Landlord Offset Right Default Clause Samples

Landlord Offset Right Default. A “Landlord Offset Right Default” shall mean the failure by Landlord to pay, within thirty (30) days after written notice from Tenant of failure to pay the same on the due date, either (a) any amounts required to be paid by Landlord to Tenant under Paragraph 22.8.B; or (b) the Allowance or any portion thereof pursuant to the Work Letter. If a Landlord Offset Right Default occurs: (i) Tenant will be entitled to interest on the amount in arrears for the period from the date such amount became delinquent and the date such amount is paid in full, at the Interest Rate (as defined in Paragraph 33.7); (ii) Tenant shall have any rights and remedies available at law or in equity; and (iii) Tenant will have the right to set off against amounts due from Tenant to Landlord hereunder the amount owed by Landlord (1) with respect to which Landlord has not, by the end of such 30-day period, sent a notice of dispute as set forth below in this Paragraph 22.7, or (2) the amount of any final judgment entered against Landlord in favor of Tenant for a Landlord Offset Right Default, if Landlord fails to satisfy the same when due. If Landlord, in good faith, disputes any portion of the amount Tenant alleges it is owed by Landlord, Landlord will so notify Tenant and will nevertheless pay the amount not in dispute prior to expiration of the 30-day period set forth above in this Paragraph 22.8.C. Any such amount which Tenant may elect to setoff hereunder shall be applied to payments due Landlord hereunder so as to apply such amount as soon as possible. Except as expressly set forth in this Paragraph 22.8.C, Tenant will have no right to setoff any amounts against rent due under this Lease.