereupon by action at law.
(b) Receive any and all distributions and profits of any nature on or related to the Collateral and notify the Company to pay all such distributions and profits to Assignee. Assignor agrees that it shall have no right to contest any such notice, and Assignor hereby irrevocably instructs the Company, upon receipt of notice from Assignee, to pay all distributions or profits of any nature on or related to the Collateral directly to Assignee at the address set forth in this Agreement, and the Company agrees to do the same. All such distributions and profits actually received by Assignee shall be credited to reduce the Obligation. Prior to the occurrence of an Event of Default and after the cure of an Event of Default as permitted herein, subject to this Agreement, Assignor shall have the right to collect all profits and distributions associated with the Collateral. The receipt by Assignee of any profits or distributions shall not impose upon Assignee any of the obligations of Assignor with respect to the Collateral.
(c) Pursue any right and/or any legal or equitable remedy available to Assignee, including, but not limited to, any right or remedy to collect the Obligation and/or to enforce its title in and right to possession of the Collateral.
(d) After notice to Assignor as provided in Section 5.4 herein, sell such Collateral at public or private sale. The proceeds of such sale, after deducting therefrom all expenses of Assignee (including reasonable attorneys’ fees), shall be applied to the payment of the Obligation, and any surplus thereafter remaining shall be paid to Assignor or any other person that may be legally entitled thereto. In the event of a deficiency between such net proceeds from the sale of the Collateral and the total amount of the Obligation, Assignor, upon demand, shall promptly pay the amount of such deficiency to Assignee.
5.3 Assignee, so far as may be lawful, may purchase all or any part of the Collateral offered at any public or private sale made in the enforcement of Assignee’s rights and remedies hereunder.
5.4 Any demand or notice of sale, disposition or other legal process (except as otherwise permitted intended action hereunder or in connection herewith, whether required by Section 10.6); the Uniform Commercial Code or otherwise, shall be deemed to be commercially reasonable and effective if Tenant hereafter files a voluntary petition such demand or notice is given to Assignor at least 10 days prior to such sale, disposition or other intended action, in the manner provided herein for the giving of notices.
5.5 All costs and expenses, including without limitation costs of Uniform Commercial Code searches, court costs and reasonable attorneys’ fees, incurred by Assignee in the preparation of this Agreement, the Purchase Agreement, the Promissory Note and the other documents executed in conjunction herewith, in enforcing payment and performance of the Obligation, and in exercising the rights and remedies of Assignee hereunder shall be the obligation of Assignor, and all such costs and expenses shall be secured by this Agreement and by all other lien and security documents securing the Obligation. In the event of any court proceedings, court costs and attorneys’ fees shall be set by the court and not by jury and shall be included in any bankruptcy or insolvency proceeding, or an involuntary petition in any bankruptcy or insolvency proceeding is filed against Tenant and is not discharged within ninety (90) days; Landlord may, in judgment obtained by Assignee.
5.6 In addition to any remedies provided herein for an Event of Default, Assignee shall have all the rights and remedies afforded a secured party under the Uniform Commercial Code, all other legal and equitable remedies, terminate this Lease, or without terminating this Lease, re-enter the Premises by summary proceedings, proceedings in forcible entry and detainer, eviction, or otherwiseremedies allowed under applicable law, and all other remedies provided for in any other documents securing or relating to the Obligation. No failure on the part of Assignee to exercise any of its rights hereunder arising upon any Event of Default shall be construed to prejudice its rights upon the occurrence of any other or subsequent Event of Default. No delay on the part of Assignee in exercising any such rights shall be construed to preclude it from the exercise thereof at any time while that Event of Default is continuing. Assignee may dispossess Tenantenforce any one or more rights or remedies hereunder successively or concurrently. By accepting payment or performance of any of the Obligation after its due date, Assignee shall not thereby waive the agreement contained herein that time is of the essence, nor shall Assignee waive either its right to require prompt payment or performance when due of the remainder of the Obligation or its right to consider the failure to so pay or perform an Event of Default.
5.7 If Assignor shall fail to pay any amount or to perform any obligation hereunder, Assignee may advance the monies necessary to pay or perform the same, and such advances shall bear interest at the rate set forth in the Promissory Note and shall become part of the Obligation secured hereby.
Appears in 1 contract
Samples: Limited Liability Company Membership Purchase Agreement (Banyan Corp /Or/)
Events of Default Remedies. If (a) The following events shall be deemed to be events of default by Tenant shall at any time be in default in the payment of rental or any other charges hereunder or in the performance of any of the covenants of under this Lease, and : (i) Tenant shall fail to remedy such default make payment when due of any rental installment or other sum as may be due under this Lease within (a) five (5) days after of written notice from Landlord with respect to any monetary default, or that it is due; (bii) within Tenant shall fail after thirty (30) days after receipt of written notice thereof if such default is to comply with any non-monetary (but provision of this Lease or any other agreement between Landlord and Tenant all of which terms, provisions and covenants shall not be deemed in default if such default cannot reasonably be cured in thirty material; (30iii) days and Tenant commences to remedy such default within said thirty (30) day period and proceeds therewith with due diligence until completion); or if Tenant the leasehold hereunder demised shall be adjudged a bankrupt or shall make an assignment for the benefit of creditors, or if a receiver of any property of Tenant in or upon the Premises be appointed in any action, suit or proceeding by or against Tenant and not removed within ninety (90) days after appointment; or if the interest of Tenant in the Premises shall be sold under taken on execution or other legal process of law in any action against Tenant; (except iv) Tenant shall become insolvent or unable to pay its debts as otherwise permitted by Section 10.6)they become due, or Tenant notifies Landlord that it anticipates either condition; (v) Tenant takes any action to, or notifies Landlord that Tenant intends to file a petition under any section or chapter of the United States Bankruptcy Code, as amended, or under any similar law or statute of the United States or any State thereof; or if Tenant hereafter files a voluntary petition in any bankruptcy or insolvency proceeding, or an involuntary petition in any bankruptcy or insolvency proceeding is shall be filed against Tenant under any such statute and said petition is not discharged within ninety (90) days; or (vi) a receiver or trustee shall be appointed for Tenant’s leasehold interest in the Premises or for all or a substantial part of the assets of Tenant; (vii) Tenant shall make an assignment for the benefit of its creditors.
(b) If Tenant does not make payment when due, beyond any applicable notice and cure period, of any rental installment required of Tenant in the Lease, or if default by Tenant under this Lease otherwise occurs, in addition to the imposition of appropriate late charges, Landlord may, at its option, declare the total Base Rental due or to be due under this Lease (discounted at then current government bond rates for the remaining term of the Lease) immediately due and payable and, if the same is not paid within fifteen (15) days of written demand, said total Base Rental shall be past due, delinquent, and in default. If Tenant does not make payment when due, beyond any applicable notice and cure period, of any rental installment, Tenant waives notice of rent due and demand for payment of said unpaid installment and waives notice and demand by Landlord for the Tenant to quit and vacate the Premises if such rent not be paid.
(c) Upon the occurrence of any event or events of default by Tenant, Landlord shall have the option to pursue any one or more of the following remedies with written notice (and without limiting the generality of the foregoing): (i) terminate this Lease in which event Tenant shall immediately surrender the Premises to Landlord; (ii) terminate Tenant’s right to occupy the Premises and, in accordance with due process of law, re-enter and take possession of the Premises (without terminating this Lease); (iii) enter upon the Premises and do whatever Tenant is obligated to do under the terms of this Lease; (iv) enter upon and take possession of the Premises as the agent of Tenant without terminating the Lease and without being liable to prosecution of any claim for damages therefore, and Landlord may re-let the Premises as the agent of Tenant and receive the rent therefore, in which event Tenant shall pay to Landlord on demand the reasonable costs of renovating, repairing, and altering the Premises for a new Tenant or Tenants, together with all brokerage commissions (consistent with the then current market practices) due in connection therewith and together with interest on any sum so advanced computed from the date of expenditure of such sums until such payment is received by Landlord, and any deficiency that may arise by reason of such re-letting; provided, however, that Landlord shall have no duty to re-let the Premises and the failure of Landlord to re-let the Premises shall not release or affect Tenant’s liability for Base Rental, additional rental, and other charges due under this Lease or for damages. In the event Landlord elects to re-enter or take possession of the Premises after Tenant’s default, Tenant hereby does not waive notice of such re-entry or repossession and of Landlord’s intent to re-enter or take possession. Landlord may, in addition accordance with law and without prejudice to all any other legal and equitable remediesremedy, terminate this Leasewhich he may have for possession, or without terminating this Leasearrearages in rent, re-enter expel or remove Tenant and any other persons who may be occupying said Premises or any part thereof. In addition, the Premises provisions of Paragraph 31 hereof shall apply with respect to the period from and after the giving of notice of such election to Tenant. All Landlords’ remedies shall be cumulative and not exclusive. Forbearance by summary proceedings, proceedings in forcible entry and detainer, eviction, Landlord to enforce one or otherwisemore of the remedies herein provided upon an event of default shall not be deemed or construed to constitute a waiver of such default.
(d) This Paragraph 28 shall be enforceable to the maximum extent not prohibited by applicable law, and may dispossess Tenantthe unenforceability of any portion thereof shall not thereby render unenforceable any other portion.
(e) Landlord shall be in default hereunder in the event Landlord has not begun and pursued with reasonable diligence the cure of any failure of Landlord to meet its obligations hereunder within thirty (30) days of the receipt by Landlord of written notice from Tenant of the alleged failure to perform. Tenant hereby covenants that, prior to the exercise of any remedies for Landlord’s breach, it will give the mortgagees holding mortgages on the Building notice and a reasonable time to cure any default by Landlord. Landlord shall never be liable for consequential damages or special damages.
Appears in 1 contract
Events of Default Remedies. If Tenant shall at any time be in default in the payment of rental or any other charges hereunder or in the performance of any of the covenants of this Lease, and Tenant shall fail fall to remedy such default within (a) five ten (510) days after receipt of written notice thereof from Landlord with respect if such default is as to payment of Minimum Rent or other charges (provided that such written notice shall not be required more than once in any monetary defaulttwelve (12) month period, and thereafter Tenant shall be deemed to be in default hereunder, if any payment of Minimum Pent or other charges is not paid within ten (10) days of when due) or (b) within thirty (30) days after receipt of written notice thereof if such default is non-monetary (but Tenant shall not be deemed in default if such default cannot reasonably be cured in thirty (30) days and Tenant it commences to remedy such default within said thirty (30) day period and proceeds therewith with due diligence until completiondiligence); , or if Tenant shall be adjudged a bankrupt or shall make an assignment for the benefit of creditors, or if a receiver of any property of Tenant in or upon the Premises be appointed in any action, suit or proceeding by or against Tenant and not removed within ninety sixty (9060) days after appointment; , or if the interest of Tenant in the Premises shall be sold under execution or other legal process (except as otherwise permitted process, Landlord may by Section 10.6); or if Tenant hereafter files a voluntary petition in any bankruptcy or insolvency proceeding, or an involuntary petition in any bankruptcy or insolvency proceeding is filed against Tenant and is not discharged within ninety (90) days; Landlord may, in addition notice to all other legal and equitable remediesTenant, terminate this Lease, or without terminating this Lease, re-enter the Premises by summary proceedings, proceedings in forcible entry and detainer, eviction, or otherwise, and may dispossess Tenant.
Appears in 1 contract
Samples: Lease (Rainbow Rentals Inc)
Events of Default Remedies. If Tenant shall at any time be in default in the payment of rental or any other charges hereunder or in the performance of any of the covenants of this Lease, and Tenant shall fail to remedy such default within (a) five ten (510) days after receipt of written notice thereof from Landlord with respect if such default is as to payment of Rent, or any monetary defaultother charges payable by Tenant hereunder, or (b) within thirty fifteen (3015) days after receipt of written notice thereof if such default is non-monetary (but Tenant shall not be deemed in default if is such default cannot reasonably be cured in thirty fifteen (3015) days and Tenant commences to remedy such default within said thirty fifteen (3015) day period and proceeds therewith with due diligence until completion); , or if Tenant shall be adjudged a bankrupt or shall make an assignment for the benefit of creditors, or if a receiver of any property of Tenant in or upon the Premises be appointed in any action, suit or proceeding by or against Tenant and not removed within ninety sixty (906) days after appointment; , or if the interest of Tenant in the Premises shall be sold under execution or other legal process (except as otherwise permitted by Section 10.6); process, or if the Premises are sublet or this Lease is assigned without Landlord's consent, or if Tenant hereafter files a voluntary petition in any bankruptcy or insolvency proceedingshall commit waste, or an involuntary petition in any bankruptcy or insolvency proceeding is filed against Tenant and is not discharged within ninety (90) days; Landlord may, in addition to all other legal and equitable remedies, may terminate this Lease, or without terminating this Lease, re-enter the Premises by summary proceedings, proceedings in forcible entry and detainer, eviction, or otherwise, and may dispossess Tenant.
Appears in 1 contract
Events of Default Remedies. If Tenant shall at any time be in default in the payment of rental or any other charges hereunder or in the performance 8.1 The occurrence and continuance of any of the covenants following events shall constitute an “Event of this LeaseDefault”, subject to any applicable cure period and Tenant Borrower’s right to cure within such period before any remedies are undertaken:
(i) Borrower shall fail to remedy pay when due any amount of principal or interest, or other amount, payable under the Agreement, and, in the case of any non-payment of any amount other than principal at Maturity Date, the such default failure shall continue for two Business Days; or (ii) any Obligor shall fail to perform or observe any term, covenant or agreement contained in Section 7 hereof; or (iii) any Obligor shall fail to perform or observe any other of its obligations contained in any Loan Document (other than as described in the foregoing provisions of this Section 8.1(a)), and with respect to any such clause any such failure shall remain unremedied for a period of 20 days after written notice thereof has been given by or on behalf of Lender to Borrower or Obligor, as applicable.
(b) Any representation or warranty by Borrower under or in connection with any Loan Document shall prove to have been incorrect in any material respect when made or deemed made, and the Company does not cure such breach within twenty (a) five (520) days after written notice from Landlord with respect thereof has been given by or on behalf of Xxxxxx to any monetary defaultBorrower.
(c) (i) (A) Any Obligor or Subsidiary thereof shall admit in writing its inability to, or shall fail generally or be generally unable to, pay its material debts (bincluding its payrolls) within thirty as such debts become due, or shall make a general assignment for the benefit of creditors, (30B) days after receipt any Obligor or Subsidiary thereof shall file a voluntary petition in bankruptcy or a petition or answer seeking reorganization, to effect a plan or other arrangement with creditors or any other relief under the Bankruptcy Reform Act of written notice 1978, as amended or recodified from time to time (the “Bankruptcy Code”) or under any other state or federal law relating to bankruptcy or reorganization granting relief to debtors, whether now or hereafter in effect, or shall file an answer admitting the jurisdiction of the court and the material allegations of any involuntary petition filed against Borrower, any Guarantor or any such Subsidiary pursuant to the Bankruptcy Code or any such other state or federal law, (C) any Obligor or Subsidiary thereof if such default is non-monetary (but Tenant shall not be deemed in default if such default cannot reasonably be cured in thirty (30) days and Tenant commences to remedy such default within said thirty (30) day period and proceeds therewith with due diligence until completion); or if Tenant shall be adjudged adjudicated a bankrupt bankrupt, or shall make an assignment for the benefit of creditors, or if a receiver shall apply for or consent to the appointment of any property custodian, receiver or trustee for all or any substantial part of Tenant in Borrower’s, any Guarantor’s or upon the Premises be appointed in any action, suit or proceeding by or against Tenant and not removed within ninety (90) days after appointment; or if the interest of Tenant in the Premises shall be sold under execution or other legal process (except as otherwise permitted by Section 10.6); or if Tenant hereafter files a voluntary petition in any bankruptcy or insolvency proceedingsuch Subsidiary’s property, or shall take any action to authorize any of the foregoing actions or events, (D) an involuntary petition seeking any of the relief specified in this Section 8.1(c)(i) shall be filed against any Obligor or Subsidiary thereof and shall not be dismissed or discharged within 60 days of commencement, or (E) any order for relief shall be entered against any Obligor or Subsidiary thereof in any bankruptcy involuntary proceeding under the Bankruptcy Code or insolvency proceeding is filed against Tenant and is not discharged within ninety any such other state or federal law referred to in this Section 8.1(c).
(90ii) days; Landlord mayAny Obligor or Subsidiary thereof shall (A) liquidate, wind up or dissolve (or suffer any liquidation, wind-up or dissolution), except to the extent expressly permitted by the Agreement, (B) suspend its material operations other than in addition to all other legal and equitable remedies, terminate this Leasethe ordinary course of business, or without terminating this Lease, re-enter (C) take any action to authorize any of the Premises by summary proceedings, proceedings in forcible entry and detainer, eviction, foregoing actions or otherwise, and may dispossess Tenantevents.
Appears in 1 contract
Events of Default Remedies. If Tenant (a) As used herein, the term “Event of Default” shall at any time be in default in the payment of rental or any other charges hereunder or in the performance of mean any of the covenants of this Lease, and Tenant shall following events: (1) Borrowers fail to remedy such default pay any Installment within ten (a) five (510) days after written notice from Landlord with respect the date due; (2) any Borrower breaches any of its other Obligations under any of the Loan Documents and fails to any monetary default, or (b) cure the same within thirty (30) days after receipt of written notice thereof (except a Default under Article 1 of the Preferred Marine Mortgage to which the thirty (30) day notice shall not apply); (3) any dissolution, termination of existence, merger (unless the applicable Borrower is the surviving entity and such merger does not have a material adverse effect on such Borrower), consolidation (unless the applicable Borrower is the surviving entity and such consolidation does not have a material adverse effect on such Borrower); (4) a receiver, trustee, conservator or liquidator is appointed of any Borrower or of all or a substantial part of any Borrower’s assets, with or without the application or consent of such Borrower as applicable and, if such default appointment is non-monetary made without the consent of such Borrower as applicable, such appointment is not terminated or otherwise dismissed within sixty (but Tenant 60) days thereafter; (5) a petition is filed by or against any Borrower under any Bankruptcy, insolvency or similar legislation and, if such petition is filed without the consent of such Borrower as applicable, such filing is not dismissed within sixty (60) days thereafter; (6) any representation or warranty made by any Borrower as applicable herein or in any of the Loan Documents, certificates, financial statements or other statements furnished to Lender in connection with the Loan shall prove to be false or misleading in any material respect as of the date on which the same was made; (7) any Borrower, as applicable, shall fail to satisfy within sixty (60) days after the later of (i) entry thereof or (ii) the termination of the most recent stay, any final judgment rendered against such Borrower as applicable, by any court of competent jurisdiction where the judgment is in excess of $500,000; (8) (i) any of the Liens created or granted under the Loan Documents, or intended to be granted or created thereby, to Lender shall fail, with respect to any material Item of Equipment, to be a valid, first priority, perfected Lien subject to no prior or equal Lien and the Note secured thereby shall not be deemed have been paid in default if such default cannot reasonably be cured in full within thirty (30) days and Tenant commences to remedy such default within said thirty (30) day period and proceeds therewith with due diligence until completion)after any Borrower becomes aware thereof; or if Tenant (ii) additional Lien or Liens, except Permitted Maritime Liens, attach(es) to the Equipment unless the Note shall be adjudged a bankrupt or shall make an assignment for the benefit of creditorspaid in full, or the Vessel (or other Item or Items of Equipment material to the operation of the Vessel in compliance with the provisions of the Loan Documents) becomes subject to risk of imminent seizure or forfeiture, unless the Note shall have been paid in full; (9) any Event of Default, under and as defined in the Note or Preferred Marine Mortgage, shall occur and be continuing; (10) Maritrans Inc. shall fail to comply with the financial covenants set forth in Section 16 hereof; (11) if a receiver the Charter Agreement is cancelled or terminated prior to the expiration of the term thereof or any property material event of Tenant in or upon default shall occur and be continuing after applicable notice and cure period under the Premises be appointed in any action, suit or proceeding by or against Tenant Charter Agreement; (12) the Charter Agreement shall expire and not removed within ninety (90) days after appointmentbe replaced by a renewal or replacement charter acceptable to Lender; or if (13) an event of default occurs under the interest of Tenant in the Premises shall be sold under execution or other legal process (except Loan and Security Agreement between Maritrans Inc. and Maritrans 196 Co., as otherwise permitted by Section 10.6); or if Tenant hereafter files a voluntary petition in any bankruptcy or insolvency proceeding, or an involuntary petition in any bankruptcy or insolvency proceeding is filed against Tenant and is not discharged within ninety (90) days; Landlord may, in addition to all other legal and equitable remedies, terminate this Lease, or without terminating this Lease, re-enter the Premises by summary proceedings, proceedings in forcible entry and detainer, eviction, or otherwiseborrowers, and may dispossess TenantLender dated June 22, 2004.
Appears in 1 contract
Events of Default Remedies. If Tenant (a) As used herein, the term “Event of Default” shall at any time be in default in the payment of rental or any other charges hereunder or in the performance of mean any of the covenants of this Lease, and Tenant shall following events: (1) Borrowers fail to remedy such default pay any Installment within ten (a) five (510) days after written notice from Landlord with respect the date due; (2) any Borrower breaches any of its other Obligations under any of the Loan Documents and fails to any monetary default, or (b) cure the same within thirty (30) days after receipt of written notice thereof (except a Default under Article 1 of the Preferred Marine Mortgage to which the thirty (30) day notice shall not apply); (3) any dissolution, termination of existence, merger (unless the applicable Borrower is the surviving entity and such merger does not have a material adverse effect on such Borrower), consolidation (unless the applicable Borrower is the surviving entity and such consolidation does not have a material adverse effect on such Borrower); (4) a receiver, trustee, conservator or liquidator is appointed of any Borrower or of all or a substantial part of any Borrower’s assets, with or without the application or consent of such Borrower as applicable and, if such default appointment is non-monetary made without the consent of such Borrower as applicable, such appointment is not terminated or otherwise dismissed within sixty (but Tenant 60) days thereafter; (5) a petition is filed by or against any Borrower under any Bankruptcy, insolvency or similar legislation and, if such petition is filed without the consent of such Borrower as applicable, such filing is not dismissed within sixty (60) days thereafter; (6) any representation or warranty made by any Borrower as applicable herein or in any of the Loan Documents, certificates, financial statements or other statements furnished to Lender in connection with the Loan shall prove to be false or misleading in any material respect as of the date on which the same was made; (7) any Borrower, as applicable, shall fail to satisfy within sixty (60) days after the later of (i) entry thereof or (ii) the termination of the most recent stay, any final judgment rendered against such Borrower as applicable, by any court of competent jurisdiction where the judgment is in excess of $500,000; (8) (i) any of the Liens created or granted under the Loan Documents, or intended to be granted or created thereby, to Lender shall fail, with respect to any material Item of Equipment, to be a valid, first priority, perfected Lien subject to no prior or equal Lien and the Note secured thereby shall not be deemed have been paid in default if such default cannot reasonably be cured in full within thirty (30) days and Tenant commences to remedy such default within said thirty (30) day period and proceeds therewith with due diligence until completion)after any Borrower becomes aware thereof; or if Tenant (ii) additional Lien or Liens, except Permitted Maritime Liens, attach(es) to the Equipment unless the Note shall be adjudged a bankrupt or shall make an assignment for the benefit of creditorspaid in full, or the Vessel (or other Item or Items of Equipment material to the operation of the Vessel in compliance with the provisions of the Loan Documents) becomes subject to risk of imminent seizure or forfeiture, unless the Note shall have been paid in full; (9) any Event of Default, under and as defined in the Note or Preferred Marine Mortgage, shall occur and be continuing; (10) Maritrans Inc. shall fail to comply with the financial covenants set forth in Section 16 hereof; (11) if a receiver the Charter Agreement is cancelled or terminated prior to the expiration of the term thereof or any property material event of Tenant in or upon default shall occur and be continuing after applicable notice and cure period under the Premises be appointed in any action, suit or proceeding by or against Tenant Charter Agreement; (12) the Charter Agreement shall expire and not removed within ninety (90) days after appointmentbe replaced by a renewal or replacement charter acceptable to Lender; or if (13) an event of default occurs under the interest of Tenant in the Premises shall be sold under execution or other legal process (except Loan and Security Agreement between Maritrans Inc. and Maritrans Honour Co., as otherwise permitted by Section 10.6); or if Tenant hereafter files a voluntary petition in any bankruptcy or insolvency proceeding, or an involuntary petition in any bankruptcy or insolvency proceeding is filed against Tenant and is not discharged within ninety (90) days; Landlord may, in addition to all other legal and equitable remedies, terminate this Lease, or without terminating this Lease, re-enter the Premises by summary proceedings, proceedings in forcible entry and detainer, eviction, or otherwiseborrowers, and may dispossess TenantLender dated June 22, 2004.
Appears in 1 contract
Events of Default Remedies. If (a) Tenant shall at any time be in default in upon the payment occurrence of rental one or more of the following events (an "Event of Default"):
(i) Tenant fails to pay rent or any other charges sum of money required to be paid by Tenant hereunder or in the performance of any within ten (10) days of the covenants date when due without the need for any notice thereof by Landlord (except Landlord agrees to give written notice of this Leasesuch failure to pay rent or other sum of money not more than once per Lease Year, and no Event of Default shall be deemed to have occurred if Tenant shall fail to remedy such default makes the required payment within ten (a) five (510) days after written notice from Landlord with respect such notice;
(ii) Tenant fails to perform any of Tenant's non-monetary default, obligations under this Lease or (b) within violates any covenant required to be observed by Tenant hereunder for a period of thirty (30) days after receipt of written notice thereof if such default is non-monetary from Landlord;
(but iii) Tenant shall not be deemed in default if such default cannot reasonably be cured in thirty abandons the Premises for one hundred eighty (30180) days and or more; or
(iv) Tenant commences to remedy such default within said thirty (30) day period and proceeds therewith with due diligence until completion); or if Tenant shall be adjudged a bankrupt or shall make makes an assignment for the benefit of creditors, or if a receiver petition for adjudication of any property of Tenant in bakruptcy or upon the Premises be appointed in any action, suit or proceeding for reorganization is filed by or against Tenant and is not removed dismissed within ninety thirty (9030) days after appointment; or if the interest of Tenant in the Premises shall be sold under execution or other legal process (except as otherwise permitted by Section 10.6); or if Tenant hereafter files a voluntary petition in any bankruptcy or insolvency proceedingdays, or an involuntary petition in any bankruptcy a receiver or insolvency proceeding trustee is filed against Tenant appointed for a substantial part of Tenant's property and such appointment is not discharged vacated within ninety thirty (9030) days; .
(b) On the occurrence of an Event of Default, Landlord may, at any time thereafter, without notice or demand, and without limiting any other right at remedy Landlord may have:
(i) Terminate this Lease and Tenant's right to possession of the Premises by any lawful means, in which event Tenant shall immediately surrender possession of the Premises to Landlord. At its option, Landlord may occupy the Premises or cause the Premises to be redecorated, altered, divided, consolidated with other adjoining property, or otherwise prepared for reletting, and may relet the Premises or any part thereof for a term or terms to expire prior to, at the same time or subsequent to fee original Expiration Date, and receive the rent therefor, applying the sums received first to the payment of such expenses as Landlord may have incurred in connection with the recovery of possession, preparing for reletting and the reletting itself, including brokerage and attorneys' fees, and then to the payment of damages in amounts equal to the rent hereunder and to the cost and expense of performance of the other covenants of Tenant under this Lease. Tenant agrees to pay to Landlord damages equal to the rent and other sums payable by Tenant under this Lease, reduced by the net proceeds of the reletting, if any, as ascertained from time to time. In reletting the Premises, Landlord may grant rent concessions, and Tenant shall not be entitled to any credit therefor. Tenant shall not be entitled to any surplus resulting from any reletting. Tenant expressly agrees that Landlord shall not be obligated to re-rent the Premises or take any other action to mitigate its damages in the event Tenant is in default under this Lease.
(ii) Permit Tenant to remain in possession of the Premises, in which event this Lease shall continue in effect. Landlord shall be entitled to enforce all of Landlord's rights and remedies under this Lease, including the right to receive the rent as it becomes due under this Lease.
(iii) Pursue any other remedy now or hereafter available under the laws of the jurisdiction in Which the Premises is located.
(c) The remedies available to Landlord herein specified are not intended to be exclusive and prevent Landlord from exercising any other remedy or means of redress to which Landlord may be lawfully entitled. In addition to other remedies provided in this Lease, Landlord shall be entitled to restraint by injunction of any violation or threatened violation by Tenant of any of the provisions of this Lease. Landlord's exercise of any right or remedy shall not prevent Landlord from exercising any other right or remedy.
(d) To the extent permitted by law, Tenant, for itself and any person claiming through or under Tenant, waives any equity or right of redemption provided by any law.
(e) Tenant agrees to pay as Additional Rent all reasonable attorneys' fees and other legal expenses incurred by Landlord in the enforcement of any of the obligations or agreements of Tenant under this Lease.
(f) If this Lease shall terminate by reason of the occurrence of any default of Tenant or any contingency mentioned in this Par. 23, Landlord shall at its option and equitable remedieselection be entitled, terminate notwithstanding any other provision of this Lease, or without terminating any present or future law, to recover from Tenant or Tenant's estate (in lieu of all claims against Tenant relating to unpaid Annual Rent or additional rent), as damages for loss of the bargain and not as a penalty, a lump sum which at the time of such termination of this Lease equals the then present worth of the Annual Rent and all other charges payable by Tenant hereunder that were unpaid or would have accrued for the balance of the Term, less the fair and reasonable rental value of the Premises for the balance of such Term, such lump sum being discounted to the date of termination at the rate of six (6%) percent per annum, unless any statute or rule of law governing the proceeding in which such damages are to be proved shall limit the amount of such claim capable of being so proved, in which case Landlord stall be entitled to prove as and for liquidated damages by reason of such breach and termination of this Lease, the maximum amount which may be allowed by or under any such statute or rule of law. If the Premises or any part thereof shall be re-enter let by the Landlord for a period including the unexpired Term of this Lease or any part thereof, before the presentation of proof of such, liquidated damages to any court, commission, or tribunal, the amount of rent reserved on such re-letting shall be deemed to be the fair and reasonable rental value for the part or the whole of the Premises so re-let during the Term of the re-letting. Nothing herein contained shall limit or prejudice Landlord's right to prove and obtain as liquidated damages arising out of such breach or termination the maximum amount to be allowed by summary proceedings, or under any such statute or rule of law which may govern the proceedings in forcible entry and detainerwhich such damages are to be proved whether or not such amount be greater, evictionequal to, or otherwise, and may dispossess Tenantless than the amount of the excess of file Annual Rent over the rental value referred to above.
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