Common use of Landlord’s Remedies Clause in Contracts

Landlord’s Remedies. In the event that: a. Tenant shall on three or more occasions be in default in the payment of rent or other charges herein required to be paid by Tenant (default herein being defined as payment received by Landlord ten or more days subsequent to the due date), regardless of whether or not such default has occurred on consecutive or non-consecutive months; or b. Tenant has caused a lien to be filed against the Landlord's property and said lien is not removed within thirty (30) days of recordation thereof; or c. Tenant shall default in the observance or performance of any of the covenants and agreements required to be performed and observed by Tenant hereunder for a period of thirty (30) days after notice to Tenant in writing of such default (or if such default shall reasonably take more than thirty (30) days to cure, Tenant shall not have commenced the same within the thirty (30) days and diligently prosecuted the same to completion); or d. Sixty (60) days have elapsed after the commencement of any proceeding by or against Tenant, whether by the filing of a petition or otherwise, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or future Federal Bankruptcy Act or any other present or future applicable federal, state or other statute or law, whereby such proceeding shall not have been dismissed (provided, however, that the non-dismissal of any such proceeding shall not be a default hereunder so long as all of Tenant's covenants and obligations hereunder are being performed by or on behalf of Tenant); then Landlord shall be entitled to its election (unless Tenant shall cure such default prior to such election), to exercise concurrently or successively, any one or more of the following rights: I. Terminate this Lease by giving Tenant notice of termination, in which event this Lease shall expire and terminate on the date specified in such notice of termination, with the same force and effect as though the date so specified were the date herein originally fixed as the termination date of the term of this Lease, and all rights of Tenant under this Lease and in and to the Premises shall expire and terminate, and Tenant shall remain liable for all obligations under this Lease arising up to the date of such termination, and Tenant shall surrender the Premises to Landlord on the date specified in such notice; or

Appears in 9 contracts

Samples: Commercial Lease Agreement, Commercial Lease Agreement, Commercial Lease Agreement

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Landlord’s Remedies. In the event that: a. The following shall each be an “Event of Default” under this Lease: If Tenant shall on three fail to pay the Rent or more occasions be in default in any installment thereof within five (5) business days after the payment date due or shall fail to pay, within five (5) business days after written notice of rent or such failure is given to Tenant, any other charges herein sum required to be paid by Tenant (default herein being defined as payment received under this Lease or under the terms of any other agreement between Landlord and Tenant; or if the interest of Tenant in this Lease shall be levied on under execution or other legal process; or if any voluntary petition in bankruptcy or for corporate re-organization or any similar relief shall be filed by Landlord ten Tenant; or more days subsequent to the due date), regardless of whether or not such default has occurred on consecutive or non-consecutive months; or b. Tenant has caused a lien to if any involuntary petition in bankruptcy shall be filed against the Landlord's property Tenant under any federal or state bankruptcy or insolvency act and said lien is shall not removed have been dismissed within thirty ninety (3090) days of recordation from the filing thereof; or c. or if a receiver shall be appointed for Tenant shall default in the observance or performance of any of the property of Tenant by any court and such receiver shall not have been dismissed within ninety (90) days from the date of his appointment; or if Tenant shall make an assignment for the benefit of creditors; or if Tenant shall admit in writing Tenant’s inability to meet Tenant’s debts as they mature; or if Tenant shall have misrepresented or breached a warranty to Landlord set forth in clause S of Section 32 of this Lease for which no cure period is applicable under Section 32.S; or if any event has occurred which is specified as an Event of Default under this Lease; or if Tenant shall fail to observe or perform any of the other covenants and agreements or conditions in this Lease which Tenant is required to be performed observe and observed by Tenant hereunder perform and such default shall continue for a period of thirty (30) days after written notice to Tenant in writing of such default (or if such default is curable and shall reasonably take require more than thirty (30) days to cure, if Tenant shall not have commenced the same fail to commence to cure said default within the thirty (30) days and diligently prosecuted after notice thereof and/or fail to continuously prosecute the curing of the same to completion); or d. Sixty (60completion with due diligence) days have elapsed after then Landlord may treat the commencement occurrence of any proceeding by one or against Tenantmore of the foregoing events as a breach of this Lease. If an Event of Default occurs, whether by the filing Landlord at its option may, without additional notice or any demand of a petition or otherwise, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or future Federal Bankruptcy Act kind to Tenant or any other present or future applicable federalperson, state or other statute or law, whereby such proceeding shall not have been dismissed (provided, however, that the non-dismissal of any such proceeding shall not be a default hereunder so long as all of Tenant's covenants and obligations hereunder are being performed by or on behalf of Tenant); then Landlord shall be entitled to its election (unless Tenant shall cure such default prior to such election), to exercise concurrently or successively, any one or more of the following rightsdescribed remedies in addition to all other rights and remedies provided at law or in equity or elsewhere in this Lease: I. Terminate (i) Landlord may terminate this Lease by giving and the Term created hereby at any time after the occurrence of any such Event of Default and shall give Tenant written notice of terminationLandlord’s election to do so and the effective date thereof (the “Effective Date”), in which event this Lease Landlord may forthwith repossess the Premises in accordance with applicable law and shall expire and terminate on the date specified be entitled to recover, (a) forthwith as liquidated damages, in such notice of termination, with the same force and effect as though the date so specified were the date herein originally fixed as the termination date of the term of this Lease, and all rights of Tenant addition to any other sums or liabilities under this Lease due to Landlord and damages for which Tenant may be liable, a sum of money equal to the present value (such present value to be computed on the basis of a per annum discount rate equal to the effective annual yield on U.S. Treasury obligations which could be purchased on the business day next succeeding the Effective Date (or if Landlord has elected to first avail itself of the remedy provided in subclause 24(i)(b) below, the date as of which it notifies Tenant that it is electing the remedy set forth in this subclause 24(i)(a)) and mature closest to the Termination Date as determined as if this Lease had not been terminated for a default hereunder) of the Rent provided to be paid by Tenant for the balance of the Term over the present value of the fair market rental value of the Premises, after deduction from the present value of such fair market rental value of all anticipated expenses of reletting. Should the present value of the fair market rental value of the Premises, after deduction of all anticipated expenses of reletting, for the balance of the Term exceed the present value of the Rent provided to be paid by Tenant for the balance of the Term, Landlord shall have no obligation to pay to Tenant the excess or any part thereof or to credit such excess or any part thereof against any other sums or damages for which Tenant may be liable to Landlord, and unless and until such time as Landlord elects to avail itself of the remedy set forth in this subclause 24(i)(a). (b) in addition to any other sums or damages for which Tenant may otherwise be liable to Landlord, a sum of money equal to amounts due at the Effective Date and to the Premises shall expire and terminaterecover from time to time from Tenant, and Tenant shall remain liable for, all Rent which would have thereafter been due but for all obligations such termination as and when the same would have become due (or after the same would have become due) had such termination not occurred by reason of default by Tenant, and any other sums thereafter accruing as they would have become due under this Lease arising up during the period from the Effective Date to the Termination Date and at any time while Landlord is pursuing its rights hereunder, Landlord may invoke its rights to liquidated damages for the balance of the term as provided in subclause 24(i)(a) above. Landlord may, but shall be under no obligation to, except as required by law, relet the Premises or any part thereof for the account of Tenant, for such rent, from time to time (which may be for a term extending beyond the Term of this Lease), and upon such terms as Landlord in Landlord’s sole discretion shall determine and Landlord shall have no obligation to accept any proposal made by third parties nor shall Landlord be required to accept any tenant offered by Tenant or to observe any instructions given by Tenant relative to such reletting. Also at any time prior to Landlord exercising rights under subclause 24(i)(a) above, Landlord may change the locks or other entry devices of the Premises and make repairs, alterations and additions in or to the Premises and redecorate same to the extent deemed by Landlord necessary or desirable, and Tenant shall upon written demand pay the cost thereof together with, if Landlord successfully relets the Premises or any part thereof, Landlord’s expenses of reletting, including without limitation, brokerage commissions payable to Landlord’s agent or to others. Landlord may collect the rents from any such reletting and apply the same to the payment of expenses of reentry, redecoration, repair and alterations and the expenses of reletting and the excess or residue remaining to the payment of Rent and other sums in this Lease provided to be paid by Tenant under subclause 24(i)(b) above after the date of any such reletting, and any such excess or residue shall operate only as an offsetting credit against the amount of Rent and other sums due and owing with respect to periods after the date of such terminationreletting. For purposes of clarity, in no event shall Tenant be entitled to a credit on its indebtedness to Landlord with respect to prior periods or a refund of amounts accelerated pursuant to subclause 24(i)(a) if Landlord relets the Premises or any part thereof. No such reentry, repossession, repairs, alterations, additions or reletting pursuant to this ARTICLE shall operate to release Tenant in whole or in part from any of Tenant’s obligations hereunder, and if Landlord effects any such reletting, Landlord may, at any time and from time to time, with respect to periods prior to the period with respect to which Landlord avails itself of the remedy set forth in subclause 24(i)(a) above (and Tenant’s payment of the amount required thereby) xxx and recover judgment for any deficiencies from time to time remaining after the application from time to time of the proceeds of any such reletting. (ii) Landlord, without thereby waiving default or breach, may cure the same for the account and at the expense of Tenant, without notice in a case of emergency threatening life or property, as determined by Landlord in its sole discretion, or in case of correction of a dangerous or hazardous condition threatening life or property, and in any other case if such default or breach is or becomes an Event of Default or continues for five (5) days after the Landlord gives written notice of intention to cure. Bills for any expense incurred by Landlord in connection with any such performance by Landlord shall be for the account of Tenant, and shall be due and payable within thirty (30) days after Tenant receives said bills, and if not paid when due, the amounts thereof shall surrender the Premises to Landlord on the date specified in such notice; orbecome immediately due and payable as Additional Rent under this Lease.

Appears in 4 contracts

Samples: Office Lease (Wayfair Inc.), Office Lease (Wayfair Inc.), Office Lease (Wayfair LLC)

Landlord’s Remedies. In (a) The occurrence of any one or more of the event that: a. following events (hereinafter referred to as “Events of Default”) shall constitute a breach of this Lease by Tenant: (i) if Tenant shall on three fail to pay the Basic Rental or any other sum when and as the same becomes due and payable and such failure shall continue for more occasions be in default in the payment of rent than ten days after written notice thereof from Landlord; or other charges herein required to be paid by Tenant (default herein being defined as payment received by Landlord ten or more days subsequent to the due date), regardless of whether or not such default has occurred on consecutive or non-consecutive months; or b. Tenant has caused a lien to be filed against the Landlord's property and said lien is not removed within thirty (30ii) days of recordation thereof; or c. if Tenant shall default in the observance fail to perform or performance of observe any other term hereof or of the covenants rules and agreements required regulations referred to in Section 12 hereof to be performed and or observed by Tenant hereunder Tenant, such failure shall continue for a period of thirty (30) days after notice to Tenant in writing of such default (or if such default shall reasonably take more than thirty (30) days to cureafter written notice thereof from Landlord, and Tenant shall not have commenced within such thirty day period commence with due diligence and dispatch the same curing of such default, or, having so commenced, shall thereafter fail or neglect to prosecute or complete with due diligence and dispatch the curing of such default; (iii) if Tenant shall make a general assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts as they become due or shall file a petition in bankruptcy, or shall be adjudicated as insolvent or shall file a petition in any proceeding seeking any reorganization, arrangements, 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 or acquiesce in the appointment of any trustee, receiver or liquidator of Tenant or any material part of its properties; (iv) if within the thirty (30) ninety days and diligently prosecuted the same to completion); or d. Sixty (60) days have elapsed after the commencement of any proceeding by or against Tenant, whether by the filing of a petition or otherwise, Tenant seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the any present or future Federal Bankruptcy Act statute, law or any other present or future applicable federalregulation, state or other statute or law, whereby such proceeding shall not have been dismissed (provideddismissed, howeveror if, that within ninety days after the non-dismissal appointment without the consent of acquiescence of Tenant, of any trustee, receiver or liquidator of Tenant or of any material part of its properties, such proceeding appointment shall not be a default have been vacated; or (v) if this Lease or any estate of Tenant hereunder so long as all of Tenant's covenants and obligations hereunder are being performed by or on behalf of Tenant); then Landlord shall be entitled levied upon under any attachment or execution and such attachment or execution is not vacated within sixty days. (b) Any time an uncured Event of Default by Tenant as set forth in Section 25(a) hereof exists, Landlord, at its option, may terminate this Lease upon and by giving written notice of termination to its election Tenant as required by law (unless Tenant shall cure currently, at least thirty days prior written notice), or Landlord, without terminating this Lease, may at any time after such default prior or breach, without notice or demand additional to such electionthat provided in Section 25(a) hereof (other than notice and/or demand required by applicable law), to and without limiting Landlord in the exercise concurrently of any other right or successively, remedy which Landlord may have by reason of such default or breach (other than the aforesaid right of termination) exercise any one or more of the following rightsremedies hereinafter provided in this Section 25(b), or as otherwise provided by law, all of such remedies (whether provided herein or by law) being cumulative and not exclusive: I. Terminate (c) Landlord shall have the right to recover the rental and all other amounts payable by Tenant under this Lease as they become due (unless and until Landlord has terminated this Lease and all other damages incurred by Landlord as a result of an Event of Default.) Landlord may enter the Premises either by summary proceedings or by any other lawful proceeding (without thereby incurring any liability to Tenant and without such entry being constituted an eviction of Tenant or termination of this Lease) and take possession of the Premises excluding all personal property of every kind on the Premises not owned by Landlord, and Landlord shall at any time and from time to time relet the Premises or any part thereof for the account of Tenant, for such terms, upon such conditions and at such rental as Landlord may in the exercise of its commercially reasonable judgment deem proper. In the event of such reletting, (i) Landlord shall receive and collect the Rent therefrom and shall first apply such Rent against such expenses as Landlord may have incurred in recovering possession of the Premises, placing the same in good order and condition, altering or repairing the same for reletting, and such other expenses, commissions and charges, including attorney’s fees and real estate commissions, which Landlord may have paid or reasonably incurred in connection with such repossession and reletting, and then shall apply such Rent against the Rent as it comes due under this Lease, and (ii) Landlord may execute any lease in connection with such reletting in Landlord’s name, as Landlord may see fit, and the tenant of such reletting shall be under no obligation to see to the application by Landlord of any Rent collected by Landlord. (d) Landlord shall use its commercially reasonable efforts to mitigate its damages in the event of an uncured Event of Default, but Landlord shall not be required to favor the Premises if there are other vacant comparable premises in the Building. (e) Upon a termination of this Lease by giving Landlord pursuant to Section 25(b) hereof, Landlord shall be entitled to recover from Tenant notice the aggregate of: (i) the worth at the time of award of the unpaid rental which had been earned at the time of termination, in ; (ii) the worth at the time of award of the amount by which event this Lease shall expire and terminate on the date specified in unpaid rental which would have been earned after termination until the time of award exceeds the then reasonable rental value of the Premises during such notice period; (iii) the worth at the time of termination, with the same force and effect as though award of the date so specified were amount by which the date herein originally fixed as unpaid rental for the termination date balance of the term of this LeaseLease after the time of award exceeds the reasonable rental value of the Premises for such period; and (iv) Landlord’s other actual damages (if any), proximately caused by the Event of Default. The “worth at the time of award” of the amounts referred to in clauses (a) and (b) above is computed from the date such Rent was due or would have been due, as the case may be, by allowing interest at the rate of two percent in excess of the prime rate as published in The Wall Street Journal or, if a higher rate is legally permissible, at the highest rate legally permitted. The “worth at the time of award” of the amount referred to in clause (c) above is computed by discounting such amount at the discount rate of the Federal Reserve Bank of Chicago at the time of award, plus one percent. Notwithstanding the provisions of this Section 25(e) to the contrary, Tenant shall continue to pay the difference between the rental herein reserved over the then reasonable rental value of the Premises for the remainder of the stated term on a monthly basis until such time, if at all, that such amounts are in arrears for in excess of sixty (60) days, in which event Landlord shall have the right to accelerate such amounts in accordance with Section 25(e)(iii) hereof. (f) All covenants, terms and conditions to be performed by Tenant under any of the terms of this Lease shall be at its sole cost and expense and without any abatement of rental except as expressly provided herein. If Tenant shall fail to pay any sum of money, other than Basic Rental, required to be paid by it hereunder or shall fail to perform any other act on its part to be performed hereunder and such failure shall continue for thirty days after notice thereof by Landlord, and all rights such failure results in an Event of Default, Landlord may, but shall not be obligated so to do, and without waiving or releasing Tenant under from any obligations of Tenant, make any such payment or perform any such other act on Tenant’s part to be made or performed as in this Lease provided. All sums so paid by Landlord and in all necessary incidental costs shall be deemed additional rental hereunder and to the Premises shall expire and terminate, and Tenant shall remain liable for all obligations under this Lease arising up to the date of such termination, and Tenant shall surrender the Premises be payable to Landlord on demand, and Landlord shall have (in addition to any other right or remedy of Landlord) the date specified same rights and remedies in such notice; orthe event of the nonpayment thereof by Tenant as in the case of default by Tenant in the payment thereof by Tenant as in the case of default by Tenant in the payment of Basic Rental.

Appears in 4 contracts

Samples: Lease Agreement (Rocket Companies, Inc.), Lease Agreement (Rocket Companies, Inc.), Lease Agreement (Rocket Companies, Inc.)

Landlord’s Remedies. In the event that: a. Tenant shall on three or more occasions be in default in the payment of rent or other charges herein required to be paid by Tenant (default herein being defined as payment received by Landlord ten or more days subsequent to the due date), regardless of whether or not such default has occurred on consecutive or non-consecutive months; or b. Tenant has caused a lien to be filed against the Landlord's property and said lien is not removed within thirty ten (3010) days of recordation thereof; or c. Tenant shall default in the observance or performance of any of the covenants and agreements required to be performed and observed by Tenant hereunder for a period of thirty ten (3010) days after notice to Tenant in writing of such default (or if such default shall reasonably take more than thirty ten (3010) days to cure, Tenant shall not have commenced the same within the thirty ten (3010) days and diligently prosecuted the same to completion); or d. Sixty Ten (6010) days have elapsed after the commencement of any proceeding by or against Tenant, whether by the filing of a petition or otherwise, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or future Federal Bankruptcy Act or any other present or future applicable federal, state or other statute or law, whereby such proceeding shall not have been dismissed (provided, however, that the non-dismissal of any such proceeding shall not be a default hereunder so long as all of Tenant's covenants and obligations hereunder are being performed by or on behalf of Tenant); then Landlord shall be entitled to its election (unless Tenant shall cure such default prior to such election), to exercise concurrently or successively, any one or more of the following rights: I. i. Terminate this Lease by giving Tenant notice of termination, in which event this Lease shall expire and terminate on the date specified in such notice of termination, with the same force and effect as though the date so specified were the date herein originally fixed as the termination date of the term of this Lease, and all rights of Tenant under this Lease and in and to the Premises shall expire and terminate, and Tenant shall remain liable for all obligations under this Lease arising up to the date of such termination, and Tenant shall surrender the Premises to Landlord on the date specified in such notice; or ii. Terminate this Lease as provided herein and recover from Tenant all damages Landlord may incur by reason of Tenant's default, including, without limitation, a sum which, at the date of such termination, represents the then value of the excess, if any, of (a) the Minimum Rent, Percentage Rent, Taxes and all other sums which would have been payable hereunder by Tenant for the period commencing with the day following the date of such termination and ending with the date herein before set for the expiration of the full term hereby granted, over (b) the aggregate reasonable rental value of the Premises for the same period, all of which excess sum shall be deemed immediately due and payable; or iii. Without terminating this Lease, declare immediately due and payable all Minimum Rent, Taxes, and other rents and amounts due and coming due under this Lease for the entire remaining term hereof, together with all other amounts previously due, at once; provided, however, that such payment shall not be deemed a penalty or liquidated damages but shall merely constitute payment in advance of rent for the remainder of said term. Upon making such payment, Tenant shall be entitled to receive from Landlord all rents received by Landlord from other assignees, tenants, and subtenants on account of said Premises during the term of this Lease, provided that the monies to which tenant shall so become entitled shall in no event exceed the entire amount actually paid by Tenant to Landlord pursuant to the preceding sentence less all costs, expenses and attorney's fees of Landlord incurred in connection with the reletting of the Premises; or iv. Without terminating this Lease, and with or without notice to Tenant, Landlord may in its own name but as agent for Tenant enter into and upon and take possession of the Premises or any part thereof, and, at landlord's option, remove persons and property there from, and such property, if any, may be removed and stored in a warehouse or elsewhere at the cost of, and for the account of Tenant, all without being deemed guilty of trespass or becoming liable for any loss or damage which may be occasioned thereby, and Landlord may rent the Premises or any portion thereof as the agent of Tenant with or without advertisement, and by private negotiations and for any term upon such terms and conditions as Landlord may deem necessary or desirable in order to relet the Premises. Landlord shall in no way be responsible or liable for any rental concessions or any failure to rent the Premises or any part thereof, or for any failure to collect any rent due upon such reletting. Upon such reletting, all rentals received by Landlord from such reletting shall be applied: first, to the payment of any indebtedness (other than any rent due hereunder) from Tenant to Landlord; second, to the payment of any costs and expenses of such reletting, including, without limitation, brokerage fees and attorney's fees and costs of alterations and repairs; third, to the payment of rent and other charges then due and unpaid hereunder; and the residue, if any shall be held by Landlord to the extent of and for application in payment of future rent as the same may become due and payable hereunder. In reletting the Premises as aforesaid, Landlord may grant rent concessions and Tenant shall not be credited therefore. If such rentals received from such reletting shall at any time or from time to time be less than sufficient to pay to Landlord the entire sums then due from Tenant hereunder, Tenant shall pay any such deficiency to Landlord. Such deficiency shall, at Landlord's option, be calculated and paid monthly. No such reletting shall be construed as an election by Landlord to terminate this Lease unless a written notice of such election has been given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for any such previous default provided same has not been cured; or v. Without liability to Tenant or any other party and without constituting a constructive or actual eviction, suspend or discontinue furnishing or rendering to Tenant any property, material, labor, Utilities or other service, whether Landlord is obligated to furnish or render the same, so long as Tenant is in default under this Lease; or vi. Allow the Premises to remain unoccupied and collect rent from Tenant as it comes due; or vii. Foreclose the security interest described herein, including the immediate taking of possession of all property on or in the Premises; or viii. Pursue such other remedies as are available at law or equity. e. Landlord's pursuit of any remedy of remedies, including without limitation, any one or more of the remedies stated herein shall not (1) constitute an election of remedies or preclude pursuit of any other remedy or remedies provided in this Lease or any other remedy or remedies provided by law or in equity, separately or concurrently or in any combination, or (2) sever as the basis for any claim of constructive eviction, or allow Tenant to withhold any payments under this Lease.

Appears in 2 contracts

Samples: Commercial Lease Agreement (Vision Marine Technologies Inc.), Commercial Lease Agreement (Vision Marine Technologies Inc.)

Landlord’s Remedies. In (a) The occurrence of any one or more of the event that: a. following events (hereinafter referred to as “Events of Default”) shall constitute a breach of this Lease by Tenant: (i) if Tenant shall on three fail to pay the Basic Rental or any other sum when and as the same becomes due and payable and such failure shall continue for more occasions be in default in the payment of rent or other charges herein required to be paid by Tenant than ten (default herein being defined as payment received by Landlord ten or more days subsequent to the due date), regardless of whether or not such default has occurred on consecutive or non-consecutive months; or b. Tenant has caused a lien to be filed against the Landlord's property and said lien is not removed within thirty (3010) days of recordation thereofafter written notice thereof from Landlord; or c. or (ii) if Tenant shall default in the observance fail to perform or performance of observe any other term hereof or of the covenants rules and agreements required regulations referred to in Section 12 hereof to be performed and or observed by Tenant hereunder Tenant, such failure shall continue for a period of thirty (30) days after notice to Tenant in writing of such default (or if such default shall reasonably take more than thirty (30) days to cureafter written notice thereof from Landlord, and Tenant shall not have commenced the same within the such thirty (30) days day period commence with due diligence and diligently prosecuted dispatch the same curing of such default, or, having so commenced, shall thereafter fail or neglect to completion)prosecute or complete with due diligence and dispatch the curing of such default; or d. Sixty (60iii) if Tenant shall make a general assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts as they become due or shall file a petition in bankruptcy, or shall be adjudicated as insolvent or shall file a petition in any proceeding seeking any reorganization, arrangements, 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 or acquiesce in the appointment of any trustee, receiver or liquidator of Tenant or any material part of its properties; (iv) if within ninety (90) days have elapsed after the commencement of any proceeding by or against Tenant, whether by the filing of a petition or otherwise, Tenant seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the any present or future Federal Bankruptcy Act statute, law or any other present or future applicable federalregulation, state or other statute or law, whereby such proceeding shall not have been dismissed dismissed, or if, within ninety (provided90) days after the appointment without the consent of acquiescence of Tenant, however, that the non-dismissal of any trustee, receiver or liquidator of Tenant or of any material part of its properties, such proceeding appointment shall not be a default have been vacated; or (v) if this Lease or any estate of Tenant hereunder so long as all of Tenant's covenants and obligations hereunder are being performed by or on behalf of Tenant); then Landlord shall be entitled levied upon under any attachment or execution and such attachment or execution is not vacated within sixty (60) days. (b) Any time an uncured Event of Default by Tenant as set forth in Section 25(a) hereof exists, Landlord, at its option, may terminate this Lease upon and by giving written notice of termination to its election Tenant as required by law (unless Tenant shall cure currently, at least thirty (30) days prior written notice), or Landlord, without terminating this Lease, may at any time after such default prior or breach, without notice or demand additional to such electionthat provided in Section 25(a) hereof (other than notice and/or demand required by applicable law), to and without limiting Landlord in the exercise concurrently of any other right or successively, remedy which Landlord may have by reason of such default or breach (other than the aforesaid right of termination) exercise any one or more of the following rightsremedies hereinafter provided in this Section 25(b), or as otherwise provided by law, all of such remedies (whether provided herein or by law) being cumulative and not exclusive: I. Terminate (c) Landlord shall have the right to recover the rental and all other amounts payable by Tenant under this Lease as they become due (unless and until Xxxxxxxx has terminated this Lease and all other damages incurred by Landlord as a result of an Event of Default.) Landlord may enter the Premises either by summary proceedings or by any other lawful proceeding (without thereby incurring any liability to Tenant and without such entry being constituted an eviction of Tenant or termination of this Lease) and take possession of the Premises excluding all personal property of every kind on the Premises not owned by Landlord, and Landlord shall at any time and from time to time relet the Premises or any part thereof for the account of Tenant, for such terms, upon such conditions and at such rental as Landlord may in the exercise of its commercially reasonable judgment deem proper. In the event of such reletting, (i) Landlord shall receive and collect the Rent therefrom and shall first apply such Rent against such expenses as Landlord may have incurred in recovering possession of the Premises, placing the same in good order and condition, altering or repairing the same for reletting, and such other expenses, commissions and charges, including attorney’s fees and real estate commissions, which Landlord may have paid or reasonably incurred in connection with such repossession and reletting, and then shall apply such Rent against the Rent as it comes due under this Lease, and (ii) Landlord may execute any lease in connection with such reletting in Landlord’s name, as Landlord may see fit, and the tenant of such reletting shall be under no obligation to see to the application by Landlord of any Rent collected by Landlord. (d) Landlord shall use its commercially reasonable efforts to mitigate its damages in the event of an uncured Event of Default, but Landlord shall not be required to favor the Premises if there are other vacant comparable premises in the Building, (e) Upon a termination of this Lease by giving Landlord pursuant to Section 25(b) hereof, Landlord shall be entitled to recover from Tenant notice the aggregate of: (i) the worth at the time of award of the unpaid rental which had been earned at the time of termination, in ; (ii) the worth at the time of award of the amount by which event this Lease shall expire and terminate on the date specified in unpaid rental which would have been earned after termination until the time of award exceeds the then reasonable rental value of the Premises during such notice period; (iii) the worth at the time of termination, with the same force and effect as though award of the date so specified were amount by which the date herein originally fixed as unpaid rental for the termination date balance of the term of this LeaseLease after the time of award exceeds the reasonable rental value of the Premises for such period; and (iv) Landlord’s other actual damages (if any), proximately caused by the Event of Default. The “worth at the time of award” of the amounts referred to in clauses (a) and (b) above is computed from the date such Rent was due or would have been due, as the case may be, by allowing interest at the rate of two percent (2%) in excess of the prime rate as published in The Wall Street Journal or, if a higher rate is legally permissible, at the highest rate legally permitted. The “worth at the time of award” of the amount referred to in clause (c) above is computed by discounting such amount at the discount rate of the Federal Reserve Bank of Chicago at the time of award, plus one percent (1%). Notwithstanding the provisions of this Section 25(e) to the contrary, Tenant shall continue to pay the difference between the rental herein reserved over the then reasonable rental value of the Premises for the remainder of the stated term on a monthly basis until such time, if at all, that such amounts are in arrears for in excess of sixty (60) days, in which event Landlord shall have the right to accelerate such amounts in accordance with Section 25(e)(iii) hereof. (f) All covenants, terms and conditions to be performed by Tenant under any of the terms of this Lease shall be at its sole cost and expense and without any abatement of rental except as expressly provided herein. If Tenant shall fail to pay any sum of money, other than Basic Rental, required to be paid by it hereunder or shall fail to perform any other act on its part to be performed hereunder and such failure shall continue for thirty (30) days after notice thereof by Landlord, and all rights such failure results in an Event of Default, Landlord may, but shall not be obligated so to do, and without waiving or releasing Tenant under from any obligations of Tenant, make any such payment or perform any such other act on Tenant’s part to be made or performed as in this Lease provided. All sums so paid by Xxxxxxxx and in all necessary incidental costs shall be deemed additional rental hereunder and to the Premises shall expire and terminate, and Tenant shall remain liable for all obligations under this Lease arising up to the date of such termination, and Tenant shall surrender the Premises be payable to Landlord on demand, and Landlord shall have (in addition to any other right or remedy of Landlord) the date specified same rights and remedies in such notice; orthe event of the nonpayment thereof by Tenant as in the case of default by Tenant in the payment thereof by Tenant as in the case of default by Tenant in the payment of Basic Rental

Appears in 2 contracts

Samples: Lease Agreement (Rocket Companies, Inc.), Lease Agreement (Rocket Companies, Inc.)

Landlord’s Remedies. In the event that: a. Tenant shall on three or more occasions be in default in the payment of rent or other charges herein required to be paid by Tenant (default herein being defined as payment received by Landlord ten or more days subsequent to the due date), regardless of whether or not such default has occurred on consecutive or non-consecutive months; or b. Tenant Xxxxxx has caused a lien to be filed against the Landlord's property and said lien xxxx is not removed within thirty (30) days of recordation thereof; or c. Tenant shall default in the observance or performance of any of the covenants and agreements required to be performed and observed by Tenant hereunder for a period of thirty (30) days after notice to Tenant in writing of such default (or if such default shall reasonably take more than thirty (30) days to cure, Tenant shall not have commenced the same within the thirty (30) days and diligently prosecuted the same to completion); or d. Sixty (60) days have elapsed after the commencement of any proceeding by or against Tenant, whether by the filing of a petition or otherwise, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or future Federal Bankruptcy Act or any other present or future applicable federal, state or other statute or law, whereby such proceeding shall not have been dismissed (provided, however, that the non-dismissal of any such proceeding shall not be a default hereunder so long as all of Tenant's covenants and obligations hereunder are being performed by or on behalf of TenantXxxxxx); then Landlord shall be entitled to its election (unless Tenant shall cure such default prior to such election), to exercise concurrently or successively, any one or more of the following rights: I. Terminate this Lease by giving Tenant notice of termination, in which event this Lease shall expire and terminate on the date specified in such notice of termination, with the same force and effect as though the date so specified were the date herein originally fixed as the termination date of the term of this Lease, and all rights of Tenant under this Lease and in and to the Premises shall expire and terminate, and Tenant shall remain liable for all obligations under this Lease arising up to the date of such termination, and Tenant Xxxxxx shall surrender the Premises to Landlord on the date specified in such notice; or

Appears in 2 contracts

Samples: Commercial Lease Agreement, Commercial Sublease Agreement

Landlord’s Remedies. In 15.1 The occurrence of any of the following is an event thatof default under this Lease: a. Tenant shall (a) Landlord does not receive punctually on three or more occasions be in default in the date due any payment of the full amount of rent (Whether Base Rent, additional rent or any adjustment to rent) or any other charges herein sum required to be paid by Tenant. (b) Tenant (default herein being defined as payment received by Landlord ten fails to fully and punctually comply and fully perform any covenant, agreement, provision or more days subsequent to the due date), regardless condition of whether or not this Lease and such default has occurred shall continue for a period of fifteen (15) days after written notice from Landlord to Tenant. (c) Tenant or any guarantor of Tenant’s obligations under this Lease shall become insolvent or shall make a transfer in fraud of creditors or make an assignment for the benefit of creditors. (d) The levy of a writ of execution or attachment on consecutive or non-consecutive months; or b. Tenant has caused a lien to be filed against the Landlord's property and said lien of Tenant that is not removed released or discharged within thirty (30) days thereafter. (e) The institution by or against Tenant of recordation thereof; or c. a bankruptcy or insolvency proceeding, an assignment for benefit of creditors, reorganization, liquidation or involuntary dissolution by or against Tenant shall default in the observance or performance any guarantor of any of the covenants and agreements required to be performed and observed by Tenant hereunder for a period of Tenant’s obligation not dismissed within thirty (30) days after notice to days. (f) A receiver, trustee or liquidator has been appointed for the Premises or for all or substantially all of the assets of Tenant in writing or any guarantor of such default (Tenant’s obligations under this Lease and has not been dismissed or if such default shall reasonably take more than discharged within thirty (30) days days. (g) Tenant fails to curetake possession or occupancy of the Premises or abandons, deserts or vacates all or any portion of the Premises. (h) Tenant shall not have commenced do or permit to be done anything which creates a lien or claim of lien on the Premises or Building and the same is not fully released within the thirty (30) days days. (i) Tenant shall breach or fail to comply with any of the Rules and diligently prosecuted the same Regulations, such breach or failure to completion); or d. Sixty continue for more than ten (6010) days have elapsed after notice from the commencement Landlord. (j) Tenant shall violate any law, statute, rule, any Environmental Requirements or any regulation of any proceeding governmental authority, bureau, or agency and such violation is not totally cured as required by such law, statute, rule or against regulation. (k) Tenant assigns or subleases all or any part of its interest in this Lease without complying with the provisions of Section 9 hereof. (l) Tenant has made any materially misleading or untrue statement, representation or warranty to Landlord under this Lease or with respect to the net worth, assets, liabilities, or financial condition of Tenant or any guarantor of Tenant, whether by ’s obligations under this Lease. 15.2 In the filing event of a petition or otherwisedefault, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under Landlord and Landlord’s Affiliates shall have the present or future Federal Bankruptcy Act or any other present or future applicable federal, state or other statute or law, whereby such proceeding shall not have been dismissed (provided, however, that the non-dismissal of any such proceeding shall not be a default hereunder so long as all of Tenant's covenants and obligations hereunder are being performed by or on behalf of Tenant); then Landlord shall be entitled option to its election (unless Tenant shall cure such default prior to such election), to exercise concurrently or successively, pursue any one or more of the following rights: I. Terminate rights or remedies without notice or demand, which rights or remedies shall be in addition to and shall not waive any other remedies or rights Landlord or Landlord’s Affiliates may have at law, equity or under any Environmental Requirements. All rights and remedies of the Landlord herein enumerated shall be cumulative, and none shall exclude any other right or remedy allowed by law. In addition to the other remedies in this Lease provided, the Landlord shall be entitled to the restraint by giving injunction of the violation or attempted violation of any of the covenants, agreements or conditions of this Lease. (a) Landlord may enjoin any failure of Tenant to fully and punctually comply and fully perform any covenant, agreement, provision or condition of this Lease. (b) Landlord may terminate this Lease without further notice and without prejudice or waiver of terminationany other remedy or right available to Landlord, in which event Tenant shall immediately surrender Premises and, if Tenant fails to do so, Landlord may re-enter upon, take possession of Premises, expel or remove Tenant and any other occupant of Premises or any part thereof and remove all property on the Premises, by force, if necessary, without being liable for prosecution or any claim of damage or injury therefore. Tenant shall indemnify and hold Landlord harmless from any loss, costs, or damages occasioned by Landlord and no entry or re-entry by Landlord shall be considered or construed to be a forcible entry. (c) Enter upon and take possession of Premises and expel or remove Tenant and any other occupant of the Premises or any part thereof, and remove all property on the Premises, without terminating this Lease, without being liable for prosecution or any claim of damage of injury therefore. Tenant shall indemnify and hold Landlord harmless from any loss, costs, or damages occasioned by Landlord and no entry or re-entry by Landlord shall be considered or construed to be a forcible entry. (d) Should Landlord elect to re-enter, as herein provided, or should it take possession pursuant to legal proceedings or pursuant to any notice provided for by law; it may either terminate this Lease shall expire or it may from time to time, without terminating this Lease, re-let the Premises or any part thereof for such terms and terminate on the date specified at such rental or rentals and upon such other terms and conditions as Landlord in such notice of terminationits sole discretion may deem advisable, with the same force right to make alterations and effect as though repairs to Premises or grant rental or other concessions to any successor tenant. Landlord shall not be responsible for nor required to re-let the date so specified were Premises and Tenant waives any and all rights to contend that Landlord’s failure to re-let, the date herein originally fixed terms, conditions or concessions of such re-letting, or the failure to collect rent in any way reduce, diminish or mitigate Tenant’s obligations to Landlord. Landlord may elect in its sole discretion to apply rentals received by it: (i) to the payment of any indebtedness; (ii) to the payment of any cost of such re-letting including but not limited to any broker’s commissions or fees, attorneys fees and costs in connection therewith; (iii) to the payment of the cost of any alterations and repairs to the Premises; (iv) to the payment of rent due and unpaid hereunder; and, (v) the residue, if any, shall be held by Landlord and applied in payment of future rent as the termination date same may become due and payable hereunder. Should such rentals received from such re-letting after application by Landlord to the payments described in foregoing clauses (i) through (v) during any month be less than that agreed to be paid during the month by Tenant hereunder, then Tenant shall pay such deficiency to Landlord. Such deficiency shall be calculated and paid monthly to Landlord by Tenant. · (e) In lieu of electing to receive and apply rentals as provided above, Landlord shall have the right, at Landlord’s election, to recover from Tenant all damages incurred by reason of such Tenant’s default including, without limitation, a sum equal to the then-present value (using a discount rate of seven percent (7%) per annum) of the term excess, if any, of this the total Base Annual Rent and additional rent and all other sums which would have been payable hereunder by Tenant for the remainder of the Lease Term (as if there had been no default and no termination of the Lease due to Tenant’s default), less (1) the aggregate reasonable rental value of the Premises for the same period, determined as set forth below, plus (2) the costs of recovering and restoring the Premises to the condition set forth in Section 10 hereof at the termination of the Lease, and all rights of other reasonable expenses incurred by Landlord due to Tenant’s default, including, without limitation, reasonable attorney’s fees plus (3) the unpaid Base Annual Rental and additional rental or any other sums due by Tenant under this Lease and in and to the Premises shall expire and terminate, and Tenant shall remain liable for all obligations under this Lease arising up to as of the date of such termination, with interest thereon at the rate of 10 % per annum. In determining the aggregate reasonable rental value pursuant to item (1) above, the parties hereby agree that all relevant factors shall be considered as of the time Landlord seeks to enforce such remedy, including, but not limited to, (A) the length of time remaining in the Lease Term, (B) the then-current market conditions in the general area in which the Premises are located, (C) the likelihood of reletting the Premises for a period of time equal to the remainder of the Lease Term, (D) the net effective rental rates (taking into account all concessions) then being obtained for space of similar type and size in similar type buildings in the general area in which the Premises are located, (E) the vacancy levels in comparable quality buildings in the general area in which the Building is located, and (F) current levels of new construction that will be completed during the remainder of the Lease Term and the degree to which such new construction will likely affect vacancy rates and rental rates in comparable quality buildings in the general area in which the Premises are located. Tenant agrees to pay the total amount calculated as aforesaid under this subparagraph to Landlord within ten (10) calendar days following Landlord’s written demand therefor, together with all Base Annual Rent and additional rent and all charges and assessments theretofore due, at the same address where Tenant is to pay Landlord the Base Rent of this Lease; provided, however, that such payment shall not constitute a penalty or forfeiture but shall constitute liquidated damages for Tenant’s failure to comply with the terms and provisions of this Lease, Landlord and Tenant shall surrender the Premises to Landlord on the date specified hereby agreeing that Landlord’s actual damages in such notice; orevent would be impossible to ascertain and that the amount set forth above is a reasonable estimate thereof.

Appears in 2 contracts

Samples: Office Lease (Alimera Sciences Inc), Office Lease (Alimera Sciences Inc)

Landlord’s Remedies. A. In the event that: a. (1) The Tenant shall on three or more occasions be in default in the payment of rent or other charges herein required to be paid by Tenant (default herein being defined as payment received by Landlord ten (10) or more days subsequent to the due date), regardless of whether or not such default has occurred on consecutive or non-consecutive months; or b. (2) Tenant has caused a lien or verified statement to be filed against the Landlord's property Leased Premises and said lien is not removed removed, or Tenant has caused such statutory steps as are necessary to have it removed, within thirty (30) days of recordation thereof; or c. (3) The Tenant shall default in the observance or performance of any of the covenants and agreements required to be performed and observed by the Tenant hereunder for a period of thirty (30) days after notice to the Tenant in writing of such default (or if such default shall reasonably take more than thirty (30) days to cure, Tenant shall not have commenced the same within the thirty (30) days and diligently prosecuted the same to completion); or; d. (4) Sixty (60) days have elapsed after the commencement of any proceeding proceedings by or against the Tenant, whether by the filing of a petition or otherwise, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution dissolution, or similar relief under the present or future Federal Bankruptcy Act or any other present or future applicable federal, state state, or other statute or law, whereby such proceeding shall not have been dismissed (provided, however, that the non-dismissal of any such proceeding shall not be a default hereunder so long as all of the Tenant's covenants and obligations hereunder are being performed by or on behalf of Tenant); or (5) The Tenant ceases providing fire, rescue, emergency medical, and related emergency services to the Landlord; then the Landlord shall be entitled to its election (unless the Tenant shall cure such default prior to such election), ) to exercise concurrently or successively, any one or more of the following rights: I. (a) Terminate this Lease by giving the Tenant notice of termination, in which event this Lease shall expire and terminate on the date specified in such notice of termination, with the same force and effect as though the date so specified were the date herein originally fixed as the termination date of the term of this LeaseLease Term, and all rights of the Tenant under this Lease and in and to the Premises shall expire and terminate, and the Tenant shall remain liable for all obligations under this Lease arising up prior to the date of such termination, and the Tenant shall surrender the Leased Premises to the Landlord on the date specified in such notice; or (b) Without terminating this Lease and with notice to the Tenant, the Landlord may, in its own name but as agent for the Tenant, enter into and upon and take possession of the Premises or any part thereof, and at the Landlord's option, remove persons and property therefrom, and such property, if any, may be removed and stored in a warehouse or elsewhere at the cost of, and for the account of the Tenant, all without being deemed guilty of trespass or becoming liable for any loss or damage which may be occasioned thereby, and the Landlord may rent the Leased Premises or any portion thereof as the agent of the Tenant with or without advertisement, and by private negotiations and for any term upon such terms and conditions as the Landlord may deem necessary or desirable in order to relet the Leased Premises. The Landlord shall in no way be responsible or liable for any rental concessions or any failure to rent the Leased Premises or any part thereof, or for any failure to collect any rent due upon such reletting. Upon such reletting, all rentals received by the Landlord from such reletting shall be applied: first, to the payment of any indebtedness (other than any rent due hereunder) from the Tenant to the Landlord; second, to the payment of any costs and expenses of such reletting, including, without limitation, brokerage fees and attorney's fees and costs of alterations and repairs; third, to the payment of rent and other charges then due and unpaid hereunder; and the residue, if any shall be held by the Landlord to the extent of and for application in payment of future rent as the same may become due and payable hereunder. In reletting the Leased Premises, Landlord may grant rent concessions, and the Tenant shall not be credited therefor. If such rentals received from such reletting shall at any time or from time to time be less than sufficient to pay to the Landlord the entire sums then due from the Tenant hereunder, Tenant shall pay any such deficiency to the Landlord. Such deficiency shall, at Landlord's option, be calculated and paid monthly. No such reletting shall be construed as an election by the Landlord to terminate this Lease, unless a written notice of such election has been given to the Tenant by the Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for any such previous default provided same has not been cured; or (c) Without liability to the Tenant or any other party and without constituting a constructive or actual eviction, suspend, or discontinue furnishing or rendering to Tenant any property, material, labor, utilities, or other service, whether the Landlord is obligated to furnish or render the same, so long as Tenant is in default under this Lease; or (d) Pursue such other remedies as are available at law or equity. B. Landlord's pursuit of any remedy or remedies including, without limitation, any one or more of the remedies stated herein shall not (1) constitute an election of remedies or preclude pursuit of any other remedy or remedies provided in this Lease or any other remedy or remedies provided by law or in equity, separately or concurrently or in any combination, or (2) serve as the basis for any claim of constructive eviction, or allow the Tenant to withhold any payments under this Lease.

Appears in 2 contracts

Samples: Non Residential Real Property Lease Agreement, Non Residential Real Property Lease Agreement

Landlord’s Remedies. In If a Default occurs, Landlord shall have the event thatrights and remedies hereinafter set forth, which shall be distinct, separate or cumulative, at Landlord's option, and shall not operate to exclude or deprive Landlord of any other right or remedy allowed it by law: a. Tenant shall on three or more occasions be in default in the payment of rent or other charges herein required to be paid by Tenant (default herein being defined as payment received by 1) Landlord ten or more days subsequent to the due date), regardless of whether or not such default has occurred on consecutive or non-consecutive months; or b. Tenant has caused a lien to be filed against the Landlord's property and said lien is not removed within thirty (30) days of recordation thereof; or c. Tenant shall default in the observance or performance of any of the covenants and agreements required to be performed and observed by Tenant hereunder for a period of thirty (30) days after notice to Tenant in writing of such default (or if such default shall reasonably take more than thirty (30) days to cure, Tenant shall not have commenced the same within the thirty (30) days and diligently prosecuted the same to completion); or d. Sixty (60) days have elapsed after the commencement of any proceeding by or against Tenant, whether by the filing of a petition or otherwise, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or future Federal Bankruptcy Act or any other present or future applicable federal, state or other statute or law, whereby such proceeding shall not have been dismissed (provided, however, that the non-dismissal of any such proceeding shall not be a default hereunder so long as all of Tenant's covenants and obligations hereunder are being performed by or on behalf of Tenant); then Landlord shall be entitled to its election (unless Tenant shall cure such default prior to such election), to exercise concurrently or successively, any one or more of the following rights: I. Terminate may terminate this Lease by giving to Tenant notice of terminationLandlord's election to do so, in which event the Term of this Lease shall end, and all right, title and interest of Tenant hereunder shall expire and terminate on the date specified stated in such notice which shall be no sooner than ten (10) days after Landlord's delivery of termination, with such notice; (2) Landlord may terminate the same force and effect as though the date so specified were the date herein originally fixed as the termination date right of Tenant to possession of the term of this Lease, and all rights of Tenant under Premises without terminating this Lease and in and by giving notice to the Premises Tenant that Tenant's right of possession shall expire and terminate, and Tenant shall remain liable for all obligations under this Lease arising up to the date of such termination, and Tenant shall surrender the Premises to Landlord end on the date specified stated in such notice, which shall be no sooner than ten days after Landlord's delivery of such notice, whereupon the right of Tenant to possession of the Premises or any part thereof shall cease on the date stated in such notice; orand (3) Landlord may enforce the provisions of this Lease and may enforce and protect the rights of Landlord hereunder by a suit or suits in equity or at for the specific performance of any covenant or agreement contained herein, or for the enforcement of any other appropriate legal or equitable remedy, including recovery of all moneys due or to become due from Tenant under any of the provisions of this Lease.

Appears in 2 contracts

Samples: Office Lease (Donlar Corp), Office Lease (Donlar Corp)

Landlord’s Remedies. In Section 12.1. Any one of the event thatfollowing shall be deemed to be an “Event of Default”: a. A. Failure on the part of the Tenant shall on three or more occasions be in default in the to make payment of rent or any other charges herein required monetary amount due under this Lease within ten (10) days after the date when due. B. With respect to be paid by Tenant (default herein being defined as payment received by Landlord ten or more days subsequent to the due date), regardless of whether or not such default has occurred on consecutive or a non-consecutive months; or b. monetary default under this Lease, failure of the Tenant has caused a lien to be filed against cure the Landlord's property and said lien is not removed same within thirty (30) days of recordation thereof; or c. after Notice by the Landlord. The Tenant shall be obligated within five (5) days after Notice to commence to complete as soon as possible the curing of such default; and if the Tenant fails so to do, the same shall be deemed to be an Event of Default. C. The commencement of any of the following proceedings, with such proceeding not being dismissed within sixty (60) days after it has begun: (i) the estate hereby created being taken on execution or by other process of law; (ii) the Tenant being judicially declared bankrupt or insolvent according to law; (iii) an assignment being made of the property of the Tenant for the benefit of creditors; (iv) a receiver, guardian, conservator, trustee in involuntary bankruptcy or other similar officer being appointed to take charge of all or any substantial part of the Tenant’s property by a court of competent jurisdiction; or (v) a petition being filed for the reorganization of the Tenant under any provisions of the Bankruptcy Code or any federal or state law now or hereafter enacted. D. The Tenant filing a petition for reorganization or for rearrangement under, or otherwise availing itself of any provisions of, the Bankruptcy Code or any federal or state law now or hereafter enacted providing a plan or other means for a debtor to settle, satisfy or extend the time for the payment of debts. Section 12.2. Should any Event of Default occur then, notwithstanding any license of any former breach of covenant or waiver of the benefit hereof or consent in a former instance, the Landlord lawfully may, in addition to any remedies available to the Landlord under applicable statutes or case law, or otherwise, immediately or at any time thereafter, and, to the maximum extent permitted by law, without demand or notice (and the Tenant hereby expressly waives any notice to quit possession of the Demised Premises) as may be required by law, enter into and upon the Demised Premises or any part thereof in the name of the whole and repossess the same as of the Landlord’s former estate, and expel the Tenant and those claiming through or under it and remove its or their effects (forcibly if necessary) without being deemed guilty of any manner of trespass, and without prejudice to any remedies which might otherwise be used for arrears of rent or preceding breach of covenant and/or the Landlord may send written notice to the Tenant terminating the term of this Lease; and upon the first to occur of: (i) entry as aforesaid; or (ii) the fifth (5th) day following the sending of such notice of termination, the term of this Lease shall terminate. Section 12.3. The Landlord shall in no event be in default in the observance or performance of any of the covenants Landlord’s obligations hereunder unless and agreements required until the Landlord shall have failed to be performed and observed by Tenant hereunder for a period of thirty (30) days after notice to Tenant in writing of perform such default (or if such default shall reasonably take more than thirty (30) days to cure, Tenant shall not have commenced the same obligations within the thirty (30) days and diligently prosecuted the same to completion); or d. Sixty sixty (60) days have elapsed or such additional time as is reasonably required to correct any such default after the commencement of any proceeding by or against Tenant, whether written notice by the filing of a petition or otherwise, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under Tenant to the present or future Federal Bankruptcy Act or any other present or future applicable federal, state or other statute or law, whereby such proceeding shall not have been dismissed (provided, however, that Landlord properly specifying wherein the non-dismissal of Landlord has failed to perform any such proceeding shall not be a default hereunder so long as all of Tenant's covenants and obligations hereunder are being performed by or on behalf of Tenant); then Landlord shall be entitled to its election (unless Tenant shall cure such default prior to such election), to exercise concurrently or successively, any one or more of the following rights: I. Terminate this Lease by giving Tenant notice of termination, in which event this Lease shall expire and terminate on the date specified in such notice of termination, with the same force and effect as though the date so specified were the date herein originally fixed as the termination date of the term of this Lease, and all rights of Tenant under this Lease and in and to the Premises shall expire and terminate, and Tenant shall remain liable for all obligations under this Lease arising up to the date of such termination, and Tenant shall surrender the Premises to Landlord on the date specified in such notice; orobligation.

Appears in 2 contracts

Samples: Lease Agreement, Lease Agreement

Landlord’s Remedies. In 15.1 The occurrence of any of the following is an event thatof default under this Lease: a. Tenant shall (a) Landlord does not receive punctually on three or more occasions be in default in the date due any payment of the full amount of rent (whether Base Rent, additional rent or any adjustment to rent) or any other charges herein sum required to be paid by Tenant. (b) Tenant (default herein being defined as payment received by Landlord ten fails to fully and punctually comply and fully perform any covenant, agreement, provision or more days subsequent to the due date), regardless condition of whether or not this Lease and such default has occurred on consecutive or non-consecutive months; or b. Tenant has caused a lien to be filed against the Landlord's property and said lien is not removed within thirty (30) days of recordation thereof; or c. Tenant shall default in the observance or performance of any of the covenants and agreements required to be performed and observed by Tenant hereunder continue for a period of thirty (30) days after written notice from Landlord to Tenant in writing of such default (or Tenant; provided, however, if such default is of a nature that it cannot be cured within such thirty (30) day period, such thirty (30) day cure period shall be extended as reasonably necessary to allow Tenant to effect a cure, provided Tenant commences its curative efforts within such thirty (30) day period and continues to same with due diligence and in good faith until completion. (c) Tenant or any guarantor of Tenant's obligations under this Lease shall become insolvent or shall make a transfer in fraud of creditors or make an assignment for the benefit of creditors. (d) The levy of a writ of execution or attachment on or against the property of Tenant that is not released or discharged within thirty (30) days thereafter. (e) The institution by or against Tenant of a bankruptcy or insolvency proceeding, an assignment for benefit of creditors, reorganization, liquidation or involuntary dissolution by or against Tenant or any guarantor of Tenant's obligation not dismissed within thirty (30) days. (f) A receiver, trustee or liquidator has been appointed for the Premises or for all or substantially all of the assets of Tenant or any guarantor of Tenant's obligations under this Lease and has not been dismissed or discharged within thirty (30) days. (g) Tenant fails to take possession or occupancy of the Premises or abandons, deserts or vacates all or any portion of the Premises, and fails to fulfill its monetary obligations under this Lease. (h) Tenant shall do or permit to be done anything which creates a lien or claim of lien on the Premises or Building and the same is not fully released by bonding or otherwise within thirty (30) days. (i) Tenant shall breach or fail to comply with any of the Rules and Regulations, such breach or failure to continue for more than thirty (30) days to cure, after written notice from the Landlord. (j) Tenant shall not have commenced the same within the thirty (30) days and diligently prosecuted the same to completion); or d. Sixty (60) days have elapsed after the commencement violate any law, statute, rule, any Environmental Requirements or any regulation of any proceeding governmental authority, bureau, or agency and such violation is not totally cured as required by such law, statute, rule or against Tenant, whether by the filing of a petition regulation. (k) Tenant assigns or otherwise, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or future Federal Bankruptcy Act subleases all or any other present part of its interest in this Lease without complying with the provisions of Section 17 hereof. (l) Tenant makes or future applicable federalhas made any misleading or untrue statement, state representation or other statute warranty to Landlord under this Lease or lawwith respect to the net worth, whereby such proceeding shall not have been dismissed (providedassets, howeverliabilities, that the non-dismissal or financial condition of Tenant or any such proceeding shall not be a default hereunder so long as all guarantor of Tenant's covenants obligations under this Lease. 15.2 In the event of a default, and obligations hereunder are being performed by or on behalf of Tenant); then Landlord shall be entitled no less than ten (10) days after written notice to its election (unless Tenant shall cure such for a default prior to such electionunder Section 15.1(a), Landlord and Landlord's Affiliates shall have the option to exercise concurrently or successively, pursue any one or more of the following rights: I. Terminate rights or remedies without notice or demand, which rights or remedies shall be in addition to and shall not waive any other remedies or rights Landlord or Landlord's Affiliates may have at law, equity or under any Environmental Requirements. All rights and remedies of the Landlord herein enumerated shall be cumulative, and none shall exclude any other right or remedy allowed by law. In addition to the other remedies in this Lease provided, the Landlord shall be entitled to the restraint by giving injunction of the violation or attempted violation of any of the covenants, agreements or conditions of this Lease, for which equitable relief may be given. (a) Landlord may enjoin any failure of Tenant to fully and punctually comply and fully perform any covenant, agreement, provision or condition of this Lease. (b) Landlord may terminate this Lease without further notice and without prejudice or waiver of terminationany other remedy or right available to Landlord, in which event Tenant shall immediately surrender Premises and, if Tenant fails to do so, Landlord may, using appropriate judicial process if required by Georgia law, re-enter upon, take possession of Premises, expel or remove Tenant and any other occupant of Premises or any part thereof and remove all property on the Premises. (c) Using appropriate judicial process if required to do so by Georgia law, enter upon and take possession of Premises and expel or remove Tenant and any other occupant of the Premises or any part thereof, and remove all property on the Premises, without terminating this Lease, without being liable for prosecution or any claim of damage of injury therefore. (d) Should Landlord elect to re-enter, as herein provided, or should it take possession pursuant to legal proceedings or pursuant to any notice provided for by law; it may either terminate this Lease shall expire or it may from time to time, without terminating this Lease, re-let the Premises or any part thereof for such terms and terminate on the date specified at such rental or rentals and upon such other terms and conditions as Landlord in such notice of terminationits sole discretion may deem advisable, with the same force right to make alterations and effect repairs to Premises or grant rental or other concessions to any successor tenant. Landlord shall not be responsible for nor required to re-let the Premises and Tenant waives any and all rights to contend that Landlord's failure to re-let, the terms, conditions or concessions of such re-letting, or the failure to collect rent in any way reduce, diminish or mitigate Tenant's obligations to Landlord. Landlord may elect in its sole discretion to apply rentals received by it: (i) to the payment of any indebtedness which Landlord incurred as though a result of Tenant's default; (ii) to the date so specified were payment of any cost of such re-letting including but not limited to any broker's commissions or fees, attorneys fees and costs in connection therewith; (iii) to the date herein originally fixed payment of the cost of any alterations and repairs to the Premises; (iv) to the payment of rent due and unpaid hereunder; and, (v) the residue, if any, shall be held by Landlord and applied in payment of future rent as the termination date same may become due and payable hereunder. Should such rentals received from such re-letting after application by Landlord to the payments described in foregoing clauses (i) through (v) during any month be less than that agreed to be paid during the month by Tenant hereunder, then Tenant shall pay such deficiency to Landlord. Such deficiency shall be calculated and paid monthly to Landlord by Tenant. (e) In lieu of electing to receive and apply rentals as provided above, Landlord shall have the right, at Landlord's election, to recover from Tenant all damages incurred by reason of such Tenant's default including, without limitation, a sum equal to the then-present value (using a discount rate of seven percent (7%) per annum) of the term excess, if any, of this the total Base Annual Rent and additional rent and all other sums which would have been payable hereunder by Tenant for the remainder of the Lease Term (as if there had been no default and no termination of the Lease due to Tenant's default), less (1) the aggregate reasonable rental value of the Premises for the same period, determined as set forth below, plus (2) the costs of recovering and restoring the Premises to the condition set forth in Section 10 hereof at the termination of the Lease, and all rights of other reasonable expenses incurred by Landlord due to Tenant's default, including, without limitation, reasonable attorneys' fees plus (3) the unpaid Base Annual Rental and additional rental or any other sums due by Tenant under this Lease and in and to the Premises shall expire and terminate, and Tenant shall remain liable for all obligations under this Lease arising up to as of the date of such termination, with interest thereon at the rate of 10 % per annum. In determining the aggregate reasonable rental value pursuant to item (1) above, the parties hereby agree that all relevant factors shall be considered as of the time Landlord seeks to enforce such remedy, including, but not limited to, (A) the length of time remaining in the Lease Term, (B) the then-current market conditions in the general area in which the Premises are located, (C) the likelihood of reletting the Premises for a period of time equal to the remainder of the Lease Term, (D) the net effective rental rates (taking into account all concessions) then being obtained for space of similar type and size in similar type buildings in the general area in which the Premises are located, (E) the vacancy levels in comparable quality buildings in the general area in which the Building is located, and (F) current levels of new construction that will be completed during the remainder of the Lease Term and the degree to which such new construction will likely affect vacancy rates and rental rates in comparable quality buildings in the general area in which the Premises are located. Tenant agrees to pay the total amount calculated as aforesaid under this subparagraph to Landlord within ten (10) calendar days following Landlord's written demand therefor, together with all Base Annual Rent and additional rent and all charges and assessments theretofore due, at the same address where Tenant is to pay Landlord the Base Rent of this Lease; provided, however, that such payment shall not constitute a penalty or forfeiture but shall constitute liquidated damages for Tenant's failure to comply with the terms and provisions of this Lease, Landlord and Tenant shall surrender hereby agreeing that Landlord's actual damages in such event would be impossible to ascertain and that the amount set forth above is a reasonable estimate thereof. (f) No such re-entry or taking possession of the Premises by Landlord shall be construed as an election on its part to terminate this Lease unless a written notice of same is given to Tenant or unless the termination thereof be decreed by a court of competent jurisdiction. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach. (g) Nothing herein contained shall limit or prejudice the right of Landlord at its option to provide for and obtain as damages by reason of any such termination of this Lease or of possession an amount equal to the maximum allowed by any statute or rule of law in effect at the time when such termination takes place, whether or not such amount be greater, equal to or less than the amounts of damages which Landlord may elect to receive as set forth above. (h) Landlord may, in addition to any other remedy at law or in equity or elsewhere in this Lease, cure Tenant's default at reasonable expense, which expense shall be paid to Landlord by Tenant within thirty (30) days upon demand. (i) All rights of Landlord under this Lease or at law may be exercised by persons acting on behalf of Landlord, under authority granted by Landlord, with full right of reimbursement. Tenant covenants and agrees, waiving all rights to assert, and shall not interpose, any counterclaim or claim for offset or deduction in any summary proceeding brought by Landlord to recover possession of the date specified Premises, except where such counterclaim is a compulsory counterclaim that can not be asserted in a separate action against Landlord.. (j) Any deposits, rents or funds of Tenant held by Landlord at the time of default by Tenant, may be applied by Landlord to any damages provided herein or at law. (k) Neither the commencement of any action or proceeding, nor the settlement thereof, nor entry of judgment thereon shall bar Landlord from bringing subsequent actions or proceedings from time to time, nor shall the failure to include in any action or preceding any sum or sums then due be a bar to the maintenance of any subsequent actions or proceedings for the recovery of such notice; orsum or sums so omitted.

Appears in 2 contracts

Samples: Office Lease (Elastic Networks Inc), Office Lease (Elastic Networks Inc)

Landlord’s Remedies. In the event that: a. Tenant If default shall on three or more occasions be in default made in the payment of rent the Rent or any installment thereof or in the payment of any other charges herein sum required to be paid by Tenant (default herein being defined as payment received by under this Lease or under the terms of any other agreement between Landlord ten or more days subsequent to the due date), regardless of whether or not and Tenant and such default has occurred on consecutive or non-consecutive months; or b. Tenant has caused a lien to be filed against the Landlord's property and said lien is not removed within thirty shall continue for five (305) days of recordation thereof; or c. Tenant after written notice to Tenant, or if default shall default be made in the observance or performance of any of the other - 27 - 39 covenants and agreements or conditions in this Lease which Tenant is required to be performed observe and observed perform and such default shall continue for ten (10) days after written notice to Tenant (provided, however, if such default is non-monetary and not reasonably susceptible of cure by Tenant within 10 days, Tenant shall not be deemed to be in default hereunder if Tenant shall commence such cure within said 10 day period and thereafter diligently and expeditiously prosecute such cure to completion on or before the 60th day following the initial notification of default by Landlord, or if a default involves a hazardous condition and is not cured by Tenant immediately upon written notice to Tenant, or if the interest of Tenant in this Lease shall be levied on under execution or other legal process, or if any voluntary petition in bankruptcy or for corporate re-organization or any similar relief shall be filed by Tenant, or if any involuntary petition in bankruptcy shall be filed against Tenant under any federal or state bankruptcy or insolvency act and shall not have been dismissed within forty-five (45) days from the filing thereof, or if a period receiver shall be appointed for Tenant or any of the property of Tenant by any court and such receiver shall not have been dismissed within thirty (30) days after from the date of his appointment, or if Tenant shall make an assignment for the benefit of creditors, or if Tenant shall admit in writing Tenant's inability to meet Tenant's debts as they mature, or if Tenant shall cease to occupy the Premises for a period of seven (7) days during the Term, then Landlord may treat the occurrence of any one or more of the foregoing events as a breach of this Lease, and thereupon at its option may, without notice or any demand of any kind to Tenant in writing of such default (or if such default shall reasonably take more than thirty (30) days to cure, Tenant shall not have commenced the same within the thirty (30) days and diligently prosecuted the same to completion); or d. Sixty (60) days have elapsed after the commencement of any proceeding by or against Tenant, whether by the filing of a petition or otherwise, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or future Federal Bankruptcy Act or any other present or future applicable federalperson, state or other statute or law, whereby such proceeding shall not have been dismissed (provided, however, that the non-dismissal of any such proceeding shall not be a default hereunder so long as all of Tenant's covenants and obligations hereunder are being performed by or on behalf of Tenant); then Landlord shall be entitled to its election (unless Tenant shall cure such default prior to such election), to exercise concurrently or successively, any one or more of the following rightsdescribed remedies in addition to all other rights and remedies provided at law or in equity or elsewhere herein: I. Terminate (i) Landlord may terminate this Lease and the Term created hereby by giving Tenant written notice of Landlord's election to do so and the effective date thereof, in which event Landlord may forthwith repossess the Premises and may be entitled to recover forthwith, in addition to any other sums or damages for which Tenant may be liable to Landlord, as liquidated damages a sum of money equal to the excess of the value of the Rent provided to be paid by Tenant for the balance of the Term over the fair market rental value of the Premises, after deduction of all anticipated expenses of reletting, for said period. Should the fair market rental value of the Premises, after deduction of all anticipated expenses of reletting, for the balance of the Term exceed the value of the Rent provided to be paid by Tenant for the balance of the Term, Landlord shall have no obligation to pay to Tenant the excess or any part thereof or to credit such excess or any part thereof against any other sums or damages for which Tenant may be liable to Landlord. (ii) Landlord may terminate the right of Tenant to possession of the Premises without terminating this Lease by giving written notice to Tenant notice that Tenant's right to possession shall end upon the date stated in such notice, whereupon the right of terminationTenant to possession of the Premises or any part thereof shall cease on the date stated in such notice. If Landlord terminates the right of Tenant to possession of the Premises without terminating this Lease, such termination of possession shall not release Tenant, in which event this Lease shall expire and terminate whole or in part, from Tenant's obligation to pay the Rent hereunder for the full Term, or the present value of the Rent (at the then current rates therefor) for the period from the date stated in the notice terminating possession to the Terminating Date (such present value to be computed on the basis of a per annum discount rate equal to 200 basis points above the effective annual yield on U.S. Treasury obligations maturing closest to the Termination Date calculated on the date specified in such notice said notice) shall, at the option of terminationLandlord, be immediately due and payable by Tenant to Landlord together with the same force and effect as though the date so specified were the date herein originally fixed as the termination date of the term of this Leaseother monies due hereunder, and Landlord shall have the right of immediate recovery of all rights of Tenant under this Lease and in and such amounts. In the alternative, Landlord shall have the right from time to the Premises shall expire and terminatetime to recover from Tenant, and Tenant shall remain liable for all obligations Rent not theretofore accelerated and paid pursuant to the foregoing sentence and any other sums thereafter accruing as they become due under this Lease arising up to during the period from the date of such terminationnotice of termination of possession to the Termination Date. In any such case, Landlord may (but shall be under no obligation to, except as required by law) relet the Premises or any part thereof for the account of Tenant, for such rent, from time to time (which may be for a term extending beyond the Term of this Lease) and upon such terms as Landlord in Landlord's sole discretion shall determine, and Landlord shall not be required to accept any tenant offered by Tenant or to observe any instructions given by Tenant relative to such reletting. Also, in any such case, Landlord may change the locks or other entry devices of the Premises and make repairs, alterations and additions in or to the Premises and redecorate same to the extent deemed by Landlord necessary or desirable, and Tenant shall surrender upon written demand pay the Premises cost thereof together with Landlord's expenses of reletting, including without limitation, brokerage commissions payable to Landlord's agent or to others. Landlord may collect the rents from any such reletting and apply the same first to the payment of expenses of reentry, redecoration, repair and alterations and the expenses of reletting and second to the payment of Rent therein provided to be paid by Tenant, and any excess or residue shall operate only as an offsetting credit against the amount of Rent due and owing or paid as a result of acceleration or as the same thereafter becomes due and payable hereunder, but the use of such offsetting credit to reduce the amount of Rent due Landlord, if any, shall not be deemed to give Tenant any right, title or interest in or to such excess or residue shall belong to Landlord solely; provided that in no event shall Tenant be entitled to a credit on its indebtedness to Landlord in excess of either the aggregate sum due and owing or paid as a result of acceleration or which would have been paid by Tenant for the period for which the credit to Tenant is being determined, had no default occurred, as applicable. No such reentry, repossession, repairs, alterations, additions or reletting shall be construed as an eviction or ouster of Tenant or as an election on Landlord's part to terminate this Lease, unless a written notice of such intention is given to Tenant, or shall operate to release Tenant in whole or in part from any of Tenant's obligations hereunder, and Landlord may, at any time and from time to time, sux and recover judgment for any deficiencies from time to time remaining after the application from time to time of the proceeds of any such reletting. (iii) Landlord, without thereby waiving such default, may perform the same for the account and at the expense of Tenant, without notice in a case of emergency or in case of correction of a dangerous or hazardous condition, and in any other case if such default continues after ten (10) days from the date specified of the giving by Landlord to Tenant of written notice of intention to do so. Bills for any expense incurred by Landlord in connection with any such notice; orperformance by Landlord for the account of Tenant, and shall be due and payable in accordance with the terms of said bills, and if not paid when due, the amounts thereof shall immediately become due and payable as Additional Rent under this Lease.

Appears in 1 contract

Samples: Lease Amendment (Conning Corp)

Landlord’s Remedies. In (a) Upon default by Tenant, Landlord shall have the event that:option of terminating this Lease. a. (b) If Tenant shall fail to pay an installment of rent promptly on three or more occasions be the day when the same shall become due and payable hereunder, and shall continue in default in the payment of rent or other charges herein required to be paid by Tenant (default herein being defined as payment received by Landlord ten or more days subsequent to the due date), regardless of whether or not such default has occurred on consecutive or non-consecutive months; or b. Tenant has caused a lien to be filed against the Landlord's property and said lien is not removed within thirty (30) days of recordation thereof; or c. Tenant shall default in the observance or performance of any of the covenants and agreements required to be performed and observed by Tenant hereunder for a period of thirty (30) days after written notice to Tenant in writing of such default (thereof by Landlord, or if such Tenant shall fail to promptly keep and perform any other affirmative covenant of this Lease, strictly in accordance with the terms of this Lease and shall continue in default shall reasonably take more than for a period of thirty (30) days after written notice thereof by Landlord of default and demand of performance, then, in any such event, and as often as any such event shall occur, Landlord may (i) declare the said term ended and enter into said Lease Premises, or any part thereof, either with or without process of law, and expel Tenant or any person occupying the same in or upon said premises, using such force as may be necessary so to curedo, and so to repossess and enjoy said premises in Landlord's former estate; or (ii) re-let the premises applying said rent from the new Tenant on this Lease and Tenant shall be responsible for no more than the balance that may be due, should a balance exist. Anything hereinbefore contained to the contrary notwithstanding, if any default shall occur, other than in the payment of money, which cannot have commenced with due diligence be cured within a period of thirty (30) days, and Tenant prior to the same within the expiration of thirty (30) days from and diligently prosecuted the same to completion); or d. Sixty (60) days have elapsed after the commencement giving of any proceeding by or against Tenantnotice as aforesaid, whether by commences to eliminate the filing cause of a petition or otherwisesuch default and proceeds diligently and with reasonable dispatch to take all steps and to undertake all work required to cure such default and does so cure such default, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or future Federal Bankruptcy Act or any other present or future applicable federal, state or other statute or law, whereby such proceeding then Landlord shall not have been dismissed (provided, however, that the non-dismissal of any such proceeding shall not be a default hereunder so long as all of Tenant's covenants and obligations hereunder are being performed right to declare the said term ended by or on behalf of Tenant); then Landlord shall be entitled to its election (unless Tenant shall cure such default prior to such election), to exercise concurrently or successively, any one or more of the following rights: I. Terminate this Lease by giving Tenant notice of termination, in which event this Lease shall expire and terminate on the date specified in such notice of termination, with the same force and effect as though the date so specified were the date herein originally fixed as the termination date of the term of this Lease, and all rights of Tenant under this Lease and in and to the Premises shall expire and terminate, and Tenant shall remain liable for all obligations under this Lease arising up to the date reason of such termination, and Tenant shall surrender the Premises to Landlord on the date specified in such notice; ordefault.

Appears in 1 contract

Samples: Lease Agreement (Grand Palais Riverboat Inc)

Landlord’s Remedies. In the event that: a. Tenant shall on three or more occasions be in default in the payment of rent or other charges herein required to be paid by Tenant (default herein being defined as payment received by Landlord ten or more days subsequent to the due date), regardless of whether or not such default has occurred on consecutive or non-consecutive months; or b. Tenant has caused a lien to be filed against the Landlord's property and said lien is not removed within thirty (30) days of recordation thereof; or c. Tenant shall default in the observance or performance of any of the covenants and agreements required to be performed and observed by Tenant hereunder for a period of thirty (30) days after notice to Tenant in writing of such default (or if such default shall reasonably take more than thirty (30) days to cure, Tenant shall not have commenced the same within the thirty (30) days and diligently prosecuted the same to completion); or d. Sixty (60) days have elapsed after the commencement of any proceeding by or against Tenant, whether by the filing of a petition or otherwise, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or future Federal Bankruptcy Act or any other present or future applicable federal, state or other statute or law, whereby such proceeding shall not have been dismissed (provided, however, that the non-dismissal of any such proceeding shall not be a default hereunder so long as all of Tenant's covenants and obligations hereunder are being performed by or on behalf of Tenant); then Landlord shall be entitled to its election (unless Tenant shall cure such default prior to such election), to exercise concurrently or successively, If any one or more Events of Default set forth in Section 26.1 above, occurs, then Landlord has the right, at its election: (a) to give Tenant written notice of Landlord’s intention to terminate this Lease on the earliest date permitted by law or on any later date specified in such notice, in which case Tenant’s right to possession of the Premises will cease and this Lease will be terminated, except as to Tenant’s liability, as if the expiration of the term fixed in such notice were the end of the Term; or (b) without further demand or notice, to re-enter and take possession of the Premises or any part of the Premises, repossess the same, expel Tenant and those claiming through or under Tenant, and remove the effects of both or either, using such Landlord’s Initials Tenant’s Initials force for such purposes as may be necessary, without being liable for prosecution, without being deemed guilty of any manner of trespass, and without prejudice to any remedies for arrears of Monthly Rent or other amounts payable under this Lease or as a result of any proceeding breach of covenants or conditions; or (c) without further demand or notice to cure any Event of Default and to charge Tenant for the cost of effecting such cure, including, without limitation, attorneys’ fees and interest on the amount so advanced at the rate set forth in Section 28.21, below, provided that Landlord will have no obligation to cure any such Event of Default of Tenant. Should Landlord elect to reenter as provided in subsection (b), above, or should Landlord take possession pursuant to any notice provided by law, Landlord may from time to time, without terminating this Lease, re-let the Premises or any part of the Premises in Landlord’s or Tenant’s name, but for the account of Tenant, for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the Term) and on such conditions and upon such other terms (which may include concessions of free rent and alteration and repair of the Premises) as Landlord, in its sole discretion, may determine and Landlord may collect and receive the Rent. Landlord will in no way be responsible or liable for any failure to re-let the Premises, or any part of the Premises, for any failure to collect any Rent due upon such re-letting. No such re-entry or taking possession of the Premises by Landlord will be construed as an election on Landlord’s part to terminate this Lease unless a written notice of such intention is given to Tenant. No notice from Landlord under this Section or under a forcible or unlawful entry and detainer statute or similar law will constitute an election by Landlord to terminate this Lease unless such notice specifically so states. Landlord reserves the right following rights: I. Terminate any such re-entry or re-letting to exercise its right to terminate this Lease by giving Tenant notice of terminationsuch written notice, in which event this Lease shall expire and will terminate on the date specified in such notice of termination, with the same force and effect as though the date so specified were the date herein originally fixed as the termination date of the term of this Lease, and all rights of Tenant under this Lease and in and to the Premises shall expire and terminate, and Tenant shall remain liable for all obligations under this Lease arising up to the date of such termination, and Tenant shall surrender the Premises to Landlord on the date specified in such notice; or.

Appears in 1 contract

Samples: Office Lease (Go Daddy Group, Inc.)

Landlord’s Remedies. In (a) If an Event of Default shall have happened and be continuing, Landlord shall have the event that: a. right at its election to give Tenant shall on three or more occasions be in default in the payment twenty (20) days written notice of rent or other charges herein required to be paid by Tenant (default herein being defined as payment received by Landlord ten or more days subsequent to the due date), regardless of whether or not such default has occurred on consecutive or non-consecutive months; or b. Tenant has caused a lien to be filed against the Landlord's property and said lien is not removed within thirty (30) days intention to terminate the term of recordation thereof; or c. Tenant shall default in the observance or performance of any of the covenants and agreements required to be performed and observed by Tenant hereunder for a period of thirty (30) days after notice to Tenant in writing of such default (or if such default shall reasonably take more than thirty (30) days to cure, Tenant shall not have commenced the same within the thirty (30) days and diligently prosecuted the same to completion); or d. Sixty (60) days have elapsed after the commencement of any proceeding by or against Tenant, whether by the filing of a petition or otherwise, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or future Federal Bankruptcy Act or any other present or future applicable federal, state or other statute or law, whereby such proceeding shall not have been dismissed (provided, however, that the non-dismissal of any such proceeding shall not be a default hereunder so long as all of Tenant's covenants and obligations hereunder are being performed by or on behalf of Tenant); then Landlord shall be entitled to its election (unless Tenant shall cure such default prior to such election), to exercise concurrently or successively, any one or more of the following rights: I. Terminate this Lease by giving Tenant notice of termination, in which event this Lease shall expire and terminate on the a date specified in such notice notice. Thereupon, the term of termination, this Lease and the estate hereby granted shall terminate on such date as completely and with the same force and effect as though the if such date so specified were the date fixed herein originally fixed as for the termination date expiration of the term of this Lease, and all rights of Tenant under this Lease and in and to the Premises hereunder shall expire and terminate, and but Tenant shall remain liable for all obligations under as provided herein. (b) If an Event of Default shall have happened and be continuing Landlord shall have the immediate right, whether or not the term of this Lease arising up shall have been terminated pursuant to Section 10.2(a), to (i) re-enter and repossess the Premises or any part thereof by any means permissible under California law, (ii) remove all persons and property therefrom, Tenant hereby expressly waiving any and all notices to quit, cure or vacate provided by current or any future law; and (iii) collect from Tenant all sums due hereunder, plus interest at the Default Rate. Landlord shall be under no liability by reason of any such re-entry, repossession or removal. No such re-entry or taking of possession of the Premises by Landlord shall be construed as an election on Landlord's part to terminate the term of this Lease unless a written notice of such intention to be given to Tenant pursuant to Section 10.2(a). (c) At any time or from time to time after the repossession of the Premises or any part thereof pursuant to Section 10.2(b), whether or not the term of this Lease shall have been terminated pursuant to Section 10.2(a), Landlord may relet the Premises or any part thereof for the account of Tenant, in the name of Tenant or Landlord or otherwise, without notice to Tenant, for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) and for such uses Landlord, in its absolute discretion, may determine, and Landlord may collect and receive any rents payable by reason of such reletting. (d) No termination of the term of this Lease pursuant to Section 10.2(a), by operation of law or otherwise, and no repossession of the Premises or any part thereof pursuant to Section 10.2(b) or otherwise, and no reletting of the Premises or any part thereof pursuant to Section 10.2(c), shall relieve Tenant of its liabilities and obligations hereunder, all of which shall survive such expiration, termination, repossession or reletting. (e) At any time after such termination or repossession by reason of the occurrence of any Event of Default, whether or not Landlord shall have collected any current damages pursuant to this Section 10.2(e), Landlord shall be entitled to recover from Tenant, and Tenant will pay to Landlord on demand, as and for liquidated and agreed final damages for Tenant's default and in lieu of all current damages beyond the date of such terminationdemand (it being agreed that it would be impracticable or extremely difficult to fix the actual damages), an amount equal to the present value of all rent payable under the Lease beyond the date of such demand over the then present value of the then fair market rental for the Premises, at the date of such demand for what would be the unexpired term of the Lease, which present value shall in each case be determined by the application of a discount factor of five percent (5%) per annum; however, this amount shall not be less than any "make whole provision" in favor of the Lender, including without limitation, any yield maintenance premium, default interest and late charges specified in the Loan Documents in connection with the indebtedness encumbered by the Premises. If any law, including without limitation, California Civil Code Section 1951.2 or its successor, shall be construed to limit the amount of such liquidated final damages to less than the amount above agreed upon, Landlord shall be entitled to the maximum amount allowable under such statute or rule of law. Landlord retains all remedies described in California Civil Code Section 1951.4. (f) Notwithstanding anything to the contrary stated herein, if an Event of Default shall have happened and be continuing, whether or not Tenant shall surrender have abandoned the Premises, Landlord may elect to continue this Lease in effect for so long as the Landlord does not terminate Tenant's right to possession of the Premises and Landlord may enforce all of its rights and remedies hereunder including, without limitation, the right to Landlord on recover all Basic Rent, Additional Rent and other sums payable hereunder as the date specified in such notice; orsame become due

Appears in 1 contract

Samples: Lease Agreement (Techniclone Corp/De/)

Landlord’s Remedies. In the event that: a. Tenant shall on three or more occasions be in default in the payment of rent or other charges herein required to be paid by Tenant (default herein being defined as payment received by Landlord ten sixty or more days subsequent to the due date), regardless of whether or not such default has occurred on consecutive or non-consecutive months; or b. Tenant has caused a lien lien, mortgage or charges to be filed filed/created against the Landlord's property and said lien is not removed within thirty (30) days of recordation thereof; or c. Tenant shall default in the observance or performance of any of the covenants and agreements required to be performed and observed by Tenant hereunder for a period of thirty (30) days after notice to Tenant in writing of such default (or if such default shall reasonably take more than thirty (30) days to cure, Tenant shall not have commenced the same within the thirty (30) days and diligently prosecuted the same to completion); or d. Sixty (60) days have elapsed after the commencement of any proceeding by or against Tenant, whether by the filing of a petition or otherwise, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or future Federal Bankruptcy Act or any other present or future applicable federal, state or other statute or law, whereby such proceeding shall not have been dismissed (provided, however, that the non-dismissal of any such proceeding shall not be a default hereunder so long as all of Tenant's covenants and obligations hereunder are being performed by or on behalf of Tenant); then Landlord shall be entitled to its election (unless Tenant shall cure such default prior to such election), to exercise concurrently or successively, any one or more of the following rights: I. Terminate this Lease by giving Tenant notice of termination, in which event this Lease shall expire and terminate on the date specified in such notice of termination, with the same force and effect as though the date so specified were the date herein originally fixed as the termination date of the term of this Lease, and all rights of Tenant under this Lease and in and to the Premises shall expire and terminate, and Tenant shall remain liable for all obligations under this Lease arising up to the date of such termination, and Tenant shall surrender the Premises to Landlord on the date specified in such notice; or II. Terminate this Lease as provided herein and recover from Tenant all damages Landlord may incur by reason of Tenant's default,

Appears in 1 contract

Samples: Commercial Lease Agreement (CLENERGEN Corp)

Landlord’s Remedies. In the event that: a. Tenant shall on three or more occasions be in default in the payment of rent or other charges herein required to be paid by Tenant (default herein being defined as payment received by Landlord ten or more days subsequent to the due date), regardless of whether or not such default has occurred on consecutive or non-consecutive months; or b. Tenant has caused a lien to be filed against the Landlord's property and said lien is not removed within thirty (30) days of recordation thereof; or c. Tenant shall default in the observance or performance of any of the covenants and agreements required to be performed and observed by Tenant hereunder for a period of thirty (30) days after notice to Tenant in writing of such default (or if such default shall reasonably take more than thirty (30) days to cure, Tenant shall not have commenced the same within the thirty (30) days and diligently prosecuted the same to completion); or d. Sixty (60) days have elapsed after the commencement of any proceeding by or against Tenant, whether by the filing of a petition or otherwise, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or future Federal Bankruptcy Act or any other present or future applicable federal, state or other statute or law, whereby such proceeding shall not have been dismissed (provided, however, that the non-dismissal of any such proceeding shall not be a default hereunder so long as all of Tenant's covenants and obligations hereunder are being performed by or on behalf of Tenant); then Landlord shall be entitled to its election (unless Tenant shall cure such default prior to such election), to exercise concurrently or successively, any one or more of the following rights: I. i. Terminate this Lease by giving Tenant notice of termination, in which event this Lease shall expire and terminate on the date specified in such notice of termination, with the same force and effect as though the date so specified were the date herein originally fixed as the termination date of the term of this Lease, and all rights of Tenant under this Lease and in and to the Premises shall expire and terminate, and Tenant shall remain liable for all obligations under this Lease arising up to the date of such termination, and Tenant shall surrender the Premises to Landlord on the date specified in such notice; or ii. Terminate this Lease as provided herein and recover from Tenant all damages Landlord may incur by reason of Tenant's default, including, without limitation, a sum which, at the date of such termination, represents the then value of the excess, if any, of (a) the Minimum Rent, Percentage Rent, Taxes and all other sums which would have been payable hereunder by Tenant for the period commencing with the day following the date of such termination and ending with the date herein before set for the expiration of the full term hereby granted, over (b) the aggregate reasonable rental value of the Premises for the same period, all of which excess sum shall be deemed immediately due and payable; or LANDLORD _________ TENANT _________ iii. Without terminating this Lease, declare immediately due and payable all Minimum Rent, Taxes, and other rents and amounts due and coming due under this Lease for the entire remaining term hereof, together with all other amounts previously due, at once; provided, however, that such payment shall not be deemed a penalty or liquidated damages but shall merely constitute payment in advance of rent for the remainder of said term. Upon making such payment, Tenant shall be entitled to receive from Landlord all rents received by Landlord from other assignees, tenants, and subtenants on account of said Premises during the term of this Lease, provided that the monies to which tenant shall so become entitled shall in no event exceed the entire amount actually paid by Tenant to Landlord pursuant to the preceding sentence less all costs, expenses and attorney's fees of Landlord incurred in connection with the reletting of the Premises; or iv. Without terminating this Lease, and with or without notice to Tenant, Landlord may in its own name but as agent for Tenant enter into and upon and take possession of the Premises or any part thereof, and, at landlord's option, remove persons and property therefrom, and such property, if any, may be removed and stored in a warehouse or elsewhere at the cost of, and for the account of Tenant, all without being deemed guilty of trespass or becoming liable for any loss or damage which may be occasioned thereby, and Landlord may rent the Premises or any portion thereof as the agent of Tenant with or without advertisement, and by private negotiations and for any term upon such terms and conditions as Landlord may deem necessary or desirable in order to relet the Premises. Landlord shall in no way be responsible or liable for any rental concessions or any failure to rent the Premises or any part thereof, or for any failure to collect any rent due upon such re-letting. Upon such re-letting, all rentals received by Landlord from such re-letting shall be applied: first, to the payment of any indebtedness (other than any rent due hereunder) from Tenant to Landlord; second, to the payment of any costs and expenses of such reletting, including, without limitation, brokerage fees and attorney's fees and costs of alterations and repairs; third, to the payment of rent and other charges then due and unpaid hereunder; and the residue, if any shall be held by Landlord to the extent of and for application in payment of future rent as the same may become due and payable hereunder. In reletting the Premises as aforesaid, Landlord may grant rent concessions and Tenant shall not be credited therefore. If such rentals received from such re-letting shall at any time or from time to time be less than sufficient to pay to Landlord the entire sums then due from Tenant hereunder, Tenant shall pay any such deficiency to Landlord. Such deficiency shall, at Landlord's option, be calculated and paid monthly. No such reletting shall be construed as an election by Landlord to terminate this Lease unless a written notice of such election has been given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for any such previous default provided same has not been cured; or v. Without liability to Tenant or any other party and without constituting a constructive or actual eviction, suspend or discontinue furnishing or rendering to Tenant any property, material, labor, Utilities or other service, whether Landlord is obligated to furnish or render the same, so long as Tenant is in default under this Lease; or LANDLORD _________ TENANT _________ vi. Allow the Premises to remain unoccupied and collect rent from Tenant as it comes due; or vii. Foreclose the security interest described herein, including the immediate taking of possession of all property on or in the Premises; or

Appears in 1 contract

Samples: Commercial Lease (Digital Learning)

Landlord’s Remedies. In the event that: a. Tenant shall on three or more occasions be in default in the payment of rent or other charges herein required to be paid by Tenant (default herein being defined as payment received by Landlord ten or more days subsequent to the due date), regardless of whether or not such default has occurred on consecutive or non-consecutive months; or b. Tenant has caused a lien to be filed against the Landlord's ’s property and said lien is not removed within thirty (30) days of recordation thereof; or c. Tenant shall default in the observance or performance of any of the covenants and agreements required to be performed and observed by Tenant hereunder for a period of thirty (30) days after notice to Tenant in writing of such default (or if such default shall reasonably take more than thirty (30) days to cure, Tenant shall not have commenced the same within the thirty (30) days and diligently prosecuted the same to completion); or d. Sixty (60) days have elapsed after the commencement of any proceeding by or against Tenant, whether by the filing of a petition or otherwise, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or future Federal Bankruptcy Act or any other present or future applicable federal, state or other statute or law, whereby such proceeding shall not have been dismissed (provided, however, that the non-dismissal of any such proceeding shall not be a default hereunder so long as all of Tenant's ’s covenants and obligations hereunder are being performed by or on behalf of Tenant); then Landlord shall be entitled to its election (unless Tenant shall cure such default prior to such election), to exercise concurrently or successively, any one or more of the following rights: I. Terminate this Lease by giving Tenant notice of termination, in which event this Lease shall expire and terminate on the date specified in such notice of termination, with the same force and effect as though the date so specified were the date herein originally fixed as the termination date of the term of this Lease, and all rights of Tenant under this Lease and in and to the Premises shall expire and terminate, and Tenant shall remain liable for all obligations under this Lease arising up to the date of such termination, and Tenant shall surrender the Premises to Landlord on the date specified in such notice; or

Appears in 1 contract

Samples: Commercial Lease Agreement (Blow & Drive Interlock Corp)

Landlord’s Remedies. In the event that: a. Tenant shall on three or more occasions be in default in the payment of rent or other charges herein required to be paid by Tenant (default herein being defined as payment received by Landlord ten or more days subsequent to the due date), regardless of whether or not such default has occurred on consecutive or non-consecutive months; or b. Tenant Xxxxxx has caused a lien to be filed against the Landlord's property and said lien is not removed within thirty (30) days of recordation thereof; or c. Tenant shall default in the observance or performance of any of the covenants and agreements required to be performed and observed by Tenant hereunder for a period of thirty (30) days after notice to Tenant in writing of such default (or if such default shall reasonably take more than thirty (30) days to cure, Tenant shall not have commenced the same within the thirty (30) days and diligently prosecuted the same to completion); or d. Sixty (60) days have elapsed after the commencement of any proceeding by or against Tenant, whether by the filing of a petition or otherwise, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or future Federal Bankruptcy Act or any other present or future applicable federal, state or other statute or law, whereby such proceeding shall not have been dismissed (provided, however, that the non-dismissal of any such proceeding shall not be a default hereunder so long as all of Tenant's covenants and obligations hereunder are being performed by or on behalf of Tenant); then Landlord shall be entitled to its election (unless Tenant shall cure such default prior to such election), to exercise concurrently or successively, any one or more of the following rights: I. Terminate this Lease by giving Tenant notice of termination, in which event this Lease shall expire and terminate on the date specified in such notice of termination, with the same force and effect as though the date so specified were the date herein originally fixed as the termination date of the term of this Lease, and all rights of Tenant under this Lease and in and to the Premises shall expire and terminate, and Tenant shall remain liable for all obligations under this Lease arising up to the date of such termination, and Tenant Xxxxxx shall surrender the Premises to Landlord on the date specified in such notice; or

Appears in 1 contract

Samples: Commercial Rental Agreement

Landlord’s Remedies. In 15.1 The occurrence of any of the following is an event thatof default under this Lease: a. Tenant shall (a) Landlord does not receive punctually on three or more occasions be in default in the date due any payment of the full amount of rent (Whether Base Rent, additional rent or any adjustment to rent) or any other charges herein sum required to be paid by Tenant. (b) Tenant (default herein being defined as payment received by Landlord ten fails to fully and punctually comply and fully perform any covenant, agreement, provision or more days subsequent to the due date), regardless condition of whether or not this Lease and such default has occurred shall continue for a period of fifteen (15) days after written notice from Landlord to Tenant. (c) Tenant or any guarantor of Tenant’s obligations under this Lease shall become insolvent or shall make a transfer in fraud of creditors or make an assignment for the benefit of creditors. (d) The levy of a writ of execution or attachment on consecutive or non-consecutive months; or b. Tenant has caused a lien to be filed against the Landlord's property and said lien of Tenant that is not removed released or discharged within thirty (30) days thereafter. (e) The institution by or against Tenant of recordation thereof; or c. a bankruptcy or insolvency proceeding, an assignment for benefit of creditors, reorganization, liquidation or involuntary dissolution by or against Tenant shall default in the observance or performance any guarantor of any of the covenants and agreements required to be performed and observed by Tenant hereunder for a period of Tenant’s obligation not dismissed within thirty (30) days after notice to days. (f) A receiver, trustee or liquidator has been appointed for the Premises or for all or substantially all of the assets of Tenant in writing or any guarantor of such default (Tenant’s obligations under this Lease and has not been dismissed or if such default shall reasonably take more than discharged within thirty (30) days days. (g) Tenant fails to curetake possession or occupancy of the Premises or abandons, deserts or vacates all or any portion of the Premises. (h) Tenant shall not have commenced do or permit to be done anything which creates a lien or claim of lien on the Premises or Building and the same is not fully released within the thirty (30) days days. (i) Tenant shall breach or fail to comply with any of the Rules and diligently prosecuted the same Regulations, such breach or failure to completion); or d. Sixty continue for more than ten (6010) days have elapsed after notice from the commencement Landlord. (j) Tenant shall violate any law, statute, rule, any Environmental Requirements or any regulation of any proceeding governmental authority, bureau, or agency and such violation is not totally cured as required by such law, statute, rule or against regulation. (k) Tenant assigns or subleases all or any part of its interest in this Lease without complying with the provisions of Section 9 hereof. (l) Tenant has made any materially misleading or untrue statement, representation or warranty to Landlord under this Lease or with respect to the net worth, assets, liabilities, or financial condition of Tenant or any guarantor of Tenant, whether by ’s obligations under this Lease. 15.2 In the filing event of a petition or otherwisedefault, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under Landlord and Landlord’s Affiliates shall have the present or future Federal Bankruptcy Act or any other present or future applicable federal, state or other statute or law, whereby such proceeding shall not have been dismissed (provided, however, that the non-dismissal of any such proceeding shall not be a default hereunder so long as all of Tenant's covenants and obligations hereunder are being performed by or on behalf of Tenant); then Landlord shall be entitled option to its election (unless Tenant shall cure such default prior to such election), to exercise concurrently or successively, pursue any one or more of the following rights: I. Terminate rights or remedies without notice or demand, which rights or remedies shall be in addition to and shall not waive any other remedies or rights Landlord or Landlord’s Affiliates may have at law, equity or under any Environmental Requirements. All rights and remedies of the Landlord herein enumerated shall be cumulative, and none shall exclude any other right or remedy allowed by law. In addition to the other remedies in this Lease provided, the Landlord shall be entitled to the restraint by giving injunction of the violation or attempted violation of any of the covenants, agreements or conditions of this Lease. (a) Landlord may enjoin any failure of Tenant to fully and punctually comply and fully perform any covenant, agreement, provision or condition of this Lease. (b) Landlord may terminate this Lease without further notice and without prejudice or waiver of terminationany other remedy or right available to Landlord, in which event Tenant shall immediately surrender Premises and, if Tenant fails to do so, Landlord may re-enter upon, take possession of Premises, expel or remove Tenant and any other occupant of Premises or any part thereof and remove all property on the Premises, by force, if necessary, without being liable for prosecution or any claim of damage or injury therefore. Tenant shall indemnify and hold Landlord harmless from any loss, costs, or damages occasioned by Landlord and no entry or re-entry by Landlord shall be considered or construed to be a forcible entry. (c) Enter upon and take possession of Premises and expel or remove Tenant and any other occupant of the Premises or any part thereof, and remove all property on the Premises, without terminating this Lease, without being liable for prosecution or any claim of damage of injury therefore. Tenant shall indemnify and hold Landlord harmless from any loss, costs, or damages occasioned by Landlord and no entry or re-entry by Landlord shall be considered or construed to be a forcible entry. (d) Should Landlord elect to re-enter, as herein provided, or should it take possession pursuant to legal proceedings or pursuant to any notice provided for by law; it may either terminate this Lease shall expire or it may from time to time, without terminating this Lease, re-let the Premises or any part thereof for such terms and terminate on the date specified at such rental or rentals and upon such other terms and conditions as Landlord in such notice of terminationits sole discretion may deem advisable, with the same force right to make alterations and effect as though repairs to Premises or grant rental or other concessions to any successor tenant. Landlord shall not be responsible for nor required to re-let the date so specified were Premises and Tenant waives any and all rights to contend that Landlord’s failure to re-let, the date herein originally fixed terms, conditions or concessions of such re-letting, or the failure to collect rent in any way reduce, diminish or mitigate Tenant’s obligations to Landlord. Landlord may elect in its sole discretion to apply rentals received by it: (i) to the payment of any indebtedness; (ii) to the payment of any cost of such re-letting including but not limited to any broker’s commissions or fees, attorneys fees and costs in connection therewith; (iii) to the payment of the cost of any alterations and repairs to the Premises; (iv) to the payment of rent due and unpaid hereunder; and, (v) the residue, if any, shall be held by Landlord and applied in payment of future rent as the termination date same may become due and payable hereunder. Should such rentals received from such re-letting after application by Landlord to the payments described in foregoing clauses (i) through (v) during any month be less than that agreed to be paid during the month by Tenant hereunder, then Tenant shall pay such deficiency to Landlord. Such deficiency shall be calculated and paid monthly to Landlord by Tenant. (e) In lieu of electing to receive and apply rentals as provided above, Landlord shall have the right, at Landlord’s election, to recover from Tenant all damages incurred by reason of such Tenant’s default including, without limitation, a sum equal to the then-present value (using a discount rate of seven percent (7%) per annum) of the term excess, if any, of this the total Base Annual Rent and additional rent and all other sums which would have been payable hereunder by Tenant for the remainder of the Lease Term (as if there had been no default and no termination of the Lease due to Tenant’s default), less (1) the aggregate reasonable rental value of the Premises for the same period, determined as set forth below, plus (2) the costs of recovering and restoring the Premises to the condition set forth in Section 10 hereof at the termination of the Lease, and all rights of other reasonable expenses incurred by Landlord due to Tenant’s default, including, without limitation, reasonable attorney’s fees plus (3) the unpaid Base Annual Rental and additional rental or any other sums due by Tenant under this Lease and in and to the Premises shall expire and terminate, and Tenant shall remain liable for all obligations under this Lease arising up to as of the date of such termination, with interest thereon at the rate of 10 % per annum. In determining the aggregate reasonable rental value pursuant to item (1) above, the parties hereby agree that all relevant factors shall be considered as of the time Landlord seeks to enforce such remedy, including, but not limited to, (A) the length of time remaining in the Lease Term, (B) the then-current market conditions in the general area in which the Premises are located, (C) the likelihood of reletting the Premises for a period of time equal to the remainder of the Lease Term, (D) the net effective rental rates (taking into account all concessions) then being obtained for space of similar type and size in similar type buildings in the general area in which the Premises are located, (E) the vacancy levels in comparable quality buildings in the general area in which the Building is located, and (F) current levels of new construction that will be completed during the remainder of the Lease Term and the degree to which such new construction will likely affect vacancy rates and rental rates in comparable quality buildings in the general area in which the Premises are located. Tenant agrees to pay the total amount calculated as aforesaid under this subparagraph to Landlord within ten (10) calendar days following Landlord’s written demand therefor, together with all Base Annual Rent and additional rent and all charges and assessments theretofore due, at the same address where Tenant is to pay Landlord the Base Rent of this Lease; provided, however, that such payment shall not constitute a penalty or forfeiture but shall constitute liquidated damages for Tenant’s failure to comply with the terms and provisions of this Lease, Landlord and Tenant shall surrender hereby agreeing that Landlord’s actual damages in such event would be impossible to ascertain and that the amount set forth above is a reasonable estimate thereof. (f) No such re-entry or taking possession of the Premises by Landlord shall be construed as an election on its part to terminate this Lease unless a written notice of same is given to Tenant or unless the termination thereof be decreed by a court of competent jurisdiction. Notwithstanding any such re-letting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach. (g) Nothing herein contained shall limit or prejudice the right of Landlord at its option to provide for and obtain as damages by reason of any such termination of this Lease or of possession an amount equal to the maximum allowed by any statute or rule of law in effect at the time when such termination takes place, whether or not such amount be greater, equal to or less than the amounts of damages which Landlord may elect to receive as set forth above. (h) Landlord may, in addition to any other remedy at law or in equity or elsewhere in this Lease, cure Tenant’s default at reasonable expense, which expense shall be paid to Landlord by Tenant upon demand. (i) All rights of Landlord under this Lease or at law may be exercised by persons acting on behalf of Landlord, under authority granted by Landlord, with full right of reimbursement. Tenant unconditionally releases and waives any right it has or may have to seek damages for injury to person or property against Landlord or persons acting on Landlord’s behalf by the date specified exercise of the rights granted in this Lease or at law or equity. Tenant covenants and agrees, waiving all rights to assert, and shall not interpose, any counterclaim or claim for offset or deduction in any summary proceeding brought by Landlord to recover possession of the Premises. (j) Any deposits, rents or funds of Tenant held by Landlord at the time of default by Tenant, may be applied by Landlord to any damages provided herein or at law. (k) Neither the commencement of any action or proceeding, nor the settlement thereof, nor entry of judgment thereon shall bar Landlord from bringing subsequent actions or proceedings from time to time, nor shall the failure to include in any action or preceding any sum or sums then due be a bar to the maintenance of any subsequent actions or proceedings for the recovery of such notice; orsum or sums so omitted. (l) Tenant hereby appoints as its agent to receive service of all dispossessory or distress proceedings and notices thereunder the person in charge of Premises at the time, and if no person is then in charge of Premises, then such service or notice may be made by attaching the same to the entrance of Premises, provided that a copy of any such proceedings or notices shall be mailed to Tenant at the Premises.

Appears in 1 contract

Samples: Office Lease (Alimera Sciences Inc)

Landlord’s Remedies. Section 20.1. Any one of the following shall be deemed to be an “Event of Default”: A. Failure on the part of the Tenant to make payment of rent or any other monetary amount due under this lease within seven (7) days after the Landlord has sent to the Tenant notice of such default. However, if: (i) the Landlord shall have sent to the Tenant two (2) notices of such default, even though the same shall have been cured and this lease not terminated; and (ii) during the same calendar year in which said two (2) notices of default have been sent by the Landlord to the Tenant, the Tenant thereafter shall default in any monetary payment - the same shall be deemed to be an Event of Default upon the Landlord giving the Tenant written notice thereof, without the seven (7) day grace period set forth above. B. With respect to a non-monetary default under this lease, failure of the Tenant to cure the same within the minimum time period, if any, required to cure the default after the Landlord has sent to the Tenant notice of such default (but in no event more than 30 days unless the default is of such a nature as to be impossible to be cured within 30 days, in which case the 30-day period shall be extended for the number of days required to cure same). In any event, the Tenant shall be obligated to commence forthwith and to complete as soon as possible the curing of such default; and if the Tenant fails so to do, the same shall be deemed to be an Event of Default. However, if: (i) the Landlord shall have sent to the Tenant two (2) notices of such default, even though the same shall have been cured and this lease not terminated; and (ii) during the same calendar year in which said two (2) notices of default have been sent by the Landlord to the Tenant, the Tenant thereafter shall default in any similar non-monetary matter - the same shall be deemed to be an Event of Default upon the Landlord giving the Tenant written notice thereof, and the Tenant shall have no grace period within which to cure the same. C. The commencement of any of the following proceedings, with such proceeding not being dismissed within sixty (60) days after it has begun: (i) the estate hereby created being taken on execution or by other process of law; (ii) the Tenant being judicially declared bankrupt or insolvent according to law; (iii) an assignment being made of the property of the Tenant for the benefit of creditors; (iv) a receiver, guardian, conservator, trustee in involuntary bankruptcy or other similar officer being appointed to take charge of all or any substantial part of the Tenant’s property by a court of competent jurisdiction; or (v) a petition being filed for the reorganization of the Tenant under any provisions of the Bankruptcy Code or any federal or state law now or hereafter enacted. D. The Tenant filing a petition for reorganization or for rearrangement under, or otherwise availing itself of any provisions of, the Bankruptcy Code or any federal or state law now or hereafter enacted, and providing a plan or other means for a debtor to settle, satisfy or to extend the time for the payment of debts. E. Excepting only those days on which the Tenant is prevented from remaining open by virtue of strike, fire, unavoidable casualty or other so-called force majeure event beyond the control of the Tenant, but financial inability shall never be deemed to be an event beyond the Tenant’s control (and the Tenant agrees promptly to advise the Landlord of any such event and closing, and further agrees to reopen as soon thereafter as possible), failure of the Tenant, after the term of this lease commences, to be open for business to the public for more than seven (7) days when required by this lease to be so open or for more than two (2) such days in any one lease-year, either of which shall for purposes hereof be considered to be an abandonment by Tenant of the demised premises, or if the Tenant shall otherwise abandon or vacate the demised premises. Section 20.2. Should any Event of Default occur then, notwithstanding any license of any former breach of covenant or waiver of the benefit hereof or consent in a former instance, the Landlord lawfully may, in addition to any remedies available to the Landlord under applicable statutes or case law, or otherwise, immediately or at any time thereafter, and, to the maximum extent permitted by law, without demand or notice (and the Tenant hereby expressly waives any notice to quit possession of the demised premises), enter into and upon the demised premises or any part thereof in the name of the whole and repossess the same as of the Landlord’s former estate, and expel the Tenant and those claiming through or under it and remove its or their effects (forcibly if necessary) without being deemed guilty of any manner of trespass, and without prejudice to any remedies which might otherwise be used for arrears of rent or preceding breach of covenant and/or the Landlord may send written notice to the Tenant terminating the term of this lease; and upon the first to occur of: (i) entry as aforesaid; or (ii) the fifth (5th) day following the sending of such notice of termination, the term of this lease shall terminate. Section 20.3. The Tenant covenants and agrees, notwithstanding any termination of this lease as aforesaid or any entry or re-entry by the Landlord, whether by summary proceedings (and, to the maximum extent permitted by law, the Tenant hereby expressly waives any notice to quit possession of the demised premises prior to the institution of such summary proceedings), termination, or otherwise, to pay and be liable for on the days originally fixed herein for the payment thereof, amounts equal to the several installments of rent and other charges reserved as they would, under the terms of this lease, become due if this lease had not been terminated or if the Landlord had not entered or re-entered, as aforesaid, and whether the demised premises be relet or remain vacant, in whole or in part, or for a period less than the remainder of the term, and for the whole thereof; but in the event that: a. the demised premises be relet by the Landlord, the Tenant shall be entitled to a credit in the net amount of rent received by the Landlord in reletting, after deduction of all expenses incurred in reletting the demised premises (including, without limitation, remodeling costs, brokerage fees, and the like), and in collecting the rent in connection therewith. It is specifically understood and agreed that the Landlord shall not be required to prefer the reletting of the demised premises over other premises, and the Landlord shall be entitled to take into account in connection with any reletting of the demised premises all relevant factors which would be taken into account by a sophisticated developer in securing a replacement tenant for the demised premises, such as, but not limited to, the type of shopping center then being operated on the Shopping Center, matters of tenant mix, the type of operation proposed to be conducted by any such replacement tenant, and the financial responsibility of any such replacement tenant; and the Tenant hereby waives, to the extent permitted by applicable law, any obligation the Landlord may have to mitigate the Landlord’s damages. As an alternative, at the election of the Landlord, the Tenant will upon such termination pay to the Landlord, as damages, such a sum as at the time of such termination represents the amount of the excess, if any, of the then value of the total rent and other benefits which would have accrued to the Landlord under this lease for the remainder of the lease term if the lease terms had been fully complied with by the Tenant over and above the then cash rental value (in advance) of the premises for the balance of the term. In lieu of such alternative, at the election of the Landlord, the Tenant will upon such termination pay to the Landlord as liquidated damages and not as a penalty the sum of one (1) full year’s minimum rent, percentage rent and other charges. For the purposes of the foregoing, the amount of percentage rent to be paid shall be equal to twelve (12) times the monthly percentage rent determined as set forth in Section 20.4 of this lease. To induce the Landlord to enter into this lease, (i) the Tenant confirms and agrees that this transaction is a commercial and not a consumer transaction, (ii) the Tenant hereby waives any right to trial by jury in any action, proceeding or counterclaim brought by the Landlord against the Tenant on any matters whatsoever arising out of or in any way connected with this lease, the relationship of the Landlord and the Tenant, the Tenant’s use or occupancy of the demised premises, and/or any claim of injury or damage, and (iii) the Tenant agrees not to interpose any non-compulsory counterclaim of whatever nature or description (or take any action having substantially the same effect) in any proceeding commenced by the Landlord for nonpayment of rent, minimum rent, percentage rent or any other amount due hereunder, provided the foregoing shall not be construed as a waiver of the right of the Tenant to assert and pursue separately any such claims in any separate action brought by the Tenant. Section 20.4. For the purposes of this ARTICLE, it shall be deemed that percentage rent, if provision therefor is made in this lease, for any period after any such default and entry by the Landlord would have been at a monthly rate thereafter equal to the average monthly percentage rent which the Tenant was obligated to pay to the Landlord under this lease either: (i) from the commencement hereof to the date of such default; or (ii) during the last three (3) years prior to the date of such default - whichever is the greater. Section 20.5. If this lease shall be guaranteed on behalf of the Tenant, all of the foregoing provisions of the preceding ARTICLE XIX and this ARTICLE XX with respect to bankruptcy of the Tenant, etc., shall be deemed to read “the Tenant or more occasions the guarantor hereof”. Section 20.6. The Landlord shall in no event be in default in the payment performance of rent or other charges herein required to be paid by Tenant (default herein being defined as payment received by Landlord ten or more days subsequent to the due date), regardless any of whether or not such default has occurred on consecutive or non-consecutive months; or b. Tenant has caused a lien to be filed against the Landlord's property ’s obligations hereunder unless and said lien is not removed until the Landlord shall have failed to perform such obligations within thirty (30) days of recordation thereof; or c. Tenant shall default in the observance or performance of any of the covenants and agreements such additional time as is reasonably required to be performed and observed by Tenant hereunder for a period of thirty (30) days correct any such default after notice by the Tenant to the Landlord properly specifying wherein the Landlord has failed to perform any such obligation. Nothing in this lease shall limit any right that the Tenant might otherwise have to obtain injunctive relief against the Landlord in writing equity; but, except as specifically permitted (if at all) in any express provision of such default (or if such default shall reasonably take more than thirty (30) days to curethis lease, the Tenant shall not withhold or delay making any payment to be made hereunder; and, in no event shall the Tenant ever have commenced the same within the thirty (30) days and diligently prosecuted the same right to completion); or d. Sixty (60) days have elapsed after the commencement terminate or cancel this lease as a result of any proceeding default by Landlord or against Tenantbreach by Landlord of its covenants or any warranties or promises hereunder, whether by except in the filing case of a petition or otherwisebreach of the quiet enjoyment covenant of this lease which constitutes a wrongful eviction of Tenant from the demised premises by Landlord continuing as aforesaid. Without limiting the generality of the foregoing, seeking the Tenant shall not assert any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under right to deduct the present or future Federal Bankruptcy Act cost of repairs or any other present or future applicable federalmonetary claim against the Landlord from rent thereafter due and payable, state or other statute or law, whereby such proceeding but shall not have been dismissed (provided, however, that the non-dismissal of any such proceeding shall not be a default hereunder so long as all of Tenant's covenants and obligations hereunder are being performed by or on behalf of Tenant); then Landlord shall be entitled to its election (unless Tenant shall cure such default prior to such election), to exercise concurrently or successively, any one or more of the following rights: I. Terminate this Lease by giving Tenant notice of termination, in which event this Lease shall expire and terminate on the date specified in such notice of termination, with the same force and effect as though the date so specified were the date herein originally fixed as the termination date of the term of this Lease, and all rights of Tenant under this Lease and in and look solely to the Premises shall expire and terminate, and Tenant shall remain liable Landlord for all obligations under this Lease arising up to the date satisfaction of such termination, and Tenant shall surrender the Premises to Landlord on the date specified in such notice; orclaim.

Appears in 1 contract

Samples: Lease Agreement (Nbty Inc)

Landlord’s Remedies. In the event that: a. Tenant shall on three or more occasions be in default in the payment of rent or other charges herein required to be paid by Tenant (default herein being defined as payment received by Landlord ten or more days subsequent to the due date), regardless of whether or not such default has occurred on consecutive or non-non- consecutive months; or b. Tenant has caused a lien to be filed against the LandlordXxxxxxxx's property and said lien xxxx is not removed within thirty (30) days of recordation thereof; or c. Tenant shall default in the observance or performance of any of the covenants and agreements required to be performed and observed by Tenant hereunder for a period of thirty (30) days after notice to Tenant in writing of such default (or if such default shall reasonably take more than thirty (30) days to cure, Tenant shall not have commenced the same within the thirty (30) days and diligently prosecuted the same to completion); or d. Sixty (60) days have elapsed after the commencement of any proceeding by or against Tenant, whether by the filing of a petition or otherwise, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or future Federal Bankruptcy Act or any other present or future applicable federal, state or other statute or law, whereby such proceeding shall not have been dismissed (provided, however, that the non-dismissal of any such proceeding shall not be a default hereunder so long as all of TenantXxxxxx's covenants and obligations hereunder are being performed by or on behalf of TenantXxxxxx); then Landlord shall be entitled to its election (unless Tenant shall cure such default prior to such election), to exercise concurrently or successively, any one or more of the following rights: I. i. Terminate this Lease by giving Tenant notice of termination, in which event this Lease shall expire and terminate on the date specified in such notice of termination, with the same force and effect as though the date so specified were the date herein originally fixed as the termination date of the term of this Lease, and all rights of Tenant under this Lease and in and to the Premises shall expire and terminate, and Tenant shall remain liable for all obligations under this Lease arising up to the date of such termination, and Tenant shall surrender the Premises to Landlord on the date specified in such notice; or ii. Terminate this Lease as provided herein and recover from Tenant all damages Landlord may incur by reason of Tenant's default, including, without limitation, a sum which, at the date of such termination, represents the then value of the excess, if any, of (a) the Minimum Rent, Percentage Rent, Taxes and all other sums which would have been payable hereunder by Xxxxxx for the period commencing with the day following the date of such termination and ending with the date herein before set for the expiration of the full term hereby granted, over (b) the aggregate reasonable rental value of the Premises for the same period, all of which excess sum shall be deemed immediately due and payable; or iii. Without terminating this Lease, declare immediately due and payable all Minimum Rent, Taxes, and other rents and amounts due and coming due under this Lease for the entire remaining term hereof, together with all other amounts previously due, at once; provided, however, that such payment shall not be deemed a penalty or liquidated damages but shall merely constitute payment in advance of rent for the remainder of said term. Upon making such payment, Tenant shall be received by Landlord from other assignees, tenants, and subtenants on account of said Premises during the term of this Lease, provided that the monies to which tenant shall so become entitled shall in no event exceed the entire amount actually paid by Tenant to Landlord pursuant to the preceding sentence less all costs, expenses and attorney's fees of Landlord incurred in connection with the reletting of the Premises; or iv. Without terminating this Lease, and with or without notice to Tenant, Landlord may in its own name but as agent for Tenant enter into and upon and take possession of the Premises or any part thereof, and, at landlord's option, remove persons and property therefrom, and such property, if any, may be removed and stored in a warehouse or elsewhere at the cost of, and for the account of Tenant, all without being deemed guilty of trespass or becoming liable for any loss or Landlord may rent the Premises or any portion thereof as the agent of Tenant with or without advertisement, and by private negotiations and for any term upon such terms and conditions as Landlord may deem necessary or desirable in order to relet the Premises. Landlord shall in no way be responsible or liable for any rental concessions or any failure to rent the Premises or any part thereof, or for any failure to collect any rent due upon such reletting. Upon such reletting, all rentals received by Landlord from such reletting shall be applied: first, to the payment of any indebtedness (other than any rent due hereunder) from Tenant to Landlord; second, to the payment of any costs and expenses of such reletting, including, without limitation, brokerage fees and attorney's fees and costs of alterations and repairs; third, to the payment of rent and other charges then due and unpaid hereunder; and the residue, if any shall be held by Landlord to the extent of and for application in payment of future rent as the same may become due and payable hereunder. In reletting the Premises as aforesaid, Landlord may grant rent concessions and Tenant shall not be credited therefor. If such rentals received from such reletting shall at any time or from time to time be less than sufficient to pay to Landlord the entire sums then due from Tenant hereunder, Tenant shall pay any such deficiency to Landlord. Such deficiency shall, at Landlord's option, be calculated and paid monthly. No such reletting shall be construed as an election by Landlord to terminate this Lease unless a written notice of such election has been given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for any such previous default provided same has not been cured; or v. Without liability to Tenant or any other party and without constituting a constructive or actual eviction, suspend or discontinue furnishing or rendering to Tenant any property, material, labor, Utilities or other service, whether Landlord is obligated to furnish or render the same, so long as Tenant is in default under this Lease; or vi. Allow the Premises to remain unoccupied and collect rent from Tenant as it comes due; or vii. Foreclose the security interest described herein, including the immediate taking of possession of all property on or in the Premises; or viii. Pursue such other remedies as are available at law or equity. e. Xxxxxxxx's pursuit of any remedy of remedies, including without limitation, any one or more of the remedies stated herein shall not (1) constitute an election of remedies or preclude pursuit of any other remedy or remedies provided in this Lease or any other remedy or remedies provided by law or in equity, separately or concurrently or in any combination, or (2) sever as the basis for any claim of constructive eviction, or allow Tenant to withhold any payments under this Lease.

Appears in 1 contract

Samples: Commercial Lease Agreement

Landlord’s Remedies. In the event that: a. Tenant shall on three or more occasions be in default in the payment of rent or other charges herein required to be paid by Tenant (default herein being defined as payment received by Landlord ten or more days subsequent to the due date), regardless of whether or not such default has occurred on consecutive or non-consecutive months; or b. Tenant has caused a lien to be filed against the Landlord's property and said lien is not removed within thirty (30) days of recordation thereof; or c. Tenant shall default in the observance or performance of any of the covenants and agreements required to be performed and observed by Tenant hereunder for a period of thirty (30) days after notice to Tenant in writing of such default (or if such default shall reasonably take more than thirty (30) days to cure, Tenant shall not have commenced the same within the thirty (30) days and diligently prosecuted the same to completion); or d. Sixty (60) days have elapsed after the commencement of any proceeding by or against Tenant, whether by the filing of a petition or otherwise, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or future Federal Bankruptcy Act or any other present or future applicable federal, state or other statute or law, whereby such proceeding shall not have been dismissed dismiessed (provided, however, that the non-dismissal of any such proceeding shall not be a default hereunder so long as all of Tenant's covenants and obligations hereunder are being performed by or on behalf of Tenant); then Landlord shall be entitled to its election (unless Tenant shall cure such default prior to such election), to exercise concurrently or successively, any one or more of the following rights: I. i. Terminate this Lease by giving Tenant notice of termination, in which event this Lease shall expire and terminate on the date specified in such notice of termination, with the same force and effect as though the date so specified were the date herein originally fixed as the termination date of the term of this Lease, and all rights of Tenant under this Lease and in and to the Premises shall expire and terminate, and Tenant shall remain liable for all obligations under this Lease arising up to the date of such termination, and Tenant shall surrender the Premises to Landlord on the date specified in such notice; or ii. Terminate this Lease as provided herein and recover from Tenant all damages Landlord may incur by reason of Tenant's default; or iii. Without terminating this Lease, declare immediately due and payable all rents and amounts due and coming due under this Lease for the entire remaining term hereof, together with all other amounts previously due, at once; provided, however, that such payment shall not be deemed a penalty or liquidated damages but shall merely constitute payment in advance of rent for the remainder of said term; or iv. Allow the Premises to remain unoccupied and collect rent from Tenant as if comes due; or v. Pursue such other remedies as are available at law or equity.

Appears in 1 contract

Samples: Commercial Lease Agreement (Transworld Home Healthcare Inc)

Landlord’s Remedies. In (a) Only the event thatfollowing shall constitute Events of Default by Tenant: a. Tenant shall on three or more occasions be in default in the payment of (i) Tenant's failure to pay rent or any other charges herein required to be paid by Tenant amount due under this Lease within ten (default herein being defined as payment received by Landlord ten or more 10) days subsequent after notice of nonpayment. Notwithstanding anything to the due date)contrary contained herein, regardless Landlord shall only give Tenant notice of whether or not such default has occurred on consecutive or non-consecutive months; or b. Tenant has caused a lien to be filed against the Landlord's property payment and said lien is not removed within thirty ten (3010) days from receipt of recordation thereof; orsuch notice to cure such non-payment once in any twelve (12) month period before assessing any late fees and/or interest. c. Tenant shall default in (ii) Tenant's failure to execute, acknowledge and return an estoppel certificate under Article 16 or a subordination agreement under Article 19, within fifteen (15) days after request. (iii) Tenant's failure to comply with the observance or performance of insurance provisions under this Lease within fifteen (15) days after written notice. (iv) Tenant's failure to perform any of the covenants and agreements required to be performed and observed by Tenant hereunder for a period of other obligation under this Lease within thirty (30) days after notice to Tenant in writing of such default (or if such default shall reasonably take more than thirty (30) days to cure, Tenant shall not have commenced the same within the thirty (30) days and diligently prosecuted the same to completion)nonperformance; or d. Sixty (60) days have elapsed after the commencement of any proceeding by or against Tenant, whether by the filing of a petition or otherwise, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or future Federal Bankruptcy Act or any other present or future applicable federal, state or other statute or law, whereby such proceeding shall not have been dismissed (provided, however, that if the non-dismissal breach is of any such proceeding shall a nature that it cannot be cured within thirty (30) days, Tenant shall be deemed to have cured if cure is commenced promptly and diligently pursued to completion; and provided further, that in the event of a default hereunder so long breach involving an imminent threat to health or safety, Landlord may in its notice of breach reduce the period for cure to such shorter period as all may be reasonable under the circumstances. (v) Tenant abandons the Premises except temporary absence excused by reason of fire, casualty, or other cause wholly beyond Tenant's covenants and obligations hereunder are being performed by control. (b) Upon the occurrence of an Event of Default, Landlord, at any time thereafter without further notice or on behalf of Tenant); then Landlord shall be entitled to its election (unless Tenant shall cure such default prior to such election), to demand may exercise concurrently or successively, any one or more of the following rightsremedies concurrently or in succession: I. (i) Terminate this Lease Tenant's right to possession of the Premises by giving Tenant notice of termination, in which event this Lease shall expire and terminate on the date specified in such notice of terminationlegal process or otherwise, with or without terminating this Lease, and retake exclusive possession of the same force and effect as though Premises. (ii) From time to time relet all or portions of the date so specified were the date herein originally fixed as the termination date of Premises, using reasonable efforts to [ILLEGIBLE] INITIALS 11 mitigate Landlord's damages. In connection with any reletting, Landlord may relet for a period extending beyond the term of this LeaseLease and may make alterations or improvements to the Premises without releasing Tenant of any liability. Upon a reletting of all or substantially all of the Premises, and Landlord shall be entitled to recover all rights of Tenant its then prospective damages for the balance of the Lease Term measured by the difference between amounts payable under this Lease and the anticipated net proceeds of reletting. In no event shall Tenant be entitled to receive any amount representing the excess of avails of reletting over amounts payable hereunder. (iii) From time to time recover accrued and unpaid rent and damages arising from Tenant's breach of the Lease, regardless of whether the Lease has been terminated, together with applicable late charges and interest at the Default Rate. (iv) Recover all attorneys' fees and other costs and expenses incurred by Landlord in and to connection with enforcing this Lease, recovering possession, reletting the Premises shall expire or collecting amounts owed. (v) Perform the obligation on Tenant's behalf and terminaterecover from Tenant, upon demand, the entire amount expended by Landlord plus 10% for special handling, supervision, and Tenant shall remain liable for all obligations under overhead. (vi) Pursue other remedies available at law or in equity. (c) Upon a termination of Tenant's right to possession, whether or not this Lease arising up is terminated, subtenancies and other rights of persons claiming under or through Tenant: (i) shall be terminated or (ii) Tenant's interest shall be assigned to the date of Landlord. Landlord may separately elect termination or assignment with respect to each such termination, and Tenant shall surrender the Premises to Landlord on the date specified in such notice; orsubtenancy or other matter.

Appears in 1 contract

Samples: Office Lease (Mesa Air Group Inc)

Landlord’s Remedies. In the event that: a. If Tenant shall on three fall to pay all or more occasions be in default in any portion of the payment of rent Rent or any installment thereof when due, or shall fail to pay any other charges herein sum required to be paid by Tenant under this Lease or under the terms of any other agreement between Landlord and Tenant, or if Tenant shall violate or fail to perform any of the other covenants or conditions in this Lease which Tenant is required to observe and perform and such violation or failure to perform shall continue for thirty (30) days after written notice to Tenant or if a default herein being defined as payment received shall occur under the Original Lease and shall not have been cured within any applicable cure period, or if any violation or failure of Tenant involves a hazardous condition and is not cured by Landlord ten Tenant immediately upon notice to Tenant, or more days subsequent to if the due date)interest of Tenant in this Lease shall be levied on under execution or other legal process, regardless or if any voluntary petition in bankruptcy or for corporate reorganization or any similar relief shall be filed by Tenant or any guarantor of whether this Lease, or not such default has occurred on consecutive or non-consecutive months; or b. Tenant has caused a lien to if any involuntary petition in bankruptcy shall be filed against the Landlord's property Tenant or any such guarantor under any federal or state bankruptcy or insolvency act and said lien is shall not removed have been dismissed within thirty (30) days of recordation from the filing thereof; or c. , or if a receiver or person acting as a receiver shall be appointed for Tenant shall default in the observance or performance of any such guarantor or any of the covenants property of Tenant or such guarantor by any court and agreements required to be performed and observed by Tenant hereunder for such receiver or person acting as a period of receiver shall not have been dismissed within thirty (30) days after from the date of his appointment, or if Tenant or any such guarantor shall make an assignment for the benefit of creditors, or if Tenant or any such guarantor shall admit in writing its inability to meet its debts as they mature, or if the Leased Premises are vacated or abandoned during the Term (unless such vacating or abandoning of the Leased Premises is limited to no more than ninety (90) days during the Term or for the purpose of subletting the Leased Premises, or a portion thereof, to an approved sublessee or assigning the Leased Premises to an approved assignee), or if Tenant breaches or defaults under the Subordination, then, subject to the terms of Paragraph 18 of Exhibit C attached hereto, Landlord may treat the occurrence of any one or more of the foregoing events as a breach of and default under this Lease, and thereupon at its option may, without notice or demand of any kind to Tenant in writing of such default (or if such default shall reasonably take more than thirty (30) days to cure, Tenant shall not have commenced the same within the thirty (30) days and diligently prosecuted the same to completion); or d. Sixty (60) days have elapsed after the commencement of any proceeding by or against Tenant, whether by the filing of a petition or otherwise, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or future Federal Bankruptcy Act or any other present or future applicable federalperson, state or other statute or law, whereby such proceeding shall not have been dismissed (provided, however, that the non-dismissal of any such proceeding shall not be a default hereunder so long as all of Tenant's covenants and obligations hereunder are being performed by or on behalf of Tenant); then Landlord shall be entitled to its election (unless Tenant shall cure such default prior to such election), to exercise concurrently or successively, any one or more of the following rightsdescribed remedies in addition to all other rights and remedies provided at law or in equity or elsewhere herein: I. Terminate A. Landlord may terminate this Lease and the Term created hereby. With or without terminating this Lease, Landlord may forthwith repossess the Leased Premises. Further, unless expressly prohibited by giving applicable law, if Tenant notice shall be in default under this Lease, Landlord shall have all self-help remedies and shall have the right upon any termination of terminationthis Lease to cease supplying services and utilities for the benefit of Tenant and the Leased Premises. If necessary, Landlord may proceed to recover possession of the Leased Premises under and by virtue of applicable laws, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease, everything contained in which event this Lease on the part of Landlord to be done and performed shall cease without prejudice, however, to the right of Landlord to recover from Tenant all rent and other sums accrued up to the time of termination or recovery of possession by Landlord, whichever is later. Whether or not this Lease is terminated, at Landlord's option, any renewal or expansion fight that may be contained in this Lease shall expire terminate, and terminate on the date specified any consent or approval to be given by Landlord hereunder may be given or withheld in such notice of termination, with the same force Landlord's sole and effect as though the date so specified were the date herein originally fixed as the termination date of the term of absolute discretion. B. With or without terminating this Lease, Landlord may, but shall be under no obligation to, relet part or all of the Leased Premises, for the account of Tenant, for such rent and all rights upon such terms as shall be satisfactory to Landlord (which may include concessions, free rent and alterations of the Leased Premises) as Landlord, in its sole discretion, may determine, but Landlord shall not be liable for, nor shall Tenant's obligations hereunder be diminished by reason of, any failure by Landlord to relet the Leased Premises or any failure by Landlord to collect any rent due upon such reletting. For the purpose of such reletting, Landlord is authorized to decorate, repair (to the extent Tenant is or was obligated under this Lease and in and to make any such repair), reasonably remodel or alter the Leased Premises at Tenant's expense. C. If Landlord shall fail to relet the Leased Premises, Tenant shall pay to Landlord as damages a sum equal to the amount of the Rent reserved in this Lease for the balance of the Term. If the Leased Premises are relet and a sufficient sum shall expire not be realized from such reletting after paying all of the costs and terminateexpenses of all decoration, repairs, remodeling, alterations and additions and the expenses of such reletting and of the collection of the rent accruing therefrom to satisfy the Rent provided for in this Lease, Tenant shall satisfy and pay the same to Landlord upon demand therefor from time to time. Tenant shall not be entitled to any rents received by Landlord which happen to exceed the amount of the Rent provided for in this Lease. Tenant agrees that Landlord may file suit to recover any sums falling due under the terms of this Paragraph 23 from time to time and that no suit or recovery of any portion due Landlord hereunder shall be any defense to any subsequent action brought for any amount not therefore reduced to judgment in favor of Landlord. D. At any time, with or without having relet the Leased Premises, in lieu of further damages pursuant to Xxxxxxxxx 00X, Xxxxxxxx may elect to recover damages from Tenant pursuant to this Paragraph 23D for the period following such election. Upon such election, Landlord shall be entitled to recover forthwith, as damages from Tenant, and Tenant shall remain thereupon be liable to Landlord for (in addition to any other or damages for which Tenant may be liable to Landlord), a sum of money equal to the excess, if any, of the value of the Rent provided to be paid by Tenant for the period that would have constituted the balance of the Term over the difference that results from subtracting from the fair market rental value of the Leased Premises for said period all anticipated expenses of reletting, which sum shall be immediately due and payable from Tenant to Landlord upon demand. Should the fair market rental value of the Leased Premises, or any part thereof, after subtraction therefrom of all anticipated expenses of reletting, for the balance of the Term exceed the value of the Rent provided to be paid by Tenant for the balance of the Term, upon Landlord reletting the Leased Premises, or any part thereof, Landlord shall have no obligation to pay to Tenant the excess or any part thereof or to credit such excess or any part thereof against any other sums or damages for which Tenant may be liable to Landlord. E. Anything in this Lease to the contrary notwithstanding, the actual damages recoverable by Landlord for a breach of, or default under, this Lease by Tenant shall not exceed the amount which Landlord would have received if Tenant fulfilled all of its obligations under this Lease arising up to the date Lease, plus all costs of such terminationLandlord in enforcing this Lease, including, without limitation, reasonable attorneys' fees, and reletting the Leased Premises, or any part thereof. Under no circumstances whatsoever shall the preceding sentence be deemed or construed to limit in any way any special, consequential or punitive damages recoverable by Landlord due to any such breach or default nor limit the other rights and remedies of Landlord provided herein and allowed at law or equity. Nothing in this Lease will be construed to give Landlord the right to possession of any of Tenant's records, files, business records or customer names or records. It is expressly understood and agreed by Landlord and Tenant shall surrender that the Premises to Landlord on the date liabilities and remedies specified in such notice; orthis Paragraph 23 shall survive the expiration or earlier termination of the Lease.

Appears in 1 contract

Samples: Office Lease (Hagler Bailly Inc)

Landlord’s Remedies. In (a) If an Event of Default shall have happened and be continuing, Landlord shall have the event that: a. right at its election to give Tenant shall on three or more occasions be in default in the payment twenty (20) days written notice of rent or other charges herein required to be paid by Tenant (default herein being defined as payment received by Landlord ten or more days subsequent to the due date), regardless of whether or not such default has occurred on consecutive or non-consecutive months; or b. Tenant has caused a lien to be filed against the Landlord's property and said lien is not removed within thirty (30) days intention to terminate the term of recordation thereof; or c. Tenant shall default in the observance or performance of any of the covenants and agreements required to be performed and observed by Tenant hereunder for a period of thirty (30) days after notice to Tenant in writing of such default (or if such default shall reasonably take more than thirty (30) days to cure, Tenant shall not have commenced the same within the thirty (30) days and diligently prosecuted the same to completion); or d. Sixty (60) days have elapsed after the commencement of any proceeding by or against Tenant, whether by the filing of a petition or otherwise, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or future Federal Bankruptcy Act or any other present or future applicable federal, state or other statute or law, whereby such proceeding shall not have been dismissed (provided, however, that the non-dismissal of any such proceeding shall not be a default hereunder so long as all of Tenant's covenants and obligations hereunder are being performed by or on behalf of Tenant); then Landlord shall be entitled to its election (unless Tenant shall cure such default prior to such election), to exercise concurrently or successively, any one or more of the following rights: I. Terminate this Lease by giving Tenant notice of termination, in which event this Lease shall expire and terminate on the a date specified in such notice notice. Thereupon, the term of termination, this Lease and the estate hereby granted shall terminate on such date as completely and with the same force and effect as though the if such date so specified were the date fixed herein originally fixed as for the termination date expiration of the term of this Lease, and all rights of Tenant under this Lease and in and to the Premises hereunder shall expire and terminate, and but Tenant shall remain liable for all obligations under as provided herein. (b) If an Event of Default shall have happened and be continuing Landlord shall have the immediate right, whether or not the term of this Lease arising up shall have been terminated pursuant to Section 10.2(a), to (i) re-enter and repossess the Premises or any part thereof by any means permissible under California law, (ii) remove all persons and property therefrom; and (iii) collect from Tenant all sums due hereunder, plus interest at the Default Rate. Landlord shall be under no liability by reason of any such re-entry, repossession or removal conducted in accordance with California law. No such re-entry or taking of possession of the Premises by Landlord shall be construed as an election on Landlord's part to terminate the term of this Lease unless a written notice of such intention to be given to Tenant pursuant to Section 10.2(a). (c) At any time or from time to time after the repossession of the Premises or any part thereof pursuant to Section 10.2(b), whether or not the term of this Lease shall have been terminated pursuant to Section 10.2(a), Landlord may (but shall be under no obligation to) relet the Premises or any part thereof for the account of Tenant, in the name of Tenant or Landlord or otherwise, without notice to Tenant, for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) and for such uses Landlord, in its absolute discretion, may determine, and Landlord may collect and receive any rents payable by reason of such reletting. Landlord shall not be responsible or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon any such reletting. (d) No termination of the term of this Lease pursuant to Section 10.2(a), by operation of law or otherwise, and no repossession of the Premises or any part thereof pursuant to Section 10.2(b) or otherwise, and no reletting of the Premises or any part thereof pursuant to Section 10.2(c), shall relieve Tenant of its liabilities and obligations hereunder, all of which shall survive such expiration, termination, repossession or reletting. (e) At any time after such termination or repossession by reason of the occurrence of any Event of Default, whether or not Landlord shall have collected any current damages pursuant to this Section 10.2(e), Landlord shall be entitled to recover from Tenant, and Tenant will pay to Landlord on demand, as and for liquidated and agreed final damages for Tenant's default and in lieu of all current damages beyond the date of such terminationdemand (it being agreed that it would be impracticable or extremely difficult to fix the actual damages), an amount equal to the present value of all rent payable under the Lease beyond the date of such demand over the then present value of the then fair market rental for the Premises, at the date of such demand for what would be the unexpired term of the Lease, which present value shall in each case be determined by the application of a discount factor of five percent (5%) per annum, applied monthly; however, this amount shall not be less than any "make whole provision" in favor of the Lender, including without limitation, any default interest and late charges specified in the Loan Documents in connection with the indebtedness encumbered by the Premises. If any applicable law, including without limitation, California Civil Code Section 1951.2 or its successor, shall be construed to limit the amount of such liquidated final damages to less than the amount above agreed upon, Landlord shall be entitled to the maximum amount allowable under such statute or rule of law. Landlord retains all remedies described in California Civil Code Section 1951.4. (f) Notwithstanding anything to the contrary stated herein, if an Event of Default shall have happened and be continuing, whether or not Tenant shall surrender have abandoned the Premises, Landlord may elect to continue this Lease in effect for so long as Landlord does not terminate Tenant's right to possession of the Premises and Landlord may enforce all of its rights and remedies hereunder including, without limitation, the right to recover all Basic Rent, Additional Rent and other sums payable hereunder as the same become due. (g) Notwithstanding anything to the contrary stated herein, if an Event of Default shall have happened and be continuing, whether or not Tenant shall have abandoned the Premises, Landlord on may elect to continue this Lease in effect for so long as the date specified in such notice; orLandlord does not terminate Tenant's right to possession of the Premises and Landlord may enforce all of its rights and remedies hereunder including, without limitation, the right to recover all Basic Rent, Additional Rent and other sums payable hereunder as the same become due.

Appears in 1 contract

Samples: Lease Agreement (Televideo Systems Inc)

Landlord’s Remedies. Section 15.1 It is covenanted and agreed that: (a) if Tenant shall neglect or fail to perform or observe any of the covenants, terms, provisions or conditions contained in this Lease and on its part to be performed or observed within thirty days after receipt by Tenant of notice of default, or such additional time as is reasonably required to correct any such default, except for payment of Base Rent, Additional Rent, or other payments required of Tenant, in which case said period shall be ten (10) business days after receipt by Tenant of notice of such failure, and no additional time shall be allowed to correct a default for failure to make such payment; or (b) if the estate hereby created shall be taken on execution or by other process of law; or (c) if Tenant shall be judicially declared bankrupt or insolvent according to law which involuntary proceeding is not dismissed within sixty (60) days; or (d) if any assignment shall be made of the property of Tenant for the benefit of creditors; or (e) if receiver, guardian, conservator, trustee in involuntary bankruptcy or other similar officer shall be appointed to take charge of all or any substantial part of Tenant’s property by a court of competent jurisdiction; or (f) a petition shall be filed for the reorganization of Tenant under any provisions of the Bankruptcy Act now or hereafter enacted and such proceeding is not dismissed within ninety (90) days after it is begun; or (g) if Tenant shall file a petition for such reorganization, or for arrangements under any provisions of the Bankruptcy Act now or hereafter enacted and providing a plan for a debtor to settle, satisfy or extend the time for the payments of debts, then, and in any of said cases (notwithstanding any license of any former breach of covenant or waiver of the benefit it hereof or consent in a former instance), Landlord lawfully may terminate the Lease. In the event that: a. Tenant shall on three or more occasions the Leased Premises be in default in the payment of rent or other charges herein required to be paid relet by Tenant (default herein being defined as payment received by Landlord ten or more days subsequent to the due date), regardless of whether or not such default has occurred on consecutive or non-consecutive months; or b. Tenant has caused a lien to be filed against the Landlord's property and said lien is not removed within thirty (30) days of recordation thereof; or c. Tenant shall default in the observance or performance of any of the covenants and agreements required to be performed and observed by Tenant hereunder for a period of thirty (30) days after notice to Tenant in writing of such default (or if such default shall reasonably take more than thirty (30) days to cure, Tenant shall not have commenced the same within the thirty (30) days and diligently prosecuted the same to completion); or d. Sixty (60) days have elapsed after the commencement of any proceeding by or against Tenant, whether by the filing of a petition or otherwise, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or future Federal Bankruptcy Act or any other present or future applicable federal, state or other statute or law, whereby such proceeding shall not have been dismissed (provided, however, that the non-dismissal of any such proceeding shall not be a default hereunder so long as all of Tenant's covenants and obligations hereunder are being performed by or on behalf of Tenant); then Landlord shall be entitled to its election a credit in the net amount of rent received by Landlord in reletting after deduction of all expenses incurred in reletting the Leased Premises (unless Tenant shall cure such default prior to such electionincluding, without limitation, remodeling costs, brokerage fees, and the like), and in collecting the rent in connection therewith. It is understood and agreed that at the time of termination or at any time thereafter Landlord shall use reasonable efforts to exercise concurrently or successivelyrent the Leased Premises, any one or more of the following rights: I. Terminate this Lease by giving Tenant notice of termination, in and for a term which event this Lease shall may expire and terminate on the date specified in such notice of termination, with the same force and effect as though the date so specified were the date herein originally fixed as after the termination date of the term of this Lease, without releasing TENANT from any liability whatsoever. It is expressly understood and agreed that in the event of any such reletting of the Leased Premises, Landlord shall be entitled to take into account with respect thereto all rights relevant factors which should be taken into account by a “sophisticated” developer of similar projects in obtaining a replacement Tenant under this Lease for the Leased Premises, which factors shall include, but shall not be limited to, the nature of the commercial business being operated on Lyberty Way, Westford, Massachusetts, the type of operation proposed to be conducted by any such replacement Tenant and in the financial responsibility and retail experience of such replacement Tenant. In addition thereto, to the Premises shall expire and terminateextent permitted by law, and in the event the rent proffered by a prospective Tenant shall remain liable for all obligations under this Lease arising up be disproportionate to the date rent payable for space on Lyberty Way, Westford, Massachusetts, then Landlord may refuse to rent such space. In addition to the damages hereinbefore set forth as a result of such terminationTenant‘s default, and Tenant shall surrender pay to Landlord, as damages, all expenses, including reasonable attorney’s fees incurred by Landlord. Notwithstanding anything to the Premises contrary contained in this Lease, Landlord shall use reasonable efforts to Landlord on the date specified in such notice; ormitigate any damage accruing as a result of a default by Tenant.

Appears in 1 contract

Samples: Lease Agreement (Cynosure Inc)

Landlord’s Remedies. In A. Each of the event that: a. following shall constitute a breach of this Lease by Tenant: (i) Tenant shall on three fails to pay when due any installment or more occasions be in default in the other payment of rent Rent including without limitation Base Rent, Rent Adjustment Deposits or Rent Adjustments and such failure continues for five (5) days after written notice thereof to Tenant; (ii) Tenant fails to observe or perform any of the other charges herein required covenants, conditions or provisions of this Lease to be paid observed or performed by Tenant (default herein being defined as payment received by Landlord ten or more days subsequent and fails to the due date), regardless of whether or not cure such default has occurred on consecutive or non-consecutive months; or b. Tenant has caused a lien to be filed against the Landlord's property and said lien is not removed within thirty (30) days of recordation thereof; or c. after written notice thereof to Tenant shall unless such default in the observance or performance of any of the covenants and agreements required to cannot be performed and observed by Tenant hereunder for a period of cured within that time, then such additional time as may be necessary, if within such thirty (30) days after notice days, Tenant has commenced and is diligently pursuing remedies to Tenant cure such default, provided that in writing of no event shall the time to cure such default (or if such default shall reasonably take more than thirty (30) days to cure, Tenant shall not have commenced the same within the thirty (30) days and diligently prosecuted the same to completion); or d. Sixty exceeds sixty (60) days have elapsed after days; (iii) the commencement interest of any proceeding Tenant in this Lease is levied upon under execution or other legal process; (iv) a petition is filed by or against TenantTenant to declare Tenant bankrupt or seeking a plan of reorganization or arrangement under any Chapter of the Bankruptcy Act, whether by the filing of a petition or otherwise, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or future Federal Bankruptcy Act or any other present amendment, replacement or future applicable federalsubstitution therefor, state or to delay payment of, reduce or modify Tenant's debts, or any petition is filed or other statute action taken by an unrelated third party to reorganize or lawmodify Tenant's debts, whereby or any petition is filed or other action taken to reorganize or modify Tenant's capital structure or upon the dissolution of Tenant; [missing text] ninety (90) days after such proceeding shall not have been dismissed filing; (provided, however, that the non-dismissal of v) Tenant is declared insolvent by law or any such proceeding shall not be a default hereunder so long as all assignment of Tenant's covenants and obligations hereunder are being performed by property is made for the benefit of creditors; a receiver is appointed for Tenant or on behalf Tenant's property; (vi) Tenant abandons the premises without the payment of Tenant); then Landlord shall be entitled to its election (unless Tenant shall cure such default prior to such election), to exercise concurrently or successively, any one or more of the following rights: I. Terminate this Lease by giving Tenant notice of termination, in which event this Lease shall expire and terminate on the date specified in such notice of termination, with the same force and effect as though the date so specified were the date herein originally fixed as the termination date of the term of this Lease, and all rights of Tenant under this Lease and in and to the Premises shall expire and terminate, and Tenant shall remain liable for all obligations under this Lease arising up to the date of such termination, and Tenant shall surrender the Premises to Landlord on the date specified in such noticeRent; or

Appears in 1 contract

Samples: Industrial Space Lease (Griffith Micro Science International Inc)

Landlord’s Remedies. In the event that: a. Tenant shall on three or more occasions be in default in the payment of rent or other charges herein required to be paid by Tenant (default herein being defined as payment received by Landlord ten or more days 15.1 If, at any time subsequent to the due date), regardless date of whether or not such default has occurred on consecutive or non-consecutive months; or b. Tenant has caused a lien to be filed against the Landlord's property and said lien is not removed within thirty (30) days of recordation thereof; or c. Tenant shall default in the observance or performance of any of the covenants and agreements required to be performed and observed by Tenant hereunder for a period of thirty (30) days after notice to Tenant in writing of such default (or if such default shall reasonably take more than thirty (30) days to cure, Tenant shall not have commenced the same within the thirty (30) days and diligently prosecuted the same to completion); or d. Sixty (60) days have elapsed after the commencement of any proceeding by or against Tenant, whether by the filing of a petition or otherwise, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or future Federal Bankruptcy Act or any other present or future applicable federal, state or other statute or law, whereby such proceeding shall not have been dismissed (provided, however, that the non-dismissal of any such proceeding shall not be a default hereunder so long as all of Tenant's covenants and obligations hereunder are being performed by or on behalf of Tenant); then Landlord shall be entitled to its election (unless Tenant shall cure such default prior to such election), to exercise concurrently or successivelythis Lease, any one or more of the following rightsevents (an "Event of Default") shall happen, time being of the essence: I. Terminate a. Tenant shall default in the due and punctual payment of any Base Rental, Additional Rent, amount, charge or other sum due hereunder within five (5) working days after the due date thereof; or b. Tenant shall neglect or fail to perform or observe any of the other covenants or agreements herein contained on the part of Tenant to be performed or observed and Tenant shall fail to remedy the same within ten (10) working days after notice to Tenant specifying such neglect or failure, or if such Event of Default is of such a nature that Tenant cannot reasonable remedy the same within such ten (10) day period, Tenant shall fail to commence promptly to remedy the same and to prosecute such remedy to completion with all due diligence and continuity; or c. Tenant's leasehold interest in the Premises shall be taken on execution, by other process of law or as a result of the exercise of any creditor's rights; or d. Tenant or any guarantor of this Lease shall make an assignment for the benefit of creditors; or e. Tenant shall vacate or abandon the Premises for ten (10) consecutive days, except for reasons of public emergencies or damage to the Premises; or f. Tenant or any guarantor of this Lease shall seek or consent to or acquiesce in the appointment of any receiver or liquidator of Tenant or of all or any substantial part of its property; or g. A petition shall be filed by or against Tenant or any guarantor of this Lease under any law seeking any reorganization, arrangement, readjustment, composition, liquidation, dissolution, stay, injunction or other similar relief under any present or future state or federal statute, law or regulation and shall remain undismissed or unstayed for an aggregate of thirty (30) days, or if any debtor in possession (whether or not Tenant), receiver or liquidator of Tenant or of all or any substantial part of Tenant's properties or of the Premises shall be appointed without the consent or acquiescence of Tenant and such appointment shall remain undismissed or unstayed for an aggregate of thirty (30) days; then in any such case, Landlord may terminate this Lease by notice to Tenant, specifying a date not less than five (5) days after the giving Tenant of such notice of termination, in on which event this Lease shall expire terminate and terminate this Lease shall come to an end on the date specified in therein as fully and completely as if such notice of termination, with the same force and effect as though the date so specified were was the date herein originally fixed as for the termination date hereof, and Tenant shall then peacefully quit and surrender the Premises 14 to Landlord but Tenant shall remain liable as hereafter provided. All costs and expenses incurred by or on behalf of Landlord occasioned by such Event of Default including, without limiting the foregoing generality, reasonable attorney's fees and other costs of collection, recovery of possession and the exercise of any right or remedy permitted Landlord hereunder shall be paid by Tenaxx. 15.2 Upon any such expiration or termination of this Lease, Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord, upon or at any time after any such expiration or termination, may without further notice, enter upon and re-enter the Premises and possess and repossess itself thereof, by "self-help", so-called (if allowed by law), summary proceedings, ejectment or otherwise, and may dispossess Tenant and remove Tenant and all other persons and property from the Premises and may have, hold and enjoy the Premises and the right to receive all rental income of and from the same. 15.3 At any time or from time to time after any such expiration or termination, Landlord may relet the Premises or any part thereof, in the name of Landlord or otherwise, for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the term Term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in its reasonable discretion, may determine and may collect and receive the rents therefor. 15.4 No such expiration or termination of this Lease shall relieve Tenant of its liability and obligations under this Lease, and such liability and obligations shall survive any such expiration or termination. In the event of any such expiration or termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to the Landlord the Base Rental, Additional Rent and all other sums, amounts and charges required to be paid by Tenant up to the time of such expiration or termination of this Lease, and all rights thereafter Tenant, until the end of Tenant what would have been the Term of this Lease in the absence of such expiration or termination, shall be liable to Landlord for, and shall pay to Landlord, as and for liquidated and agreed current damages for Tenant's default: (a) the equivalent of the amount of the Base Rental, Additional Rent and the other sums, amounts and charges which would be payable under this Lease and by Tenant if this Lease were still in and effect, less (b) the net proceeds of any reletting effected pursuant to the provisions of paragraph 15.3 hereof, after deducting all Landlord's expenses in connection with such reletting, including, without limitation, removal and warehousing of Tenant's property, removal of Tenant's improvements, additions, alterations and the like, all repossession costs, brokerage commissions, legal expenses, attorneys' fees, alteration costs and expenses of preparation of the Premises for such reletting. Tenant shall expire pay such damages (herein called "deficiency") to Landlord monthly on the days on which the Rental would have been payable under this Lease if this Lease were still in effect, and terminateLandlord shall be entitled to recover from Tenant each monthly deficiency as the same shall arise; or, at any time after any such expiration or termination, whether or not Landlord shall have collected any monthly deficiencies as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall remain liable pay to Landlord, on demand, as and for all obligations under this Lease arising up liquidated and agreed final damages for Tenaxx'x xefault the entire amount of the deficiency if the Premises have been relet, or, if the Premises have not been relet, the excess of the aggregate of the Base Rental for the balance of the Term, any Additional 15 Rent for the balance of the Term, any sums, amounts and other charges which may reasonably be anticipated hereunder for the balance of the Term and Landlord's expenses as set forth above over the then fair market rental value of the Premises for the same period. If, after Landxxxx xxx recovered the foregoing from Tenant, Landlord shall relet the Premises or a part thereof, it shall reimburse Tenant to the date extent Tenant has paid amounts to Landlord and in amounts not to exceed the Base Rental, Additional Rent, sums, amounts, charges and expenses actually paid by Tenant to Landlord. 15.5 For purposes of such terminationthis Section 15, and Tenant Additional Rent shall surrender include utilities consumed in the Premises to maintain the structural integrity of the same while vacant; provided, however, that this provision shall not apply to facilities to which Tenant does not apply heat in the ordinary course of its operations. 15.6 Tenant hereby expressly waives, so far as permitted by law, the service of any notice of intention to re-enter provided for in any statute, or of the institution of legal proceedings to that end, and Tenant, for and on behalf of Tenant and all persons claiming through or under Tenant also waives any and all right of redemption or re-entry or repossession or to restore the operation of this Lease in case Tenant shall be dispossessed by a judgment or by warrant of any court or judge or in case of re-entry or repossession by Landlord or in case of any expiration or termination of this Lease. Tenant, so far as permitted by law, waives and will waive trial by jury in any action, proceeding or counterclaim brought by either of the parties hereto against the other on any matters whatsoever arising out of or in any way connected with this Lease, the date specified relationship of Landlord and Tenant, Tenaxx'x xse or occupancy of the Premises, or any claim of injury or damage. The terms "enter", "re-enter", "entry" or "re-entry", as used in such notice; orthis Lease are not restricted to their technical legal meaning.

Appears in 1 contract

Samples: Lease Agreement (General Dynamics Corp)

Landlord’s Remedies. All rights and remedies of Landlord herein enumerated shall be cumulative, and none shall exclude any other right or remedy allowed by law. In addition to the event that:other remedies in this Lease provided, Landlord shall be entitled to the restraint by injunction of the violation or attempted violation of any of the covenants, agreements or conditions of this Lease. a. (a) If Tenant shall on three or more occasions be in default defaults in the payment of rent or other charges herein required to be paid by Tenant (default herein being defined as payment received by Landlord ten or more days subsequent to the due date)Rent, regardless of whether or not and such default has occurred continues for ten (10) days after written notice by Landlord; then and in any such event Landlord may, at its election, on consecutive or non-consecutive months; five (5) days notice of such election to Tenant, either terminate the lease and Tenant’s right to possession of the Premises or, without terminating this Lease, endeavor to relet the Premises. Nothing herein shall be construed so as to relieve Tenant of any obligation, including the payment of rental as provided in this Lease. b. (b) If Tenant has caused a lien to be filed against defaults in the Landlord's property performance of any other provision of this Lease, and said lien such failure is not removed cured within thirty (30) days of recordation thereof; or c. Tenant shall default in (or immediately if the observance or performance of any of the covenants and agreements required failure involves a hazardous condition) after written notice from Landlord, however, if Tenant’s failure to comply cannot reasonably be performed and observed by Tenant hereunder for a period of cured within thirty (30) days after notice to Tenant in writing of such default (or if such default shall reasonably take more than thirty (30) days to curedays, Tenant shall not have commenced be allowed additional time as is reasonably necessary to cure the same failure so long as Tenant begins the cure within the thirty (30) days and diligently prosecuted pursues the cure to completion; then and in any such event Landlord may, at its election, on five (5) days notice of such election to Tenant, either terminate the lease and Tenant’s right to possession of the Premises or, without terminating this Lease, endeavor to relet the Premises. (c) Upon any termination of this Lease, whether by lapse of time or otherwise, Tenant shall surrender possession and vacate the Premises immediately, and deliver possession thereof to Landlord, and hereby grants to Landlord full and free license to enter into and upon the Premises in such event with or without process of law and to repossess the Premises and to expel or remove Tenant and any others who may be occupying or within the Premises and to remove any and all property therefrom, using such force as may be necessary, without being deemed in any manner guilty of trespass, eviction or forcible entry or detainer, and without relinquishing Landlord’s right to Rent or any other right given to Landlord hereunder or by operation of law. (d) If Landlord elects, without terminating the lease, to endeavor to relet the Premises, Landlord may, at Landlord’s option enter into the Premises, remove Tenant’s signs and other evidence of tenancy, and to take hold possession thereof without such entry and possession terminating the lease or releasing Tenant, in whole or in part, from Tenant’s obligation to pay the Rent hereunder for the full term as hereinafter provided. Upon and after entry into possession without termination of the lease, Landlord may relet the Premises or any part thereof for the account of Tenant to any person, firm or corporation other than Tenant for such rent, for such time and upon such terms as Landlord shall determine, to be reasonable. In any such case, Landlord may make repairs, alterations and additions in or to the Premises, and redecorate the same to completion)the extent deemed by Landlord necessary or desirable. If the consideration collected by Landlord upon any such reletting for Tenant’s account is not sufficient to pay monthly the full amount of the Rent reserved in this Lease, Tenant shall pay to Landlord the amount of each monthly deficiency upon demand; orand if the consideration so collected from any such reletting is more than sufficient to pay the full amount of the Rent reserved herein, together with the costs and expenses of Landlord, Landlord, at the end of the stated term of this Lease shall account to Tenant. d. Sixty (60e) Any and all property which may be removed from the Premises by Landlord pursuant to the authority of the lease or of law, to which Tenant is or may be entitled, may be handled, removed or stored by Landlord at the risk, cost and expense of Tenant, and Landlord shall in no event be responsible for the value, preservation or safekeeping thereof. Any such property of Tenant not removed from the Premises or retaken from storage by Tenant within thirty (30) days have elapsed after the commencement end of the term or of Tenant’s right to possession of the Premises, however terminated, shall be conclusively deemed to have been forever abandoned by Tenant and either may be retained by Landlord as its property or may be disposed of in such manner as Landlord may see fit. (f) Tenant agrees that if it shall at any time fail to make any payment or perform any other act on its part to be made or performed under this Lease, Landlord may, but shall not be obligated to, and after reasonable notice or demand and without waiving, or releasing Tenant from, any obligation under this Lease, make such payment or perform such other act to the extent Landlord may deem desirable, and in connection therewith to pay expenses and employ counsel. All sums so paid by Landlord and all expenses in connection therewith, together with interest thereon at the rate of 10% per annum from the date of payment, shall be deemed additional rent hereunder and payable at the time of any proceeding by installment of Rent thereafter becoming due and Landlord shall have the same rights and remedies for the non-payment thereof, or against Tenantof any other additional rent, whether by as in the filing case of default in the payment of Rent. (g) If Tenant shall (i) apply for consent to the appointment of a receiver, trustee or liquidator of Tenant or of all or a substantial part of its assets, (ii) admit in writing its inability to pay its debts as they come due, (iii) make a general assignment for the benefit of creditors, (iv) file a petition or an answer seeking reorganization or arrangement with creditors or to take advantage of any insolvency law other than the federal Bankruptcy Code, or (v) file an answer admitting the material allegations of a petition filed against Tenant in any reorganization or otherwiseinsolvency proceeding, other than a proceeding commenced pursuant to the federal bankruptcy court or a federal court sitting as a bankruptcy court, adjudicating Tenant insolvent or approving a petition seeking reorganization of Tenant or appointing a receiver, trustee or liquidator of Tenant or of all or a substantial part of its assets, then, in any reorganizationof such events, arrangementLandlord may give to Tenant a notice of intention to end the term of this Lease specifying a day not earlier than ten (10) days thereafter, compositionand upon the giving of such notice the term of this Lease and all right, readjustment, liquidation, dissolution or similar relief under the present or future Federal Bankruptcy Act or any other present or future applicable federal, state or other statute or law, whereby such proceeding shall not have been dismissed (provided, however, that the non-dismissal of any such proceeding shall not be a default hereunder so long as all of Tenant's covenants title and obligations hereunder are being performed by or on behalf of Tenant); then Landlord shall be entitled to its election (unless Tenant shall cure such default prior to such election), to exercise concurrently or successively, any one or more interest of the following rights: I. Terminate this Lease by giving Tenant notice of termination, in which event this Lease hereunder shall expire as fully and terminate completely on the date specified in such notice of termination, with the same force and effect as though the date day so specified as if that day were the date herein originally specifically fixed as for the termination date expiration of the term of term. (h) Notwithstanding anything to the contrary in this Lease, and all rights Landlord shall use commercially reasonable efforts to mitigate its damages in the event of Tenant under this Lease and in and to the Premises shall expire and terminate, and Tenant shall remain liable for all obligations under this Lease arising up to the date of such termination, and Tenant shall surrender the Premises to Landlord on the date specified in such notice; ora default by Tenant.

Appears in 1 contract

Samples: Lease Agreement (American Railcar Industries, Inc.)

Landlord’s Remedies. In the event that: a. (a) Tenant shall on three or more occasions be in default in the payment of rent or other payment or charges herein required to be paid by Tenant (default herein being defined as payment received by Landlord ten or more days subsequent to the due date), regardless of whether or not such default has occurred on consecutive or non-consecutive months; or b. (b) Tenant has caused a lien to be filed against the Landlord's property and said lien is not removed within thirty (30) days of recordation thereof; or c. (c) Tenant shall default in making any payment to Landlord required by this Lease, including but not limited to payments relating to rent and real property taxes and assessments and such default continues for a period of fifteen (15) days after any such payment was due; or (d) Tenant shall default in the other observance or performance of any of the other obligations, covenants and agreements required to be performed and observed by Tenant hereunder for a period of thirty (30) days after notice to Tenant in writing of such default (or if such default shall reasonably take more than thirty (30) days to cure, Tenant shall not have commenced the same within the thirty (30) days and diligently prosecuted the same to completion); or d. (e) Sixty (60) days have elapsed after the commencement of any proceeding by or against Tenant, whether by the filing of a petition or otherwise, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or future Federal Bankruptcy Act or any other present or future applicable federal, state or other statute or law, whereby such proceeding shall not have been dismissed (provided, however, that the non-dismissal of any such proceeding shall not be a default hereunder so long as all of Tenant's covenants and obligations hereunder are being performed by or on behalf of Tenant)dismissed; then Landlord shall be entitled to its election (unless Tenant shall cure such default prior to such election), to exercise concurrently or successively, any one or more of the following rights: I. (i) Terminate this Lease by giving Tenant notice of termination, in which event this Lease shall expire and terminate on the date specified in such notice of termination, with the same force and effect as though the date so specified were the date herein originally fixed as the termination date of the term of this Lease, and all rights of Tenant under this Lease and in and to the Premises shall expire and terminate, and Tenant shall remain liable for all obligations under this Lease arising up to the date of such termination, and Tenant shall surrender the Premises to Landlord on the date specified in such notice; or (ii) Without terminating this Lease, and with or without notice to Tenant, Landlord may in its own name but as agent for Tenant enter into and upon and take possession of the Premises or any part thereof, and, at Landlord's option, remove persons and property therefrom, and such property, if any, may be removed and sold or removed and stored in a warehouse or elsewhere at the cost of, and for the account of Tenant, all without being deemed guilty of trespass or becoming liable for any loss or damage which may be occasioned thereby, and Landlord may rent the Premises or any portion thereof as the agent of Tenant with or without advertisement, and by private negotiations and for any term upon such terms and conditions as Landlord may deem necessary in order to relet the Premises. Landlord shall in no way be responsible or liable for any rental concessions or any failure to rent the Premises or any part thereof, or for any failure to collect any rent due upon such reletting. Upon such reletting, all rentals received by Landlord from such reletting shall be applied: first, to the payment of any indebtedness (other than any rent due hereunder) from Tenant to Landlord; second, to the payment of any costs and expenses of such reletting, including, without limitation, brokerage fees and attorney's fees and costs of alterations and repairs; third, to the payment of rent and other charges then due and unpaid hereunder; and the residue, if any shall be held by Landlord to the extent of and for application in payment of future rent as the same may become due and payable hereunder. In reletting the Premises as aforesaid, Landlord may grant rent concessions and Tenant shall not be credited therefor. If such rentals received from such reletting shall at any time or from time to time be less than sufficient to pay to Landlord the entire sums then due from Tenant hereunder, Tenant shall pay any such deficiency to Landlord. Such deficiency shall, at Landlord's option, be calculated and paid monthly. No such reletting shall be construed as an election by Landlord to terminate this Lease unless a written notice of such election has been given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for any such previous default provided same has not been cured; or (iii) Allow the Premises to remain unoccupied and collect rent from Tenant as it comes due; or (iv) Foreclose the security interest described herein; or (v) Pursue such other remedies as are available at law or equity.

Appears in 1 contract

Samples: Commercial Lease Agreement (Dais Analytic Corp)

Landlord’s Remedies. In the event that: a. Tenant shall on three or more occasions be in default in the payment of rent or other charges herein required to be paid by Tenant (default herein being defined as payment received by Landlord ten or more days subsequent to the due date), regardless of whether or not such default has occurred on consecutive or non-consecutive months; or b. Tenant Xxxxxx has caused a lien to be filed against the Landlord's property and said lien is not removed within thirty (30) days of recordation thereof; or c. b. Tenant shall default in the observance or performance of any of the covenants and agreements required to be performed and observed by Tenant hereunder for a period of thirty (30) days after notice to Tenant in writing of such default (or if such default shall reasonably take more than thirty (30) days to cure, Tenant shall not have commenced the same within the thirty (30) days and diligently prosecuted the same to completion); or d. c. Sixty (60) days have elapsed after the commencement of any proceeding by or against Tenant, whether by the filing of a petition or otherwise, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or future Federal Bankruptcy Act or any other present or future applicable federal, state or other statute or law, whereby such proceeding shall not have been dismissed (provided, however, that the non-dismissal of any such proceeding shall not be a default hereunder so long as all of Tenant's covenants and obligations hereunder are being performed by or on behalf of Tenant); then Landlord shall be entitled to its election (unless Tenant shall cure such default prior to such election), to exercise concurrently or successively, any one or more of the following rights: I. i. Terminate this Lease by giving Tenant notice of termination, in which event this Lease shall expire and terminate on the date specified in such notice of termination, with the same force and effect as though the date so specified were the date herein originally fixed as the termination date of the term of this Lease, and all rights of Tenant under this Lease and in and to the Premises shall expire and terminate, and Tenant shall remain liable for all obligations under this Lease arising up to the date of such termination, and Tenant Xxxxxx shall surrender the Premises to Landlord on the date specified in such notice; or ii. Terminate this Lease as provided herein and recover from Tenant all damages Landlord may incur by reason of Tenant's default, including, without limitation, a sum which, at the date of such termination, represents the then value of the excess, if any, of (a) the Minimum Rent, Percentage Rent, Taxes and all other sums which would have been payable hereunder by Tenant for the period commencing with the day following the date of such termination and ending with the date herein before set for the expiration of the full term hereby granted, over (b) the aggregate reasonable rental value of the Premises for the same period, all of which excess sum shall be deemed immediately due and payable; or iii. Without terminating this Lease, declare immediately due and payable all Minimum Rent, Taxes, and other rents and amounts due and coming due under this Lease for the entire remaining term hereof, together with all other amounts previously due, at once; provided, however, that such payment shall not be deemed a penalty or liquidated damages but shall merely constitute payment in advance of rent for the remainder of said term. Upon making such payment, Tenant shall be entitled to receive from Landlord all rents received by Landlord from other assignees, tenants, and subtenants on account of said Premises during the term of this Lease, provided that the monies to which tenant shall so become entitled shall in no event exceed the entire amount actually paid by Tenant to Landlord pursuant to the preceding sentence less all costs, expenses and attorney's fees of Landlord incurred in connection with the re-letting of the Premises; or iv. Without terminating this Lease, and with or without notice to Tenant, Landlord may in its own name but as agent for Tenant enter into and upon and take possession of the Premises or any part thereof, and, at landlord's option, remove persons and property therefrom, and such property, if any, may be removed and stored in a warehouse or elsewhere at the cost of, and for the account of Tenant, all without being deemed guilty of trespass or becoming liable for any loss or damage which may be occasioned thereby, and Landlord may rent the Premises or any portion thereof as the agent of Tenant with or without advertisement, and by private negotiations and for any term upon such terms and conditions as Landlord may deem necessary or desirable in order to re-let the Premises. Landlord shall in no way be responsible or liable for any rental concessions or any failure to rent the Premises or any part thereof, or for any failure to collect any rent due upon such re-letting. Upon such re-letting, all rentals received by Landlord from such re-letting shall be applied: first, to the payment of any indebtedness (other than any rent due hereunder) from Tenant to Landlord; second, to the payment of any costs and expenses of such re-letting, including, without limitation, brokerage fees and attorney's fees and costs of alterations and repairs; third, to the payment of rent and other charges then due and unpaid hereunder; and the residue, if any shall be held by Landlord to the extent of and for application in payment of future rent as the same may become due and payable hereunder. In re- letting the Premises as aforesaid, Landlord may grant rent concessions and Tenant shall not be credited therefor. If such rentals received from such re-letting shall at any time or from time to time be less than sufficient to pay to Landlord the entire sums then due from Tenant hereunder, Tenant shall pay any such deficiency to Landlord. Such a deficiency shall, at Xxxxxxxx's option, be calculated and paid monthly. No such re-letting shall be construed as an election by Landlord to terminate this Lease unless a written notice of such election has been given to Tenant by Landlord. Notwithstanding any such re-letting without termination, Landlord may at any time thereafter elect to terminate this Lease for any such previous default provided same has not been cured; or v. Without liability to Tenant or any other party and without constituting a constructive or actual eviction, suspend or discontinue furnishing or rendering to Tenant any property, material, labor, Utilities or other service, whether Landlord is obligated to furnish or render the same, so long as Tenant is in default under this Lease; or vi. Allow the Premises to remain unoccupied and collect rent from Tenant as it comes due; or vii. Foreclose the security interest described herein, including the immediate taking of possession of all property on or in the Premises; or viii. Pursue such other remedies as are available at law or equity. d. Xxxxxxxx's pursuit of any remedy of remedies, including without limitation, any one or more of the remedies stated herein shall not (1) constitute an election of remedies or preclude pursuit of any other remedy or remedies provided in this Lease or any other remedy or remedies provided by law or in equity, separately or concurrently or in any combination, or (2) sever as the basis for any claim of constructive eviction, or allow Tenant to withhold any payments under this Lease.

Appears in 1 contract

Samples: Commercial Lease Agreement

Landlord’s Remedies. In the event that: a. Tenant If default shall on three or more occasions be in default made in the payment of rent the Rent or any installment thereof or in the payment of any other charges herein sum required to be paid by Tenant (default herein being defined as payment received by under this Lease or under the terms of any other agreement between Landlord ten or more days subsequent to the due date), regardless of whether or not and Tenant and such default has occurred on consecutive or non-consecutive months; or b. Tenant has caused a lien to be filed against the Landlord's property and said lien is not removed within thirty shall continue for five (305) days of recordation thereof; or c. Tenant after written notice to Tenant, or if default shall default be made in the observance or performance of any of the other covenants and agreements or conditions in this Lease which Tenant is required to be performed observe and observed by Tenant hereunder perform and such default shall continue for a period of thirty (30) days after written notice to Tenant in writing of such default (or such additional time as may reasonably be required if such default shall cannot be reasonably take more than cured within thirty (30) days, provided in no event shall such additional time exceed forty-five (45) additional days), or if a default involves a hazardous condition and is not cured by Tenant as promptly as is necessary to remove the hazardous condition but in any event within five (5) business days after written notice to cureTenant, or if the interest of Tenant in this Lease shall be levied on under execution or other legal process which is not have commenced the same dismissed within the thirty (30) days and diligently prosecuted the same to completion); or d. Sixty (60) days have elapsed after the commencement of days, or if any proceeding voluntary petition in bankruptcy or for corporate reorganization or any similar relief shall be filed by or against Tenant, whether by the filing of a or if any involuntary petition in bankruptcy shall be filed against Tenant under any federal or otherwise, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution state bankruptcy or similar relief under the present or future Federal Bankruptcy Act or any other present or future applicable federal, state or other statute or law, whereby such proceeding insolvency act and shall not have been dismissed within sixty (provided60) days from the filing thereof, howeveror if a receiver shall be appointed for Tenant or any of the property of Tenant by any court and such receiver shall not have been dismissed within sixty (60) days from the date of his appointment, that or if Tenant shall make an assignment for the non-dismissal benefit of creditors, or if Tenant shall admit in writing Tenant's inability to meet Tenant's debts as they mature, then Landlord may treat the occurrence of any such proceeding shall not be one or more of the foregoing events as a default hereunder so long as all breach of Tenant's covenants this Lease, and obligations hereunder are being performed by thereupon at its option may, without notice or on behalf demand of Tenant); then Landlord shall be entitled any kind to its election (unless Tenant shall cure such default prior to such election)or any other person, to exercise concurrently or successively, have any one or more of the following rightsdescribed remedies in addition to all other rights and remedies provided at law or in equity or elsewhere herein: I. Terminate (i) Landlord may terminate this Lease and the Term created hereby by giving Tenant written notice of terminationLandlord's election to do so and the effective date thereof, in which event this Lease shall expire Landlord may forthwith repossess the Premises and terminate be entitled to recover forthwith, in addition to any other sums or damages for which Tenant may be liable to Landlord, as liquidated damages a sum of money equal to the excess of the present value of the Rent provided to be paid by Tenant for the balance of the Term over the present value of the fair market rental value of the Premises, after deduction of all anticipated expenses of reletting, for said period (such present value to be computed on the basis of a per annum discount rate equal to three percent (3%) plus the effective annual yield on U.S. Treasury obligations maturing closest to the Termination Date calculated on the date specified in said notice). Should the fair market rental value of the Premises, after deduction of all anticipated expenses of reletting, for the balance of the Term exceed the value of the Rent provided to be paid by Tenant for the balance of the Term, Landlord shall have no obligation to pay to Tenant the excess or any part thereof or to credit such excess or any part thereof against any other sums or damages for which Tenant may be liable to Landlord. (ii) Landlord may terminate the right of Tenant to possession of the Premises without terminating this Lease by giving written notice of termination, with the same force and effect as though to Tenant that Tenant's right to possession shall end on the date so specified were stated in such notice, whereupon the right of Tenant to possession of the Premises or any part thereof shall cease on the date herein originally fixed as stated in such notice. If Landlord terminates the termination date right of Tenant to possession of the term of Premises without terminating this Lease, and all rights the present value of Tenant under this Lease and the Rent (at the then current rates therefor) for the period from the date stated in and the notice terminating possession to the Premises Termination Date over the present value of the fair market rental value of the Premises, after deduction of all anticipated expenses of reletting, for said period (such present value to be computed as set forth in clause (i) above) shall, at the option of Landlord, be immediately due and payable by Tenant to Landlord, together with any other monies due hereunder, and Landlord shall expire and terminatehave the right of immediate recovery of all such amounts. In the alternative, Landlord shall have the right from time to time to recover from Tenant, and Tenant shall remain liable for all obligations Rent not theretofore accelerated and paid pursuant to the foregoing sentence and any other sums thereafter accruing as they become due under this Lease arising up to during the period from the date of such terminationnotice of termination of possession to the Termination Date. In any such case, Landlord may (but shall be under no obligation to, except as may be required by law) relet the Premises or any part thereof for the account of Tenant for such rent, from time to time (which may be for a term extending beyond the Term of this Lease) and upon such terms as Landlord in Landlord's sole discretion shall determine, and Landlord shall not be required to accept any tenant offered by Tenant or to observe any instructions given by Tenant relative to such reletting. Also, in any such case, Landlord may change the locks or other entry devices of the Premises and make repairs, alterations and additions in or to the Premises and redecorate the same to the extent deemed by Landlord necessary or desirable, and Tenant shall surrender upon written demand pay the Premises cost thereof together with Landlord's expenses of reletting, including without limitation, brokerage commissions payable to Landlord's agent or to others. Landlord may collect the rents from any such reletting and apply the same first to the payment of the expenses of reentry, redecoration, repair and alterations and the expenses of reletting and second to the payment of Rent therein provided to be paid by Tenant, and any excess or residue shall operate only as an offsetting credit against the amount of Rent due and owing or paid as a result of acceleration or as the same thereafter becomes due and payable hereunder, but the use of such offsetting credit to reduce the amount of Rent due Landlord, if any, shall not be deemed to give Tenant any right, title or interest in or to such excess or residue and any such excess or residue shall belong to Landlord solely; provided that in no event shall Tenant be entitled to a credit on its indebtedness to Landlord in excess of either the aggregate sum due and owing or paid as a result of acceleration or which would have been paid by Tenant for the period for which the credit to Tenant is being determined, had no default occurred, as applicable. No such reentry, repossession, repairs, alterations, additions or reletting shall be construed as an eviction or ouster of Tenant or as an election on Landlord's part to terminate this Lease, unless a written notice of such intention is given to Tenant, or shall operate to release Tenant in whole or in part from any of Tenant's obligations hereunder, and Landlord may, at any time and from time to time, xxx and recover judgment for any deficiencies from time to time remaining after the application from time to time of the proceeds of any such reletting. (iii) Landlord, without thereby waiving such default, may perform the same for the account and at the expense of Tenant, without notice in a case of emergency or in case of correction of a dangerous or hazardous condition, and in any other case if such default continues after ten (10) days from the date specified of the giving by Landlord to Tenant of written notice of intention so to do. Bills for any expense incurred by Landlord in connection with any such notice; orperformance by Landlord for the account of Tenant, and shall be due and payable in accordance with the terms of said bills, and if not paid when due, the amounts thereof shall immediately become due and payable as Additional Rent under this Lease.

Appears in 1 contract

Samples: Lease Agreement (Standard Parking Corp)

Landlord’s Remedies. In the event that: a. Tenant (a) If default shall on three or more occasions be in default made in the payment of rent the Rent or any installment thereof or in the payment of any other charges herein sum required to be paid by Tenant under this Lease and such default shall continue for ten (default herein being defined as payment received by Landlord ten or more 10) days subsequent after written notice to Tenant (provided that such notice and cure period shall only apply to the due datefirst such late payment in each calendar year), regardless or under the terms of whether any other agreement between Landlord and Tenant or not such if default has occurred on consecutive or non-consecutive months; or b. Tenant has caused a lien to shall be filed against the Landlord's property and said lien is not removed within thirty (30) days of recordation thereof; or c. Tenant shall default made in the observance or performance of any of the other covenants and agreements or conditions in this Lease which Tenant is required to be performed observe and observed by Tenant hereunder perform and such other default shall continue for a period of thirty (30) days after written notice to Tenant (provided that if such cure cannot be reasonably completed in writing of thirty (30) days, such additional time as is necessary to cure such default (or if provided Tenant has commenced to cure such default shall reasonably take more than within thirty (30) days to cure, Tenant shall not have commenced the same within the thirty (30) days following Landlord’s written notice and is diligently prosecuted the same prosecuting such cure to completion); or d. Sixty (60) days have elapsed after the commencement of any proceeding , or if a default involves a hazardous condition and is not cured by or against Tenant promptly upon written notice to Tenant, whether by or if Tenant shall be in default under the filing Existing Lease, or if the interest of a Tenant in this Lease shall be levied on under execution or other legal process, or if any voluntary petition in bankruptcy or otherwise, seeking for corporate reorganization or any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief shall be filed by Tenant, or if any involuntary petition in bankruptcy shall be filed against Tenant under the present any federal or future Federal Bankruptcy Act state bankruptcy or any other present or future applicable federal, state or other statute or law, whereby such proceeding insolvency act and shall not have been dismissed within sixty (provided60) days from the filing thereof, howeveror if a receiver shall be appointed for Tenant or any of the property of Tenant by any court and such receiver shall not have been dismissed within sixty (60) days from the date of his appointment, that or if Tenant shall make an assignment for the non-dismissal benefit of creditors, or if Tenant shall admit in writing Tenant’s inability to meet Tenant’s debts as they mature, or if Tenant shall abandon or vacate the Premises during the Term, then Landlord may treat the occurrence of any such proceeding shall not be one or more of the foregoing events as a default hereunder so long as all breach of Tenant's covenants this Lease, and obligations hereunder are being performed by thereupon at its option may, with or on behalf without notice or demand of Tenant); then Landlord shall be entitled any kind to its election (unless Tenant shall cure such default prior to such election)or any other person, to exercise concurrently or successively, have any one or more of the following rightsdescribed remedies in addition to all other rights and remedies provided at law or in equity or elsewhere herein: I. Terminate this Lease (i) Landlord may terminate Tenant’s tenancy and right of possession and may repossess the Premises by giving Tenant notice of terminationsummary process action, by taking peaceful possession or otherwise, in which event this Lease Landlord may, but shall expire be under no obligation to re-let the Premises for such rent and terminate on upon such terms as shall be satisfactory to Landlord. For the date specified in purpose of such notice re-letting or otherwise, Landlord is authorized to decorate, repair, remodel or alter the Premises. Following such termination of terminationTenant’s tenancy and right of possession, with Landlord may either: (A) treat the same force Tenant’s payment obligations hereunder as accelerated, and effect as though the date so specified were the date herein originally fixed as the termination date of the term may recover damages for Tenant’s breach of this Lease, which damages the parties stipulate are equal to: (i) the present value of all future Rent reserved under this Lease, together with any other amounts that may become due, for or during the balance of the Term, plus (ii) all reasonable costs and expenses that are actually incurred by Landlord, or that Landlord reasonably expects it will incur in connection with Landlord’s re-letting of the Premises, including, without limitation, costs of decoration, repairs, remodeling, alterations and additions, and brokers and attorney’s fees, less (iii) the amount of all rights rents received by Landlord through the date of judgment from a third party resulting from a re-letting of the Premises, and less (iv) the present value of the future rents that Landlord reasonably expects it will receive through the end of the Term of this Lease from any third party resulting from a re-letting of the Premises, or (B) without treating Tenant’s payment obligations as accelerated, Landlord may from time to time recover damages for Tenant’s breach of this Lease, which damages the parties stipulate are equal to: (i) the amount of unpaid Rent reserved under this Lease, together with any other amounts that may become due, through the date of judgment, plus (ii) expenses of re-letting through the date of judgment, including, without limitation, costs of decoration, repairs, remodeling, alterations and additions, and brokers and attorney’s fees, less (iii) the amount of rents received by Landlord from a third party resulting from a re-letting of the Premises through the date of judgment. No suit, judgment or recovery under this provision shall be a defense to any subsequent action brought to recover any amount subsequently due, but not included in any prior judgment. (ii) Without terminating Tenant’s tenancy or right of possession, Landlord may from time to time recover damages for nonpayment of any Rent or other sums that become due from Tenant under this Lease and in Lease, and to the Premises shall expire and terminate, and enforce any other obligations owed by Tenant shall remain liable for all obligations under this Lease arising up to Lease, through the date of judgment. No suit, judgment or recovery under this provision shall be a defense to any subsequent action brought to recover any amount subsequently due, but not included in any prior judgment. (b) The making of any election as provided in this Section shall be revocable in Landlord’s sole discretion and at any time Landlord may rescind any election made hereunder and pursue any remedy provided hereunder or otherwise available by law or in equity. (c) In any action commenced to obtain possession of the Premises, including any such terminationaction pursuant to a right or remedy provided by law or in equity that is not expressly provided for herein, Tenant waives any right to assert any counterclaims or claims by way of recoupment or set-off. The foregoing shall not limit Tenant’s right to assert any counterclaims or claims by way of recoupment or set-off in any action by Landlord seeking collection of any amounts due to Landlord. (d) For purposes of this Section: (i) the present value of any sums payable or to be incurred in the future shall be computed, at Landlord’s election, either (A) by applying, as a discount rate, the interest rate payable on U.S. Treasuries maturing as of a date equal or near to the Termination Date as announced by the Wall Street Journal, or (B) by applying such other discount rate as is fair and equitable, and (ii) in determining the amount of Rent or other amounts that, under the Lease, would become due from Tenant in the future, any amounts that cannot be determined precisely as of the date of judgment shall be computed based on the average monthly amount accruing during the twelve (12) month period preceding the date of termination of Tenant’s tenancy, and (iii) notwithstanding anything herein to the contrary, Landlord shall not be required, in calculating damages, to reduce to present value any sums expected to be payable or incurred within two years of the date of judgment payable or to be incurred more than two years from the date of judgment. (e) The Tenant shall surrender pay upon demand all Landlord’s reasonable costs, charges and expenses including the Premises fees and out-of-pocket expenses of counsel, agents and others retained by Landlord incurred in enforcing the Tenant’s obligations hereunder or incurred by the Landlord in any litigation, negotiation or transaction in which the Tenant causes the Landlord without the Landlord’s fault to Landlord on the date specified in such notice; orbecome involved or concerned.

Appears in 1 contract

Samples: Lease (Amarin Corp Plc\uk)

Landlord’s Remedies. In the event that: a. A. If (i) Tenant shall on three or more occasions be in default defaults in the payment of rent Base Rent, Additional Charges, or any installment of the foregoing, or in the payment of any other charges herein sum required to be paid by Tenant either under this Lease, or under the terms of any other agreement between Landlord and Tenant (default herein the foregoing defaults being defined as payment received by Landlord ten or more days subsequent to the due datecollectively called “Payment Defaults”), regardless of whether or not and such default has occurred on consecutive or non-consecutive months; or b. Tenant has caused a lien to be filed against the Landlord's property and said lien Payment Default is not removed cured within thirty five days after receipt of written notice that such payment is due, (30ii) days of recordation thereof; or c. Tenant shall default defaults in the observance or performance of any of the other covenants and agreements or conditions in this Lease which Tenant is required to be performed observe and observed by Tenant hereunder for a period of thirty (30) perform and such default is not cured within 10 days after written notice to Tenant in writing of such default Tenant, (or if such default involves a hazardous condition and is not cured by Tenant immediately upon written notice to Tenant), or (iii) the interest of Tenant in this Lease shall reasonably take more than thirty be levied on under execution or other legal process, or (30iv) days to cure, Tenant shall not have commenced becomes the same within the thirty (30) days and diligently prosecuted the same to completion); or d. Sixty (60) days have elapsed after the subject of commencement of any proceeding by an involuntary case under the federal bankruptcy law as now or against Tenanthereafter constituted, whether by the filing of or there is filed a petition or otherwise, against Tenant seeking any reorganization, arrangement, compositionadjustment or composition of or in respect of Tenant under the federal bankruptcy law as now or hereafter constituted, readjustmentor under any other applicable federal or state bankruptcy, liquidationinsolvency, dissolution reorganization or other similar law, or seeking the appointment of a receiver, liquidator or assignee, custodian, trustee, sequestrator (or similar relief official) of Tenant or any substantial part of its property, or seeking the winding-up or liquidation of its affairs and such involuntary case or petition is not dismissed within 60 days after the filing thereof, or (v) Tenant commences a voluntary case or institutes proceedings to be adjudicated a bankrupt or insolvent, or consents to the institution of bankruptcy or insolvency proceedings against it, under the present Federal bankruptcy laws as now or future Federal Bankruptcy Act hereafter constituted, or any other present applicable Federal or future applicable federal, state bankruptcy or insolvency or other statute or similar law, whereby such proceeding shall not have been dismissed or consents to the appointment of or taking possession by a receiver or liquidator or assignee, trustee, custodian, sequestrator (provided, however, that the non-dismissal or other similar official) of Tenant or of any such proceeding substantial part of its property, or makes any assignment for the benefit of creditors or admits in writing its inability to pay its debts generally as they become due, or (vi) Tenant, its stockholders or Board of Directors or any committee thereof takes any action contemplating, in preparation for or in furtherance of any of the occurrences, steps or proceedings in items (iv) or (v) above, or (vii) Tenant shall abandon or vacate the Leased Premises during the Term, or (viii) Tenant shall fail to take possession of any part of the Leased Premises within 30 days after the date the Leased Premises are made available by the Landlord for occupancy, or (ix) Tenant defaults under any other lease in the Building, or (x) any representation or warranty made by Tenant is not be a default hereunder so long as all of Tenant's covenants accurate and obligations hereunder are being performed by or on behalf of Tenant); correct, then Landlord shall be entitled may treat the occurrence of any one or more of the foregoing events as a breach of this Lease, and any other lease in the Building to which Tenant is a party and thereupon at its election (unless option may, with or without notice or demand of any kind to Tenant shall cure such default prior to such election)or any other person, to exercise concurrently or successively, have any one or more of the following rightsdescribed remedies in addition to all other rights and remedies provided at law or in equity or elsewhere herein: I. Terminate (a) Landlord may terminate this Lease by giving to Tenant written notice of terminationLandlord’s election to do so, in which event this Lease the Term and all right, title and interest of Tenant hereunder shall expire and terminate end on the date specified stated in such notice; (b) Landlord may terminate the right of Tenant to possession of the Leased Premises without terminating this Lease, by giving written notice to Tenant that Tenant’s right of termination, with the same force and effect as though possession shall end on the date so specified were stated in such notice, whereupon the right of Tenant to possession of the Leased Premises or any part thereof shall cease on the date herein originally fixed as stated in such notice; and (c) Landlord may enforce the termination date provisions of this Lease and may enforce and protect the rights of Landlord hereunder by a suit or suits in equity or at law for the specific performance of any covenant or agreement contained herein, and for the enforcement of any other appropriate legal or equitable remedy, including without limitation (aa) injunctive relief, (bb) recovery of all moneys due or to become due from Tenant under any of the term provisions of this Lease, and all rights (cc) any other damages incurred by Landlord by reason of Tenant’s default under this Lease. B. If Landlord exercises any of the remedies provided for in subparagraphs (a) or (b) above, Tenant shall surrender possession of and vacate the Leased Premises and immediately deliver possession thereof to Landlord, and Landlord may re-enter and take complete and peaceful possession of the Leased Premises. C. If Landlord terminates the right of Tenant under to possession of the Leased Premises without terminating this Lease Lease, such termination of possession shall not release Tenant, in whole or in part, from Tenant’s obligation to pay the Base Rent hereunder for the full Term, and the present value of the aggregate amount of the Base Rent and Additional Charges (at the then current rates therefor) for the period from the date stated in and the notice terminating possession to the Premises Termination Date (such present value to be computed on the basis of a per annum discount rate equal to 7%) shall, at the option of Landlord, be immediately due and payable by Tenant to Landlord, together with any other moneys due hereunder, and Landlord shall expire and terminatehave the right to immediate recovery of all such amounts. In the alternative, Landlord shall have the right from time to time, to recover from Tenant, and Tenant shall remain liable for, all Base Rent and Additional Charges not theretofore accelerated and paid pursuant to the foregoing sentence and any other sums thereafter accruing as they become due under this Lease during the period from the date of such notice of termination of possession to the Termination Date. In any such case, Landlord may (but shall be under no obligation to, except as may be required by law) relet the Leased Premises or any part thereof for the account of Tenant for such rent, for such time (which may be for a term extending beyond the Term of this Lease) and upon such terms as Landlord in Landlord’s sole discretion shall determine, and Landlord shall not be required to accept any tenant offered by Tenant or to observe any instructions given by Tenant relative to such reletting. Also, in any such case, Landlord may change the locks or other entry devices of the Leased Premises and make repairs, alterations and additions in or to the Leased Premises and redecorate the same to the extent deemed by Landlord necessary or desirable, and Tenant shall upon written demand pay the cost thereof together with Landlord’s expenses of reletting, including, without limitation, brokerage commissions payable to Landlord or Property Manager or to others. Landlord may collect the rents from any such reletting and apply the same first to the payment of the expenses of re-entry, redecoration, repair and alterations and the expenses of reletting and second to the payment of Base Rent and Additional Charges payable by Tenant hereunder, and any excess or residue shall operate only as an offsetting credit against the amount of Base Rent and Additional Charges due and owing or paid as a result of acceleration or as the same thereafter becomes due and payable hereunder, but the use of such offsetting credit to reduce the amount of Base Rent and Additional Charges due Landlord, if any, shall not be deemed to give Tenant any right, title or interest in or to such excess or residue and any such excess or residue shall belong to Landlord solely; and in no event shall Tenant be entitled to a credit on its indebtedness to Landlord in excess of either the aggregate sum (including Base Rent and Additional Charges) due and owing or paid as a result of acceleration or which would have been paid by Tenant for the period for which the credit to Tenant is being determined, had no default occurred, as applicable. No such re-entry, repossession, repairs, alterations, additions or reletting shall be construed as an eviction or ouster of Tenant or as an election on Landlord’s part to terminate this Lease, unless a written notice of such intention is given to Tenant, nor shall the foregoing operate to release Tenant in whole or in part from any of Tenant’s obligations hereunder, and Landlord may, at any time and from time to time, xxx and recover judgment for any deficiencies from time to time remaining after the application from time to time of the proceeds of any such reletting. D. In the event of the termination of this Lease by Landlord as provided for by subparagraph A. above, Landlord shall be entitled to recover from Tenant all damages and other sums which Landlord is entitled to recover under any provision of this Lease or at law or equity, including, but not limited to, all the fixed dollar amounts of Base Rent and Additional Charges accrued and unpaid for the period up to and including such termination date, as well as all other additional sums payable by Tenant, or for which Tenant is liable or in respect of which Tenant has agreed to indemnify Landlord under any of the provisions of this Lease, which may be then owing and unpaid, and all costs and expenses, including without limitation court costs and reasonable attorney’s fees incurred by Landlord in the enforcement of its rights and remedies hereunder and, in addition, any damages provable by Landlord as a matter of law including, without limitation, an amount equal to the excess of the Base Rent provided to be paid for the remainder of the Term over the fair market rental value of the Leased Premises (determined at the date of termination of this Lease) after deduction of all anticipated expenses of reletting. In the alternative, Landlord shall have the right, from time to time, to recover from Tenant, and Tenant shall remain liable for, all Base Rent, Additional Charges and other amounts due and owing under this Lease not theretofore accelerated and paid pursuant to the provisions of this Lease plus (x) damages equal to all other sums which would have accrued under the Lease after the date of termination had it not been terminated, such damages to be due and payable as such sums would have become due, less (y) such amounts as Landlord may receive from reletting after first paying all costs of such reletting, including, without limitation, brokerage commissions and the costs of repairs, alterations, additions and redecorations, and the expenses of re-entry, and the net amounts of rent collected remaining after such expenses shall operate only as an off-setting credit against the amount due hereunder with any excess or residue belonging to Landlord solely. Should the fair market rental value of the Leased Premises after deduction of all anticipated expenses of reletting exceed the Base Rent provided to be paid by Tenant for the remainder of the Term, Landlord shall not be obligated to pay to Tenant any part of such excess or to credit any part of such excess against any other sums or damages for which Tenant may be liable to Landlord. E. Tenant shall pay all of Landlord’s costs, charges and expenses, including without limitation, court costs and reasonable attorney’s fees, incurred in enforcing Tenant’s obligations under this Lease arising up or incurred by Landlord in any litigation, negotiation or transaction in which Tenant causes Landlord, without Landlord’s fault, to become involved or concerned. F. In the event that Tenant shall file for protection under the Bankruptcy Code now or hereafter in effect, or a trustee in bankruptcy shall be appointed for Tenant, Landlord and Tenant agree, to the date of extent permitted by law, to request that the debtor-in-possession or trustee-in-bankruptcy, if one shall have been appointed, either assume or reject this Lease within 60 days after such termination, and Tenant shall surrender the Premises to Landlord on the date specified in such notice; orappointment.

Appears in 1 contract

Samples: Lease Agreement (Stockeryale Inc)

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Landlord’s Remedies. In the event that: a. Tenant shall on three or more occasions be in default in the payment of rent or other charges herein required to be paid by Tenant (default herein being defined as payment received by Landlord ten sixty or more days subsequent to the due date), regardless of whether or not such default has occurred on consecutive or non-consecutive months; or b. Tenant has caused a lien lien, mortgage or charges to be filed filed/created against the Landlord's property and said lien is not removed within thirty (30) days of recordation thereof; or c. Tenant shall default in the observance or performance of any of the covenants and agreements required to be performed and observed by Tenant hereunder for a period of thirty (30) days after notice to Tenant in writing of such default (or if such default shall reasonably take more than thirty (30) days to cure, Tenant shall not have commenced the same within the thirty (30) days and diligently prosecuted the same to completion); or d. Sixty (60) days have elapsed after the commencement of any proceeding by or against Tenant, whether by the filing of a petition or otherwise, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or future Federal Bankruptcy Act or any other present or future applicable federal, state or other statute or law, whereby such proceeding shall not have been dismissed (provided, however, that the non-dismissal of any such proceeding shall not be a default hereunder so long as all of Tenant's covenants and obligations hereunder are being performed by or on behalf of Tenant); then Landlord shall be entitled to its election (unless Tenant shall cure such default prior to such election), to exercise concurrently or successively, any one or more of the following rights: I. Terminate this Lease by giving Tenant notice of termination, in which event this Lease shall expire and terminate on the date specified in such notice of termination, with the same force and effect as though the date so specified were the date herein originally fixed as the termination date of the term of this Lease, and all rights of Tenant under this Lease and in and to the Premises shall expire and terminate, and Tenant shall remain liable for all obligations under this Lease arising up to the date of such termination, and Tenant shall surrender the Premises to Landlord on the date specified in such notice; or II. Terminate this Lease as provided herein and recover from Tenant all damages Landlord may incur by reason of Tenant's default,

Appears in 1 contract

Samples: Lease Agreement (Stevia Nutra Corp.)

Landlord’s Remedies. In the event that: a. Tenant If default shall on three or more occasions be in default made in the payment of rent the Rent or any installment thereof or in the payment of any other charges herein sum required to be paid by by. Tenant (default herein being defined as payment received by under this Lease or under the terms of any other agreement between Landlord ten or more days subsequent to the due date), regardless of whether or not and Tenant and such default has occurred on consecutive or non-consecutive months; or b. Tenant has caused a lien to be filed against the Landlord's property and said lien is not removed within thirty shall continue for five (305) days of recordation thereof; or c. Tenant after written notice to Tenant, or if default shall default be made in the observance or performance of any of the other covenants and agreements or conditions in this Lease which Tenant is required to be performed observe and observed perform and such default shall continue for twenty (20) days after written notice to Tenant, or if a default involves a hazardous condition and is not cured by Tenant hereunder immediately upon written notice to Tenant, or if the interest of Tenant in this Lease shall be levied on under execution or other legal Process, or if any voluntary petition in bankruptcy or for corporate re-organization or any similar relief shall be filed by Tenant, or if any involuntary petition in bankruptcy shall be filed against Tenant under any federal or state bankruptcy or insolvency act and shall not have been dismissed within ninety (90) days from the filing thereof, or if a period receiver shall be appointed for Tenant or any of the property of Tenant by any court and such receiver shall not have been dismissed within thirty (30) days after from the date of his appointment, or if Tenant shall make and assignment for the benefit of creditors, or if Tenant shall admit in writing Tenant's inability to meet Tenant's debts as they mature, then Landlord may treat the occurrence of any one or more of the foregoing events as a breach of this Lease, and thereupon at its option may, without notice or any demand of any kind to Tenant in writing of such default (or if such default shall reasonably take more than thirty (30) days to cure, Tenant shall not have commenced the same within the thirty (30) days and diligently prosecuted the same to completion); or d. Sixty (60) days have elapsed after the commencement of any proceeding by or against Tenant, whether by the filing of a petition or otherwise, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or future Federal Bankruptcy Act or any other present or future applicable federalperson, state or other statute or law, whereby such proceeding shall not have been dismissed (provided, however, that the non-dismissal of any such proceeding shall not be a default hereunder so long as all of Tenant's covenants and obligations hereunder are being performed by or on behalf of Tenant); then Landlord shall be entitled to its election (unless Tenant shall cure such default prior to such election), to exercise concurrently or successively, any one or more of the following rightsdescribed remedies in addition to all other rights and remedies provided at law or in equity or elsewhere herein: I. Terminate (i) Landlord may terminate this Lease by giving and the Term created hereby and shall give Tenant written notice of terminationLandlord's election to do so and the effective date thereof (the "Effective Date"), in which event this Lease Landlord may forthwith repossess the Premises and shall expire and terminate be entitled to recover, forthwith as liquidated damages, in addition to any other sums or damages for which Tenant may be liable to Landlord, a sum of money equal to the present value (such present value to be computed on the date specified in such notice basis of termination, with a per annum discount rate equal to 100 basis points below the same force effective annual yield on U.S. Treasury obligations which could be purchased on the business day next succeeding the Effective Date and effect as though mature closest to the date so specified were the date herein originally fixed as the termination date Termination Date) of the term Rent provided to be paid by Tenant for the balance of this Leasethe Term over the present value of the fair market rental value of the Premises, and all rights of Tenant under this Lease and in and to after deduction from the Premises shall expire and terminate, and Tenant shall remain liable for all obligations under this Lease arising up to the date present value of such terminationfair market rental value of all anticipated expenses of reletting. Should the present value of the fair market rental value of the Premises, and after deduction of all anticipated expenses of reletting, for the balance of the Term exceed the present value of the Rent provided to be paid by Tenant shall surrender for the Premises to Landlord on balance of the date specified in such notice; orTerm,

Appears in 1 contract

Samples: Office Lease (Artificial Life Inc)

Landlord’s Remedies. In Section 12.1. If the TENANT shall fail to perform any affirmative covenant to be performed by it pursuant to the terms of this Lease, or if the TENANT shall fail to make any payment which it agrees to make or is obligated to make pursuant to the terms of this Lease, then in the event that:of the failure of the TENANT to perform such affirmative covenant or make such payment within a period of ten (10) days after the LANDLORD shall have given written notice to the TENANT of its failure to perform such affirmative covenant or make any such payment (except that if such affirmative covenant cannot be performed within said ten (10) day period with reasonable speed and diligence, then if the TENANT shall fail to commence performance of such affirmative covenant within said ten (10) day period with reasonable speed and diligence and continue thereafter with reasonable speed and diligence until such affirmative covenant is performed), or without such notice, if in the LANDLORD'S opinion an emergency exists, the LANDLORD may, at the LANDLORD'S option, perform any such affirmative covenant or make any such payment, and the full amount of the cost and expense entailed or of the payment so made, shall immediately be owing by the TENANT to the LANDLORD as an additional rent payment, in which event the LANDLORD shall have the remedies for default in the payment thereof provided by this Lease. a. Tenant Section 12.2. If the leased premises shall on three be deserted or more occasions vacated, or if proceedings are commenced against the TENANT in any court under a bankruptcy act or for the appointment of a trustee or receiver of the TENANT'S property, either before or after the commencement of the Lease term, or if there shall be in a default in the payment of rent or other charges herein required to be paid by Tenant any part thereof for more than five (default herein being defined as payment received by Landlord ten or more 5) days subsequent to the due date), regardless after written notice of whether or not such default has occurred on consecutive by LANDLORD, or non-consecutive months; or b. Tenant has caused if there shall be a lien to be filed against the Landlord's property and said lien is not removed within thirty (30) days of recordation thereof; or c. Tenant shall default in the observance or performance of any other covenant, agreement, condition, rule or regulation herein contained or hereafter established on the part of the covenants and agreements required to be performed and observed by Tenant hereunder TENANT for a period of thirty more than ten (3010) days after written notice to Tenant in writing of such default (or if such default shall reasonably take more than thirty (30) days to cure, Tenant shall not have commenced the same within the thirty (30) days and diligently prosecuted the same to completion); or d. Sixty (60) days have elapsed after the commencement of any proceeding by or against Tenant, whether by the filing of a petition LANDLORD, this Lease (if the LANDLORD so elects) shall thereupon become null and void, and the LANDLORD shall have the right to reenter or otherwiserepossess the leased premises and dispossess and remove therefrom the TENANT, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or future Federal Bankruptcy Act or any other present or future applicable federal, state or other statute or law, whereby such proceeding shall not have been dismissed (provided, however, that the non-dismissal of any such proceeding shall not be a default hereunder so long as all of Tenant's covenants and obligations hereunder are being performed by or on behalf of Tenant); then Landlord shall be entitled to its election (unless Tenant shall cure such default prior to such election), to exercise concurrently or successively, any one or more of the following rights: I. Terminate this Lease by giving Tenant notice of termination, in which event this Lease shall expire and terminate on the date specified in such notice of termination, with the same force and effect as though the date so specified were the date herein originally fixed as the termination date of the term of this Leaseoccupants thereof, and all rights of Tenant under this Lease and in and to the Premises shall expire and terminatetheir effects. In such case, and Tenant shall remain liable for all obligations under this Lease arising up to the date of such termination, and Tenant shall surrender the Premises to Landlord on the date specified in such notice; orthe

Appears in 1 contract

Samples: Lease (Third Wave Technologies Inc /Wi)

Landlord’s Remedies. In the event that: a. Tenant shall on three or more occasions be in default in the payment of rent or other charges herein required to be paid by Tenant (default herein being defined as payment received by Landlord ten or more days subsequent to the due date), regardless of whether or not such default has occurred on consecutive or non-consecutive months; or b. Tenant has caused a lien to be filed against the Landlord's property and said lien is not removed within thirty (30) days of recordation thereof; or c. Tenant shall default in the observance or performance of any of the covenants and agreements required to be performed and observed by Tenant hereunder for a period of thirty (30) days after notice to Tenant in writing of such default (or if such default shall reasonably take more than thirty (30) days to cure, Tenant shall not have commenced the same within the thirty (30) days and diligently prosecuted the same to completion); or d. Sixty (60) days have elapsed after the commencement of any proceeding by or against Tenant, whether by the filing of a petition or otherwise, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or future Federal Bankruptcy Act or any other present or future applicable federal, state or other statute or law, whereby such proceeding shall not have been dismissed (provided, however, that the non-dismissal of any such proceeding shall not be a default hereunder so long as all of Tenant's covenants and obligations hereunder are being performed by or on behalf of Tenant); then Landlord shall be entitled to its election (unless Tenant shall cure such default prior to such election), to exercise concurrently or successively, any one or more of the following rights: I. i. Terminate this Lease by giving Tenant notice of termination, in which event this Lease shall expire and terminate on the date specified in such notice of termination, with the same force and effect as though the date so specified were the date herein originally fixed as the termination date of the term of this Lease, and all rights of Tenant under this Lease and in and to the Premises shall expire and terminate, and Tenant shall remain liable for all obligations under this Lease arising up to the date of such termination, and Tenant shall surrender the Premises to Landlord on the date specified in such notice; or ii. Terminate this Lease as provided herein and recover from Tenant all damages Landlord may incur by reason of Tenant's default, including, without limitation, a sum which, at the date of such termination, represents the then value of the excess, if any, of (a) the Minimum Rent, Percentage Rent, Taxes and all other sums which would have been payable hereunder by Tenant for the period commencing with the day following the date of such termination and ending with the date herein before set for the expiration of the full term hereby granted, over (b) the aggregate reasonable rental value of the Premises for the same period, all of which excess sum shall be deemed immediately due and payable; or iii. Without terminating this Lease, declare immediately due and payable all Minimum Rent, Taxes, and other rents and amounts due and coming due under this Lease for the entire remaining term hereof, together with all other amounts previously due, at once; provided, however, that such payment shall not be deemed a penalty or liquidated damages but shall merely constitute payment in advance of rent for the remainder of said term. Upon making such payment, Tenant shall be entitled to receive from Landlord all rents received by Landlord from other assignees, tenants, and subtenants on account of said Premises during the term of this Lease, provided that the monies to which tenant shall so become entitled shall in no event exceed the entire amount actually paid by Tenant to Landlord pursuant to the preceding sentence less all costs, expenses and attorney's fees of Landlord incurred in connection with the re-leasing of the Premises; or iv. Without terminating this Lease, and with or without notice to Tenant, Landlord may in its own name but as agent for Tenant enter into and upon and take possession of the Premises or any part thereof, and, at landlord's option, remove persons and property therefrom, and such property, if any, may be removed and stored in a warehouse or elsewhere at the cost of, and for the account of Tenant, all without being deemed guilty of trespass or becoming liable for any loss or damage which may be occasioned thereby, and Landlord may rent the Premises or any portion thereof as the agent of Tenant with or without advertisement, and by private negotiations and for any term upon such terms and conditions as Landlord may deem necessary or desirable in order to re-lease the Premises. Landlord shall in no way be responsible or liable for any rental concessions or any failure to rent the Premises or any part thereof, or for any failure to collect any rent due upon such re-leasing. Upon such re-leasing, all rentals received by Landlord from such re- leasing shall be applied: first, to the payment of any indebtedness (other than any rent due hereunder) from Tenant to Landlord; second, to the payment of any costs and expenses of such re-leasing, including, without limitation, brokerage fees and attorney's fees and costs of alterations and repairs; third, to the payment of rent and other charges then due and unpaid hereunder; and the residue, if any shall be held by Landlord to the extent of and for application in payment of future rent as the same may become due and payable hereunder. In re-leasing the Premises as aforesaid, Landlord may grant rent concessions and Tenant shall not be credited therefore. If such rentals received from such re-leasing shall at any time or from time to time be less than sufficient to pay to Landlord the entire sums then due from Tenant hereunder, Tenant shall pay any such deficiency to Landlord. Such deficiency shall, at Landlord's option, be calculated and paid monthly. No such re- leasing shall be construed as an election by Landlord to terminate this Lease unless a written notice of such election has been given to Tenant by Landlord. Notwithstanding any such re-leasing without termination, Landlord may at any time thereafter elect to terminate this Lease for any such previous default provided same has not been cured; or v. Without liability to Tenant or any other party and without constituting a constructive or actual eviction, suspend or discontinue furnishing or rendering to Tenant any property, material, labor, Utilities or other service, whether Landlord is obligated to furnish or render the same, so long as Tenant is in default under this Lease; or vi. Allow the Premises to remain unoccupied and collect rent from Tenant as it comes due; or vii. Foreclose the security interest described herein, including the immediate taking of possession of all property on or in the Premises; or

Appears in 1 contract

Samples: Commercial Lease Agreement

Landlord’s Remedies. In the event that: a. that Tenaxx'x xefault is a payment default described in Section 6.1(a), Landlord shall allow Tenant shall on three or more occasions a curative period of ten (10) days following written notice, and Landxxxx'x xbligation to provide notice prior to exercising a remedy hereunder, and Tenaxx'x xight to a curative period with respect to such default, will be limited to two (2) notices in default in any twelve month period. In the payment of rent or other charges herein required to be paid by Tenant (default herein being defined as payment received by Landlord ten or more days subsequent event that Tenaxx'x xefault relates to the due dateevent described in Section 6.1(b), regardless of whether or not such default has occurred on consecutive or non-consecutive months; or b. the Landlord shall allow Tenant has caused a lien to be filed against the Landlord's property and said lien is not removed within thirty (30) days of recordation thereof; or c. Tenant shall default in the observance or performance of any of the covenants and agreements required to be performed and observed by Tenant hereunder for a curative period of thirty fifteen (3015) days after written notice prior to exercising any remedy hereunder. In the event that Tenaxx'x xefault relates to a matter described in Section 6.1(c), then Landlord shall allow Tenant in writing of fifteen (15) calendar days within which to cure such default (or to Landlord's satisfaction after Landlord has given Tenant written notice thereof and, if such default condition cannot reasonably be cured with such fifteen (15) day period, the curative period shall reasonably take more than thirty (30) days be extended up to cure, Tenant shall not have commenced the same within the thirty (30) days and diligently prosecuted the same to completion); or d. Sixty a maximum of sixty (60) days have elapsed after from the commencement date of any proceeding by or against TenantLandlord's original notice, whether by provided that (i) Tenant commenced to cure such default within such original fifteen (15) day period and (ii) Tenant has thereafter diligently and continuously prosecuted such cure. In the filing of event that Tenaxx'x xefault relates to a petition or otherwisematter described in Section 6.1(e), seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or future Federal Bankruptcy Act or any other present or future applicable federal, state or other statute or law, whereby such proceeding shall not have been dismissed (provided, however, that the non-dismissal of any such proceeding shall not be a default hereunder so long as all of Tenant's covenants and obligations hereunder are being performed by or on behalf of Tenant); then Landlord shall be entitled allow Tenant a curative period of sixty (60) days after the date of filing in order to its election (unless Tenant shall cure obtain the dismissal of such default prior proceeding. In the event that Tenaxx'x xefault relates to such electiona matter described in Section 6.1(h), then Landlord shall allow Tenant a curative period of fifteen (15) days in which to exercise concurrently cause the removal or successivelydischarge of such lien. Upon the occurrence of any default by Tenant under this Lease and after the expiration of any applicable curative period, Landlord may, at its sole option, do any one or more of the following rightsfollowing, without any further notice or demand for possession whatsoever, and Tenant hereby waives any and all notice and demand requirements imposed by applicable law: I. (a) Terminate this Lease by giving Tenant notice Lease, whereupon Landlord shall have the remedies set forth in Section 6.3 below; (b) Without having terminated this Lease, enter upon and take possession of terminationthe Leased Premises, whereupon Landlord shall have the remedies set forth in which event this Lease shall expire and terminate on the date specified in such notice of terminationSection 6.4 below; or (c) Upon Tenant's failure to perform, observe or comply with the same force and effect as though the date so specified were the date herein originally fixed as the termination date of the term covenants set forth in Sections 2.2, 4.1, or 4.7 of this Lease, and all rights of Tenant under Landlord may, without terminating this Lease and without taking possession of the Leased Premises, collect from Tenant, in and addition to any rent payable by Tenant to Landlord under this Lease, as liquidated damages, a sum equal to twice the Premises shall expire and terminateBase Rental (computed on a daily basis) for each day or any portion thereof that such default by Tenaxx xxxtinues, Landlord and Tenant shall remain liable for all obligations under this Lease arising up to the date agreeing that actual damages which might be sustained by Landlord by reason of such termination, failure are uncertain and Tenant shall surrender the Premises difficult to Landlord on the date specified in ascertain and that said sum would be reasonable and just compensation for such notice; orfailure.

Appears in 1 contract

Samples: Lease Agreement (Wyndham Hotel Corp)

Landlord’s Remedies. In the event that: a. Tenant If default shall on three or more occasions be in default made in the payment of rent the Rent or any installment thereof or in the payment of any other charges herein sum required to be paid by Tenant (default herein being defined as payment received by under this Lease or under the terms of any other agreement between Landlord ten or more days subsequent to the due date), regardless of whether or not and Tenant and such default has occurred on consecutive or non-consecutive months; or b. Tenant has caused a lien to be filed against the Landlord's property and said lien is not removed within thirty shall continue for five (305) days of recordation thereof; or c. Tenant after written notice to Tenant, or if default shall default be made in the observance or performance of any of the other covenants and agreements or conditions in this Lease which Tenant is required to be performed observe and observed by Tenant hereunder perform and such default shall continue for a period of thirty (30) days after written notice to Tenant in writing of such default (or such longer period of time as is necessary to cure if such default shall is not reasonably take more than curable within thirty (30) days but is curable provided Tenant pursues such cure diligently to curecompletion) or if a default involves a hazardous condition and is not cured by Tenant immediately upon written notice to Tenant, or if the interest of Tenant in this Lease shall be levied on under execution or other legal process, or if any voluntary petition in bankruptcy or for corporate reorganization or any similar relief shall be filed by Tenant, or if any involuntary petition in bankruptcy shall be filed against Tenant under any federal or state bankruptcy or insolvency act and shall not have commenced been dismissed within ninety (90) days from the same filing thereof, or if a receiver shall be appointed for Tenant or any of the property of Tenant by any court and such receiver shall not have been dismissed within the thirty (30) days from the date of his appointment, or if Tenant shall make and diligently prosecuted assignment for the same benefit of creditors, or if Tenant shall admit in writing Tenant’s inability to completion); or d. Sixty (60) days have elapsed after meet Tenant’s debts as they mature, then Landlord may treat the commencement occurrence of any proceeding by one or against Tenantmore of the foregoing events as a breach of this Lease, whether by the filing and thereupon at its option may, without notice or any demand of a petition or otherwise, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or future Federal Bankruptcy Act kind to Tenant or any other present or future applicable federalperson, state or other statute or law, whereby such proceeding shall not have been dismissed (provided, however, that the non-dismissal of any such proceeding shall not be a default hereunder so long as all of Tenant's covenants and obligations hereunder are being performed by or on behalf of Tenant); then Landlord shall be entitled to its election (unless Tenant shall cure such default prior to such election), to exercise concurrently or successively, any one or more of the following rightsdescribed remedies in addition to all other rights and remedies provided at law or in equity or elsewhere herein: I. Terminate (i) Landlord may terminate this Lease by giving and the Term created hereby and shall give Tenant written notice of terminationLandlord’s election to do so and the effective date thereof (the “Effective Date”), in which event Landlord may forthwith repossess the Premises in accordance with applicable laws and shall be entitled to recover, forthwith, in addition to any other sums or damages for which Tenant may be liable to Landlord (including without limitation amounts then due or thereafter due with respect to periods prior to the Effective Date), (a) as liquidated damages, a sum of money equal to the amount by which the present value (such present value to be computed on the basis of a per annum discount rate equal to seven percent (7%) per annum) of the Rent and other sums to become due under this Lease for all or a part of the period from the Effective Date to the Termination Date exceeds the present value of the fair market rental value of the Premises, after deduction from the present value of such fair market rental value of all reasonably anticipated expenses of reletting. Should the present value of the fair market rental value of the Premises, after deduction of all anticipated reasonable expenses of reletting, for the balance of the Term exceed the present value of the Rent provided to be paid by Tenant for the balance of the Term, Landlord shall expire have no obligation to pay to Tenant the excess or any part thereof or to credit such excess or any part thereof against any other sums or damages for which Tenant may be liable to Landlord. (b) a sum of money equal to the sum of (x) the present value (computed as aforesaid) of that portion of the Rent related (on a per square foot, proportionate basis) to such portion of the Premises that has been relet by Landlord after the termination of this Lease (but during a period which would have been within the Term but for such termination by reason of a Tenant default) to the extent amounts to be credited (as described below) to Base Rent and terminate on Operating Expenses, from amounts paid by the date specified in tenant to whom such notice portion of terminationthe Premises has been relet, is less than the Rent and Additional Rent which would have been paid by Tenant (during such period) with respect to such portion of the Premises had this Lease not been so terminated plus (y) from time to time as the same force become due, all Rent and effect other sums to become due under this Lease, other than Rent accelerated and paid pursuant to clause (x). In the event Landlord elects the remedy under this subparagraph (b) and relets The Premises (but Landlord shall be under no obligation to relet, except as though required by law) or any part thereof for the date so specified were account of Tenant, the date herein originally fixed rents from any such reletting before crediting as set forth in clause (x) shall be first applied to the termination date payment of reasonable and actual expenses of reentry, redecoration, repair and alterations and the expenses of reletting and the excess or residue remaining shall then be applied to the payment of Rent and other sums in this Lease provided to be paid by Tenant and not theretofore paid by acceleration or otherwise, and any such excess or residue shall operate only as an off setting credit against the amount of Rent and other sums then due and owing and to the extent any excess or residue is still remaining shall, at Landlord’s option, either be refunded to Tenant to the extent of amounts paid as a result of acceleration under this subparagraph (b) or be applied as an offsetting credit against Rent and other sums thereafter becoming due and payable hereunder; provided that in no event shall Tenant be entitled to a credit on its indebtedness to Landlord or refunds of amounts accelerated in excess of the aggregate of the amount paid (by reason of acceleration under this subparagraph (b)) or payable by Tenant for the period for which the credit to Tenant is being determined, had no default occurred. Any such reletting by Landlord from time to time (which may be for a term extending beyond the Term of this Lease), shall be upon such terms as Landlord in Landlord’s reasonable discretion shall determine, but Landlord shall not be required to accept any tenant offered by Tenant or to observe any instructions given by Tenant relative to such reletting. Also, in any such case, Landlord may change the locks or other entry devices of the Premises and all rights of Tenant under this Lease make repairs, alterations and additions in and or to the Premises shall expire and terminateredecorate same to the extent deemed by Landlord necessary or desirable, and Tenant shall remain liable upon written demand pay the cost thereof together with Landlord’s reasonable and actual expenses of reletting, including without limitation, brokerage commissions payable to Landlord’s agent or to others. No such reentry, repossession, repairs, alterations, additions or reletting shall operate to release Tenant in whole or in part from any of Tenant’s obligations hereunder, and Landlord may, at any time and from time to time, xxx and recover judgment for all obligations under this Lease arising up any deficiencies from time to time remaining after the application from time to time of the proceeds of any such reletting. (ii) Landlord, without thereby waiving such default, may cure the same for the account and at the expense of Tenant, if not cured by Tenant within applicable notice and cure periods but without notice in a case of emergency, as determined by Landlord in its sole discretion, or in case of correction of a dangerous or hazardous condition, and in any other case if such default continues after ten (10) days from the date of the giving by Landlord to Tenant of written notice of such terminationdefault or of intention to cure. Bills for any expense incurred by Landlord in connection with any such performance by Landlord shall be for the account of Tenant, and Tenant shall surrender be due and payable in accordance with the Premises to Landlord on terms of said bills, and if not paid when due, the date specified in such notice; oramounts thereof shall become immediately due and payable as Additional Rent under this Lease.

Appears in 1 contract

Samples: Office Lease (Investors Financial Services Corp)

Landlord’s Remedies. In the event that: a. (a) If Tenant shall on three or more occasions be in default in the fail to make any payment of rent any Rent (Base or Additional) due hereunder, and such failure continues for fifteen (15) days after written notice from Landlord to Tenant thereof; or (b) if Tenant shall fail to pay any other charges herein sum required to be paid by Tenant under this Lease, and such failure continues for fifteen (default herein being defined as payment received by 15) days after written notice from Landlord ten or more days subsequent to the due date), regardless of whether or not such default has occurred on consecutive or non-consecutive monthsTenant thereof; or b. (c) if Tenant has caused a lien shall fail to perform any of the other covenant or condition which Tenant is required to observe and perform under this Lease, and any such failure continues for thirty (30) days after written notice from Landlord to Tenant thereof; or (d) if the interest of Tenant in this Lease shall be levied upon under execution or other legal process; or (e) if any petition shall be filed by or against Tenant in a court of bankruptcy and the Landlord's property and said lien same is not removed dismissed within thirty (30) days of recordation the filing thereof; or c. (f) if Tenant shall default in the observance or performance of any of the covenants and agreements required be declared insolvent according to be performed and observed by Tenant hereunder for a period of thirty (30) days after notice to Tenant in writing of such default (or if such default shall reasonably take more than thirty (30) days to cure, Tenant shall not have commenced the same within the thirty (30) days and diligently prosecuted the same to completion)law; or d. Sixty (60g) days have elapsed after if Tenant shall make an assignment for the commencement benefit of creditors or petition for or enter into an arrangement; then in any of such events specified in this Section 15(a)-(g), Landlord may, but need not, declare the occurrence of any proceeding by one or against more of the foregoing events as a default under this Lease, and thereupon may, at Landlord’s option, without further notice to Tenant, whether by the filing of a petition or otherwise, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or future Federal Bankruptcy Act or any other present or future applicable federal, state or other statute or law, whereby such proceeding shall not have been dismissed (provided, however, that the non-dismissal of any such proceeding shall not be a default hereunder so long as all of Tenant's covenants and obligations hereunder are being performed by or on behalf of Tenant); then Landlord shall be entitled to its election (unless Tenant shall cure such default prior to such election), to exercise concurrently or successively, any one or more of the following rightsdescribed remedies in addition to all other rights and remedies provided at law or in equity: I. (i) Terminate this Lease by giving Tenant notice of terminationLease, repossess the Premises in which event this Lease shall expire and terminate on the date specified in such notice of termination, accordance with the same force provisions of Section 17 hereof, and effect be entitled to recover immediately, as though damages, the date so specified were the date herein originally fixed as the termination date present value of the term total amount of Rent due to be paid by Tenant during the balance of the Term of this Lease, less the fair rental value of the Premises for said period, together with any other sum of money owed by Tenant to Landlord; (ii) Terminate Tenant’s right of possession and repossess the Premises without demand or notice of any kind to Tenant and without terminating this Lease, in which case Landlord shall use reasonable efforts to relet all rights or any part of Tenant under this Lease the Premises for such rent and upon such terms as shall be satisfactory to Landlord, in and Landlord’s reasonable discretion. For the purpose of such reletting, Landlord may make such repairs, alterations, additions or physical changes in or to the Premises as may be necessary or convenient. If Landlord shall expire and terminatefail to relet the Premises despite Landlord’s reasonable efforts to do so, and then Tenant shall remain liable for pay to Landlord as damages the present value of the total amount of Rent due to be paid by Tenant during the balance of the Term of this Lease. If the Premises are relet and a sufficient sum shall not be realized from the reletting, after payment of all obligations under this Lease arising up to the date costs and expenses of such terminationrepairs, alterations, additions or physical changes and the expense of such reletting and the collection of rent occurring therefrom, to satisfy the rent herein provided to be paid during the remainder of the Term, Tenant shall surrender satisfy and pay any such deficiency upon demand. Tenant agrees that Landlord may file suit to recover any sums falling due under the Premises terms of this subparagraph from time to time and that any suit or recovery of any portion due Landlord hereunder shall be no defense to any subsequent action brought for any amount not theretofore reduced to judgment in favor of Landlord; (iii) Seek specific performance of Tenant’s obligations; (iv) Cure the Tenant’s default and recover the cost of curing as Additional Rent due on the date specified in such notice; ordemand.

Appears in 1 contract

Samples: Industrial Facilities Lease (Xg Sciences Inc)

Landlord’s Remedies. In the event that: a. Tenant If default shall on three or more occasions be in default made in the payment of rent the Rent or any installment thereof in the payment of any other charges herein sum required to be paid by Tenant under this Lease or under the terms of any other agreement between Landlord and Tenant and such default shall continue for five (5) days after written notice to Tenant (provided, however, that Landlord shall not be required to give Tenant notice or an opportunity to cure with respect to a monetary default herein being defined as payment received by Landlord ten or more days subsequent to after the due datefirst time in any one year period), regardless of whether or not such if default has occurred on consecutive or non-consecutive months; or b. Tenant has caused a lien to shall be filed against the Landlord's property and said lien is not removed within thirty (30) days of recordation thereof; or c. Tenant shall default made in the observance or performance of any of the other covenants and agreements or conditions in this Lease which Tenant is required to be performed observe and observed by Tenant hereunder perform and such default shall continue for a period of thirty (30) days after written notice to Tenant (unless such non-monetary default by its nature is curable but cannot be cured within such thirty (30) day period, in writing of which event, if Tenant commences and diligently prosecutes such cure within thirty (30) day period, Tenant shall have such additional period as is reasonably necessary to cure such default to completion, in no event, to exceed ninety (90) days after such notice to Tenant), or if such a default involves a hazardous condition and is not cured by Tenant immediately upon written notice to Tenant, or if the interest of Tenant in this Lease shall reasonably take more than be levied on under execution or other legal process, or if any voluntary petition in Bankruptcy or for corporate reorganization or any similar relief shall be filed by Tenant, or if any involuntary petition in Bankruptcy shall be filed against Tenant under any federal or state Bankruptcy or insolvency act and shall not have been dismissed within thirty (30) days to curefrom the filing thereof, or if a receiver shall be appointed for Tenant or any of the property of Tenant by an court and such receiver shall not have commenced the same been dismissed within the thirty (30) days and diligently prosecuted from the same date of his appointment, or if Tenant shall make an assignment for the benefit of creditors, or if Tenant shall admit in writing Tenant’s inability to completion); or d. Sixty (60) days have elapsed after meet Tenant’s debts as they mature, then Landlord may treat the commencement occurrence of any proceeding by one or against Tenantmore of the foregoing events as a breach of this Lease, whether by the filing and thereupon, at its option, may, with or without notice or demand of a petition or otherwise, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or future Federal Bankruptcy Act kind to Tenant or any other present or future applicable federalperson, state or other statute or law, whereby such proceeding shall not have been dismissed (provided, however, that the non-dismissal of any such proceeding shall not be a default hereunder so long as all of Tenant's covenants and obligations hereunder are being performed by or on behalf of Tenant); then Landlord shall be entitled to its election (unless Tenant shall cure such default prior to such election), to exercise concurrently or successively, any one or more of the following rightsdescribed remedies in addition to all other rights and remedies provided at law or in equity or elsewhere herein: I. Terminate (a) Landlord may terminate this Lease by giving Tenant notice of terminationand the Term created hereby, in which event this Lease shall expire Landlord may forthwith repossess the Premises and terminate on be entitled to recover forthwith, as damages, in addition to any other sums or damages for which Tenant may be liable to Landlord, a sum of money equal to the date specified in such notice of termination, with the same force and effect as though the date so specified were the date herein originally fixed as the termination date excess of the term value of the Rent provided to be paid by Tenant for the balance of the Term over the fair market rental value of the Premises, after deduction of all anticipated expenses of reletting, for said period. Should the fair market rental value of the Premises, after deduction of all anticipated expenses of reletting, for the balance of the term, exceed the value of the Rent provided to be paid by Tenant for the balance of the Term, Landlord shall have no obligation to pay to Tenant the excess or any part thereof or to credit such excess or any part thereof against any other sums or damages for which Tenant may be liable to Landlord. (b) Landlord may terminate Tenant’s right of possession and may repossess the Premises by forcible entry and detainer suit, by taking peaceful possession or otherwise, without terminating this Lease, in which event Landlord may, but shall be under no obligation to, relet the same for the account of Tenant, for such rent and all rights upon such terms as shall be satisfactory to Landlord. For the purpose of such reletting, Landlord is authorized to decorate, repair, remodel or alter the Premises. If Landlord shall fail to relet the Premises, Tenant under shall pay to Landlord as damages a sum equal to the amount of the Rent reserved in this Lease and in and to for the balance of the Term. If the Premises are relet and a sufficient sum shall expire not be realized from such reletting after paying all of the costs and terminateexpenses of all decoration, repairs, remodeling, alterations and additions and the expenses of such reletting and of the collection of the rent accruing therefrom to satisfy the Rent provided for in this Lease, Tenant shall remain liable satisfy and pay the same upon demand therefor from time to time. Tenant agrees that Landlord may file suit to recover any sums falling due under the terms of this Article 22 from time to time and that no suit or recovery of any portion due Landlord hereunder shall be any defense to any subsequent action brought for all obligations under this Lease arising up any amount not theretofore reduced to judgment in favor of Landlord. (c) Landlord shall have the date of such terminationremedy described in California Civil Code Section 1951.4 (lessor may continue lease in effect after lessee’s breach and abandonment and recover rent as it becomes due, and Tenant shall surrender if lessee has the Premises right to Landlord on the date specified in such notice; orsublet or assign, subject only to reasonable limitations).

Appears in 1 contract

Samples: Office Lease (Geovera Insurance Holdings, Ltd.)

Landlord’s Remedies. In the event that: a. Tenant If default shall on three or more occasions be in default made in the payment of rent the Rent or any installment thereof or in the payment of any other charges herein sum required to be paid by Tenant (default herein being defined as payment received by under this Lease or under the terms of any other agreement between Landlord ten or more days subsequent to the due date), regardless of whether or not and Tenant and such default has occurred on consecutive or non-consecutive months; or b. Tenant has caused a lien to be filed against the Landlord's property and said lien is not removed within thirty shall continue for five (305) days of recordation thereof; or c. Tenant after written notice to Tenant, or if default shall default be made in the observance or performance of any of the other covenants and agreements or conditions in this Lease which Tenant is required to be performed observe and observed by Tenant hereunder perform and such default shall continue for a period of thirty (30) days after written notice to Tenant, or if a default involves a hazardous condition and is not cured by Tenant immediately upon written notice to Tenant, or if the interest of Tenant in writing of such default (this Lease shall be levied on under execution or other legal process, or if any voluntary petition in bankruptcy or for corporate re-organization or any similar relief shall be filed by Tenant, or if any involuntary petition in bankruptcy shall be filed against Tenant under any federal or state bankruptcy or insolvency act and shall not have been dismissed within forty-five (45) days from the filing thereof, or if a receiver shall be appointed for Tenant or any of the property of Tenant by any court and such default receiver shall reasonably take more than not have been dismissed within thirty (30) days to curefrom the date of his appointment, or if Tenant shall not have commenced make and assignment for the same within benefit of creditors, or if Tenant shall admit in writing Tenant's inability to meet Tenant's debts as they mature, then Landlord may treat the thirty (30) days and diligently prosecuted the same to completion); or d. Sixty (60) days have elapsed after the commencement occurrence of any proceeding by one or against Tenantmore of the foregoing events as a breach of this Lease, whether by the filing and thereupon at its option may, without notice or any demand of a petition or otherwise, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or future Federal Bankruptcy Act kind to Tenant or any other present or future applicable federalperson, state or other statute or law, whereby such proceeding shall not have been dismissed (provided, however, that the non-dismissal of any such proceeding shall not be a default hereunder so long as all of Tenant's covenants and obligations hereunder are being performed by or on behalf of Tenant); then Landlord shall be entitled to its election (unless Tenant shall cure such default prior to such election), to exercise concurrently or successively, any one or more of the following rightsdescribed remedies in addition to all other rights and remedies provided at law or in equity or elsewhere herein: I. Terminate (i) Landlord may terminate this Lease by giving and the Term created hereby and shall give Tenant written notice of terminationLandlord's election to do so and the effective date thereof (the "Effective Date"), in which event Landlord may forthwith repossess the Premises and shall be entitled to recover, forthwith as liquidated damages, in addition to any other sums or damages for which Tenant may be liable to Landlord, a sum of money equal to the present value (such present value to be computed on the basis of a per annum discount rate equal to 200 basis points below the effective annual yield on U.S. Treasury obligations which could be purchased on the business day next succeeding the Effective Date and mature closest to the Termination Date) of the Rent provided to be paid by Tenant for the balance of the Term over the present value of the fair market rental value of the Premises, after deduction from the present value of such fair market rental value of all anticipated expenses of reletting. Should the present value of the fair market rental value of the Premises, after deduction of all anticipated expenses of reletting, for the balance of the Term exceed the present value of the Rent provided to be paid by Tenant for the balance of the Term, Landlord shall have no obligation to pay to Tenant the excess or any part thereof or to credit such excess or any part thereof against any other sums or damages for which Tenant may be liable to Landlord. (ii) Landlord may terminate this Lease and the Term as provided in (i) above and forthwith repossess the Premises and shall expire be entitled to recover forthwith, in addition to any other sums or damages for which Tenant may be liable to Landlord, a sum of money equal to amounts then due and terminate on the date specified in such notice present value (computed as aforesaid) of termination, with the same force and effect as though the date so specified were the date herein originally fixed as the termination date all or a portion of the term of this Lease, Rent and all rights of Tenant other sums to become due under this Lease and in and for all or a part of the period from the Effective Date to the Premises Termination Date. Furthermore, Landlord shall expire and terminatehave the right from time to time to recover from Tenant, and Tenant shall remain liable for all obligations Rent which would have been due, other than Rent accelerated and paid pursuant to the foregoing sentence, and any other sums thereafter accruing as they become due under this Lease arising up during the period from the Effective Date to the date Termination Date. In any such case, Landlord may (but shall be under no obligation to, except as required by law) relet the Premises or any part thereof for the account of Tenant, for such terminationrent, from time to time (which may be for a term extending beyond the Term of this Lease), and upon such terms as Landlord in Landlord's sole discretion shall determine, and Landlord shall not be required to accept any tenant offered by Tenant or to observe any instructions given by Tenant relative to such reletting. Also, in any such case, Landlord may change the locks or other entry devices of the Premises and make repairs, alterations and additions in or to the Premises and redecorate same to the extent deemed by Landlord necessary or desirable, and Tenant shall surrender upon written demand pay the Premises cost thereof together with Landlord's expenses of reletting, including without limitation, brokerage commissions payable to Landlord's agent or to others. Landlord shall collect the rents from any such reletting and apply the same to the payment of expenses of reentry, redecoration, repair and alterations and the expenses of reletting and the excess or residue remaining to the payment of Rent and other sums in this Lease provided to be paid by Tenant and not theretofore paid by acceleration or otherwise, and any such excess or residue shall operate only as an offsetting credit against the amount of Rent and other sums then due and owing or, at Landlord's option, shall be refunded to Tenant to the extent paid as a result of acceleration or shall be applied as an offsetting credit against Rent and other sums thereafter becoming due and payable hereunder; provided that in no event shall Tenant be entitled to a credit on its indebtedness to Landlord on or refunds of amounts accelerated in excess of the aggregate of the amount paid as a result of acceleration and the amount would have been payable by Tenant for the period for which the credit to Tenant is being determined, had no default occurred. No such reentry, repossession, repairs, alterations, additions or reletting shall operate to release Tenant in whole or in part from any of Tenant's obligations hereunder, and Landlord may, at any time and from time to time, xxx and recover judgment for any deficiencies from time to time remaining after the application from time to time of the proceeds of any such reletting. (iii) Landlord, without thereby waiving such default, may cure the same for the account and at the expense of Tenant, without notice in a case of emergency, as determined by Landlord in its sole discretion, or in case of correction of a dangerous or hazardous condition, and in any other case if such default continues after ten (10) days from the date specified of the giving by Landlord to Tenant of written notice of such default or of intention to cure. Bills for any expense incurred by Landlord in connection with any such notice; orperformance by Landlord shall be for the account of Tenant, and shall be due and payable in accordance with the terms of said bills, and if not paid when due, the amounts thereof shall become immediately due and payable as Additional Rent under this Lease.

Appears in 1 contract

Samples: Office Lease (Digitas Inc)

Landlord’s Remedies. In the event that: a. Tenant If (i) default shall on three or more occasions be in default made in the payment of rent the Rent or any installment thereof or in the payment of any other charges herein sum required to be paid by Tenant (default herein being defined as payment received by under this Lease or under the terms of any other agreement between Landlord ten or more days subsequent to the due date), regardless of whether or not and Tenant and such default has occurred on consecutive shall continue for ten (10) business days after written notice to Tenant, or non-consecutive months; or b. Tenant has caused a lien to (ii) if default shall be filed against the Landlord's property and said lien is not removed within thirty (30) days of recordation thereof; or c. Tenant shall default made in the observance or performance of any of the other covenants and agreements or conditions in this Lease which Tenant is required to be performed observe and observed by Tenant hereunder perform and such default shall continue for a period of thirty (30) days after written notice to Tenant in writing (plus an additional reasonable period of such default (or time if such default is incapable of being cured within such initial thirty (30) days period and Tenant diligently pursues such cure), or (iii) if a default involves a hazardous condition and is not cured by Tenant promptly upon written notice to Tenant, or (iv) if the interest of Tenant in this Lease shall reasonably take more be levied on under execution or other legal process and such levy or other legal process is not released or contested within thirty (30) days, or (v) if any voluntary petition in bankruptcy or for corporate reorganization or any similar relief shall be filed by Tenant, or (vi) if any involuntary petition in bankruptcy shall be filed against Tenant under any federal or state bankruptcy or insolvency act and shall not have been dismissed within ninety (90) days from the filing thereof, or (vii) if a receiver shall be appointed for Tenant or any of the property of Tenant by any court and such receiver shall not have been dismissed within ninety (90) days from the date of his appointment, or (viii) if Tenant shall make an assignment for the benefit of creditors, or (ix) if Tenant shall admit in writing Tenant's inability to meet Tenant's debts generally as they mature, or (x) if Tenant shall abandon the Premises during the Term for a period greater than thirty (30) days to curedays, Tenant shall not have commenced then Landlord may treat the same within the thirty (30) days and diligently prosecuted the same to completion); or d. Sixty (60) days have elapsed after the commencement occurrence of any proceeding by one or against more of the foregoing events as a breach of this Lease, and thereupon at its option may, upon notice to Tenant, whether by the filing of a petition or otherwise, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or future Federal Bankruptcy Act or any other present or future applicable federal, state or other statute or law, whereby such proceeding shall not have been dismissed (provided, however, that the non-dismissal of any such proceeding shall not be a default hereunder so long as all of Tenant's covenants and obligations hereunder are being performed by or on behalf of Tenant); then Landlord shall be entitled to its election (unless Tenant shall cure such default prior to such election), to exercise concurrently or successively, any one or more of the following rightsdescribed remedies in addition to all other rights and remedies provided at law or in equity or elsewhere herein: I. Terminate (i) Landlord may terminate this Lease by giving Tenant notice of terminationand the Term created hereby, in which event this Lease shall expire Landlord may forthwith repossess the Premises and terminate on be entitled to recover forthwith, in addition to any other sums or damages for which Tenant may be liable to Landlord, as damages a sum of money equal to the date specified in such notice of termination, with the same force and effect as though the date so specified were the date herein originally fixed as the termination date excess of the term present value of the Rent provided to be paid by Tenant for the balance of the Term, over the present value of the fair market rent for the Premises, after deduction of all anticipated expenses of reletting, for said period. Should the present value of the fair market rent for the Premises, after deduction of all anticipated expenses or reletting, for the balance of the Term exceed the present value of the Rent provided to be paid by Tenant for the balance of the Term, Landlord shall have no obligation to pay to Tenant the excess or any part thereof or to credit such excess or any part thereof against any other sums or damages for which Tenant may be liable to Landlord. (ii) Landlord may terminate Tenant's right of possession and may repossess the Premises by forcible entry and detainer suit, by taking peaceful possession or otherwise, without terminating this Lease, in which event Landlord may, but shall be under no obligation to, relet the same for the account of Tenant, for such rent and all rights upon such terms as shall be satisfactory to Landlord. For the purpose of such reletting, Landlord is authorized to decorate, repair, remodel or alter the Premises. If Landlord shall fail to relet the Premises, Tenant under shall pay to Landlord as damages a sum equal to the amount of the Rent reserved in this Lease and in and to for the balance of the Term. If the Premises are relet and a sufficient sum shall expire not be realized from such reletting after paying all of the costs and terminateexpenses of all decoration, repairs, remodeling, alterations and additions and the expenses of such reletting and of the collection of the rent accruing therefrom to satisfy the Rent provided for in this Lease, Tenant shall remain liable for all obligations under this Lease arising up satisfy and pay the deficiency to the date of such termination, and Landlord upon demand therefor from time to time. Tenant shall surrender not be entitled to any rents received by Landlord in excess of the Premises Rent provided for in this Lease. Tenant agrees that Landlord may file suit to recover any sums falling due under the terms of this Section 22 from time to time and that no suit or recovery of any portion due Landlord on the date specified hereunder shall be any defense to any subsequent action brought for any amount not theretofore reduced to judgment in such notice; orfavor of Landlord.

Appears in 1 contract

Samples: Lease Agreement (Brookdale Living Communities Inc)

Landlord’s Remedies. In the event that: a. Tenant If default shall on three or more occasions be in default made in the payment of any rent or any installment thereof or in the payment of any other charges herein sum required to be paid by Tenant (default herein being defined as payment received by under this Lease or under the terms of any other agreement between Landlord ten or more days subsequent to the due date), regardless of whether or not and Tenant and such default has occurred on consecutive shall continue for five (5) days, or non-consecutive months; or b. Tenant has caused a lien to if default shall be filed against the Landlord's property and said lien is not removed within thirty (30) days of recordation thereof; or c. Tenant shall default made in the observance or performance of any of the other agreements, covenants or conditions in this Lease (or in any other agreement between Landlord and agreements Tenant) which Tenant is required to be performed observe and observed by Tenant hereunder for a period of thirty (30) days after notice to Tenant in writing of such default (or if perform and such default shall reasonably take more than thirty (30) continue for 30 days after written notice to cure, Tenant shall not have commenced the same within the thirty (30) days and diligently prosecuted the same to completion); or d. Sixty (60) days have elapsed after the commencement of any proceeding by or against Tenant, whether or if a default hereunder (or thereunder) involves a hazardous condition and is not cured by Tenant immediately upon written notice to Tenant, or if the filing interest of a Tenant in this Lease shall be levied on under execution or other legal process, or if any voluntary petition in bankruptcy or otherwise, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief shall be filed by Tenant, or if any involuntary petition in bankruptcy shall be filed against Tenant under the present any federal or future Federal Bankruptcy Act state bankruptcy or any other present or future applicable federal, state or other statute or law, whereby such proceeding insolvency act and shall not have been dismissed within 30 days from the filing thereof, or if a receiver shall be appointed for Tenant or any of the property of Tenant by any court and such receiver shall not have been dismissed within 30 days from the date of his appointment, or if Tenant shall make an assignment for the benefit of creditors, or if Tenant shall admit in writing Tenant's inability to meet Tenant's debts as they mature, or if Tenant shall cease to occupy the Premises for a period of seven (provided7) days during the Term (other than during the last sixty (60) days of the Term or if Tenant has ceased to occupy the Premises due solely to Landlord's inability to accommodate Tenant's needs for additional space in the Building), howeveror if Tenant fails to observe or perform any of the covenants with respect to assignment, that subletting or transfer set forth in paragraph 15 hereof, or if Landlord, on more than two (2) occasions within any twelve-month period, gives Tenant written notice concerning Tenant's failure to timely pay rent, the non-dismissal Landlord may treat the occurrence of any such proceeding shall not be one or more of the foregoing events as a default hereunder so long as all breach of Tenant's covenants this Lease, and obligations hereunder are being performed by thereupon at its option may, without notice or on behalf demand of Tenant); then Landlord shall be entitled any kind to its election (unless Tenant shall cure such default prior to such election)or any other person, to exercise concurrently or successively, have any one or more of the following rightsdescribed remedies in addition to all other rights and remedies provided at law or in equity or elsewhere herein: I. Terminate (a) The whole balance of rent, charges and all other sums payable hereunder, whether or not payable as rent, for the entire balance of the Term, and any renewal or extension thereof, herein reserved or agreed to be paid by Tenant, or any part of such rent, charges and other sums, and also all or any costs and sheriff's, marshal's, constable's or other official's commissions, whether chargeable to Landlord or Tenant, including watchman's wages (collectively the "Outstanding Amount"), shall be taken to be due and payable from Tenant and in arrears as if by the terms of this Lease by giving said balance of rent, charges and other sums and expenses were on that date payable in advance; provided, however, that the amount of any such judgment for the above-referenced Outstanding Amount which shall be due from Tenant notice to Landlord shall be discounted to present value using an interest factor of termination8 percent per annum; and/or (b) Landlord may terminate this Lease and the Term, in which event Landlord may forthwith repossess the Premises by legal proceedings, force or otherwise; and/or (c) Landlord may terminate Tenant's right of possession and may repossess the Premises by legal proceedings, force or otherwise, without terminating this Lease. After reentry or retaking or recovering of the Premises, whether by termination of this Lease or not, Landlord may, but shall expire and terminate on the date specified in such notice of terminationbe under no obligation to, with relet the same force or a portion thereof for such rent and effect upon such terms as though shall be deemed advisable by Landlord; and whether or not the date so specified were Premises are relet, Tenant shall be liable for any loss of rent for such period as would be the date herein originally fixed as the termination date balance of the term of this Lease and any renewals thereof plus the costs and expenses of reletting and of redecorating, remodelling and making repairs and alterations to the Premises for the purpose of reletting, the amount of such liability to be computed monthly and paid by Tenant to Landlord at the end of each month. Landlord shall use its commercially reasonable efforts to relet the Premises provided, however, Landlord shall not be obligated to relet the Premises before any other vacant space in the Building. Landlord shall in no event be liable for, nor shall any damages or other sums to be paid by Tenant to Landlord be reduced by, failure to relet the Premises or failure to collect the rent from any reletting. Tenant shall not be entitled to any rents received by Landlord in excess of the rents provided for in this Lease, . Tenant agrees that Landlord may file suit to recover any sums falling due under the terms of this Paragraph 21 from time to time and all rights that no suit or recovery of Tenant under any portion due Landlord hereunder shall be any defense to any subsequent action brought for any amount not theretofore reduced to judgment in favor of Landlord; and/or (d) Landlord may enforce the provisions of this Lease and may enforce and protect the rights of Landlord hereunder by a suit or suits in and to equity or at law for the Premises shall expire and terminatespecific performance of any covenant or agreement contained herein, and Tenant shall remain liable for all obligations under this Lease arising up to the date enforcement of such terminationany other appropriate legal or equitable remedy, including, without limitation, injunctive relief, and for recovery of all moneys due or to become due from Tenant shall surrender under any of the Premises to Landlord on the date specified in such notice; orprovisions of this Lease.

Appears in 1 contract

Samples: Lease Agreement (Owosso Corp)

Landlord’s Remedies. In the event that: a. A. If (i) Tenant shall on three or more occasions be in default defaults in the payment of rent Base Rent, Additional Charges, or any installment of the foregoing, or in the payment of any other charges herein sum required to be paid by Tenant either under this Lease, or under the terms of any other agreement between Landlord and Tenant (default herein the foregoing defaults being defined as payment received by Landlord ten or more days subsequent to the due datecollectively called "PAYMENT DEFAULTS"), regardless of whether or not and such default has occurred on consecutive or non-consecutive months; or b. Tenant has caused a lien to be filed against the Landlord's property and said lien Payment Default is not removed cured within thirty five (305) days of recordation thereof; or c. following written notice that such payment is due, (ii) Tenant shall default defaults in the observance or performance of any of the other covenants and agreements or conditions in this Lease which Tenant is required to be performed observe and observed by Tenant hereunder for a period of perform and such default is not cured within thirty (30) days after written notice to Tenant in writing of such Tenant; provided, however, if the default (or if such default shall reasonably take more than by its nature cannot be cured within thirty (30) days days, but Tenant has commenced to cure, Tenant shall not have commenced the same cure within the thirty (30) days day period, and diligently prosecuted pursues the same cure, Tenant shall have up to completion); or d. Sixty ninety (6090) days have elapsed after to complete the cure, (or if such default involves a hazardous condition and is not cured by Tenant immediately upon written notice to Tenant), or (iii) the interest of Tenant in this Lease shall be levied on under execution or other legal process, or (iv) Tenant becomes the subject of commencement of any proceeding by an involuntary case under the federal bankruptcy law as now or against Tenanthereafter constituted, whether by the filing of or there is filed a petition or otherwise, against Tenant seeking any reorganization, arrangement, compositionadjustment or composition of or in respect of Tenant under the federal bankruptcy law as now or hereafter constituted, readjustmentor under any other applicable federal or state bankruptcy, liquidationinsolvency, dissolution reorganization or other similar law, or seeking the appointment of a receiver, liquidator or assignee, custodian, trustee, sequestrator (or similar relief official) of Tenant or any substantial part of its property, or seeking the winding-up or liquidation of its affairs and such involuntary case or petition is not dismissed within 60 days after the filing thereof, or (v) Tenant commences a voluntary case or institutes proceedings to be adjudicated a bankrupt or insolvent, or consents to the institution of bankruptcy or insolvency proceedings against it, under the present Federal bankruptcy laws as now or future Federal Bankruptcy Act hereafter constituted, or any other present applicable Federal or future applicable federal, state bankruptcy or insolvency or other statute or similar law, whereby such proceeding shall not have been dismissed or consents to the appointment of or taking possession by a receiver or liquidator or assignee, trustee, custodian, sequestrator (provided, however, that the non-dismissal or other similar official) of Tenant or of any such proceeding shall substantial part of its property, or makes any assignment for the benefit of creditors or admits in writing its inability to pay its debts generally as they become due, or (vi) Tenant, its stockholders or Board of Directors or any committee thereof takes any action contemplating, in preparation for or in furtherance of any of the occurrences, steps or proceedings in items (iv) or (v) above, or (vii) any representation or warranty made by Tenant is not be a default hereunder so long as all of Tenant's covenants accurate and obligations hereunder are being performed by or on behalf of Tenant); correct, then Landlord shall be entitled may treat the occurrence of any one or more of the foregoing events as a breach of this Lease, and any other lease in the Building to which Tenant is a party and thereupon at its election (unless option may, with or without notice or demand of any kind to Tenant shall cure such default prior to such election)or any other person, to exercise concurrently or successively, have any one or more of the following rightsdescribed remedies in addition to all other rights and remedies provided at law or in equity or elsewhere herein: I. Terminate (a) Landlord may terminate this Lease by giving to Tenant written notice of terminationLandlord's election to do so, in which event this Lease the Term and all right, title and interest of Tenant hereunder shall expire and terminate end on the date specified stated in such notice; (b) Landlord may terminate the right of Tenant to possession of the Leased Premises without terminating this Lease, by giving written notice to Tenant that Tenant's right of termination, with the same force and effect as though possession shall end on the date so specified were stated in such notice, whereupon the right of Tenant to possession of the Leased Premises or any part thereof shall cease on the date herein originally fixed as stated in such notice; and (c) Landlord may enforce the termination date provisions of this Lease and may enforce and protect the rights of Landlord hereunder by a suit or suits in equity or at law for the specific performance of any covenant or agreement contained herein, and for the enforcement of any other appropriate legal or equitable remedy, including without limitation (aa) injunctive relief, (bb) recovery of all moneys due or to become due from Tenant under any of the term provisions of this Lease, and all rights (cc) any other damages incurred by Landlord by reason of Tenant's default under this Lease. B. If Landlord exercises any of the remedies provided for in subparagraphs (a) or (b) above, Tenant shall surrender possession of and vacate the Leased Premises and immediately deliver possession thereof to Landlord, and Landlord may re-enter and take complete and peaceful possession of the Leased Premises. C. If Landlord terminates the right of Tenant under to possession of the Leased Premises without terminating this Lease Lease, such termination of possession shall not release Tenant, in whole or in part, from Tenant's obligation to pay the Base Rent hereunder for the full Term, and the present value of the aggregate amount of the Base Rent and Additional Charges (at the then current rates therefor) for the period from the date stated in and the notice terminating possession to the Premises Termination Date (such present value to be computed on the basis of a per annum discount rate equal to 7%) shall, at the option of Landlord, be immediately due and payable by Tenant to Landlord, together with any other moneys due hereunder, and Landlord shall expire and terminatehave the right to immediate recovery of all such amounts. In the alternative, Landlord shall have the right from time to time, to recover from Tenant, and Tenant shall remain liable for for, all obligations Base Rent and Additional Charges not theretofore accelerated and paid pursuant to the foregoing sentence and any other sums thereafter accruing as they become due under this Lease arising up to during the period from the date of such terminationnotice of termination of possession to the Termination Date. In any such case, Landlord may (but shall be under no obligation to, except as may be required by law) relet the Leased Premises or any part thereof for the account of Tenant for such rent, for such time (which may be for a term extending beyond the Term of this Lease) and upon such terms as Landlord in Landlord's sole discretion shall determine, and Landlord shall not be required to accept any tenant offered by Tenant or to observe any instructions given by Tenant relative to such reletting. Also, in any such case, Landlord may change the locks or other entry devices of the Leased Premises and make repairs, alterations and additions in or to the Leased Premises and redecorate the same to the extent deemed by Landlord necessary or desirable, and Tenant shall surrender upon written demand pay the Premises cost thereof together with Landlord's expenses of reletting, including, without limitation, brokerage commissions payable to Landlord or Landlord's Agent or to others. Landlord may collect the rents from any such reletting and apply the same first to the payment of the expenses of re-entry, redecoration, repair and alterations and the expenses of reletting and second to the payment of Base Rent and Additional Charges payable by Tenant hereunder, and any excess or residue shall operate only as an offsetting credit against the amount of Base Rent and Additional Charges due and owing or paid as a result of acceleration or as the same thereafter becomes due and payable hereunder, but the use of such offsetting credit to reduce the amount of Base Rent and Additional Charges due Landlord, if any, shall not be deemed to give Tenant any right, title or interest in or to such excess or residue and any such excess or residue shall belong to Landlord solely; and in no event shall Tenant be entitled to a credit on its indebtedness to Landlord in excess of either the aggregate sum (including Base Rent and Additional Charges) due and owing or paid as a result of acceleration or which would have been paid by Tenant for the period for which the credit to Tenant is being determined, had no default occurred, as applicable. No such re-entry, repossession, repairs, alterations, additions or reletting shall be construed as an eviction or ouster of Tenant or as an election on Landlord's part to terminate this Lease, unless a written notice of such intention is given to Tenant, nor shall the foregoing operate to release Tenant in whole or in part from any of Tenant's obligations hereunder, and Landlord may, at any time and from time to time, xxx and recover judgment for any deficiencies from time to time remaining after the application from time to time of the proceeds of any such reletting. D. In the event of the termination of this Lease by Landlord as provided for by subparagraph (A) above, Landlord shall be entitled to recover from Tenant all damages and other sums which Landlord is entitled to recover under any provision of this Lease or at law or equity, including, but not limited to, all the fixed dollar amounts of Base Rent and Additional Charges accrued and unpaid for the period up to and including such termination date, as well as all other additional sums payable by Tenant, or for which Tenant is liable or in respect of which Tenant has agreed to indemnify Landlord under any of the provisions of this Lease, which may be then owing and unpaid, and all costs and expenses, including without limitation court costs and reasonable attorney's fees incurred by Landlord in the enforcement of its rights and remedies hereunder and, in addition, any damages provable by Landlord as a matter of law including, without limitation, an amount equal to the excess of the Base Rent provided to be paid for the remainder of the Term over the fair market rental value of the Leased Premises (determined at the date specified of termination of this Lease) after deduction of all anticipated expenses of reletting. In the alternative, Landlord shall have the right, from time to time, to recover from Tenant, and Tenant shall remain liable for, all Base Rent, Additional Charges and other amounts due and owing under this Lease not theretofore accelerated and paid pursuant to the provisions of this Lease plus (x) damages equal to all other sums which would have accrued under the Lease after the date of termination had it not been terminated, such damages to be due and payable as such sums would have become due, less (y) such amounts as ---- Landlord may receive from reletting after first paying all costs of such reletting, including, without limitation, brokerage commissions and the costs of repairs, alterations, additions and redecorations, and the expenses of re-entry, and the net amounts of rent collected remaining after such expenses shall operate only as an off-setting credit against the amount due hereunder with any excess or residue belonging to Landlord solely. Should the fair market rental value of the Leased Premises after deduction of all anticipated expenses of reletting exceed the Base Rent provided to be paid by Tenant for the remainder of the Term, Landlord shall not be obligated to pay to Tenant any part of such excess or to credit any part of such excess against any other sums or damages for which Tenant may be liable to Landlord. E. In the event that Tenant shall file for protection under the Bankruptcy Code now or hereafter in effect, or a trustee in bankruptcy shall be appointed for Tenant, Landlord and Tenant agree, to the extent permitted by law, to request that the debtor-in-possession or trustee-in-bankruptcy, if one shall have been appointed, either assume or reject this Lease within 60 days after such notice; orappointment.

Appears in 1 contract

Samples: Lease Agreement (Privatebancorp Inc)

Landlord’s Remedies. In the event that: a. If: (i) Tenant shall on three or more occasions be in default in the fails to make any payment of rent Base Rent, Expense Adjustment Amount or Tax Adjustment Amount, any installment thereof or any other charges herein regularly scheduled payment and such failure continues for more than three (3) consecutive business days after written notice thereof is given or deemed given (as defined in Section 27) Tenant (except that Landlord will only be required to give such notice three (3) times in any given calendar year); (ii) Tenant fails to make payment of any other sum required to be paid by Tenant under this Lease within the time period required by this Lease and such failure continues for more than ten (default herein being defined 10) business days after written notice thereof is given or deemed given to Tenant after the expiration of said time period; (iii) the interest of Tenant in this Lease shall be sold under execution or other legal process; (iv) Tenant fails to deliver to Landlord an executed estoppel certificate of SNDA Agreement as payment received required by Landlord ten or Paragraphs 17 and 18 of this Lease and such failure continues for more than five (5) consecutive business days subsequent after written notice thereof to the due date), regardless of whether or not such default has occurred on consecutive or non-consecutive months; or b. Tenant has caused a lien (which notice shall be in addition to be filed against the Landlord's property initial written request made pursuant to Paragraph 17 or 18 (as the case may be) that Tenant deliver said instruments to Landlord; or (v) Tenant fails to observe or perform any of the other agreements, covenants or conditions in this Lease which Tenant is required to observe and said lien perform and such failure continues for 30 days after written notice is given or deemed given to Tenant (or, if the default is not removed reasonably susceptible of cure within 30 days, within such longer period as is reasonable, provided Tenant commences to cure the default within said thirty (30) days of recordation thereofday period and thereafter at all times prosecute a cure with reasonable diligence in a manner reasonably acceptable to Landlord); or c. Tenant shall default in then, not withstanding the observance or performance occurrence of any Bankruptcy (as defined in Paragraph 24(b)), Landlord may treat the occurrence of any one or more of the covenants foregoing events as a breach of this Lease which shall constitute an "Event of Default," and agreements required to be performed and observed by Tenant hereunder for a period thereupon at its option may, without notice or demand of thirty (30) days after notice any kind to Tenant in writing of such default (or if such default shall reasonably take more than thirty (30) days to cure, Tenant shall not have commenced the same within the thirty (30) days and diligently prosecuted the same to completion); or d. Sixty (60) days have elapsed after the commencement of any proceeding by or against Tenant, whether by the filing of a petition or otherwise, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or future Federal Bankruptcy Act or any other present or future applicable federalperson, state or other statute or law, whereby such proceeding shall not have been dismissed (provided, however, that the non-dismissal of any such proceeding shall not be a default hereunder so long as all of Tenant's covenants and obligations hereunder are being performed by or on behalf of Tenant); then Landlord shall be entitled to its election (unless Tenant shall cure such default prior to such election), to exercise concurrently or successively, any one or more of the following rightsdescribed remedies in addition to all other rights and remedies provided at law or in equity or elsewhere herein: I. Terminate (a) The whole balance of rent, charges and all other sums payable hereunder, whether or not payable as rent, for the entire balance of the Term, and any renewal or extension thereof, herein reserved or agreed to be paid by Tenant, or any part of such rent, charges and other sums, and also all or any costs and sheriff's, marshal's, constable's or other official's commissions, whether chargeable to Landlord or Tenant, including watchman's wages, shall be taken to be due and payable from Tenant and in arrears as if by the terms of this Lease by giving said balance of rent, charges and other sums and expenses were on that date payable in advance; provided, however, that if Landlord elects the remedy set forth in this susbclause (a), Tenant notice may pay to Landlord, in lieu of terminationthe accelerated rent set forth above, the Base Rent plus estimated additional rent on account of Taxes and Operating Expenses for the succeeding one (1) year period, and so forth from year to year as if such Base Rent and additional rent were payable in advance in yearly installments, and so long as Tenant timely makes such annual payments to Landlord, the remedy of acceleration of all rent for the balance of the Term shall be suspended; and/or (b) Landlord may terminate this Lease and the Term, in which event Landlord may forthwith repossess the Premises by legal proceedings, force or otherwise; and/or (c) Landlord may terminate Tenant's right of possession and may repossess the Premises by legal proceedings, force or otherwise, without terminating this Lease. After reentry or retaking or recovering of the Premises, whether by termination of this Lease or not, Landlord shall use commercially reasonable efforts to relet the same or a portion thereof for such rent and upon such terms as shall be deemed advisable by Landlord; and whether or not the Premises are relet, Tenant shall be liable for any loss of rent for such period as would be the balance of the Term and any renewals thereof plus the costs and expenses of reletting and of redecorating, remodeling and making repairs and alterations to the Premises for the purpose of reletting, the amount of such liability to be computed monthly and paid by Tenant to Landlord at the end of each month. Landlord shall in no event be liable for, nor shall any damages or other sums to be paid by Tenant to Landlord be reduced by, failure to relet the Premises or failure to collect the rent from any reletting except to the extent that Landlord breaches its obligation to use reasonable commercial efforts to relet the Premises. Tenant acknowledges and agrees that Landlord will be deemed to have used reasonable commercial efforts to relet the Premises if Landlord markets the Premises as available lease, it being understood that Landlord will have no obligation to lease the Premises to a party at below market rates (or below the rate being paid by Tenant) or in lieu of other space located within the Building. Tenant shall not be entitled to any rents received by Landlord in excess of the rents provided for in this Lease except in reduction of Tenant's aggregate liability to Landlord. Tenant agrees that Landlord may file suit to recover any sums falling due under the terms of this Paragraph 21 from time to time and that no suit or recovery of any portion due Landlord hereunder shall be any defense to any subsequent action brought for any amount not theretofore reduced to judgment in favor of Landlord; and/or (d) Landlord may enforce the provisions of this Lease and may enforce and protect the rights of Landlord hereunder by a suit or suits in equity or at law for the specific performance of any covenant or agreement contained herein (to the extent that specific performance would otherwise be available as a legal right), and for the enforcement of any other appropriate legal or equitable remedy, including, without limitation, injunctive relief, and for recovery of all moneys due or to become due from Tenant under any of the provisions of this Lease; provided that in no event shall Tenant be liable for consequential damages (except as expressly provided in this Lease) or punitive damages. (e) If any payment of Base Rent, Expense Adjustment Amount or any other regularly scheduled sum, or any part of any such payment, to be made by Tenant under the terms of this Lease shall expire and terminate become overdue for a period in excess of five (5) business days, Tenant shall pay to Landlord, a "late charge" in an amount which is the lesser of $5,000.00 or 4% of the amount so overdue, for the purpose of defraying Landlord's administrative expense incident to handling such overdue or delinquent payment. If any payment of rent or any other sum, or any part of any such payment, to be made by Tenant under the terms of this Lease shall become overdue for a period in excess of five (5) business days, Tenant shall pay to Landlord interest on the overdue amount at the Lease Interest Rate (defined below) from the date specified when such payment was due until the date paid, but in no event more than the amount or rate which is the maximum amount or rate Landlord may lawfully charge in respect of Tenant in such notice circumstances under applicable law. The "Lease Interest Rate" shall mean the greater of termination10% per annum or such variable per annum rate which is from time to time equal to 4% above the base rate as stated by Citibank, with N.A. or its successor, or, in the same force and effect absence of there being a successor to Citibank, N.A. by such other bank having an office in the City of New York as though the date so specified were the date Landlord may from time to time select. Nothing herein originally fixed shall be construed as the termination date of the term of this Lease, and all waiving any rights of Landlord arising out of any default of Tenant under this Lease by reason of Landlord's accepting any such late charge and/or interest; the right to collect a late charge or interest is separate and in and to the Premises shall expire and terminate, and Tenant shall remain liable for all obligations under this Lease arising up to the date apart from any other rights or remedies of such termination, and Tenant shall surrender the Premises to Landlord on the date specified in such notice; orafter default by Tenant.

Appears in 1 contract

Samples: Lease Agreement (American Business Financial Services Inc /De/)

Landlord’s Remedies. In Upon the event that: a. Tenant shall on three or more occasions be in default in occurrence of an Event of Default, the payment of rent or other charges herein required to be paid by Tenant (default herein being defined as payment received by Landlord ten or more days subsequent Landlord, without notice to the due dateTenant in any instance (except where expressly provided for below), regardless of whether or not such default has occurred on consecutive or non-consecutive months; or b. Tenant has caused a lien to be filed against the Landlord's property and said lien is not removed within thirty (30) days of recordation thereof; or c. Tenant shall default in the observance or performance of any of the covenants and agreements required to be performed and observed by Tenant hereunder for a period of thirty (30) days after notice to Tenant in writing of such default (or if such default shall reasonably take more than thirty (30) days to cure, Tenant shall not have commenced the same within the thirty (30) days and diligently prosecuted the same to completion); or d. Sixty (60) days have elapsed after the commencement of any proceeding by or against Tenant, whether by the filing of a petition or otherwise, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or future Federal Bankruptcy Act or any other present or future applicable federal, state or other statute or law, whereby such proceeding shall not have been dismissed (provided, however, that the non-dismissal of any such proceeding shall not be a default hereunder so long as all of Tenant's covenants and obligations hereunder are being performed by or on behalf of Tenant); then Landlord shall be entitled to its election (unless Tenant shall cure such default prior to such election), to exercise concurrently or successively, may do any one or more of the following rightsfollowing: I. Terminate (a) perform, on behalf and at the expense of the Tenant, any obligation of the Tenant under this Lease which the Tenant has failed to perform beyond any applicable grace or cure periods and of which the Landlord shall have given the Tenant notice (except in an emergency situation in which no notice is required), the cost of which performance by the Landlord, together with interest thereon at the rate of fifteen percent (15%) per annum from the date of such expenditure, shall be deemed Additional Rent and shall be payable by the Tenant to the Landlord as otherwise set forth herein; (b) elect to terminate this Lease and the tenancy created hereby by giving Tenant notice of terminationsuch election to the Tenant without any right on the part of the Tenant to save the forfeiture by payment of any sum due or by other performance of condition, term, agreement or covenant broken, or elect to terminate the Tenant's possessory rights and all other rights of the Tenant without terminating this Lease, and in which event either event, at any time thereafter without notice or demand and without any liability whatsoever, re-enter the Premises by force, summary proceedings or otherwise, and remove the Tenant and all other persons and property from the Premises, and store such property in a public warehouse or elsewhere at the cost and for the account of the Tenant without resort to legal process and without the Landlord being deemed guilty of trespass or becoming liable for any loss or damage occasioned thereby; (c) accelerate the Rent and any other charges, whether or not stated to be Additional Rent, for the entire balance of the Term, or any part of such Rent, and any costs, whether chargeable to the Landlord or the Tenant, as if by the terms of this Lease shall expire and terminate on the date specified in such notice of termination, with the same force and effect as though the date so specified were the date herein originally fixed as the termination date balance of the term Rent and other charges and expenses were on that date payable in advance. (d) cause an attorney for the Landlord to proceed in any competent court for judgment in ejectment against the Tenant and all persons claiming under the Tenant for the recovery by the Landlord of possession of the Premises, and if for any reason after such action has been commenced it is canceled or suspended and possession of the Premises remains in or is restored to the Tenant, the Landlord shall have the right upon any subsequent default or upon the expiration or termination of this Lease, and all or any renewal or extension hereof, to bring one or more actions to recover possession of the Premises; and (e) exercise any other legal and/or equitable right or remedy which it may have at law or in equity, including rights of Tenant under specific performance and/or injunctive relief, where appropriate. In any action for possession of the Premises or for monetary damages, including Termination Damages and Liquidated Damages, or for the recovery of Rent due for the balance of the Term, the Landlord may cause to be filed in such action an affidavit setting forth the facts necessary to authorize the entry of judgment. If a true copy of this Lease (and of the truth of the copy, such affidavit shall be sufficient proof) must be filed in and such action, it shall not be necessary to file the original, notwithstanding any law, rule of court, custom or practice to the Premises shall expire and terminate, and Tenant shall remain liable for all obligations under this Lease arising up to the date of such termination, and Tenant shall surrender the Premises to Landlord on the date specified in such notice; orcontrary.

Appears in 1 contract

Samples: Retail Lease (Imtek Office Solutions Inc)

Landlord’s Remedies. In the event that:: ------------------- a. Tenant shall on three or more occasions be in default in the payment of rent or other charges herein required to be paid by Tenant (default herein being defined as payment received by Landlord ten or more days subsequent to the due date), regardless of whether or not such default has occurred on consecutive or non-consecutive months; or b. Tenant has caused a lien to be filed against the Landlord's property and said lien is not removed within thirty (30) days of recordation thereof; or c. Tenant shall default in the observance or performance of any of the covenants and agreements required to be performed and observed by Tenant hereunder for a period of thirty (30) days after notice to Tenant in writing of such default (or if such default shall reasonably take more than thirty (30) days to cure, Tenant shall not have commenced the same within the thirty (30) days and diligently prosecuted the same to completion); or d. Sixty (60) days have elapsed after the commencement of any proceeding by or against Tenant, whether by the filing of a petition or otherwise, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or future Federal Bankruptcy Act or any other present or future applicable federal, state or other statute or law, whereby such proceeding shall not have been dismissed (provided, however, that the non-dismissal of any such proceeding shall not be a default hereunder so long as all of Tenant's covenants and obligations hereunder are being performed by or on behalf of Tenant); then Landlord shall be entitled to its election (unless Tenant shall cure such default prior to such election), to exercise concurrently or successively, any one or more of the following rights: I. i. Terminate this Lease by giving Tenant notice of termination, in which event this Lease shall expire and terminate on the date specified in such notice of termination, with the same force and effect as though the date so specified were the date herein originally fixed as the termination date of the term of this Lease, and all rights of Tenant under this Lease and in and to the Premises shall expire and terminate, and Tenant shall remain liable for all obligations under this Lease arising up to the date of such termination, and Tenant shall surrender the Premises to Landlord on the date specified in such notice; or ii. Terminate this Lease as provided herein and recover from Tenant all damages Landlord may incur by reason of Tenant's default, including, without limitation, a sum which, at the date of such termination, represents the then value of the excess, if any, of (a) the Minimum Rent, Percentage Rent, Taxes and all other sums which would have been payable hereunder by Tenant for the period commencing with the day following the date of such termination and ending with the date herein before set for the expiration of the full term hereby granted, over (b) the aggregate reasonable rental value of the Premises for the same period, all of which excess sum shall be deemed immediately due and payable; or iii. Without terminating this Lease, declare immediately due and payable all Minimum Rent, Taxes, and other rents and amounts due and coming due under this Lease for the entire remaining term hereof, together with all other amounts previously due, at once; provided, however, that such payment shall not be deemed a penalty or liquidated damages but shall merely constitute payment in advance of rent for the remainder of said term. Upon making such payment, Tenant shall be entitled to receive from Landlord all rents received by Landlord from other assignees, tenants, and subtenants on account of said Premises during the term of this Lease, provided that the monies to which tenant shall so become entitled shall in no event exceed the entire amount actually paid by Tenant to Landlord pursuant to the preceding sentence less all costs, expenses and attorney's fees of Landlord incurred in connection with the reletting of the Premises; or iv. Without terminating this Lease, and with or without notice to Tenant, Landlord may in its own name but as agent for Tenant enter into and upon and take possession of the Premises or any part thereof, and, at landlord's option, remove persons and property therefrom, and such property, if any, may be removed and stored in a warehouse or elsewhere at the cost of, and for the account of Tenant, all without being deemed guilty of trespass or becoming liable for any loss or damage which may be occasioned thereby, and Landlord may rent the Premises or any portion thereof as the agent of Tenant with or without advertisement, and by private negotiations and for any term upon such terms and conditions as Landlord may deem necessary or desirable in order to relet the Premises. Landlord shall in no way be responsible or liable for any rental concessions or any failure to rent the Premises or any part thereof, or for any failure to collect any rent due upon such reletting. Upon such reletting, all rentals received by Landlord from such reletting shall be applied: first, to the payment of any indebtedness (other than any rent due hereunder) from Tenant to Landlord; second, to the payment of any costs and expenses of such reletting, including, without limitation, brokerage fees and attorney's fees and costs of alterations and repairs; third, to the payment of rent and other charges then due and unpaid hereunder; and the residue, if any shall be held by Landlord to the extent of and for application in payment of future rent as the same may become due and payable hereunder. In reletting the Premises as aforesaid, Landlord may grant rent concessions and Tenant shall not be credited therefor. If such rentals received from such reletting shall at any time or from time to time be less than sufficient to pay to Landlord the entire sums then due from Tenant hereunder, Tenant shall pay any such deficiency to Landlord. Such deficiency shall, at Landlord's option, be calculated and paid monthly. No such reletting shall be construed as an election by Landlord to terminate this Lease unless a written notice of such election has been given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for any such previous default provided same has not been cured; or v. Without liability to Tenant or any other party and without constituting a constructive or actual eviction, suspend or discontinue furnishing or rendering to Tenant any property, material, labor, Utilities or other service, whether Landlord is obligated to furnish or render the same, so long as Tenant is in default under this Lease; or vi. Allow the Premises to remain unoccupied and collect rent from Tenant as it comes due; or vii. Foreclose the security interest described herein, including the immediate taking of possession of all property on or in the Premises; or viii. Pursue such other remedies as are available at law or equity. e. Landlord's pursuit of any remedy of remedies, including without limitation, any one or more of the remedies stated herein shall not (1) constitute an election of remedies or preclude pursuit of any other remedy or remedies provided in this Lease or any other remedy or remedies provided by law or in equity, separately or concurrently or in any combination, or (2) sever as the basis for any claim of constructive eviction, or allow Tenant to withhold any payments under this Lease.

Appears in 1 contract

Samples: Commercial Lease Agreement (Biospecifics Technologies Corp)

Landlord’s Remedies. In the event thatA. The following are hereby defined as Events of Default: a. 1. Whenever Tenant shall do or permit anything to be done, whether by action or inaction, contrary to any covenant or agreement on three the part of Tenant herein contained, or more occasions be in default contrary to any of the covenants, agreements, terms, or provisions of this Lease, or shall fail in the payment keeping or performance of rent any of the covenants, agreements, terms, or other charges herein required provisions contained in this Lease which on the part or behalf of Tenant are to be paid by Tenant (default herein being defined as payment received by Landlord ten kept or more days subsequent performed, other than those referred to the due datein subparagraph 5(A)(1), regardless of whether or not such default has occurred on consecutive or non-consecutive months; or b. and Tenant has caused a lien shall fail to be filed against commence to take steps to remedy the Landlord's property and said lien is not removed same within thirty (30) days of recordation thereof; orafter Landlord shall have given to Tenant a written notice specifying the same, or having so commence, shall thereafter fail to proceed diligently to remedy the same. c. Tenant shall default in B. Upon the observance or performance occurrence of any Event of Default, then regardless of and notwithstanding the fact that Landlord has or may have some other remedy under this Lease or by virtue hereof, or in law or in equity, Landlord may (but is not required) give to Tenant a notice (herein called the second notice) of intention to end the term of this Lease, specifying a day not less than five (5) days thereafter, and, upon the giving of the covenants and agreements required to be performed and observed by Tenant hereunder for a period of thirty (30) days after notice to Tenant in writing of such default (or if such default shall reasonably take more than thirty (30) days to curesecond notice, Tenant shall not have commenced the same within the thirty (30) days and diligently prosecuted the same to completion); or d. Sixty (60) days have elapsed after the commencement of any proceeding by or against Tenant, whether by the filing of a petition or otherwise, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or future Federal Bankruptcy Act or any other present or future applicable federal, state or other statute or law, whereby such proceeding shall not have been dismissed (provided, however, that the non-dismissal of any such proceeding shall not be a default hereunder so long as all of Tenant's covenants and obligations hereunder are being performed by or on behalf of Tenant); then Landlord shall be entitled to its election (unless Tenant shall cure such default prior to such election), to exercise concurrently or successively, any one or more of the following rights: I. Terminate this Lease by giving Tenant notice of termination, in which event this Lease and the term and estate hereby granted shall expire and terminate on upon the date day so specified in such the second notice of termination, as fully and completely and with the same force and effect as though if the date day so specified were the date herein originally before fixed as for the termination date expiration of the term of this Lease, and all rights of Tenant under this Lease and in and to the Premises shall expire and terminate, and but Tenant shall remain liable for damages as hereinafter provided. Initials C. Upon any such termination or expiration of this Lease, Tenant shall peaceably quit and surrender the Premises and improvements thereon to Landlord, and Landlord may without further notice enter upon, re-enter, possess, and repossess itself thereof peaceably through summary proceedings, ejectment, or otherwise, and may dispossess and remove Tenant and all obligations other persons and property from the Premises and may have, hold, and enjoy the Premises and the right to receive all rental and other income of and from the same. D. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time, at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of this subparagraph, or under any provisions of law, or had Landlord not re-entered the Premises. E. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any damages to which Landlord may lawfully be entitled in any case other than those particularly provided above. F. The words "enter," "entry," "re-enter," or "re-entry" are not restricted to their technical legal meaning. As provided by the law, a Landlord or Manager is entitled to access rental units provided that reasonable advanced notice is given to the tenant(s). G. If Tenant shall fail to make any payment required to be made under this Lease arising up or shall default in the performance of any other covenant, agreement, term, provision, or condition herein contained, Landlord, without being under any obligation to do so and without thereby waiving such default, may make such payment and/or remedy such other default for the account and at the expense of Tenant, immediately and without notice in the case of emergency, or in any other case, provided that Tenant shall fail to make such payment or remedy such default with all reasonable dispatch within five (5) days (for payment defaults) or thirty (30) days (for performance defaults), after Landlord shall have notified Tenant in writing of such failure or default. H. Any reasonable expense incurred by Landlord as a result of Tenant's failure to make any payment required under this Lease or default in performance of any other covenant, agreement, term, provision, or condition herein contained; including reasonable counsel fees involved in collection of any sum due Landlord hereunder, or enforcement of any right against Tenant, under or in connection with this Lease, or pursuant to law, including (without being limited to) any such cost, expense, and disbursement involved in instituting and prosecuting summary proceedings, as well as bills for any property, material, labor, or services provided, furnished, or rendered, or caused to be, by Landlord to Tenant, with respect to the date Premises and other equipment. I. Landlord may restrain any breach or threatened breach of any covenant, agreement, term, provision, or condition herein contained, but the mention herein of any particular remedy shall not preclude Landlord from any other remedy it might have, either in law or in equity. The failure of Landlord to insist upon the strict performance of any one of the covenants, agreements, terms, provisions, or conditions of this Lease or to exercise any right, remedy, or election herein contained or permitted by law shall not constitute or be construed as a waiver or relinquishment for the future of such terminationcovenant, agreement, term, provision, condition, right, remedy, or election, but the same shall continue and Tenant shall surrender the Premises to Landlord on the date specified remain in such notice; orfull force and effect.

Appears in 1 contract

Samples: Lease Agreement

Landlord’s Remedies. In Section 19.1. Any one of the event thatfollowing shall be deemed to be an "Event of Default": a. A. Failure on the part of the Tenant shall on three or more occasions be in default in the to make payment of rent or any other charges herein required monetary amount due under this lease within ten (10) days after the Landlord has sent to the Tenant notice of such default. However, if: (i) the Landlord shall have sent to the Tenant two notices of such default, even though the same shall have been cured and this lease not terminated; and (ii) during the same calendar year in which said notices of default have been sent by the Landlord to the Tenant, the Tenant thereafter shall default in any monetary payment, the same shall be deemed to be paid by an Event of Default upon the Landlord giving the Tenant written notice thereof, without the ten (default herein being defined as payment received by Landlord ten or more days subsequent 10) day grace period set forth above. B. With respect to the due date), regardless of whether or not such default has occurred on consecutive or a non-consecutive months; or b. monetary default under this lease, failure of the Tenant has caused a lien to be filed against cure the Landlord's property and said lien is not removed same within thirty (30) days after the Landlord has sent to the Tenant notice of recordation thereof; such default (or c. Tenant shall , if such default in the observance or performance is of any a nature that it is not susceptible of the covenants and agreements required to be performed and observed by Tenant hereunder for a period of cure within thirty (30) days days, then such cure period shall be extended to equal the minimum time period reasonably required to cure the default after the Landlord has sent to the Tenant notice to Tenant in writing of such default (or if such default shall reasonably take more than thirty (30) days to curethe same, provided the Tenant shall not have commenced the same within the such cure in said thirty (30) days and shall thereafter diligently prosecuted the same pursue such cure to completion); or d. Sixty (60) days have elapsed after the commencement of any proceeding by or against Tenant, whether by the filing of a petition or otherwise, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or future Federal Bankruptcy Act or any other present or future applicable federal, state or other statute or law, whereby such proceeding and that Tenant shall not have been dismissed (provided, however, that the non-dismissal of any such proceeding shall not be a default hereunder so long as all give monthly status reports to Landlord of Tenant's covenants and obligations hereunder are being performed by or on behalf of Tenantprogress in curing such default); then Landlord . The Tenant shall be entitled obligated to its election (unless commence forthwith and to complete as soon as possible the curing of such default; and if the Tenant shall cure such default prior fails so to such election)do, to exercise concurrently or successively, any one or more of the following rights: I. Terminate this Lease by giving Tenant notice of termination, in which event this Lease shall expire and terminate on the date specified in such notice of termination, with the same force and effect as though the date so specified were the date herein originally fixed as the termination date shall be deemed to be an Event of the term of this Lease, and all rights of Tenant under this Lease and in and to the Premises shall expire and terminate, and Tenant shall remain liable for all obligations under this Lease arising up to the date of such termination, and Tenant shall surrender the Premises to Landlord on the date specified in such notice; orDefault.

Appears in 1 contract

Samples: Lease Agreement (Georgetown Bancorp, Inc.)

Landlord’s Remedies. In the event that: a. Tenant If default shall on three or more occasions be in default made in the payment of rent the Rent or any installment thereof or in the payment of any other charges herein sum required to be paid by Tenant (default herein being defined as payment received by under this Lease or under the terms of any other agreement between Landlord ten or more days subsequent to the due date), regardless of whether or not and Tenant and such default has occurred on consecutive or non-consecutive months; or b. Tenant has caused a lien to be filed against the Landlord's property and said lien is not removed within thirty shall continue for ten (3010) days of recordation thereof; or c. Tenant after written notice to Tenant, or if default shall default be made in the observance or performance of any of the other covenants and agreements or conditions in this Lease which Tenant is required to be performed observe and observed by Tenant hereunder perform and such default shall continue for a period of thirty (30) days after written notice to Tenant (or, in writing of the event such default (or if cannot reasonably be cured within such default shall reasonably take more than thirty (30) day period, within such additional time -- not to exceed a total period of ninety (90) days from the date of Landlord's notice -- as may be required for Tenant to effect such cure, so long as Tenant shall not have commenced the same promptly commences to cure such default within the such initial thirty (30) days day period and thereafter diligently prosecuted the same pursues such cure to completion); or d. Sixty (60) days have elapsed after the commencement of any proceeding , or if a default involves a hazardous condition and is not cured by or against Tenant immediately upon written notice to Tenant, whether by or if the filing interest of a Tenant in this Lease shall be levied on under execution or other legal process, or if any voluntary petition in bankruptcy or otherwise, seeking for corporate reorganization or any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief shall be filed by Tenant, or if any involuntary petition in bankruptcy shall be filed against Tenant under the present any federal or future Federal Bankruptcy Act state bankruptcy or any other present or future applicable federal, state or other statute or law, whereby such proceeding insolvency act and shall not have been dismissed within ninety (provided90) days from the filing thereof, howeveror if a receiver shall be appointed for Tenant or any of the property of Tenant by any court and such receiver shall not have been dismissed within ninety (90) days from the date of its appointment, that or if Tenant shall make an assignment for the non-dismissal benefit of creditors, or if Tenant shall admit in writing Tenant's inability to meet Tenant's debts as they mature, or if Tenant shall abandon the Premises during the Term (together with the failure to pay Rent), then Landlord may treat the occurrence of any such proceeding shall not be one or more of the foregoing events as a default hereunder so long as all breach of Tenant's covenants this Lease, and obligations hereunder are being performed by thereupon at its option may, with or on behalf without further notice or demand of Tenant); then Landlord shall be entitled any kind to its election (unless Tenant shall cure such default prior to such election)or any other person, to exercise concurrently or successively, have any one or more of the following rightsdescribed remedies in addition to all other rights and remedies provided at law or in equity or elsewhere herein: I. Terminate (i) Landlord may terminate this Lease by giving Tenant notice of terminationand the Term created hereby, in which event this Lease shall expire Landlord may forthwith repossess the Premises and terminate on be entitled to recover forthwith, in addition to any other sums or damages, for which Tenant may be liable to Landlord, as damages a sum of money equal to the date specified in such notice of termination, with the same force and effect as though the date so specified were the date herein originally fixed as the termination date excess of the term present value of the Rent provided to be paid by Tenant for the balance of the Term over the present value of the fair market rent for the Premises, after deduction of all reasonably anticipated expenses of reletting, for said period. For the purpose of determining present value, Landlord and Tenant agree that the interest rate shall be the rate applicable to the then-current yield on obligations of the U.S. Treasury having a maturity date on or about the Termination Date. Should the present value of the fair market rent for the Premises, after deduction of all reasonably anticipated expenses of reletting, for the balance of the Term exceed the present value of the Rent provided to be paid by Tenant for the balance of the Term, Landlord shall have no obligation to pay to Tenant the excess or any part thereof or to credit such excess or any part thereof against any other sums or damages for which Tenant may be liable to Landlord. (ii) Landlord may terminate Tenant's right of possession and may repossess the Premises by forcible entry and detainer suit, by taking peaceful possession or otherwise, without terminating this Lease, in which event Landlord may, but shall be under no obligation to, relet the same (except to the extent required by applicable law) for the account of Tenant, for such rent and all rights upon such terms as shall be commercially reasonable. For the purpose of such reletting, Landlord is authorized to decorate, repair, remodel or alter the Premises. If Landlord shall fail to relet the Premises, Tenant under shall pay to Landlord as damages a sum equal to the amount of the Rent reserved in this Lease for the balance of the Term as such Rent shall become due and in and payable hereunder from time to time during the Term. If the Premises are relet and a sufficient sum shall expire not be realized from such reletting after paying all of the costs and terminateexpenses of all decoration, repairs, remodeling, alterations and additions and the expenses of such reletting and of the collection of the rent accruing therefrom to satisfy the Rent provided for in this Lease, Tenant shall remain liable for all obligations under this Lease arising up satisfy and pay the same upon demand therefor from time to the date of such termination, and time. Tenant shall surrender not be entitled to any rents received by Landlord in excess of the Premises Rent provided for in this Lease. Tenant agrees that Landlord may file suit to recover any sums falling due under the terms of this Section 22 from time to time and that no suit or recovery of any portion due Landlord on the date specified hereunder shall be any defense to any subsequent action brought for any amount not theretofore reduced to judgment in such notice; orfavor of Landlord.

Appears in 1 contract

Samples: Lease (Orbitz Inc)

Landlord’s Remedies. In the event that: a. Tenant If default shall on three or more occasions be in default made in the payment of rent the Rent or any installment thereof or in the payment of any other charges herein sum required to be paid by Tenant under this Lease (default herein being defined as payment received by including the Loan) or under the terms of any other agreement between Landlord ten or more days subsequent to the due date), regardless of whether or not and Tenant and such default has occurred on consecutive or non-consecutive months; or b. Tenant has caused a lien to be filed against the Landlord's property and said lien is not removed within thirty shall continue for ten (3010) days of recordation thereof; or c. Tenant after written notice to Tenant, or if default shall default be made in the observance or performance of any of the other covenants and agreements or conditions in this Lease which Tenant is required to be performed observe and observed by Tenant hereunder perform and such default shall continue for a period of thirty (30) days after written notice to Tenant in writing of such Tenant, unless with respect to any default (or if such default shall reasonably take more than which cannot be cured within thirty (30) days days, Tenant, in good faith, promptly after receipt of such notice shall have commenced and thereafter shall continue diligently to prosecute all action necessary to cure such default and shall complete such cure, Tenant shall in any event, not have commenced the same within the thirty more than one hundred twenty (30120) days after such notice; or if a default involves a hazardous condition and diligently prosecuted the same is not cured by Tenant as promptly as is reasonably possible upon written notice to completion); or d. Sixty (60) days have elapsed after the commencement of any proceeding by or against Tenant, whether by or if the filing interest of a Tenant in this Lease shall be levied on under execution or other legal process, or if any voluntary petition in bankruptcy or otherwise, seeking for corporate reorganization or any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief shall be filed by Tenant, or if any involuntary petition in bankruptcy shall be filed against Tenant under the present any federal or future Federal Bankruptcy Act state bankruptcy or any other present or future applicable federal, state or other statute or law, whereby such proceeding insolvency act and shall not have been dismissed within ninety (provided90) days from the filing thereof, howeveror if a receiver shall be appointed for Tenant or any of the property of Tenant by any court and. such receiver shall not have been dismissed within ninety (90) days from the date of his appointment, that or if Tenant shall make an assignment for the non-dismissal benefit of creditors, or if Tenant shall admit in writing Tenant’s inability to meet Tenant’s debts as they mature, then Landlord may treat the occurrence of any such proceeding shall not be one or more of the foregoing events as a default hereunder so long as all breach of this Lease, and thereupon at its option may, upon notice to Tenant's covenants and obligations hereunder are being performed by or on behalf of Tenant); then Landlord shall be entitled to its election (unless Tenant shall cure such default prior to such election), to exercise concurrently or successively, have any one or more of the following rightsdescribed remedies in addition to all other rights and remedies provided at law or in equity or elsewhere herein: I. Terminate (i) Landlord may terminate this Lease by giving Tenant notice of terminationand the Term created hereby, in which event Landlord may forthwith repossess the Premises and be entitled to recover forthwith, in addition to any other sums or damages for which Tenant may be liable to Landlord (including the then-remaining principal balance of the Loan), as damages a sum of money equal to the excess of the “present value” of the Rent provided to be paid by Tenant for the balance of the Term over the “present value” of the fair market rent for the Premises for the balance of the Term, after deduction of all anticipated expenses of reletting, -for such period. As used herein, “present value” shall be calculated using a discount rate equal to the then current yield of United States Treasury obligations having a maturity date closest to the Termination Date. Should the “present value” of the fair market rent for the Premises, after deduction of all anticipated expenses of reletting, for the balance of the Term exceed the “present’ value” of the Rent provided for in this Lease for the balance of the Term, Landlord shall expire have no obligation to pay to Tenant the excess or any part thereof or to credit such excess or any part thereof against any other sums or damages for which Tenant may be liable to Landlord; and (ii) Landlord may terminate Tenant’s right of possession and terminate on may repossess the date specified Premises by forcible entry and detainer suit, by taking peaceful possession or otherwise, without terminating this Lease, in such notice of terminationwhich event Landlord may, with but shall be under no obligation to, relet the same force for the account of Tenant, for such rent and effect upon such terms as though shall be satisfactory to Landlord in Landlord’s reasonable judgment. For the date so specified were purpose of such reletting, Landlord is authorized to decorate, repair, remodel or alter the date herein originally fixed as Premises, to the termination date of extent reasonably necessary to permit reletting on terms similar to the term terms of this Lease. If Landlord shall fail after reasonable efforts to relet the Premises or otherwise to mitigate damages, and all rights Tenant shall pay to Landlord as damages a sum equal to the amount of Tenant under the Rent reserved in this Lease for the balance of the Term payable in such amounts and at such times as Rent would otherwise be payable under the terms of this Lease. If the premises are relet and a sufficient sum shall not be realized from such reletting after paying all of the costs and expenses of all decoration, repairs, remodeling, alterations and additions and the expenses of such reletting and of the collection of the rent accruing therefrom to satisfy the Rent provided for in this Lease, Tenant shall satisfy and pay the same at such times as Rent would otherwise be payable under the terms of this Lease. Tenant shall not be entitled to any rents received by Landlord from the reletting of the Premises in excess of the Rent provided for in this Lease, except that any such excess received prior to the Premises judicial determination of Landlord’s damages shall expire be taken into account in determining such damages. Tenant agrees that Landlord may file suit to recover any sums falling due under the terms of this Paragraph 23 from time to time and terminate, and Tenant that no suit or recovery of any portion due Landlord hereunder shall remain liable be any defense to any subsequent action brought for all obligations under this Lease arising up any amount not theretofore reduced to the date judgment in favor of such termination, and Tenant shall surrender the Premises to Landlord on the date specified in such notice; orLandlord.

Appears in 1 contract

Samples: Lease Agreement (Wells Real Estate Investment Trust Inc)

Landlord’s Remedies. In the event that: a. A. If (i) Tenant shall on three or more occasions be in default defaults in the payment of rent Rent, Additional Charges, or any installment of the foregoing, or in the payment of any other charges herein sum required to be paid by Tenant either under this Lease, or under the terms of any other agreement between Landlord and Tenant (default herein the foregoing defaults being defined as payment received by Landlord ten or more days subsequent to the due datecollectively called "Payment Defaults"), regardless of whether or not and such default has occurred on consecutive or non-consecutive months; or b. Tenant has caused a lien to be filed against the Landlord's property and said lien Payment Default is not removed cured within thirty five (305) days of recordation thereof; or c. after written notice to Tenant, or (ii) Tenant shall default defaults in the observance or performance of any of the other covenants and agreements or conditions in this Lease, which Tenant is required to be performed observe and observed perform and such default is not cured within ten (10) days after written notice to Tenant (or if such default involves a hazardous condition and is not cured by Tenant hereunder for a period of immediately upon written notice to Tenant), which Tenant is required to observe and perform and either (y) such default is not cured within thirty (30) days after written notice to Tenant in writing of such default (or if such default shall reasonably take more than involves a hazardous condition and is not cured immediately upon written notice to Tenant) or (z) if such condition is not susceptible to a cure within thirty (30) days after written notice to cureTenant, Tenant shall not have commenced the same fails to commence such cure within the such thirty (30) days day period and thereafter diligently prosecuted the same pursue such cure to completion); or d. Sixty ,] or (iii) the interest of Tenant in this Lease shall be levied on under execution or other legal process, or (iv) Tenant becomes the subject of commencement of an involuntary case under the federal bankruptcy law as now or hereafter constituted, or there is filed a petition against Tenant seeking reorganization, arrangement, adjustment or composition of or in respect of Tenant under the federal bankruptcy law as now or hereafter constituted, or under any other applicable federal or state bankruptcy, insolvency, reorganization or other similar law, or seeking the appointment of a receiver, liquidator or assignee, custodian, trustee (or similar official) of Tenant or any substantial part of its property, or seeking the winding-up or liquidation of its affairs and such involuntary case or petition is not dismissed within sixty (60) days have elapsed after the commencement filing thereof (the term "Tenant" shall include, for the purposes of clauses (iv) and (v) of this Section 20.A, any proceeding by guarantor of Tenant's obligations hereunder), or (v) Tenant commences a voluntary case or institutes proceedings to be adjudicated bankrupt or insolvent, or consents to the institution of bankruptcy or insolvency proceedings against Tenantit, whether by the filing of a petition or otherwise, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present Federal bankruptcy laws as now or future Federal Bankruptcy Act hereafter constituted, or any other present applicable Federal or future applicable federal, state bankruptcy or insolvency or other statute or similar law, whereby such proceeding shall not have been dismissed or consents to the appointment of or taking possession by a receiver or liquidator or assignee, trustee, custodian (provided, however, that the non-dismissal or other similar official) of Tenant or of any such proceeding substantial part of its property, or makes any assignment for the benefit of creditors or admits in writing its inability to pay its debts generally as they become due, or (vi) Tenant, its stockholders or board of directors or any committee thereof takes any action contemplating, in preparation for or in furtherance of any of the occurrences, steps or proceedings in items (iv) or (v) above, or (vii) Tenant shall abandon or vacate the Premises during the Term (which for purposes of this Section 20.A(vii) will not be a default hereunder so long include any temporary closure otherwise permitted by this Lease, provided that Tenant shall continue to pay all Rent and Additional Charges as all of required herein), or (viii) Tenant shall fail to commence Tenant's covenants and obligations hereunder are being performed by Work upon notice from Landlord that Landlord's Work is substantially complete, or on behalf of Tenant); then Landlord shall be entitled to its election (unless ix) Tenant shall cure such default prior fail to such election)observe Tenant's Operating Covenant at any time during the Term hereof, or (x) any representation or warranty made by Tenant is not accurate and correct and thereupon at its option may, with or without notice or demand of any kind to exercise concurrently Tenant or successivelyany other person, have any one or more of the following rightsdescribed remedies in addition to all other rights and remedies provided at law or in equity or elsewhere herein: I. Terminate (a) Landlord may terminate this Lease by giving to Tenant 30-days written notice of terminationLandlord's election to do so, in which event this Lease the Term and all right, title and interest of Tenant hereunder shall expire and terminate end on the date specified 30-days hence stated in such notice; (b) Landlord may terminate the right of Tenant to possession of the Premises without terminating this Lease, by giving written notice to Tenant that Tenant's right of termination, with the same force and effect as though possession shall end on the date so specified were stated in such notice, whereupon the right of Tenant to possession of the Premises or any part thereof shall cease on the date herein originally fixed as stated in such notice; and (c) Landlord may enforce the termination date provisions of this Lease and may enforce and protect the rights of Landlord hereunder by a suit or suits in equity or at law for the specific performance of any covenant or agreement contained herein, and for the enforcement of any other appropriate legal or equitable remedy, including without limitation (1) injunctive relief, (2) recovery of all moneys due or to become due from Tenant under any of the term provisions of this Lease, and (3) any other damages incurred by Landlord by reason of Tenant's default under this Lease. B. If Landlord exercises any of the remedies provided for in Sections 20.A(a) or 20.A(b) above, Tenant shall surrender possession of and vacate the Premises and immediately deliver possession thereof to Landlord, and Landlord may re-enter and take complete and peaceful possession of the Premises. (i) If Landlord terminates the right of Tenant to possession of the Premises without terminating this Lease, such termination of possession shall not release Tenant, in whole or in part, from Tenant's obligation to pay the Rent (including, without limitation, Percentage Rent) hereunder for the full Term, and the present value of the aggregate amount of the Rent and Additional Charges (at the then current rates therefor) for the period from the date stated in the notice terminating possession to the Expiration Date such present value to be computed on the basis of a per annum discount rate equal to seven percent (7%) shall, at the option of Landlord, be immediately due and payable by Tenant to Landlord, together with any other moneys due hereunder, and Landlord shall have the right to immediate recovery of all such amounts. In the alternative, Landlord shall have the right from time to time, to recover from Tenant, and Tenant shall remain liable for, all Rent not theretofore accelerated and paid pursuant to the foregoing sentence and any other sums thereafter accruing as they become due under this Lease during the period from the date of such notice of termination of possession to the Expiration Date. (ii) In any such case, Landlord may relet the Premises or any part thereof for the account of Tenant for such rent, for such time which may be for a term extending beyond the Term of this Lease and upon such terms as Landlord in Landlord's sole discretion shall determine, and Landlord shall not be required to accept any tenant offered by Tenant or to observe any instructions given by Tenant relative to such reletting. (iii) Also, in any such case, Landlord may change the locks or other entry devices of the Premises and make repairs, alterations and additions in or to the Premises, and redecorate the same to the extent deemed by Landlord necessary or desirable, and Tenant shall upon written demand pay the cost thereof together with Landlord's expenses of reletting, including, without limitation, brokerage commissions payable to Landlord's Agent or to others. D. In the event of the termination of this Lease by Landlord as provided for by Section 20.A above, Landlord shall be entitled to recover from Tenant all damages and other sums which Landlord is entitled to recover under any provision of this Lease or at law or equity, including, but not limited to, all the fixed dollar amounts of Rent accrued and unpaid for the period up to and including such termination date, as well as all other additional sums payable by Tenant, including, without limitation, Percentage Rent, or for which Tenant is liable or in respect of which Tenant has agreed to indemnify Landlord under any of the provisions of this Lease, which may be then owing and unpaid, and all costs and expenses, including, without limitation, court costs and reasonable attorney's fees incurred by Landlord in the enforcement of its rights and remedies hereunder and, in addition, any damages provable by Landlord as a matter of law, including, without limitation, an amount equal to the excess of the Rent provided to be paid for the remainder of the Term over the fair market rental value of the Premises (determined at the date of termination of this Lease) after deduction of all anticipated [reasonable] expenses of reletting. In the alternative, Landlord shall have the right, from time to time, to recover from Tenant, and Tenant shall remain liable for, all Rent, Additional Charges and other amounts due and owing under this Lease not theretofore accelerated and paid pursuant to the provisions of this Lease plus (x) damages equal to all other sums which would have accrued under this Lease after the date of termination had it not been terminated, such damages to be due and payable as such sums would have become due, less (y) such amounts as Landlord may receive from reletting after first paying all [reasonable] costs of such reletting, including, without limitation, reasonable brokerage commissions and the [reasonable] costs of repairs, alterations, additions and redecorations, and the [reasonable] expenses of reentry, and the net amounts of rent collected remaining after such expenses shall operate only as an off-setting credit against the amount due hereunder with any excess or residue belonging to Landlord solely. Should the fair market rental value of the Premises after deduction of all anticipated expenses of reletting exceed the Rent provided to be paid by Tenant for the remainder of the Term, Landlord shall not be obligated to pay to Tenant any part of such excess or to credit any part of such excess against any other sums or damages for which Tenant may be liable to Landlord. E. For the purpose of determining Percentage Rent after termination of this Lease by Landlord as provided for by Section 20.A above or after termination of Tenant's right to possession as provided for by Section 20.B above, such rental shall be computed pro-rata on the basis of the highest Gross Sales for any period of twelve (12) consecutive months preceding the occurrence of either such event or the expired portion of the Lease, whichever is less. F. Tenant shall pay all of Landlord's costs, charges and expenses, including, without limitation, court costs and reasonable attorneys' fees, incurred in enforcing Tenant's obligations under this Lease or incurred by Landlord in any litigation, negotiation or transaction in which Tenant causes Landlord, without Landlord's fault, to become involved or concerned. G. In the event that Tenant shall file for protection under the Bankruptcy Code now or hereafter in effect, or a trustee in bankruptcy shall be appointed for Tenant, Landlord and Tenant agree, to the extent permitted by law, to request that the debtor-in-possession or trustee-in-bankruptcy, if one shall have been appointed, either assume or reject this Lease within sixty (60) days after such appointment. H. Tenant hereby grants to Landlord a first lien and security interest upon the interest of Tenant under this Lease and the personal property of Tenant located in the Premises to secure the payment of monies due under this Lease, and Landlord shall have all rights of a secured party pursuant to the Premises Uniform Commercial Code of the State of Maryland or otherwise provided by law or equity. At any time and from time to time, upon request by Landlord, Tenant will make, execute and deliver or cause to be made, executed and delivered, to Landlord, and where appropriate, filed and from time to time thereafter to be refiled at such time and in such offices and places as shall expire be deemed desirable by Landlord, any and terminateall security agreements, financing statements, continuation statements, instruments of further assurances, certificates and other documents as may, in the opinion of Landlord, be necessary or desirable in order to effectuate, complete, enlarge or perfect, or to continue and preserve (i) the obligations of Tenant under this Lease, and (ii) the lien and security interest granted by this Section as a first and prior lien and security interest upon Tenant's interest in this Lease and the personal property of Tenant located in the Premises, whether now or hereafter acquired by Tenant. Upon any failure by Tenant so to do, Landlord may make, execute, file, or refile any and all such security agreements, financing statements, continuation statements, instruments, certificates and documents for and in the name of Tenant, and Tenant shall remain liable for hereby irrevocably appoints Landlord the agent and attorney-in-fact of Tenant so to do. The lien and security interest hereof will automatically attach, without further act, to all obligations under this Lease arising up after acquired personal property attached to and/or used in the date operation of such termination, and Tenant shall surrender Tenant's business in the Premises to Landlord on the date specified in such notice; oror any part thereof.

Appears in 1 contract

Samples: Lease Agreement

Landlord’s Remedies. In the event that: a. Tenant shall on three or more occasions be in default in the payment of rent or other charges herein required to be paid by Tenant (default herein being defined as payment received by Landlord ten or more days subsequent to the due date), regardless of whether or not such default has occurred on consecutive or non-consecutive months; or b. Tenant has caused a lien to be filed against the Landlord's ’s property and said lien is not removed within thirty (30) 60 days of recordation thereof; or c. Tenant shall default in the observance or performance of any of the covenants and agreements required to be performed and observed by Tenant hereunder for a period of thirty (30) 30 days after notice to Tenant in writing of such default (or if such default shall reasonably take more than thirty (30) 30 days to cure, Tenant shall not have commenced the same within the thirty (30) 30 days and diligently prosecuted the same to completion); or d. Sixty (60) 90 days have elapsed after the commencement of any proceeding by or against Tenant, whether by the filing of a petition or otherwise, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or future Federal Bankruptcy Act or any other present or future applicable federal, state or other statute or law, whereby such proceeding shall not have been dismissed (provided, however, that the non-dismissal of any such proceeding shall not be a default hereunder so long as all of Tenant's ’s covenants and obligations hereunder are being performed by or on behalf of Tenant); then Landlord shall be entitled to its election (unless Tenant shall cure such default prior to such election), to exercise concurrently or successively, any one or more of the following rights: I. i. Terminate this Lease by giving Tenant notice of termination, in which event this Lease shall expire and terminate on the date specified in such notice of termination, with the same force and effect as though the date so specified were the date herein originally fixed as the termination date of the term of this Lease, and all rights of Tenant under this Lease and in and to the Premises shall expire and terminate, and Tenant shall remain liable for all obligations under this Lease arising up to the date of such termination, and Tenant shall surrender the Premises to Landlord on the date specified in such notice; or ii. Terminate this Lease as provided herein and recover from Tenant all damages Landlord may incur by reason of Tenant’s default, including, without limitation, a sum which, at the date of such termination, represents the then value of the excess, if any, of (a) the Minimum Rent, Percentage Rent, Taxes and all other sums which would have been payable hereunder by Tenant for the period commencing with the day following the date of such termination and ending with the date herein before set for the expiration of the full term hereby granted, over (b) the aggregate reasonable rental value of the Premises for the same period, all of which excess sum shall be deemed immediately due and payable; or iii. Without terminating this Lease, declare immediately due and payable all Minimum Rent, Taxes, and other rents and amounts due and coming due under this Lease for the entire remaining term hereof, together with all other amounts previously due, at once; provided, however, that such payment shall not be deemed a penalty or liquidated damages but shall merely constitute payment in advance of rent for the remainder of said term. Upon making such payment, Tenant shall be entitled to receive from Landlord all rents received by Landlord from other assignees, tenants, and subtenants on account of said Premises during the term of this Lease, provided that the monies to which tenant shall so become entitled shall in no event exceed the entire amount actually paid by Tenant to Landlord pursuant to the preceding sentence less all costs, expenses and attorney’s fees of Landlord incurred in connection with the reletting of the Premises; or iv. Without terminating this Lease, and with or without notice to Tenant, Landlord may in its own name but as agent for Tenant enter into and upon and take possession of the Premises or any part thereof, and, at landlord’s option, remove persons and property there from, and such property, if any, may be removed and stored in a warehouse or elsewhere at the cost of, and for the account of Tenant, all without being deemed guilty of trespass or becoming liable for any loss or damage which may be occasioned thereby, and Landlord may rent the Premises or any portion thereof as the agent of Tenant with or without advertisement, and by private negotiations and for any term upon such terms and conditions as Landlord may deem necessary or desirable in order to relet the Premises. Landlord shall in no way be responsible or liable for any rental concessions or any failure to rent the Premises or any part thereof, or for any failure to collect any rent due upon such reletting. Upon such reletting, all rentals received by Landlord from such reletting shall be applied: first, to the payment of any indebtedness (other than any rent due hereunder) from Tenant to Landlord; second, to the payment of any costs and expenses of such reletting, including, without limitation, brokerage fees and attorney’s fees and costs of alterations and repairs; third, to the payment of rent and other charges then due and unpaid hereunder; and the residue, if any shall be held by Landlord to the extent of and for application in payment of future rent as the same may become due and payable hereunder. In reletting the Premises as aforesaid, Landlord may grant rent concessions and Tenant shall not be credited therefore. If such rentals received from such reletting shall at any time or from time to time be less than sufficient to pay to Landlord the entire sums then due from Tenant hereunder, Tenant shall pay any such deficiency to Landlord. Such deficiency shall, at Landlord’s option, be calculated and paid monthly. No such reletting shall be construed as an election by Landlord to terminate this Lease unless a written notice of such election has been given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for any such previous default provided same has not been cured; or v. Without liability to Tenant or any other party and without constituting a constructive or actual eviction, suspend or discontinue furnishing or rendering to Tenant any property, material, labor, Utilities or other service, whether Landlord is obligated to furnish or render the same, so long as Tenant is in default under this Lease; or vi. Allow the Premises to remain unoccupied and collect rent from Tenant as it comes due; or vii. Foreclose the security interest described herein, including the immediate taking of possession of all property on or in the Premises; or viii. Pursue such other remedies as are available at law or equity. e. Landlord’s pursuit of any remedy of remedies, including without limitation, any one or more of the remedies stated herein shall not (1) constitute an election of remedies or preclude pursuit of any other remedy or remedies provided in this Lease or any other remedy or remedies provided by law or in equity, separately or concurrently or in any combination, or (2) sever as the basis for any claim of constructive eviction, or allow Tenant to withhold any payments under this Lease.

Appears in 1 contract

Samples: Commercial Lease Agreement (Atossa Genetics Inc)

Landlord’s Remedies. All rights and remedies of the Landlord herein enumerated shall be cumulative, and none shall exclude any other right or remedy allowed by law. In addition to the event that:other remedies in this lease provided, the Landlord shall be entitled to the restraint by injunction of the violation or attempted violation of any of the covenants, agreements or conditions of this lease. a. (a) If the Tenant shall (i) apply for consent to the appointment of a receiver, trustee or liquidator of the Tenant or of all or a substantial part of its assets, (ii) admit in writing its inability to pay its debts as they come due, (iii) make a general assignment for the benefit of creditors, (iv) file a petition or an answer seeking reorganization or arrangement with creditors or to take advantage of any insolvency law other than the federal Bankruptcy Code (v) file an answer admitting the material allegations of a petition filed against the Tenant in any reorganization or insolvency proceeding, other than a proceeding commenced pursuant to the federal bankruptcy court or a federal court sitting as a bankruptcy court, adjudicating the Tenant insolvent or approving a petition seeking reorganization of the Tenant or appointing a receiver, trustee or liquidator of the Tenant or of all or a substantial part of its assets, then, in any of such events, the Landlord may give to Tenant a notice of intention to end the term of this lease specifying a day not earlier than ten (10) days thereafter, and upon the giving of such notice the term of this lease and all right, title and interest of the Tenant hereunder shall expire as fully and completely on three or more occasions be in default the day so specified as if that day were the date herein specifically fixed for the expiration of the term. (b) If the Tenant defaults in the payment of rent Rent and such default continues for ten (10) days after notice, or defaults in the prompt and full performance of any other charges herein provision of this lease and such default continues for thirty (30) days after notice, provided, however, if such default cannot readily be cured within such thirty day period, the Tenant shall not be in default provided that within such thirty day period, the Tenant commences the work required to cure such default and thereafter prosecutes such work to completion with diligence and continuity, or if the leasehold interest of the Tenant be paid levied upon under execution or be attached by process of law, or if the Tenant abandons the premises, then and in any such event the Landlord may, at its election, either terminate the lease and the Tenant’s right to possession of the Premises or, without terminating this lease, endeavor to relet the Premises. Nothing in this article 15 contained shall be construed so as to relieve the Tenant of any obligation, including the payment of Rent, as provided in this lease. (default herein being defined as payment received by Landlord ten or more days subsequent c) Upon any termination of this lease, the Tenant shall surrender possession and vacate the Premises immediately, and deliver possession thereof to the due date)Landlord, regardless and hereby grants to the Landlord full and free license to enter into and upon the Premises in such event with or without process of whether law and to repossess the Landlord of the Premises as of the Landlord’s former estate and to expel or remove the Tenant and any others who may be occupying or with the Premises and to remove any and all property therefrom, using such force as may be necessary, without being deemed in any manner guilty of trespass, eviction or forcible entry or detainer, and without relinquishing the Landlord’s right to Rent or any other right given to the Liindlord hereunder or by operation of law. (d) If the Tenant abandons the Premises, and the Landlord elects, without terminating the lease, to endeavor to relet the Premises, the Landlord may, at the Landlord’s option enter into the Premises, remove the Tenant’s signs and other evidence of tenancy, and take and hold possession thereof as in Paragraph (c) of this Section provided, without such entry and possession terminating the lease or releasing the Tenant, in whole or in part, from the Tenant’s obligation to pay the Rent hereunder for the full term as hereinafter provided. Upon and after entry into possession without termination of the lease, the Landlord may relet the Premises or any part thereof for the account of the Tenant to any person, firm or corporation other than the Tenant for such rent, for such time and upon such terms as the Landlord shall determine, to be reasonable. In any such case, the Landlord may make repairs, alterations and additions in or to the Premises, and redecorate the same to the extent deemed by the Landlord necessary or desirable, and the Tenant shall, upon demand, pay the cost thereof, together with the Landlord’s expenses of the reletting. If the consideration collected by the Landlord upon any such reletting for the Tenant’s account is not sufficient to pay monthly the full amount of the Rent reserved in this lease, together with the cost of repairs, alterations, additions, redecorating and the Landlord’s expenses, the Tenant shall pay to the Landlord the amount of each monthly deficiency upon demand. (e) If the Landlord elects to terminate this lease in any of the contingencies specified in this Section, it being understood that the Landlord may elect to terminate the lease after and notwithstanding its election to terminate the Tenant’s right to possession as in Paragraph (b) of this Section provided, the Landlord shall forthwith upon such termination be entitled to recover as damages, and not as a penalty, an amount equal to the then present value of the Rent and additional rent provided in this lease for the residue of the stated term hereof, less the present value of the fair rental value of the Premises for the residue of the stated term. (f) Any and all property which may be removed from the Premises by the Landlord pursuant to the authority of the lease or of law, to which the Tenant is or may be entitled, may be handled, removed or stored by the Landlord at the risk, cost and expense of the Tenant, and the Landlord shall in no event be responsible for the value, preservation or safekeeping thereof. The Tenant shall pay to the Landlord, upon demand, any and all expenses incurred in such removal and all storage charges against such property so long as the same shall be in the Landlord’s possession or under the Landlord’s control. Any such property of the Tenant not removed from the Premises or not such default has occurred on consecutive or non-consecutive months; or b. retaken from storage by the Tenant has caused a lien to be filed against the Landlord's property and said lien is not removed within thirty (30) days after the end of recordation the term or of the Tenant’s right to possession of the Premises, however terminated, shall be conclusively deemed to have been forever abandoned by the Tenant and either may be retained by Landlord as its property or may be disposed of in such manner as Landlord may see fit. (g) The Tenant agrees that if it shall at any time fail to make any payment or perform any other act on its part to be made or performed under this lease, the Landlord may, but shall not be obligated to, and after reasonable notice and demand and without waiving, or releasing the Tenant from, any obligation under this lease, make such payment or perform such other act to the extent the Landlord may deem desirable, and in connection therewith to pay expenses and employ counsel. The Tenant agrees to pay a reasonable attorney’s fee if legal action is required to enforce performance by Tenant of any condition, obligation or requirement hereunder and if Landlord is successful in this action. All sums so paid by the Landlord and all expenses in connection therewith, together with interest thereon at the rate of 10% per annum from the date of payment, shall be deemed additional rent hereunder and payable at the time of any installment of Rent thereafter becoming due and the Landlord shall have the same rights and remedies for the non-payment thereof; or c. Tenant shall , or of any other additional rent, as in the case of default in the observance or performance payment of any of the covenants and agreements required to be performed and observed by Tenant hereunder for a period of thirty (30) days after notice to Tenant in writing of such default (or if such default shall reasonably take more than thirty (30) days to cure, Tenant shall not have commenced the same within the thirty (30) days and diligently prosecuted the same to completion); or d. Sixty (60) days have elapsed after the commencement of any proceeding by or against Tenant, whether by the filing of a petition or otherwise, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or future Federal Bankruptcy Act or any other present or future applicable federal, state or other statute or law, whereby such proceeding shall not have been dismissed (provided, however, that the non-dismissal of any such proceeding shall not be a default hereunder so long as all of Tenant's covenants and obligations hereunder are being performed by or on behalf of Tenant); then Landlord shall be entitled to its election (unless Tenant shall cure such default prior to such election), to exercise concurrently or successively, any one or more of the following rights: I. Terminate this Lease by giving Tenant notice of termination, in which event this Lease shall expire and terminate on the date specified in such notice of termination, with the same force and effect as though the date so specified were the date herein originally fixed as the termination date of the term of this Lease, and all rights of Tenant under this Lease and in and to the Premises shall expire and terminate, and Tenant shall remain liable for all obligations under this Lease arising up to the date of such termination, and Tenant shall surrender the Premises to Landlord on the date specified in such notice; orRent.

Appears in 1 contract

Samples: Lease Agreement (American Railcar Industries, Inc./De)

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