Events of Tenant Default. It is hereby mutually agreed that: (a) if Tenant shall fail (i) to pay Rent or other sums which Tenant is obligated to pay by any provision of this Lease, when and as it is due and payable hereunder and without demand therefor, or (ii) to keep and perform each and every covenant, condition and agreement herein contained on the part of Tenant to be kept and performed; or (b) if Tenant shall abandon or evidence any intention to abandon all or any portion of the Leased Premises; or (c) if the estate hereby created shall be taken by execution or other process of law; or (d) if Tenant shall (i) fail to pay Tenant’s debts as such debts become due, (ii) become insolvent, (iii) make an assignment for the benefit of creditors, (iv) file, be the entity subject to, or acquiesce in a petition in any court (whether or not filed by or against Tenant pursuant to any statute of the United States or any state and whether or not for a trustee, custodian, receiver, agent, or other officer for Tenant or for all or any portion of Tenant’s property) in any proceeding whether bankruptcy, reorganization, composition, extension, arrangement, insolvency proceedings, or otherwise; then, upon the occurrence of an Event of Default by Tenant as herein defined, Landlord shall have the right to terminate this lease following written notice of default (“Default Notice”) by Landlord to Tenant. The Default Notice shall set forth the default and give Tenant an opportunity to cure such default within five days from the date of service of the Notice. If at the expiration of said five days’ Notice, the Tenant shall have failed to cure the breach, Landlord may immediately commence Forcible Eviction and Detainer or for any other remedy available under the law against the Tenant. If three such Default Notices are served within any ninety-day period, subsequent thereto, the Landlord may Terminate this Lease without service of a Default Notice, and Tenant shall no longer have any right to cure defaults. Tenant waives any equitable or statutory right of redemption. In the event of such default: Landlord may Terminate this Lease, in which event Tenant’s default should be considered a total breach of Tenant’s obligation under this Lease and Tenant immediately shall become liable for such damages for such breach, in an amount equal to the total of (1) costs of recovering the Leased Premises; (2) the unpaid Rent, plus interest thereon at a rate per annum from the due date equal to twelve percent (12%) per year, provided, however, that such interest shall never exceed the highest lawful rate; and (3) all other sums of money and damage owing by Tenant to Landlord including Additional Rent. Tenant’s right of possession shall cease and terminate and Landlord shall be entitled to the possession of the Leased Premises and shall remove all persons and property therefrom and reenter the same without further demand of Rent or demand of possession of the Leased Premises, either with or without process of law and without becoming liable to prosecution therefor, any notice to quit or intention to reenter being hereby expressly waived by Tenant. Landlord may Pursue any other remedy available to Landlord on account of such default under applicable law or in equity. Liability of Tenant. In the event of any reentry or retaking of the Leased Premises by Landlord and/or any termination of this Lease by Landlord, Tenant shall nevertheless remain in all events liable and answerable for the Rent, subject only to a setoff or credit in the event the premises are leased to a new tenant during the term for which the Rent is due. Tenant shall be and remain answerable in damages for the deficiency or loss of Rent as well as all related expenses which Landlord may thereby sustain in respect to the balance of the Lease Term, and, in such case, Landlord reserves full power, which is hereby acceded to by Tenant, to let said Leased Premises for the benefit of Tenant, in liquidation and discharge, in whole or in part, as the case may be, of the liability of Tenant under the terms and provisions of this Lease, and such damages and related expenses, at the option of Landlord, may be recovered by it at the time of the retaking and reentry, or in separate actions. Interpretation of Agreement Under Bankruptcy Laws. The provisions of this Section 18 are subject to the Bankruptcy Laws of the United States of America and the State of Maine which may, in certain cases, limit the rights of Landlord to enforce some of the provisions of this Section in proceedings thereunder. To the extent that limitations exist by virtue thereof, the remaining provisions hereof shall not be affected thereby but shall remain in full force and effect. The provisions of this Section 19 shall be interpreted in a manner which results in a termination of this Lease in each and every instance, and to the fullest extent and at the earliest moment that such termination is permitted under the federal and state bankruptcy laws, it being of prime importance to Landlord to deal only with tenants who have, and continue to have, a strong degree of financial strength and financial stability. Application of Rents After Reletting. All rents received by Landlord in any reletting after Tenant’s default shall be applied, first to the payment of such expenses as Landlord may have incurred in recovering possession of the Leased Premises and in reletting the same (including brokerage fees), second to the payment of any costs and expenses incurred by Landlord, either for making the necessary repairs (including fitting up the space for such reletting) to the Leased Premises or in curing any default on the part of Tenant of any covenant or condition herein, made binding upon Tenant. Any remaining rent shall then be applied toward the payment of Rent due from Tenant, together with interest and penalties, and Tenant expressly agrees to pay any deficiency then remaining. Landlord shall in no event be liable in any way whatsoever (nor shall Tenant be entitled to any set off) for Landlord’s failure to relet the Leased Premises, and Landlord, at its option, may refrain from terminating Tenant’s right of possession, and in such case may enforce against Tenant the provisions of this Lease for the full Lease Term.
Appears in 1 contract
Samples: Commercial Lease Agreement
Events of Tenant Default. It The occurrence of any of the following shall constitute a default and material breach of this Lease by Xxxxxx:
A. Any failure by Tenant to pay any rent or Minimum Annual Rent, common area expenses, real property taxes, or insurance expenses, or any part thereof when due, and such failure shall continue for five (5) days after Tenant’s receipt of written notice from Landlord; or
B. Any failure by Tenant to observe or perform any other provision, covenant or condition of this lease to be observed or performed by Tenant where such failure continues for thirty (30) days after written notice thereof from Landlord to Tenant; provided that if the nature of such default is hereby mutually agreed that: such that the same cannot reasonably be cured within a thirty (a30) if day period, Tenant shall fail (i) not be deemed to pay Rent be in default if it shall commence such cure within such period and thereafter diligently pursue such cure to completion before the expiration of 60 days from the date of the original notice; or
C. Abandonment or other sums which vacation of the Premises by Tenant; or
D. To the extent permitted by law, a general assignment by Tenant is obligated to pay by or any provision Guarantor of this Lease, when and as it is due and payable hereunder and without demand therefor, or (ii) to keep and perform each and every covenant, condition and agreement herein contained on the part of Tenant to be kept and performed; or (b) if Tenant shall abandon or evidence any intention to abandon all or any portion of the Leased Premises; or (c) if the estate hereby created shall be taken by execution or other process of law; or (d) if Tenant shall (i) fail to pay Tenant’s debts as such debts become due, (ii) become insolvent, (iii) make an assignment Lease for the benefit of creditors, (iv) file, be or the entity subject to, or acquiesce in a petition in any court (whether or not filed filing by or against Tenant pursuant or any Guarantor of any proceeding under an insolvency or bankruptcy law, unless in the case of a proceeding filed against Tenant or any Guarantor the same is dismissed within ninety (90) days, or the appointment of a trustee or receiver to any statute take possession of all or substantially all of the United States assets of Tenant or any state and whether Guarantor, unless possession is restored to Tenant or not for a trustee, custodian, receiver, agentsuch Guarantor within thirty (30) days, or any execution or other officer for Tenant or for judicially authorized seizure of all or any portion substantially all of Tenant’s property) in any proceeding whether bankruptcy, reorganization, composition, extension, arrangement, insolvency proceedings, or otherwise; then, 's assets located upon the occurrence Premises or of an Event of Default by Tenant as herein defined, Landlord shall have the right to terminate this lease following written notice of default (“Default Notice”) by Landlord to Tenant. The Default Notice shall set forth the default and give Tenant an opportunity to cure such default within five days from the date of service of the Notice. If at the expiration of said five days’ Notice, the Tenant shall have failed to cure the breach, Landlord may immediately commence Forcible Eviction and Detainer or for any other remedy available under the law against the Tenant. If three such Default Notices are served within any ninety-day period, subsequent thereto, the Landlord may Terminate this Lease without service of a Default Notice, and Tenant shall no longer have any right to cure defaults. Tenant waives any equitable or statutory right of redemption. In the event of such default: Landlord may Terminate 's interest in this Lease, in which event Tenant’s default should be considered a total breach of Tenant’s obligation under this Lease and Tenant immediately shall become liable for unless such damages for such breach, in an amount equal to the total of seizure is discharged within thirty (130) costs of recovering the Leased Premises; (2) the unpaid Rent, plus interest thereon at a rate per annum from the due date equal to twelve percent (12%) per year, provided, however, that such interest shall never exceed the highest lawful rate; and (3) all other sums of money and damage owing by Tenant to Landlord including Additional Rent. Tenant’s right of possession shall cease and terminate and Landlord shall be entitled to the possession of the Leased Premises and shall remove all persons and property therefrom and reenter the same without further demand of Rent or demand of possession of the Leased Premises, either with or without process of law and without becoming liable to prosecution therefor, any notice to quit or intention to reenter being hereby expressly waived by Tenant. Landlord may Pursue any other remedy available to Landlord on account of such default under applicable law or in equity. Liability of Tenant. In the event of any reentry or retaking of the Leased Premises by Landlord and/or any termination of this Lease by Landlord, Tenant shall nevertheless remain in all events liable and answerable for the Rent, subject only to a setoff or credit in the event the premises are leased to a new tenant during the term for which the Rent is due. Tenant shall be and remain answerable in damages for the deficiency or loss of Rent as well as all related expenses which Landlord may thereby sustain in respect to the balance of the Lease Term, and, in such case, Landlord reserves full power, which is hereby acceded to by Tenant, to let said Leased Premises for the benefit of Tenant, in liquidation and discharge, in whole or in part, as the case may be, of the liability of Tenant under the terms and provisions of this Lease, and such damages and related expenses, at the option of Landlord, may be recovered by it at the time of the retaking and reentry, or in separate actions. Interpretation of Agreement Under Bankruptcy Laws. The provisions of this Section 18 are subject to the Bankruptcy Laws of the United States of America and the State of Maine which may, in certain cases, limit the rights of Landlord to enforce some of the provisions of this Section in proceedings thereunder. To the extent that limitations exist by virtue thereof, the remaining provisions hereof shall not be affected thereby but shall remain in full force and effect. The provisions of this Section 19 shall be interpreted in a manner which results in a termination of this Lease in each and every instance, and to the fullest extent and at the earliest moment that such termination is permitted under the federal and state bankruptcy laws, it being of prime importance to Landlord to deal only with tenants who have, and continue to have, a strong degree of financial strength and financial stability. Application of Rents After Reletting. All rents received by Landlord in any reletting after Tenant’s default shall be applied, first to the payment of such expenses as Landlord may have incurred in recovering possession of the Leased Premises and in reletting the same (including brokerage fees), second to the payment of any costs and expenses incurred by Landlord, either for making the necessary repairs (including fitting up the space for such reletting) to the Leased Premises or in curing any default on the part of Tenant of any covenant or condition herein, made binding upon Tenant. Any remaining rent shall then be applied toward the payment of Rent due from Tenant, together with interest and penalties, and Tenant expressly agrees to pay any deficiency then remaining. Landlord shall in no event be liable in any way whatsoever (nor shall Tenant be entitled to any set off) for Landlord’s failure to relet the Leased Premises, and Landlord, at its option, may refrain from terminating Tenant’s right of possession, and in such case may enforce against Tenant the provisions of this Lease for the full Lease Termdays.
Appears in 1 contract
Samples: Shopping Center Retail Lease
Events of Tenant Default. It is hereby mutually agreed that: The occurrence of any one or more of the following events of default shall constitute a breach of this Lease by Tenant:
18.1.1 If Tenant shall default in the payment of Base Rent or Additional Rent, and such default shall continue for ten (a10) days after Landlord shall have given Tenant a notice specifying the same (late charges and interest as provided in Section 1.4 above shall nevertheless apply); or
18.1.2 If Tenant shall, whether by action or inaction, be in default of any of its obligations under this Lease (other than a default in the payment of Base Rent or Additional Rent) and such default shall continue and not be remedied within thirty (30) days after Landlord shall have given to Tenant a notice specifying the same, or, in the case of a default which cannot with due diligence be cured within a period of thirty (30) days and the continuance of which for the period required for cure will not subject Landlord or any Superior Lessor to prosecution for a crime or termination of any Superior Lease or foreclosure of any Superior Mortgage, if Tenant shall fail not, (i) within said thirty (30) day period advise Landlord of Tenant’s intention to pay Rent or other sums which Tenant is obligated take all steps necessary to pay by any provision of this Lease, when and as it is due and payable hereunder and without demand therefor, or remedy such default; (ii) duly commence within said thirty (30) day period, and thereafter diligently prosecute to keep completion all steps necessary to remedy the default; and perform each and every covenant, condition and agreement herein contained on (iii) complete such remedy within a reasonable time after the part date of Tenant to be kept and performedsaid notice of Landlord; or (b) if Tenant or
18.1.3 If any event shall abandon or evidence any intention to abandon all occur or any portion of the Leased Premises; contingency shall arise whereby this Lease or (c) if the estate hereby created shall be taken granted or the unexpired balance of the term hereof would, by execution operation of law or otherwise, devolve upon or pass to any person, firm or corporation other process of lawthan Tenant, except as expressly permitted by Section 8; or (d) if or
18.1.4 If Tenant shall (i) fail to pay Tenant’s debts as such debts become due, (ii) become insolvent, (iii) make an makes a general assignment for the benefit of creditors, (iv) file, or shall be the entity subject tounable to pay its debts as they become due, or acquiesce in shall file a petition in any court (whether or not filed by or against Tenant pursuant to any statute of the United States or any state and whether or not for a trustee, custodian, receiver, agentbankruptcy, or other officer for Tenant shall be adjudicated as bankrupt or for all or any portion of Tenant’s property) in any proceeding whether bankruptcy, reorganization, composition, extension, arrangement, insolvency proceedingsinsolvent, or otherwise; then, upon the occurrence of an Event of Default by Tenant as herein defined, Landlord shall have the right to terminate this lease following written notice of default (“Default Notice”) by Landlord to Tenant. The Default Notice shall set forth the default and give Tenant an opportunity to cure such default within five days from the date of service of the Notice. If at the expiration of said five days’ Notice, the Tenant shall have failed to cure the breach, Landlord may immediately commence Forcible Eviction and Detainer or for file a petition seeking any other remedy available under the law against the Tenant. If three such Default Notices are served within any ninety-day period, subsequent thereto, the Landlord may Terminate this Lease without service of a Default Notice, and Tenant shall no longer have any right to cure defaults. Tenant waives any equitable or statutory right of redemption. In the event of such default: Landlord may Terminate this Lease, in which event Tenant’s default should be considered a total breach of Tenant’s obligation under this Lease and Tenant immediately shall become liable for such damages for such breach, in an amount equal to the total of (1) costs of recovering the Leased Premises; (2) the unpaid Rent, plus interest thereon at a rate per annum from the due date equal to twelve percent (12%) per year, provided, however, that such interest shall never exceed the highest lawful rate; and (3) all other sums of money and damage owing by Tenant to Landlord including Additional Rent. Tenant’s right of possession shall cease and terminate and Landlord shall be entitled to the possession of the Leased Premises and shall remove all persons and property therefrom and reenter the same without further demand of Rent or demand of possession of the Leased Premises, either with or without process of law and without becoming liable to prosecution therefor, any notice to quit or intention to reenter being hereby expressly waived by Tenant. Landlord may Pursue any other remedy available to Landlord on account of such default under applicable law or in equity. Liability of Tenant. In the event of any reentry or retaking of the Leased Premises by Landlord and/or any termination of this Lease by Landlord, Tenant shall nevertheless remain in all events liable and answerable for the Rent, subject only to a setoff or credit in the event the premises are leased to a new tenant during the term for which the Rent is due. Tenant shall be and remain answerable in damages for the deficiency or loss of Rent as well as all related expenses which Landlord may thereby sustain in respect to the balance of the Lease Term, and, in such case, Landlord reserves full power, which is hereby acceded to by Tenant, to let said Leased Premises for the benefit of Tenant, in liquidation and discharge, in whole or in part, as the case may be, of the liability of Tenant under the terms and provisions of this Lease, and such damages and related expenses, at the option of Landlord, may be recovered by it at the time of the retaking and reentry, or in separate actions. Interpretation of Agreement Under Bankruptcy Laws. The provisions of this Section 18 are subject to the Bankruptcy Laws of the United States of America and the State of Maine which may, in certain cases, limit the rights of Landlord to enforce some of the provisions of this Section in proceedings thereunder. To the extent that limitations exist by virtue thereof, the remaining provisions hereof shall not be affected thereby but shall remain in full force and effect. The provisions of this Section 19 shall be interpreted in a manner which results in a termination of this Lease in each and every instance, and to the fullest extent and at the earliest moment that such termination is permitted under the federal and state bankruptcy laws, it being of prime importance to Landlord to deal only with tenants who have, and continue to have, a strong degree of financial strength and financial stability. Application of Rents After Reletting. All rents received by Landlord in any reletting after Tenant’s default shall be applied, first to the payment of such expenses as Landlord may have incurred in recovering possession of the Leased Premises and in reletting the same (including brokerage fees), second to the payment of any costs and expenses incurred by Landlord, either for making the necessary repairs (including fitting up the space for such reletting) to the Leased Premises or in curing any default on the part of Tenant of any covenant or condition herein, made binding upon Tenant. Any remaining rent shall then be applied toward the payment of Rent due from Tenant, together with interest and penalties, and Tenant expressly agrees to pay any deficiency then remaining. Landlord shall in no event be liable in any way whatsoever (nor shall Tenant be entitled to any set off) for Landlord’s failure to relet the Leased Premises, and Landlord, at its option, may refrain from terminating Tenant’s right of possession, and in such case may enforce against Tenant the provisions of this Lease for the full Lease Term.reorganization,
Appears in 1 contract
Events of Tenant Default. It is hereby mutually agreed that: The occurrence of any of the following shall constitute an “Event of Default” by Tenant:
(a) Tenant fails to make any payment of rent when due, or any amount required to replenish the security deposit as provided in Section 4 above, if payment in full is not received by Landlord within ten (10) days after written notice that it is due.
(b) Tenant abandons the Premises (provided that Tenant shall fail (i) not be deemed to have abandoned the Premises if it vacates the Premises so long as it continues to pay Rent or other sums which Tenant is obligated to pay by any provision of due and otherwise perform its obligations under this Lease, when and as it is due and payable hereunder and without demand therefor, or (ii) to keep and perform each and every covenant, condition and agreement herein contained on the part of Tenant to be kept and performed; or (b) if Tenant shall abandon or evidence any intention to abandon all or any portion of the Leased Premises; or ).
(c) if Tenant fails timely to deliver any subordination document, estoppel certificate or financial statement requested by Landlord within the estate hereby created shall be taken by execution or other process of law; or applicable time period specified in Sections 20 - Encumbrances - and 21 - Estoppel Certificates and Financial Statements - below.
(d) if Tenant shall violates the restrictions on Transfer set forth in Section 14 - Assignment and Subletting.
(ie) fail to pay Tenant’s debts Tenant ceases doing business as such debts become due, (ii) become insolvent, (iii) make an a going concern; makes a general assignment for the benefit of creditors; is adjudicated an insolvent, files a petition (ivor files an answer admitting the material allegations of a petition) fileseeking relief under any state or federal bankruptcy or other statute, be the entity law or regulation affecting creditors’ rights; all or substantially all of Tenant’s assets are subject toto judicial seizure or attachment and are not released within ninety (90) days, or acquiesce Tenant consents to or acquiesces in a petition in any court (whether or not filed by or against Tenant pursuant to any statute the appointment of the United States or any state and whether or not for a trustee, custodian, receiver, agent, receiver or other officer liquidator for Tenant or for all or any portion substantial part of Tenant’s propertyassets.
(f) in Tenant fails, within ninety (90) days after the commencement of any proceeding whether bankruptcyproceedings against Tenant seeking relief under any state or federal bankruptcy or other statute, reorganizationlaw or regulation affecting creditors’ rights, composition, extension, arrangement, insolvency proceedingsto have such proceedings dismissed, or otherwise; thenTenant fails, upon the occurrence within ninety (90) days after an appointment, without Tenant’s consent or acquiescence, of an Event any trustee, receiver or liquidator for Tenant or for all or any substantial part of Default by Tenant’s assets, to have such appointment vacated.
(g) Tenant as herein definedfails to perform or comply with any provision of this Lease other than those described in (a) through (f) above, Landlord shall have the right and does not fully cure such failure within thirty (30) days after notice to terminate this lease following written notice of default Tenant or, if such failure cannot be cured within such thirty (“Default Notice”) by Landlord 30)-day period, Tenant fails within such thirty (30)-day period to Tenant. The Default Notice shall set forth the default commence, and give Tenant an opportunity thereafter diligently proceed with, all actions necessary to cure such default within five days from the date of service of the Notice. If at the expiration of said five days’ Notice, the Tenant shall have failed to cure the breach, Landlord may immediately commence Forcible Eviction and Detainer or for any other remedy available under the law against the Tenant. If three such Default Notices are served within any ninety-day period, subsequent thereto, the Landlord may Terminate this Lease without service of a Default Notice, and Tenant shall no longer have any right to cure defaults. Tenant waives any equitable or statutory right of redemption. In the event of such default: Landlord may Terminate this Lease, in which event Tenant’s default should be considered a total breach of Tenant’s obligation under this Lease and Tenant immediately shall become liable for such damages for such breach, in an amount equal to the total of (1) costs of recovering the Leased Premises; (2) the unpaid Rent, plus interest thereon at a rate per annum from the due date equal to twelve percent (12%) per year, provided, however, that such interest shall never exceed the highest lawful rate; and (3) all other sums of money and damage owing by Tenant to Landlord including Additional Rent. Tenant’s right of possession shall cease and terminate and Landlord shall be entitled to the possession of the Leased Premises and shall remove all persons and property therefrom and reenter the same without further demand of Rent or demand of possession of the Leased Premises, either with or without process of law and without becoming liable to prosecution therefor, any notice to quit or intention to reenter being hereby expressly waived by Tenant. Landlord may Pursue any other remedy available to Landlord on account of such default under applicable law or in equity. Liability of Tenant. In the event of any reentry or retaking of the Leased Premises by Landlord and/or any termination of this Lease by Landlord, Tenant shall nevertheless remain failure as soon as reasonably possible but in all events liable and answerable for the Rent, subject only to a setoff or credit in the event the premises are leased to a new tenant during the term for which the Rent is due. Tenant shall be and remain answerable in damages for the deficiency or loss of Rent as well as all related expenses which Landlord may thereby sustain in respect to the balance of the Lease Term, and, in such case, Landlord reserves full power, which is hereby acceded to by Tenant, to let said Leased Premises for the benefit of Tenant, in liquidation and discharge, in whole or in part, as the case may be, of the liability of Tenant under the terms and provisions of this Lease, and such damages and related expenses, at the option of Landlord, may be recovered by it at the time of the retaking and reentry, or in separate actions. Interpretation of Agreement Under Bankruptcy Laws. The provisions of this Section 18 are subject to the Bankruptcy Laws of the United States of America and the State of Maine which may, in certain cases, limit the rights of Landlord to enforce some of the provisions of this Section in proceedings thereunder. To the extent that limitations exist by virtue thereof, the remaining provisions hereof shall not be affected thereby but shall remain in full force and effect. The provisions of this Section 19 shall be interpreted in a manner which results in a termination of this Lease in each and every instance, and to the fullest extent and at the earliest moment that such termination is permitted under the federal and state bankruptcy laws, it being of prime importance to Landlord to deal only with tenants who have, and continue to have, a strong degree of financial strength and financial stability. Application of Rents After Reletting. All rents received by Landlord in any reletting after Tenant’s default shall be applied, first to the payment within ninety (90) days of such expenses as Landlord may have incurred in recovering possession of the Leased Premises and in reletting the same (including brokerage fees), second to the payment of any costs and expenses incurred by Landlord, either for making the necessary repairs (including fitting up the space for such reletting) to the Leased Premises or in curing any default on the part of Tenant of any covenant or condition herein, made binding upon Tenant. Any remaining rent shall then be applied toward the payment of Rent due from Tenant, together with interest and penalties, and Tenant expressly agrees to pay any deficiency then remaining. Landlord shall in no event be liable in any way whatsoever (nor shall Tenant be entitled to any set off) for Landlord’s failure to relet the Leased Premises, and Landlord, at its option, may refrain from terminating Tenant’s right of possession, and in such case may enforce against Tenant the provisions of this Lease for the full Lease Termnotice.
Appears in 1 contract
Events of Tenant Default. It Each one of the following events is hereby mutually agreed that: referred to as an “Event of Tenant Default”:
(a) if Tenant shall fail (i) to pay make due and punctual payment of Rent or other sums which Tenant is obligated to pay by any provision another amounts payable hereunder, and such failure shall continue for fifteen (15) days after receipt of this Lease, when and as it is due and payable hereunder and without demand therefor, or (ii) to keep and perform each and every covenant, condition and agreement herein contained on the part of Tenant to be kept and performed; or written notice from Landlord.
(b) if Tenant shall vacate the Premises without payment of Rent and notice to Landlord, or abandon the Premises, or evidence any intention to abandon all remove leasehold improvements or any portion fixtures constituting property of the Leased Premises; or Landlord;
(c) if This Lease shall be transferred to or shall pass to or devolve upon any other person or party except in the estate hereby created manner set forth in Section 13;
(d) This Lease or the Premises or any part thereof shall be taken by upon execution or by other process of lawlaw directed against Tenant, or shall be taken upon or subject to any attachment at the instance of any creditor of, or claimant against Tenant, and said attachment shall not be discharged or disposed of within thirty (30) days after the levy;
(e) The filing of any petition or the commencement of any case or proceeding by the Tenant under any provision or chapter of the Federal Bankruptcy Act, the Federal Bankruptcy Code or any other federal or state law relating to insolvency, bankruptcy or reorganization; or (d) if the adjudication that the Tenant shall (i) fail to pay Tenant’s debts as such debts become due, (ii) become insolvent, (iii) make an assignment for the benefit of creditors, (iv) file, be the entity subject tois insolvent or bankrupt, or acquiesce in a petition in any court (whether or not filed by or against Tenant pursuant to any statute of the United States or any state and whether or not for a trustee, custodian, receiver, agent, or other officer for Tenant or for all or any portion of Tenant’s property) in any proceeding whether bankruptcy, reorganization, composition, extension, arrangement, insolvency proceedings, or otherwise; then, upon the occurrence entry of an Event of Default by Tenant as herein defined, Landlord shall have order for relief under the right to terminate this lease following written notice of default (“Default Notice”) by Landlord Federal Bankruptcy Code with respect to Tenant. ;
(f) The Default Notice shall set forth filing of any petition or the default commencement of any case or proceeding described in Subsection (e) above against the Tenant, unless the petition and give Tenant an opportunity to cure such default all proceedings initiated thereby are dismissed within five sixty (60) days from the date of service the filing; the filing of an answer by Tenant admitting the allegations of any such petition; or the appointment of or taking possession by a custodian, trustee or receiver for all or any assets of the Notice. If at Tenant, unless such appointment is vacated or dismissed within sixty (60) days from the expiration date of said five days’ Notice, the such appointment or taking of such possession.
(g) Tenant shall have failed fail to cure the breach, Landlord may immediately commence Forcible Eviction and Detainer or for any other remedy available under the law against the Tenant. If three such Default Notices are served within any ninety-day period, subsequent thereto, the Landlord may Terminate this Lease without service of a Default Notice, and Tenant shall no longer have any right to cure defaults. Tenant waives any equitable or statutory right of redemption. In the event of such default: Landlord may Terminate this Lease, in which event Tenant’s default should be considered a total breach of Tenant’s obligation under this Lease and Tenant immediately shall become liable for such damages for such breach, in an amount equal to the total of (1) costs of recovering the Leased Premises; (2) the unpaid Rent, plus interest thereon at a rate per annum from the due date equal to twelve percent (12%) per year, provided, however, that such interest shall never exceed the highest lawful rate; and (3) all other sums of money and damage owing by Tenant to Landlord including Additional Rent. Tenant’s right of possession shall cease and terminate and Landlord shall be entitled to the take possession of the Leased Premises and shall remove all persons and property therefrom and reenter thirty (30) days following the same Commencement Date without further demand payment of Rent or demand of possession of the Leased Premises, either with or without process of law and without becoming liable to prosecution therefor, any notice to quit or intention to reenter being hereby expressly waived by Tenant. Landlord may Pursue any other remedy available to Landlord on account of such default under applicable law or in equity. Liability of Tenant. In the event of any reentry or retaking of the Leased Premises by Landlord and/or any termination of this Lease by Landlord, Rent.
(h) Tenant shall nevertheless remain fail to deliver an Estoppel Certificate in all events liable and answerable for accordance with the Rent, subject only to a setoff or credit in the event the premises are leased to a new tenant during the term for which the Rent is due. Tenant shall be and remain answerable in damages for the deficiency or loss last sentence of Rent as well as all related expenses which Landlord may thereby sustain in respect to the balance of the Lease Term, and, in such case, Landlord reserves full power, which is hereby acceded to by Tenant, to let said Leased Premises for the benefit of Tenant, in liquidation and discharge, in whole or in part, as the case may be, of the liability of Tenant under the terms and provisions Section 29 of this Lease, and such damages and related expenses, at the option of Landlord, may be recovered by it at the time of the retaking and reentry, or in separate actions. Interpretation of Agreement Under Bankruptcy Laws. The provisions of this Section 18 are subject to the Bankruptcy Laws of the United States of America and the State of Maine which may, in certain cases, limit the rights of Landlord to enforce some of the provisions of this Section in proceedings thereunder. To the extent that limitations exist by virtue thereof, the remaining provisions hereof shall not be affected thereby but shall remain in full force and effect. The provisions of this Section 19 shall be interpreted in a manner which results in a termination of this Lease in each and every instance, and to the fullest extent and at the earliest moment that such termination is permitted under the federal and state bankruptcy laws, it being of prime importance to Landlord to deal only with tenants who have, and continue to have, a strong degree of financial strength and financial stability. Application of Rents After Reletting. All rents received by Landlord in any reletting after Tenant’s default shall be applied, first to the payment of such expenses as Landlord may have incurred in recovering possession of the Leased Premises and in reletting the same (including brokerage fees), second to the payment of any costs and expenses incurred by Landlord, either for making the necessary repairs (including fitting up the space for such reletting) to the Leased Premises or in curing any default on the part of Tenant of any covenant or condition herein, made binding upon Tenant. Any remaining rent shall then be applied toward the payment of Rent due from Tenant, together with interest and penalties, and Tenant expressly agrees to pay any deficiency then remaining. Landlord shall in no event be liable in any way whatsoever (nor shall Tenant be entitled to any set off) for Landlord’s failure to relet the Leased Premises, and Landlord, at its option, may refrain from terminating Tenant’s right of possession, and in such case may enforce against Tenant the provisions of this Lease for the full Lease Term.
Appears in 1 contract
Samples: Lease Agreement (Inverness Medical Innovations Inc)
Events of Tenant Default. It is hereby mutually agreed that: The occurrence of any of the following shall constitute an "Event of Default" by Tenant:
(a) Tenant fails to make any payment of rent when due, or any amount required to replenish the security deposit as provided in Section 4 above, if payment in full is not received by Landlord within ten (10) days after written notice that it is due.
(b) Tenant abandons the Premises (provided that Tenant shall fail (i) not be deemed to have abandoned the Premises if it vacates the Premises so long as it continues to pay Rent or other sums which Tenant is obligated to pay by any provision of due and otherwise perform its obligations under this Lease, when and as it is due and payable hereunder and without demand therefor, or (ii) to keep and perform each and every covenant, condition and agreement herein contained on the part of Tenant to be kept and performed; or (b) if Tenant shall abandon or evidence any intention to abandon all or any portion of the Leased Premises; or ).
(c) if Tenant fails timely to deliver any subordination document, estoppel certificate or financial statement requested by Landlord within the estate hereby created shall be taken by execution or other process of law; or applicable time period specified in Sections 20 - Encumbrances - and 21 - Estoppel Certificates and Financial Statements - below.
(d) if Tenant shall violates the restrictions on Transfer set forth in Section 14 -Assignment and Subletting.
(ie) fail to pay Tenant’s debts Tenant ceases doing business as such debts become due, (ii) become insolvent, (iii) make an a going concern; makes a general assignment for the benefit of creditors; is adjudicated an insolvent, files a petition (ivor files an answer admitting the material allegations of a petition) fileseeking relief under any state or federal bankruptcy or other statute, be the entity law or regulation affecting creditors' rights; all or substantially all of Tenant's assets are subject toto judicial seizure or attachment and are not released within ninety (90) days, or acquiesce Tenant consents to or acquiesces in a petition in any court (whether or not filed by or against Tenant pursuant to any statute the appointment of the United States or any state and whether or not for a trustee, custodian, receiver, agent, receiver or other officer liquidator for Tenant or for all or any portion substantial part of Tenant’s property's assets.
(f) in Tenant fails, within ninety (90) days after the commencement of any proceeding whether bankruptcyproceedings against Tenant seeking relief under any state or federal bankruptcy or other statute, reorganizationlaw or regulation affecting creditors' rights, composition, extension, arrangement, insolvency proceedingsto have such proceedings dismissed, or otherwise; thenTenant fails, upon the occurrence within ninety (90) days after an appointment, without Tenant's consent or acquiescence, of an Event any trustee, receiver or liquidator for Tenant or for all or any substantial part of Default by Tenant's assets, to have such appointment vacated.
(g) Tenant as herein definedfails to perform or comply with any provision of this Lease other than those described in (a) through (f) above, Landlord shall have the right and does not fully cure such failure within thirty (30) days after notice to terminate this lease following written notice of default Tenant or, if such failure cannot be cured within such thirty (“Default Notice”) by Landlord 30)-day period, Tenant fails within such thirty (30)-day period to Tenant. The Default Notice shall set forth the default commence, and give Tenant an opportunity thereafter diligently proceed with, all actions necessary to cure such default within five days from the date of service of the Notice. If at the expiration of said five days’ Notice, the Tenant shall have failed to cure the breach, Landlord may immediately commence Forcible Eviction and Detainer or for any other remedy available under the law against the Tenant. If three such Default Notices are served within any ninety-day period, subsequent thereto, the Landlord may Terminate this Lease without service of a Default Notice, and Tenant shall no longer have any right to cure defaults. Tenant waives any equitable or statutory right of redemption. In the event of such default: Landlord may Terminate this Lease, in which event Tenant’s default should be considered a total breach of Tenant’s obligation under this Lease and Tenant immediately shall become liable for such damages for such breach, in an amount equal to the total of (1) costs of recovering the Leased Premises; (2) the unpaid Rent, plus interest thereon at a rate per annum from the due date equal to twelve percent (12%) per year, provided, however, that such interest shall never exceed the highest lawful rate; and (3) all other sums of money and damage owing by Tenant to Landlord including Additional Rent. Tenant’s right of possession shall cease and terminate and Landlord shall be entitled to the possession of the Leased Premises and shall remove all persons and property therefrom and reenter the same without further demand of Rent or demand of possession of the Leased Premises, either with or without process of law and without becoming liable to prosecution therefor, any notice to quit or intention to reenter being hereby expressly waived by Tenant. Landlord may Pursue any other remedy available to Landlord on account of such default under applicable law or in equity. Liability of Tenant. In the event of any reentry or retaking of the Leased Premises by Landlord and/or any termination of this Lease by Landlord, Tenant shall nevertheless remain failure as soon as reasonably possible but in all events liable and answerable for the Rent, subject only to a setoff or credit in the event the premises are leased to a new tenant during the term for which the Rent is due. Tenant shall be and remain answerable in damages for the deficiency or loss of Rent as well as all related expenses which Landlord may thereby sustain in respect to the balance of the Lease Term, and, in such case, Landlord reserves full power, which is hereby acceded to by Tenant, to let said Leased Premises for the benefit of Tenant, in liquidation and discharge, in whole or in part, as the case may be, of the liability of Tenant under the terms and provisions of this Lease, and such damages and related expenses, at the option of Landlord, may be recovered by it at the time of the retaking and reentry, or in separate actions. Interpretation of Agreement Under Bankruptcy Laws. The provisions of this Section 18 are subject to the Bankruptcy Laws of the United States of America and the State of Maine which may, in certain cases, limit the rights of Landlord to enforce some of the provisions of this Section in proceedings thereunder. To the extent that limitations exist by virtue thereof, the remaining provisions hereof shall not be affected thereby but shall remain in full force and effect. The provisions of this Section 19 shall be interpreted in a manner which results in a termination of this Lease in each and every instance, and to the fullest extent and at the earliest moment that such termination is permitted under the federal and state bankruptcy laws, it being of prime importance to Landlord to deal only with tenants who have, and continue to have, a strong degree of financial strength and financial stability. Application of Rents After Reletting. All rents received by Landlord in any reletting after Tenant’s default shall be applied, first to the payment within ninety (90) days of such expenses as Landlord may have incurred in recovering possession of the Leased Premises and in reletting the same (including brokerage fees), second to the payment of any costs and expenses incurred by Landlord, either for making the necessary repairs (including fitting up the space for such reletting) to the Leased Premises or in curing any default on the part of Tenant of any covenant or condition herein, made binding upon Tenant. Any remaining rent shall then be applied toward the payment of Rent due from Tenant, together with interest and penalties, and Tenant expressly agrees to pay any deficiency then remaining. Landlord shall in no event be liable in any way whatsoever (nor shall Tenant be entitled to any set off) for Landlord’s failure to relet the Leased Premises, and Landlord, at its option, may refrain from terminating Tenant’s right of possession, and in such case may enforce against Tenant the provisions of this Lease for the full Lease Termnotice.
Appears in 1 contract
Events of Tenant Default. It is hereby mutually agreed thatAn "Event of Tenant Default" shall be deemed to have occurred when: (a) if Tenant shall fail (i) Tenant has failed to pay Rent perform any of its obligations or other sums which Tenant is obligated to pay by breached any provision of its duties under this Lease, when and as it is due and payable hereunder and without demand therefor, or Leasehold Improvements Agreement; (ii) Landlord has given written notice of such failure or breach to keep and perform each and every covenant, condition and agreement herein contained on the part of Tenant to be kept and performedTenant; or (b) if Tenant shall abandon or evidence any intention to abandon all or any portion of the Leased Premises; or (c) if the estate hereby created shall be taken by execution or other process of law; or (d) if Tenant shall (i) fail to pay Tenant’s debts as such debts become due, (ii) become insolventand, (iii) make an assignment for the benefit of creditorsTenant has not cured such failure or breach, (iv) file, be the entity subject to, or acquiesce in a petition in any court (whether or not filed by or against Tenant pursuant with respect to any statute failure to pay or deposit money, within five (5) business days of the United States or any state and whether or not for a trustee, custodian, receiver, agent, or other officer for Tenant or for all or any portion of Tenant’s property) in any proceeding whether bankruptcy, reorganization, composition, extension, arrangement, insolvency proceedings, or otherwise; then, upon the occurrence of an Event of Default receipt by Tenant as herein definedof such notice from Landlord or, with respect to any failure to perform any obligation or breach of any duty, other than an obligation to pay or deposit money, within thirty (30) days from the receipt by Tenant of such notice from Landlord shall have the right to terminate this lease following written notice of default (“Default Notice”) by Landlord to Tenant. The Default Notice shall set forth the default or, if Tenant has diligently commenced and give Tenant an opportunity endeavored to cure such default failure or breach but such failure cannot by its nature be cured within five such period of thirty (30) days from despite the date diligent efforts of service of Tenant, then within such additional period as may reasonably be required for the Notice. If at the expiration of said five days’ Notice, the Tenant shall have failed to cure the breach, Landlord may immediately commence Forcible Eviction and Detainer or for any other remedy available under the law against the Tenant. If three such Default Notices are served within any ninety-day period, subsequent thereto, the Landlord may Terminate this Lease without service of a Default Notice, and Tenant shall no longer have any right to cure defaults. Tenant waives any equitable or statutory right of redemption. In the event completion of such default: Landlord may Terminate this Lease, in which event Tenant’s default should be considered a total breach cure through the diligent efforts of Tenant’s obligation under this Lease and Tenant immediately shall become liable for such damages for such breach, in an amount equal to the total of (1) costs of recovering the Leased Premises; (2) the unpaid Rent, plus interest thereon at a rate per annum from the due date equal to twelve percent (12%) per year, provided, however, that such interest additional period shall never not exceed the highest lawful rate; and ninety (390) all other sums of money and damage owing by Tenant to Landlord including Additional Rentdays beyond such thirty (30) day period. Tenant’s right of possession shall cease and terminate and Landlord shall be entitled to the possession of the Leased Premises and shall remove all persons and property therefrom and reenter the same without further demand of Rent or demand of possession of the Leased PremisesThe foregoing notwithstanding, either with or without process of law and without becoming liable to prosecution therefor, any notice to quit or intention to reenter being hereby expressly waived by Tenant. Landlord may Pursue any other remedy available to Landlord on account of such default under applicable law or in equity. Liability of Tenant. In the event of any reentry or retaking of the Leased Premises by Landlord and/or any termination of this Lease by Landlord, Tenant shall nevertheless remain in all events liable and answerable for the Rent, subject only to a setoff or credit in the event the premises are leased that Landlord is prevented or delayed by operation of law or by injunction from giving to a new tenant during the term for which the Rent is due. Tenant notice that Tenant has failed to perform any of its obligations or has breached any of its duties, then no such notice shall be required, and remain answerable in damages for the deficiency or loss of Rent as well as all related expenses which Landlord may thereby sustain in respect to the balance of the Lease Term, and, in such case, Landlord reserves full power, which is hereby acceded to by Tenant, to let said Leased Premises for the benefit of Tenant, in liquidation and discharge, in whole or in part, as the case may be, of the liability an "Event of Tenant under the terms and provisions of this Lease, and such damages and related expenses, at the option of Landlord, may be recovered by it at the time of the retaking and reentry, or in separate actions. Interpretation of Agreement Under Bankruptcy Laws. The provisions of this Section 18 are subject to the Bankruptcy Laws of the United States of America and the State of Maine which may, in certain cases, limit the rights of Landlord to enforce some of the provisions of this Section in proceedings thereunder. To the extent that limitations exist by virtue thereof, the remaining provisions hereof shall not be affected thereby but shall remain in full force and effect. The provisions of this Section 19 Default" shall be interpreted deemed to have occurred when the applicable time period referred to in a manner which results in a termination of this Lease in each and every instance, and to clause (iii) above has elapsed from the fullest extent and at the earliest moment that such termination is permitted under the federal and state bankruptcy laws, it being of prime importance to Landlord to deal only with tenants who have, and continue to have, a strong degree of financial strength and financial stability. Application of Rents After Reletting. All rents received by Landlord in any reletting after Tenant’s default shall be applied, first to the payment occurrence of such expenses as Landlord may have incurred in recovering possession failure of performance or breach of duty (rather than from the Leased Premises and in reletting the same (including brokerage fees), second to the payment of any costs and expenses incurred receipt by Landlord, either for making the necessary repairs (including fitting up the space for such reletting) to the Leased Premises or in curing any default on the part of Tenant of any covenant or condition herein, made binding upon Tenant. Any remaining rent shall then be applied toward the payment of Rent due a notice from Tenant, together with interest and penalties, and Tenant expressly agrees to pay any deficiency then remaining. Landlord shall in no event be liable in any way whatsoever (nor shall Tenant be entitled to any set off) for Landlord’s failure to relet the Leased Premises, and Landlord, at its option, may refrain from terminating Tenant’s right of possession, and in such case may enforce against Tenant the provisions of this Lease for the full Lease Term).
Appears in 1 contract
Samples: Leasehold Improvements Agreement (Fair Isaac & Company Inc)
Events of Tenant Default. It is hereby mutually agreed that: (a) if Tenant Each of the following events shall fail (i) be deemed to pay Rent or other sums which Tenant is obligated to pay by any provision of be a default under this Lease, when and is referred to in this Lease as it is an "Event of Default":
(1) A default by Tenant in the due and payable hereunder punctual payment of any Basic Rent or Additional Charges which continues for more than five (5) days after Tenant has received written notice of the failure to pay such Basic Rent or Additional Charges when due and without demand therefor, payable; or
(2) The neglect or (ii) to keep and perform each and every covenant, condition and agreement herein contained on the part failure of Tenant to be kept and performed; perform or (b) if Tenant shall abandon or evidence observe any intention to abandon all or any portion of the Leased Premises; terms, covenants or conditions contained in this Lease on Tenant's part to be performed or observed (cother than those referred to above in subsection (1)) if the estate hereby created shall be taken by execution or other process of law; or (d) if Tenant shall (i) fail to pay Tenant’s debts as such debts become due, (ii) become insolvent, (iii) make an assignment for the benefit of creditors, (iv) file, be the entity subject to, or acquiesce in a petition in any court (whether or which is not filed by or against Tenant pursuant to any statute of the United States or any state and whether or not for a trustee, custodian, receiver, agent, or other officer for Tenant or for all or any portion of Tenant’s property) in any proceeding whether bankruptcy, reorganization, composition, extension, arrangement, insolvency proceedings, or otherwise; then, upon the occurrence of an Event of Default remedied by Tenant as herein defined, within twenty (20) days after Landlord shall have the right given to terminate this lease following Tenant written notice of default specifying such neglect or failure; provided that if the failure to perform cannot be reasonably cured within twenty (“Default Notice”20) by Landlord to Tenant. The Default Notice days, a reasonable additional time shall set forth be granted so long as Tenant has diligently commenced and is diligently proceeding with the default and give Tenant an opportunity to cure such default within five days from the date of service of the Notice. If at the expiration of said five days’ Notice, the Tenant shall have failed to cure the breach, Landlord may immediately commence Forcible Eviction and Detainer or for any other remedy available under the law against the Tenant. If three such Default Notices are served within any ninety-day twenty (20)-day period, subsequent thereto, the Landlord may Terminate this Lease without service of a Default Notice, and Tenant shall no longer have any right to cure defaults. Tenant waives any equitable or statutory right of redemption. In the event of such default: Landlord may Terminate this Lease, in which event Tenant’s default should be considered a total breach of Tenant’s obligation under this Lease and Tenant immediately shall become liable for such damages for such breach, in an amount equal to the total of (1) costs of recovering the Leased Premises; (2) the unpaid Rent, plus interest thereon at a rate per annum from the due date equal to twelve percent (12%) per year, provided, however, that such interest shall never exceed the highest lawful rate; and or
(3) all other sums The assignment, transfer, mortgaging or encumbering of money and damage owing by Tenant to Landlord including Additional Rent. Tenant’s right of possession shall cease and terminate and Landlord shall be entitled to this Lease or the possession subletting of the Leased Premises and shall remove all persons and property therefrom and reenter the same without further demand in a manner not permitted by Section 17 hereof; or
(4) The taking of Rent this Lease or demand of possession of the Leased Premises, either with or without any part thereof, upon execution or by other process of law and without becoming liable directed against Tenant, or upon or subject to prosecution therefor, any notice to quit or intention to reenter being hereby expressly waived by Tenant. Landlord may Pursue any other remedy available to Landlord on account of such default under applicable law or in equity. Liability of Tenant. In attachment at the event insistence of any reentry creditor of or retaking claimant against Tenant, which execution or attachment shall not be discharged or disposed of within thirty (30) days after the levy thereof; or
(5) The abandonment of the Leased Premises by Landlord and/or any termination Tenant without payment of this Lease by LandlordBasic Rent and Additional Charges, Tenant shall nevertheless remain in and performance of all events liable and answerable for the Rent, subject only to a setoff or credit in the event the premises are leased to a new tenant during the term for which the Rent is due. Tenant shall be and remain answerable in damages for the deficiency or loss of Rent as well as all related expenses which Landlord may thereby sustain in respect to the balance of the Lease Term, and, in such case, Landlord reserves full power, which is hereby acceded to by Tenant, to let said Leased Premises for the benefit other obligations of Tenant, in liquidation and discharge, in whole or in part, as the case may be, of the liability of Tenant under the terms and provisions of this Lease, and such damages and related expenses, at the option of Landlord, may be recovered by it at the time of the retaking and reentry, or in separate actions. Interpretation of Agreement Under Bankruptcy Laws. The provisions of this Section 18 are subject to the Bankruptcy Laws of the United States of America and the State of Maine which may, in certain cases, limit the rights of Landlord to enforce some of the provisions of this Section in proceedings thereunder. To the extent that limitations exist by virtue thereof, the remaining provisions hereof shall not be affected thereby but shall remain in full force and effect. The provisions of this Section 19 shall be interpreted in a manner which results in a termination of this Lease in each and every instance, and to the fullest extent and at the earliest moment that such termination is permitted under the federal and state bankruptcy laws, it being of prime importance to Landlord to deal only with tenants who have, and continue to have, a strong degree of financial strength and financial stability. Application of Rents After Reletting. All rents received by Landlord in any reletting after Tenant’s default shall be applied, first to the payment of such expenses as Landlord may have incurred in recovering possession of the Leased Premises and in reletting the same (including brokerage fees), second to the payment of any costs and expenses incurred by Landlord, either for making the necessary repairs (including fitting up the space for such reletting) to the Leased Premises or in curing any default on the part of Tenant of any covenant or condition herein, made binding upon Tenant. Any remaining rent shall then be applied toward the payment of Rent due from Tenant, together with interest and penalties, and Tenant expressly agrees to pay any deficiency then remaining. Landlord shall in no event be liable in any way whatsoever (nor shall Tenant be entitled to any set off) for Landlord’s failure to relet the Leased Premises, and Landlord, at its option, may refrain from terminating Tenant’s right of possession, and in such case may enforce against Tenant the provisions of this Lease for the full Lease Term.
Appears in 1 contract
Samples: Office Lease Agreement (Integrated Information Systems Inc)
Events of Tenant Default. It is hereby mutually agreed that: (a) if Tenant shall fail (i) to pay Rent or other sums which Tenant is obligated to pay by any provision of this Lease, when and as it is due and payable hereunder and without demand therefortherefore, or (ii) to keep and perform each and every covenant, condition and agreement herein contained on the part of Tenant to be kept and performed; or (b) if Tenant shall abandon or evidence any intention to abandon all or any portion of the Leased Premises; or (c) if the estate hereby created shall be taken by execution or other process of law; or (d) if Tenant shall (i) generally fail to pay Tenant’s 's debts as such debts become due, (ii) become insolvent, (iii) make an assignment for the benefit of creditors, (iv) file, be the entity subject to, or acquiesce in a petition in any court (whether or not filed by or against Tenant pursuant to any statute of the United States or any state and whether or not for a trustee, custodian, receiver, agent, or other officer for Tenant or for all or any portion of Tenant’s 's property) in any proceeding whether bankruptcy, reorganization, composition, extension, arrangement, insolvency proceedings, or otherwise, which is not dismissed within 180 days of filing; then, upon the occurrence of an Event of Default by Tenant as herein definedand in each and every case, Landlord shall have the right to terminate this lease following written notice of default (“Default Notice”) by Landlord to Tenant. The Default Notice shall set forth the default from thenceforth and give Tenant an opportunity to cure such default within five days from the date of service of the Notice. If at all times thereafter, at the expiration sole option of said five days’ Notice, the Tenant shall have failed to cure the breachLandlord, Landlord may exercise any or all of the below remedies:
i. Terminate this Lease, in which event Tenant shall immediately commence Forcible Eviction surrender the Leased Premises to Landlord. If Tenant fails to do so, Landlord may without notice and Detainer or for without prejudice to any other remedy available under the law against the Tenant. If three such Default Notices are served within any ninety-day period, subsequent thereto, the Landlord may Terminate this Lease have, enter upon and take possession of the Leased Premises and expel or remove Tenant and its effects without service of a Default Notice, being liable to prosecution or any claim for damages therefore; and Tenant shall no longer have any right to cure defaults. Tenant waives any equitable or statutory right of redemption. In the event indemnify Landlord for all loss and damage which Landlord may suffer by reason of such default: Landlord may termination whether through the inability to relet the Leased Premises or otherwise including any loss of Rent for the remainder of the Lease Term;
ii. Terminate this Lease, in which event Tenant’s 's default should be considered a total breach of Tenant’s 's obligation under this Lease and Tenant immediately shall become liable for such damages for such breach, in an amount equal to the total of (1) costs of recovering the Leased Premises; (2) the unpaid RentRent earned as of the date of termination, plus interest thereon at a rate per annum from the due date at a rate equal to twelve eighteen percent (1218%) per yearannum, provided, however, that such interest shall never exceed the highest lawful rate; and (3) all other sums of money and damage owing by Tenant to Landlord including Additional RentLandlord. Tenant’s 's right of possession shall cease and terminate and Landlord shall be entitled to the possession of the Leased Premises and shall remove all persons and property therefrom and reenter the same without further demand of Rent or demand of possession of the Leased Premises, either with or without process of law and without becoming liable to prosecution therefortherefore, any notice to quit or intention to reenter being hereby expressly waived by Tenant;
iii. Landlord may Declare the present worth (as of the date of such default) of the entire balance of Rent for the remainder of the Lease Term to be due and payable, and collect such balances in any manner not inconsistent with applicable law. For the purpose of this Section 19, "present worth" shall be computed by discounting the entire balance to present worth at a discount rate equal to one (1) percentage point above the discount rate then in effect at the Federal Reserve Bank nearest the location of the Project; and/or
iv. Pursue any combination of such remedies and/or other remedy available to Landlord on account of such default under applicable law or in equity. Liability of Tenant. In the event of any reentry or retaking of the Leased Premises by Landlord and/or any termination of this Lease by Landlord, Tenant shall nevertheless remain in all events liable and answerable for the Rent, subject only to a setoff or credit in the event the premises are leased to a new tenant during the term for which the Rent is due. Tenant shall be and remain answerable in damages for the deficiency or loss of Rent as well as all related expenses which Landlord may thereby sustain in respect to the balance of the Lease Term, and, in such case, Landlord reserves full power, which is hereby acceded to by Tenant, to let said Leased Premises for the benefit of Tenant, in liquidation and discharge, in whole or in part, as the case may be, of the liability of Tenant under the terms and provisions of this Lease, and such damages and related expenses, at the option of Landlord, may be recovered by it at the time of the retaking and reentry, or in separate actions. Interpretation of Agreement Under Bankruptcy Laws. The provisions of this Section 18 are subject to the Bankruptcy Laws of the United States of America and the State of Maine which may, in certain cases, limit the rights of Landlord to enforce some of the provisions of this Section in proceedings thereunder. To the extent that limitations exist by virtue thereof, the remaining provisions hereof shall not be affected thereby but shall remain in full force and effect. The provisions of this Section 19 shall be interpreted in a manner which results in a termination of this Lease in each and every instance, and to the fullest extent and at the earliest moment that such termination is permitted under the federal and state bankruptcy laws, it being of prime importance to Landlord to deal only with tenants who have, and continue to have, a strong degree of financial strength and financial stability. Application of Rents After Reletting. All rents received by Landlord in any reletting after Tenant’s default shall be applied, first to the payment of such expenses as Landlord may have incurred in recovering possession of the Leased Premises and in reletting the same (including brokerage fees), second to the payment of any costs and expenses incurred by Landlord, either for making the necessary repairs (including fitting up the space for such reletting) to the Leased Premises or in curing any default on the part of Tenant of any covenant or condition herein, made binding upon Tenant. Any remaining rent shall then be applied toward the payment of Rent due from Tenant, together with interest and penalties, and Tenant expressly agrees to pay any deficiency then remaining. Landlord shall in no event be liable in any way whatsoever (nor shall Tenant be entitled to any set off) for Landlord’s failure to relet the Leased Premises, and Landlord, at its option, may refrain from terminating Tenant’s right of possession, and in such case may enforce against Tenant the provisions of this Lease for the full Lease Termlaw.
Appears in 1 contract
Events of Tenant Default. It is hereby mutually agreed that: The following events shall be deemed to be events of default by Tenant under this Lease (ahereinafter any one of which may be referred to as an “Event of Tenant Default”): (i) if Tenant shall fail (i) to pay Rent any installment of rental due hereunder, including additional rent or any other sums which charge or assessment against Tenant pursuant to the terms hereof within ten (10) days after notice of such late payment is obligated to pay furnished by Landlord as elsewhere provided herein; provided, however, if more than two (2) payments due of Tenant hereunder in any provision one (1) calendar year are not made until after notice of this Leasesuch late payment is furnished by Landlord as aforesaid, then it shall be an event of default hereunder by Tenant if any subsequent payment due of Tenant hereunder in the same calendar year is not made within five (5) days of the date when and as it is due and payable hereunder and without demand therefor, or due; (ii) to keep and perform each and every covenant, condition and agreement herein contained on the part of Tenant to be kept and performed; or (b) if Tenant shall abandon fail to comply with any term, provision, covenant or evidence any intention to abandon all warranty made under this Lease by Tenant, other than the payment of the rental or any portion of the Leased Premisesother charge or assessment payable by Tenant, and shall not cure such failure within thirty (30) days after notice thereof to Tenant; or (c) provided, however, that if the estate hereby created shall be taken by execution or other process of law; or default is not reasonably susceptible to cure within said thirty (d30) if days, Tenant shall (i) fail have such additional time as may be necessary to pay Tenant’s debts affect a cure so long as such debts become due, (ii) become insolvent, Tenant is diligently pursuing a cure; (iii) Tenant shall make an a general assignment for the benefit of creditors, (iv) file, be the entity subject toor shall admit in writing its inability to pay its debts as they become due, or acquiesce shall file a petition in bankruptcy, or shall be adjudicated as bankrupt or insolvent, or shall file a petition in any court proceeding seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, or shall file an answer admitting or fail timely to contest the material allegations of a petition filed against it in any such proceeding; (whether or not filed by or iv) a proceeding is commenced against Tenant pursuant to any statute of the United States or any state guarantor of this Lease seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, and whether such proceeding shall not have been dismissed within ninety (90) days after the commencement thereof; (v) a receiver or not trustee shall be appointed for a trustee, custodian, receiver, agent, or other officer for Tenant the Premises or for all or any portion of Tenant’s property) in any proceeding whether bankruptcy, reorganization, composition, extension, arrangement, insolvency proceedings, or otherwise; then, upon the occurrence of an Event of Default by Tenant as herein defined, Landlord shall have the right to terminate this lease following written notice of default (“Default Notice”) by Landlord to Tenant. The Default Notice shall set forth the default and give Tenant an opportunity to cure such default within five days from the date of service substantially all of the Notice. If at the expiration assets of said five days’ Notice, the Tenant shall have failed to cure the breach, Landlord may immediately commence Forcible Eviction and Detainer or for any other remedy available under the law against the Tenant. If three such Default Notices are served within any ninety-day period, subsequent thereto, the Landlord may Terminate this Lease without service of a Default Notice, and Tenant shall no longer have any right to cure defaults. Tenant waives any equitable or statutory right of redemption. In the event of such default: Landlord may Terminate this Lease, in which event Tenant’s default should be considered a total breach of Tenant’s obligation under this Lease and Tenant immediately shall become liable for such damages for such breach, in an amount equal to the total of (1) costs of recovering the Leased Premises; (2) the unpaid Rent, plus interest thereon at a rate per annum from the due date equal to twelve percent (12%) per year, provided, however, that such interest shall never exceed the highest lawful rate; and (3) all other sums of money and damage owing by Tenant to Landlord including Additional Rent. Tenant’s right of possession shall cease and terminate and Landlord shall be entitled to the possession of the Leased Premises and shall remove all persons and property therefrom and reenter the same without further demand of Rent or demand of possession of the Leased Premises, either with or without process of law and without becoming liable to prosecution therefor, any notice to quit or intention to reenter being hereby expressly waived by Tenant. Landlord may Pursue any other remedy available to Landlord on account of such default under applicable law or in equity. Liability of Tenant. In the event of any reentry or retaking of the Leased Premises by Landlord and/or any termination of this Lease by Landlord, Tenant shall nevertheless remain in all events liable and answerable for the Rent, subject only to a setoff or credit in the event the premises are leased to a new tenant during the term for which the Rent is due. Tenant shall be and remain answerable in damages for the deficiency or loss of Rent as well as all related expenses which Landlord may thereby sustain in respect to the balance of the Lease Term, and, in such case, Landlord reserves full power, which is hereby acceded to by Tenant, to let said Leased Premises for the benefit of Tenant, in liquidation and discharge, in whole or in part, as the case may be, of the liability of Tenant under the terms and provisions guarantor of this Lease, ; or (vi) Tenant shall do or permit to be done anything which creates a lien upon the Premises and such damages and related expenses, at lien is not removed or discharged or bonded over within sixty (60) days after the option of Landlord, may be recovered by it at the time of the retaking and reentry, or in separate actions. Interpretation of Agreement Under Bankruptcy Laws. The provisions of this Section 18 are subject to the Bankruptcy Laws of the United States of America and the State of Maine which may, in certain cases, limit the rights of Landlord to enforce some of the provisions of this Section in proceedings thereunder. To the extent that limitations exist by virtue filing thereof, the remaining provisions hereof shall not be affected thereby but shall remain in full force and effect. The provisions of this Section 19 shall be interpreted in a manner which results in a termination of this Lease in each and every instance, and to the fullest extent and at the earliest moment that such termination is permitted under the federal and state bankruptcy laws, it being of prime importance to Landlord to deal only with tenants who have, and continue to have, a strong degree of financial strength and financial stability. Application of Rents After Reletting. All rents received by Landlord in any reletting after Tenant’s default shall be applied, first to the payment of such expenses as Landlord may have incurred in recovering possession of the Leased Premises and in reletting the same (including brokerage fees), second to the payment of any costs and expenses incurred by Landlord, either for making the necessary repairs (including fitting up the space for such reletting) to the Leased Premises or in curing any default on the part of Tenant of any covenant or condition herein, made binding upon Tenant. Any remaining rent shall then be applied toward the payment of Rent due from Tenant, together with interest and penalties, and Tenant expressly agrees to pay any deficiency then remaining. Landlord shall in no event be liable in any way whatsoever (nor shall Tenant be entitled to any set off) for Landlord’s failure to relet the Leased Premises, and Landlord, at its option, may refrain from terminating Tenant’s right of possession, and in such case may enforce against Tenant the provisions of this Lease for the full Lease Term.
Appears in 1 contract
Events of Tenant Default. It is hereby mutually agreed that: (a) if Tenant shall fail (i) to pay Rent or other sums which Tenant is obligated to pay by any provision of this Lease, when and as it is due and payable hereunder and without demand therefor, or (ii) to keep and perform each and every covenant, condition and agreement herein contained on the part of Tenant to be kept and performed; or (b) if Tenant shall abandon or evidence any intention to abandon all or any portion of the Leased Premises; or (c) if the estate hereby created shall be taken by execution or other process of law; or (d) if Tenant shall (i) fail generally to pay Tenant’s debts as such debts become due, (ii) become insolvent, (iii) make an assignment for the benefit of creditors, (iv) file, be the entity subject to, or acquiesce in a petition in any court (whether or not filed by or against Tenant pursuant to any statute of the United States or any state and whether or not for a trustee, custodian, receiver, agent, or other officer for Tenant or for all or any portion of Tenant’s property) in any proceeding whether bankruptcy, reorganization, composition, extension, arrangement, insolvency proceedings, or otherwise; then, upon the occurrence of an Event of Default by Tenant as herein defined, Landlord shall have the right to terminate this lease following written notice of default (“Default Notice”) by Landlord to Tenant. The Default Notice shall set forth the default Tenant and give Tenant an opportunity a right to cure such default within five thirty (30) days from the date of service after receipt of the Notice. If notice, and in each and every case, from thenceforth and at all times thereafter, at the expiration sole option of said five days’ Notice, the Tenant shall have failed to cure the breachLandlord, Landlord may :
(i) Terminate this Lease, in which event Tenant shall immediately commence Forcible Eviction surrender the Leased Premises to Landlord. If Tenant fails to do so, Landlord may without notice and Detainer or for without prejudice to any other remedy available under the law against the Tenant. If three such Default Notices are served within any ninety-day period, subsequent thereto, the Landlord may Terminate this Lease have, enter upon and take possession of the Leased Premises and expel or remove Tenant and its effects without service of a Default Notice, being liable to prosecution or any claim for damages therefor; and Tenant shall no longer have any right to cure defaults. Tenant waives any equitable or statutory right of redemption. In the event indemnify Landlord for all loss and damage which Landlord may suffer by reason of such default: Landlord may termination whether through the inability to relet the Leased Premises or otherwise including any loss of Rent for the remainder of the Lease Term.
(ii) Terminate this Lease, in which event Tenant’s default should be considered a total breach of Tenant’s obligation under this Lease and Tenant immediately shall become liable for such damages for such breach, in an amount equal to the total of (1) costs of recovering the Leased Premises; (2) the unpaid RentRent earned as of the date of termination, plus interest thereon at a rate per annum from the due date equal to twelve percent (12%) per year, provided, however, that such interest shall never exceed the highest lawful rate; and (3) all other sums of money and damage owing by Tenant to Landlord including Additional RentLandlord. Tenant’s right of possession shall cease and terminate and Landlord shall be entitled to the possession of the Leased Premises and shall remove all persons and property therefrom and reenter the same without further demand of Rent or demand of possession of the Leased Premises, either with or without process of law and without becoming liable to prosecution therefor, any notice to quit or intention to reenter being hereby expressly waived by Tenant. Landlord may .
(iii) Pursue any other remedy available to Landlord on account of such default under applicable law or in equity. Liability of Tenant. In the event of any reentry or retaking of the Leased Premises by Landlord and/or any termination of this Lease by Landlord, Tenant shall nevertheless remain in all events liable and answerable for the Rent, subject only to a setoff or credit in the event the premises are leased to a new tenant during the term for which the Rent is due. Tenant shall be and remain answerable in damages for the deficiency or loss of Rent as well as all related expenses which Landlord may thereby sustain in respect to the balance of the Lease Term, and, in such case, Landlord reserves full power, which is hereby acceded to by Tenant, to let said Leased Premises for the benefit of Tenant, in liquidation and discharge, in whole or in part, as the case may be, of the liability of Tenant under the terms and provisions of this Lease, and such damages and related expenses, at the option of Landlord, may be recovered by it at the time of the retaking and reentry, or in separate actions. Interpretation of Agreement Under Bankruptcy Laws. The provisions of this Section 18 are subject to the Bankruptcy Laws of the United States of America and the State of Maine which may, in certain cases, limit the rights of Landlord to enforce some of the provisions of this Section in proceedings thereunder. To the extent that limitations exist by virtue thereof, the remaining provisions hereof shall not be affected thereby but shall remain in full force and effect. The provisions of this Section 19 shall be interpreted in a manner which results in a termination of this Lease in each and every instance, and to the fullest extent and at the earliest moment that such termination is permitted under the federal and state bankruptcy laws, it being of prime importance to Landlord to deal only with tenants who have, and continue to have, a strong degree of financial strength and financial stability. Application of Rents After Reletting. All rents received by Landlord in any reletting after Tenant’s default shall be applied, first to the payment of such expenses as Landlord may have incurred in recovering possession of the Leased Premises and in reletting the same (including brokerage fees), second to the payment of any costs and expenses incurred by Landlord, either for making the necessary repairs (including fitting up the space for such reletting) to the Leased Premises or in curing any default on the part of Tenant of any covenant or condition herein, made binding upon Tenant. Any remaining rent shall then be applied toward the payment of Rent due from Tenant, together with interest and penalties, and Tenant expressly agrees to pay any deficiency then remaining. Landlord shall in no event be liable in any way whatsoever (nor shall Tenant be entitled to any set off) for Landlord’s failure to relet the Leased Premises, and Landlord, at its option, may refrain from terminating Tenant’s right of possession, and in such case may enforce against Tenant the provisions of this Lease for the full Lease Term.
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Samples: Commercial Lease Agreement (Atlantic Bancshares, Inc.)
Events of Tenant Default. It is hereby mutually expressly agreed that: that each of the following shall constitute an event of default of Tenant hereunder:
(a) The failure, neglect or refusal of Tenant to pay any installment of Monthly Fixed Rental or additional rent at the time and in the amount as herein provided, or to pay any other monies agreed by it to be paid promptly when and as the same shall become due and payable under the terms hereof, and if Tenant any such failure, neglect or refusal to pay shall fail continue for a period of more than seven (7) days after written notice from Landlord to Tenant.
(i) Tenant shall admit in writing its inability to pay Rent or other sums which Tenant is obligated to pay by any provision of this Lease, when and generally its debts as it is due and payable hereunder and without demand therefor, or they become due; (ii) to keep and perform each and every covenant, condition and agreement herein contained on the part of Tenant to be kept and performed; or (b) if Tenant shall abandon or evidence any intention to abandon all or any portion of the Leased Premises; or (c) if the estate hereby created shall be taken by execution or other process of law; or (d) if Tenant shall (i) fail to pay Tenant’s debts as such debts become due, (ii) become insolvent, (iii) make an assignment for the benefit of creditors, ; (iii) Tenant's property in or on the Premises or Tenant's interest in this Lease shall be levied upon under any attachment or execution; (iv) filea receiver, trustee, liquidator or conservator shall be appointed for Tenant or to take possession of all or substantially all of Tenant's property in or on the entity subject toPremises or of Tenant's interest in this Lease; or (v) a petition for insolvency, dissolution, liquidation or reorganization or arrangement, or acquiesce an order for relief in which Tenant is named a petition in any court (whether debtor, shall be filed by, against or not filed by or against with respect to Tenant pursuant to any statute federal or state statute; and, with respect to any such appointment as provided in clause (iv) or any such petition or order for relief filed against or with respect to Tenant as provided in clause (v), Tenant shall fail to secure a stay or discharge thereof within 90 days after the appointment or the filing of the United States petition or the entry or the order for relief.
(c) The failure, neglect or refusal of Tenant to keep and perform any state of the covenants, conditions or stipulations herein contained and whether covenanted and agreed to be kept and performed by it (other than agreements concerning amounts to be paid by Tenant which are provided for in clause (a) above), and such failure, neglect or not refusal shall continue for a trustee, custodian, receiver, agent, or other officer for Tenant or for all or any portion period of Tenant’s propertymore than thirty (30) days after notice thereof in any proceeding whether bankruptcy, reorganization, composition, extension, arrangement, insolvency proceedings, or otherwise; then, upon the occurrence of an Event of Default by Tenant as herein defined, Landlord shall have the right to terminate this lease following written notice of default (“Default Notice”) writing is given by Landlord to Tenant. The Default Notice shall set forth the default and give Tenant an opportunity to cure such default within five days from the date of service of the Notice. If at the expiration of said five days’ Notice, the Tenant shall have failed to cure the breach, Landlord may immediately commence Forcible Eviction and Detainer or for any other remedy available under the law against the Tenant. If three such Default Notices are served within any ninety-day period, subsequent thereto, the Landlord may Terminate this Lease without service of a Default Notice, and Tenant shall no longer have any right to cure defaults. Tenant waives any equitable or statutory right of redemption. In the event of such default: Landlord may Terminate this Lease, in which event Tenant’s default should be considered a total breach of Tenant’s obligation under this Lease and Tenant immediately shall become liable for such damages for such breach, in an amount equal to the total of (1) costs of recovering the Leased Premises; (2) the unpaid Rent, plus interest thereon at a rate per annum from the due date equal to twelve percent (12%) per year, provided, however, that if the cause for giving such interest shall never exceed notice involves the highest lawful rate; and making of repairs or other matters reasonably requiring a longer period of time than such thirty (330) all other sums of money and damage owing by Tenant to Landlord including Additional Rent. Tenant’s right of possession shall cease and terminate and Landlord shall be entitled to the possession of the Leased Premises and shall remove all persons and property therefrom and reenter the same without further demand of Rent or demand of possession of the Leased Premises, either with or without process of law and without becoming liable to prosecution therefor, any notice to quit or intention to reenter being hereby expressly waived by Tenant. Landlord may Pursue any other remedy available to Landlord on account of such default under applicable law or in equity. Liability of Tenant. In the event of any reentry or retaking of the Leased Premises by Landlord and/or any termination of this Lease by Landlordday period, Tenant shall nevertheless remain in all events liable and answerable for be deemed to have complied with such notice within said period of time if Tenant is diligently prosecuting compliance with said notice or has taken the Rentproper steps or proceedings under the circumstances to prevent the seizure, subject only to a setoff destruction, alteration or credit in other interference with the event Premises by reason of non-compliance with the premises are leased to a new tenant during requirements of any law or ordinance or with the term for which the Rent is due. Tenant shall be and remain answerable in damages for the deficiency rules, regulations or loss directions of Rent as well as all related expenses which Landlord may thereby sustain in respect to the balance of the Lease Term, and, in such case, Landlord reserves full power, which is hereby acceded to by Tenant, to let said Leased Premises for the benefit of Tenant, in liquidation and discharge, in whole or in partany governmental authority, as the case may be, .
(d) Tenant shall fail to take occupancy of the liability Premises or shall vacate, abandon or fail to occupy the Premises for a period of thirty (30) days.
(e) The making of any assignment by Tenant of the Premises, or part thereof, for the benefit of creditors, or should the Premises be taken under the terms and provisions any levy of this Leaseexecution or attachment in execution against Tenant, and such damages levy, attachment or assignment is not dismissed and related expenses, at the option of Landlord, may be recovered discharged within thirty (30) days after written notice thereof given by it at the time of the retaking and reentry, or in separate actions. Interpretation of Agreement Under Bankruptcy Laws. The provisions of this Section 18 are subject to the Bankruptcy Laws of the United States of America and the State of Maine which may, in certain cases, limit the rights of Landlord to enforce some of the provisions of this Section in proceedings thereunder. To the extent that limitations exist by virtue thereof, the remaining provisions hereof shall not be affected thereby but shall remain in full force and effect. The provisions of this Section 19 shall be interpreted in a manner which results in a termination of this Lease in each and every instance, and to the fullest extent and at the earliest moment that such termination is permitted under the federal and state bankruptcy laws, it being of prime importance to Landlord to deal only with tenants who have, and continue to have, a strong degree of financial strength and financial stability. Application of Rents After Reletting. All rents received by Landlord in any reletting after Tenant’s default shall be applied, first to the payment of such expenses as Landlord may have incurred in recovering possession of the Leased Premises and in reletting the same (including brokerage fees), second to the payment of any costs and expenses incurred by Landlord, either for making the necessary repairs (including fitting up the space for such reletting) to the Leased Premises or in curing any default on the part of Tenant of any covenant or condition herein, made binding upon Tenant. Any remaining rent shall then be applied toward the payment of Rent due from Tenant, together with interest and penalties, and Tenant expressly agrees to pay any deficiency then remaining. Landlord shall in no event be liable in any way whatsoever (nor shall Tenant be entitled to any set off) for Landlord’s failure to relet the Leased Premises, and Landlord, at its option, may refrain from terminating Tenant’s right of possession, and in such case may enforce against Tenant the provisions of this Lease for the full Lease Term.
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