Common use of Landlord’s Remedies Clause in Contracts

Landlord’s Remedies. Upon the occurrence of an Event of Default: (a) Landlord may terminate this Lease by serving written notice on Tenant of Landlord's election to do so, and may thereafter forthwith proceed to recover possession of the Premises (together with all alterations, installations, improvements, additions, and other physical changes to the Premises) in accordance with the laws of the State of Illinois. If Landlord elects to terminate this Lease, Landlord shall be entitled to recover forthwith as damages a sum of money equal to the total of (i) the cost of recovering the Premises, (ii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned at the time of termination, plus interest thereon at the rate set forth in Section 14.4, (iii) the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value), and (iv) any other sum of money and damages owed by Tenant to Landlord; or (b) Landlord may terminate Tenant's right to possession of the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals or other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; or

Appears in 1 contract

Samples: Lease (Compbenefits Corp)

AutoNDA by SimpleDocs

Landlord’s Remedies. Upon the occurrence of an Event any event of Defaultdefault, Landlord shall have the following rights and remedies, any one or more of which may be exercised without further notice to or demand upon Tenant: (a) 1. Landlord may re-enter the Premises and cure any default of Tenant, in which event Tenant shall reimburse Landlord for any reasonable out-of-pocket cost and expenses which Landlord may incur to cure such default; and Landlord shall not be liable to Tenant for any loss or damage which Tenant may sustain by reason of Landlord’s action. 2. Landlord may terminate this Lease or Tenant’s right to possession under this Lease as of the date of such default, without terminating Tenant’s obligation to pay rent due hereunder, in which event (A): neither Tenant nor any person claiming under or through Tenant shall thereafter be entitled to possession of the Premises, and Tenant shall immediately thereafter surrender the Premises to Landlord; (B) Landlord may re-enter the Premises and dispose Tenant or any other occupants of the Premises by serving written notice on Tenant of Landlord's election to do soforce, summary proceedings, ejectment or otherwise, and may thereafter forthwith proceed remove their effects, without prejudice to any other remedy which Landlord may have for possession or arrearages in rent; and (C) notwithstanding a termination of this Lease, Landlord shall use good faith efforts to re-let all or any part of the Premises for at least the balance of the term of this Lease for commercially reasonable rent, whereupon Tenant shall be obligated to pay to Landlord as liquidated damages the difference between the rent provided for herein and that provided for in any lease covering a subsequent re-letting of the Premises, such deficiency to be computed and paid monthly at the times that Rent is payable hereunder, together with all of Landlord’s reasonable costs and expenses for preparing the Premises for re-letting, including all repairs which are Tenant’s obligations hereunder, reasonable broker’s and attorney’s fees, and all loss or damage which Landlord may sustain by reason of such termination, re-entry and re-letting, it being expressly understood and agreed that the liabilities and remedies specified herein shall survive the termination of this Lease. Notwithstanding a termination of this Lease by Landlord, Tenant shall remain liable for payment of all rentals and other charges and costs imposed on Tenant herein, in the amounts, at the times and upon the conditions as herein provided. Landlord shall credit against such liability of the Tenant all amounts received by Landlord from such re-letting after first reimbursing itself for all reasonable costs incurred in curing Tenant’s defaults and re-entering, preparing and refinishing the Premises for re-letting, and re-letting the Premises. 3. Upon termination of this Lease pursuant to Section 33(b)2, Landlord may recover possession of the Premises (together with all alterations, installations, improvements, additions, under and other physical changes to by virtue of the Premises) in accordance with provisions of the laws of the State of IllinoisVirginia, or by such other proceedings, including reentry and possession, as may be applicable. 4. If Landlord elects to terminate the Tenant shall not remove all of Tenant’s property from said Premises as provided in this Lease, Landlord, at its option, may remove any or all of said property in any manner that Landlord shall choose and store same without liability for loss thereof, and Tenant will pay the Landlord, on demand, any and all reasonable expenses incurred in such removal and storage of said property for any length of time during which the same shall be entitled in possession of Landlord or in storage, or Landlord may, upon thirty (30) days prior notice to recover forthwith Tenant, sell any or all of said property in such manner and for such price as damages a sum the Landlord may reasonably deem best and apply the proceeds of money equal such sale upon any amounts due under this Lease from the Tenant to the total Landlord, including the reasonable expenses of (i) the cost removal and sale. 5. Any damage or loss of recovering the Premisesrent sustained by Landlord may be recovered by Landlord, (ii) the unpaid Basic Rentat Landlord’s option, Escalation Charges and other sums payable hereunder earned at the time of terminationthe reletting, plus interest thereon or in separate actions, from time to time, as said damage shall have been made more easily ascertainable by successive relettings, or at Landlord’s option in a single proceeding deferred until the rate set forth in Section 14.4, (iii) the present value expiration of the balance term of this Lease (in which event Tenant hereby agrees that the cause of action shall not be deemed to have accrued until the date of expiration of said term) or in a single proceeding prior to either the time of reletting or the expiration of the Basic Rentterm of this Lease. 6. In the event of a breach by Tenant of any of the covenants or provisions hereof, Escalation Charges Landlord shall have the right of injunction and the right to invoke any remedy allowed at law or in equity as if reentry, summary proceedings, and other sums payable hereunder and other amounts owed hereunder remedies were not provided for the remainder herein. Mention in this Lease of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value), and (iv) any particular remedy shall not preclude Landlord from any other sum remedy, in law or in equity. Tenant hereby expressly waives any and all rights of money and damages owed redemption granted by or under any present or future laws in the event of Tenant to Landlord; or (b) being evicted or dispossessed for any cause, or in the event of Landlord may terminate Tenant's right to obtaining possession of the Premises without terminating by reason of the violation by Tenant of any of the covenants and conditions of this Lease or other use. 7. Tenant hereby expressly waives any and all rights of redemption granted by or under any present or future laws, in the event of eviction or dispossession of Tenant by Landlord may forthwith proceed to recover under any provision of this Lease. No receipt of monies by Landlord from or for the account of Tenant or from anyone in possession or occupancy of the Premises in accordance with after the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term termination of this Lease) and upon such terms and conditions as Landlord Lease or after the giving of any notice shall find acceptable. For reinstate, continue or extend the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and or affect any inducements granted notice given to the new tenant). Tenant shall timely pay all prior to the receipt of such money, it being agreed that after the service of notice or the commencement of a suit, or after final judgment for possession of said Premises, the Landlord may receive and collect any rent or other amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of and such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant payment shall not be entitled to any rentals waive or other consideration from such relettingaffect said notice, if any, that exceed any amounts owed by Tenant to Landlord; orsaid suit or said judgment.

Appears in 1 contract

Samples: Lease (DSW Inc.)

Landlord’s Remedies. (a) Upon the each occurrence of an Event of Default: (a) Default and so long as such Event of Default shall be continuing beyond applicable cure periods, Landlord may at any time thereafter at its election: terminate this Lease by serving written notice on or Tenant’s right of possession, (but Tenant shall remain liable as hereinafter provided) and/or pursue any other remedies at law or in equity. Upon the termination of this Lease or termination of Tenant’s right of possession, it shall be lawful for Landlord's election , with formal and legally sufficient demand or notice, to do so, and may thereafter forthwith proceed to recover possession of re-enter the Premises (together with by summary dispossession proceedings or any other action or proceeding authorized by law and to remove Tenant and all alterations, installations, improvements, additions, persons and other physical changes to the Premises) in accordance with the laws of the State of Illinoisproperty therefrom. If Landlord elects so re-enters the Premises, Landlord shall have the right to terminate keep in place and use, or remove and store, all of the furniture, fixtures and equipment at the Premises. (b) If Landlord terminates this Lease, Landlord shall be entitled to may recover forthwith as damages a from Tenant the sum of money all Base Rent and all other amounts accrued hereunder to the date of such termination; the cost of reletting the whole or any part of the Premises, including without limitation brokerage fees and/or leasing commissions incurred by Landlord, and reasonable costs of removing and storing Tenant’s or any other occupant’s property, repairing, altering, remodeling, or otherwise putting the Premises into condition acceptable to a new tenant or tenants, and all reasonable expenses incurred by Landlord in pursuing its remedies, including reasonable attorneys’ fees and court costs; and an amount in cash equal to the total of (i) the cost of recovering the Premises, (ii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned at the time of termination, plus interest thereon at the rate set forth in Section 14.4, (iii) the then present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder Base Rent and other amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced by Tenant under this Lease as would otherwise have been required to present value), and (iv) any other sum of money and damages owed be paid by Tenant to Landlord; orLandlord during the period following the termination of this Lease measured from the date of such termination to the expiration date stated in this Lease. Such present value shall be calculated at a discount rate equal to the 90-day U.S. Treasury bxxx rate at the date of such termination. (bc) Landlord may terminate Tenant's right to possession of the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate terminates Tenant's ’s right to of possession without terminating the (but not this Lease), Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use commercially reasonable efforts to relet the Premises for such rent, the account of Tenant for such term (whether greater or less than the remaining Term of this Lease) rent and upon such terms teens as shall be reasonably satisfactory to Landlord without thereby releasing Tenant from any liability hereunder and conditions as Landlord shall find acceptablewithout demand or notice of any kind to Tenant. For the purposes purpose of such reletting the Premises, Landlord may decorate and/or is authorized to make any repairs, changes, alterations or additions to the Premises as may be Landlord deems reasonably necessarynecessary or desirable. If the Premises are not relet, then Tenant shall pay to Landlord as damages a sum equal to the amount of the rental reserved in this Lease for such period or periods, plus the cost of recovering possession of the Premises (including reasonable attorneys’ fees and costs of suit), the unpaid Base Rent and other amounts accrued hereunder at the time of repossession, and the costs incurred in any attempt by Landlord to relet the Premises. If the Premises are relet and a sufficient sum shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premisesrealized from such releasing after first deducting therefrom, for retention by Landlord, the Net Rental unpaid Base Rent and other amounts accrued hereunder at the time of reletting, the cost of recovering possession (as hereinafter definedincluding reasonable attorneys’ fees and costs of suit), all of the costs and expense of repairs, changes, alterations and additions, the expense of such reletting (including without limitation brokerage fees and leasing commissions) and the cost of collection of the rent accruing therefrom to satisfy the rent provided for in this Lease to be paid, then Tenant shall immediately satisfy and pay any such deficiency. Any such payments due Landlord shall be made upon demand therefore from time to time received by and Tenant agrees that Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action may file suit to recover any amount not theretofore reduced sums falling due from time to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlordtime. Notwithstanding any such reletting without termination, ; Landlord may at any time thereafter elect in writing to terminate this Lease for such previous breach. (d) Exercise by Landlord of any one or more remedies hereunder granted or otherwise available shall not be deemed to be an acceptance of surrender of the Premises and/or a termination of this Lease by Landlord, whether by agreement or by operation of law. Any law, usage, or custom to the contrary notwithstanding, Landlord shall have the right at all times to enforce the provisions of this Lease in strict accordance with the terms hereof; and the failure of Landlord at any time to enforce its rights under this Lease strictly in accordance with same shall not be construed as having created a custom in any way or manner contrary to the specific terms, provisions, and covenants of this Lease or as having modified the same. (e) Tenant and Landlord further agree that forbearance or waiver by Landlord to enforce its rights pursuant to this Lease or at law or in equity, shall not be a waiver of Landlord’s right to enforce one or more of its rights in connection with any subsequent default. A receipt by Landlord of rent or other payment with knowledge of the breach of any covenant hereof shall not be deemed a waiver of such breach, and no waiver by Landlord of any provision of this Lease shall be deemed to have been made unless expressed in writing and signed by Landlord. To the greatest extent permitted by law, Tenant waives of all right of redemption in case Tenant shall be dispossessed by a judgment or Event by warrant of Defaultany court or judge. If The terms “enter,” “re-enter,” “entry” or “re-entry,” as used in this Lease, are restricted to their technical legal meanings. Any reletting of the Premises shall be on such terms and conditions as Landlord does in fact relet its sole discretion may determine (including without limitation a term different than the remaining Lease Term, rental concessions, alterations and repair of the Premises, Tenant lease of less than the entire Premises to any tenant and leasing any or all other portions of the Project before reletting the Premises). Landlord shall not be entitled liable, nor shall Tenant’s obligations hereunder be diminished (except as specifically stated herein) because of, Landlord’s failure to any rentals relet the Premises or other consideration from collect rent due in respect of such reletting, if any, that exceed any amounts owed by Tenant to Landlord; or.

Appears in 1 contract

Samples: Sublease (MetaMorphix Inc.)

Landlord’s Remedies. Upon the occurrence of If an Event of DefaultDefault occurs, Landlord may then or any time thereafter while the Event of Default continues and without any further notice or opportunity to cure except as expressly set forth in this Paragraph pursue any one or more of the following remedies: (a) Terminate this Lease (without terminating Tenant's obligation to pay Rent for the balance of the Lease Term) by giving notice to Tenant, in which event Tenant shall immediately surrender the Leased Premises to Landlord. If Tenant fails to surrender the Leased Premises, Landlord may, without prejudice to any other remedy it has for possession or arrearages in Rent, take possession of the Leased Premises and expel or remove Tenant and any other person occupying the Leased Premises, or any part thereof, without being liable for prosecution or any claim of damages. Tenant shall pay to Landlord on demand as additional Rent the amount of all loss and damage Landlord suffers by reason of the termination, whether through inability to relet the Leased Premises on satisfactory terms or otherwise. Except to the extent required by law, Landlord has no duty to re-let the Leased Premises. Landlord's damages specifically include, but are not limited to: (1) all reasonable expenses necessary to re-let the Leased Premises including the cost of renovating, repairing, and altering the Leased Premises for a new tenant or tenants, advertisements, and brokerage fees; and (2) any increase in insurance premiums caused by the vacancy of the Leased Premises. Nothing in this Lease limits Landlord's right to prove and obtain in bankruptcy or insolvency proceedings damages by reason of the termination of this Lease in an amount equal to the maximum allowed by any statute or rule of law in effect at the time when the damages are to be proved, whether or not the amount is greater, equal to, or less than the amount of the loss or damages referred to above. (b) Take possession of the Leased Premises and remove Tenant or any other person occupying the Leased Premises, or any part thereof, without having any civil or criminal liability and without terminating this Lease. Landlord may (but is under no obligation, except as may be required by law, to) re-let the Leased Premises or any part thereof for the account of Tenant, in the name of Tenant or Landlord or otherwise, without notice to Tenant for a term or terms (which may be greater or less than the period that would otherwise have constituted the balance of the Lease Term) and on conditions (which may include concessions or free rent) and for uses as Landlord in its sole discretion may determine. Landlord may collect and receive any rents payable by reason of any re-letting. Tenant shall pay Landlord on demand as additional Rent all reasonable expenses necessary to re-let the Leased Premises, which includes the cost of renovating, repairing, and altering the Leased Premises for a new tenant or tenants, advertisements, and brokerage fees, as well as any deficiency that may arise by reason of the reletting. Landlord is not liable for any failure to relet the Leased Premises or any part thereof or for any failure to collect any Rent due upon any re-letting. No taking of possession of the Leased Premises by Landlord is an election on Landlord's part to terminate this Lease by serving written unless a notice on of termination is given to Tenant of Landlord's election under subparagraphs (a) or (e). (c) Enter upon the Leased Premises without having any civil or criminal liability and do whatever Tenant is obligated to do so, and may thereafter forthwith proceed to recover possession under the terms of the Premises (together with all alterations, installations, improvements, additions, and other physical changes to the Premises) this Lease. Tenant shall reimburse Landlord on demand as additional Rent for any expenses Landlord incurs in accordance with the laws of the State of Illinois. If Landlord elects to terminate performing Tenant's obligations under this Lease, together with interest at the rate of 18% per annum from the date incurred until repaid by Tenant. Landlord shall is not liable for any damages resulting to Tenant from Landlord's actions or omissions in performing Tenant's obligations, whether caused by the negligence of Landlord or otherwise. (d) Interrupt or cause the interruption of any utility service serving the Leased Premises, deactivate Tenant's parking access cards, suspend elevator service to the Leased Premises, remove, alter, or change any door, window, attic hatchway cover to the Leased Premises, or any lock, latch, hinge, hinge pin, doorknob, or other mechanism connected to any door, window, or attic hatchway cover to the Leased Premises, and intentionally prevent Tenant from entering the Leased Premises without resort to judicial process. Landlord is under no obligation to restore any door, window, or attic hatchway cover or any lock, latch, hinge, hinge pin, doorknob, or other mechanism attached thereto or to deliver or make available to Tenant any key to any door, window, or attic hatchway cover until Tenant fully cures all Events of Default then existing under this Lease. (e) Terminate this Lease and forthwith repossess the Leased Premises and remove all persons or property therefrom, and be entitled to recover forthwith as damages a sum of money equal to the total of (i) the cost of recovering the PremisesLeased Premises (including, without limitation, attorneys' fees and costs of suit), (ii) the cost as reasonably estimated by Landlord of any alterations of, or repairs to, the Leased Premises which are necessary or proper to prepare the same for reletting, (iii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned Rent owed at the time of termination, plus interest thereon from due date at the rate set forth in Section 14.4of 18% per annum, (iiiiv) the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder Rent for the remainder of the Term, Term less the present value of the fair market rental value (and in computing the fair market rental value the factors taken into account shall include without limitation the market rental concessions and the time necessary to relet the Leased Premises) of the Basic Rent, Escalation Charges and other sums payable hereunder for the Leased Premises for said period (also reduced to present valuein each case using a discount rate of 8% per annum), and (ivv) any other sum of money and damages owed by Tenant to Landlord; or. (bf) Landlord may If Tenant violates Section 27 (h), then Landlord, as its sole and exclusive remedy, shall have the right, but not the obligation, at Landlord's sole option, to terminate Tenant's right this Lease by delivering to possession Tenant 30 days' prior written notice of the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession effective date of such termination. No repossession of or reentering all or any part of the Premises in accordance with the laws Leased Premises, and no re-letting of the State Leased Premises or any part thereof, relieves Tenant or Guarantor of Illinoisany liabilities or obligations under this Lease, all of which survive repossession or re-entering by Landlord. If Landlord elects to terminate Tenant's right to possession without terminating repossesses or re-enters all or any part of the LeaseLeased Premises after an Event of Default, Tenant shall remain liable for pay to Landlord the Rent required to be paid by Tenant. No right or remedy of Landlord under this Lease is intended to be exclusive of any other right or remedy. Each right and remedy of Landlord is cumulative and all Basic Rentother rights or remedies under this Lease or now or hereafter existing at law, Escalation Charges and in equity or by statute. In addition to other sums payable hereunder and other charges due hereunder and for all costs incurred remedies provided in this Lease, Landlord is entitled, to the extent permitted by Landlord applicable law, to injunctive relief in recovering possession case of the Premisesviolation, or attempted or threatened violation, of any of the terms of this Lease, or to a decree compelling specific performance of the terms of this Lease. Notwithstanding anything in this Lease to the contrary, if Landlord is deemed to have a duty to mitigate its damages arising from a default by Tenant under this Lease, then Landlord's duty to mitigate shall thereafter use be limited to using reasonable and good faith efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Leased Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord which duty to relet the Leased Premises shall not be required (i) require Landlord to give priority to the Leased Premises over other premises owned or managed by Landlord or its efforts affiliates, (ii) require Landlord to relet the Premises over its efforts for less than market rent, or (iii) require Landlord to relet any other vacant space to a tenant (or for a use) which is not in keeping with the Building. If Landlord succeeds in reletting first-class character of the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals or other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; orProject.

Appears in 1 contract

Samples: Office Lease (Penson Worldwide Inc)

Landlord’s Remedies. Upon the each occurrence of an Event of Default: Default and so long as such Event of Default shall be continuing for more than five (a5) days after Landlord has given notice of said default to Tenant, Landlord may at any time thereafter at its election: terminate this Lease or Tenant’s right of possession, (but Tenant shall remain liable as hereinafter provided) and/or pursue any other remedies at law or in equity. Upon the termination of this Lease or termination of Tenant’s right of possession, it shall be lawful for Landlord, with such demand or notice as is required by serving written notice on Tenant of Landlord's election this Lease and Illinois law, to do so, and may thereafter forthwith proceed to recover possession of re-enter the Premises (together with by forcible entry and detainer proceedings or any other action or proceeding authorized by law and to remove Tenant and all alterations, installations, improvements, additions, persons and other physical changes to the Premises) in accordance with the laws of the State of Illinoisproperty therefrom. If Landlord elects re-enters the Premises, Landlord shall have the right to terminate keep in place and use, or remove and store, all of the furniture, fixtures and equipment at the Premises. If Landlord terminates this Lease, Landlord shall be entitled to may recover forthwith as damages a from Tenant the sum of money equal of: all Base Rent and all other amounts accrued hereunder to the total date of (i) such termination; the cost of recovering reletting the whole or any part of the Premises, (ii) including without limitation brokerage fees and/or leasing commissions incurred by Landlord, and costs of removing and storing Tenant’s or any other occupant’s property, repairing, altering, remodeling, or otherwise putting the unpaid Basic RentPremises into condition acceptable to a new tenant or tenants, Escalation Charges and all reasonable expenses incurred by Landlord in pursuing its remedies, including reasonable attorneys’ fees and court costs; and the excess of the then present value of the Base Rent and other sums amounts payable hereunder earned at by Tenant under this Lease as would otherwise have been required to be paid by Tenant to Landlord during the time period following the termination of terminationthis Lease measured from the date of such termination to the expiration date stated in this Lease, plus interest thereon at the rate set forth in Section 14.4, (iii) over the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other any net amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for which Tenant establishes Landlord can reasonably expect to recover by reletting the Premises for said period (also reduced such period, taking into consideration the availability of acceptable tenants and other market conditions affecting leasing. Such present values shall be calculated at a discount rate equal to present value), and (iv) any other sum the 90-day U.S. Treasury bxxx rate at the date of money and damages owed by Tenant to Landlord; or (b) Landlord may terminate Tenant's right to possession of the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinoissuch termination. If Landlord elects to terminate terminates Tenant's ’s right to of possession without terminating the (but not this Lease), Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use commercially reasonable efforts to relet the Premises for such rent, the account of Tenant for such term (whether greater or less than the remaining Term of this Lease) rent and upon such terms as shall be satisfactory to Landlord without thereby releasing Tenant from any liability hereunder and conditions as Landlord shall find acceptablewithout demand or notice of any kind to Tenant. For the purposes purpose of such reletting the Premises, Landlord may decorate and/or is authorized to make any repairs, changes, alterations alterations, or additions in or to the Premises as may be Landlord deems reasonably necessarynecessary or desirable. If the Premises are not relet, then Tenant shall pay to Landlord as damages a sum equal to the amount of the rental reserved in this Lease for such period or periods, plus the cost of recovering possession of the Premises (including attorneys’ fees and costs of suit), the unpaid Base Rent and other amounts accrued hereunder at the time of repossession, and the costs incurred in any attempt by Landlord to relet the Premises. If the Premises are relet and a sufficient sum shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in realized from such reletting the Premises[after first deducting therefrom, for retention by Landlord, the Net Rental unpaid Base Rent and other amounts accrued hereunder at the time of reletting, the cost of recovering possession (as hereinafter definedincluding attorneys’ fees and costs of suit), all of the costs and expense of repairs, changes, alterations, and additions, the expense of such reletting (including without limitation brokerage fees and leasing commissions) and the cost of collection of the rent accruing therefrom] to satisfy the rent provided for in this Lease to be paid, then Tenant shall immediately satisfy and pay any such deficiency. Any such payments due Landlord shall be made upon demand therefor from time to time received by and Tenant agrees that Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action may file suit to recover any amount not theretofore reduced sums falling due from time to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlordtime. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect in writing to terminate this Lease for such previous breach breach. Exercise by Landlord of any one or Event of Default. If Landlord does in fact relet the Premises, Tenant more remedies hereunder granted or otherwise available shall not be entitled deemed to be an acceptance of surrender of the Premises and/or a termination of this Lease by Landlord, whether by agreement or by operation of law, it being understood that such surrender and/or termination can be effected only by the written agreement of Landlord and Tenant. Any law, usage, or custom to the contrary notwithstanding, Landlord shall have the right at all times to enforce the provisions of this Lease in strict accordance with the terms hereof; and the failure of Landlord at any rentals time to enforce its rights under this Lease strictly in accordance with same shall not be construed as having created a custom in any way or manner contrary to the specific terms, provisions, and covenants of this Lease or as having modified the same. Tenant and Landlord further agree that forbearance or waiver by Landlord to enforce its rights pursuant to this Lease or at law or in equity, shall not be a waiver of Landlord’s right to enforce one or more of its rights in connection with any subsequent default. A receipt by Landlord of rent or other consideration from payment with knowledge of the breach of any covenant hereof shall not be deemed a waiver of such breach, and no waiver by Landlord of any provision of this Lease shall be deemed to have been made unless expressed in writing and signed by Landlord. Tenant waives ail right of redemption in case Tenant shall be dispossessed by a judgment or by warrant of any court or judge. The terms “enter,” “re-enter,” “entry” or “re-entry,” as used in this Lease, are not restricted to their technical legal meanings. Any reletting of the Premises shall be on commercially reasonable terms and conditions. Landlord shall not be liable, nor shall Tenant’s obligations hereunder be diminished because of, Landlord’s failure to relet the Premises or collect rent due in respect of such reletting, if any, that exceed any amounts owed by Tenant to Landlord; or.

Appears in 1 contract

Samples: Lease Agreement (Sanfilippo John B & Son Inc)

Landlord’s Remedies. Upon the each occurrence of an Event of Default: (a) Default and so long as such Event of Default shall be continuing, Landlord may at any time thereafter at its election: terminate this Lease by serving written or Tenant's right of possession, (but Tenant shall remain liable as hereinafter provided) and/or pursue any other remedies at law or in equity. Upon the termination of this Lease or termination of Tenant's right of possession, it shall be lawful for Landlord, without formal demand or notice on Tenant of Landlord's election any kind, to do so, and may thereafter forthwith proceed to recover possession of re-enter the Premises (together with by summary dispossession proceedings or any other action or proceeding authorized by law and to remove Tenant and all alterations, installations, improvements, additions, persons and other physical changes to the Premises) in accordance with the laws of the State of Illinoisproperty therefrom. If Landlord elects re-enters the Premises, Landlord shall have the right to terminate keep in place and use, or remove and store, all of the furniture, fixtures and equipment at the Premises. If Landlord terminates this Lease, Landlord shall be entitled to may recover forthwith as damages a from Tenant the sum of money equal of: all Base Rent and all other amounts accrued hereunder to the total date of (i) such termination; the cost of recovering reletting the whole or any part of the Premises, (ii) including without limitation brokerage fees and/or leasing commissions incurred by Landlord, and costs of removing and storing Tenant's or any other occupant's property, repairing, altering, remodeling, or otherwise putting the unpaid Basic RentPremises into condition reasonably acceptable to a new tenant or tenants, Escalation Charges and all reasonable expenses incurred by Landlord in pursuing its remedies, including reasonable attorneys' fees and court costs; and the excess of the then present value of the Base Rent and other sums amounts payable hereunder earned at by Tenant under this Lease as would otherwise have been required to be paid by Tenant to Landlord during the time period following the termination of terminationthis Lease measured from the date of such termination to the expiration date stated in this Lease, plus interest thereon at the rate set forth in Section 14.4, (iii) over the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other any net amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for which Tenant establishes Landlord can reasonably expect to recover by reletting the Premises for said period (also reduced such period, taking into consideration the availability of acceptable tenants and other market conditions affecting leasing. Such present values shall be calculated at a discount rate equal to present value), and (iv) any other sum the 90-day U.S. Treasury xxxx rate at the date of money and damages owed by Tenant to Landlord; or (b) Landlord may terminate Tenant's right to possession of the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinoissuch termination. If Landlord elects to terminate terminates Tenant's right to possession without terminating the LeaseLease after an Event of Default, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use commercially reasonable efforts to relet the Premises for such rentPremises; provided, for such term however, (whether greater or less than the remaining Term of this Leasea) and upon such terms and conditions as Landlord shall find acceptablenot be obligated to accept any tenant proposed by Tenant, (b) Landlord shall have the right to lease any other space controlled by Landlord first, and (c) any proposed tenant shall meet all of Landlord's reasonable leasing criteria. For the purposes purpose of such reletting the Premises, Landlord may decorate and/or is authorized to make any repairs, changes, alterations alterations, or additions in or to the Premises as may be Landlord deems reasonably necessarynecessary or desirable. If the Premises are not relet, then Tenant shall pay to Landlord as damages a sum equal to the amount of the rental reserved in this Lease for such period or periods, plus the cost of recovering possession of the Premises (including attorneys' fees and costs of suit), the unpaid Base Rent and other amounts accrued hereunder at the time of repossession, and the reasonable costs incurred in any attempt by Landlord to relet the Premises. If the Premises are relet and a sufficient sum shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in realized from such reletting the Premises[after first deducting therefrom, for retention by Landlord, the Net Rental unpaid Base Rent and other amounts accrued hereunder at the time of reletting, the reasonable cost of recovering possession (as hereinafter definedincluding attorneys' fees and costs of suit), all of the costs and expense of repairs, changes, alterations, and additions, the reasonable expense of such reletting (including without limitation brokerage fees and leasing commissions) and the reasonable cost of collection of the rent accruing therefrom] to satisfy the rent provided for in this Lease to be paid, then Tenant shall immediately satisfy and pay any such deficiency. Any such payments due Landlord shall be made upon demand therefor from time to time received by and Tenant agrees that Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action may file suit to recover any amount not theretofore reduced sums falling due from time to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlordtime. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect in writing to terminate this Lease for such previous breach breach. Exercise by Landlord of any one or Event of Default. If Landlord does in fact relet the Premises, Tenant more remedies hereunder granted or otherwise available shall not be entitled deemed to be an acceptance of surrender of the Premises and/or a termination of this Lease by Landlord, whether by agreement or by operation of law, it being understood that such surrender and/or termination can be effected only by the written agreement of Landlord and Tenant. Any law, usage, or custom to the contrary notwithstanding, Landlord shall have the right at all times to enforce the provisions of this Lease in strict accordance with the terms hereof; and the failure of Landlord at any rentals time to enforce its rights under this Lease strictly in accordance with same shall not be construed as having created a custom in any way or manner contrary to the specific terms, provisions, and covenants of this Lease or as having modified the same. Tenant and Landlord further agree that forbearance or waiver by Landlord to enforce its rights pursuant to this Lease or at law or in equity, shall not be a waiver of Landlord's right to enforce one or more of its rights in connection with any subsequent default. A receipt by Landlord of rent or other consideration from payment with knowledge of the breach of any covenant hereof shall not be deemed a waiver of such relettingbreach, if any, that exceed and no waiver by Landlord of any amounts owed provision of this Lease shall be deemed to have been made unless expressed in writing and signed by Tenant to Landlord; or. To the

Appears in 1 contract

Samples: Lease Agreement (Select Comfort Corp)

Landlord’s Remedies. Upon In the occurrence event of an Event of Defaultany default by Tenant, and without limiting Landlord's right to indemnification as provided in Article 8.2, Landlord shall have the following remedies, in addition to all other rights and remedies provided by law or otherwise provided in this Lease, to which Landlord may resort cumulatively, or in the alternative: (a) Landlord may, at Landlord's election, keep this Lease in effect and enforce, by an action at law or in equity, all of its rights and remedies under this Lease including, without limitation, (i) the right to recover the rent and other sums as they become due by appropriate legal action, (ii) the right to make payments required by Tenant, or perform Tenant's obligations and be reimbursed by Tenant for the cost thereof with interest at the then maximum rate of interest not prohibited by law from the date the sum is paid by Landlord until Landlord is reimbursed by Tenant, and (iii) the remedies of injunctive relief and specific performance to prevent Tenant from violating the terms of this Lease and/or to compel Tenant to perform its obligations under this Lease, as the case may be. (b) Landlord may, at Landlord's election, terminate this Lease by serving giving Tenant written notice of termination, in which event this Lease shall terminate on the date set forth for termination in such notice. Any termination under this subparagraph shall not relieve Tenant from its obligation to pay to Landlord all Base Monthly Rent and Additional Rent then or thereafter due, or any other sums due or thereafter accruing to Landlord, or from any claim against Tenant for damages previously accrued or then or thereafter accruing. In no event shall any one or more of the following actions by Landlord, in the absence of a written election by Landlord to terminate this Lease constitute a termination of this Lease: (i) Appointment of a receiver or keeper in order to protect Landlord's election interest hereunder; (ii) Consent to do so, and may thereafter forthwith proceed to recover possession any subletting of the Leased Premises (together with all alterationsor assignment of this Lease by Tenant, installations, improvements, additions, and other physical changes whether pursuant to the provisions hereof or otherwise; or (iii) Any action taken by Landlord or its partners, principals, members, officers, agents, employees, or servants, which is intended to mitigate the adverse effects of any breach of this Lease by Tenant, including, without limitation, any action taken to maintain and preserve the Leased Premises on any action taken to relet the Leased Premises or any portion thereof for the account at Tenant and in the name of Tenant. (c) In the event Tenant is in default under this Lease and abandons the Leased Premises) in accordance with the laws , Landlord may terminate this Lease, but this Lease shall not terminate unless Landlord gives Tenant written notice of the State of Illinoistermination. If Landlord elects does not terminate this Lease by giving written notice of termination, Landlord may enforce all its rights and remedies under this Lease, including the right and remedies provided by 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, if lessee has right to terminate sublet or assign, subject only to reasonable limitations"), as in effect on the Effective Date of this Lease. (d) In the event Landlord terminates this Lease, Landlord shall be entitled entitled, at Landlord's election, to recover forthwith the rights and remedies provided in California Civil Code Section 1951.2, as in effect on the Effective Date of this Lease. For purposes of computing damages a sum of money pursuant to Section 1951.2, an interest rate equal to the total maximum rate of interest then not prohibited by law shall be used where permitted. Such damages shall include, without limitation: (i) The worth at the cost time of recovering award of the amount by which the unpaid rent for the balance of the term after the time of award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided, computed by discounting such amount at the discount rate of the Federal Reserve Bank of San Francisco, at the time of award plus one percent; and (ii) Any other amount necessary to compensate Landlord for all detriment proximately caused by Tenant's failure to perform Tenant's obligations under this Lease, or which in the ordinary course of things would be likely to result therefrom, including without limitation, the following: (i) expenses for cleaning, repairing or restoring the Leased Premises, (ii) expenses for altering, remodeling or otherwise improving the unpaid Basic RentLeased Premises for the purpose of reletting, Escalation Charges and other sums payable hereunder earned at including removal of existing leasehold improvements and/or installation of additional leasehold improvements (regardless of how the time same is funded, including reduction of terminationrent, plus interest thereon at the rate set forth in Section 14.4a direct payment or allowance to a new tenant, or otherwise), (iii) the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for broker's fees allocable to the remainder of the Termterm of this Lease, less the fair market value of the Basic Rent, Escalation Charges advertising costs and other sums payable hereunder for expenses of reletting the Premises for said period (also reduced to present value), and Leased Premises; (iv) costs of carrying and maintaining the Leased Premises, such as taxes, insurance premiums, utility charges and security precautions, (v) expenses incurred in removing, disposing of and/or storing any other sum of money and damages owed by Tenant to Landlord; or (b) Landlord may terminate Tenant's right personal property, inventory or trade fixtures remaining therein; (vi) reasonable attorney's fees, expert witness fees, court costs and other reasonable expenses incurred by Landlord (but not limited to taxable costs) in retaking possession of the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Leased Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals or other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; orestablishing

Appears in 1 contract

Samples: Lease Agreement (Adept Technology Inc)

Landlord’s Remedies. Upon 24.1. If at any time Tenant shall fail to remedy any default in the occurrence payment of an Event any sum due under this Lease for fifteen (15) days, or in the performance of Defaultthe other provisions, covenants or conditions of this Lease to be kept or performed by Tenant within fifteen (15) days after notice, or if Tenant abandons the Leased Premises, or if Tenant breaches any obligation under this Lease which cannot be cured, then in any such event Landlord may at Landlord's option and without limiting Landlord in the exercise of any other right or remedy Landlord may have on account of such default, and without any further demand or notice: (a) 24.1.1. Re-enter the Leased Premises, take possession of all improvements, additions, alterations, equipment and fixtures thereon, and eject all parties in possession therefrom, using such force for that purpose as may be necessary without being liable to any prosecution for said re-entry or the use of force and, without terminating this Lease at any time and from time to time relet the Leased Premises or any part or parts thereof for the account of Tenant or otherwise, receive and collect the rents therefor, applying the same first to the payment of such expenses as Landlord may have paid, assumed or incurred in recovering possession of the Leased Premises, including costs, expenses and attorneys' fees, and for placing the same in good order and condition or preparing, altering or repairing the same for reletting and all other expenses, commissions and charges, including attorneys' fees and brokerage, paid, assumed or incurred by Tenant. Any such reletting as provided for herein may be for the remainder of the Term of this Lease as originally granted or for a longer or shorter period. Landlord may execute any lease made pursuant to the terms hereof, either in Landlord's own name or in the name of Tenant, as Landlord may see fit, and the sub-tenant therein shall be under no obligation whatsoever for the application by Landlord or any rent collected by Landlord from such sub-tenant to any and all sums due and owing or which may become due and owing under the provisions of this Lease, nor shall Tenant have any right or authority whatever to collect any rent whatsoever from such sub-tenant. In any case and whether or not the Leased Premises or any part thereof be relet, Tenant shall pay to Landlord all sums required to be paid by Tenant up to the time of re-entry by Landlord, pay to Landlord until the end of the Term of this Lease the equivalent of the amount of all rent and other charges required to be paid by Tenant under the terms of this Lease, less the proceeds of such reletting during the initial or any renewal Term of this Lease, if any, after payment of the expenses of Landlord as aforesaid, and the same shall be due and payable on the several rent days herein specified, and Landlord need not wait until the termination of this Lease to recover the same by legal action or otherwise. No such re-entry by Landlord shall constitute an election to terminate this Lease by serving written unless and until Landlord thereafter gives Tenant notice on Tenant of Landlord's election to do soterminate, or 24.1.2. Declare this Lease at an end, re-enter the Leased Premises and eject all parties in possession therefor using such force for that purpose as may thereafter forthwith proceed be necessary without being liable to recover possession any prosecution for said re-entry or the use of the such force and repossess and enjoy said Leased Premises (together with all alterations, installations, improvements, additions, alterations, equipment and fixtures thereon, and Landlord shall thereupon be entitled to recover from tenant the worth at the time of such termination, of the excess, if any, of the amount of all rent and other physical changes charges required to be paid by Tenant under the terms of this Lease for the balance of the Term of this Lease over the then reasonable rental value of the Leased Premises for the same period, together with all expenses, commissions, and discounts as Landlord may have paid, allowed, or incurred or will pay, allow, or incur in connection with reletting the Leased Premises, including recovering possession of the Leased Premises, placing them in good order and condition, or altering them for reletting. 24.2. Tenant, in consideration of the execution of this Lease by Landlord and for the covenants and agreements on the part of Landlord herein contained, and fully comprehending the relinquishment of certain rights including the right of pre-judgment notice and hearing, hereby expressly authorizes any attorney of any Court of Record to accept service of process for, to appear for, and to confess judgment against Tenant in any and all actions brought hereunder by Landlord against Tenant (a) to recover possession from time to time of the Leased Premises (and Tenant agrees that upon the entry of each judgment for said possession a Writ of Possession or other appropriate process may issue forthwith), and/or (b) to enforce payment from time to time of the sums of any part thereof owing hereunder by Tenant. 24.3. Tenant further hereby expressly authorizes and empowers (which power is coupled with an interest) Landlord, upon the occurrence of an event of default and so long as the same is continuing, to enter upon the Leased Premises to distrain upon and remove therefrom all inventory, equipment, machinery, trade fixtures, and personal property of whatsoever kind or nature, whether owned by Tenant or others, and to proceed, without judicial decree, writ of execution or assistance of constables, to conduct a private sale, by auction or sealed bid, of such personal property, at which sale Landlord may bid without restriction. Tenant hereby waives the benefit of all laws, whether now in accordance with force or hereafter enacted, exempting any personal property on the Leased Premises from sale or levy, whether execution thereon is had by order of any court or through private sale as herein authorized. Tenant waives the right to issue a writ of replevin under the Pennsylvania Rules of Civil Procedure, under the laws of the State Commonwealth of IllinoisPennsylvania or under any law previously enacted and now in force or which hereinafter may be enacted for the recovery of any articles of any nature whatsoever seized under a distress for rent, or levy upon any execution for rent, liquidated damages or otherwise. 24.4. If In any amicable action for ejectment for rent in arrears or for restraint, Landlord elects shall first cause to terminate be filed in any such action an affidavit made by it or someone acting for it setting forth the facts necessary to authorize the entry of judgment, of which facts such affidavit shall be conclusive evidence, and if a true copy of this Lease be filed in such action, it shall not be necessary to file the original warrant as a warrant of attorney, any rule of court, custom or practice to the contrary notwithstanding. 24.5. The remedies of Landlord as hereinabove provided in this Article 24. are in addition to and not exclusive of any other remedy of Landlord herein given or which may be permitted by law in existence upon the execution of this Lease, as well as any law in existence upon the happening of any default. Any re-entry as provided for in said Sections shall be allowed by Tenant without hindrance, and Landlord shall not be entitled liable in damages or guilty of trespass because of any such re-entry. 24.6. Landlord shall in no event be in default in the performance of any of its obligations in this Lease contained unless and until Landlord shall have failed to recover forthwith perform such obligation within thirty (30) days or such additional time as damages a sum of money equal is reasonably required to the total of (i) the cost of recovering the Premisescorrect any such default, (ii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned at the time of termination, plus interest thereon at the rate set forth in Section 14.4, (iii) the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value), and (iv) any other sum of money and damages owed after written notice by Tenant to Landlord; orLandlord properly specifying wherein Landlord as failed to perform any such obligation. (b) 24.7. All remedies available to Landlord may terminate Tenant's right to possession of the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder at law and for all costs incurred by Landlord in equity shall be cumulative and concurrent. No determination of this Lease nor taking or recovering possession of the Premises. premises shall deprive Landlord shall thereafter use reasonable efforts to relet the Premises of any remedies or actions against Tenant for such rent, for such term (whether greater charges or less than for damages for the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery breach of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlordterm, agreement, covenant or condition herein contained, nor shall the bringing of any such action for rent, charges or breach of any term, agreement, covenant or condition, nor the resort to any other remedy or right for the recovery of rent, charges or damages for such breach, be construed as a waiver or release of the right to insist upon the forfeiture and to obtain possession. No re-entering or taking possession of the Leased Premises, or making of repairs, alterations or improvements thereto, or reletting pursuant to this Section 14.2 thereof, shall be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by LandlordTenant. Notwithstanding any such reletting without terminationThe failure of Landlord to insist upon strict and/or prompt performance of the terms, Landlord may at any time thereafter elect to terminate agreements, covenants and conditions of this Lease for or any of them, and/or the acceptance of such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant performance thereafter shall not constitute or be entitled construed as a waiver of Landlord's right to any rentals thereafter enforce the same strictly according to the tenor thereof in the event of a continuing or other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; orsubsequent default.

Appears in 1 contract

Samples: Lease Agreement (BPK Resources Inc)

Landlord’s Remedies. Upon the occurrence of an Event of Default, Landlord, at its option, without further notice or demand to Tenant, may, in addition to all other rights and remedies provided in this Lease, at law or in equity elect one or more of the following remedies: (a) Landlord may terminate Terminate this Lease by serving written notice on Tenant and Tenant’s right of Landlord's election to do so, and may thereafter forthwith proceed to recover possession of the Premises (together with all alterations, installations, improvements, additionsPremises, and other physical changes recover all damages to the Premises) in accordance with the laws which Landlord is entitled under law, specifically including but without limitation, all of the State Landlord’s expenses of Illinoisreletting (including, without limitation, rental concessions to new tenants, repairs, Alterations, legal fees and brokerage commissions). If Landlord elects to terminate this Lease, Landlord every obligation of the parties shall be entitled to recover forthwith cease as damages a sum of money equal the date of such termination, except that Tenant shall remain liable for payment of Rent, performance of all other terms and conditions of this Lease to the total date of (i) the cost termination and performance of recovering the Premises, (ii) the unpaid Basic Rent, Escalation Charges all other terms and other sums payable hereunder earned at the time conditions of termination, plus interest thereon at the rate set forth in Section 14.4, (iii) the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value), and (iv) any other sum of money and damages owed by Tenant to Landlord; orthis Lease which expressly survive termination hereof; (b) Landlord may terminate Terminate Tenant's ’s right to of possession of the Premises without terminating this Lease, in which event Landlord may, but shall not be obligated to, relet the Lease Premises, or any part thereof, for the account of Tenant, for such rent and term and upon such other conditions as are acceptable to Landlord. For purposes of such reletting, Landlord may forthwith proceed is authorized to recover possession of redecorate, repair, alter and improve the Premises to the extent necessary in accordance with Landlord’s discretion. Until Landlord relets the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the LeasePremises, Tenant shall remain liable for all Basic Rent, Escalation Charges obligated to pay Rent to Landlord as provided in this Lease. If and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet when the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) are relet and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall if a sufficient sum is not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord realized from such reletting less the amount after payment of all costs incurred by Landlord in connection with such of Landlord’s expenses of reletting (including, without limitation, broker's feesrental concessions to new tenants, attorneys' feesrepairs, costs Alterations, legal fees and brokerage commissions) to satisfy the payment of preparing the Premises Rent due under this Lease for occupancy and any inducements granted to the new tenant)month, Tenant shall pay Landlord any such deficiency upon demand. Tenant shall timely pay all amounts owed agrees that Landlord may file suit to recover any sums due Landlord during the Term. No delivery under this Section from time to time and that such suit or recovery of any amount due Landlord pursuant to this Lease shall not be any defense in to any subsequent action to recover brought for any amount not theretofore previously reduced to judgment in favor of Landlord, nor shall ; (c) Accelerate the reletting pursuant to this Section 14.2 be construed as an election on the part remaining amounts of Landlord to terminate Rent due under this Lease unless a written notice from and after the date of Default, bring action to recover from Tenant the net present value of the Rent due from the date of termination until the Expiration Date, discounted at the lesser of the “base rate” referenced in the definition of the Interest Rate and calculated as of the date of Default or seven percent (7%) per annum; and (d) In addition to the foregoing, re-enter and repossess the Premises and remove all persons and effects therefrom, by summary proceeding, ejectment or other legal action or by using such intention force as may be necessary. Landlord shall be given to Tenant have no liability by Landlord. Notwithstanding reason of any such reletting without terminationre-entry, Landlord may at any time thereafter elect to terminate this Lease for such previous breach repossession or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals or other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; orremoval.

Appears in 1 contract

Samples: Commercial Office Lease (Synplicity Inc)

Landlord’s Remedies. Upon If Tenant defaults and the occurrence time to cure, if any, has ended, Landlord may exercise all or any of an Event the following remedies either alone or in combination. These remedies are cumulative; the use of Default:one does not prevent Landlord from exercising another at the same time or a later time. (a1) Landlord without notice, may terminate reenter and repossess the Premises by any lawful means with or without terminating this Lease by serving written notice on Tenant of Landlordand Tenant's election to do soliability thereunder, and may thereafter forthwith proceed to recover possession of remove all persons and property from the Premises (together with all alterations, installations, improvements, additions, and other physical changes to the Premises) removed property may be stored in accordance with the laws of the State of Illinois. If Landlord elects to terminate this Lease, Landlord shall be entitled to recover forthwith as damages a sum of money equal to the total of (i) public warehouse or elsewhere at the cost of recovering the Premises, (ii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned at the time of termination, plus interest thereon at the rate set forth in Section 14.4, (iii) the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for the remainder account of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value), and (iv) any other sum of money and damages owed by Tenant to Landlord; or (b) Landlord may terminate Tenant's right to possession of the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts attempt to relet the Premises for such rent, or any part thereof and mitigate the loss. The Landlord may elect to attempt to relet the Premises or any part thereof for such term (whether greater or less than which extend beyond the remaining Term term of this Lease) ), at such rental and upon such other terms and conditions as Landlord in its sole discretion may deem advisable. Tenant acknowledges that such reletting may require Landlord to offer a period of free rent, which Tenant agrees, will not offset amounts due from tenant hereunder. In the event of such reletting (a) Tenant shall find acceptable. For be liable to pay Landlord, in addition to any rent or other sums then due and unpaid, the purposes cost and expense of reletting the Premises, Landlord may decorate and/or make any repairs, changes, and of alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received and repairs incurred by Landlord therefrom over and the remaining amount, if any, by which the rent set forth in this Lease, including escalation thereof, late fees, interest and additional rent for the period of such reletting (up to but not beyond the term of this Lease shall Lease) exceeds the sum agreed to be applied to reduce Tenant's obligations to paid as rent for the Premises for the period on reletting; or (b) at the option of Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually rents received by Landlord from such reletting less shall be applied firstly, to the amount payment of all any indebtedness other than rent due from Tenant to Landlord; secondly, to the payment of any costs incurred and expenses of reletting and alterations and repairs; and thirdly, to the payment of rent due and unpaid, and fourthly, the residue, if any, shall be held by Landlord and applied in connection payment of future rent as it may become due and payable. If Tenant has been credited with any rent to be received by reletting under option (a) above, and such rent shall not be promptly paid to Landlord by new Tenant, or if such rent received from reletting under option (including, without limitation, broker's fees, attorneys' fees, costs b) during any month be less than that to be paid during that month Tenant shall pay any such deficiency to Landlord. The deficiency shall be calculated and paid monthly. No entry or taking possessing of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant by Landlord shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the its part of Landlord to terminate this Lease unless a written notice of such intention shall be is given to Tenant or unless the termination thereof be decreed by a court of competent jurisdiction. (2) Landlord may collect from Tenant all sums then due, including without limitation, all Landlord's damages defined in subparagraph (1), all additional rent and charges as they become due and all costs of reletting, including, without limitation, all real estate and leasing commissions, alterations and advertising, less only that rent which Landlord actually receives. Notwithstanding any such reletting without Reletting does not constitute termination or surrender, but is merely mitigation of the loss, which Landlord shall apply to Tenant's account. In the event Landlord is unable to relet, Tenant shall additionally be obligated to pay to Landlord as damages, the monthly rental amount for each month of free rent extended to Tenant under this Lease. (3) Landlord may terminate the Lease, notwithstanding Landlord's previous election to treat the Lease as continuing. After termination, Landlord may exercise any of the other remedies stated in this Paragraph 14(e) alone or in combination. All damages Landlord incurs by reason of a breach, including the cost of recovering the Premises and including the value at any the time thereafter elect of such termination of the excess, if and, of the amount of rent and charges equivalent to terminate rent reserved in this Lease for such previous breach or Event the remainder of Default. If Landlord does in fact relet the Premises, Tenant stated term over the then reasonable rental value of the Premises for the remainder of the stated term shall not be entitled to any rentals or other consideration immediately due and payable from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; or. (4) Landlord may exercise any other remedy available at law or in equity including the imposition of a Landlord's lien upon all personal property of the Tenant located upon the Premises upon commencement of the Lease term sufficient to secure all sums due and owing Landlord hereunder. (5) Except as otherwise expressly provided in this Lease, any amount due from Tenant to Landlord hereunder which is not paid when due shall bear interest at the rate of eighteen percent (18%) per annum.

Appears in 1 contract

Samples: Office Lease (Nord Resources Corp)

Landlord’s Remedies. Upon (i) Landlord, in addition to the occurrence remedies given in this Lease or under the law, may do one or more of an Event of Defaultthe following if Tenant commits a Default under Section 1: (a) Landlord may terminate A. end this Lease by serving written notice on Tenant of Landlord's election to do soLease, and may thereafter forthwith proceed Tenant shall then surrender the Premises to recover Landlord; B. enter and take possession of the Premises either with or without process of law and remove Tenant, with or without having ended the Lease; and C. alter locks and other security devices at the Premises. Tenant waives claims for damages by reason of Landlord's reentry, repossession, or alteration of locks or other security devices following a Default by Tenant and for damages by reason of any legal process following such Default. (together with all alterationsii) Landlord's exercise of any of its remedies or its receipt of Tenant's keys shall not be considered an acceptance of surrender or a surrender of the Premises by Tenant. A surrender must be agreed to in writing by Landlord. (iii) If Landlord ends this Lease or ends Tenant's right to possess the Premises because of a default, installationsLandlord may hold Tenant liable for Base Rent, improvements, additionsAdditional Rent, and other physical changes indebtedness accrued under this Lease to the Premises) in accordance with date the laws Lease ends. Tenant shall also be liable for the Base Rent, Additional Rent and other indebtedness under this Lease that otherwise would have been payable by Tenant during the remainder of the State of Illinoisterm had there been no default, reduced by any sums Landlord receives by reletting the Premises during the Term. If Landlord elects is able to terminate this Lease, Landlord shall be entitled to recover forthwith as damages a sum relet the Premises during any part of money equal to the total of (i) the cost of recovering the Premises, (ii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned at the time of termination, plus interest thereon at the rate set forth in Section 14.4, (iii) the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for the remainder of the Term, less the fair market value at a rental in excess of the Basic Rent, Escalation Charges and other sums payable hereunder that provided for the Premises for said period (also reduced to present value), and (iv) any other sum of money and damages owed by Tenant to Landlord; or (b) Landlord may terminate Tenant's right to possession of the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term of under this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals such excess rental and Tenant waives any claim thereto. (iv) Tenant shall also be liable for that part of the following sums paid by Landlord and attributable to that part of the Term ended due to Tenant's default: A. reasonable brokers fees incurred by Landlord for reletting part or all of the Premises prorated for the part of the reletting term ending concurrently with the then current term of this Lease; B. the cost of removing and storing Tenant's property; C. the cost of minor repairs, alterations, and remodeling necessary to put the Premises in a condition reasonably acceptable to a new Tenant; and D. other consideration necessary and reasonable expenses incurred by Landlord in enforcing its remedies. (v) Landlord may sue xxx take any other action provided by law to collect the amounts due hereunder at any time and from such reletting, if any, that exceed any time to time without waiving its rights to sue xxx and collect further amounts owed by due from Tenant to Landlord; orhereunder.

Appears in 1 contract

Samples: Lease (Alydaar Software Corp /Nc/)

Landlord’s Remedies. Upon the occurrence of an Event any default by Tenant under this Lease, Landlord may, at its sole option, have the option to pursue any one or more of Default:the following remedies without any notice or demand whatsoever, other than any notice expressly provided in this Lease (and without limiting the generality of the foregoing, except as otherwise provided herein, Tenant hereby specifically waives notice and demand for payment of Rent or other obligations due hereunder and waives any and all other notice or demand requirements imposed by applicable law): (a) Landlord may terminate this Lease by serving written notice on Tenant of Landlord's election to do so, and may thereafter forthwith proceed to recover possession of the Premises (together with all alterations, installations, improvements, additions, and other physical changes to the Premises) in accordance with the laws of the State of Illinois. If Landlord elects to terminate Terminate this Lease, and Landlord shall may forthwith repossess the Leased Premises and be entitled to recover forthwith as damages a sum of money equal to the total of (i) the cost of recovering the Leased Premises, (ii) the unpaid Basic Rent, Escalation Charges cost of removing and storing Tenant's or any other sums payable hereunder earned at the time of termination, plus interest thereon at the rate set forth in Section 14.4occupant's property, (iii) the unpaid Rent and any other sums accrued hereunder at the date of termination (including interest at the past due rate provided in Section 3.02 of this Lease if in arrears), (iv) a sum equal to the amount, if any, by which the present value of the balance of the Basic Rent, Escalation Charges total Rent and other sums payable hereunder and other amounts owed hereunder benefits which would have accrued to Landlord under this Lease for the remainder of the Term, less if the terms of this Lease had been fully complied with by Tenant, exceeds the total fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder Leased Premises for the Premises for said period balance of the Term (also reduced to present valueit being the agreement of the parties hereto that Landlord shall receive the benefit of its bargain), (v) the cost of restoring the Leased Premises to the condition necessary to rent the Leased Premises at the prevailing market rental rate, normal wear and tear excepted, (vi) any increase in insurance premiums caused by the vacancy of the Leased Premises, (vii) the amount of any unamortized improvements to the Leased Premises paid for by Landlord, (viii) the amount of any unamortized brokerage commission paid by Landlord in connection with the leasing of the Leased Premises (ix) the cost of any brokerage fees or commissions payable by Landlord in connection with any reletting or attempted reletting; and (ivx) any other sum of money and or damages owed by Tenant to Landlord; or. The fair market value of the Leased Premises shall be the prevailing market rental rate for similar space of similar size in a similar building in the city where the Leased Premises is located for a lease term equal to the remaining Term. (b) Landlord may terminate Terminate Tenant's right of occupancy of the Leased Premises and reenter and repossess the Leased Premises by entry, forcible entry or detainer suit or otherwise, without demand or notice of any kind to Tenant and without terminating this Lease, without acceptance of surrender of possession of the Leased Premises, and without becoming liable for damages or guilty of trespass, in which event Landlord may, but shall be under no obligation to relet the Leased Premises without terminating or any part thereof for the account of Tenant (nor shall Landlord be under any obligation to relet the Leased Premises before Landlord relets or leases any other portion of the Project or any other property under the ownership or control of Landlord) for a period equal to or lesser or greater than the remainder of the Term of the Lease on whatever terms and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinoisconditions Landlord, at Landlord's sole discretion, deems advisable. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain be liable for and shall pay to Landlord all Basic Rent, Escalation Charges and other sums Rent payable hereunder and other charges by Tenant under this Lease (plus interest at the past due hereunder and for all costs incurred by Landlord rate provided in Section 3.02 of this Lease if in arrears) plus an amount equal to (i) the cost of recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Leased Premises, Landlord may decorate and/or make (ii) the cost of removing and storing any of Tenant's or any other occupant's property left on the Leased Premises or the Project after reentry, (iii) the cost of decorations, repairs, changes, alterations and additions to the Leased Premises and the Project, (iv) the cost of any attempted reletting or additions as may be reasonably necessary. reletting and the collection of the rent accruing from such reletting, (v) the cost of any brokerage fees or commissions payable by Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet in connection with any reletting or attempted reletting, (vi) any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without terminationor attempted reletting, Landlord may at (vii) the cost of any time thereafter elect to terminate this Lease for such previous breach or Event increase in insurance premiums caused by the termination of Default. If Landlord does in fact relet possession of the Leased Premises, Tenant shall not be entitled (viii) the amount of any unamortized improvements to the Leased Premises paid for by Landlord, (ix) the amount of any rentals unamortized brokerage commission paid by Landlord in connection with the leasing of the Leased Premises and (x) any other sum of money or other consideration from such reletting, if any, that exceed any amounts damages owed by Tenant to Landlord, all reduced by any sums received by Landlord through any reletting of the Leased Premises; orprovided, however, that in no event shall Tenant be entitled to any excess of any sums obtained by reletting over and above Rent provided in this Lease to be paid by Tenant to Landlord.

Appears in 1 contract

Samples: Lease Agreement (Murray Income Properties Ii LTD)

Landlord’s Remedies. Upon In the occurrence event of an Event of Default: any default by Tenant under this Lease, Landlord, at its option, and after any applicable proper notice and cure period (as required pursuant to Section 21.2), but without additional notice or demand from Landlord, if any, as provided in Section 21.2 has expired, may, in addition to ail other rights and remedies provided in this Lease, or otherwise at law or in equity: (a) Landlord may terminate this Lease by serving written notice on Tenant and Tenant’s right of Landlord's election to do so, and may thereafter forthwith proceed to recover possession of the Premises; or (b) terminate Tenant’s right of possession of the Premises (together with all alterationswithout terminating this Lease; provided, installationshowever, improvementsthat Landlord shall use its reasonable efforts, additions, and other physical changes to the Premises) in accordance with the laws of the State of Illinois. If whether Landlord elects to terminate proceed under Subsections (a) or (b) above, to relet the Premises, or any part thereof for the account of Tenant, for such rent and term and upon such terms and conditions as are acceptable to Landlord. In addition, for purposes of any reletting, Landlord is authorized to decorate, repair, alter and improve the Premises to the extent deemed necessary by Landlord, in its sole, but reasonable, discretion. In the event of the termination of this LeaseLease by Landlord pursuant to (a) above, Landlord shall be entitled to recover forthwith as damages a sum of money equal to the total of from Tenant (i) all damages and other sums that Landlord is entitled to recover under any provision of this Lease or at law or in equity, including, but not limited to, all fixed dollar amounts of Base Rent and Additional Rent accrued and unpaid for the cost of recovering the Premises, period up to and including such termination date; (ii) the unpaid Basic Rent, Escalation Charges and all other additional sums payable hereunder earned at by Tenant, or for which Tenant is liable, or in respect of which Tenant has agreed to indemnify Landlord, under any of the time provisions of terminationthis Lease, plus interest thereon at the rate set forth in Section 14.4, that may be then owing and unpaid; (iii) the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value), and (iv) any other sum of money and damages owed by Tenant to Landlord; or (b) Landlord may terminate Tenant's right to possession of the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting expenses (including, without limitation, broker's court costs and attorneys’ reasonable fees) incurred by Landlord in the enforcement of its rights and remedies under this Lease; and (iv) any damages provable by Landlord as a matter of law including, attorneys' feeswithout limitation, an amount equal to the positive difference, if any, between (x) the discounted present value (at 6% per annum) of the Base Rent provided to be paid for the remainder of the Term (measured from the effective termination date of this Lease) and (y) the fair market rental value of the Leased Premises (determined at the date of termination of this Lease) after deduction (from such fair market rental value) of the projected costs and expenses of reletting the Premises (including the anticipated costs of preparing repairs, alterations, improvements, additions, legal fees and brokerage commissions) as reasonably estimated by Landlord. If Landlord elects to pursue its rights and remedies under Subsection (b) above, and the Premises is relet and a sufficient sum is not realized therefrom, then to satisfy the payment, when due, of Base Rent and Additional Rent reserved under the Lease for occupancy and any inducements granted to the new tenantmonthly period (after payment of all Landlord’s reasonable expenses of reletting), Tenant shall, when payments of Base Rent become due. Tenant shall timely pay all amounts owed agrees that Landlord may file suit to recover any sums due to Landlord during the Term. No delivery hereunder from time to time and that such suit or recovery of any amount due Landlord pursuant to this Lease hereunder shall not be any defense in to any subsequent action to recover brought for any amount not theretofore reduced to judgment in favor of Landlord. If Landlord elects to pursue its rights and remedies under Subsection (b), nor then Landlord shall at any time have the reletting further right and remedy to rescind such election and pursue its rights and remedies under Subsection (a). In the event Landlord elects, pursuant to clause (b) of this Section 14.2 be construed 22.2, to terminate Tenant’s right of possession only, without terminating this Lease, Landlord may, at Landlord’s option, enter into the Premises, remove Tenant’s Property, Tenant’s signs and other evidences of tenancy, as an election on provided in Section 20 hereof, and restore the part of Landlord Premises to the condition required hereunder, provided, however, that such entry and possession shall not terminate this Lease unless a written notice or release Tenant, in whole or in part, from Tenant’s obligation to pay the Base Rent and Additional Rent reserved hereunder for the full Term, or from any other obligation of Tenant under this Lease accruing prior to the date of such intention dispossession. Any and all property that 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 in no event or circumstance shall Landlord be responsible for the value, preservation or safekeeping thereof. Tenant shall pay to 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 given in Landlord’s possession or under Landlord’s control. Any such property of Tenant not retaken from storage by Tenant within 30 days after the end of the Term, however terminated, shall be conclusively presumed to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals or other consideration from such reletting, if any, that exceed any amounts owed have been conveyed by Tenant to Landlord; orLandlord under this Lease as in a xxxx of sale, without further payment or credit by Landlord to Tenant.

Appears in 1 contract

Samples: Lease Agreement (Digital Lightwave Inc)

Landlord’s Remedies. 24.1 Upon the each occurrence of an Event of Default: (a) Default and so long as such Event of Default shall be continuing, Landlord may at any time thereafter at its election: terminate this Lease by serving written or Tenant’s right of possession, (but Tenant shall remain liable as hereinafter provided) and/or pursue any other remedies at law or in equity. Upon the termination of this Lease or termination of Tenant’s right of possession, it shall be lawful for Landlord, without formal demand or notice on Tenant of Landlord's election any kind, to do so, and may thereafter forthwith proceed to recover possession of re-enter the Premises (together with by summary dispossession proceedings or any other action or proceeding authorized by law and to remove Tenant and all alterations, installations, improvements, additions, persons and other physical changes to the Premises) in accordance with the laws of the State of Illinoisproperty therefrom. If Landlord elects re-enters the Premises, Landlord shall have the right to terminate keep in place and use, or remove and store, all of the furniture, fixtures and equipment at the Premises. 24.2 If Landlord terminates this Lease, Landlord shall be entitled to may recover forthwith as damages a from Tenant the sum of money equal all Base Rent and all other amounts accrued hereunder to the total date of (i) such termination; the cost of recovering reletting the whole or any part of the Premises, (ii) including without limitation brokerage fees and/or leasing commissions incurred by Landlord, and costs of removing and storing Tenant’s or any other occupant’s property, repairing, altering, remodeling, or otherwise putting the unpaid Basic RentPremises into condition acceptable to a new tenant or tenants, Escalation Charges and all reasonable expenses incurred by Landlord in pursuing its remedies, including reasonable attorneys’ fees and court costs; and the excess of the then present value of the Base Rent and other sums amounts payable hereunder earned at by Tenant under this Lease as would otherwise have been required to be paid by Tenant to Landlord during the time period following the termination of terminationthis Lease measured from the date of such termination to the expiration date stated in this Lease, plus interest thereon at the rate set forth in Section 14.4, (iii) over the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other any net amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for which Tenant establishes Landlord can reasonably expect to recover by reletting the Premises for said period such period, taking into consideration the availability of acceptable tenants and other market conditions affecting leasing. Such present values shall be calculated at a discount rate equal to the 90-day U.S. Treasury xxxx rate at the date of such termination. 24.3 If Landlord terminates Tenant’s right of possession (also reduced to present valuebut not this Lease), and (iv) any other sum of money and damages owed by Tenant to Landlord; or (b) Landlord may terminate Tenant's right to possession of the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use will make commercially reasonable efforts to relet the Premises for such rent, the account of Tenant for such term (whether greater or less than the remaining Term of this Lease) rent and upon such terms as shall be reasonably satisfactory to Landlord without thereby releasing Tenant from any liability hereunder and conditions as Landlord shall find acceptablewithout demand or notice of any kind to Tenant. For the purposes purpose of such reletting the Premises, Landlord may decorate and/or is authorized to make any repairs, changes, alterations alterations, or additions in or to the Premises as may be Landlord deems reasonably necessarynecessary or desirable. If the Premises are not relet, then Tenant shall pay to Landlord as damages a sum equal to the amount of the rental reserved in this Lease for such period or periods, plus the cost of recovering possession of the Premises (including attorneys’ fees and costs of suit), the unpaid Base Rent and other amounts accrued hereunder at the time of repossession, and the costs incurred in any attempt by Landlord to relet the Premises. If the Premises are relet and a sufficient sum shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in realized from such reletting the Premises[after first deducting therefrom, for retention by Landlord, the Net Rental unpaid Base Rent and other amounts accrued hereunder at the time of reletting, the cost of recovering possession (as hereinafter definedincluding attorneys’ fees and costs of suit), all of the costs and expense of repairs, changes, alterations, and additions, the expense of such reletting (including without limitation brokerage fees and leasing commissions) and the cost of collection of the rent accruing therefrom to satisfy the rent provided for in this Lease to be paid, then Tenant shall immediately satisfy and pay any such deficiency. Any such payments due Landlord shall be made upon demand therefor from time to time received by and Tenant agrees that Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action may file suit to recover any amount not theretofore reduced sums falling due from time to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlordtime. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect in writing to terminate this Lease for such previous breach. 24.4 Exercise by Landlord of any one or more remedies hereunder granted or otherwise available shall not be deemed to be an acceptance of surrender of the Premises and/or a termination of this Lease by Landlord, whether by agreement or by operation of law, it being understood that such surrender and/or termination can be effected only by the written agreement of Landlord and Tenant. Any law, usage, or custom to the contrary notwithstanding, Landlord shall have the right at all times to enforce the provisions of this Lease in strict accordance with the terms hereof; and the failure of Landlord at any time to enforce its rights under this Lease strictly in accordance with same shall not be construed as having created a custom in any way or manner contrary to the specific terms, provisions, and covenants of this Lease or as having modified the same. Tenant and Landlord further agree that forbearance or waiver by Landlord to enforce its rights pursuant to this Lease or at law or in equity, shall not be a waiver of Landlord’s right to enforce one or more of its rights in connection with any subsequent default. A receipt by Landlord of rent or other payment with knowledge of the breach of any covenant hereof shall not be deemed a waiver of such breach, and no waiver by Landlord of any provision of this Lease shall be deemed to have been made unless expressed in writing and signed by Landlord. To the greatest extent permitted by law, Tenant waives the service of notice of Landlord’s intention to re-enter as provided for in any statute, or Event to institute legal proceedings to that end, and also waives all right of Defaultredemption in case Tenant shall be dispossessed by a judgment or by warrant of any court or judge. If The terms “enter,” “re-enter,” “entry” or “re-entry,’ as used in this Lease, are not restricted to their technical legal meanings. Any reletting of the Premises shall be on such terms and conditions as Landlord does in fact relet its sole discretion may determine (including without limitation a term different than the remaining Lease Term, rental concessions, alterations and repair of the Premises, Tenant and lease of less than the entire Premises to any tenant . Landlord shall not be entitled liable, nor shall Tenant’s obligations hereunder be diminished because of, Landlord’s failure to any rentals relet the Premises or other consideration from collect rent due in respect of such reletting, if any, that exceed any amounts owed by Tenant to Landlord; orunless Landlord has not made commercially reasonable efforts in regards thereto.

Appears in 1 contract

Samples: Lease Agreement (Gilead Sciences Inc)

Landlord’s Remedies. Upon In the occurrence event of an Event any such uncured Events of DefaultDefault by Tenant, after notice, if so required, and at any time thereafter, Landlord may, at its option, exercise of any other right or remedy it may have on account of such default, and without any further demand notice: (a) Landlord may terminate this Lease by serving written notice on Tenant of Landlord's election , without any obligation to do so, and may thereafter forthwith proceed elect to recover possession cure the Event of the Premises Default on behalf of Tenant, in which event Tenant shall reimburse Landlord upon demand for any reasonable sums paid or costs incurred by Landlord (together with all alterations, installations, improvements, additions, and other physical changes to the Premisesan administrative fee of ten percent (10.0%) thereof) in accordance with curing the laws Event of the State of Illinois. If Landlord elects to terminate this Lease, Landlord shall be entitled to recover forthwith as damages a sum of money equal to the total of (i) the cost of recovering the Premises, (ii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned at the time of terminationDefault, plus interest thereon at the rate set forth in Section 14.4Interest Rate, (iii) from the present value respective dates of Landlord’s incurring such costs until they are repaid by Tenant, which sums and costs together with interest at the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value), and (iv) any other sum of money and damages owed by Tenant to Landlord; orInterest Rate shall be deemed additional rent; (b) Subject to Landlord’s compliance with all applicable Laws, to enter the Premises and repossess the Property, by breaking open locked doors if necessary, and remove all persons and all or any property, by action at law or otherwise, without being liable for prosecution or damages. Landlord may terminate Tenant's right may, at Landlord’s option, make alterations and repairs in order to possession relet the Property and relet all or any part(s) of the Premises without terminating the Lease and Property for Tenant’s account. Tenant agrees to pay to Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for on demand any deficiency (taking into account all costs incurred by Landlord, except any costs and expenses that Tenant reasonably establishes could have been avoided) that may arise by reason of such reletting, provided that Landlord in recovering possession of the Premises. Landlord shall thereafter use uses commercially reasonable efforts to relet mitigate its damages. In the Premises for such rent, for such term (whether greater or less than the remaining Term event of reletting without termination of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach breach. (c) To accelerate the whole or Event any part of Default. If the Base Rent for the balance of the Term, and declare the same to be immediately due and payable, subject to reduction by rent and additional rent received by a replacement tenant the during the period of the Term and provided that Landlord does in fact relet uses commercially reasonable efforts to mitigate its damages. (d) To terminate this Lease and the Premises, Tenant shall not be entitled to Term without any rentals or other consideration from such reletting, if any, that exceed any amounts owed by right on the part of Tenant to Landlord; orsave the forfeiture by payment of any sum due or by other performance of any condition, term or covenant broken.

Appears in 1 contract

Samples: Office/Warehouse/Equipment Lease (Kaival Brands Innovations Group, Inc.)

Landlord’s Remedies. Upon At any time after the occurrence of an Event of Default, with or without additional notice or demand, Landlord may do one or more of the following: (a) Landlord may terminate this Lease by serving written notice on Tenant of Landlord's election to do so, and may thereafter forthwith proceed to recover possession of the Premises (together with all alterations, installations, improvements, additions, and other physical changes to the Premises) in accordance with the laws of the State of Illinois. If Landlord elects to terminate this Lease, Landlord shall be entitled to recover forthwith as damages a sum of money equal to the total of (i) the cost of recovering the Premises, (ii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned at the time of termination, plus interest thereon at the rate set forth in Section 14.4, (iii) the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value), and (iv) any other sum of money and damages owed by Tenant to Landlord; or (b) Landlord may terminate Tenant's right to possession of the Premises and repossess the Premises by any lawful means without terminating this Agreement. Landlord reserves the Lease right, however, (i) to lease any other comparable space available in any other building Landlord owns prior to offering the Premises for lease and (ii) to refuse to lease the Premises to any potential tenant that does not meet Landlord's standards and criteria for leasing space in the Building. Landlord will not be liable for, and Tenant's obligations under this Agreement will not be diminished because of Landlord's failure to relet the Premises or collect rental due in respect of a reletting. For the purposes of that re-letting, Landlord may forthwith proceed repair, remodel or alter the Premises. If Landlord fails to re-let the Premises, Tenant shall pay to Landlord the Base Rent and additional rent reserved in this Agreement for the balance of the Term as those amounts become due in accordance with the terms of this Agreement. If Landlord re- lets the Premises, but fails to realize a sufficient sum from the re-letting to pay the full amount of Base Rent and additional rent reserved in this Agreement for the balance of the Term as those amounts become due in accordance with the terms of this Agreement, after paying all of the costs and expenses of all decoration, repairs, remodeling, alterations and additions and the expenses of the reletting and of the collection of the rent accruing from the reletting, Tenant shall pay to Landlord the amount of any deficiency upon Landlord's demand from time to time made; (ii) terminate this Agreement and repossess the Premises by any lawful means. In that event Landlord may recover possession from Tenant as damages (a) all Base Rent and additional rent that became due prior to the termination and that remains unpaid, (b) the discounted present value (determined based on the Yield Rate) of the amount, if any, by which (I) the Base Rent plus all additional rent payable under the terms of this Agreement for the balance of the Term that remained as of the effective date of the termination exceeds (II) the fair market rent for the Premises (including both base and additional rent components) for the balance of the Term after deduction of all anticipated reasonable expenses of re-letting for that period (such as the cost of preparation of the leased premises, leasing commissions and reasonable attorneys' fees associated with occupancy by a new tenant), (c) the cost of recovering the Premises (including reasonable attorneys' fees and costs of suit), (d) all reasonable costs and expenses Landlord reasonably incurs in connection with the enforcement of Tenant's obligation to pay those damages, including, without limitation, reasonable attorneys' fees, and (e) any other sum of money and damages Tenant owes to Landlord. If the amount described in division (II) above exceeds the amount described in division (I) above, Landlord has no obligation to pay Tenant any part of the excess or to credit any part of the excess against any other sums or damages for which Tenant may be liable to Landlord at the time of the termination; or (iii) pursue any other remedy available to Landlord under the laws of the State of Texas. For purposes of computing the additional rent that would have accrued and become payable under the terms of this Agreement, the parties will assume that the additional rental for the calendar year in which the Event of Default occurs and each fixture calendar year for the balance of the Term that remained as of the effective date of the termination equals Tenant's additional rent for the calendar year prior to the year in which the Event of Default occurs compounded at a rate equal to the mean average rate of inflation for the three (3) calendar years preceding the calendar year in which the Event of Default occurs, as determined by using the United States Department of Labor, Bureau of Labor Statistics Consumer Price Index (All Urban Consumers, all items, 1982-84 equals 100) for the metropolitan area or region of which Dallas, Texas is a part. If that Index is discontinued or revised during the term of this Agreement, the parties will use such other government index or computation with which it is replaced in order to obtain substantially the same result as would be obtained if the Index had not been discontinued or revised, If no replacement Index exists, Landlord may select as a replacement index an index that, in Landlord's reasonable opinion, is generally recognized as the successor index. If Landlord repossesses the Premises in accordance with the laws terms of this Agreement, Landlord has the right to keep in place and use, or to remove and store, at Tenant's expense, all of the State of Illinoisfurniture, fixtures and equipment at the Premises, including that which is owned by or leased to Tenant at all times prior to any foreclosure or repossession by any lessor or security interest holder having an interest in that furniture, fixtures or equipment (a "Claimant"). If Landlord elects to terminate Tenant's also has the right to relinquish possession without terminating of all or any portion of the Leasefurniture, Tenant shall remain liable for all Basic Rentfixtures, Escalation Charges equipment and other sums payable hereunder and other charges due hereunder and for all costs incurred property to any Claimant who presents to Landlord a copy of any instrument that the Claimant represents to have been executed by Landlord in recovering Tenant (or any predecessor of Tenant) granting Claimant the right under various circumstances to take possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rentfurniture, for such term (whether greater fixtures, equipment or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (includingproperty, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election necessity on the part of Landlord to terminate this Lease unless a written notice inquire into the authenticity or legality of such intention shall be given to Tenant by Landlordthe instrument. Notwithstanding At Landlords sole option and without prejudice to, or waiver of any such reletting without terminationrights it may have, Landlord may at (i) escort Tenant to the Premises to retrieve any time thereafter elect personal belongings of Tenant and its employees not covered by a lien in favor of Landlord, or (ii) obtain a list from Tenant of the personal property of Tenant and its employees that is not covered by a lien in favor of Landlord, and make that property available to terminate Tenant or Tenant's employees, provided that Tenant first pays in cash all costs and estimated expenses to be incurred in connection with the removal of the property. Any property that Tenant does not remove within five days after Landlord's demand will be conclusively presumed to have been abandoned by Tenant, and Landlord may take over possession of that property and declare it to be Landlord's property by written notice to Tenant. Tenant stipulates that the rights granted Landlord in this Lease for such previous breach or Event of DefaultSection 22 are commercially reasonable. If Landlord does in fact relet the PremisesThe foregoing notwithstanding, Tenant shall not be entitled have the right after any default to remove its trade fixtures and any rentals files, records or other consideration from such reletting, if any, that exceed any amounts owed by Tenant items of personal property directly related to Landlord; orthe conduct of Tenant's business.

Appears in 1 contract

Samples: Lease Agreement (TWL Corp)

Landlord’s Remedies. Upon the each occurrence of an Event of Default: (a) Default and so long as such Event of Default shall be continuing, Landlord may at any time thereafter at its election: terminate this Lease or Tenant’s right of possession, (but Tenant shall remain liable as hereinafter provided) and/or pursue any other remedies at law or in equity. Upon the termination of this Lease or termination of Tenant’s right of possession, it shall be lawful for Landlord, without formal demand or notice of any kind, to re-enter the Premises by serving written notice on summary dispossession proceedings or any other action or proceeding authorized by law and to remove Tenant and all persons and property therefrom. If Landlord re-enters the Premises, Landlord shall have the right to keep in place and use, or sell all of Tenant’s furniture, fixtures and equipment at the Premises, subject to any existing superior or properly filed UCC statement lien. If Landlord terminates this Lease, Landlord may recover from Tenant the sum of: all Base Rent and all other amounts accrued hereunder to the date of such termination; the cost of reletting the whole or any part of the Premises, including without limitation brokerage fees and/or leasing commissions incurred by Landlord's election to do so, and may thereafter forthwith proceed costs of removing and storing Tenant’s or any other occupant’s property, repairing, , or otherwise putting the Premises into the same condition as originally received following completion of the tenant improvements , and all reasonable expenses incurred by Landlord in pursuing its remedies, including reasonable attorneys’ fees and court costs; and the excess of the then present value of the Base Rent and other amounts payable by Tenant under this Lease as would otherwise have been required to be paid by Tenant to Landlord during the period following the termination of this Lease measured from the date of such termination to the expiration date stated in this Lease, over the present value of any net amounts which Tenant establishes Landlord can reasonably expect to recover by reletting the Premises for such period, taking into consideration the availability of acceptable tenants and other market conditions affecting leasing. Such present values shall be calculated at a discount rate equal to the 90-day U.S. Treasury xxxx rate at the date of such termination. If Landlord terminates Tenant’s right of possession (but not this Lease), Landlord may, but shall be under no obligation to, relet the Premises for the account of Tenant for such rent and upon such terms as shall be satisfactory to Landlord without thereby releasing Tenant from any liability hereunder and without demand or notice of any kind to Tenant. For the purpose of such reletting Landlord is authorized to make any repairs, in or to the Premises as Landlord deems reasonably necessary If the Premises are not relet, then Tenant shall pay to Landlord as damages a sum equal to the amount of the rental reserved in this Lease for such period or periods, plus the cost of recovering possession of the Premises (together with all alterationsincluding attorneys’ fees and costs of suit), installations, improvements, additionsthe unpaid Base Rent and other amounts accrued hereunder at the time of repossession, and other physical changes the costs incurred in any attempt by Landlord to relet the Premises) in accordance with the laws of the State of Illinois. If Landlord elects to terminate this Leasethe Premises are relet and a sufficient sum shall not be realized from such reletting [after first deducting therefrom, Landlord shall be entitled to recover forthwith as damages a sum for retention by Landlord, the unpaid Base Rent and other amounts accrued hereunder at the time of money equal to the total of (i) reletting, the cost of recovering the Premisespossession (including attorneys’ fees and costs of suit), (ii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned at the time of termination, plus interest thereon at the rate set forth in Section 14.4, (iii) the present value all of the balance costs and expense of repairs, the expense of such reletting (including without limitation brokerage fees and leasing commissions) and the cost of collection of the Basic Rentrent accruing therefrom] to satisfy the rent provided for in this Lease to be paid, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value), and (iv) any other sum of money and damages owed by Tenant to Landlord; or (b) Landlord may terminate Tenant's right to possession of the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, then Tenant shall remain liable for all Basic Rent, Escalation Charges immediately satisfy and other sums payable hereunder and other charges pay any such deficiency. Any such payments due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) and be made upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) demand therefor from time to time received by and Tenant agrees that Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action may file suit to recover any amount not theretofore reduced sums falling due from time to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlordtime. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect in writing to terminate this Lease for such previous breach. Exercise by Landlord of any one or more remedies hereunder granted or otherwise available shall not be deemed to be an acceptance of surrender of the Premises and/or a termination of this Lease by Landlord, whether by agreement or by operation of law, it being understood that such surrender and/or termination can be effected only by the written agreement of Landlord and Tenant. Any law, usage, or custom to the contrary notwithstanding, Landlord shall have the right at all times to enforce the provisions of this Lease in strict accordance with the terms hereof; and the failure of Landlord at any time to enforce its rights under this Lease strictly in accordance with same shall not be construed as having created a custom in any way or manner contrary to the specific terms, provisions, and covenants of this Lease or as having modified the same. Tenant and Landlord further agree that forbearance or waiver by Landlord to enforce its rights pursuant to this Lease or at law or in equity, shall not be a waiver of Landlord’s right to enforce one or more of its rights in connection with any subsequent default. A receipt by Landlord of rent or other payment with knowledge of the breach of any covenant hereof shall not be deemed a waiver of such breach, and no waiver by Landlord of any provision of this lease shall be deemed to have been made unless expressed in writing and signed by Landlord. To the greatest extent permitted by law, Tenant requires the service of notice of Landlord’s intention to re-enter as provided for in any statute, or Event to institute legal proceedings to that end, and also waives all right of Defaultredemption in case Tenant shall be dispossessed by a judgment or by warrant of any court or judge. If The terms “enter,” “re-enter,” “entry” or “re-entry,” as used in this Lease, are not restricted to their technical legal meanings. Any reletting of the Premises shall be on such terms and conditions as Landlord does in fact relet its sole discretion may determine including without limitation a term different than the remaining Lease Term, rental concessions, repair of the Premises, Tenant lease of less than the entire Premises to any tenant and leasing any or all other portions of the Project before reletting the Premises). Landlord shall not be entitled liable, nor shall Tenant’s obligations hereunder be diminished because of Landlord’s failure to any rentals relet the Premises or other consideration from collect rent due in respect of such reletting, if any, that exceed any amounts owed by Tenant to Landlord; or.

Appears in 1 contract

Samples: Lease Agreement (Oxford Ventures Inc)

Landlord’s Remedies. Upon If a Tenant Default has occurred, Landlord may (in addition to any other rights or remedies available by Law) then or at any time thereafter to do any one or more of the occurrence of an Event of Defaultfollowing at Landlord's option: (a) LandLord, with or without terminating this Lease, may take any reasonable action to remedy any failure of Tenant to comply with or perform this Lease, and may enter the Premises as necessary to do so. Tenant must reimburse Landlord on written demand for all costs so incurred plus a Building standard charge to compensate Landlord for the additional administrative burden. (b) Landlord may terminate this Lease by serving express written notice on Tenant of Landlord's election termination to do soTenant, enter and repossess the Premises by forcible entry or detainer suit or as otherwise permitted by Law without additional demand or notice of any kind to Tenant, and remove all persons or property therefrom using such lawful force as may thereafter forthwith proceed to recover possession be necessary (and Tenant hereby waives any claim for loss or damage by reason of the Premises (together with all alterationssuch reentry, installationsrepossession, improvementsor removal), additions, and other physical changes to the Premises) in accordance with the laws of the State of Illinois. If which case Landlord elects to terminate this Lease, Landlord shall will be entitled to recover forthwith as damages a sum of money equal to the total of from Tenant (i) the cost of recovering repossessing the Premises (including without limitation, reasonable attorneys' fees and costs of litigation), (ii) the anticipated cost of any repairs, alterations, additions, and improvements to the Premises, leasing inducements, and brokerage commissions for reletting the Premises, (ii) the all unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned Rent owed at the time of termination, plus interest thereon at the rate set forth in Section 14.4, (iiiiv) the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder Rent for the remainder of the Term, Term less the present fair market rental value of the Basic Rent, Escalation Charges and other sums payable hereunder Premises for the Premises for said same period (also reduced taking into account all relevant factors, including market rent concessions and the time necessary to present valuerelet the Premises and using a discount rate per annum equal to the interest rate on U.S. Treasury obligations with a maturity comparable to the length of the remainder of the Term), and (ivv) interest and any other sum of money and or damages owed owing by Tenant to Landlord; or. On termination of this Lease, Landlord may elect to evict all subtenants and others in possession, or on attornment of any subtenant to Landlord, to recognize such sublease as a direct lease between the subtenant and Landlord. (bc) Landlord may terminate Tenant's right to of possession of (but not this Lease), enter and repossess the Premises by forcible entry or detainer suit or as otherwise permitted by Law without demand or notice of any kind to Tenant and without terminating the Lease this Lease, and remove all persons or property therefrom using such lawful force as may be necessary (and Tenant hereby waives any claim for loss or damage by reason of such reentry, repossession, or removal), in which case Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to (but will not be obligated to) relet the Premises for such rent, the account of Tenant for such term (whether greater or less than the remaining Term of this Lease) rent and upon such terms as are satisfactory to Landlord, and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required without preference to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in The rent actually received from such reletting of the Premises, if any, will be applied to (i) the Net Rental cost of repossessing the Premises (as hereinafter definedincluding without limitation, reasonable attorneys' fees and costs of litigation), (ii) the cost of any repairs, alterations, additions, and improvements to the Premises, leasing inducements, and brokerage commissions paid by Landlord for reletting the Premises (which Landlord is hereby authorized to make), (iii) accrued unpaid Rent, and (iv) interest and any other sum of money or damages owing by Tenant to Landlord. If at any time or from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental rent actually received by Landlord from such reletting less of the amount of all costs incurred by Landlord in connection with such reletting (includingPremises, without limitationif any, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted is not sufficient to the new tenant). Tenant shall timely pay all amounts owed such sums then accrued, the deficiency will be due and payable from Tenant to Landlord during on written demand. Landlord may file suit to recover any such deficiency at any time or from time to time without being obliged to wait until expiration of the Term. No delivery or , and no recovery of any sum due Landlord will be a defense to recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore previously reduced to judgment in favor judgment. No reletting of Landlord, nor shall the reletting pursuant to this Section 14.2 Premises will be construed as an election on the part of Landlord to terminate this Lease unless a Lease, which termination will occur, if at all, only by express written notice of such intention shall be given to Tenant by Landlordtermination of Tenant. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such any previous breach Tenant Default. (d) In entering the Premises pursuant to this Section, Landlord may use a duplicate or Event master key or lock combination or other lawful means, and may thereafter change the locks to the Premises to preclude further access by Tenant or others; and Tenant waives any requirement of DefaultLaw to the contrary. If Thereafter, Landlord does in fact relet will not be obliged to permit Tenant or others to enter the Premises; provided, however, during Landlord's normal business hours and at the convenience of Landlord, and upon the written request of Tenant shall accompanied by such written waivers and releases as Landlord may require, Landlord will escort Tenant or its authorized personnel to the Premises to retrieve any personal belongings or other property of Tenant not be entitled subject to any rentals lien or other consideration from such relettingsecurity interest in favor of Landlord. (e) Even if this Lease is not terminated, Landlord may terminate all rights of Tenant, if any, that exceed to receive any amounts owed by Tenant to Landlord; orallowance, reimbursement payment, or other concession under any provision of this Lease (or any Rider) and all renewal, extension, expansion, cancellation, termination, or other options of Tenant, if any, under any provisions of this Lease (or any Rider).

Appears in 1 contract

Samples: Lease Agreement (Houston Interweb Design Inc)

Landlord’s Remedies. Upon Landlord shall have the occurrence of an Event of Default:below listed remedies if Tenant commits a default. These remedies are not exclusive; they are cumulative to any remedies now or later allowed by law. (a) Landlord may terminate this Lease by serving written notice on Tenant of Landlord's election to do so, and may thereafter forthwith proceed to recover possession of the Premises (together with all alterations, installations, improvements, additions, and other physical changes to the Premises) in accordance with the laws of the State of Illinois. If Landlord elects to terminate this Lease, Landlord shall be entitled to recover forthwith as damages a sum of money equal to the total of (i) the cost of recovering the Premises, (ii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned at the time of termination, plus interest thereon at the rate set forth in Section 14.4, (iii) the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value), and (iv) any other sum of money and damages owed by Tenant to Landlord; or (b) Landlord may terminate Tenant's right to possession of the Premises without terminating at any time. No act by Landlord other than giving notice of termination to Tenant shall terminate this Lease. Acts of maintenance, efforts to relet the Premises or the appointment of a receiver on Landlord's initiative to protect Landlord's interest under this Lease shall not constitute a termination of Tenant's right to possession. On termination, Landlord shall have the right to recover from Tenant: (i) The worth at the time of the award of the unpaid rent that had been earned at the time of termination of this Lease; (ii) The worth at the time of the award of the amount by which the unpaid rent that would have been earned after the date of termination of this Lease until the time of award exceeds the amount of the loss of rent that Tenant proves could have been reasonably avoided; (iii) The worth at the time of the award of the amount by which unpaid rent for the balance of the Term after the time of award exceeds the amount of the loss of rent that Tenant proves could have been reasonably avoided; and (iv) Any other amount, including reasonable attorneys' fees and court costs, necessary to compensate Landlord for all detriment proximately caused by Tenant's default or which in the ordinary course of things would be likely to result therefrom. The phrase "worth at the time of the award" as used in clauses (i) and (ii) above is to be computed by allowing interest at the rate of twelve percent (12%) per annum, but not to exceed the then legal rate of interest. The same phrase as used in clause (iii) above is to be computed by discounting the amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of the award, plus one percent (1%). (b) Landlord may forthwith proceed to recover possession of exercise the Premises remedy provided in accordance with the laws of the State of Illinois. If California CIVIL CODE Section 1951.4, that is, Landlord elects to may continue this Lease in full force and effect, and collect Base Rent and Operating Expenses as they become due, so long as Landlord does not terminate Tenant's right to possession without terminating pursuant to Section 16.3(a) above. During the Leaseperiod that Tenant is in default, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet may enter the Premises and relet them or any part of them, to third parties for such rentTenant's account, for such a shorter or longer term (whether greater or less than the remaining Term of this Lease) , and upon for such rental and on such other terms as Landlord, in its sole discretion, shall deem advisable and conditions as Tenant shall be immediately liable to Landlord shall find acceptable. For the purposes of reletting the Premises, for all reasonable costs which Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds incurs in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's feescommissions, attorneys' feesadvertising expenses, costs the cost of preparing remodeling the Premises which may be required for occupancy reletting, and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Termsuch similar costs. No delivery or recovery of any amount due act by Landlord pursuant to this Lease Section shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention Landlord shall be given to notify Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect that it elects to terminate this Lease Lease. After Tenant's default and for such previous breach or Event of Default. If as long as Landlord does in fact relet not terminate Tenant's right to possession of the Premises, Tenant shall have the right to assign its interest in the Lease upon the reasonable prior consent of Landlord; provided, however, that Tenant shall not be entitled released from any liability under this Lease as a result of such assignment. (c) Landlord may, after expiration of any applicable cure period, unless there is an emergency (in which case Landlord need not wait), correct or remedy any failure of Tenant not timely cured. The reasonable cost paid by Landlord to correct or remedy any rentals or other consideration from such reletting, if any, that exceed any amounts owed by Tenant default will immediately become due and payable to Landlord; orLandlord as additional rent. (d) Nothing contained in this Lease shall limit Landlord to the remedies specifically set forth in this Section 16.

Appears in 1 contract

Samples: Standard Industrial Lease (Redline Performance Products Inc)

Landlord’s Remedies. Upon the each occurrence of an Event of Default: (a) Default and so long as such Event of Default shall be continuing, Landlord may at any time thereafter at its election: terminate this Lease by serving written or Tenant's right of possession, (but Tenant shall remain liable as hereinafter provided) and/or pursue any other remedies at law or in equity. Upon the termination of this Lease or termination of Tenant's right of possession, it shall be lawful for Landlord, without formal demand or notice on Tenant of Landlord's election any kind, to do so, and may thereafter forthwith proceed to recover possession of re-enter the Premises (together with by summary dispossession proceedings or any other action or proceeding authorized by law and to remove Tenant and all alterations, installations, improvements, additions, persons and other physical changes to the Premises) in accordance with the laws of the State of Illinoisproperty therefrom. If Landlord elects re-enters the Premises, Landlord shall have the right to terminate keep in place and use, or remove and store, all of the furniture, fixtures and equipment at the Premises. If Landlord terminates this Lease, Landlord shall be entitled to may recover forthwith as damages a from Tenant the sum of money equal of: all Base Rent and all other amounts accrued hereunder to the total date of (i) such termination; the cost of recovering reletting the whole or any part of the Premises, (ii) including without limitation brokerage fees and/or leasing commissions incurred by Landlord, and costs of removing and storing Tenant's or any other occupant's property, repairing, altering, remodeling, or otherwise putting the unpaid Basic RentPremises into condition acceptable to a new tenant or tenants, Escalation Charges and all reasonable expenses incurred by Landlord in pursuing its remedies, including reasonable attorneys' fees and court costs; and the excess of the then present value of the Base Rent and other sums amounts payable hereunder earned at by Tenant under this Lease as would otherwise have been required to be paid by Tenant to Landlord during the time period following the termination of terminationthis Lease measured from the date of such termination to the expiration date stated in this Lease, plus interest thereon at the rate set forth in Section 14.4, (iii) over the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other any net amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for which Tenant establishes Landlord can reasonably expect to recover by reletting the Premises for said period (also reduced such period, taking into consideration the availability of acceptable tenants and other market conditions affecting leasing. Such present values shall be calculated at a discount rate equal to present value), and (iv) any other sum the 90-day U.S. Treasury bill rate at the date of money and damages owed by Tenant to Landlord; or (b) Landlord may terminate Tenant's right to possession of the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinoissuch termination. If Landlord elects to terminate Landxxxx terminates Tenant's right to possession without terminating the LeaseLease after an Event of Default, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use commercially reasonable efforts to relet the Premises for such rentPremises; provided, for such term however, (whether greater or less than the remaining Term of this Leasea) and upon such terms and conditions as Landlord shall find acceptablenot be obligated to accept any tenant proposed by Tenant, (b) Landlord shall have the right to lease any other space controlled by Landlord first, and (c) any proposed tenant shall meet all of Landlord's leasing criteria. For the purposes purpose of such reletting the Premises, Landlord may decorate and/or is authorized to make any repairs, changes, alterations alterations, or additions in or to the Premises as may be Landlord deems reasonably necessarynecessary or desirable. If the Premises are not relet, then Tenant shall pay to Landlord as damages a sum equal to the amount of the rental reserved in this Lease for such period or periods, plus the cost of recovering possession of the Premises (including attorneys' fees and costs of suit), the unpaid Base Rent and other amounts accrued hereunder at the time of repossession, and the costs incurred in any attempt by Landlord to relet the Premises. If the Premises are relet and a sufficient sum shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in realized from such reletting the Premises[after first deducting therefrom, for retention by Landlord, the Net Rental unpaid Base Rent and other amounts accrued hereunder at the time of reletting, the cost of recovering possession (as hereinafter definedincluding attorneys' fees and costs of suit), all of the costs and expense of repairs, changes, alterations, and additions, the expense of such reletting (including without limitation brokerage fees and leasing commissions) and the cost of collection of the rent accruing therefrom to satisfy the rent provided for in this Lease to be paid, then Tenant shall immediately satisfy and pay any such deficiency. Any such payments due Landlord shall be made upon demand therefor from time to time received by and Tenant agrees that Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action may file suit to recover any amount not theretofore reduced sums falling due from time to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlordtime. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect in writing to terminate this Lease for such previous breach breach. Exercise by Landlord of any one or Event of Default. If Landlord does in fact relet the Premises, Tenant more remedies hereunder granted or otherwise available shall not be entitled deemed to be an acceptance of surrender of the Premises and/or a termination of this Lease by Landlord, whether by agreement or by operation of Law, it being understood that such surrender and/or termination can be effected only by the written agreement of Landlord and Tenant. Any law, usage, or custom to the contrary notwithstanding, Landlord shall have the right at all times to enforce the provisions of this Lease in strict accordance with the terms hereof; and the failure of Landlord at any rentals time to enforce its rights under this Lease strictly in accordance with same shall not be construed as having created a custom in any way or manner contrary to the specific terms, provisions, and covenants of this Lease or as having modified the same. Tenant and Landlord further agree that forbearance or waiver by Landlord to enforce its rights pursuant to this Lease or at law or in equity, shall not be a waiver of Landlord's right to enforce one or more of its rights in connection with any subsequent default. A receipt by Landlord of rent or other consideration from payment with knowledge of the breach of any covenant hereof shall not be deemed a waiver of such relettingbreach, if and no waiver by Landlord of any provision of this Lease shall be deemed to have been made unless expressed in writing and signed by Landlord. To the greatest extent permitted by law, Tenant waives the service of notice of Landlord's intention to re-enter as provided for in any, that exceed any amounts owed by Tenant to Landlord; or

Appears in 1 contract

Samples: Lease Agreement (Innotrac Corp)

Landlord’s Remedies. Upon the occurrence of an Event any event of Defaultdefault, Landlord shall have the following rights and remedies, any one or more of which may be exercised without further notice to or demand upon Tenant: (a) 1. Landlord may re-enter the Premises and cure any default of Tenant, in which event Tenant shall reimburse Landlord for any reasonable out-of-pocket cost and expenses which Landlord may incur to cure such default; and Landlord shall not be liable to Tenant for any loss or damage which Tenant may sustain by reason of Landlord’s action. 2. Landlord may terminate this Lease or Tenant’s right to possession under this Lease as of the date of such default, without terminating Tenant’s obligation to pay rent due hereunder, in which event (A): neither Tenant nor any person claiming under or through Tenant shall thereafter be entitled to possession of the Premises, and Tenant shall immediately thereafter surrender the Premises to Landlord; (B) Landlord may re-enter the Premises and dispose Tenant or any other occupants of the Premises by serving written notice on Tenant of Landlord's election to do soforce, summary proceedings, ejectment or otherwise, and may thereafter forthwith proceed remove their effects, without prejudice to any other remedy which Landlord may have for possession or arrearages in rent; and (C) notwithstanding a termination of this Lease, Landlord shall use good faith efforts to re-let all or any part of the Premises for at least the balance of the term of this Lease for commercially reasonable rent, whereupon Tenant shall be obligated to pay to Landlord as liquidated damages the difference between the rent provided for herein and that provided for in any lease covering a subsequent re-letting of the Premises, such deficiency to be computed and paid monthly at the times that Rent is payable hereunder, together with all of Landlord’s reasonable costs and expenses for preparing the Premises for re-letting, including all repairs which are Tenant’s obligations hereunder, reasonable broker’s and attorney’s fees, and all loss or damage which Landlord may sustain by reason of such termination, re-entry and re-letting, it being expressly understood and agreed that the liabilities and remedies specified herein shall survive the termination of this Lease. Notwithstanding a termination of this Lease by Landlord, Tenant shall remain liable for payment of all rentals and other charges and costs imposed on Tenant herein, in the amounts, at the times and upon the conditions as herein provided. Landlord shall credit against such liability of the Tenant all amounts received by Landlord from such re-letting after first reimbursing itself for all reasonable costs incurred in curing Tenant’s defaults and re-entering, preparing and refinishing the Premises for re-letting, and re-letting the Premises. 3. Upon termination of this Lease pursuant to Section 33(b)2, Landlord may recover possession of the Premises (together with all alterations, installations, improvements, additions, under and other physical changes to by virtue of the Premises) in accordance with provisions of the laws of the State of IllinoisFlorida, or by such other proceedings, including reentry and possession, as may be applicable. 4. If Landlord elects to terminate the Tenant shall not remove all of Tenant’s property from said Premises as provided in this Lease, Landlord, at its option, may remove any or all of said property in any manner that Landlord shall choose and store same without liability for loss thereof, and Tenant will pay the Landlord, on demand, any and all reasonable expenses incurred in such removal and storage of said property for any length of time during which the same shall be entitled in possession of Landlord or in storage, or Landlord may, upon thirty (30) days prior notice to recover forthwith Tenant, sell any or all of said property in such manner and for such price as damages a sum the Landlord may reasonably deem best and apply the proceeds of money equal such sale upon any amounts due under this Lease from the Tenant to the total Landlord, including the reasonable expenses of (i) the cost removal and sale. 5. Any damage or loss of recovering the Premisesrent sustained by Landlord may be recovered by Landlord, (ii) the unpaid Basic Rentat Landlord’s option, Escalation Charges and other sums payable hereunder earned at the time of terminationthe reletting, plus interest thereon or in separate actions, from time to time, as said damage shall have been made more easily ascertainable by successive relettings, or at Landlord’s option in a single proceeding deferred until the rate set forth in Section 14.4, (iii) the present value expiration of the balance term of this Lease (in which event Tenant hereby agrees that the cause of action shall not be deemed to have accrued until the date of expiration of said term) or in a single proceeding prior to either the time of reletting or the expiration of the Basic Rentterm of this Lease. 6. In the event of a breach by Tenant of any of the covenants or provisions hereof, Escalation Charges Landlord shall have the right of injunction and the right to invoke any remedy allowed at law or in equity as if reentry, summary proceedings, and other sums payable hereunder and other amounts owed hereunder remedies were not provided for the remainder herein. Mention in this Lease of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value), and (iv) any particular remedy shall not preclude Landlord from any other sum remedy, in law or in equity. Tenant hereby expressly waives any and all rights of money and damages owed redemption granted by or under any present or future laws in the event of Tenant to Landlord; or (b) being evicted or dispossessed for any cause, or in the event of Landlord may terminate Tenant's right to obtaining possession of the Premises without terminating by reason of the violation by Tenant of any of the covenants and conditions of this Lease or other use. 7. Tenant hereby expressly waives any and all rights of redemption granted by or under any present or future laws, in the event of eviction or dispossession of Tenant by Landlord may forthwith proceed to recover under any provision of this Lease. No receipt of monies by Landlord from or for the account of Tenant or from anyone in possession or occupancy of the Premises in accordance with after the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term termination of this Lease) and upon such terms and conditions as Landlord Lease or after the giving of any notice shall find acceptable. For reinstate, continue or extend the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and or affect any inducements granted notice given to the new tenant). Tenant shall timely pay all prior to the receipt of such money, it being agreed that after the service of notice or the commencement of a suit, or after final judgment for possession of said Premises, the Landlord may receive and collect any rent or other amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of and such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant payment shall not be entitled to any rentals waive or other consideration from such relettingaffect said notice, if any, that exceed any amounts owed by Tenant to Landlord; orsaid suit or said judgment.

Appears in 1 contract

Samples: Lease (Retail Ventures Inc)

Landlord’s Remedies. Upon the occurrence of If there is an Event of DefaultDefault by Tenant under this Lease (subject to applicable notice and cure periods), in addition to all other remedies available to Landlord at law or in equity, Landlord may: (1) Terminate this Lease by notice to Tenant and retake possession of the Premises; (a) Landlord may terminate Terminate Tenant's right of possession by notice to Tenant without terminating this Lease by serving written notice on Tenant of Landlord's election to do so, and may thereafter forthwith proceed to recover retaking possession of the Premises (together with all alterations, installations, improvements, additions, and other physical changes to relet the Premises) in accordance with the laws Premises or any part of the State Premises in the name of Illinois. If Landlord elects to terminate this LeaseLandlord, Landlord shall be entitled to recover forthwith or otherwise, as damages Tenant's agent, for a sum of money equal to the total of (i) the cost of recovering the Premises, (ii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned at the time of termination, plus interest thereon at the rate set forth in Section 14.4, (iii) the present value of term shorter or longer than the balance of the Basic RentLease Term, Escalation Charges and other sums payable hereunder may grant concessions or free rent to the new tenant, thereby terminating Tenant's tenancy in the Premises and other amounts owed hereunder right to possess the Premises, without terminating Tenant's obligations to pay (a) the entire balance of all forms of Base Rent and Additional Rent for the remainder of the Lease Term, less plus (b) the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value)Reletting Expenses, and (ivc) the unamortized balance of any other sum brokerage commissions paid by Landlord in connection with this Lease, any allowances granted to Tenant under this Lease, and the cost of money any Tenant Improvements made by Landlord. Landlord shall have no obligation to relet the Premises, and damages owed by Tenant its failure to Landlord; or (b) Landlord may terminate do so, or failure to collect rent on reletting, shall not affect Tenant's right liability under this Lease. Landlord shall not, in any event, be required to possession pay Tenant any surplus of the Premises without terminating the Lease and any sums received by Landlord may forthwith proceed to recover possession on a reletting of the Premises in accordance with the laws excess of the State of Illinoisrent provided in this Lease. If Landlord elects decides to terminate Tenant's right relet the Premises or a duty to possession without terminating the Leaserelet is imposed by law, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter only be required to use commercially reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptablePremises. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord Commercially reasonable efforts shall not be required require Landlord to: (i) use any greater efforts than Landlord then uses to give priority to lease other properties Landlord or its efforts to affiliates owns or manages; (ii) relet the Premises over its efforts in preference to relet any other vacant space in the Building. If ; (iii) relet the Premises to any party that Landlord succeeds could reasonably reject as a transferee under the Assignment or Subletting section of this Lease; (iv) accept rent in reletting an amount which is less than the fair market rental for the Premises; (v) perform any tenant improvements, grant any tenant improvement allowances, grant any "free rent," or otherwise pay any sums or grant any monetary concessions in order to obtain a new tenant; (vi) observe any instruction given by Tenant about the Net Rental (reletting process or accept any tenant offered by Tenant unless the offered tenant leases the entire Premises and the criteria of this subsection are otherwise fully met. Any entry or reentry by Landlord, whether had or taken under summary proceedings or otherwise, shall not absolve or discharge Tenant from liability under this Lease so long as hereinafter defined) from time Landlord's actions are not in violation of applicable laws. "Reenter" and "re-entry" as used in this Lease are not restricted to time received their technical legal meaning. No reentry or taking possession of the Premises by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on Landlord's part to accept a surrender of the part of Landlord to terminate this Lease Premises unless a written notice of such intention shall be is given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals or other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; orTenant;

Appears in 1 contract

Samples: Standard Lease (1997 Corp)

Landlord’s Remedies. Upon the each occurrence of an Event of Default, and so long as such Event of Default shall be continuing, Landlord may at any time thereafter at its election: (ai) Landlord may terminate this Lease or Tenant's right of possession, but Tenant shall remain liable as hereinafter provided; and/or (ii) pursue any remedies provided for under this Lease or at law or in equity. Upon the termination of this Lease or termination of Tenant's right of possession, to the extent permitted by serving written applicable law, Landlord, without formal demand or notice on Tenant of Landlord's election to do soany kind, and may thereafter forthwith proceed to recover possession of re-enter the Premises (together with by summary dispossession proceedings or any other action or proceeding authorized by law and remove Tenant and all alterations, installations, improvements, additions, persons and other physical changes to the Premises) in accordance with the laws of the State of Illinoisproperty therefrom. If Landlord elects re-enters the Premises as provided herein, Landlord shall have the right to terminate keep in place and use, or remove and store, all of the furniture, fixtures and equipment at the Premises. If Landlord terminates this Lease, Landlord shall be entitled to may recover forthwith as damages a from Tenant the sum of money equal all Base Rent and all other amounts accrued hereunder to the total date of (i) such termination; the cost of recovering reletting the whole or any part of the Premises, (ii) including without limitation brokerage fees and/or leasing commissions incurred by Landlord, and costs of removing and storing Tenant's or any other occupant's property, repairing, altering, remodeling, or otherwise putting the unpaid Basic RentPremises into condition acceptable to a new tenant or tenants, Escalation Charges and all reasonable expenses incurred by Landlord in pursuing its remedies, including reasonable attorneys' fees and court costs; and the excess of the then present value of the Base Rent and other sums amounts payable hereunder earned at by Tenant under this Lease as would otherwise have been required to be paid by Tenant to Landlord during the time period following the termination of terminationthis Lease measured from the date of such termination to the expiration date stated in this Lease, plus interest thereon at the rate set forth in Section 14.4, (iii) over the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other any net amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for which Landlord can reasonably expect to recover by reletting the Premises for said period (also reduced such period, taking into consideration the availability of acceptable tenants and other market conditions affecting leasing. Such present values shall be calculated at a discount rate equal to present value), and (iv) any other sum the 90-day U.S. Treasury bill xxxe at the date of money and damages owed by Tenant to Landlord; or (b) such termination. If Landlord may terminate terminates Tenant's right to of possession of the Premises without terminating the Lease and (but not this Lease), Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Leasemay, Tenant but shall remain liable for all Basic Rentbe under no obligation to, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, the account of Tenant for such term (whether greater or less than the remaining Term of this Lease) rent and upon such terms as shall be satisfactory to Landlord without thereby releasing Tenant from any liability hereunder and conditions as Landlord shall find acceptablewithout demand or notice of any kind to Tenant. For the purposes purpose of such reletting the Premises, Landlord may decorate and/or is authorized to make any repairs, changes, alterations alterations, or additions in or to the Premises as may be Landlord deems reasonably necessarynecessary or desirable. If the Premises are not relet, then Tenant shall pay to Landlord as damages a sum equal to the amount of the rental reserved in this Lease for such period or periods, plus the cost of recovering possession of the Premises (including attorneys' fees and costs of suit), the unpaid Base Rent and other amounts accrued hereunder at the time of repossession, and the costs incurred in any attempt by Landlord to relet the Premises. If the Premises are relet and a sufficient sum shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in realized from such reletting the Premises[after first deducting therefrom, for retention by Landlord, the Net Rental unpaid Base Rent and other amounts accrued hereunder at the time of reletting, the cost of recovering possession (as hereinafter definedincluding attorneys' fees and costs of suit), all of the costs and expense of repairs, changes, alterations, and additions, the expense of such reletting (including without limitation brokerage fees and leasing commissions) and the cost of collection of the rent accruing therefrom] to satisfy the rent provided for in this Lease to be paid, then Tenant shall immediately satisfy and pay any such deficiency. Any such payments due Landlord shall be made upon demand therefor from time to time received by and Tenant agrees that Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action may file suit to recover any amount not theretofore reduced sums falling due from time to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlordtime. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect in writing to terminate this Lease for such previous breach breach. Exercise by Landlord of any one or Event of Default. If Landlord does in fact relet the Premises, Tenant more remedies hereunder granted or otherwise available shall not be entitled deemed to be an acceptance of surrender of the Premises and/or a termination of this Lease by Landlord, whether by agreement or by operation of law, it being understood that such surrender and/or termination can be effected only by the written agreement of Landlord and Tenant. Any law, usage, or custom to the contrary notwithstanding, Landlord shall have the right at all times to enforce the provisions of this Lease in strict accordance with the terms hereof, and the failure of Landlord at any rentals time to enforce its rights under this Lease strictly in accordance with same shall not be construed as having created a custom in any way or other consideration from such relettingmanner contrary to the specific terms, if anyprovisions, that exceed any amounts owed by Tenant to Landlord; and covenants of this Lease or

Appears in 1 contract

Samples: Build to Suit Lease Agreement (Edwards J D & Co)

Landlord’s Remedies. Upon the occurrence of If an Event of Default: (a) Default by Tenant occurs, Landlord may terminate this Lease by serving written notice on Tenant of Landlord's election shall be entitled at any time thereafter to do so, and may thereafter forthwith proceed exercise any right or remedy available to recover possession of the Premises (together with all alterations, installations, improvements, additions, and other physical changes to the Premises) in accordance with Landlord under the laws of the State of Illinois. If Landlord elects Georgia as a result thereof, including, without limitation, at Landlord's option, the actions described hereinbelow: (a) Enter the Premises if need be, and take whatever curative actions are necessary to terminate rectify Tenant's noncompliance with this Lease, ; and in that event Tenant shall reimburse Landlord shall be entitled on written demand for any expenditures by Landlord to recover forthwith as damages a sum of money equal to the total of (i) the cost of recovering the Premises, (ii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned at the time of termination, plus interest thereon at the rate set forth in Section 14.4, (iii) the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value), and (iv) any other sum of money and damages owed by Tenant to Landlord; oreffect compliance with Tenant's obligations under this Lease. (b) Landlord may Terminate this Lease, in which event Tenant shall immediately surrender possession of the Premises to Landlord, or without terminating this Lease, terminate Tenant's right to possession of the Premises, and in either case, Landlord may re-enter and take possession of the Premises, evict Tenant and all parties then in occupancy or possession, and if permitted under applicable law, change the locks on the doors of the Premises without terminating making keys to the changed locks available to Tenant. (c) If Landlord has terminated this Lease, recover all Rent, Additional Rent, and other sums owing and unpaid under this Lease as of the date of termination plus damages measured by the difference (discounted to a present value) in the rental value of the Premises if this Lease had been fully performed for the balance of the term and the rental value of the Premises following the Event of Default by Tenant (taking into account probable remodeling, lease commission, allowance, inducement, and other costs of reletting). (d) If Landlord may forthwith proceed has not terminated this Lease (whether or not Landlord has terminated Tenant's right to recover possession of the Premises or actually retaken possession), recover (in accordance with one or more suits from time to time or at any time before or after the laws end of the State term) all Rent, Additional Rent, and other sums then or thereafter owing and unpaid under this Lease, together with all costs, if any, incurred in reletting the Premises (including remodeling, lease commission, allowance, inducement, and other costs), less all rent, if any, actually received from any reletting of Illinoisthe Premises during the remainder of the term. Landlord shall have the night following an Event of Default by Tenant to relet the Premises on Tenant's account without terminating the Lease, and agrees to use reasonable efforts (e) Recover all costs of retaking possession of the Premises and any other damages incidental to the Event of Default by Tenant. (f) Terminate all of Tenant's rights to any allowances or under any renewal, extension, expansion, refusal, or other options granted to Tenant by this Lease. (g) Exercise any and all other remedies available to Landlord at law or in equity, including injunctive relief of all varieties. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering retake possession of the PremisesPremises without terminating this Lease, it may nonetheless at any subsequent time elect to terminate this Lease and exercise the remedies provided above on termination of the Lease. Nothing done by Landlord or its agents shall thereafter use reasonable efforts to relet be considered an acceptance of any attempted surrender of the Premises for such rentunless Landlord specifically so agrees in writing. No re-entry of taking of possession of the Premises by Landlord, for such term (whether greater or less than the remaining Term nor any reletting of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as considered an election on the part of by Landlord to terminate this Lease unless a Landlord gives Tenant written notice of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals or other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; or.

Appears in 1 contract

Samples: Lease Agreement (Net2000 Communications Inc)

Landlord’s Remedies. Upon the occurrence of an Event of DefaultDefault which is not cured by Tenant within the grace periods specified in Section 16.1 hereof, Landlord shall have the following rights and remedies in addition to all other rights or remedies available to Landlord in law or equity: (a) Landlord may terminate this Lease by serving written notice on to Tenant (and Tenant hereby expressly waives any other or additional notice to quit or notice of Landlord's election intention to do sore-enter), whereupon this Lease and the Term shall terminate, Tenant shall quit, vacate and surrender the Premises and all amounts accrued and unpaid Basic rent and Additional Rent shall be due and payable in full. (b) Upon any termination of this Lease pursuant to Section 16.2(a) or Section 17, Landlord may (i) proceed to re-enter the Premises and recover possession thereof; (ii) as attorney-in-fact for Tenant, remove therefrom all persons and Tenant's Property, store such Tenant's Property in a public warehouse or elsewhere at the cost, and may thereafter forthwith proceed for the account, of Tenant, sell such Tenant's Property and apply the proceeds thereof to recover possession payment of the Premises (together with all alterations, installations, improvements, additions, Tenant's obligations and other physical changes to the Premises) in accordance with the laws of the State of Illinois. If Landlord elects to terminate liabilities under this Lease, Landlord shall be entitled to recover forthwith as damages a sum and hold the balance of money equal to the total of (i) the cost of recovering the Premisessuch proceeds, (ii) the unpaid Basic Rentif any, Escalation Charges and other sums payable hereunder earned at the time of termination, plus interest thereon at the rate set forth in Section 14.4, trust for Tenant; (iii) restore the present value of the balance of the Basic Rent, Escalation Charges Premises to good order and other sums payable hereunder and other amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for repair or otherwise prepare the Premises for said period (also reduced to present value)reletting by making such alterations, repairs or replacements in the Premises as Landlord, in its reasonable discretion deems necessary or appropriate; and (iv) any other sum of money and damages owed by Tenant to Landlord; or (b) Landlord may terminate Tenant's right to possession of the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater which may be longer or less shorter than the remaining Term of this Leaseoriginally reserved hereunder) and upon such other terms and conditions as Landlord shall find acceptableare not unreasonable under the circumstances. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease Tenant shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, liable for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred damages sustained by Landlord in connection with such termination of this Lease, including without limitation the excess of the aggregate amounts of Basic Rent and Additional Rent reserved under this Lease for the Term originally reserved hereunder over net amounts actually realized in reletting (includingthe Premises, without limitation, broker's fees, reasonable attorneys' fees, brokerage commissions and the costs and expenses of preparing recovering possession of the Premises and restoring the Premises to first class condition for reletting. Any such damages may, at Landlord's election, be recovered in one or more actions upon termination of the Term, at the time of any initial reletting or from time to time as such damages may become more easily ascertainable by successive relettings. In no event shall Landlord be liable for any failure to relet the Premises or for any failure to collect any amounts due on account of relettings and in no event shall Tenant have any right to any excess of amounts received by Landlord on account of relettings over amounts which Tenant may be liable hereunder. (c) Landlord may elect not to terminate this Lease but to recover the Basic Rent and Additional Rent accruing hereunder in one or more actions as the same become due or, in advance, the present value of Basic rent and Additional Rent to become due hereunder, discounted by a factor of eight percent (8%) per annum; or, as attorney-in-fact for Tenant, Landlord may from time to time sublet the Premises or any part thereof for such term or terms (which may extend beyond the Term) and at such rent and such other terms as Landlord in its reasonable discretion may deem advisable, with the right to make alterations and repairs to the Premises. Upon each such subletting (i) Tenant shall be immediately liable for payment to Landlord of, in addition to Basic Rent and Additional Rent due hereunder, the cost of such subletting and such alterations and repairs incurred by landlord and the amount, if any, by which the Basic Rent and Additional Rent for the period of such subletting (to the extent such period does not exceed the Term) exceeds the amount to be paid as Basic Rent and Additional Rent for the Premises for occupancy and any inducements granted to such period, or (ii) at the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor option of Landlord, nor rents received from such subletting shall be applied, first, to payment of any indebtedness other than Basic Rent and Additional Rent due hereunder from Tenant to Landlord; second, to the reletting pursuant payment of any costs of such subletting and of such alterations and repairs; third, to this Section 14.2 payment of Basic Rent and Additional Rent due and unpaid hereunder, and the residue, if any, shall be held by Landlord and applied in payment of future Basic Rent and Additional Rent as the same become due hereunder. If Tenant has been credited with any rent to be received by such subletting under clause (i) and such rent shall not be promptly paid to Landlord by the subtenant(s), or if such rentals received from such subletting under clause (ii) during any month are less than those to be paid during that month by Tenant hereunder, Tenant shall pay any such deficiency to Landlord. Such deficiency shall be calculated and paid monthly. No subletting of the Premises by Landlord, as attorney-in-fact for Tenant, shall be construed as an election on the its part of Landlord to terminate this Lease unless a written notice of such intention shall be termination is given to Tenant by LandlordTenant. Notwithstanding any such reletting subletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach breach; and (d) Landlord may have a receiver appointed for Tenant, upon application by Landlord, to take possession of the Premises and to apply any rental collected from the Premises and to exercise all other rights and remedies granted to Landlord as attorney-in-fact for Tenant pursuant to Section 16.2(b) hereof. (e) Tenant hereby expressly and unconditionally waives, in connection with any suit, action or Event proceeding brought by Landlord under this Lease, any and every right it may have to (i) injunctive relief, (ii) a trial by jury, (iii) interpose any counterclaim therein, unless required by the Rules of DefaultProcedure and (iv) have the same consolidated with any other or separate suit, action or proceeding, unless required by the Rules of Procedure. If Nothing herein contained shall prevent or prohibit Tenant from instituting or maintaining a separate action against Landlord does in fact relet the Premises, Tenant shall not be entitled with respect to any rentals or other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; orasserted claim.

Appears in 1 contract

Samples: Lease Agreement (Cryomedical Sciences Inc)

Landlord’s Remedies. Upon the occurrence of If an Event of DefaultDefault by Tenant occurs, Landlord shall be entitled then or at any time thereafter to do any one or more of the following at Landlord's option: (a) Landlord may terminate this Lease by serving written notice on Tenant of Landlord's election to do soEnter the Premises if need be, and may thereafter forthwith proceed take whatever curative actions are necessary to recover rectify Tenant's noncompliance with this Lease; and in that event Tenant shall reimburse Landlord on written demand for any expenditures by Landlord to effect compliance with Tenant's obligations under this Lease. (b) Terminate this Lease, in which event Tenant shall immediately surrender possession of the Premises (together with all alterationsto Landlord, installations, improvements, additions, and other physical changes to the Premises) in accordance with the laws of the State of Illinois. If Landlord elects to terminate or without terminating this Lease, Landlord shall be entitled to recover forthwith as damages a sum of money equal to the total of (i) the cost of recovering the Premises, (ii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned at the time of termination, plus interest thereon at the rate set forth in Section 14.4, (iii) the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value), and (iv) any other sum of money and damages owed by Tenant to Landlord; or (b) Landlord may terminate Tenant's right to possession of the Premises; and in either case, Landlord may re-enter and take possession of the Premises, evict Tenant and all parties then in occupancy or possession, and if permitted under applicable law, change the locks on the doors of the Premises without terminating making keys to the changed locks available to Tenant. (c) If Landlord has terminated this Lease, recover all Minimum Rent, Additional Rent, and other sums owing and unpaid under this Lease as of the date of termination plus damages measured by the difference in the rental value of the Premises if this Lease had been fully performed for the balance of the term and the rental value of the Premises following the Event of Default by Tenant (taking into account probable remodeling, lease commission, allowance, inducement, and other costs of reletting). (d) If Landlord may forthwith proceed has not terminated this Lease (whether or not Landlord has terminated Tenant's right to recover possession of the Premises or actually retaken possession), recover (in accordance with one or more suits from time to time or at any time before or after the laws end of the State term) all Minimum Rent, Additional Rent, and other sums then or thereafter owing and unpaid under this Lease, together with all costs, if any, incurred in reletting the Premises (including remodeling, lease commission, allowance, inducement, and other costs), less all rent, if any, actually received from any reletting of Illinoisthe Premises during the remainder of the term. Landlord shall have the right following an Event of Default by Tenant to relet the Premises on Tenant's account without terminating the Lease, any such reletting to be on such terms as Landlord considers reasonable under the circumstances. To the extent, in the manner, and on the conditions permitted or required by applicable law, Landlord shall have the option to accelerate payment of all future rent and other sums due from Tenant to the date the Event of Default by Tenant occurred; and if Landlord actually receives the future rent and other sums due from Tenant on such acceleration, then to the extent necessary to avoid Landlord's retaining funds in excess of the rent and other sums due from Tenant, Landlord shall thereafter refund to Tenant from time to time any net proceeds of any reletting of the Premises during the remainder of the term remaining after paying the costs of such reletting. (e) Recover all costs of retaking possession of the Premises and any other damages incidental to the Event of Default by Tenant. (f) Terminate all of Tenant's rights to any allowances or under any renewal, extension, expansion, refusal, or other options granted to Tenant by this Lease. (g) Exercise any and all other remedies available to Landlord at law or in equity, including injunctive relief of all varieties. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering retake possession of the PremisesPremises without terminating this Lease, it may nonetheless at any subsequent time elect to terminate this Lease and exercise the remedies provided above on termination of the Lease. Nothing done by Landlord or its agents shall thereafter use reasonable efforts to relet be considered an acceptance of any attempted surrender of the Premises for such rentunless Landlord specifically so agrees in writing. No re-entry or taking of possession of the Premises by Landlord, for such term (whether greater or less than the remaining Term nor any reletting of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as considered an election on the part of by Landlord to terminate this Lease unless a Landlord gives Tenant written notice of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals or other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; or.

Appears in 1 contract

Samples: Office Lease Agreement (Pinnacle Financial Partners Inc)

Landlord’s Remedies. Upon the each occurrence of an Event of Default: Default and so long as such Event of Default shall be continuing, Landlord may at any time elect to: (a) Landlord may terminate this Lease by serving written or Tenant's right of possession, (but Tenant shall remain liable as hereinafter provided), and/or (b) pursue any other remedies at law or in equity. Upon the termination of this Lease or termination of Tenant's right of possession, it shall be lawful for Landlord, without formal demand or notice on Tenant of Landlord's election any kind, to do so, and may thereafter forthwith proceed to recover possession of re-enter the Premises (together with by summary dispossession proceedings or any other action or proceeding authorized by law and to remove Tenant and all alterations, installations, improvements, additions, persons and other physical changes to the Premises) in accordance with the laws of the State of Illinoisproperty therefrom. If Landlord elects re-enters the Premises, Landlord shall have the right to terminate keep in place and use, or remove and store, all property at the Premises. If Landlord terminates this Lease, Landlord shall be entitled to may recover forthwith as damages a from Tenant the sum of money equal of: all Base Rent, Monthly Fixed Operating Expenses, Taxes, and all other amounts accrued hereunder to the total date of (i) such termination; the value of the Base Rent for any periods of abated Monthly Base Rent based on the Monthly Base Rent amount that immediately follows such period of abatement; the cost of recovering reletting the whole or any part of the Premises, (ii) including without limitation brokerage fees and/or leasing commissions incurred by Landlord, and costs of removing and storing property, repairing or altering the unpaid Basic Premises for a new tenant(s), and all reasonable expenses incurred by Landlord in pursuing its remedies, including reasonable attorneys' fees and court costs; and the excess of the then present value of the Base Rent, Escalation Charges Monthly Fixed Operating Expenses, Taxes, and other sums amounts payable hereunder earned at by Tenant under this Lease applicable during the time period following the termination of terminationthis Lease to the Expiration Date stated in this Lease, plus interest thereon at the rate set forth in Section 14.4, (iii) over the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other any net amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for which Tenant establishes Landlord can reasonably expect to recover by reletting the Premises for said period (also reduced such period, taking into consideration the availability of acceptable tenants and other market conditions affecting leasing. Such present values shall be calculated at a discount rate equal to present value), and (iv) any other sum the 90-day U.S. Treasury xxxx rate at the date of money and damages owed by Tenant to Landlord; or (b) such termination. If Landlord may terminate terminates Tenant's right to possession of the Premises (but not this Lease) without terminating the Lease after an Event of Default, Landlord shall use commercially reasonable efforts to mitigate its damages by reletting the Premises without thereby releasing Tenant from any liability hereunder and without demand or notice of any kind to Tenant; provided, however, (a) Landlord may forthwith proceed shall not be obligated to recover possession accept any tenant proposed by Tenant, (b) Landlord shall have the right to lease any other space controlled by Landlord first, and (c) any proposed tenant shall meet all of Landlord's leasing criteria. Any reletting of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) and upon be on such terms and conditions as Landlord in its sole discretion may determine (including without limitation a term different than the remaining Lease Term, rental concessions, alterations and repair of the Premises, lease of less than the entire Premises to any tenant and leasing any or all other portions of the Project before reletting the Premises). Landlord shall find acceptablenot be liable, nor shall Tenant's obligations hereunder be diminished because of, Landlord's failure to relet the Premises or collect rent due in respect of such reletting. For the purposes purpose of such reletting the Premises, Landlord may decorate and/or is authorized to make any repairs, changes, alterations alterations, or additions in or to the Premises as may be Landlord deems reasonably necessarynecessary or desirable. If the Premises are not relet, then Tenant shall pay to Landlord as damages a sum equal to the amount of the rental reserved in this Lease for such period or periods, plus the cost of recovering possession of the Premises (including attorneys' fees and costs of suit), the unpaid Base Rent, Monthly Fixed Operating Expenses, Taxes, and other amounts accrued hereunder at the time of repossession, and the costs incurred in any attempt by Landlord to relet the Premises. If the Premises are relet and a sufficient sum shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord realized from such reletting less [after first deducting therefrom, for retention by Landlord, the amount unpaid Base Rent, Monthly Fixed Operating Expenses, Taxes, and other amounts accrued hereunder at the time of reletting, the cost of recovering possession (including attorneys' fees and costs of suit), all of the costs incurred by Landlord in connection with and expense of repairs, changes, alterations, and additions, the expense of such reletting (includingincluding without limitation brokerage fees and leasing commissions) and the cost of collection of the rent accruing therefrom] to satisfy the rent provided for in this Lease to be paid, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). then Tenant shall timely immediately satisfy and pay all amounts owed to Landlord during the Termany such deficiency. No delivery or recovery of any amount Any such payments due Landlord pursuant to this Lease shall be any defense in any action made upon demand and Tenant agrees that Landlord may file suit to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed sums as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlordthey become due. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect in writing to terminate this Lease for such previous breach breach. Except for Landlord’s termination of this Lease, Landlord’s exercise of any remedies shall not be deemed to be an acceptance of surrender of the Premises and/or a termination of this Lease by Landlord except by written agreement of Landlord and Tenant. Any law, usage, or custom to the contrary notwithstanding, Landlord shall have the right at all times to enforce the provisions of this Lease in strict accordance with the terms hereof; and the failure of Landlord at any time to enforce its rights under this Lease strictly in accordance the terms hereof shall not be construed as having created a custom in any way or manner contrary to the specific terms, provisions, and covenants of this Lease or as having modified the same. Tenant and Landlord further agree that forbearance or waiver by Landlord to enforce its rights pursuant to this Lease or at law or in equity, shall not be a waiver of Landlord's right to enforce one or more of its rights in connection with any subsequent Event of Default. If Receipt by Landlord does in fact relet of rent or other payment with knowledge of the Premises, Tenant breach of any covenant hereof shall not be entitled deemed a waiver of such breach, and no waiver by Landlord of any provision of this Lease shall be deemed to have been made unless expressed in writing and signed by Landlord. To the greatest extent permitted by law, Tenant waives all right of redemption in case Tenant shall be dispossessed by a judgment or by warrant of any rentals court or other consideration from such relettingjudge. The terms "enter," "re-enter," "entry" or "re-entry," as used in this Lease, if any, that exceed any amounts owed by Tenant are not restricted to Landlord; ortheir technical legal meanings.

Appears in 1 contract

Samples: Lease Agreement (TheRealReal, Inc.)

Landlord’s Remedies. Upon the The occurrence of an Event any of Default:the events listed in paragraph 16.1 above shall be deemed a breach of this Lease and without further notice to Tenant, except as set forth in paragraph 16.2, Landlord shall have the following remedies available to it to the extent permitted by law. (a) Landlord may terminate this Lease by serving written notice on Tenant of Landlord's election to do so, and may thereafter forthwith proceed to recover possession of The rent for the Premises (together with all alterations, installations, improvements, additions, and other physical changes to the Premises) in accordance with the laws of the State of Illinois. If Landlord elects to terminate this Lease, Landlord shall be entitled to recover forthwith as damages a sum of money equal to the total of (i) the cost of recovering the Premises, (ii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned at the time of termination, plus interest thereon at the rate set forth in Section 14.4, (iii) the present value of the entire unexpired balance of the Basic Rentterm of this Lease as well as other charges, Escalation Charges costs and other sums expenses agreed to herein shall immediately become xxx and payable hereunder and other amounts owed hereunder for in arrears; and/or (b) Landlord, or anyone acting on Landlord's behalf at Landlord's option may without written notice or demand enter the remainder Premises and take possession of and sell all goods and chattels therein at auction on three (3) days notice, served in person on Tenant or left or posted on the Premises and pay Landlord out of the Term, less the fair market value proceeds of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value), and (iv) any other sum of money and damages owed by Tenant to Landlordauction sale; or (bc) Landlord may terminate Tenant's right remove from the Premises without liability therefor all goods and chattels found therein and may relocate same to any other place or location. Tenant agrees to pay all costs for relocation and storage. Tenant hereby releases and discharges Landlord, and its agents, from all claims, auctions, suits, damages and penalties, for or on account of any entry distraint, levy, appraisement, removal of said goods and chattels or sale thereof; and/or (d) Landlord may take possession of the Premises without terminating the Lease Premises, make any alterations as are reasonably necessary for reletting and Landlord may forthwith proceed to recover possession of lease the Premises or any part to any party as may in accordance with the laws of the State of Illinois. If Landlord elects to terminate TenantLandlord's right to possession without terminating the Lease, Tenant reasonable discretion seem best and tenant shall remain liable for all Basic Rentany loss of rent, Escalation Charges and cost of alterations or other sums payable hereunder and other charges due hereunder and for all costs associated with or incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. . (e) Landlord shall not be required have, in addition to give priority to its efforts to relet the Premises over its efforts to relet any above, all other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations remedies available to Landlord hereunderin law or equity. The term "NET RENTAL" shall, Tenant shall reimburse Landlord for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs reasonable attorney's fees incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals or other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; orexercising its remedies herein.

Appears in 1 contract

Samples: Office Lease Agreement (Trintech Group PLC)

Landlord’s Remedies. Upon the occurrence of an Event of Default, Landlord shall have the following remedies, in addition to all other rights and remedies provided by Governmental Rules (at law or in equity) or otherwise provided in this Lease, to which Landlord may resort cumulatively or in the alternative: (a) Landlord may continue this Lease in full force and effect (and this Lease shall continue in full force and effect as long as Landlord does not terminate this Lease by serving written notice on Tenant of Landlord's election to do soas provided in subsection (b) below), and may thereafter forthwith proceed Landlord shall have the right to recover possession of the Premises collect past due Rent and Rent when due. (together with all alterations, installations, improvements, additions, and other physical changes to the Premisesb) in accordance with the laws of the State of Illinois. If Landlord elects to terminate With or without terminating this Lease, Landlord shall be entitled to recover forthwith as damages a sum of money equal to the total of may, at its sole option, (i) re-enter the cost of recovering the PremisesPremises or any part thereof, (ii) repossess the unpaid Basic RentPremises and dispossess Tenant and any other Persons from the Premises and remove any and all of their property from the Premises in any manner permitted under applicable Governmental Rules, Escalation Charges and other sums payable hereunder earned at the time of termination, plus interest thereon at the rate set forth in Section 14.4, (iii) the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value), and (iv) relet all or any other sum of money and damages owed by Tenant to Landlord; or (b) Landlord may terminate Tenant's right to possession part of the Premises without terminating from time to time, either in the Lease name of Landlord or otherwise, to such tenant or tenants, for any term ending before, on or after the Expiration Date, at such rental and upon such other conditions (which may include concessions and free rent periods) as Landlord, in its reasonable discretion, may determine. Landlord may forthwith proceed shall have no obligation to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, accept any tenant offered by Tenant and shall remain not be liable for all Basic Rentreasonable failure to relet or, Escalation Charges in the event of any such reletting, for reasonable failure to collect any rent due upon any such reletting; and other sums payable hereunder and other charges due hereunder and for all costs incurred no such reasonable failure shall relieve Tenant of, or otherwise affect, any liability under this Lease. Any rent received by Landlord in recovering possession connection with any reletting which is in excess of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease Rent due hereunder shall be applied payable to reduce Tenant's obligations Landlord. Tenant shall pay to Landlord hereunder. The term "NET RENTAL" shallLandlord, for purposes hereofupon demand, mean the gross rental actually received by Landlord from such reletting less the amount of all costs reasonable expenses incurred by Landlord in connection with such Landlord’s re-entry upon the Premises and any reletting (includingof the Premises, including without limitationlimitation repossession costs, broker's feesbrokerage commissions, attorneys' fees’ fees and disbursements and alteration costs. (c) Landlord may, costs at its sole option, give to Tenant three days’ notice of preparing the Premises for occupancy and termination of this Lease (which notice may be given concurrently with any inducements granted to the new tenantrequired notice of an Event of Default). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to , in which event this Lease shall be any defense terminate with the same force and effect as if the date set forth in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall such notice was the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of Expiration Date. In such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premisesevent, Tenant shall quit and surrender the Premises to Landlord, and Landlord may exercise any of its remedies under subsection (b) above. In addition, Tenant shall pay to Landlord all items of Rent payable under this Lease by Tenant to Landlord with respect to periods prior to the date of termination. (d) Whether or not be entitled to any rentals or other consideration from such relettingthis Lease is terminated, Landlord may, at its sole option, (i) retain all monies, if any, that exceed any amounts owed paid by Tenant to Landlord; or, whether as prepaid Rent, Security Deposit or otherwise, which monies, as well as any monies owed by Landlord to Tenant under this Lease, to the extent not otherwise applied to amounts due and owing to Landlord or paid by Landlord, shall at Landlord’s option, either be held by Landlord as additional security under the Lease or credited by Landlord against any damages payable by Tenant to Landlord, and (ii) sell at public or private sale all or any part of Tenant’s property in the Premises. Tenant hereby grants to Landlord a security interest in such property as collateral security for all Rent and the fulfillment of all other obligations of Tenant under this Lease, and Tenant hereby authorizes Landlord to file such financing statements and other filings as are necessary for Landlord to perfect such security interest. (e) In the event that this Lease is terminated as a result of an Event of Default by Tenant, in addition to Tenant’s other obligations hereunder, if and to the extent that Landlord does not recover Base Rent for a period after termination (accelerated or otherwise), Tenant shall pay to Landlord an amount equal to the unamortized costs of the Tenant Allowance calculated using the straight-line method of amortization over the Initial Term at the Default Rate.

Appears in 1 contract

Samples: Office Lease Agreement (Duolingo, Inc.)

Landlord’s Remedies. Upon If a Tenant Default occurs, Landlord shall then be entitled to do any one or more of the occurrence of an Event of Defaultfollowing at Landlord's option: 20.2.1 Either (a) Landlord may terminate this Lease by serving written notice on Tenant of Landlord's election to do soenter the Building if need be, and may thereafter forthwith proceed take whatever curative actions are necessary to recover possession of the Premises rectify Tenant's noncompliance with this Lease; and in that event Tenant shall reimburse Landlord on written demand for any expenditures by Landlord to effect compliance with Tenant's obligations under this Lease; or (together with all alterations, installations, improvements, additions, and other physical changes to the Premisesb) in accordance with the laws of the State of Illinois. If Landlord elects to terminate this Lease, Landlord in which event Tenant shall be entitled to recover forthwith as damages a sum of money equal to the total of (i) the cost of recovering the Premises, (ii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned at the time of termination, plus interest thereon at the rate set forth in Section 14.4, (iii) the present value immediately surrender possession of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value), and (iv) any other sum of money and damages owed by Tenant Property to Landlord; or (b) Landlord may , or without terminating this Lease, terminate Tenant's right to possession of the Premises without terminating the Lease Property; and in either case, Landlord may forthwith proceed to recover re-enter and take possession of the Premises Property and evict Tenant and all parties then in accordance with the laws occupancy or possession. 20.2.2 If Landlord has terminated this Lease, recover all remit and other sums owing and unpaid under this Lease as of the State date of Illinois. termination plus damages measured by the difference in the rental value of the Property if this Lease had been fully performed for the balance of the term and the rental value of the Building following the Tenant Default. 20.2.3 If Landlord elects to terminate has not terminated this Lease (whether or not Landlord has terminated Tenant's right to possession of the Property or actually retaken possession), recover (in one or more suits from time to time or at any time before or after the end of the term) all rent and other sums then or thereafter owing and unpaid under this Lease, together with all costs, if any, incurred in reletting the Building (including lease commission), less all rent, if any, actually received from any reletting of the Property during the remainder of the term. Landlord shall have the right following a. Tenant Default to relet the Land and the Building without terminating the Lease, Tenant any such reletting to be on such commercially reasonable terms as Landlord considers reasonable under the circumstances. To the extent, in the manner, and on the conditions permitted or required by applicable law, Landlord shall remain liable for have the option to accelerate payment of all Basic Rent, Escalation Charges future rent and other sums payable hereunder due from Tenant to the date the Tenant Default occurred; and if Landlord actually receives the future rent and other charges sums due hereunder and for all costs incurred by Landlord from Tenant on such acceleration, then to the extent necessary to avoid Landlord's retaining funds in recovering possession excess of the Premises. rent and other sums due from Tenant, Landlord shall thereafter use reasonable efforts refund to relet the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) Tenant from time to time received by Landlord therefrom over any net proceeds of any reletting of the Property during the remainder of the term remaining term after paying the costs of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of reletting. 20.2.4 Recover all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing retaking possession of the Premises for occupancy Land and the Building and any inducements granted other damages incidental to the new tenant). Tenant shall timely pay all amounts owed Default including but not limited to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals or other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; orreasonable attorneys fees and costs.

Appears in 1 contract

Samples: Commercial Lease (Capital Bancorp Inc)

Landlord’s Remedies. Upon the occurrence of an any Event of Default, Landlord may, in addition to all other rights and remedies afforded Landlord hereunder or by law or equity, take any of the following actions: (a) Landlord may terminate Terminate this Lease by serving giving Tenant written notice on thereof, in which event Tenant of Landlord's election shall pay to do so, and may thereafter forthwith proceed to recover possession of Landlord the Premises (together with all alterations, installations, improvements, additions, and other physical changes to the Premises) in accordance with the laws of the State of Illinois. If Landlord elects to terminate this Lease, Landlord shall be entitled to recover forthwith as damages a sum of money equal to (1) all Rent accrued hereunder through the total of (i) the cost of recovering the Premises, (ii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned at the time date of termination, plus interest thereon at the rate set forth in Section 14.4, (iii2) all amounts due under Article 10.2 (c) and (3) an amount equal to (A) the present value of the balance of the Basic Rent, Escalation Charges total Base Rent and other sums payable hereunder Operating Expenses and other amounts owed hereunder Impositions that Tenant would have been required to pay for the remainder of the TermTerm discounted to present value at a per annum rate equal to the “Prime Rate” as published on the date this Lease is terminated by The Wall Street Journal, less Northeast Edition, in its listing of “Money Rates” minus one percent, minus (B) the then present fair market rental value of the Basic RentPremises for such period as reasonably determined by Landlord, Escalation Charges and other sums payable hereunder for similarly discounted (provided, however, that in calculating the fair rental value of the Premises for said such period, it shall be assumed that there will be a reasonable period of time after the termination of the Lease during which Landlord will not be receiving any rent, while it seeks a new tenant); (also reduced b) Terminate Tenant’s right to present valuepossess the Premises without terminating this Lease by giving written notice thereof to Tenant, in which event Tenant shall pay to Landlord (1) all Rent and other amounts accrued hereunder to the date of termination of possession, (2) all amounts due from time to time under Article 10.2 (c), and (iv3) any all Rent and other sum of money and damages owed net sums required hereunder to be paid by Tenant to Landlord; or (b) Landlord may terminate Tenant's right to possession during the remainder of the Premises without terminating Term (at the Lease time otherwise required hereunder for payment of such Rent and other net sums), diminished by any net sums thereafter received by Landlord may forthwith proceed to recover possession of through reletting the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Leaseduring such period, Tenant shall remain liable for after deducting all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all reasonable costs incurred by Landlord in recovering reletting the Premises. (c) Additionally, Tenant shall pay to Landlord all reasonable costs incurred by Landlord (including court costs and reasonable attorneys’ fees and expenses) in (1) obtaining possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater 2) removing and storing Tenant’s or less than the remaining Term of this Leaseany other occupant’s property, (3) repairing and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting restoring the Premises, (4) performing Tenant’s obligations which Tenant failed to perform, (5) enforcing, or advising Landlord of, its rights, remedies, and recourses arising out of the Event of Default, and (6) any reletting of all or any part of the Premises (including brokerage commissions, cost of tenant finish work, and other costs related to such reletting). The reimbursement from Tenant shall be due and payable within thirty (30) days following written notice from Landlord that an expense has been incurred with documentation substantiating such expenses, without regard to whether the expense was incurred before or after the termination. CONFIDENTIAL TREATMENT REQUESTED UNDER C.F.R. SECTIONS 200.80(b)(4), 200.83 AND 230.406. [****] INDICATES OMITTED MATERIAL THAT IS THE SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST FILED SEPARATELY WITH THE COMMISSION. THE OMITTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE COMMISSION. (d) Landlord may decorate and/or make perform any repairsact or pay any sum, changesthe nonperformance or nonpayment of which is an Event of Default, alterations and Tenant shall reimburse Landlord upon demand for any cost or additions as expense incurred by Landlord in performing such act or paying such sum. Any and all remedies set forth in this Lease: (i) shall be in addition to any and all other remedies Landlord may have at law or in equity; (ii) shall be cumulative; and (iii) may be reasonably necessarypursued successively or concurrently as Landlord may elect. The exercise of any remedy by Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet deemed an election of remedies or preclude Landlord from exercising any other vacant space remedies in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlordfuture. Notwithstanding any such reletting without terminationthe foregoing, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals or other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; oronly recover its damages allowed hereunder once.

Appears in 1 contract

Samples: Lease Agreement (Raindance Technologies Inc)

Landlord’s Remedies. Upon In the occurrence event of an Event of Defaultany default by Tenant, and without limiting Landlord's right to indemnification as provided in Article 8.2, Landlord shall have the following remedies, in addition to all other rights and remedies provided by law or otherwise provided in this Lease, to which Landlord may resort cumulatively, or in the alternative: (a) Landlord may, at Landlord's election, keep this Lease in effect and enforce, by an action at law or in equity, all of its rights and remedies under this Lease including, without limitation, (i) the right to recover the rent and other sums as they become due by appropriate legal action, (ii) the right to make payments required by Tenant, or perform Tenant's obligations and be reimbursed by Tenant for the cost thereof with interest at the then maximum rate of interest not prohibited by law from the date the sum is paid by Landlord until Landlord is reimbursed by Tenant, and (iii) the remedies of injunctive relief and specific performance to prevent Tenant from violating the terms of this Lease and/or to compel Tenant to perform its obligations under this Lease, as the case may be. (b) Landlord may, at Landlord's election, terminate this Lease by serving giving Tenant written notice of termination, in which event this Lease shall terminate on the date set forth for termination in such notice. Any termination under this subparagraph shall not relieve Tenant from its obligation to pay to Landlord all Base Monthly Rent and Additional Rent then or thereafter due, or any other sums due or thereafter accruing to Landlord, or from any claim against Tenant for damages previously accrued or then or thereafter accruing. In no event shall any one or more of the following actions by Landlord, in the absence of a written election by Landlord to terminate this Lease constitute a termination of this Lease: (i) Appointment of a receiver or keeper in order to protect Landlord's election interest hereunder; (ii) Consent to do so, and may thereafter forthwith proceed to recover possession any subletting of the Leased Premises (together with all alterationsor assignment of this Lease by Tenant, installations, improvements, additions, and other physical changes whether pursuant to the provisions hereof or otherwise; or (iii) Any action taken by Landlord or its partners, principals, members, officers, agents, employees, or servants, which is intended to mitigate the adverse effects of any breach of this Lease by Tenant, including, without limitation, any action taken to maintain and preserve the Leased Premises on any action taken to relet the Leased Premises or any portion thereof for the account of Tenant and in the name of Tenant. (c) In the event Tenant breaches this Lease and abandons the Leased Premises) in accordance with the laws , Landlord may terminate this Lease, but this Lease shall not terminate unless Landlord gives Tenant written notice of the State of Illinoistermination. If Landlord elects does not terminate this Lease by giving written notice of termination, Landlord may enforce all its rights and remedies under this Lease, including the right and remedies provided by 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, if lessee has right to terminate sublet or assign, subject only to reasonable limitations"), as in effect on the Effective Date of this Lease. (d) In the event Landlord terminates this Lease, Landlord shall be entitled entitled, at Landlord's election, to recover forthwith the rights and remedies provided in California Civil Code Section 1951.2, as in effect on the Effective Date of this Lease. For purposes of computing damages a sum of money pursuant to Section 1951.2, an interest rate equal to the total lesser of (1) Wellx Xxxmes Plus Two or (2) the maximum rate of interest then not prohibited by law shall be used where permitted. Such damages shall include, without limitation: (i) The worth at the cost time of recovering award of the amount by which the unpaid rent for the balance of the term after the time of award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided, computed by discounting such amount at the discount rate of the Federal Reserve Bank of San Francisco, at the time of the award plus one percent (1%); and (ii) Any other amount necessary to compensate Landlord for all detriment proximately caused by Tenant's failure to perform Tenant's obligations under this Lease, or which in the ordinary course of things would be likely to result therefrom, including without limitation, the following: (i) expenses for cleaning, repairing or restoring the Leased Premises, (ii) reasonable expenses for altering, remodeling or otherwise improving the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned at Leased Premises for the time purpose of termination, plus interest thereon at the rate set forth in Section 14.4, (iii) the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder reletting for the remainder of the Lease Term, less including removal of existing leasehold improvements and/or installation of additional leasehold improvements (regardless of how the fair market value same is funded, including reduction of rent, a direct payment or allowance to a new tenant, or otherwise), (iii) broker's fees allocable to the remainder of the Basic Rentterm of this Lease, Escalation Charges advertising costs and other sums payable hereunder for expenses of reletting the Premises for said period (also reduced to present value), and Leased Premises; (iv) any other sum costs of money carrying and damages owed by Tenant to Landlord; or (b) Landlord may terminate Tenant's right to possession of maintaining the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Leased Premises, Landlord may decorate and/or make any repairssuch as taxes, changesinsurance premiums, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals or other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; orutility

Appears in 1 contract

Samples: Lease Agreement (Webex Inc)

Landlord’s Remedies. Upon In the occurrence event of an Event of Default: any default by Tenant under this Lease, Landlord, at its option, and after any applicable notice and cure period (as required pursuant to Section 12.01), but without additional notice or demand from Landlord, if any, as provided in Section 12.01 has expired, may, in addition to all other rights and remedies provided in this Lease, or otherwise at law or in equity: (a) Landlord may terminate this Lease by serving written notice on Tenant and Tenant's right of Landlord's election to do so, and may thereafter forthwith proceed to recover possession of the Premises Leased Premises; or (together with all alterations, installations, improvements, additions, and other physical changes to the Premisesb) in accordance with the laws terminate Tenant's right of possession of the State of Illinois. If Leased Premises without terminating this Lease; provided, however, that Landlord may, whether Landlord elects to terminate proceed under Subsections (a) or (b) above, relet the Leased Premises, or any part thereof for the account of Tenant, for such rent and term and upon such terms and conditions as are reasonably acceptable to Landlord. In addition, for purposes of any reletting, Landlord is authorized to decorate, repair, alter and improve the Leased Premises to the extent deemed reasonably necessary by Landlord, in its reasonable discretion. In the event of the termination of this LeaseLease by Landlord pursuant to (a) above, Landlord shall be entitled to recover forthwith as damages a sum of money equal to the total of from Tenant (i) all damages and other sums that Landlord is entitled to recover under any provision of this Lease or at law or in equity, including, but not limited to, all fixed dollar amounts of Base Rent and Additional Rent accrued and unpaid for the cost of recovering the Premises, period up to and including such termination date; (ii) the unpaid Basic Rent, Escalation Charges and all other additional sums payable hereunder earned at by Tenant, or for which Tenant is liable, or in respect of which Tenant has agreed to indemnify Landlord, under any of the time provisions of terminationthis Lease, plus interest thereon at the rate set forth in Section 14.4, that may be then owing and unpaid; and (iii) the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value), and (iv) any other sum of money and damages owed by Tenant to Landlord; or (b) Landlord may terminate Tenant's right to possession of the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting expenses (including, without limitation, broker's fees, court costs and attorneys' reasonable fees) incurred by Landlord in the enforcement of its rights and remedies under this Lease and (iv) any damages provable by Landlord as a matter of law including, without limitation, an amount equal to the positive difference, if any, between (x) the Rent provided to be paid for the remainder of the Demised Term (measured from the effective termination date of this Lease) and (y) the fair market rental value of the Leased Premises (determined at the date of termination of this Lease) after deduction (from such fair market rental value) of the projected costs and expenses of reletting the Leased Premises (including the anticipated costs of preparing repairs, alterations, improvements, additions, legal fees and brokerage commissions) as reasonably estimated by Landlord. If Landlord elects to pursue its rights and remedies under Subsection (b) above, and the Leased Premises are relet and a sufficient sum is not realized therefrom, then to satisfy the payment, when due, of Base Rent and Additional Rent reserved under the Lease for occupancy and any inducements granted monthly period (after payment of all Landlord's reasonable expenses of reletting), Tenant shall, in Landlord's sole judgment, either (i) pay any such deficiency monthly or (ii) pay such deficiency on an accelerated basis, which accelerated deficiency shall be discounted at a rate equal to the new tenant)Federal Reserve discount rate in effect on the date of Landlord's demand. If Landlord elects to pursue its rights and remedies under Subsection (b) above, and Landlord fails to relet the Leased Premises, then Tenant shall pay to Landlord the sum of (x) the projected costs of Landlord's expenses of reletting (including the anticipated costs of repairs, alterations, improvements, additions, legal fees and brokerage commissions) as reasonably estimated by Landlord and (y) the accelerated amount of Base Rent and Additional Rent due under the Lease for the balance of the Demised Term, discounted to present value at a rate equal to the Federal Reserve discount rate in effect on the date of Landlord's demand. Tenant shall timely pay all amounts owed agrees that Landlord may file suit to recover any sums due to Landlord during the Term. No delivery hereunder from time to time and that such suit or recovery of any amount due Landlord pursuant to this Lease hereunder shall not be any defense in to any subsequent action to recover brought for any amount not theretofore reduced to judgment in favor of Landlord. If Landlord elects to pursue its rights and remedies under Subsection (b), nor then Landlord shall at any time have the reletting further right and remedy to rescind such election and pursue its rights and remedies under Subsection (a). In the event Landlord elects, pursuant to subsection (b) of this Section 14.2 be construed as an election on 12.03, to terminate Tenant's right of possession only, without terminating this Lease, Landlord may, at Landlord's option, after the part provision of Landlord fifteen (15) days written notice to Tenant, enter into the Premises, remove Tenant's Property, Tenant's signs and other evidences of tenancy, and take and hold possession thereof; provided, however, that such entry and possession shall not terminate this Lease unless a written notice or release Tenant, in whole or in part, from Tenant's obligation to pay the Base Rent and Additional Rent reserved hereunder for the full Demised Term, or from any other obligation of Tenant under this Lease. Any and all property that 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 sole risk, cost and expense of Tenant, and in no event or circumstance shall Landlord be responsible for the value, preservation or safekeeping thereof. Tenant shall pay to Landlord, upon demand, any and all expenses incurred in such intention removal and all storage charges against such property so long as the same shall be given in Landlord's possession or under Landlord's control. Any such property of Tenant not retaken from storage by Tenant within 30 days after the end of the Demised Term, however terminated, shall be conclusively presumed to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals or other consideration from such reletting, if any, that exceed any amounts owed have been conveyed by Tenant to Landlord; orLandlord under this Lease as in a bxxx of sale, without further payment or credit by Landlord to Tenant.

Appears in 1 contract

Samples: Agreement of Sale (Blonder Tongue Laboratories Inc)

Landlord’s Remedies. Upon In the occurrence event of any default by Tenant, and without limiting Landlord's right to indemnification as provided in Article 8.2, Landlord shall have the following remedies, in addition to all other rights and remedies provided by Law or otherwise provided in this Lease, to which Landlord may resort cumulatively, or in the alternative. A. Landlord may, at Landlord's election, keep this Lease in effect and enforce, by an Event action at law or in equity, all of Defaultits rights and remedies under this Lease including, without limitation, (i) the right to recover the rent and other sums as they become due by appropriate legal action, (ii) the right to make payments required by Tenant, or perform Tenant's obligations and be reimbursed by Tenant for the cost thereof with interest at the then maximum rate of interest not prohibited by Law from the date the sum is paid by Landlord until Landlord is reimbursed by Tenant, and (iii) the remedies of injunctive relief and specific performance to prevent Tenant from violating the terms of this Lease and/or to compel Tenant to perform its obligations under this Lease, as the case may be. B. Landlord may, at Landlord's election, terminate this Lease by giving Tenant written notice of termination, in which event this Lease shall terminate on the date set forth for termination in such notice. Any termination under this Subarticle shall not relieve Tenant from its obligation to pay to Landlord all Base Monthly Rent and Additional Rent then or thereafter due, or any other sums due or thereafter accruing to Landlord, or from any claim against Tenant for damages previously accrued or then or thereafter accruing. In no event shall any one or more of the following actions by Landlord, in the absence of a written election by Landlord to terminate the Lease, constitute a termination of the Lease: (a1) Appointment of a receiver or keeper in order to protect Landlord's interest hereunder; (2) Consent to any subletting of the Leased Premises or assignment of this Lease by Tenant, whether pursuant to the provisions hereof or otherwise; or (3) Any other action by Landlord or Landlord's agents intended to mitigate the adverse effects of any breach of this Lease by Tenant, including, without limitation, any action taken to maintain and preserve the Leased Premises or any action taken to relet the Leased Premises, or any portion thereof, for the account of Tenant and in the name of Tenant. C. In the event Tenant breaches this Lease and abandons the Leased Premises, Landlord may terminate this Lease, but this Lease by serving shall not terminate unless Landlord gives Tenant written notice on Tenant of Landlord's election to do so, and may thereafter forthwith proceed to recover possession of the Premises (together with all alterations, installations, improvements, additions, and other physical changes to the Premises) in accordance with the laws of the State of Illinoistermination. If Landlord elects does not terminate this Lease by giving written notice of termination, Landlord may enforce all its rights and remedies under this Lease, including the right to terminate recover rent as it becomes due under this Lease as provided in California Civil Code Section 1951.4, as in effect on the Effective Date of this Lease. D. In the event Landlord terminates this Lease, Landlord shall be entitled entitled, at Landlord's election, to recover forthwith damages in an amount as set forth in California Civil Code Section 1951.2, as in effect on the Effective Date of this Lease. For purposes of computing damages a sum of money pursuant to Section 1951.2, an interest rate equal to the total maximum rate of interest then not prohibited by Law shall be used where permitted. Such damages shall include, without limitation: (i1) the cost of recovering the Premises, (ii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned The worth at the time of termination, plus interest thereon at award of the rate set forth in Section 14.4, (iii) amount by which the present value of unpaid rent for the balance of the Basic Rentterm after the time of award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for computed by discounting such amount at the remainder discount rate of the TermFederal Reserve Bank of San Francisco, less at the fair market value time of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value), and (iv) any other sum of money and damages owed by Tenant to Landlordaward plus one percent; orand (b2) Any other amount necessary to compensate Landlord may terminate for all detriment proximately caused by Tenant's right failure to possession of the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce perform Tenant's obligations under this Lease, or which in the ordinary course of things would be likely to Landlord hereunder. The term "NET RENTAL" shallresult therefrom, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, including without limitation, the following: (i) expenses for cleaning, repairing or restoring the Leased Premises; (ii) expenses for altering, remodeling or otherwise improving the Leased Premises for the purpose of reletting, including removal of existing leasehold improvements and/or installation of additional leasehold improvements (regardless of how the same is funded, including reduction of rent, a direct payment or allowance to a new tenant, or otherwise); (iii) broker's fees, advertising costs and other expenses of reletting the Leased Premises; (iv) costs of carrying and maintaining the Leased Premises which costs would have been billed to Tenant as Additional Rent had Tenant not defaulted and which include but are not limited to taxes, insurance premiums, utility charges, landscape maintenance costs, costs of maintaining electrical, plumbing and HVAC equipment and costs for providing security; (v) expenses incurred in removing, disposing of and/or storing any of Tenant's personal property, inventory or trade fixtures remaining therein; (vi) attorneys' fees, expert witness fees, court costs and other reasonable expenses incurred by Landlord but not limited to taxable costs) in retaking possession of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Leased Premises, Tenant shall not be entitled to establishing damages hereunder, and re-leasing the Leased Premises; and (vii) any rentals other expenses, costs or other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; ordamages otherwise incurred or suffered as a result of Tenant's default.

Appears in 1 contract

Samples: Consent to Sublease (Virage Logic Corp)

Landlord’s Remedies. Upon the occurrence of an Event of Default, Landlord shall have the remedies, in addition to all other rights and remedies provided by law or equity, or elsewhere in this Lease or in any other agreement related to this Lease, to which Landlord may resort cumulatively or in the alternative: (a) Landlord may may, at Landlord's election, terminate this Lease by serving upon the delivery of written notice on Tenant of Landlordsuch termination to Tenant. On the delivery of such notice, all Tenant's election rights in the Premises and the Project, in all improvements located at the Premises, to do sorevenues from the Premises, and to amounts which may thereafter forthwith proceed otherwise be due from Landlord to recover Tenant under this Lease, shall terminate. Promptly after notice of termination, Tenant shall fulfill its obligations under Section 5.2 hereof and surrender and vacate the Premises in a broom clean condition, and Landlord may reenter and take possession of the Premises (together with and eject all alterations, installations, improvements, additions, parties in possession or eject some and other physical changes not others or eject none. Termination under this Subsection shall not relieve Tenant from the payment of any sum then due to the Premises) in accordance with the laws of the State of IllinoisLandlord or from any claim for damages previously accrued or then accruing against Tenant. If Landlord elects to terminate this LeaseUpon such termination, Landlord shall also be entitled to recover forthwith from Tenant (i) unpaid Rent or such other amounts which have been earned or are payable at the time of termination, and (ii) as liquidated damages and not as a penalty, a sum of money equal to the total Rent and such other amounts and rental costs to be paid by Tenant to Landlord for the remainder of the Lease Term (the "ACCELERATED AMOUNT"). (b) Landlord may, at Landlord's election, terminate Tenant's right to possession only, without terminating the Lease. Upon termination of Tenant's right to possession without termination of the Lease, Tenant shall surrender possession and vacate the Premises immediately and deliver possession of the Premises to Landlord, and Tenant hereby grants to Landlord the immediate right to enter into the Premises, remove Tenant's signs and other evidences of tenancy, and take and hold possession of the Premises with or without process of law, and to dispossess the others who may be occupying or within the Premises, without being deemed in any manner guilty of trespass, eviction, or forcible entry or detainer, without incurring any liability for any damage resulting therefrom, without such entry and possession terminating the Lease or releasing Tenant from Tenant's obligation to pay Rent and to fulfill all other of Tenant's obligations under this Lease for the full Lease Term. Landlord shall be entitled to recover from Tenant (i) the cost of recovering the Premises, (ii) the unpaid Basic Rent, Escalation Charges and Rent or such other sums amounts which have been earned or are payable hereunder earned at the time of termination, plus interest thereon and (ii) as liquidated damages and not as a penalty, the Accelerated Amount. (c) Landlord may, at Landlord's election, store Tenant's personal property, if any, for the account and at the rate set forth in Section 14.4, (iii) the present value cost of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value), and (iv) any other sum of money and damages owed by Tenant to Landlord; orTenant. (bd) Landlord may terminate Tenant's right to possession of the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinois. If Whether or not Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant Landlord may, but shall remain liable for be under no obligation to, relet all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession or any part of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) rent and upon such terms and conditions as shall be satisfactory to Landlord shall find acceptable. For (including the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts right to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals or other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; orthe

Appears in 1 contract

Samples: Lease Agreement (Firepond Inc)

Landlord’s Remedies. Upon the occurrence of an Event any of Defaultthe events of default listed in Paragraph 20, Landlord shall have xxx xxxxxx xx xxxxxx any one or more of the following remedies without any prior notice or demand whatsoever: (a) Terminate this Lease, in which event Tenant shall immediately surrender the Premises to Landlord. If Tenant fails to so surrender the Premises, Landlord may, without prejudice to any other remedy which it may terminate this Lease by serving written notice on Tenant of Landlord's election to do so, and may thereafter forthwith proceed to recover have for possession of the Premises or arrearages in rent, enter upon and take possession of the Premises and expel or remove Tenant and any other person who may be occupying the Premises or any part thereof without being liable for prosecution or any claim for damages therefor. Tenant shall pay to Landlord on demand the amount of all loss and damage which Landlord may suffer by reason of such termination, whether through inability to relet the Premises on satisfactory terms or otherwise. (b) Enter upon and take possession of the Premises, without terminating this Lease and without being liable for prosecution or for any claim for damages therefor, and expel or remove Tenant and any other person who may be occupying the Premises or any part thereof. Landlord may relet the Premises and receive the rent therefor. Tenant agrees to pay to Landlord monthly or on demand from time to time any deficiency that may arise by reason of any such reletting. In determining the amount of such deficiency, leasing commissions, attorneys' fees, remodeling expenses and other costs of reletting shall be subtracted from the amount of rent received under such reletting. (c) Enter upon the Premises, without terminating this Lease and without being liable for prosecution or for any claim for damages therefor, and do whatever Tenant is obligated to do under the terms of this Lease. Tenant agrees to pay Landlord on demand for expenses which Landlord may incur in thus effecting compliance with Tenant's obligations under this Lease, together with all alterationsinterest thereon at the rate of twelve percent (12%) per annum from the date expended until paid. Landlord shall not be liable for any damages resulting to Tenant from such action, installations, improvements, additions, and other physical changes whether caused by negligence of Landlord or otherwise. (d) In addition to the Premisesforegoing remedies, Landlord shall have the right to change or modify the locks on the Premises in the event Tenant fails to pay any rent when due hereunder. Landlord shall not be obligated to provide another key to Tenant or allow Tenant to regain entry to the Premises unless and until Tenant pays Landlord all rent which is delinquent. Tenant agrees that Landlord shall not be liable for any damages resulting to Tenant from the lockout. (e) in accordance with the laws No re-entry or taking possession of the State of Illinois. If Premises by Landlord elects shall be construed as an election to terminate this Lease, Landlord shall be entitled to recover forthwith as damages a sum of money equal to the total of (i) the cost of recovering the Premises, (ii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned at the time of termination, plus interest thereon at the rate set forth in Section 14.4, (iii) the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value), and (iv) any other sum of money and damages owed by Tenant to Landlord; or (b) Landlord may terminate Tenant's right to possession of the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be is given to Tenant by LandlordTenant. Notwithstanding any such reletting without terminationor re-entry or taking possession, Landlord may may, at any time thereafter thereafter, elect to terminate this Lease for such a previous breach default. Pursuit of any of the foregoing remedies shall not preclude pursuit of any of the other remedies provided by law, nor shall pursuit of any remedy herein provided constitute a forfeiture or Event waiver of Defaultany monthly installment of rent due to Landlord hereunder or of any damages accruing to Landlord by reason of the violation of any of the terms, provisions and covenants herein contained. If Forbearance by Landlord does in fact relet to enforce one or more of the Premises, Tenant remedies herein provided upon an event of default shall not be entitled deemed or construed to constitute a waiver of any other violation or default. The loss or damage that Landlord may suffer by reason of termination of this Lease or the deficiency from any reletting as provided for above shall include the expense of repossession and any repairs or remodeling undertaken by Landlord following possession. Should Landlord terminate this Lease at any time for any default, in addition to any rentals or other consideration remedy Landlord may have, Landlord may recover from Tenant all damages Landlord may incur by reason of such relettingdefault, if any, that exceed any amounts owed by Tenant to Landlord; orincluding the cost of recovering the Premises and the cost of the rental then remaining unpaid.

Appears in 1 contract

Samples: Lease Agreement (Essxsport Corp)

Landlord’s Remedies. Upon In the occurrence event of any default by Tenant, and without limiting Landlord’s right to indemnification as provided in Article 8.2, Landlord shall have the following remedies, in addition to all other rights and remedies provided by Law or otherwise provided in this Lease, to which Landlord may resort cumulatively, or in the alternative: A. Landlord may, at Landlord’s election, keep this Lease in effect and enforce, by an Event action at law or in equity, all of Defaultits rights and remedies under this Lease including, without limitation, (i) the right to recover the rent and other sums as they become due by appropriate legal action, (ii) the right to make payments required by Tenant, or perform Tenant’s obligations and be reimbursed by Tenant for the cost thereof with interest at the then maximum rate of interest not prohibited by Law from the date the sum is paid by Landlord until Landlord is reimbursed by Tenant, and (iii) the remedies of injunctive relief and specific performance to prevent Tenant from violating the terms of this Lease and/or to compel Tenant to perform its obligations under this Lease, as the case may be. B. Landlord may, at Landlord’s election, terminate this Lease by giving Tenant written notice of termination, in which event this Lease shall terminate on the date set forth for termination in such notice. Any termination under this Subarticle shall not relieve Tenant from its obligation to pay to Landlord all Base Monthly Rent and Additional Rent then or thereafter due, or any other sums due or thereafter accruing to Landlord, or from any claim against Tenant for damages previously accrued or then or thereafter accruing. In no event shall any one or more of the following actions by Landlord, in the absence of a written election by Landlord to terminate the Lease, constitute a termination of the Lease: (a1) Appointment of a receiver or keeper in order to protect Landlord’s interest hereunder; (2) Consent to any subletting of the Leased Premises or assignment of this Lease by Tenant, whether pursuant to the provisions hereof or otherwise; or (3) Any other action by Landlord or Landlord’s agents intended to mitigate the adverse effects of any breach of this Lease by Tenant, including, without limitation, any action taken to maintain and preserve the Leased Premises or any action taken to relet the Leased Premises, or any portion thereof, for the account of Tenant and in the name of Tenant C. In the event Tenant breaches this Lease and abandons the Leased Premises, Landlord may terminate this Lease, but this Lease by serving shall not terminate unless Landlord gives Tenant written notice on Tenant of Landlord's election to do so, and may thereafter forthwith proceed to recover possession of the Premises (together with all alterations, installations, improvements, additions, and other physical changes to the Premises) in accordance with the laws of the State of Illinoistermination. If Landlord elects does not terminate this Lease by giving written notice of termination, Landlord may enforce all its rights and remedies under this Lease, including the right to terminate recover rent as it becomes due under this Lease as provided in California Civil Code Section 1951.4, as in effect on the Effective Date of this Lease. D. In the event Landlord terminates this Lease, Landlord shall be entitled entitled, at Landlord’s election; to recover forthwith damages in an amount as set forth in California Civil Code Section 1951.2, as in effect on the Effective Date of this Lease. For purposes of computing damages a sum of money pursuant to Section 1951.2, an interest rate equal to the total maximum rate of interest then not prohibited by Law shall be used where permitted. Such damages shall include, without limitation: (i1) the cost of recovering the Premises, (ii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned The worth at the time of termination, plus interest thereon at award of the rate set forth in Section 14.4, (iii) amount by which the present value of unpaid rent for the balance of the Basic Rentterm after the time of award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided, Escalation Charges computed by discounting such amount at the discount rate of the Federal Reserve Bank of San Francisco, at the time of award plus one percent; and (2) Any other amount necessary to compensate Landlord for all detriment proximately caused by Tenant’s failure to perform Tenant’s obligations under this Lease, or which in the ordinary course of things would be likely to result therefrom, including without limitation, the following: (i) expenses for cleaning, repairing or restoring the Leased Premises; (ii) expenses for altering, remodeling or otherwise improving the Leased Premises for the purpose of reletting, including removal of existing leasehold improvements and/or installation of additional leasehold improvements (regardless of how the same is funded, including reduction of rent, a direct payment or allowance to a new tenant, or otherwise); (iii) broker’s fees, advertising costs and other sums payable hereunder and other amounts owed hereunder for expenses of reletting the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value), and Leased Premises; (iv) costs of carrying and maintaining the Leased Premises which costs would have been billed to Tenant as Additional Rent had Tenant not defaulted and which include but are not limited to taxes, insurance premiums, utility charges, landscape maintenance costs, costs of maintaining electrical, plumbing and HVAC equipment and costs for providing security; (v) expenses incurred in removing, disposing of and/or storing any of Tenant’s personal property, inventory or trade fixtures remaining therein; (vi) attorneys’ fees, expert witness fees, court costs and other sum of money and damages owed reasonable expenses incurred by Tenant Landlord but not limited to Landlord; or (btaxable costs) Landlord may terminate Tenant's right to in retaking possession of the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Leased Premises, Landlord may decorate and/or make any repairsestablishing damages hereunder, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet and re-leasing the Premises over its efforts to relet Leased Premises; and (vii) any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' feesexpenses, costs or damages otherwise incurred or suffered as a result of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals or other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; orTenant’s default.

Appears in 1 contract

Samples: Industrial Space Lease (Virage Logic Corp)

Landlord’s Remedies. Upon the occurrence of an Event any such events of Defaultdefault described in Paragraph 19 hereof, Landlord shall have the option to pursue any one or more of the following remedies without any notice or demand whatsoever: (a) Landlord may terminate this Lease by serving written notice on Tenant of Landlord's election to do so, and may thereafter forthwith proceed to recover possession of the Premises (together with all alterations, installations, improvements, additions, and other physical changes to the Premises) in accordance with the laws of the State of Illinois. If Landlord elects to terminate Terminate this Lease, Landlord shall be entitled to recover forthwith as damages a sum of money equal to the total of (i) the cost of recovering the Premises, (ii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned at the time of termination, plus interest thereon at the rate set forth in Section 14.4, (iii) the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value), and (iv) any other sum of money and damages owed by Tenant to Landlord; or (b) Landlord may or terminate Tenant's right rights to possession of the Leased Premises without terminating under this Lease (but not the Lease Lease, itself ), and in either event Landlord may forthwith proceed shall have the right to recover immediate possession of the Leased Premises in accordance with and may reenter the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Leased Premises, Landlord may decorate and/or make change the locks and remove all persons and property therefrom using all force necessary for this purpose without being guilty in any repairs, changes, alterations manner of trespass or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy otherwise; and any inducements granted and all damages to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery Tenant, or recovery persons holding under Tenant, by reason of such re-entry are hereby expressly waived; and any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election such termination or re-entry on the part of Landlord shall be without prejudice to terminate any remedy available to Landlord for arrears of rent, breach of contract, damages or otherwise, nor shall the termination of this Lease unless a written notice or of such intention shall Tenant's rights of possession under this Lease by Landlord acting under this subsection be given deemed in any manner to relieve Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect from the obligation to terminate pay the rent and all other amounts due or to become due as provided in this Lease for such previous breach and during the entire unexpired portion then remaining of the Lease term. In the event of termination of this Lease or Event of Default. If Tenant's rights of possession under this Lease by Landlord does as provided in fact this subparagraph, Landlord shall have the further right (but not the obligation) to relet the PremisesLeased Premises upon such terms, conditions and covenants as are deemed proper by Landlord for the account of Tenant, and in such event, Tenant shall not be entitled pay to any rentals Landlord all costs of renovating and altering the Leased Premises for a new tenant or other consideration tenants in addition to all brokerage and/or legal fees incurred in connection therewith. Landlord shall credit Tenant only for such amounts as are actually received from such relettingreletting during the then remaining Lease term. Alternatively, at the election of Landlord, Tenant covenants and agrees to pay as damages to Landlord, upon any such termination by Landlord of this Lease or of Tenant's rights of possession under this Lease, such sum as at the time of such termination equals the amount of the excess, if any, of the then present value of all the rent which would have been due and payable hereunder during the remainder of the full Lease term (had Tenant kept and performed all agreements and covenants of Tenant set forth in this Lease) over and above the then present rental value of the Leased Premises for said remainder of the Lease term. For purposes of present value calculations, Landlord and Tenant stipulate and agree to a discount rate of six (6) percent per annum. b) Without terminating this Lease, to enter upon the Leased Premises and without being guilty in any manner of trespass or otherwise and without liability for any damage to Tenant or persons holding under Tenant by reason of such re-entry, all of which are hereby expressly waived, and to do or perform whatever Tenant is obligated hereunder to do or perform under the terms of this Lease; and Tenant shall reimburse Landlord on demand for any expenses or other sums which Landlord may incur or expend plus fifteen percent (15% ) thereof to cover Landlord's overhead and administrative cost, pursuant to this subparagraph, and Landlord shall not be liable for any damages resulting to Tenant from such action, whether caused by the negligence of Landlord or otherwise; provided, however, nothing in this subsection shall be deemed an obligation or undertaking by Landlord to remedy any such defaults of Tenant. c) Without waiving such event of default, apply all or any part of the security deposit to cure the event of default or to any damages suffered as a result of the event of default to the extent of the amount of damages suffered. Tenant shall reimburse Landlord for the amount of such depletion of the security deposit on demand. d) In addition to any of the remedies noted above or hereinafter, Landlord is entitled and authorized to enter upon and take possession of the Leased Premises and remove any property that exceed may be found within the Leased Premises. Landlord shall have the right to change any amounts owed and all locks and other security devices restricting access to the Leased Premises. To the extent permitted by law, Tenant hereby waives: (i) any notices of Landlord's intent to re-enter or re-take possession of the Leased Premises; (ii) any notice provided by statute or otherwise of such re-entry or repossession or changing of locks; (iii) any claim or cause of action, whether based on trespass, conversion, or otherwise, against Landlord or Landlord; or's agents, employees, officers, or contractors for any damages caused by the alteration of any locks or re-entry or repossession by

Appears in 1 contract

Samples: Lease Agreement (Sharps Compliance Corp)

Landlord’s Remedies. Upon In the occurrence event of an Event of Defaultany default by Tenant, and without limiting Landlord’s right to indemnification as provided in Section 8.2, Landlord shall have the following remedies, in addition to all other rights and remedies provided by law or otherwise provided in this Lease, to which Landlord may resort cumulatively, or in the alternative: (a) Landlord may terminate may, at Landlord’s election, keep this Lease in effect and enforce, by serving written notice on Tenant an action at law or in equity, all of Landlord's election to do soits rights and remedies under this Lease including, and may thereafter forthwith proceed to recover possession of the Premises (together with all alterations, installations, improvements, additions, and other physical changes to the Premises) in accordance with the laws of the State of Illinois. If Landlord elects to terminate this Lease, Landlord shall be entitled to recover forthwith as damages a sum of money equal to the total of without limitation, (i) the cost of recovering right to recover the PremisesRent and other sums as they become due by appropriate legal action, (ii) the unpaid Basic Rentright to make payments required by Tenant, Escalation Charges or perform Tenant’s obligations and other sums payable hereunder earned be reimbursed by Tenant for the cost thereof with interest at a rate equal to the time of terminationDefault Interest Rate from the date the sum is paid by Landlord until Landlord is reimbursed by Tenant, plus interest thereon at the rate set forth in Section 14.4, and (iii) the present value remedies of injunctive relief and specific performance to prevent Tenant from violating the balance terms of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced this Lease and/or to present value), and (iv) any other sum of money and damages owed by compel Tenant to Landlord; orperform its obligations under this Lease, as the case may be. (b) Landlord may, at Landlord’s election, terminate this Lease by giving Tenant written notice of termination, in which event this Lease shall terminate on the date set forth for termination in such notice, in which event Tenant shall immediately surrender the Premises to Landlord, and if Tenant fails to do so, Landlord may, without prejudice to any other remedy which it may terminate Tenant's right to have for possession or arrearages in rent, enter upon and take possession of the Premises and expel or remove Tenant and any other person who may be occupying the Premises or any part thereof, without terminating the Lease being liable for prosecution or any claim or damages therefor. Any termination under this subparagraph shall not relieve Tenant from its obligation to pay to Landlord all Base Monthly Rent and Landlord may forthwith proceed Additional Rent then or thereafter due, or any other sums due or thereafter accruing to recover possession Landlord, or from any claim against Tenant for damages previously accrued or then or thereafter accruing. In no event shall any one or more of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Leasefollowing actions by Landlord, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received absence of a written election by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless constitute a written notice termination of such intention shall be given this Lease: (i) Appointment of a receiver or keeper in order to Tenant by protect Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals or other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; or’s interest hereunder;

Appears in 1 contract

Samples: Lease (LumiraDx LTD)

Landlord’s Remedies. Upon the occurrence of an Event event of Default:default by Tenant under this Lease, Landlord, at its option, without further notice or demand to Tenant, may in addition to all other rights and remedies provided in this Lease or at law or in equity (but subject to Section 16.5 below): (a) Terminate this Lease and retake possession upon the Landlord's own account, terminating all further liability and rights of the Tenant (with the exception of any outstanding Rent or other sums due Landlord may at the time of such termination, including any amount due as a consequence of Landlord electing to accelerate rent pursuant to subsection (e) below) under the terms of this Lease; (b) Not terminate this Lease by serving written notice Lease, but hold the Tenant liable for Rent as it comes due under the terms of this Lease; (c) Not terminate this Lease, but hold the Tenant liable for all Rent and other charges payable to Landlord or to others on Tenant of Landlord's election to do so, and may thereafter forthwith proceed to recover behalf under the terms of this Lease; (d) Retake possession of the Premises for the account of the Tenant, holding the Tenant liable for the difference between the Rent stipulated to be paid (together with all alterations, installations, improvements, additions, and other physical changes to the Premises) as such Rent comes due as stipulated in this Lease or as may be accelerated in accordance with Subsection (e) below) under this Lease and what the laws Landlord is able to actually recover from reletting. Landlord and Tenant specifically agree that Landlord shall not be liable for repayment back to Tenant of any sums actually received from reletting in excess of the State Rent stipulated to be paid under this Lease. Any such sums received by Landlord shall first be applied to any expenses incurred or to be incurred by Landlord in reletting the property, including without limitation leasing commissions and tenant improvements, then to payment of Illinois. If Landlord elects attorneys fees and costs incurred or to terminate be incurred by Landlord, then to outstanding Rent at the date of default under the terms of this Lease, then to any Rent payable as such Rent comes due as stipulated in this Lease; (e) If this Lease is terminated by Landlord shall be entitled to recover forthwith as damages a sum result of money equal the occurrence of an event of default, then if and to the total of extent permitted by applicable law, Landlord may declare due and payable immediately an amount determined as follows: (i) the cost entire amount of recovering the Premises, (ii) the unpaid Basic Rent, Escalation Charges Rent and other sums charges and assessments which would have become due and payable hereunder earned at the time of termination, plus interest thereon at the rate set forth in Section 14.4, (iii) the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for during the remainder of the Lease Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced discounted to present value)value by using a discount factor of eight percent (8%) per annum, plus (ii) all of Landlord's costs and (iv) any other sum of money and damages owed by Tenant to Landlord; or (b) Landlord may terminate Tenant's right to possession of the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting expenses (including, without limitation, Landlord's expenses in redecorating and restoring the Premises and all costs relating to such reletting, including broker's feescommissions and lease assumptions) reasonably incurred in connection with or related to the reletting of the Premises, attorneys' fees, costs minus (iii) the market rental value of preparing the Premises for occupancy the remainder of the Lease Term, based on Landlord's reasonable determination of both future rental value and any inducements granted to the new tenant). Tenant shall timely pay probability of reletting the Premises for all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord the remaining Term, discounted to terminate present value by using a discount factor of eight percent (8%) per annum. The term "remaining Lease Term" as used in this subsection shall mean the period which otherwise would have (but for the termination of this Lease) constituted the balance of the Lease unless a written notice Term from the date of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate the termination of this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals or other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; orLease.

Appears in 1 contract

Samples: Lease Agreement (National Auto Finance Co Inc)

Landlord’s Remedies. Upon In the occurrence event of any default by Tenant (see attached), and without limiting Landlord's right to indemnification as provided in Article 8.2, Landlord shall have the following remedies, in addition to all other rights and remedies provided by Law or otherwise provided in this Lease, to which Landlord may resort cumulatively, or in the alternative: A. Landlord may, at Landlord's election, keep this Lease in effect and enforce, by an Event action at law or in equity all of Defaultits rights and remedies under this Lease including, without limitation, (i) the right to recover the rent and other sums as they become due by appropriate legal action, (ii) the right to make payments required of Tenant, or perform Tenant's obligations and be reimbursed by Tenant for the cost thereof with interest at the then maximum rate of interest not prohibited by Law from the date the sum is paid by Landlord until Landlord is reimbursed by Tenant, and (iii) the remedies of injunctive relief and specific performance to prevent Tenant from violating the terms of this Lease and/or to compel Tenant to perform its obligations under this Lease, as the case may be. B. Landlord may, at Landlord's election, terminate this Lease by giving Tenant written notice of termination, in which event this Lease shall terminate on the date set forth for termination in such notice. Any termination under this Subarticle shall not relieve Tenant from its obligation to pay to Landlord all Base Monthly Rent and Additional Rent then or thereafter due, or any other sums due or thereafter accruing to Landlord, or from any claim against Tenant for damages previously accrued or then or thereafter accruing. In no event shall any one or more of the following actions by Landlord, in the absence of a written election by Landlord to terminate this Lease, constitute a termination of this Lease: (a1) Appointment of a receiver or keeper in order to protect Landlord's interest hereunder; (2) Consent to any subletting of the Leased Premises or assignment of this Lease by Tenant, whether pursuant to the provisions hereof or otherwise; or (3) Any other action by Landlord or Landlord's agents intended to mitigate the adverse effects of any breach of this Lease by Tenant, including, without limitation, any action taken to maintain and preserve the Leased Premises or any action taken to relet the Leased Premises, or any portion thereof, for the account of Tenant and in the name of Tenant. C. In the event Tenant breaches this Lease (see attached) and abandons the Leased Premises, Landlord may terminate this Lease, but this Lease by serving shall not terminate unless Landlord gives Tenant written notice of termination. No act by or on behalf of Landlord intended to mitigate the adverse effect of such breach, including those described by Subarticles B(1), (2) and (3) immediately preceding, shall constitute a termination of Tenant's right to possession unless Landlord gives Tenant written notice of Landlord's election to do so, and may thereafter forthwith proceed to recover possession of the Premises (together with all alterations, installations, improvements, additions, and other physical changes to the Premises) in accordance with the laws of the State of Illinoistermination. If Landlord elects does not terminate this Lease by giving written notice of termination, Landlord may enforce ail its rights and remedies under this Lease, including the right to terminate recover rent as it becomes due under this Lease as provided in California Civil Code Section 1951.4, as in effect on the Effective Date of this Lease D. In the event Landlord terminates this Lease, Landlord shall be entitled entitled, at Landlord s election, to recover forthwith damages in an amount as damages a sum of money equal to the total of (i) the cost of recovering the Premises, (ii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned at the time of termination, plus interest thereon at the rate set forth in Section 14.4, (iii) the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value), and (iv) any other sum of money and damages owed by Tenant to Landlord; or (b) Landlord may terminate Tenant's right to possession of the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals or other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; orCalifornia Civil Code Section

Appears in 1 contract

Samples: Industrial Space Lease (Asyst Technologies Inc /Ca/)

Landlord’s Remedies. Upon In the occurrence event of an Event of Defaultany default by Tenant, and without limiting Landlord’s right to indemnification as provided in Article 8.2, Landlord shall have the following remedies, in addition to all other rights and remedies provided by law or otherwise provided in this Lease, to which Landlord may resort cumulatively, or in the alternative: (a) Landlord may, at Landlord’s election, keep this Lease in effect and enforce, by an action at law or in equity, all of its rights and remedies under this Lease including, without limitation, (i) the right to recover the rent and other sums as they become due by appropriate legal action, (ii) the right to make payments required by Tenant, or perform Tenant’s obligations and be reimbursed by Tenant for the cost thereof with interest at the then maximum rate of interest not prohibited by law from the date the sum is paid by Landlord until Landlord is reimbursed by Tenant, and (iii) the remedies of injunctive relief and specific performance to prevent Tenant from violating the terms of this Lease and/or to compel Tenant to perform its obligations under this Lease, as the case may be. (b) Landlord may, at Landlord’s election, terminate this Lease by serving giving Tenant written notice of termination, in which event this Lease shall terminate on the date set forth for termination in such notice, in which event Tenant of shall immediately surrender the Leased Premises to Landlord's election , and if Tenant fails to do so, Landlord may, without prejudice to any other remedy which it may have for possession or arrearages in rent, enter upon and may thereafter forthwith proceed to recover take possession of the Leased Premises and expel or remove Tenant and any other person who may be occupying the Leased Premises or any part thereof, without being liable for prosecution or any claim or damages therefor. Any termination under this subparagraph shall not relieve Tenant from its obligation to pay to Landlord all Base Monthly Rent and Additional Rent then or thereafter due, or any other sums due or thereafter accruing to Landlord, or from any claim against Tenant for damages previously accrued or then or thereafter accruing. In no event shall any one or more of the following actions by Landlord, in the absence of a written election by Landlord to terminate this Lease constitute a termination of this Lease: (together with all alterationsi) Appointment of a receiver or keeper in order to protect Landlord’s interest hereunder; (ii) Consent to any subletting of the Leased Premises or assignment of this Lease by Tenant, installations, improvements, additions, and other physical changes whether pursuant to the provisions hereof or otherwise; or (iii) Any action taken by Landlord or its partners, principals, members, officers, agents, employees, or servants, which is intended to mitigate the adverse effects of any breach of this Lease by Tenant, including, without limitation, any action taken to maintain and preserve the Leased Premises on any action taken to relet the Leased Premises or any portion thereof for the account at Tenant and in the name of Tenant. (c) In the event Tenant breaches this Lease and abandons the Leased Premises) in accordance with the laws , Landlord may terminate this Lease, but this Lease shall not terminate unless Landlord gives Tenant written notice of the State of Illinoistermination. If Landlord elects does not terminate this Lease by giving written notice of termination, Landlord may enforce all its rights and remedies under this Lease, including the right and remedies provided by 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, if lessee has right to terminate sublet or assign, subject only to reasonable limitations”), as in effect on the Effective Date of this Lease. (d) In the event Landlord terminates this Lease, Landlord shall be entitled entitled, at Landlord’s election, to recover forthwith the rights and remedies provided in California Civil Code Section 1951.2, as in effect on the Effective Date of this Lease. For purposes of computing damages a sum of money pursuant to Section 1951.2, an interest rate equal to the total maximum rate of interest then not prohibited by law shall be used where permitted. Such damages shall include, without limitation: (i) The worth at the cost time of recovering the Premises, (ii) award of the unpaid Basic Rent, Escalation Charges and other sums payable hereunder rent which had been earned at the time of termination, plus interest thereon ; (ii) The worth at the rate set forth in Section 14.4, (iii) time of award of the present value of amount by which the unpaid rent for the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for term after the remainder time of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value), and (iv) any other sum of money and damages owed by Tenant to Landlord; or (b) Landlord may terminate Tenant's right to possession of the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided, computed by discounting such amount at the discount rate of the Federal Reserve Bank of San Francisco, at the time of award plus one percent; and (iii) Any other amount necessary to compensate Landlord for all costs incurred detriment proximately caused by Landlord Tenant’s failure to perform Tenant’s obligations under this Lease, or which in connection with such reletting (includingthe ordinary course of things would be likely to result therefrom, including without limitation, broker's fees, attorneys' fees, costs of preparing the Premises following: (i) expenses for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals or other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; orcleaning,

Appears in 1 contract

Samples: Lease Agreement (Redback Networks Inc)

Landlord’s Remedies. Upon In the occurrence event of an Event of Defaultany default by Tenant, and without limiting Landlord’s right to indemnification as provided in Article 8.2, Landlord shall have the following remedies, in addition to all other rights and remedies provided by Law or otherwise provided in this Lease, to which Landlord may resort cumulatively, or in the alternative: A. Landlord may, at Landlord’s election, keep this Lease in effect and enforce, by an action at law or in equity, all of its rights and remedies under this Lease including, without limitation, (ai) the right to recover the rent and other sums as they become due by appropriate legal action, (ii) the right to make payments required by Tenant, or perform Tenant’s obligations and be reimbursed by Tenant for the cost thereof with interest at the then maximum rate of interest not prohibited by Law from the date the sum is paid by Landlord until Landlord is reimbursed by Tenant, and (iii) the remedies of injunctive relief and specific performance to prevent Tenant from violating the terms of this Lease and/or to compel Tenant to perform its obligations under this Lease, as the case may be. B. Landlord may, at Landlord’s election, terminate this Lease by giving Tenant written notice of termination, in which event this Lease shall terminate on the date set forth for termination in such notice. Any termination under this Subparagraph shall not relieve Tenant from its obligation to pay to Landlord all Base Monthly Rent and Additional Rent then or thereafter due, or any other sums due or thereafter accruing to Landlord, or from any claim against Tenant for damages previously accrued or then or thereafter accruing. In no event shall any one or more of the following actions by Landlord, in the absence of a written election by Landlord to terminate this Lease, constitute a termination of this Lease: 1. Appointment of a receiver or keeper in order to protect Landlord’s interest hereunder; 2. Consent to any subletting of the Leased Premises or assignment of this Lease by Tenant, whether Pursuant to the provisions hereof or otherwise; or 3. Any other action by Landlord or Landlord’s agents intended to mitigate the adverse effects of any breach of this Lease by Tenant, including, without limitation, any action taken to maintain and preserve the Lease Premises or any action taken to relet the Leased Premises, or any portion thereof, for the account of Tenant and in the name of Tenant. C. In the event Tenant breaches this Lease and abandons the Leased Premises, Landlord may terminate this Lease, but this Lease by serving shall not terminate unless Landlord gives Tenant written notice on Tenant of Landlord's election to do so, and may thereafter forthwith proceed to recover possession of the Premises (together with all alterations, installations, improvements, additions, and other physical changes to the Premises) in accordance with the laws of the State of Illinoistermination. If Landlord elects does not terminate this Lease by giving written notice of termination, Landlord may enforce all its rights and remedies under this Lease, including the right to terminate recover rent as it becomes due under this Lease as provided in California Civil Code Section 1951.4 as in effect on the Effective Date of this Lease. D. In the event Landlord terminates this Lease, Landlord shall be entitled entitled, at Landlord’s election, to recover forthwith damages in an amount as set forth in California Civil Code Section 1951.2, as in effect on the Effective Date of this Lease. For purposes of computing damages a sum of money pursuant to Section 1951.2, an interest rate equal to the total maximum rate of interest then not prohibited by Law shall be used where permitted. Such damages shall include, without limitation: (i1) the cost of recovering the Premises, (ii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned The worth at the time of termination, plus interest thereon at award of the rate set forth in Section 14.4, (iii) amount by which the present value of unpaid rent for the balance of the Basic Rentterm after the time of award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided, Escalation Charges computed by discounting such amount at the discount rate of the Federal Reserve Bank of San Francisco, at the time of award plus one percent; and (2) Any other amount necessary to compensate Landlord for all detriment proximately caused by Tenant’s failure to perform Tenant’s obligations under this Lease, or which in the ordinary course of things would be likely to result therefrom, including without limitation, the following: (i) expenses for cleaning, repairing or restoring the Leased Premises; (ii) expenses for altering, remodeling or otherwise improving the Leased Premises for the purpose of reletting, including removal of existing leasehold improvements and/or installation of additional leasehold improvements (regardless of how the same is funded, including reduction of rent, a direct payment or allowance to a new tenant, or otherwise); (iii) broker’s fees, advertising costs and other sums payable hereunder and other amounts owed hereunder for expenses of reletting the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value), and Leased Premises; (iv) costs of carrying and maintaining the Leased Premises, such as taxes, insurance premiums, utility charges and security precautions; (v) expenses incurred in removing, disposing of and/or storing any of Tenant’s personal property, inventory or trade fixtures remaining therein; (vi) attorney’s fees, expert witness fees, court costs and other sum of money and damages owed reasonable expenses incurred by Tenant Landlord (but not limited to Landlord; or (btaxable costs) Landlord may terminate Tenant's right to in retaking possession of the Premises without terminating Leased, establishing damages hereunder, and re-leasing the Lease Leased Premises; and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term of this Leasevii) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' feesexpenses, costs or damages otherwise incurred or suffered as a result of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals or other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; orTenant’s default.

Appears in 1 contract

Samples: Consent to Sublease (Alphasmart Inc)

Landlord’s Remedies. Upon In the occurrence event of an Event of Defaultany default by Tenant, and without limiting Landlord’s right to indemnification as provided in Article 8.2, Landlord shall have the following remedies, in addition to all other rights and remedies provided by law or otherwise provided in this Lease, to which Landlord may resort cumulatively, or in the alternative: (a) Landlord may, at Landlord’s election, keep this Lease in effect and enforce, by an action at law or in equity, all of its rights and remedies under this Lease including, without limitation, (i) the right to recover the rent and other sums as they become due by appropriate legal action, (ii) the right to make payments required by Tenant, or perform Tenant’s obligations and be reimbursed by Tenant for the cost thereof with interest at a rate equal to the Default Interest Rate from the date the sum is paid by Landlord until Landlord is reimbursed by Tenant, and (iii) the remedies of injunctive relief and specific performance to prevent Tenant from violating the terms of this Lease and/or to compel Tenant to perform its obligations under this Lease, as the case may be. (b) Landlord may, at Landlord’s election, terminate this Lease by serving giving Tenant written notice of termination, in which event this Lease shall terminate on the date set forth for termination in such notice, in which event Tenant of shall immediately surrender the Leased Premises to Landlord's election , and if Tenant fails to do so, Landlord may, without prejudice to any other remedy which it may have for possession or arrearages in rent, enter upon and may thereafter forthwith proceed to recover take possession of the Leased Premises and expel or remove Tenant and any other person who may be occupying the Leased Premises or any part thereof, without being liable for prosecution or any claim or damages therefor. Any termination under this subparagraph shall not relieve Tenant from its obligation to pay to Landlord all Base Monthly Rent and Additional Rent then or thereafter due, or any other sums due or thereafter accruing to Landlord, or from any claim against Tenant for damages previously accrued or then or thereafter accruing. In no event shall any one or more of the following actions by Landlord, in the absence of a written election by Landlord to terminate this Lease constitute a termination of this Lease: (together with all alterationsi) Appointment of a receiver or keeper in order to protect Landlord’s interest hereunder; (ii) Consent to any subletting of the Leased Premises or assignment of this Lease by Tenant, installations, improvements, additions, and other physical changes whether pursuant to the provisions hereof or otherwise; or (iii) Any action taken by Landlord or its partners, principals, members, officers, agents, employees, or servants, which is intended to mitigate the adverse effects of any breach of this Lease by Tenant, including, without limitation, any action taken to maintain and preserve the Leased Premises on any action taken to relet the Leased Premises or any portion thereof for the account at Tenant and in the name of Tenant. (c) In the event Tenant breaches this Lease and abandons the Leased Premises) in accordance with the laws , Landlord may terminate this Lease, but this Lease shall not terminate unless Landlord gives Tenant written notice of the State of Illinoistermination. If Landlord elects does not terminate this Lease by giving written notice of termination, Landlord may enforce all its rights and remedies under this Lease, including the right and remedies provided by 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, if lessee has right to terminate sublet or assign, subject only to reasonable limitations”), as in effect on the Effective Date of this Lease. (d) In the event Landlord terminates this Lease, Landlord shall be entitled entitled, at Landlord’s election, to recover forthwith the rights and remedies provided in California Civil Code Section 1951.2, as in effect on the Effective Date of this Lease. For purposes of computing damages a sum of money pursuant to Section 1951.2, an interest rate equal to the total of Default Interest Rate shall be used. Such damages shall include, without limitation: (i) The worth at the cost time of recovering the Premises, (ii) award of the unpaid Basic Rent, Escalation Charges and other sums payable hereunder rent which had been earned at the time of termination, plus interest thereon ; plus (ii) The worth at the time of award of the amount by which the unpaid rent which would have been earned after termination until the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; plus (iii) The worth at the time of award of the amount by which the unpaid rent for the balance of the term after the time of award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided, computed by discounting such amount at the discount rate set forth of the Federal Reserve Bank of San Francisco, at the time of award plus one percent; plus (iv) Any other amount necessary to compensate Landlord for all detriment proximately caused by Tenant’s failure to perform Tenant’s obligations under this Lease, or which in Section 14.4the ordinary course of things would be likely to result therefrom, including without limitation, the following: (i) expenses for cleaning, repairing or restoring the Leased Premises, (ii) expenses for altering, remodeling or otherwise improving the Leased Premises for the purpose of reletting, including removal of existing leasehold improvements and/or installation of additional leasehold improvements (regardless of how the same is funded, including reduction of rent, a direct payment or allowance to a new tenant, or otherwise), (iii) the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for broker’s fees allocable to the remainder of the Termterm of this Lease, less the fair market value of the Basic Rent, Escalation Charges advertising costs and other sums payable hereunder for expenses of reletting the Premises for said period (also reduced to present value), and Leased Premises; (iv) costs of carrying and maintaining the Leased Premises, such as taxes, insurance premiums, utility charges and security precautions (although the foregoing shall not in any way modify Paragraph 5.3 above), (v) expenses incurred in removing, disposing of and/or storing any of Tenant’s personal property, inventory or trade fixtures remaining therein; (vi) reasonable attorney’s fees, expert witness fees, court costs and other sum of money and damages owed reasonable expenses incurred by Tenant Landlord (but not limited to Landlord; or (btaxable costs) Landlord may terminate Tenant's right to in retaking possession of the Premises without terminating Leased Premises, establishing damages hereunder, and releasing the Lease Leased Premises; and Landlord may forthwith proceed to recover possession (vii) any other expenses, costs or damages otherwise incurred or suffered as a result of the Premises in accordance with the laws Tenant’s default; plus (v) The unamortized amount of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred any tenant improvement or similar allowance paid or credited by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action or the Work Letter; plus (vi) In addition, Tenant acknowledges that an event of default under this Lease may cause Landlord to recover any amount incur damages under its mortgage and related financing documents, including, but not theretofore reduced limited to, the payment of default interest, legal fees, late charges, collection costs, and sums necessary to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election maintain Lender’s yield on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlordloaned amounts. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the PremisesAccordingly, Tenant shall not be entitled agrees that Landlord has the right to any rentals or other consideration from add such reletting, if any, that exceed any amounts owed by loan-related damages to the damages for which Tenant to Landlord; oris responsible hereunder as a result of an event of default.

Appears in 1 contract

Samples: Short Term Lease (Echelon Corp)

Landlord’s Remedies. Upon In the occurrence event of an Event of Defaultany default by Tenant, and without limiting Landlord’s right to indemnification as provided in Article 8.2, Landlord shall have the following remedies, in addition to all other rights and remedies provided by law or otherwise provided in this Lease, to which Landlord may resort cumulatively, or in the alternative: (a) Landlord may, at Landlord’s election, keep this Lease in effect and enforce, by an action at law or in equity, all of its rights and remedies under this Lease including, without limitation, (i) the right to recover the rent and other sums as they become due by appropriate legal action, (ii) the right to make payments required by Tenant, or perform Tenant’s obligations and be reimbursed by Tenant for the cost thereof with interest at the then maximum rate of interest not prohibited by law from the date the sum is paid by Landlord until Landlord is reimbursed by Tenant, and (iii) the remedies of injunctive relief and specific performance to prevent Tenant from violating the terms of this Lease and/or to compel Tenant to perform its obligations under this Lease, as the case may be. (b) Landlord may, at Landlord’s election, terminate this Lease by serving giving Tenant written notice of termination, in which event this Lease shall terminate on the date set forth for termination in such notice. Any termination under this subparagraph shall not relieve Tenant of from its obligation to pay to Landlord all Base Monthly Rent and Additional Rent then or thereafter due, or any other sums due or thereafter accruing to Landlord's election to do so, and may or from any claim against Tenant for damages previously accrued or then or thereafter forthwith proceed to recover possession accruing. In no event shall any one or more of the following actions by Landlord, in the absence of a written election by Landlord to terminate this Lease constitute a termination of this Lease: (i) Appointment of a receiver or keeper in order to protect Landlord’s interest hereunder; (ii) Consent to any subletting of the Leased Premises (together with all alterationsor assignment of this Lease by Tenant, installations, improvements, additions, and other physical changes whether pursuant to the provisions hereof or otherwise; or (iii) Any action taken by Landlord or its partners, principals, members, officers, agents, employees, or servants, which is intended to mitigate the adverse effects of any breach of this Lease by Tenant, including, without limitation, any action taken to maintain and preserve the Leased Premises on any action taken to relet the Leased Premises or any portion thereof for the account at Tenant and in the name of Tenant. (c) In the event Tenant breaches this Lease and abandons the Leased Premises) in accordance with the laws , Landlord may terminate this Lease, but this Lease shall not terminate unless Landlord gives Tenant written notice of the State of Illinoistermination. If Landlord elects does not terminate this Lease by giving written notice of termination, Landlord may enforce all its rights and remedies under this Lease, including the right and remedies provided by 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, if lessee has right to terminate sublet or assign, subject only to reasonable limitations”), as in effect on the Effective Date of this Lease. (d) In the event Landlord terminates this Lease, Landlord shall be entitled entitled, at Landlord’s election, to recover forthwith the rights and remedies provided in California Civil Code Section 1951.2, as in effect on the Effective Date of this Lease. For purposes of computing damages a sum of money pursuant to Section 1951.2, an interest rate equal to the total maximum rate of interest then not prohibited by law shall be used where permitted. Such damages shall include, without limitation: (i) The worth at the cost time of recovering award of the amount by which the unpaid rent for the balance of the term after the time of award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided, computed by discounting such amount at the discount rate of the Federal Reserve Bank of San Francisco, at the time of award plus one percent; and (ii) Any other amount necessary to compensate Landlord for all detriment proximately caused by Tenant’s failure to perform Tenant’s obligations under this Lease, or which in the ordinary course of things would be likely to result therefrom, including without limitation, the following: (i) expenses for cleaning, repairing or restoring the Leased Premises, (ii) expenses for altering, remodeling or otherwise improving the unpaid Basic RentLeased Premises for the purpose of reletting, Escalation Charges and other sums payable hereunder earned at including removal of existing leasehold improvements and/or installation of additional leasehold improvements (regardless of how the time same is funded, including reduction of terminationrent, plus interest thereon at the rate set forth in Section 14.4a direct payment or allowance to a new tenant, or otherwise), (iii) the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for broker’s fees allocable to the remainder of the Termterm of this Lease, less the fair market value of the Basic Rent, Escalation Charges advertising costs and other sums payable hereunder for expenses of reletting the Premises for said period (also reduced to present value), and Leased Premises; (iv) costs of carrying and maintaining the Leased Premises, such as taxes, insurance premiums, utility charges and security precautions, (v) expenses incurred in removing, disposing of and/or storing any of Tenant’s personal property, inventory or trade fixtures remaining therein; (vi) reasonable attorney’s fees, expert witness fees, court costs and other sum of money and damages owed reasonable expenses incurred by Tenant Landlord (but not limited to Landlord; or (btaxable costs) Landlord may terminate Tenant's right to in retaking possession of the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Leased Premises, Landlord may decorate and/or make any repairsestablishing damages hereunder, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet and releasing the Premises over its efforts to relet Leased Premises; and (vii) any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' feesexpenses, costs or damages otherwise incurred or suffered as a result of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals or other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; orTenant’s default.

Appears in 1 contract

Samples: Lease Agreement (Silicon Image Inc)

Landlord’s Remedies. Upon the occurrence of an Event any of Default:the events set forth in Section 18.1, Landlord may take any or all of following actions (“Landlord’s Remedies”), without further notice or demand of any kind to Tenant. (a) Landlord may terminate this Lease immediately re-enter and remove all persons and property from the Leased Premises, storing such property in a public place, warehouse, or elsewhere, at the cost and risk of Tenant, all without service of notice or resort to legal process (unless mandated by serving written notice on Tenant of Landlord's election to do soLegal Requirements), and may thereafter forthwith proceed to recover without being deemed guilty of, or liable in, trespass, forcible entry, or in damages resulting from such reentry and removal. No such reentry or taking possession of the Leased Premises (together with all alterations, installations, improvements, additions, and other physical changes to the Premises) in accordance with the laws of the State of Illinois. If Landlord elects to terminate this Lease, by Landlord shall be entitled to recover forthwith as damages a sum of money equal to the total of (i) the cost of recovering the Premises, (ii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned at the time of termination, plus interest thereon at the rate set forth in Section 14.4, (iii) the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value), and (iv) any other sum of money and damages owed by Tenant to Landlord; or (b) Landlord may terminate Tenant's right to possession of the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the its part of Landlord to terminate this Lease unless a written notice of such intention is given by Landlord to Tenant. All property of Tenant which is stored by Landlord pursuant hereto may be redeemed by Tenant within thirty (30) days after Landlord takes possession thereof upon payment to Landlord in full of all obligations then due from Tenant to Landlord hereunder and of all costs incurred by Landlord in moving such property and providing such storage. If Tenant fails to redeem such property within said thirty (30) day period, Landlord may sell such property in any reasonable manner, and shall apply the proceeds of such sale actually collected first against the costs of moving, storage, and sale, and then against any other obligation due from Tenant under this Lease. Any remaining surplus shall be given remitted to Tenant Tenant. (b) Landlord may relet the Leased Premises or any portion thereof at any time or from time to time and for such term or terms and upon such conditions and at such rental Landlord, in its sole discretion, considers advisable. Whether or not the Leased Premises, or any portion thereof, are relet by Landlord, Tenant shall pay to Landlord all amounts required to be paid by Tenant hereunder up to the date that Landlord removes Tenant from the Leased Premises, and thereafter Tenant shall pay to Landlord, until the end of the Term, the Rent and other amounts required to be paid by Tenant pursuant to this Lease. Such payments by Tenant shall be due at such times as are provided elsewhere in this Lease, and Landlord need not wait until the termination of this Lease, through expiration of the Term or otherwise, to recover such payments by legal action or in any other manner. If Landlord relets the Leased Premises, or any portion thereof, such reletting shall not relieve Tenant of any obligation hereunder, except that Landlord shall apply the rent or other proceeds actually collected by it as a result of such reletting against: (1) the costs of removing Tenant and its property; (2) the costs of reletting the Leased Premises, including the costs of clean-up, repair, and modification of the Leased Premises, and the fee of any realtor; and (3) any amount due from Tenant hereunder, to the extent that such rent or other proceeds compensate Landlord for the nonperformance of any obligation of Tenant hereunder. Any residue shall be held by Landlord and applied to payments of future Rents as such may become due and payable hereunder. Landlord may execute any lease made pursuant hereto in its own name, and the tenant thereunder shall be under no obligation to control or monitor the application by Landlord of any rent or other proceeds paid to Landlord thereunder, nor shall Tenant have any right to collect any portion of such rent or other proceeds or regain possession of the Leased Premises. Landlord shall not by any reentry or other act be deemed to have accepted any surrender by Tenant of the Leased Premises, or any portion thereof, or Tenant’s interest therein, or be deemed to have otherwise terminated this Lease, or to have relieved Tenant of any obligations hereunder, unless Landlord gives Tenant written notice of Landlord’s election to do so. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such any previous breach by Tenant. (c) Landlord may collect, by suit or Event of Default. If Landlord does in fact relet otherwise, without reletting the Leased Premises, each installment of Rent or other sum as it becomes due hereunder, or enforce, by suit or otherwise, any other covenant or obligation which is required to be performed by Tenant hereunder. Landlord may also elect to cure any default on behalf of Tenant, in which case Tenant shall immediately reimburse Landlord for costs so incurred. (d) Landlord may terminate this Lease by written notice to Tenant. In the event of such termination, Tenant agrees to immediately surrender possession of the Leased Premises. Such termination shall not relieve Tenant of any obligations hereunder which have accrued prior to the date of such termination. Landlord may recover from Tenant all damages it has incurred by reason of Tenant’s breach, including the cost of recovering the Leased Premises, reasonable attorneys’ fees, and the amount of Rent and charges accrued through the date of termination. (e) The remedies given to Landlord in this Section 18.2 shall be entitled cumulative and shall be in addition and supplemental to any rentals all other rights or other consideration from such reletting, if any, that exceed any amounts owed by Tenant remedies which Landlord may have at equity or under the laws then in force. Landlord shall have an affirmative duty to Landlord; ormitigate its damages.

Appears in 1 contract

Samples: Lease Agreement (inContact, Inc.)

Landlord’s Remedies. Upon the occurrence of an Event of Default, Landlord, at its option, without further notice or demand to Tenant, in addition to all other rights and remedies provided in this Lease, at law or in equity, shall have the right to elect any or all of the following remedies: (ai) Landlord may terminate Terminate this Lease by serving written notice on Tenant and Tenant's right of possession of the Premises, and recover all damages to which Landlord is entitled under law, specifically including but without limitation, all of Landlord's election expenses of reletting (including, without limitation, rental concessions to do sonew tenants, repairs, Alterations, legal fees and may thereafter forthwith proceed to recover possession of the Premises (together with all alterations, installations, improvements, additions, and other physical changes to the Premises) in accordance with the laws of the State of Illinoisbrokerage commissions). If Landlord elects to terminate this Lease, Landlord every obligation of the parties shall be entitled to recover forthwith cease as damages a sum of money equal the date of such termination, except that Tenant shall remain liable for payment of Rent and performance of all other terms and conditions of this Lease to the total date of (i) the cost of recovering the Premises, termination; (ii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned at the time of termination, plus interest thereon at the rate set forth in Section 14.4, (iii) the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value), and (iv) any other sum of money and damages owed by Tenant to Landlord; or (b) Landlord may terminate Terminate Tenant's right to of possession of the Premises without terminating this Lease, in which event Landlord may, but shall not be obligated to, relet the Lease Premises, or any part thereof, for the account of Tenant, for such rent and term and upon such other conditions as are acceptable to Landlord. For purposes of such reletting, Landlord may forthwith proceed is authorized to recover possession of redecorate, repair, alter and improve the Premises to the extent necessary in accordance with Landlord's sole discretion. Until Landlord relets the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the LeasePremises, Tenant shall remain liable for all Basic Rent, Escalation Charges obligated to pay Rent to Landlord as provided in this Lease. If and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet when the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) are relet and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall if a sufficient sum is not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord realized from such reletting less the amount after payment of all costs incurred by Landlord in connection with such Landlord's expenses of reletting (including, without limitation, broker's feesrental concessions to new tenants, attorneys' feesrepairs, costs Alterations, legal fees and brokerage commissions) to satisfy the payment of preparing the Premises Rent due under this Lease for occupancy and any inducements granted to the new tenant)month, Tenant shall pay Landlord any such deficiency upon demand. Tenant shall timely pay all amounts owed agrees that Landlord may file suit to recover any sums due Landlord during the Term. No delivery under this Section from time to time and that such suit or recovery of any amount due Landlord pursuant to this Lease shall not be any defense in to any subsequent action to recover brought for any amount not theretofore previously reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate (iii) Terminate this Lease unless a written notice and Tenant's right of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event possession of Default. If Landlord does in fact relet the Premises, and recover from Tenant shall not be entitled to any rentals the net present value of the Rent due from the date of termination until the Expiration Date, discounted at the lesser of the Interest Rate as of the date of termination or six percent (6%) per annum; (iv) Re-enter and repossess the Premises and remove all persons and effects therefrom, by summary proceeding, ejectment or other consideration legal action or by using such force as may be necessary. Landlord shall have no liability by reason of any such re-entry, repossession or removal; and/or (v) Recover from such relettingTenant, if anyto the extent permitted under the laws of the Commonwealth of Virginia, that exceed any amounts owed by the value and/or cost of all concessions to Tenant to Landlord; orunder this Lease.

Appears in 1 contract

Samples: Deed of Lease (Qorus Com Inc)

Landlord’s Remedies. Upon In the occurrence event of an Event of Defaultany default by Tenant, and without limiting Landlord’s right to indemnification as provided in Article 8.2, Landlord shall have the following remedies, in addition to all other rights and remedies provided by law or otherwise provided in this Lease, to which Landlord may resort cumulatively, or in the alternative: (a) Landlord may, at Landlord’s election, keep this Lease in effect and enforce, by an action at law or in equity, all of its rights and remedies under this Lease including, without limitation, (i) the right to recover the rent and other sums as they become due by appropriate legal action, (ii) the right to make payments required by Tenant, or perform Tenant’s obligations and be reimbursed by Tenant for the cost thereof with interest at a rate equal to the Default Interest Rate from the date the sum is paid by Landlord until Landlord is reimbursed by Tenant, and (iii) the remedies of injunctive relief and specific performance to prevent Tenant from violating the terms of this Lease and/or to compel Tenant to perform its obligations under this Lease, as the case may be. (b) Landlord may, at Landlord’s election, terminate this Lease by serving giving Tenant written notice of termination, in which event this Lease shall terminate on the date set forth for termination in such notice, in which event Tenant of shall immediately surrender the Leased Premises to Landlord's election , and if Tenant fails to do so, Landlord may, without prejudice to any other remedy which it may have for possession or arrearages in rent, in accordance with Building F and may thereafter forthwith proceed to recover Amenities Building applicable Laws, enter upon and take possession of the Leased Premises and expel or remove Tenant and any other person who may be occupying the Leased Premises or any part thereof, without being liable for prosecution or any claim for damages therefor. Any termination under this subparagraph shall not relieve Tenant from its obligation to pay to Landlord all Base Monthly Rent and Additional Rent then or thereafter due, or any other sums due or thereafter accruing to Landlord, or from any claim against Tenant for damages previously accrued or then or thereafter accruing. In no event shall any one or more of the following actions by Landlord, in the absence of a written election by Landlord to terminate this Lease constitute a termination of this Lease: (together with all alterationsi) Appointment of a receiver or keeper in order to protect Landlord’s interest hereunder; (ii) Consent to any subletting of the Leased Premises or assignment of this Lease by Tenant, installations, improvements, additions, and other physical changes whether pursuant to the provisions hereof or otherwise; or (iii) Any action taken by Landlord or its partners, principals, members, officers, agents, employees, or servants, which is intended to mitigate the adverse effects of any breach of this Lease by Tenant, including, without limitation, any action taken to maintain and preserve the Leased Premises on any action taken to relet the Leased Premises or any portion thereof for the account at Tenant and in the name of Tenant. (c) In the event Tenant breaches this Lease and abandons the Leased Premises) in accordance with the laws , Landlord may terminate this Lease, but this Lease shall not terminate unless Landlord gives Tenant written notice of the State of Illinoistermination. If Landlord elects does not terminate this Lease by giving written notice of termination, Landlord may enforce all its rights and remedies under this Lease, including the right and remedies provided by 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, if lessee has right to terminate sublet or assign, subject only to reasonable limitations”), as in effect on the Effective Date of this Lease. (d) In the event Landlord terminates this Lease, Landlord shall be entitled entitled, at Landlord’s election, to recover forthwith the rights and remedies provided in California Civil Code Section 1951.2, as in effect on the Effective Date of this Lease. For purposes of computing damages a sum of money pursuant to Section 1951.2, an interest rate equal to the total of Default Interest Rate shall be used. Such damages shall include, without limitation: (i) The worth at the cost time of recovering the Premises, (ii) award of the unpaid Basic Rent, Escalation Charges and other sums payable hereunder rent which had been earned at the time of termination, plus interest thereon ; plus (ii) The worth at the rate set forth in Section 14.4, time of award of the amount by which the unpaid rent which would have been earned after termination until the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; plus (iii) The worth at the present value time of award of the amount by which the unpaid rent for the balance of the Basic Rentterm after the time of award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided, Escalation Charges computed by discounting such amount at the Building F and Amenities Building discount rate of the Federal Reserve Bank of San Francisco, at the time of award plus one percent; plus (iv) Any other sums payable hereunder and other amounts owed hereunder amount necessary to compensate Landlord for all detriment proximately caused by Tenant’s failure to perform Tenant’s obligations under this Lease, or which in the ordinary course of things would be likely to result therefrom, including without limitation, the following: (i) expenses for cleaning, repairing or restoring the Leased Premises, (ii) to the extent allocable to the remainder of the Lease Term, less expenses for altering, remodeling or otherwise improving the fair market value Leased Premises for the purpose of reletting, including removal of existing leasehold improvements and/or installation of additional leasehold improvements (regardless of how the Basic Rentsame is funded, Escalation Charges including reduction of rent, a direct payment or allowance to a new tenant, or otherwise), advertising costs and other sums payable hereunder for expenses of reletting the Premises for said period Leased Premises; (also reduced to present value)iii) expenses incurred in removing, and disposing of and/or storing any of Tenant’s personal property, inventory or trade fixtures remaining therein; (iv) reasonable attorney’s fees, expert witness fees, court costs and other reasonable expenses incurred by Landlord (but not limited to taxable costs) in retaking possession of the Leased Premises, establishing damages hereunder, and releasing the Leased Premises; and (v) any other sum expenses, costs or damages otherwise incurred or suffered as a result of money and damages owed by Tenant to Landlord; orTenant’s default. (be) Landlord may terminate recover its reasonable attorney’s fees and costs incurred in enforcing Tenant's right to possession of the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without ’s obligations under this Lease, curing any Tenant default, terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Leased Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals or other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; or.

Appears in 1 contract

Samples: Lease Agreement (Palo Alto Networks Inc)

Landlord’s Remedies. Upon the occurrence of an Event of Default, Landlord may, at its option, without further notice or demand to Tenant, in addition to all other rights and remedies provided in this Lease, at law or in equity: (ai) Landlord may terminate Terminate this Lease by serving written notice on Tenant and Tenant's right of possession of the Building and recover all damages to which Landlord is entitled under law, specifically including, without limitation, all of Landlord's election expenses of reletting the Building (including, without limitation, rental concessions to do sonew tenants, and may thereafter forthwith proceed repairs, Alterations, reasonable legal fees, and, to recover possession the extent applicable to the portion of the Premises (together with all alterations, installations, improvements, additions, and other physical changes to the Premises) in accordance relet term which coincides with the laws Term of the State of Illinoisthis Lease which would have remained had this Lease not been terminated, brokerage commissions). If Landlord elects to terminate this Lease, Landlord every obligation of the parties shall be entitled to recover forthwith cease as damages a sum of money equal to the total date of (i) the cost of recovering the Premises, (ii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned at the time of such termination, plus interest thereon at the rate set forth in Section 14.4, (iii) the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value), and (iv) any other sum of money and damages owed by Tenant to Landlord; or (b) Landlord may terminate Tenant's right to possession of the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, except that Tenant shall remain liable for payment of Rent and performance of all Basic Rent, Escalation Charges other terms and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering conditions of this Lease to the date of termination; (ii) Terminate Tenant's right of possession of the Premises. Building without terminating this Lease, in which event Landlord may, but shall thereafter use reasonable efforts to not be obligated to, relet the Premises Building, or any part thereof, for such rentthe account of Tenant, for such rent and term (whether greater or less than the remaining Term of this Lease) and upon such terms and other conditions as Landlord shall find acceptableare acceptable to Landlord, in its sole and absolute discretion. For the purposes of reletting the Premisessuch reletting, Landlord may decorate and/or make any repairsis authorized to redecorate, changesrepair, alterations or additions as may be reasonably alter and improve the Building to the extent Landlord, in its sole, discretion, deems necessary. Until Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in relets the Building, Tenant shall remain obligated to pay Rent to Landlord as provided in this Lease. If Landlord succeeds in reletting and when the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord Building is relet and if a sufficient sum is not realized from such reletting less the amount after payment of all costs incurred by Landlord in connection with such Landlord's expenses of reletting (including, without limitation, broker's feesrental concessions to new tenants, attorneys' feesrepairs, costs Alterations, reasonable legal fees and as limited above, brokerage commissions) to satisfy the payment of preparing the Premises Rent due under this Lease for occupancy and any inducements granted to the new tenant)month, Tenant shall pay Landlord any such deficiency upon demand. Tenant shall timely pay all amounts owed agrees that Landlord may file suit to recover any sums due Landlord during the Term. No delivery under this Section from time to time and that such suit or recovery of any amount due Landlord pursuant to this Lease shall not be any defense in to any subsequent action to recover brought for any amount not theretofore previously reduced to judgment in favor of Landlord. Notwithstanding the foregoing, nor Landlord agrees to use commercially reasonable efforts to relet the Building following a termination of Tenant's fight of possession. Landlord shall be deemed to have satisfied this obligation if it lists the Building for reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate with a reputable commercial leasing broker. (iii) Terminate this Lease unless a written notice and Tenant's right of possession of the Building, and recover from Tenant the net present value of the difference, if any between (a) the Rent due from the date of termination until the Expiration Date less (b) the then fair rental value of the Building, such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals or other consideration from such relettingdifference, if any, that exceed to be discounted at six percent (6%) per annum; (iv) Re-enter and repossess the Building and remove all persons and effect, therefrom, by summary proceeding, ejectment or other legal action. Landlord shall have no liability by reason of any amounts owed by Tenant to Landlord; orsuch re-entry, repossession or removal.

Appears in 1 contract

Samples: Lease Agreement (Gene Logic Inc)

Landlord’s Remedies. Upon the occurrence of If there is an Event of Default: Default by Tenant under this Lease (subject to applicable notice and cure periods), in addition to all other remedies available to Landlord at law or in equity, Landlord may: (1) Terminate this Lease by notice to Tenant and retake possession of the Premises; (a) Landlord may terminate Terminate Tenant's right of possession by notice to Tenant without terminating this Lease by serving written notice on Tenant of Landlord's election to do so, and may thereafter forthwith proceed to recover retaking possession of the Premises (together with all alterations, installations, improvements, additions, and other physical changes to relet the Premises) in accordance with the laws Premises or any part of the State Premises in the name of Illinois. If Landlord elects to terminate this LeaseLandlord, Landlord shall be entitled to recover forthwith or otherwise, as damages Tenant's agent, for a sum of money equal to the total of (i) the cost of recovering the Premises, (ii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned at the time of termination, plus interest thereon at the rate set forth in Section 14.4, (iii) the present value of term shorter or longer than the balance of the Basic RentLease Term, Escalation Charges and other sums payable hereunder may grant concessions or free rent to the new tenant, thereby terminating Tenant's tenancy in the Premises and other amounts owed hereunder right to possess the Premises, without terminating Tenant's obligations to pay (a) the entire balance of all forms of Base Rent and Additional Rent for the remainder of the Lease Term, less plus (b) the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value)Reletting Expenses, and (ivc) the unamortized balance of any other sum brokerage commissions paid by Landlord in connection with this Lease, any allowances granted to Tenant under this Lease, and the cost of money any Tenant Improvements made by Landlord. Landlord shall have no obligation to relet the Premises, and damages owed by Tenant its failure to Landlord; or (b) Landlord may terminate do so, or failure to collect rent on reletting, shall not affect Tenant's right liability under this Lease. Landlord shall not, in any event, be required to possession pay Tenant any surplus of the Premises without terminating the Lease and any sums received by Landlord may forthwith proceed to recover possession on a reletting of the Premises in accordance with the laws excess of the State of Illinoisrent provided in this Lease. If Landlord elects decides to terminate Tenant's right relet the Premises or a duty to possession without terminating the Leaserelet is imposed by law, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter only be required to use commercially reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptablePremises. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord Commercially reasonable efforts shall not be required require Landlord to: (i) use any greater efforts than Landlord then uses to give priority to lease other properties Landlord or its efforts to affiliates owns or manages; (ii) relet the Premises over its efforts in preference to relet any other vacant space in the Building. If ; (iii) relet the Premises to any party that Landlord succeeds could reasonably reject as a transferee under the Assignment or Subletting section of this Lease; (iv) accept rent in reletting an amount which is less than the fair market rental for the Premises; (v) perform any tenant improvements, grant any tenant improvement allowances, grant any "free rent," or otherwise pay any sums or grant any monetary concessions in order to obtain a new tenant; (vi) observe any instruction given by Tenant about the Net Rental (reletting process or accept any tenant offered by Tenant unless the offered tenant leases the entire Premises and the criteria of this subsection are otherwise fully met. Any entry or reentry by Landlord, whether had or taken under summary proceedings or otherwise, shall not absolve or discharge Tenant from liability under this Lease so long as hereinafter defined) from time Landlord's actions are not in violation of applicable laws. "Reenter" and "re-entry" as used in this Lease are not restricted to time received their technical legal meaning. No reentry or taking possession of the Premises by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on Landlord's part to accept a surrender of the part of Landlord to terminate this Lease Premises unless a written notice of such intention shall be is given to Tenant; (2) Stand by and do nothing, and hold Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate liable for all Base Rent and additional rent payable under this Lease for such previous breach through the remainder of the Lease Term; provided by law; (3) Institute any action as (4) Obtain injunctive and declaratory relief, temporary or Event permanent, or both, against Tenant or any acts, conduct or omissions of Default. If Landlord does in fact relet Tenant, and further to obtain specific performance of any term, covenant, or condition of this Lease; (5) After regaining possession of the Premises, Tenant remove all or any part of Tenant's Property from the Premises and any property removed may be stored at the cost of, and for the account of, Tenant, and Landlord shall not be entitled to responsible for the care or safekeeping of Tenant's Property whether in transport, storage, or otherwise, and Tenant waives any rentals and all claims against Landlord for loss, destruction, damage or injury that may be occasioned by any acts taken by Landlord under this subsection. Landlord may retain possession of Tenant's Property until all storage charges and all other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord under this Section 23 have been paid in full. Nothing set forth in this subsection shall limit Landlord's rights to enforce any lien or security interest in favor of Landlord against Tenant's Property or Landlord's rights under the End of Term section of this Lease; orand

Appears in 1 contract

Samples: Standard Lease (Cybear Inc)

Landlord’s Remedies. Upon the occurrence of an Event of Default, Landlord, at its option, without further notice or demand to Tenant, in addition to all other rights and remedies provided in this Lease, at law or in equity, shall have the right to elect any or all of the following remedies: (ai) Landlord may terminate Terminate this Lease by serving written notice on Tenant and Tenant's right of possession of the Premises, and recover all damages to which Landlord is entitled under law, specifically including but without limitation, all of Landlord's election expenses of reletting (including, without limitation, rental concessions to do sonew tenants, repairs, Alterations, legal fees and may thereafter forthwith proceed to recover possession of the Premises (together with all alterations, installations, improvements, additions, and other physical changes to the Premises) in accordance with the laws of the State of Illinoisbrokerage commissions). If Landlord elects to terminate this Lease, Landlord every obligation of the parties shall be entitled to recover forthwith cease as damages a sum of money equal the date of such termination, except that Tenant shall remain liable for payment of Rent and performance of all other terms and conditions of this Lease to the total date of (i) the cost of recovering the Premises, termination. (ii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned at the time of termination, plus interest thereon at the rate set forth in Section 14.4, (iii) the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value), and (iv) any other sum of money and damages owed by Tenant to Landlord; or (b) Landlord may terminate Terminate Tenant's right to of possession of the Premises without terminating this Lease, in which event Landlord may, but shall not be obligated to, relet the Lease Premises, or any part thereof, for the account of Tenant, for such rent and term and upon such other conditions as are acceptable to Landlord. For purposes of such reletting, Landlord may forthwith proceed is authorized to recover possession of redecorate, repair, alter and improve and Premises to the Premises extent necessary in accordance with Landlord's sole discretion. Until Landlord relets the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the LeasePremises, Tenant shall remain liable for all Basic Rent, Escalation Charges obligated to pay Rent to Landlord as provided in this Lease. If and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet when the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) are relet and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall if a sufficient sum is not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord realized from such reletting less the amount after payment of all costs incurred by Landlord in connection with such Landlord's expenses of reletting (including, without limitation, broker's feesrental concessions to new tenants, attorneys' feesrepairs, costs Alterations, legal fees and brokerage commissions) to satisfy the payment of preparing the Premises Rent due under this Lease for occupancy and any inducements granted to the new tenant)month, Tenant shall pay Landlord any such deficiency upon demand. Tenant shall timely pay all amounts owed agrees that Landlord may file suit to recover any sums due Landlord during the Term. No delivery under this Section from time to time and that such suit or recovery of any amount due Landlord pursuant to this Lease shall not be any defense in to any subsequent action to recover brought for any amount not theretofore previously reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate ; (iii) Terminate this Lease unless a written notice and Tenant's right of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event possession of Default. If Landlord does in fact relet the Premises, and recover from Tenant shall not be entitled to any rentals the net present value of the Rent due from the date of termination until the Expiration Date, discounted at the lesser of the Interest Rate as of the date of termination or six percent (6%) per annum. (iv) Re-enter and repossess the Premises and remove all persons and effects therefrom, by summary proceeding, ejectment or other consideration legal action or by using such force as may be necessary. Landlord shall have no liability by reason of any such re-entry, repossession or removal; and/or (v) Recover from such relettingTenant, to the extent permitted under the laws of the Commonwealth of Virginia, the value and/or cost of all concessions to Tenant under this Lease, if any, that exceed any amounts owed by Tenant to Landlord; or.

Appears in 1 contract

Samples: Lease Agreement (Imtek Office Solutions Inc)

Landlord’s Remedies. Upon the each occurrence of an Event of Default: (a) Default and so long as such Event of Default shall be continuing, Landlord may at any time thereafter at its election: terminate this Lease by serving written notice on or Tenant's right of possession, (but Tenant shall remain liable as hereinafter provided) and/or pursue any other remedies at law or in equity. Upon the termination of Landlordthis Lease or termination of Tenant's election right of possession, it shall be lawful for Landlord to do so, and may thereafter forthwith proceed to recover possession of re-enter the Premises (together with by summary dispossession proceedings or any other action or proceeding authorized by law and to remove Tenant and all alterations, installations, improvements, additions, persons and other physical changes to the Premises) in accordance with the laws of the State of Illinoisproperty therefrom. If Landlord elects to terminate terminates this Lease, Landlord may recover from Tenant the sum of: all Base Rent and all other amounts accrued hereunder to the date of such termination; the cost of reletting the whole or any part of the Premises, including without limitation brokerage fees and/or leasing commissions incurred by Landlord, and costs of removing and storing Tenant's or any other occupant's property, repairing, altering, remodeling, or otherwise putting the Premises into condition acceptable to a new tenant or tenants, and all reasonable expenses incurred by Landlord in pursuing its remedies, including reasonable attorneys' fees and court costs (provided, however, that Landlord shall only be entitled to recover forthwith that portion of any renovation and alterations costs of the Premises and any real estate commissions for any replacement lease as damages a sum of money equal are actually paid by Landlord [collectively be referred to as the "Replacement Costs"] that bears the same proportion to the total of (i) the cost of recovering the Premises, (ii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned at the time of termination, plus interest thereon at the rate set forth in Section 14.4, (iii) the present value amount of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value), and (iv) any other sum of money and damages owed by Tenant to Landlord; or (b) Landlord may terminate Tenant's right to possession of the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than Replacement Costs as the remaining Term of this Lease at the time of the commencement of such replacement lease bears to the total term of such replacement lease); and the excess of the then present value of the Base Rent and other amounts payable by Tenant under this Lease as would otherwise have been required to be paid by Tenant to Landlord during the period following the termination of this Lease measured from the date of such termination to the expiration date stated in this Lease) , over the present value of any net amounts which Tenant establishes Landlord can reasonably expect to recover by reletting the Premises for such period, taking into consideration the availability of acceptable tenants and other market conditions affecting leasing. Such present values shall be calculated at a discount rate equal to the 90-day U.S. Treasury xxxx rate at the date of such termination. If Landlord terminates Tenant's right of possession (but not this Lease), Landlord may, but shall be under no obligation to, relet the Premises for the account of Tenant for such rent and upon such terms as shall be satisfactory to Landlord without thereby releasing Tenant from any liability hereunder and conditions as Landlord shall find acceptablewithout demand or notice of any kind to Tenant. For the purposes purpose of such reletting the Premises, Landlord may decorate and/or is authorized to make any repairs, changes, alterations alterations, or additions in or to the Premises as may be Landlord deems reasonably necessarynecessary or desirable. If the Premises are not relet, then Tenant shall pay to Landlord as damages a sum equal to the amount of the rental reserved in this Lease for such period or periods, plus the cost of recovering possession of the Premises (including attorneys' fees and costs of suite), the unpaid Base Rent and other amounts accrued hereunder at the time of repossession, and the costs incurred in any attempt by Landlord to relet the Premises. If the Premises are relet and a sufficient sum shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in realized from such reletting the Premises[after first deducting therefrom, for retention by Landlord, the Net Rental unpaid Base Rent and other amounts accrued hereunder at the time of reletting, the cost of recovering possession (as hereinafter definedincluding attorneys' fees and costs of suit), all of the costs and expense of repairs, changes, alterations, and additions [subject to the limitations set forth above], the expense of such reletting (including without limitation brokerage fees and leasing commissions [subject to the limitations set forth above]) and the cost of collection of the rent accruing therefrom] to satisfy the rent provided for in this Lease to be paid, then Tenant shall immediately satisfy and pay any such deficiency. Any such payments due Landlord shall be made upon demand therefor from time to time received by and Tenant agrees that Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action may file suit to recover any amount not theretofore reduced sums falling due from time to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlordtime. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect in writing to terminate this Lease for such previous breach breach. Exercise by Landlord of any one or Event of Default. If Landlord does in fact relet the Premises, Tenant more remedies hereunder granted or otherwise available shall not be entitled deemed to any rentals be an acceptance of surrender of the Premises and/or a termination of this Lease by Landlord, whether by agreement or by operation of law, it being understood that such surrender and/or termination can be effected only by the written agreement of Landlord and Tenant. A receipt by Landlord of rent or other consideration from payment with knowledge of the breach of any covenant hereof shall not be deemed a waiver of such relettingbreach, if any, that exceed and no waiver by Landlord of any amounts owed provision of this Lease shall be deemed to have been made unless expressed in writing and signed by Tenant to Landlord; or.

Appears in 1 contract

Samples: Net Lease Agreement (West Marine Inc)

Landlord’s Remedies. Upon In the occurrence event of an Event of Defaultany Default by Tenant, Landlord ------------------- shall have the following remedies, in addition to all other rights and remedies provided by any Law or otherwise provided in this Lease, to which Landlord may resort cumulatively, or in the alternative: (a) 13.2.1 Landlord may, at Landlord's election, continue this Lease in full force and effect and may enforce all its rights and remedies under this Lease, including, but not limited to, the right to recover rent and any other sums payable hereunder as they become due. In addition, Landlord may terminate enter the Premises without terminating this Lease by serving written notice on Tenant of Landlord's election to do so, and may thereafter forthwith proceed to recover possession sublet all or any part of the Premises for Tenant's account to any person, for such term (together with all alterations, installations, improvements, additions, and other physical changes to which may be a period beyond the Premises) in accordance with the laws remaining term of the State of Illinois. If Landlord elects to terminate this Lease), at such rents and on such other terms and conditions as Landlord deems advisable. In the event of any such subletting, rents received by Landlord from such subletting shall be entitled to recover forthwith as damages a sum of money equal to the total of applied (i) first, to the cost payment of recovering the Premisescosts of maintaining, preserving, altering and preparing the Premises for subletting and other costs of subletting, including but not limited to brokers' commissions, attorneys' fees and expenses of removal of Tenant's personal property, Trade Fixtures, and Leasehold Improvements, (ii) second, to the unpaid Basic Rent, Escalation Charges and payment of rent or any other sums payable hereunder earned at the time of termination, plus interest thereon at the rate set forth in Section 14.4then due and payable, (iii) third, to the present value payment of the balance of the Basic Rent, Escalation Charges and future rent or any other sums as the same may become due and payable hereunder and other amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value)hereunder, and (iv) any other sum of money and damages owed by fourth, the balance, if any, shall be paid to Tenant to Landlord; or upon (bbut not before) Landlord may terminate Tenant's right to possession expiration of the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually rents received by Landlord from such reletting less subletting, after application as provided above, are insufficient in any month to pay the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy Monthly Rent and any inducements granted to the new tenant). Additional Rent due and payable hereunder for such month, Tenant shall timely pay all amounts owed such deficiency to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlordmonthly upon demand. Notwithstanding any such reletting subletting for Tenant's account without termination, Landlord may at any time thereafter thereafter, by written notice to Tenant, elect to terminate this Lease by virtue of any previous Default hereunder by Tenant. 13.2.2 Landlord may, at Landlord's election, terminate this Lease by giving Tenant written notice of termination, in which event this Lease shall terminate on the date set forth for termination in such previous breach or Event notice. Tenant expressly acknowledges that in the absence of Default. If Landlord does in fact such written notice from Landlord, no other act of Landlord, including, without limitation, its re-entry into the Premises, its efforts to relet the Premises, its reletting of the Premises for Tenant's account, its storage of Tenant's personal property and Trade Fixtures, its acceptance of keys to the Premises from Tenant or its exercise of any other rights and remedies under this Section 13.2, shall not constitute an acceptance of Tenant's surrender of the Premises or constitute a termination of this Lease or of Tenant's right to possession of the Premises. Upon such termination in writing of Tenant's right to possession of the Premises, as herein provided, this Lease shall terminate and Landlord shall be entitled to recover damages from Tenant as provided in any rentals existing or future Law providing for recovery of damages for such breach, including, without limitation, the following: 13.2.2.1 The reasonable cost of recovering the Premises; plus 13.2.2.2 The reasonable cost of removing Tenant's Trade Fixtures and Leasehold Improvements; plus 13.2.2.3 The acceleration of all rent (discounted to present value using a discount rate of seven percent (7%)) and any other consideration from sums due or to become due under this Lease; 13.2.2.4 For purposes of this Section 13.2, (i) the term "rent" includes the Monthly Rent and all Additional Rent, and (ii) if it becomes necessary to determine the amount of Additional Rent that would have become due had Tenant not breached its obligations under this Lease, all such relettingAdditional Rent shall be computed on the basis of the average monthly amount thereof accruing during the immediately preceding twelve (12) month period, except that if anyit becomes necessary to compute such Additional Rent before such a twelve (12) month period has occurred, that exceed any amounts owed by Tenant to Landlord; orthen such rent shall be computed on the basis of the average monthly amount thereof accruing during such shorter period.

Appears in 1 contract

Samples: Lease Agreement (Pixtech Inc /De/)

Landlord’s Remedies. Upon the occurrence of an Event any one or more Events of Default, Landlord, at its option, without further notice or demand to Tenant (any notice to quit being hereby waived by Tenant), may in addition to all other rights and remedies provided in this Lease, at law or in equity: (a) Landlord may terminate 12.2.1 Terminate this Lease by serving written notice on Tenant and Tenant’s right of Landlord's election to do so, and may thereafter forthwith proceed to recover possession of the Premises (together with including, without limitation, any parking spaces which may be leased to Tenant hereunder) and recover all alterationsdamages to which Landlord is entitled under law, installationsspecifically including, improvementswithout limitation, additionsthose amounts described in Section 12.2.3 below. 12.2.2 Landlord, and other physical changes to the Premises) in accordance with the laws of the State of Illinois. If Landlord elects to terminate without terminating this Lease, Landlord shall be entitled have the right to recover forthwith as damages a sum of money equal terminate Tenant’s right to the total of (i) the cost of recovering the Premises, (ii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned at the time of termination, plus interest thereon at the rate set forth in Section 14.4, (iii) the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for possess the Premises for said period (also reduced to present value), and (iv) any other sum of money and damages owed by Tenant to Landlord; or (b) Landlord may terminate Tenant's right to possession of the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession of thereof and Tenant shall peacefully surrender the Premises to Landlord. Tenant hereby waives any and all rights it may have, at law or in accordance with equity, to the laws receipt of notice of default or demand for forfeiture, except as expressly provided herein. Landlord, at Landlord’s option and without any obligation, may cause the State of Illinois. If Landlord elects Premises to terminate Tenant's right to possession without terminating the Leasebe prepared for reletting, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to may relet the Premises for such rentor any part thereof as agent of Tenant, for a term to expire prior to, at the same time as, or subsequent to the expiration of the Lease Term, at Landlord’s option. In the event of such term (whether greater or less than reletting, Landlord shall receive the remaining Term rents therefor, applying the same first, to the repayment of this Lease) and upon such terms and conditions expenses as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs have incurred by Landlord in connection with such said resumption of possession, preparing for reletting and reletting (including, without limitation, broker's remodeling costs, brokerage and attorneys’ fees), attorneys' feesand, costs of preparing the Premises for occupancy and any inducements granted second, to the new tenant)payment of damages and amounts equal to the Rent due hereunder and to the cost of performing the other obligations of Tenant as herein provided. Tenant shall timely pay all amounts owed to Tenant, regardless of whether Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact has relet the Premises, shall pay to Landlord damages equal to the Rent herein agreed to be paid by Tenant shall not be entitled to any rentals or other consideration from such less the proceeds of the reletting, if any, that exceed any amounts owed and such Rent shall be due and payable by Tenant to Landlord; oron the days on which Rent is due hereunder and such other amounts as provided in Section 12.2.3

Appears in 1 contract

Samples: Lease Agreement (1847 Goedeker Inc.)

Landlord’s Remedies. Upon the each occurrence of an Event of Default: Default and so long as such Event of Default shall be continuing for more than five (a5) days after Landlord has given notice of said default to Tenant, Landlord may at any time thereafter at its election: terminate this Lease or Tenant’s right of possession, (but Tenant shall remain liable as hereinafter provided) and/or pursue any other remedies at law or in equity. Upon the termination of this Lease or termination of Tenant’s right of possession, it shall be lawful for Landlord, with such demand or notice as is required by serving written notice on Tenant of Landlord's election this Lease and Illinois law, to do so, and may thereafter forthwith proceed to recover possession of re-enter the Premises (together with by forcible entry and detainer proceedings or any other action or proceeding authorized by law and to remove Tenant and all alterations, installations, improvements, additions, persons and other physical changes to the Premises) in accordance with the laws of the State of Illinoisproperty therefrom. If Landlord elects re-enters the Premises, Landlord shall have the right to terminate keep in place and use, or remove and store, all of the furniture, fixtures and equipment at the Premises. If Landlord terminates this Lease, Landlord shall be entitled to may recover forthwith as damages a from Tenant the sum of money equal of: all Base Rent and all other amounts accrued hereunder to the total date of (i) such termination; the cost of recovering relating the whole or any part of the Premises, (ii) including without limitation brokerage fees and/or leasing commissions incurred by Landlord, and costs of removing and storing Tenant’s or any other occupant’s property, repairing, altering, remodeling, or otherwise pulling the unpaid Basic RentPremises into condition acceptable to a new tenant or tenants, Escalation Charges and all reasonable expenses incurred by Landlord in pursuing its remedies, including reasonable attorneys’ fees and court costs; and the excess of the then present value of the Base Rent and other sums amounts payable hereunder earned at by Tenant under this Lease as would otherwise have been required to be paid by Tenant to Landlord during the time period following the termination of terminationthis Lease measured from the date of such termination to the expiration date stated in this Lease, plus interest thereon at the rate set forth in Section 14.4, (iii) over the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other any net amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for which Tenant establishes Landlord can reasonably expect to recover by reletting the Premises for said period (also reduced such period, taking into consideration the availability of acceptable tenants and other market conditions affecting leasing. Such present values shall be calculated at a discount rate equal to present value), and (iv) any other sum the 90-day U.S. Treasury bxxx rate at the date of money and damages owed by Tenant to Landlord; or (b) Landlord may terminate Tenant's right to possession of the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinoissuch termination. If Landlord elects to terminate terminates Tenant's ’s right to of possession without terminating the (but not this Lease), Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use commercially reasonable efforts to relet the Premises for the account of Tenant far such rent, for such term (whether greater or less than the remaining Term of this Lease) rent and upon such terms as shall be satisfactory to Landlord without thereby releasing Tenant from any liability hereunder and conditions as Landlord shall find acceptablewithout demand or notice of any kind to Tenant. For the purposes purpose of such reletting the Premises, Landlord may decorate and/or is authorized to make any repairs, changes, alterations alterations, or additions in or to the Premises as may be Landlord deems reasonably necessarynecessary or desirable. If the Premises are not relet, then Tenant shall pay to Landlord as damages a sum equal to the amount of the rental reserved in this Lease for such period or periods, plus the cost of recovering possession of the Premises (including attorneys’ fees and costs of suit), the unpaid Base Rent and other amounts accrued hereunder at the time of repossession, and the costs incurred in any attempt by Landlord to relet the Premises. If the Premises are relet and a sufficient sum shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in realized from such reletting the Premises[after first deducting therefrom, for retention by Landlord, the Net Rental unpaid Base Rent and other amounts accrued hereunder at the time of reletting, the cost of recovering possession (as hereinafter definedincluding attorneys’ fees and costs of suit), all of the costs and expense of repairs, changes, alterations, and additions, the expense of such reletting (including without limitation brokerage fees and leasing commissions) and the cost of collection of the rent accruing therefrom] to satisfy the rent provided for in this Lease to be paid, then Tenant shall immediately satisfy and pay any such deficiency. Any such payments due Landlord shall be made upon demand therefor from lime to time and Tenant agrees that Landlord may file suit to recover any sums falling due from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlordtime. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect in writing to terminate this Lease for such previous breach breach. Exercise by Landlord of any one or Event more remedies hereunder granted or otherwise available shall-not be deemed to be an acceptance of Defaultsurrender of the Premises and/or a termination of this Lease by Landlord, whether by agreement or by operation of law, it being understood that such surrender and/or termination can be effected only by the written agreement of Landlord and Tenant. If Any law, usage, or custom to the contrary notwithstanding, Landlord does shall have the right at all times to enforce the provisions of this Lease in fact relet strict accordance with the Premises, Tenant terms hereof; and the failure of Landlord at any time to enforce its rights under (this Lease strictly in accordance with same shall not be entitled construed as having created a custom in any way or manner contrary to the specific terms, provisions, and covenants of this Lease or as having modified the same. Tenant and Landlord further agree that forbearance or waiver by Landlord to enforce its rights pursuant to this Lease or at law or in equity, shall not be a waiver of Landlord’s right to enforce one or more of its rights in connection with any rentals subsequent default. A receipt by Landlord of rent or other consideration from payment with knowledge of the breach of any covenant hereof shall not be deemed a waiver of such breach, and no waiver by Landlord of any provision of this Lease shall be deemed to have been made unless expressed in writing and signed by Landlord. Tenant waives all right of redemption in case Tenant shall be dispossessed by a judgment or by warrant of any court or judge. The terms “enter,” “re-enter,” “entry” or “re-entry,” as used in this Lease, are not restricted to their technical legal meanings. Any reletting of the Premises shall be on commercially reasonable terms and conditions. Landlord shall not be liable, nor shall Tenant’s obligations hereunder be diminished because of, Landlord’s failure to relet the Premises or collect rent due in respect of such reletting, if any, that exceed any amounts owed by Tenant to Landlord; or.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Sanfilippo John B & Son Inc)

Landlord’s Remedies. Upon After the occurrence of an Event of DefaultDefault by Tenant, Landlord shall have the right to exercise the following remedies: (a) Landlord may, at its option, continue this Lease in full force and effect, without terminating Tenant’s right to possession of the Properties, in which event Landlord shall have the right to collect Basic Rent, Additional Rent and all other charges when due. In the alternative, Landlord shall have the right to peaceably re-enter any Property on the terms set forth in subsection (b) below, but without such re-entry being deemed a termination of the Lease or an acceptance by Landlord of a surrender thereof. Landlord shall also have the right, at its option, from time to time, without terminating this Lease, to relet any Property, or any part thereof, with or without legal process, as the agent, and for the account, of Tenant upon such terms and conditions as Landlord may deem advisable (which terms may be materially different from the terms of this Lease), in which event the rents received on such reletting shall be applied (i) first to the reasonable and actual expenses of such reletting and collection, including without limitation necessary renovation and Alterations of such Property, reasonable and actual attorneys’ fees and any reasonable and actual real estate commissions paid, and (ii) thereafter toward payment of all sums due or to become due Landlord hereunder. If a sufficient amount to pay such expenses and sums shall not be realized or secured, then Tenant shall pay Landlord any such deficiency monthly, and Landlord may bring an action therefor as such monthly deficiency shall arise. Landlord shall not, in any event, be required to pay Tenant any sums received by Landlord on a reletting of a Property in excess of the rent provided in this Lease, but such excess shall reduce any accrued present or future obligations of Tenant hereunder. Landlord’s re-entry and reletting of a Property without termination of this Lease shall not preclude Landlord from subsequently terminating this Lease as set forth below. (b) Landlord may terminate this Lease by serving written notice on to Tenant of Landlord's election specifying a date therefor, which shall be no sooner than ten (10) business days following notice to do soTenant, and may thereafter forthwith proceed to recover possession this Lease shall then terminate on the date so specified as if such date had been originally fixed as the expiration date of the Premises (together with all alterations, installations, improvements, additions, and other physical changes to Term. In the Premises) in accordance with the laws event of the State of Illinois. If Landlord elects to terminate this Leasesuch termination, Landlord shall be entitled to recover forthwith as damages a sum from Tenant the worth at the time of money equal to the total payment by Tenant of all of the following: (i) Any obligation which has accrued prior to the cost date of recovering the Premisestermination, plus, (ii) the The amount of unpaid Basic Rent, Escalation Charges Additional Rent and all other sums payable hereunder earned at charges have accrued after termination until the time of terminationpayment by Tenant, plus plus, (iii) The amount by which the unpaid Basic Rent and Additional Rent for the balance of the Term (excluding any option periods or portions thereof not previously exercised) exceeds the fair and reasonable rental value of the Properties for such period (taking into account, among other factors, the anticipated duration that the Properties would be unoccupied prior to reletting and the anticipated costs of reletting the Properties. (c) Tenant agrees that Landlord shall have no obligation to mitigate damages hereunder following a termination of this Lease due to an Event of Default, and in any action or claim by Landlord against Tenant due to breach of this Lease following an Event of Default the amount of damages to which Landlord may be entitled shall not be reduced to reflect any loss which Landlord may be able to recover by reletting of the Properties or other efforts at mitigation. To the extent that applicable law requires Landlord to mitigate damages, Tenant agrees that it shall have the burden of proving the amount of damages which Landlord may be able to recover by mitigation and that Landlord shall have no obligation to subdivide any Property or to lease any Property other than on a triple net basis (substantially consistent with the terms of this Lease) to a tenant whose long term debt is rated at least investment grade by Standard & Poor’s Corporation. (d) Landlord may recover from Tenant, and Tenant shall pay to Landlord upon demand, as Additional Rent, such reasonable and actual expenses as Landlord may incur in recovering possession of any Property, placing the same in good order and condition and repairing the same for reletting, and all other reasonable and actual expenses, commissions and charges incurred by Landlord in exercising any remedy provided herein or as a result of any Event of Default by Tenant hereunder (including without limitation attorneys’ fees). (e) At any time upon prior notice to Tenant, Landlord shall have the right, but shall not be required, to pay such sums or do any act that requires the expenditure of monies that may be necessary or appropriate by reason of the failure or neglect of Tenant to comply with any of its obligations under this Lease, and in the event of the exercise of such right by Landlord, Tenant shall pay to Landlord promptly upon demand, as Additional Rent, all such sums including reasonable attorneys’ fees, together with interest thereon at the rate set forth in Section 14.4, (iii) the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value), and (iv) any other sum of money and damages owed by Tenant to Landlord; orDefault Rate. (bf) The various rights and remedies reserved to Landlord may terminate Tenant's right to possession herein are cumulative and shall survive termination of the Premises without terminating the Lease this Lease, and Landlord may forthwith proceed pursue any and all such rights and remedies and any other available to recover possession of Landlord under applicable law or equity, whether at the Premises in accordance same time or otherwise (to the extent not inconsistent with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term specific provisions of this Lease) and upon such terms and conditions as Landlord shall find acceptable). For To the purposes of reletting the Premisesextent permitted under applicable law, Landlord may decorate and/or make expressly reserves its right to forcibly dispossess Tenant from the any repairsProperty, changes, alterations whether peaceably or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (includingotherwise, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals or other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; orjudicial process.

Appears in 1 contract

Samples: Lease Agreement (LEE ENTERPRISES, Inc)

Landlord’s Remedies. Upon In the occurrence of an Event of Default: (a) Landlord may terminate this Lease by serving written notice on Tenant of Landlord's election to do so, and may thereafter forthwith proceed to recover possession of the Premises (together with all alterations, installations, improvements, additions, and other physical changes to the Premises) in accordance with the laws of the State of Illinois. If Landlord elects to terminate this Lease, Landlord shall be entitled to recover forthwith as damages a sum of money equal to the total of (i) the cost of recovering the Premises, (ii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned at the time of termination, plus interest thereon at the rate set forth in Section 14.4, (iii) the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value), and (iv) any other sum of money and damages owed by Tenant to Landlord; or (b) Landlord may terminate Tenant's right to possession of the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery event of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant default or breach by Landlord. Notwithstanding any such reletting without terminationTenant, Landlord may at any time thereafter elect thereafter, with or without notice and demand, and without limiting Landlord in the exercise of any rights or remedy at law or in equity which Landlord may have by reason of such default or breach: (a) To accelerate the whole or any part of the rent for the entire unexpired balance of the current term of this Lease, as well as all other charges, payments, costs and expenses herein agreed to terminate be paid (or already due and payable) by Tenant, and any rent or other charges, payments, costs and expenses if so accelerated shall be deemed due and payable as if, by the terms and provisions of this Lease for Lease, such previous breach accelerated rent and other charges, payments, costs and expenses were on that date payable in advance discounted to present value, using discount factor of 7%. (b) IF TENANT SHALL DEFAULT IN THE PAYMENT OF THE RENT HEREIN RESERVED OR IN THE PAYMENT OF ANY OTHER SUMS DUE HEREUNDER BY TENANT AS DEFINED HEREIN, TENANT HEREBY AUTHORIZES AND EMPOWERS ANY PROTHONOTARY OR ATTORNEY OF ANY COURT OF RECORD TO APPEAR FOR TENANT IN ANY AND ALL ACTIONS WHICH MAY BE BROUGHT FOR SAID RENT AND SAID OTHER SUMS; AND TO SIGN FOR TENANT AN AGREEMENT FOR ENTERING IN ANY COMPETENT COURT AN AMICABLE ACTION OR ACTIONS FOR THE RECOVERY OF SAID RENTAL AND SAID OTHER SUMS AND IN SAID SUITS OR IN SAID AMICABLE ACTION OR ACTIONS TO CONFESS JUDGMENT AGAINST TENANT FOR ALL OR ANY PART OF SAID RENTAL AND SAID OTHER SUMS, AND FOR INTEREST AND COSTS, TOGETHER WITH AN ATTORNEY’S COMMISSION FOR COLLECTION OF TEN (10%) PERCENT. SUCH AUTHORITY SHALL NOT BE EXHAUSTED BY ONE EXERCISE THEREOF, BUT JUDGMENT MAY BE CONFESSED AS AFORESAID FROM TIME TO TIME AS OFTEN AS ANY OF SAID RENTAL AND SAID OTHER SUMS SHALL FALL DUE OR BE IN ARREARS, AND SUCH POWERS MAY BE EXERCISED AS WELL AFTER THE EXPIRATION OF THE TERM OR OTHER TERMINATION OF THIS LEASE. (c) IF TENANT SHALL DEFAULT IN THE PAYMENT OF THE RENT HEREIN RESERVED OR IN THE PAYMENT OF ANY OTHER SUMS DUE HEREUNDER BY TENANT, THIS LEASE MAY, AT THE OPTION OF LANDLORD, BE TERMINATED AND, IN SUCH EVENT, ANY ATTORNEY MAY IMMEDIATELY THEREAFTER, AS ATTORNEY FOR THE TENANT, AT THE SOLE REQUEST OF LANDLORD, SIGN AN AGREEMENT FOR ENTERING IN ANY COMPETENT COURT AN AMICABLE ACTION AND JUDGMENT IN EJECTMENT (WITHOUT ANY STAY OF EXECUTION OR APPEAL) AGAINST TENANT AND ALL PERSONS CLAIMING UNDER TENANT, FOR THE RECOVERY BY LANDLORD OF POSSESSION OF THE PREMISES WITHOUT ANY LIABILITY ON THE PART OF THE SAID ATTORNEY, FOR WHICH THIS SHALL BE A SUFFICIENT WARRANT, AND THEREUPON A WRIT OF POSSESSION MAY ISSUE FORTHWITH WITHOUT ANY PRIOR PROCEEDINGS WHATSOEVER. AND TENANT HEREBY RELEASES LANDLORD OF ALL ERRORS AND DEFECTS WHATEVER IN ENTERING SUCH ACTION OR JUDGMENT, OR CAUSING SUCH WRIT OF POSSESSION TO BE ISSUED, AND HEREBY AGREES THAT NO WRIT OF ERROR OR OBJECTION OR EXCEPTION SHALL BE MADE OR TAKEN THERETO, AND WITH A COPY OF THIS LEASE, VERIFIED BY AFFIDAVIT, BEING FILED IN SUCH ACTION, IT SHALL NOT BE NECESSARY TO FILE THE ORIGINAL AS A WARRANT OF ATTORNEY, ANY LAW OR RULE OF COURT TO THE CONTRARY NOTWITHSTANDING. NO SUCH DETERMINATION OF THIS LEASE, NOR TAKING OR RECOVERING POSSESSION OF THE PREMISES, SHALL DEPRIVE LANDLORD OF ANY ACTION AGAINST TENANT FOR POSSESSION AND FOR THE RENTS, CHARGES, PAYMENTS, COSTS AND EXPENSES REFERRED TO IN THIS ARTICLE. (d) Landlord shall have a lien on all trade fixtures, furnishings, equipment and other personal property of Tenant which are placed in, or Event of Default. If Landlord does in fact relet become a part of, the Premises, Tenant as security for the rents, charges, payments, costs and expenses referred to herein, which lien shall not be entitled in lieu of or in any way affect the statutory Landlord’s lien given by law, but shall be cumulative thereto. Tenant hereby grants to Landlord a security interest in all such personal property above enumerated for such purposes. (e) Re-enter upon the Premises with or without process of law and take possession of the same and of all trade fixtures, furnishings and equipment of Tenant including the right to change door locks and suspend utilities and services and expel or remove Tenant and all other parties occupying the Premises, using such force as may reasonably be necessary to do so without being liable to Tenant for any rentals loss or other consideration damage occasioned thereby. Such personal property of Tenant may be removed by Landlord from the Premises and stored for the account of and at the expenses and risk of Tenant; or Landlord may, at its option, and after giving Tenant five (5) days’ prior written notice thereof, sell said personal property at public or private sale for such price and upon such terms as Landlord may determine, applying the proceeds of such sale against the balance owing by Tenant to Landlord under this Lease, including the expense of such removal and sale. (f) Terminate this Lease, or from time to time, without terminating this Lease, relet the Premises or any part thereof on such terms and conditions as Landlord, in its sole discretion, shall determine with the right to make alterations and repairs to said Premises; provided, however, that Landlord shall in no way 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. In the event Landlord relets the Premises from time to time, the rentals so received shall be applied first to the payment of any obligation other than rent due hereunder from Tenant to Landlord, then to the payment of the cost of such reletting, including attorneys’ fees and broker’s commission which Landlord may have paid or incurred in connection with such repossession and reletting, then to the payment of the costs of any alteration or repair to the Premises to make them tenantable or acceptable to a new tenant, then to the payment of rent and other charges, payments, costs and expenses referred to herein due and unpaid hereunder and the residue, if any, that exceed any amounts owed shall be held by the Landlord and applied in payment of future rent as the same may become due and payable hereunder. Whether or not the Premises are relet, the Tenant shall pay Landlord until the end of the term the amount of all rent and other charges required to be paid by Tenant hereunder, less the proceeds of such reletting during the term hereof, if any, after payment of the foregoing expenses. (g) Landlord shall not by such re-entry or any other act be deemed to have terminated this Lease or the liability of Tenant for the total rent reserved hereunder unless Landlord shall give to Tenant written notice of Landlord; or’s election to terminate this Lease. In the event that Landlord shall terminate this Lease as provided herein, Landlord shall thereupon be entitled to recover from Tenant the worth, at the time of such termination, or the excess, if any, of the rent and other charges required to be paid by Tenant hereunder for the balance of the term (if this Lease had not been so terminated) over the then reasonable rental value of the Premises for such period. (h) No right or remedy herein conferred upon or reserved to Landlord is intended to be exclusive of any other right or remedy herein or by law provided but each shall be cumulative and in addition to every other right or remedy given herein or now or hereafter existing at law or in equity or by statute.

Appears in 1 contract

Samples: Lease Agreement (Rex Energy Corp)

Landlord’s Remedies. Upon the occurrence of an Event of DefaultIf Tenant is in default under this Lease, Landlord may, at its option, in addition to such other remedies as may be available under Florida Law: (a) Landlord may 1. terminate this Lease by serving written notice on Tenant and Tenant's right of possession, and retake possession for Landlord's election to do soaccount; or 2. Terminate Tenant's right of possession without terminating this Lease, and may thereafter forthwith proceed to recover retake possession of the Premises (together with all alterationsfor the Tenant's account, installations, improvements, additionsrepair and alter the Premises in any manner as Landlord deems reasonably necessary or advisable, and other physical changes to relet the Premises) in accordance with Premises or any part of it, as the laws agent of Tenant, for the State whole or any part of Illinois. If Landlord elects to terminate this Lease, Landlord shall be entitled to recover forthwith as damages a sum of money equal to the total of (i) the cost of recovering the Premises, (ii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned at the time of termination, plus interest thereon at the rate set forth in Section 14.4, (iii) the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for the remainder of the TermLease Term or for a longer period, less the fair market value if applicable or allowed, and Landlord may grant concessions or free rent or charge a higher rental than that reserved in this Lease. Out of the Basic Rentany rent collected or received from Tenants or as a result of such reletting, Escalation Charges Landlord shall pay to itself (a) all expenses of every nature which Landlord may incur such as (by way of illustration and other sums payable hereunder not limitation) those for reasonable attorneys' fees, brokerage, advertising, and refurbishing the Premises in good order or preparing them for said period (also reduced to present value)reletting, and (ivb) any other sum of money and damages owed by Tenant to Landlord; or (b) Landlord may terminate Tenant's right to possession balance remaining on account of the Premises without terminating liability of Tenant for the Lease and Landlord may forthwith proceed sum equal to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder Additional Rent and other charges due hereunder and for all costs incurred by Landlord in recovering possession of from Tenant through the PremisesExpiration Date. Landlord shall thereafter use reasonable efforts to relet the Premises for such rentShould Landlord, for such term (whether greater or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action Section, not collect rent which, after deductions is sufficient to recover any amount not theretofore reduced fully pay to judgment in favor Landlord a sum equal to all Rent, Additional Rent and other charges payable through the Expiration Date, the balance or deficiency shall, at the election of Landlord, nor shall be paid by Tenant; or 3. Stand by and do nothing, and hold the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate Tenant liable for all Rent, Additional Rent and other charges payable under this Lease unless a written notice of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet through the Premises, Tenant shall not be entitled to any rentals or other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; orExpiration Date.

Appears in 1 contract

Samples: Commercial Lease (Odimo INC)

Landlord’s Remedies. Upon In the occurrence event of an Event of Defaultany default by Tenant, and without limiting Landlord's right to indemnification as provided in Article 8.2, Landlord shall have the following remedies, in addition to all other rights and remedies provided by law or otherwise provided in this Lease, to which Landlord may resort cumulatively, or in the alternative: (a) Landlord may, at Landlord's election, keep this Lease in effect and enforce, by an action at law or in equity, all of its rights and remedies under this Lease including, without limitation, (i) the right to recover the rent and other sums as they become due by appropriate legal action, (ii) the right to make payments required by Tenant, or perform Tenant's obligations and be reimbursed by Tenant for the cost thereof with interest at the then maximum rate of interest not prohibited by law from the date the sum is paid by Landlord until Landlord is reimbursed by Tenant, and (iii) the remedies of injunctive relief and specific performance to prevent Tenant from violating the terms of this Lease and/or to compel Tenant to perform its obligations under this Lease, as the case may be. (b) Landlord may, at Landlord's election, terminate this Lease by serving giving Tenant written notice of termination, in which event this Lease shall terminate on the date Set forth for termination in such notice, in which event Tenant of shall immediately surrender the Leased Premises to Landlord's election , and if Tenant fails to do so, Landlord may, without prejudice to any other remedy which it may have for possession or arrearages in rent, enter upon and may thereafter forthwith proceed to recover take possession of the Leased Premises and expel or remove Tenant and any other person who may be occupying the Leased Premises or any part thereof, without being liable for prosecution or any claim or damages therefor. Any termination under this subparagraph shall not relieve Tenant from its obligation to pay to Landlord all Base Monthly Rent and Additional Rent then or thereafter due, or any other sums due or thereafter accruing to Landlord, or from any claim against Tenant for damages previously accrued or then or thereafter accruing. In no event shall any one or more of the following actions by Landlord, in the absence of a written election by Landlord to terminate this Lease constitute a termination of this Lease: (together with all alterationsi) Appointment of a receiver or keeper in order to protect Landlord's interest hereunder; (ii) Consent to any subletting of the Leased Premises or assignment of this Lease by Tenant, installations, improvements, additions, and other physical changes whether pursuant to the provisions hereof or otherwise; or (iii) Any action taken by Landlord or its partners, principals, members, officers, agents, employees, or servants, which is intended to mitigate the adverse effects of any breach of this Lease by Tenant, including, without limitation, any action taken to maintain and preserve the Leased Premises on any action taken to re let the Leased Premises or any portion thereof for the account at Tenant and in the name of Tenant. (c) In the event Tenant breaches this Lease and abandons the Leased Premises) in accordance with the laws , Landlord may terminate this Lease, but this Lease shall not terminate unless Landlord gives Tenant written notice of the State of Illinoistermination. If Landlord elects does not terminate this Lease by giving written notice of termination, Landlord may enforce all its rights and remedies under this Lease, including the right and remedies provided by 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, if lessee has right to terminate sublet or assign, subject only to reasonable limitations"), as in effect on the Effective Date of this Lease. (d) In the event Landlord terminates this Lease, Landlord shall be entitled entitled, at Landlord's election, to recover forthwith the rights and remedies provided in California Civil Code Section 1951.2, as in effect on the Effective Date of this Lease. For purposes of computing damages a sum of money pursuant to Section 1951.2, an interest rate equal to the total maximum rate of interest then not prohibited by law shall be used where permitted. Such damages shall include, without limitation: (i) The worth at the cost time of recovering the Premises, (ii) award of the unpaid Basic Rent, Escalation Charges and other sums payable hereunder rent which had been earned at the time of termination, plus interest thereon ; (ii) The worth at the time of award of the amount by which the unpaid rent for the balance of the term alter the time of award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided, computed by discounting such amount at the discount rate set forth of the Federal Reserve Bank of San Francisco, at the time of award plus one percent; and (iii) Any other amount necessary to compensate Landlord for all detriment proximately caused by Tenant's failure to perform Tenant's obligations under this Lease, or which in Section 14.4the ordinary course of things would be likely to result therefrom, including without limitation, the following.. (i) expenses for cleaning, repairing or restoring the Leased Premises, (ii) expenses for altering, remodeling or otherwise improving the Leased Premises for the purpose of reletting, including removal of existing leasehold improvements and/or installation of additional leasehold improvements (regardless of how the same is funded, including reduction of rent, a direct payment or allowance to a new tenant, or otherwise), (iii) the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for broker's fees allocable to the remainder of the Termterm of this Lease, less the fair market value of the Basic Rent, Escalation Charges advertising costs and other sums payable hereunder for expenses of reletting the Premises for said period (also reduced to present value), and Leased Premises; (iv) costs of carrying and maintaining the Leased Premises, such as taxes, insurance premiums, utility charges and security precautions, (v) expenses incurred in removing, disposing of and/or storing any other sum of money and damages owed by Tenant to Landlord; or (b) Landlord may terminate Tenant's right personal property, inventory or trade fixtures remaining therein; (vi) reasonable attorney's fees, expert witness fees, court costs and other reasonable expenses incurred by Landlord (but not limited to taxable costs) in retaking possession of the Premises without terminating Leased Premises, establishing damages hereunder, and releasing the Lease Leased Premises; and Landlord may forthwith proceed to recover possession (vii) any other expenses, costs or damages otherwise incurred or suffered as a result of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals or other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; ordefault.

Appears in 1 contract

Samples: Lease (Digital Island Inc)

Landlord’s Remedies. Upon In the occurrence event of any default by Tenant, and without limiting Landlord's right to indemnification as provided in Article 8.2, Landlord shall have the following remedies, in addition to all other rights and remedies provided by law or otherwise provided in this Lease, to which Landlord may resort cumulatively, or in the alternative: Landlord may, at Landlord's election, keep this Lease in effect and enforce, by an Event action at law or in equity, all of Default: its rights and remedies under this Lease including, without limitation, (ai) the right to recover the rent and other sums as they become due by appropriate legal action, (ii) the right to make payments required by Tenant, or perform Tenant's obligations and be reimbursed by Tenant for the cost thereof with interest at the then maximum rate of interest not prohibited by law from the date the sum is paid by Landlord until Landlord is reimbursed by Tenant, and (iii) the remedies of injunctive relief and specific performance to prevent Tenant from violating the terms of this Lease and/or to compel Tenant to perform its obligations under this Lease, as the case may be. Landlord may, at Landlord's election, terminate this Lease by giving Tenant written notice of termination, in which event this Lease shall terminate on the date set forth for termination in such notice, in which event Tenant shall immediately surrender the Leased Premises to Landlord, and if Tenant fails to do so, Landlord may, without prejudice to any other remedy which it may have for possession or arrearages in rent, enter upon and take possession of the Leased Premises and expel or remove Tenant and any other person who may be occupying the Leased Premises or any part thereof, without being liable for prosecution or any claim or damages therefor. Any termination under this subparagraph shall not relieve Tenant from its obligation to pay to Landlord all Base Monthly Rent and Additional Rent then or thereafter due, or any other sums due or thereafter accruing to Landlord, or from any claim against Tenant for damages previously accrued or then or thereafter accruing. In no event shall any one or more of the following actions by Landlord, in the absence of a written election by Landlord to terminate this Lease constitute a termination of this Lease: Appointment of a receiver or keeper in order to protect Landlord's interest hereunder; Consent to any subletting of the Leased Premises or assignment of this Lease by Tenant, whether pursuant to the provisions hereof or otherwise; or Any action taken by Landlord or its partners, principals, members, officers, agents, employees, or servants, which is intended to mitigate the adverse effects of any breach of this Lease by Tenant, including, without limitation, any action taken to maintain and preserve the Leased Premises on any action taken to relet the Leased Premises or any portion thereof for the account at Tenant and in the name of Tenant. In the event Tenant breaches this Lease and abandons the Leased Premises, Landlord may terminate this Lease, but this Lease by serving shall not terminate unless Landlord gives Tenant written notice on Tenant of Landlord's election to do so, and may thereafter forthwith proceed to recover possession of the Premises (together with all alterations, installations, improvements, additions, and other physical changes to the Premises) in accordance with the laws of the State of Illinoistermination. If Landlord elects does not terminate this Lease by giving written notice of termination, Landlord may enforce all its rights and remedies under this Lease, including the right and remedies provided by 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, if lessee has right to terminate sublet or assign, subject only to reasonable limitations"), as in effect on the Effective Date of this Lease. In the event Landlord terminates this Lease, Landlord shall be entitled entitled, at Landlord's election, to recover forthwith the rights and remedies provided in California Civil Code Section 1951.2, as in effect on the Effective Date of this Lease. For purposes of computing damages a sum of money pursuant to Section 1951.2, an interest rate equal to the total maximum rate of (i) interest then not prohibited by law shall be used where permitted. Such damages shall include, without limitation: The worth at the cost time of recovering the Premises, (ii) award of the unpaid Basic Rent, Escalation Charges and other sums payable hereunder rent which had been earned at the time of termination, plus interest thereon ; The worth at the time of award of the amount by which the unpaid rent for the balance of the term after the time of award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided, computed by discounting such amount at the discount rate set forth of the Federal Reserve Bank of San Francisco, at the time of award plus one percent; and Any other amount necessary to compensate Landlord for all detriment proximately caused by Tenant's failure to perform Tenant's obligations under this Lease, or which in Section 14.4the ordinary course of things would be likely to result therefrom, including without limitation, the following: (i) expenses for cleaning, repairing or restoring the Leased Premises, (ii) expenses for altering, remodeling or otherwise improving the Leased Premises for the purpose of reletting, including removal of existing leasehold improvements and/or installation of additional leasehold improvements (regardless of how the same is funded, including reduction of rent, a direct payment or allowance to a new tenant, or otherwise), (iii) the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for broker's fees allocable to the remainder of the Termterm of this Lease, less the fair market value of the Basic Rent, Escalation Charges advertising costs and other sums payable hereunder for expenses of reletting the Premises for said period (also reduced to present value), and Leased Premises; (iv) costs of carrying and maintaining the Leased Premises, such as taxes, insurance premiums, utility charges and security precautions, (v) expenses incurred in removing, disposing of and/or storing any other sum of money and damages owed by Tenant to Landlord; or (b) Landlord may terminate Tenant's right personal property, inventory or trade fixtures remaining therein; (vi) reasonable attorney's fees, expert witness fees, court costs and other reasonable expenses incurred by Landlord (but not limited to taxable costs) in retaking possession of the Premises without terminating Leased Premises, establishing damages hereunder, and releasing the Lease Leased Premises; and Landlord may forthwith proceed to recover possession (vii) any other expenses, costs or damages otherwise incurred or suffered as a result of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals or other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; ordefault.

Appears in 1 contract

Samples: Lease Agreement (Cell Genesys Inc)

Landlord’s Remedies. Upon the each occurrence of an Event of Default: Default and so long as such Event of Default shall be continuing for more than five (a5) days after Landlord has given notice of said default to Tenant, Landlord may at any time thereafter at its election: terminate this Lease or Tenant’s right of possession, (but Tenant shall remain liable as hereinafter provided) and/or pursue any other remedies at law or in equity. Upon the termination of this Lease or termination of Tenant’s right of possession, it shall be lawful for Landlord, with such demand or notice as is required by serving written notice on Tenant of Landlord's election this Lease and Illinois law, to do so, and may thereafter forthwith proceed to recover possession of re-enter the Premises (together with by forcible entry and detainer proceedings or any other action or proceeding authorized by law and to remove Tenant and all alterations, installations, improvements, additions, persons and other physical changes to the Premises) in accordance with the laws of the State of Illinoisproperty therefrom. If Landlord elects re-enters the Premises, Landlord shall have the right to terminate keep in place and use, or remove and store, all of the furniture, fixtures and equipment at the Premises. If Landlord terminates this Lease, Landlord shall be entitled to may recover forthwith as damages a from Tenant the sum of money equal of: all Base Rent and all other amounts accrued hereunder to the total date of (i) such termination; the cost of recovering reletting the whole or any part of the Premises, (ii) including without limitation brokerage fees and/or leasing commissions incurred by Landlord, and costs of removing and storing Tenant’s or any other occupant’s property, repairing, altering, remodeling, or otherwise putting the unpaid Basic RentPremises into condition acceptable to a new tenant or tenants, Escalation Charges and all reasonable expenses incurred by Landlord in pursuing its remedies, including reasonable attorneys’ fees and court costs; and the excess of the then present value of the Base Rent and other sums amounts payable hereunder earned at by Tenant under this Lease as would otherwise have been required to be paid by Tenant to Landlord during the time period following the termination of terminationthis Lease measured from the date of such termination to the expiration date stated in this Lease, plus interest thereon at the rate set forth in Section 14.4, (iii) over the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other any net amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for which Tenant establishes Landlord can reasonably expect to recover by reletting the Premises for said period (also reduced such period, taking into consideration the availability of acceptable tenants and other market conditions affecting leasing. Such present values shall be calculated at a discount rate equal to present value), and (iv) any other sum the 90-day U.S. Treasury bxxx rate at the date of money and damages owed by Tenant to Landlord; or (b) Landlord may terminate Tenant's right to possession of the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinoissuch termination. If Landlord elects to terminate terminates Tenant's ’s right to of possession without terminating the (but not this Lease), Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use commercially reasonable efforts to relet the Premises for such rent, the account of Tenant for such term (whether greater or less than the remaining Term of this Lease) rent and upon such terms as shall be satisfactory to Landlord without thereby releasing Tenant from any liability hereunder and conditions as Landlord shall find acceptablewithout demand or notice of any kind to Tenant. For the purposes purpose of such reletting the Premises, Landlord may decorate and/or is authorized to make any repairs, changes, alterations alterations, or additions in or to the Premises as may be Landlord deems reasonably necessarynecessary or desirable. If the Premises are not relet, then Tenant shall pay to Landlord as damages a sum equal to the amount of the rental reserved in this Lease for such period or periods, plus the cost of recovering possession of the Premises (including attorneys’ fees and costs of suit), the unpaid Base Rent and other amounts accrued hereunder at the time of repossession, and the costs incurred in any attempt by Landlord to relet the Premises. If the Premises are relet and a sufficient sum shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in realized from such reletting the Premises[after first deducting therefrom, for retention by Landlord, the Net Rental unpaid Base Rent and other amounts accrued hereunder at the time of reletting, the cost of recovering possession (as hereinafter definedincluding attorneys’ fees and costs of suit), all of the costs and expense of repairs, changes, alterations, and additions, the expense of such reletting (including without limitation brokerage fees and leasing commissions) and the cost of collection of the rent accruing therefrom] to satisfy the rent provided for in this Lease to be paid, then Tenant shall immediately satisfy and pay any such deficiency. Any such payments due Landlord shall be made upon demand therefor from time to time received by and Tenant agrees that Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action may file suit to recover any amount not theretofore reduced sums falling due from time to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlordtime. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect in writing to terminate this Lease for such previous breach breach. Exercise by Landlord of any one or Event of Default. If Landlord does in fact relet the Premises, Tenant more remedies hereunder granted or otherwise available shall not be entitled deemed to be an acceptance of surrender of the Premises and/or a termination of this Lease by Landlord, whether by agreement or by operation of law, it being understood that such surrender and/or termination can be effected only by the written agreement of Landlord and Tenant. Any law, usage, or custom to the contrary notwithstanding, Landlord shall have the right at all times to enforce the provisions of this Lease in strict accordance with the terms hereof; and the failure of Landlord at any rentals time to enforce its rights under this Lease strictly in accordance with same shall not be construed as having created a custom in any way or manner contrary to the specific terms, provisions, and covenants of this Lease or as having modified the same. Tenant and Landlord further agree that forbearance or waiver by Landlord to enforce its rights pursuant to this Lease or at law or in equity, shall not be a waiver of Landlord’s right to enforce one or more of its rights in connection with any subsequent default. A receipt by Landlord of rent or other consideration from payment with knowledge of the breach of any covenant hereof shall not be deemed a waiver of such breach, and no waiver by Landlord of any provision of this Lease shall be deemed to have been made unless expressed in writing and signed by Landlord. Tenant waives all right of redemption in case Tenant shall be dispossessed by a judgment or by warrant of any court or judge. The terms “enter,” “re-enter,” “entry” or “re-entry,” as used in this Lease, are not restricted to their technical legal meanings. Any reletting of the Premises shall be on commercially reasonable terms and conditions. Landlord shall not be liable, nor shall Tenant’s obligations hereunder be diminished because of, Landlord’s failure to relet the Premises or collect rent due in respect of such reletting, if any, that exceed any amounts owed by Tenant to Landlord; or.

Appears in 1 contract

Samples: Lease Agreement (Sanfilippo John B & Son Inc)

AutoNDA by SimpleDocs

Landlord’s Remedies. Upon In the occurrence event of an Event of Defaultany default by Tenant, and without limiting Landlord's right to indemnification as provided in Paragraph 8.2, Landlord shall have the following remedies, in addition to all other rights and remedies provided by law or otherwise provided in this Lease, to which Landlord may resort cumulatively, or in the alternative: (a) Landlord may, at Landlord's election, keep this Lease in effect and enforce, by an action at-law or in equity, all of its rights and remedies under this Lease including, without limitation, (i)the right to recover the rent and other sums as they become due by appropriate legal action, (ii)the right to make payments required by Tenant, or perform Tenant's obligations and be reimbursed by Tenant for the cost thereof with interest at the rate of ten percent (10%) per annum from the date the sum is paid by Landlord until Landlord is reimbursed by Tenant, and (iii)the remedies of injunctive relief and specific performance to prevent Tenant from violating the terms of this Lease and/or to compel Tenant to perform its obligations under this Lease, as the case may be. (b) Landlord may, at Landlord's election, terminate this Lease by serving giving Tenant written notice of termination, in which event this Lease shall terminate on the date set forth for termination in such notice. Any termination under this subparagraph shall not relieve Tenant from its obligation to pay to Landlord all Base Monthly Rent and Additional Rent then or thereafter due, or any other sums due or thereafter accruing to Landlord, or from any claim against Tenant for damages previously accrued or then or thereafter accruing. In no event shall any one or more of the following actions by Landlord, in the absence of a written election by Landlord to terminate this Lease constitute a termination of this Lease: (i) Appointment of a receiver or keeper in order to protect Landlord's election interest hereunder; (ii) Consent to do so, and may thereafter forthwith proceed to recover possession any subletting of the Premises (together with all alterationsor assignment of this Lease by Tenant, installations, improvements, additions, and other physical changes whether pursuant to the provisions hereof or otherwise; or (iii) Any action taken by Landlord or its partners, principals, members, officers, agents, employees, or servants, which is intended to mitigate the adverse effects of any breach of this Lease by Tenant, including, without limitation, any action taken to maintain and preserve the Premises on any action taken to relet the Premises or any portion thereof for the account at Tenant and in the name of Tenant. (c) In the event Tenant breaches this Lease and abandons the Premises) in accordance with the laws , Landlord may terminate this Lease, but this Lease shall not terminate unless Landlord gives Tenant written notice of the State of Illinoistermination. If Landlord elects does not terminate this Lease by giving written notice of termination, Landlord may enforce all its rights and remedies under this Lease, including the right and remedies provided by 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, if lessee has right to terminate sublet or assign, subject only to reasonable limitations"), as in effect on the Effective Date of this Lease. (d) In the event Landlord terminates this Lease, Landlord shall be entitled entitled, at Landlord's election, to recover forthwith the rights and remedies provided in California Civil Code Section 1951.2, as in effect on the Effective Date of this Lease. For purposes of computing damages a sum of money pursuant to Section 1951.2, an interest rate equal to the total of ten percent (10%) per annum shall be used where permitted. Such damages shall include, without limitation: (i) The worth at the cost time of recovering award of the amount by which the unpaid rent for the balance of the term after the time of award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided, computed by discounting such amount at the discount rate of the Federal Reserve Bank of San Francisco, at the time of award plus one percent; and (ii) Any other amount necessary to compensate Landlord for all detriment proximately caused by Tenant's failure to perform Tenant's obligations under this Lease, or which in the ordinary course of things would be likely to result therefrom, including without limitation, the following: (i)expenses for cleaning, repairing or restoring the Premises, (ii) ii)expenses for altering, remodeling or otherwise improving the unpaid Basic RentPremises for the purpose of reletting, Escalation Charges and other sums payable hereunder earned at including removal of existing leasehold improvements and/or installation of additional leasehold improvements (regardless of how the time same is funded, including reduction of terminationrent, plus interest thereon at the rate set forth in Section 14.4a direct payment or allowance to a new tenant, or otherwise), (iii) the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for iii)broker's fees allocable to the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value), and (iv) any other sum of money and damages owed by Tenant to Landlord; or (b) Landlord may terminate Tenant's right to possession of the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) , advertising costs and upon such terms and conditions as Landlord shall find acceptable. For the purposes other expenses of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting (iv)costs of carrying and maintaining the Premises, the Net Rental such as taxes, insurance premiums, utility charges and security precautions, (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term v)expenses incurred in removing, disposing of this Lease shall be applied to reduce and/or storing any of Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shallpersonal property, for purposes hereofinventory or trade fixtures remaining therein, mean the gross rental actually received by Landlord from such reletting less the amount of all (vi)reasonable attorney's fees, expert witness fees, court costs and other reasonable expenses incurred by Landlord (but not limited to taxable costs) in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs retaking possession of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals establishing damages hereunder, and releasing the Premises, and (vii)any other expenses, costs or other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; ordamages otherwise incurred or suffered as a result of Tenant's default.

Appears in 1 contract

Samples: Sublease (Xpeed Networks Inc)

Landlord’s Remedies. Upon the each occurrence of an Event of Default: (a) Default and so long as such Event of Default shall be continuing, Landlord may at any time thereafter at its election: terminate this Lease by serving written or Tenant's right of possession, (but Tenant shall remain liable as hereinafter provided) and/or pursue any other remedies at law or in equity. Upon the termination of this Lease or termination of Tenant's right of possession, it shall be lawful for Landlord, without formal demand or notice on Tenant of Landlord's election any kind, to do so, and may thereafter forthwith proceed to recover possession of re-enter the Premises (together with by summary dispossession proceedings or any other action or proceeding authorized by law and to remove Tenant and all alterations, installations, improvements, additions, persons and other physical changes to the Premises) in accordance with the laws of the State of Illinoisproperty therefrom. If Landlord elects re-enters the Premises, Landlord shall have the right to terminate keep in place and use, or remove and store, all of the furniture, fixtures and equipment at the Premises, If Landlord terminates this Lease, Landlord shall be entitled to may recover forthwith as damages a from Tenant the sum of money equal of: all Base Rent and all other amounts accrued hereunder to the total date of (i) such termination; the cost of recovering reletting the whole or any part of the Premises, (ii) including without limitation brokerage fees and/or leasing commissions incurred by Landlord, and costs of removing and storing Tenant's or any other occupant's property, repairing, altering, remodeling, or otherwise putting the unpaid Basic RentPremises into condition acceptable to a new tenant or tenants, Escalation Charges and all reasonable expenses incurred by Landlord in pursuing its remedies, including reasonable attorneys' fees and court costs; and the excess of the then present value of the Base Rent and other sums amounts payable hereunder earned at by Tenant under this Lease as would otherwise have been required to be paid by Tenant to Landlord during the time period following the termination of terminationthis Lease measured from the date of such termination to the expiration date stated in this Lease, plus interest thereon at the rate set forth in Section 14.4, (iii) over the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other any net amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for which Tenant establishes Landlord can reasonably expect to recover by reletting the Premises for said period (also reduced such period, taking into consideration the availability of acceptable tenants and other market conditions affecting leasing. Such present values shall be calculated at a discount rate equal to present value), and (iv) any other sum the 90-day U.S. Treasury xxxx rate at the date of money and damages owed by Tenant to Landlord; or (b) Landlord may terminate Tenant's right to possession of the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinoissuch termination. If Landlord elects to terminate terminates Tenant's right to possession without terminating the LeaseLease after an Event of Default, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use commercially reasonable efforts to relet the Premises Premises; provided, however, (a) Landlord shall not be obligated to accept any tenant proposed by Tenant, (b) Landlord shall have the right to lease any other space controlled by Landlord first, and (c) any proposed tenant shall meet all of Landlord's leasing criteria. Such reletting shall be for the account of Tenant for such rent, for such term (whether greater or less than the remaining Term of this Lease) rent and upon such terms as shall be satisfactory to Landlord without thereby releasing Tenant from any liability hereunder and conditions as Landlord shall find acceptablewithout demand or notice of any kind to Tenant. For the purposes purpose of such reletting the Premises, Landlord may decorate and/or is authorized to make any repairs, changes, alterations alterations, or additions in or to the Premises as may be Landlord deems reasonably necessarynecessary or desirable. If the Premises are not relet, then Tenant shall pay to Landlord as damages a sum equal to the amount of the rental reserved in this Lease for such period or periods, plus the cost of recovering possession of the Premises (including attorneys' fees and costs of suit), the unpaid Base Rent and other amounts accrued hereunder at the time of repossession, and the costs incurred in any attempt by Landlord to relet the Premises. If the Premises are relet and a sufficient sum shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in realized from such reletting the Premises[after first deducting therefrom, for retention by Landlord, the Net Rental unpaid Base Rent and other amounts accrued hereunder at the time of reletting, the cost of recovering possession (as hereinafter definedincluding attorneys' fees and costs of suit), all of the costs and expense of repairs, changes, alterations, and additions, the expense of such reletting (including without limitation brokerage fees and leasing commissions) and the cost of collection of the rent -12- <PAGE> accruing therefrom] to satisfy the rent provided for in this Lease to be paid, then Tenant shall immediately satisfy and pay any such deficiency. Any such payments due Landlord shall be made upon demand therefor from time to time received by and Tenant agrees that Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action may file suit to recover any amount not theretofore reduced sums falling due from time to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlordtime. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect in writing to terminate this Lease for such previous breach. Exercise by Landlord of any one or more remedies hereunder granted or otherwise available shall not be deemed to be an acceptance of surrender of the Premises and/or a termination of this Lease by Landlord, whether by agreement or by operation of law, it being understood that such surrender and/or termination can be effected only by the written agreement of Landlord and Tenant. Any law, usage, or custom to the contrary notwithstanding, Landlord shall have the right at all times to enforce the provisions of this Lease in strict accordance with the terms hereof; and the failure of Landlord at any time to enforce its rights under this Lease strictly in accordance with same shall not be construed as having created a custom in any way or manner contrary to the specific terms, provisions, and covenants of this Lease or as having modified the same. Tenant and Landlord further agree that forbearance or waiver by Landlord to enforce its rights pursuant to this Lease or at law or in equity, shall not be a waiver of Landlord's right to enforce one or more of its rights in connection with any subsequent default. A receipt by Landlord of rent or other payment with knowledge of the breach of any covenant hereof shall not be deemed a waiver of such breach, and no waiver by Landlord of any provision of this Lease shall be deemed to have been made unless expressed in writing and signed by Landlord. To the greatest extent permitted by law, Tenant waives the service of notice of Landlord's intention to re-enter as provided for in any statute, or Event to institute legal proceedings to that end, and also waives all right of Defaultredemption in case Tenant shall be dispossessed by a judgment or by warrant of any court or judge. If The terms "enter," "re-enter," "entry" or "re-entry," as used in this Lease, are not restricted to their technical legal meanings. Any reletting of the Premises shall be on such terms and conditions as Landlord does in fact relet its sole discretion may determine (including without limitation a term different than the remaining Lease Term, rental concessions, alterations and repair of the Premises, Tenant lease of less than the entire Premises to any tenant and leasing any or all other portions of the Project before reletting the Premises). Landlord shall not be entitled liable, nor shall Tenant's obligations hereunder be diminished because of, Landlord's failure to any rentals relet the Premises or other consideration from collect rent due in respect of such reletting. Notwithstanding any provision to the contrary in the Lease, if anyLandlord shall have no right to commence an unlawful detainer or eviction proceeding against Tenant until Tenant has received a written notice from Landlord stating that an Event of Default (as defined under Paragraph 23 of this Lease) has occurred and that unless Tenant cures such default within five (5) days following receipt of such notice, that exceed any amounts owed by Tenant Landlord shall have the right to Landlord; orcommence an unlawful detainer or eviction proceeding against Tenant. 25.

Appears in 1 contract

Samples: Lease Agreement

Landlord’s Remedies. Upon In the occurrence event of an Event of Defaultany default by Tenant, and without limiting Landlord's right to indemnification as provided in Article 8.2, Landlord shall have the following remedies, in addition to all other rights and remedies provided by law or otherwise provided in this Lease, to which Landlord may resort cumulatively, or in the alternative: (a) Landlord may, at Landlord's election, keep this Lease in effect and enforce, by an action at law or in equity, all of its rights and remedies under this Lease including, without limitation, (i) the right to recover the rent and other sums as they become due by appropriate legal action, (ii) the right to make payments required by Tenant, or perform Tenant's obligations and be reimbursed by Tenant for the cost thereof with interest at the then maximum rate of interest not prohibited by law from the date the sum is paid by Landlord until Landlord is reimbursed by Tenant, and (iii) the remedies of injunctive relief and specific performance to prevent Tenant from violating the terms of this Lease and/or to compel Tenant to perform its obligations under this Lease, as the case may be. (b) Landlord may, at Landlord's election, terminate this Lease by serving giving Tenant written notice of termination, in which event this Lease shall terminate on the date set forth for termination in such notice. Any termination under this subparagraph shall not relieve Tenant from its obligation to pay to Landlord all Base Monthly Rent and Additional Rent then or thereafter due, or any other sums due or thereafter accruing to Landlord, or from any claim against Tenant for damages previously accrued or then or thereafter accruing. In no event shall any one or more of the following actions by Landlord, in the absence of a written election by Landlord to terminate this Lease constitute a termination of this Lease: (i) Appointment of a receiver or keeper in order to protect Landlord's election interest hereunder; (ii) Consent to do so, and may thereafter forthwith proceed to recover possession any subletting of the Leased Premises (together with all alterationsor assignment of this Lease by Tenant, installations, improvements, additions, and other physical changes whether pursuant to the provisions hereof or otherwise; or (iii) Any action taken by Landlord or its partners, principals, members, officers, agents, employees, or servants, which is intended to mitigate the adverse effects of any breach of this Lease by Tenant, including, without limitation, any action taken to maintain and preserve the Leased Premises on any action taken to relet the Leased Premises or any portion thereof for the account at Tenant and in the name of Tenant. (c) In the event Tenant is in default under this Lease and abandons the Leased Premises) in accordance with the laws , Landlord may terminate this Lease, but this Lease shall not terminate unless Landlord gives Tenant written notice of the State of Illinoistermination. If Landlord elects does not terminate this Lease by giving written notice of termination, Landlord may enforce all its rights and remedies under this Lease, including the right and remedies provided by 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, if lessee has right to terminate sublet or assign, subject only to reasonable limitations"), as in effect on the Effective Date of this Lease. (d) In the event Landlord terminates this Lease, Landlord shall be entitled to recover forthwith as damages a sum of money equal entitled, at Landlord's election, to the total of (i) the cost of recovering the Premisesrights and remedies provided in California Civil Code Section 1951.2, (ii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned at the time of termination, plus interest thereon at the rate set forth as in Section 14.4, (iii) the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value), and (iv) any other sum of money and damages owed by Tenant to Landlord; or (b) Landlord may terminate Tenant's right to possession of the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election effect on the part Effective Date of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals or other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; orthis

Appears in 1 contract

Samples: Lease Agreement (Adept Technology Inc)

Landlord’s Remedies. Upon the occurrence of If an Event of DefaultDefault by Tenant occurs, Landlord shall be entitled then or at any time thereafter to do any one or more of the following at Landlord’s option: (a) Landlord may terminate this Lease by serving written notice on Tenant of Landlord's election to do soEnter the Premises if need be, and may thereafter forthwith proceed take whatever curative actions are necessary to recover rectify Tenant’s noncompliance with this Lease; and in that event Tenant shall reimburse Landlord on written demand for any reasonable expenditures by Landlord to effect compliance with Tenant’s obligations under this Lease. (b) Terminate this Lease, in which event Tenant shall immediately surrender possession of the Premises (together with all alterationsto Landlord, installations, improvements, additions, and other physical changes to the Premises) in accordance with the laws of the State of Illinois. If Landlord elects to terminate or without terminating this Lease, Landlord shall be entitled to recover forthwith as damages a sum of money equal to the total of (i) the cost of recovering the Premises, (ii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned at the time of termination, plus interest thereon at the rate set forth in Section 14.4, (iii) the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value), and (iv) any other sum of money and damages owed by Tenant to Landlord; or (b) Landlord may terminate Tenant's ’s right to possession of the Premises without terminating the Lease Premises, and in either case, Landlord may forthwith proceed to recover re-enter and take possession of the Premises Premises, evict Tenant and all parties then in accordance with occupancy or possession, and if permitted under applicable law, change the laws locks on the doors of the State Premises without making keys to the changed locks available to Tenant. (c) If Landlord has terminated this Lease, recover all Base Rent, Additional Rent, and other sums owing and unpaid under this Lease as of Illinoisthe date of termination plus reasonable legal fees plus damages measured by the difference in the rental value of the Premises if this Lease had been fully performed for the balance of the Term and the rental value of the Premises following the Event of Default by Tenant, which damages shall be payable, at the election of Landlord, (i) in monthly installments when and as rent would become due hereunder, were the Lease not so terminated, or (ii) in a final settlement. If Landlord elects such a final settlement, Landlord shall have a right to, and Tenant hereby agrees to terminate Tenant's right to possession without terminating pay, the Lease, Tenant shall remain liable for positive difference between the total of all Basic Base Rent, Escalation Charges Additional Rent and other sums due and payable by Tenant hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession the then remainder of the Premises. Landlord shall thereafter use Term and the reasonable efforts to relet rental value of the Premises for such rentperiod, for such term (whether greater or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may difference to be reasonably necessary. Landlord shall not be required discounted to give priority present value at a rate equal to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom 250 basis points over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals or other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; orthen current 10 year U.S.

Appears in 1 contract

Samples: Office Lease Agreement (Franklin Financial Network Inc.)

Landlord’s Remedies. Upon In the occurrence event of an Event of Defaultany default by Tenant, and without limiting Landlord’s right to indemnification as provided in Article 8.2, Landlord shall have the following remedies, in addition to all other rights and remedies provided by law or otherwise provided in this Lease, to which Landlord may resort cumulatively, or in the alternative: (a) Landlord may, at Landlord’s election, keep this Lease in effect and enforce, by an action at law or in equity, all of its rights and remedies under this Lease including, without limitation, (i) the right to recover the rent and other sums as they become due by appropriate legal action, (ii) the right to make payments required by Tenant, or perform Tenant’s obligations and be reimbursed by Tenant for the cost thereof with interest at a rate equal to the Default Interest Rate from the date the sum is paid by Landlord until Landlord is reimbursed by Tenant, and (iii) the remedies of injunctive relief and specific performance to prevent Tenant from violating the terms of this Lease and/or to compel Tenant to perform its obligations under this Lease, as the case may be. (b) Landlord may, at Landlord’s election, terminate this Lease by serving giving Tenant written notice of termination, in which event this Lease shall terminate on the date set forth for termination in such notice, in which event Tenant of shall immediately surrender the Leased Premises to Landlord's election , and if Tenant fails to do so, Landlord may, without prejudice to any other remedy which it may have for possession or arrearages in rent, in accordance with applicable Laws, enter upon and may thereafter forthwith proceed to recover take possession of the Leased Premises and expel or remove Tenant and any other person who may be occupying the Leased Premises or any part thereof, without being liable for prosecution or any claim for damages therefor. Any termination under this subparagraph shall not relieve Tenant from its obligation to pay to Landlord all Base Monthly Rent and Additional Rent then or thereafter due, or any other sums due or thereafter accruing to Landlord, or from any claim against Tenant for damages previously accrued or then or thereafter accruing. In no event shall any one or more of the following actions by Landlord, in the absence of a written election by Landlord to terminate this Lease constitute a termination of this Lease: (together with all alterationsi) Appointment of a receiver or keeper in order to protect Landlord’s interest hereunder; Building G (ii) Consent to any subletting of the Leased Premises or assignment of this Lease by Tenant, installations, improvements, additions, and other physical changes whether pursuant to the provisions hereof or otherwise; or (iii) Any action taken by Landlord or its partners, principals, members, officers, agents, employees, or servants, which is intended to mitigate the adverse effects of any breach of this Lease by Tenant, including, without limitation, any action taken to maintain and preserve the Leased Premises on any action taken to relet the Leased Premises or any portion thereof for the account at Tenant and in the name of Tenant. (c) In the event Tenant breaches this Lease and abandons the Leased Premises) in accordance with the laws , Landlord may terminate this Lease, but this Lease shall not terminate unless Landlord gives Tenant written notice of the State of Illinoistermination. If Landlord elects does not terminate this Lease by giving written notice of termination, Landlord may enforce all its rights and remedies under this Lease, including the right and remedies provided by 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, if lessee has right to terminate sublet or assign, subject only to reasonable limitations”), as in effect on the Effective Date of this Lease. (d) In the event Landlord terminates this Lease, Landlord shall be entitled entitled, at Landlord’s election, to recover forthwith the rights and remedies provided in California Civil Code Section 1951.2, as in effect on the Effective Date of this Lease. For purposes of computing damages a sum of money pursuant to Section 1951.2, an interest rate equal to the total of Default Interest Rate shall be used. Such damages shall include, without limitation: (i) The worth at the cost time of recovering the Premises, (ii) award of the unpaid Basic Rent, Escalation Charges and other sums payable hereunder rent which had been earned at the time of termination, plus interest thereon ; plus (ii) The worth at the rate set forth in Section 14.4, time of award of the amount by which the unpaid rent which would have been earned after termination until the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; plus (iii) The worth at the present value time of award of the amount by which the unpaid rent for the balance of the Basic Rentterm after the time of award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided, Escalation Charges and computed by discounting such amount at the discount rate of the Federal Reserve Bank of San Francisco, at the time of award plus one percent; plus (iv) Any other sums payable hereunder and other amounts owed hereunder amount necessary to compensate Landlord for all detriment proximately caused by Tenant’s failure to perform Tenant’s obligations under this Lease, or which in the ordinary course of things would be likely to result therefrom, including without limitation, the following: (i) expenses for cleaning, repairing or restoring the Leased Premises, (ii) to the extent allocable to the remainder of the Lease Term, less expenses for altering, remodeling or otherwise improving the fair market value Leased Premises for the purpose of reletting, including removal of existing leasehold improvements and/or installation of additional leasehold improvements (regardless of how the Basic Rentsame is funded, Escalation Charges including reduction of rent, a direct payment or allowance to a new tenant, or otherwise), advertising costs and other sums payable hereunder for expenses of reletting the Premises for said period Leased Premises; (also reduced to present value)iii) expenses incurred in removing, and disposing of and/or storing Building G any of Tenant’s personal property, inventory or trade fixtures remaining therein; (iv) reasonable attorney’s fees, expert witness fees, court costs and other reasonable expenses incurred by Landlord (but not limited to taxable costs) in retaking possession of the Leased Premises, establishing damages hereunder, and releasing the Leased Premises; and (v) any other sum expenses, costs or damages otherwise incurred or suffered as a result of money and damages owed by Tenant to Landlord; orTenant’s default. (be) Landlord may terminate recover its reasonable attorney’s fees and costs incurred in enforcing Tenant's right to possession of the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without ’s obligations under this Lease, curing any Tenant default, terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Leased Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals or other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; or.

Appears in 1 contract

Samples: Lease Agreement (Palo Alto Networks Inc)

Landlord’s Remedies. Upon the The occurrence of an Event any of Defaultthe events listed in paragraph 16.1 above shall be deemed a breach of this Lease and without further notice to Tenant, except as set forth in paragraph 16.2, Landlord shall have the following remedies available to it to the extent permitted by law: (a) Landlord may terminate this Lease by serving written notice on Tenant of Landlord's election to do so, and may thereafter forthwith proceed to recover possession of The rent for the Premises (together with all alterations, installations, improvements, additions, and other physical changes to the Premises) in accordance with the laws of the State of Illinois. If Landlord elects to terminate this Lease, Landlord shall be entitled to recover forthwith as damages a sum of money equal to the total of (i) the cost of recovering the Premises, (ii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned at the time of termination, plus interest thereon at the rate set forth in Section 14.4, (iii) the present value of the entire unexpired balance of the Basic Rentterm of this Lease as well as other charges, Escalation Charges costs and other sums expenses agreed to herein shall immediately become due and payable hereunder and other amounts owed hereunder for in arrears; and/or (b) Landlord, or anyone acting on Landlord's behalf at Landlord's option, may without written notice or demand enter the remainder Premises and take possession of and sell all goods and chattels therein at auction on three (3) days notice, served in person on Tenant or left or posted on the Premises and pay Landlord out of the Term, less the fair market value proceeds of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value), and (iv) any other sum of money and damages owed by Tenant to Landlordauction sale; or (bc) Landlord may terminate Tenant's right remove from the Premises without liability therefor all goods and chattels found therein and may relocate same to any other place or location. Tenant agrees to pay all costs for relocation and storage. Tenant hereby releases and discharges Landlord, and its agents, from all claims, actions, suits, damages and penalties, for or on account of any entry distraint, levy, appraisement, removal of said goods and chattels or sale thereof; and/or (d) Landlord may take possession of the Premises without terminating the Lease Premises, make any alterations as are reasonably necessary for reletting and Landlord may forthwith proceed to recover possession of lease the Premises or any part to any party as may in accordance with the laws of the State of Illinois. If Landlord elects to terminate TenantLandlord's right to possession without terminating the Lease, reasonable discretion seem best and Tenant shall remain liable for all Basic Rentany loss of rent, Escalation Charges and cost of alterations or other sums payable hereunder and other charges due hereunder and for all costs associated with or incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. . (e) Landlord shall not be required have, in addition to give priority to its efforts to relet the Premises over its efforts to relet any above, all other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations remedies available to Landlord hereunderin law or equity. The term "NET RENTAL" shall, Tenant shall reimburse Landlord for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs reasonable attorney's fees incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals or other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; orexercising its remedies herein.

Appears in 1 contract

Samples: Office Lease Agreement (Madison Bancshares Group LTD)

Landlord’s Remedies. Upon the occurrence of an Event of DefaultDefault by Tenant, and at any time thereafter, with or without notice or demand and without limiting Landlord in the exercise of any right or remedy which Landlord may have, Landlord will be entitled to any one or more of the following rights and remedies: (a) Landlord may terminate this Lease by serving written notice on Tenant of Landlord's election to do so, and may thereafter forthwith proceed to recover possession of the Premises (together with all alterations, installations, improvements, additions, and other physical changes to the Premises) in accordance with the laws of the State of Illinois. If Landlord elects to terminate this Lease, Landlord shall be entitled to recover forthwith as damages a sum of money equal to the total of (i) the cost of recovering the Premises, (ii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned at the time of termination, plus interest thereon at the rate set forth in Section 14.4, (iii) the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value), and (iv) any other sum of money and damages owed by Tenant to Landlord; or (b) Landlord may terminate Terminate Tenant's right to possession of the Premises without terminating by any lawful means, in which case the Lease will terminate and Landlord may forthwith proceed to recover Tenant will immediately surrender possession of the Premises to Landlord. In such event, Landlord will have the immediate right to reenter and remove all persons and property, and such property may be removed and stored in a public warehouse or elsewhere at the cost of, and for the account of Tenant; all without service of notice or resort to legal process and without being deemed guilty of trespass, or becoming liable for any loss or damage which may be occasioned thereby. In the event that Landlord will elect to so terminate this Lease, then Landlord will be entitled to recover from Tenant all damages incurred by Landlord by reason of Tenant's default, including: (i) The equivalent of the amount of the Base Rent and Additional Rent which would be payable under this Lease by Tenant if this Lease were still in effect, less (ii) The net proceeds of any reletting affected pursuant to the provisions of Section 14.2 hereof after deducting all of Landlord's reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, reasonable attorneys' fees, alteration costs, and expenses of preparation of the Premises, or any portion thereof, for such reletting. Tenant will pay such current damages in the amount determined in accordance with the laws terms of this Section 14.2 as set forth in a written statement thereof from Landlord to Tenant ("Deficiency"), to Landlord in monthly installments on the days on which the Rent would have been payable under this Lease if this Lease were still in effect, and Landlord will be entitled to recover from Tenant each monthly installment of the State Deficiency as the same will arise. (b) At any time after an Event of Illinois. If Default and termination of this Lease, whether or not Landlord elects will have collected any monthly Deficiency as set forth in Section 14.2, Landlord will be entitled to terminate recover from Tenant, and Tenant will pay to Landlord, on demand, as and for final damages for Tenant's right default, an amount equal to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges difference between the then present value of the aggregate of the Base Rent and other sums payable hereunder Additional Rent and any other charges due to be paid by Tenant hereunder and for all costs incurred by Landlord in recovering possession the then remaining unexpired portion of the Premises. Landlord shall thereafter use Term (assuming this Lease had not been so terminated), and the then present value of the then aggregate fair and reasonable efforts to relet fair market base rent and additional rent of the Premises for the same period. In the computation of present value, a discount at the rate of six percent (6%) per annum will be employed. If the Premises, or any portion thereof, will be relet by Landlord for the unexpired Term, or any part thereof, before presentation of proof of such rentdamages to any court, commission or tribunal, the amount of Rent reserved upon such reletting, will, prima facie, be the fair and reasonable fair market rent for the part or the whole of the Premises so relet during the term of the reletting. Nothing contained in this Section 14.2 or elsewhere in this Lease will limit or prejudice the right of Landlord to prove and obtain, as damages by reason of such term (expiration or termination, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved, whether greater or not such amount be greater, equal to or less than the remaining Term amount of the difference referred to above. (c) Upon the occurrence of an Event of Default by Tenant, Landlord will also have the right, with or without terminating this Lease, to reenter the Premises to remove all persons and property from the Premises. Such property may be removed and stored in a public warehouse or elsewhere at the cost of and for the account of Tenant. If Landlord will elect to reenter the Premises, Landlord will not be liable for damages by reason of such reentry. (d) If Landlord does not elect to terminate this Lease as provided in this Section 14.2, then Landlord may, from time to time, recover all Rent as it becomes due under this Lease. At any time thereafter, Landlord may elect to terminate this Lease and upon to recover damages to which Landlord is entitled. (e) In the event that Landlord should elect to terminate this Lease and to relet the Premises, it may execute any new lease in its own name. Tenant hereunder will have no right or authority whatsoever to collect any Rent from such terms Tenant. The proceeds of any such reletting will be applied as follows: (i) First, to the payment of any indebtedness other than Rent due hereunder from Tenant to Landlord, including but not limited to storage charges or brokerage commissions owing from Tenant to Landlord as the result of such reletting; (ii) Second, to the payment of the costs and conditions as Landlord shall find acceptable. For the purposes expenses of reletting the Premises, Landlord may decorate and/or make any repairsincluding alterations and repairs which Landlord, changesin its sole discretion, alterations or additions as may be deems reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs necessary and advisable and reasonable attorneys' fees incurred by Landlord in connection with the retaking of the such reletting Premises and such reletting; (includingiii) Third, without limitationto the payment of Rent and other charges due and unpaid hereunder; and (iv) Fourth, brokerto the payment of future Rent and other damages payable by Tenant under this Lease. The parties hereto will, and they hereby do, 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 relationship of Landlord and Tenant, Tenant's fees, attorneys' fees, costs use or occupancy of preparing the Premises and/or Office Complex, and/or claim or injury or damage. In the event Landlord commences any proceeding to enforce this Lease or the landlord/tenant relationship between the parties or for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery nonpayment of Rent (of any amount nature whatsoever) or additional monies due Landlord pursuant to from Tenant under this Lease shall be Lease, Tenant will not interpose any defense counterclaim of whatever nature or description in any action such proceedings. In the event Tenant must, because of applicable court rules, interpose any counterclaim or other claim against Landlord in such proceedings, Landlord and Tenant covenant and agree that, in addition to recover any amount not theretofore reduced to judgment in favor other lawful remedy of Landlord, nor shall upon motion of Landlord, such counterclaim or other claim asserted by Landlord will be severed out of the reletting pursuant proceeding instituted by Landlord (and, if necessary, transferred to this Section 14.2 be construed as an election on a court of different jurisdiction), and the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant proceedings, instituted by Landlord. Notwithstanding any such reletting without termination, Landlord may at proceed to final judgment separately and apart from and without consolidation with or reference to the shares of each counterclaim or any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals or other consideration from such reletting, if any, that exceed any amounts owed claim asserted by Tenant to Landlord; orTenant.

Appears in 1 contract

Samples: Office Lease (Vitria Technology Inc)

Landlord’s Remedies. Upon (a) This Lease is subject to the occurrence of limitation that, if an Event of Default: Default shall have occurred and then be continuing, then, at Landlord's option and upon fifteen (a15) Landlord may terminate days prior written notice to Tenant (if such Event of Default shall not have been cured within said fifteen (15) days), this Lease by serving written notice on Tenant of Landlordand the term and estate hereby granted and Tenant's election right to do so, possession and may thereafter forthwith proceed to recover possession occupancy of the Premises shall immediately cease and terminate. Notwithstanding the foregoing, if Landlord shall have properly delivered two (together with all alterations2) such termination notices to Tenant by reason of separate Events of Default occurring within the preceding twelve (12) month period, installationsthen Tenant shall not have the right to cure the third Event of Default during said fifteen (15) day termination period. (b) Despite any termination of this Lease, improvements, additionsTenant agrees that Tenant shall remain liable for the Annual Rental and any Additional Rent due and to become due hereunder, and other physical changes the same shall be paid by Tenant to Landlord on the Premises) regular days stipulated herein for payment of rentals. If the Premises are relet in accordance with whole or in part, Tenant shall be entitled to a credit in the laws amount of the State Annual Rental or Additional Rent received by Landlord as a result (after deducting all reasonable costs incurred by Landlord in finding a new tenant and making the Premises (or any portion thereof) ready for occupancy, including, but not limited to, brokerage and advertising fees). Tenant shall remain obligated to pay the amount of Illinois. If Landlord elects to terminate this Leaseany deficiency in the Annual Rental or any Additional Rent obtained on such reletting, but if the Annual Rental or any Additional Rent obtained on such reletting is greater than that provided for herein plus Landlord's costs, Landlord shall be entitled to recover forthwith receive such excess. Landlord shall have the right to collect from Tenant amounts equal to said deficiencies provided for above by suits or proceedings brought from time to time on one or more occasions without Landlord being obligated to wait until the expiration of the term of this Lease. (c) If this Lease shall have been terminated pursuant to Subsection 13.02(a) above, then, in lieu of (but not in addition to) the rental liability provided in Subsection 13.02(b) above, Landlord may elect, by notice given to Tenant within thirty (30) days following such termination, to claim and receive as damages a liquidated sum of money equal to the total then present value of the amount, if any, by which (i) the cost aggregate of recovering the PremisesAnnual Rental and the Additional Rent which would have been payable by Tenant to Landlord under this Lease during the period beginning on the date of such election and ending on the Expiration Date, exceeds (ii) the unpaid Basic RentFair Rental Value of the Premises (which, Escalation Charges in the event of a dispute thereto, shall be determined in accordance with Article 26 below) for said period. (d) If an Event of Default shall have occurred and then be continuing, Landlord or Landlord's agents and employees may, after the fifteen (15) day notice period provided in Section 13.02(a) above or at any time thereafter, terminate this Lease and then reenter the Premises, either by summary dispossess proceedings or by any suitable action or proceeding at law, without being liable to indictment, prosecution or damages therefor, and may repossess the same, and may remove any person therefrom, to the end that Landlord may have, hold and enjoy the Premises. If this Lease shall be terminated, and whether or not Landlord shall then reenter the Premises under the provisions of this Article 13, Tenant shall thereupon pay to Landlord the Annual Rental and any other sums amount due hereunder payable up to the time of such termination of this Lease, and shall also pay to Landlord damages as hereinabove provided. (e) If this Lease shall be terminated under the provisions of this Article 13, and whether or not Landlord shall then reenter the Premises under the provisions of this Article 13, Landlord shall be entitled to retain all monies, if any, paid by Tenant to Landlord, whether as advance rent, security or otherwise, but such monies shall be credited by Landlord against any Annual Rental or any other amount due hereunder earned from Tenant at the time of terminationsuch termination or, plus interest thereon if no such amount shall be due, against any damages payable by Tenant hereunder. (f) If an Event of Default shall occur and then be continuing, then Landlord, any superior lessor or any Landlord's Mortgagee, without thereby waiving such default, may (but shall not be obligated to) perform the same for the account and at the rate set forth reasonable expense of Tenant, without notice in Section 14.4a case of emergency, and in any other case only upon five (iii5) the present value business days notice to Tenant. The full amount of the balance of the Basic Rentreasonable cost and expense so incurred by Landlord, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value), and (iv) any other sum of money and damages owed such superior lessor or Landlord's Mortgagee shall be paid by Tenant to Landlord; or (b) Landlord may terminate Tenant's right to possession of , with interest at the Premises without terminating Prime Rate from the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred date such expense was paid by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant superior lessor or Landlord's Mortgagee until paid by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals or other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; orTenant.

Appears in 1 contract

Samples: Lease Agreement (Scholastic Corp)

Landlord’s Remedies. Upon In the occurrence event of an Event of Default: (a) Landlord may terminate this Lease any default by serving written notice on Tenant of Tenant, and without limiting Landlord's election right to do soindemnification as provided in Article 8.2, Landlord shall have the following remedies, in addition to all other rights and may thereafter forthwith proceed to recover possession of the Premises (together with all alterations, installations, improvements, additions, and other physical changes to the Premises) remedies provided by Law or otherwise provided in accordance with the laws of the State of Illinois. If Landlord elects to terminate this Lease, to which Landlord shall be entitled to recover forthwith as damages a sum may resort cumulatively, or in the alternative: A. Landlord may, at Landlord's election, keep this Lease in effect and enforce, by an action at law or in equity, all of money equal to the total of its rights and remedies under this Lease including, without limitation, (i) the cost of recovering right to recover the Premisesrent and other sums as they become due by appropriate legal action, (ii) the unpaid Basic Rentright to make payments required by Tenant, Escalation Charges or perform Tenant's obligations and other sums payable hereunder earned be reimbursed by Tenant for the cost thereof with interest at the time then maximum rate of terminationinterest not prohibited by Law from the date the sum is paid by Landlord until Landlord is reimbursed by Tenant, plus interest thereon at the rate set forth in Section 14.4, and (iii) the present value remedies of injunctive relief and specific performance to prevent Tenant from violating the terms of this Lease and/or to compel Tenant to perform its obligations under this Lease, as the case may be. B. Landlord may, at Landlord's election, terminate this Lease by giving Tenant written notice of termination, in which event this Lease shall terminate on the date set forth for termination in such notice. Any termination under this Subarticle shall not relieve Tenant from its obligation to pay to Landlord all Base Monthly Rent and Additional Rent then or thereafter due, or any other sums due or thereafter accruing to Landlord, or from any claim against Tenant for damages previously accrued or then or thereafter accruing. In no event shall any one or more of the balance following actions by Landlord, in the absence of a written election by Landlord to terminate the Lease, constitute a termination of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for the remainder Lease: (1) Appointment of a receiver or keeper in order to protect Landlord's interest hereunder; (2) Consent to any subletting of the TermLeased Premises or assignment of this Lease by Tenant, less whether pursuant to the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value), and (iv) any other sum of money and damages owed by Tenant to Landlordprovisions hereof or otherwise; or (b3) Any other action by Landlord or Landlord's agents intended to mitigate the adverse effects of any breach of this Lease by Tenant, including, without limitation, any action taken to maintain and preserve the Leased Premises or any action taken to relet the Leased Premises, or any portion thereof, for the account of Tenant and in the name of Tenant provided that any reletting of the Premises by Landlord shall terminate the Lease. C. In the event Tenant breaches this Lease and abandons the Leased Premises, Landlord may terminate this Lease, but this Lease shall not terminate unless Landlord gives Tenant written notice of termination or terminates Tenant's right to possession of the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of IllinoisLeased Premises. If Landlord elects to does not terminate this Lease by giving written notice of termination or by terminating Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Leased Premises, Landlord may decorate and/or make any repairsenforce all its rights and remedies under this Lease, changesincluding the right to recover rent as it becomes due under this Lease as provided in California Civil Code Section 1951.4, alterations or additions as may in effect on the Effective Date of this Lease. D. In the event Landlord terminates this Lease, Landlord shall be entitled, at Landlord's election, to damages in an amount as set forth in California Civil Code Section 1951.2, as in effect on the Effective Date of this Lease. For purposes of computing damages pursuant to Section 1951.2, an interest rate equal to the maximum rate of interest then not prohibited by Law shall be used where permitted. Such damages shall include, without limitation: (1) The worth at the time of award of the amount by which the unpaid rent for the balance of the term after the time of award exceeds the amount of such rental loss that Tenant proves could be reasonably necessary. avoided, computed by discounting such amount at the discount rate of the Federal Reserve Bank of San Francisco, at the time of award plus one percent; and (2) Any other amount necessary to compensate Landlord shall not be required for all detriment proximately caused by Tenant's failure to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space perform Tenant's obligations under this Lease, or which in the Building. If Landlord succeeds in reletting the Premisesordinary course of things would be likely to result therefrom, including without limitation, the Net Rental following: (as hereinafter definedi) from time expenses for cleaning, repairing or restoring the Leased Premises; (ii) expenses for altering, remodeling or otherwise improving the Leased Premises for the purpose of reletting, including removal of existing leasehold improvements but excluding installation of additional leasehold improvements (regardless of how the same is funded, including reduction of rent, a direct payment or allowance to time received by Landlord therefrom over a new tenant, or otherwise); (iii) broker's fees allocable to the remaining remainder of the term of this Lease shall be applied Lease, advertising costs and other expenses of reletting the Leased Premises; (iv) costs of carrying and maintaining the Leased Premises which costs would have been billed to reduce Tenant as Additional Rent had Tenant not defaulted and which include but are not limited to taxes, insurance premiums, utility charges, landscape maintenance costs, costs of maintaining electrical, plumbing and HVAC equipment and costs for providing security for the Leased Premises; (v) expenses incurred in removing, disposing of and/or storing any of Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shallpersonal property, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting inventory or trade fixtures remaining therein; (including, without limitation, broker's fees, vi) attorneys' fees, expert witness fees, court costs and other reasonable expenses incurred by Landlord (but not limited to taxable costs) in retaking possession of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Leased Premises, Tenant shall not be entitled to establishing damages hereunder, and re-leasing the Leased Premises; and (vii) any rentals other expenses, costs or other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; ordamages otherwise incurred or suffered as a result of Tenant's default.

Appears in 1 contract

Samples: Industrial Space Lease (Avant Corp)

Landlord’s Remedies. Upon Continuation of Lease. In the occurrence event of an Event of Default: (a) any such default by Tenant, Landlord may terminate shall have the right to continue this Lease by serving written notice on in full force and effect, whether or not Tenant of Landlord's election to do so, and may thereafter forthwith proceed to recover possession of the Premises (together with all alterations, installations, improvements, additions, and other physical changes to shall have abandoned the Premises) in accordance with . In the laws of the State of Illinois. If event Landlord elects to terminate continue this LeaseLease in full force and effect pursuant to this Paragraph 17.4, then Landlord shall be entitled to enforce all of its rights and remedies under this Lease, including the right to recover forthwith Monthly Rent as damages a sum of money equal it becomes due. Landlord's election not to the total of (i) the cost of recovering the Premises, (ii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned at the time of termination, plus interest thereon at the rate set forth in Section 14.4, (iii) the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced terminate this Lease pursuant to present value), and (iv) this Paragraph 17.4 or pursuant to any other sum provision of money and damages owed by Tenant to Landlord; or (b) this Lease, at law or in equity, shall not preclude Landlord may terminate Tenant's right to possession of the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects from subsequently electing to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and this Lease or pursuing any of its other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premisesremedies. Landlord shall thereafter use reasonable efforts have the right to relet the Premises for such rent, or any portion thereof for such term or terms (whether greater or less than which may extend beyond the remaining Term of this LeaseLease Term) and upon at such rental and on such other terms and conditions as Landlord shall find acceptable. For the purposes of reletting the PremisesLandlord, Landlord in its sole discretion, may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessarydeem advisable. Landlord shall not be required also have the right to give priority make such alterations and repairs to its efforts to relet the Premises over as Landlord may deem advisable, in its efforts to relet any other vacant space in the Buildingsole discretion. If Landlord succeeds in reletting the PremisesUpon such reletting, the Net Rental (as hereinafter defined) from time to time rents received by Landlord therefrom over the remaining term of this Lease shall be applied first to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shallthe payment of any costs and expenses of such reletting, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's feesthe cost of brokerage fees and commissions, attorneys' feesand of such alterations and repairs; second, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery payment of any amount amounts other than Monthly Rent due Landlord pursuant from Tenant under this Lease; third, to the payment of Monthly Rent due and unpaid under this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall Lease; and the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals or other consideration from such relettingresidue, if any, shall be held by Landlord and applied to payment of future rent and other amounts as the same become due and payable hereunder. If the rents received from such reletting during any month are less than that exceed any amounts owed to be paid during the month by Tenant hereunder, Tenant shall immediately pay any such deficiency to Landlord; or. Such deficiency shall be calculated and paid monthly.

Appears in 1 contract

Samples: Lease Agreement (Integrated Management Information, Inc.)

Landlord’s Remedies. (a) Upon the each occurrence of an Event of Default: (a) Default and so long as such Event of Default shall be continuing, Landlord may at any time thereafter at its election (UPON WRITTEN NOTICE TO TENANT): terminate this Lease by serving written or Tenant's right of possession, (but Tenant shall remain liable as hereinafter provided) and/or pursue any other remedies at law or in equity. Upon the termination of this Lease or termination of Tenant's right of possession, it shall be lawful for Landlord, without formal demand or notice on Tenant of Landlord's election any kind, to do so, and may thereafter forthwith proceed to recover possession of re-enter the Premises (together with by summary dispossession proceedings or any other action or proceeding authorized by law and to remove Tenant and all alterations, installations, improvements, additions, persons and other physical changes to the Premises) in accordance with the laws of the State of Illinoisproperty therefrom. If Landlord elects re-enters the Premises, Landlord shall have the right to terminate keep in place and use, or remove and store, all of the furniture, fixtures and equipment at the Premises. (b) If Landlord terminates this Lease, Landlord shall be entitled to may recover forthwith as damages a from Tenant the sum of money equal of: all Base Rent and all other amounts accrued hereunder to the total date of (i) such termination; the cost of recovering reletting the whole or any part of the Premises, including without limitation brokerage fees and/or leasing commissions incurred by Landlord, and costs of removing and storing Tenant's or any other occupant's property, repairing, altering DUE TO EXISTING TENANT SPECIFIC CONFIGURATIONS, or otherwise putting the Premises into condition acceptable to a new tenant or tenants, and all reasonable expenses incurred by Landlord in pursuing its remedies, including reasonable attorneys' fees and court costs; and an amount in cash equal to (iiA) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned at the time of termination, plus interest thereon at the rate set forth in Section 14.4, (iii) the then present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder Base Rent and other amounts owed hereunder for payable by Tenant under this Lease as would otherwise have been required to be paid by Tenant to Landlord during the remainder period following the termination of this Lease measured from the Term, less date of such termination to the expiration date stated in this Lease minus (B) the then present fair market rental value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced such period. Such present values shall be calculated at a discount rate equal to present value), and (iv) any other sum the 90-day U.S. Treasury xxxx rate at the date of money and damages owed by Tenant to Landlord; orsuch termination. (bc) If Landlord may terminate terminates Tenant's right to of possession of the Premises (but not this Lease), then without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, releasing Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable from any liability hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession without demand or notice of the Premises. any kind to Tenant Landlord shall thereafter use reasonable efforts to relet the Premises on such terms as Landlord in its sole discretion may determine (including a term different from the Lease Term, rental concessions, and alterations to, and improvement of, the Premises); however, Landlord shall not be obligated to relet the Premises before leasing other portions of the Building and Landlord shall not be obligated to accept any prospective tenant proposed by Tenant unless such proposed tenant meets all of Landlord's leasing criteria. Landlord shall not be liable for, nor shall Tenant's obligations hereunder be diminished because of, Landlord's failure to relet the Premises or to collect rent due for such rent, for such term (whether greater or less than reletting. Tenant shall not be entitled to the remaining Term excess of this Lease) and upon such terms and conditions as Landlord shall find acceptableany consideration obtained by reletting over the Base Rent due hereunder. For the purposes purpose of such reletting the Premises, Landlord may decorate and/or is authorized to make any repairs, changes, alterations alterations, or additions in or to the Premises as may be Landlord deems reasonably necessarynecessary or desirable. If the Premises are not relet, then Tenant shall pay to Landlord as damages a sum equal to the amount of the rental reserved in this Lease for such period or periods, plus the cost of recovering possession of the Premises (including attorneys' fees and costs of suit), the unpaid Base Rent and other amounts accrued hereunder at the time of repossession, and the costs incurred in any attempt by Landlord to relet the Premises. If the Premises are relet and a sufficient sum shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in realized from such reletting the Premises[after first deducting therefrom, for retention by Landlord, the Net Rental unpaid Base Rent and other amounts accrued hereunder at the time of reletting, the cost of recovering possession (as hereinafter definedincluding attorneys' fees and costs of suit), all of the costs and expense of repairs, changes, alterations, and additions, the expense of such reletting (including without limitation brokerage fees and leasing commissions) and the cost of collection of the rent accruing therefrom] to satisfy the rent provided for in this Lease to be paid, then Tenant shall immediately satisfy and pay any such deficiency. Any such payments due Landlord shall be made upon demand therefor from time to time received by and Tenant agrees that Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action may file suit to recover any amount not theretofore reduced sums falling due from time to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlordtime. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect in writing to terminate this Lease for such previous breach. (d) Exercise by Landlord of any one or more remedies hereunder granted or otherwise available shall not be deemed to be an acceptance of surrender of the Premises and/or a termination of this Lease by Landlord, whether by agreement or by operation of law. Any law, usage, or custom to the contrary notwithstanding, Landlord shall have the right at all times to enforce the provisions of this Lease in strict accordance with the terms hereof; and the failure of Landlord at any time to enforce its rights under this Lease strictly in accordance with same shall not be construed as having created a custom in any way or manner contrary to the specific terms, provisions, and covenants of this Lease or as having modified the same. Tenant and Landlord further agree that forbearance or waiver by Landlord to enforce its rights pursuant to this Lease or at law or in equity, shall not be a waiver of Landlord's right to enforce one or more of its rights in connection with any subsequent default. A receipt by Landlord of rent or other payment with knowledge of the breach of any covenant hereof shall not be deemed a waiver of such breach, and no waiver by Landlord of any provision of this Lease shall be deemed to have been made unless expressed in writing and signed by Landlord. To the greatest extent permitted by law, Tenant waives the service of notice of Landlord's intention to re-enter as provided for in any statute, or Event to institute legal proceedings to that end, and also waives all right of Defaultredemption in case Tenant shall be dispossessed by a judgment or by warrant of any court or judge. If The terms "enter," "re-enter," "entry" or "re-entry," as used in this Lease, are not restricted to their technical legal meanings. Any reletting of the Premises shall be on such terms and conditions as Landlord does in fact relet its sole discretion may determine (including without limitation a term different than the remaining Lease Term, rental concessions, alterations and repair of the Premises, Tenant lease of less than the entire Premises to any tenant and leasing any or all other portions of the Project before reletting the Premises). Landlord shall not be entitled liable, nor shall Tenant's obligations hereunder be diminished because of, Landlord's failure to any rentals relet the Premises or other consideration from collect rent due in respect of such reletting, if any, that exceed any amounts owed by Tenant to Landlord; or.

Appears in 1 contract

Samples: Lease Agreement (Interphase Corp)

Landlord’s Remedies. Upon the occurrence of an any Event of DefaultDefault by Tenant, Landlord may, at any time thereafter, with or without notice or demand and without limiting Landlord in the exercise of any right or remedy which Landlord may have: (a) Landlord may terminate this Lease by serving written notice on Tenant of Landlord's election Terminate Tenant’s right to do so, and may thereafter forthwith proceed to recover possession of the Premises (together with all alterationsby any lawful means, installations, improvements, additions, in which case this Agreement shall terminate and other physical changes to the Premises) in accordance with the laws Tenant shall immediately surrender possession of the State of IllinoisPremises to Landlord. If Landlord elects to terminate this LeaseIn such event, Landlord shall be entitled to recover forthwith as damages a sum from Tenant all Loss incurred by Landlord by reason of money equal to the total of Tenant’s default, including without limitation (i) the cost worth at the time of recovering the Premises, (ii) award of the unpaid Basic Base Rent, Escalation Charges Additional Rent and other sums payable hereunder charges which had been earned at the time of the termination, plus interest thereon ; (ii) the worth at the rate set forth in Section 14.4time of the award of the amount by which the unpaid Base Rent, Additional Rent and other charges which would have been earned after termination until the time of the award exceeds the amount of such rental Loss that Tenant proves could have been reasonably avoided; (iii) the present value worth at the time of the award of the amount by which the unpaid Base Rent, Additional Rent and other charges which would have been paid for the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for Term after the remainder time of award exceeds the Term, less the fair market value amount of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value), such rental loss that Tenant proves could have been reasonably avoided; and (iv) any other sum of money and damages owed by Tenant amount necessary to Landlord; or (b) compensate Landlord may terminate Tenant's right to possession of the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rentthe detriment proximately caused by Tenant’s failure to perform its obligation under the Agreement including, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all but not limited to, any costs or expenses incurred by Landlord in maintaining or preserving the Premises after such default, the cost of recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater expenses of reletting, including necessary renovation or less than the remaining Term alteration of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make Landlord’s reasonable attorneys’ fees incurred in connection therewith, and any repairsreal estate commission paid or payable. As used in subsections (i) and (ii) above, changesthe “worth at the time of the award” is computed by allowing interest on unpaid amounts at the Lease Interest Rate, alterations or additions such lesser amount as may then be reasonably necessarythe maximum lawful rate, accruing from the date such payments are due until paid. As used in subsection (iii) above, the “worth at the time of the award” is computed by discounting such amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of the award, plus one percent (1%); (b) Maintain Tenant’s right to possession, in which case this Agreement shall continue in effect whether or not Tenant shall have abandoned the Premises. In such event, Landlord shall not be required entitled to give priority enforce all of Landlord’s rights and remedies under this Agreement, including the right to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premisesrecover Base Rent as it becomes due hereunder, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, including charges for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery late payment of any amount due Landlord pursuant installment of Rent. Landlord’s election to this Lease maintain Tenant’s right to possession shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of prejudice Landlord’s right, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease Tenant’s right to possess and proceed in accordance with Section 14.02(a) above; (c) Pursue any other remedy now or hereafter available to Landlord under the Laws or judicial decisions of the State of Nevada; (d) Tenant shall, during the period Tenant remains in default, be immediately liable to Landlord for such previous breach all costs of reletting, including brokerage commissions and costs of renovating and altering the Premises for reletting; and (e) Landlord’s exercise of any right or Event of Default. If Landlord does in fact relet the Premises, Tenant remedy or failure to exercise any right or remedy shall not be entitled to prevent it from exercising any rentals other right or other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; orremedy.

Appears in 1 contract

Samples: Lease Agreement (OCM HoldCo, LLC)

Landlord’s Remedies. Upon (i) Landlord, in addition to the occurrence remedies given in this Lease or under the law, may do one or more of an Event of Defaultthe following if Tenant commits a default under Section 1: (a) Landlord may terminate A. end this Lease by serving written notice on Tenant of Landlord's election to do soLease, and may thereafter forthwith proceed Tenant shall then surrender the Premises to recover Landlord; B. enter and take possession of the Premises either with or without process of law and remove Tenant, with or without having ended the Lease; and C. alter locks and other security devices at the Premises. Tenant waives claims for damages by reason of Landlord's reentry, repossession, or alteration of locks or other security devices and for damages by reason of any legal process. (together with all alterationsii) Landlord's exercise of any of its remedies or its receipt of Tenant's keys shall not be considered an acceptance of surrender or a surrender of the Premises by Tenant. A surrender must be agreed to in writing by Landlord. (iii) If Landlord ends this Lease or ends Tenant's right to possess the Premises because of a default, installationsLandlord may hold Tenant liable for Base Rent, improvements, additionsAdditional Rent, and other physical changes indebtedness accrued to the Premises) in accordance with date the laws of Lease ends. Tenant shall also be liable for the State of Illinois. If Landlord elects to terminate this Lease, Landlord shall be entitled to recover forthwith as damages a sum of money equal to the total of (i) the cost of recovering the Premises, (ii) the unpaid Basic Base Rent, Escalation Charges Additional Rent and other sums indebtedness that otherwise would have been payable hereunder earned at the time of termination, plus interest thereon at the rate set forth in Section 14.4, (iii) the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for by Tenant during the remainder of the Termterm had there been no default, less the fair market value of the Basic Rent, Escalation Charges and other reduced by any sums payable hereunder for Landlord receives by reletting the Premises for said period (also reduced to present value), and (iv) any other sum of money and damages owed by Tenant to Landlord; or (b) Landlord may terminate Tenant's right to possession of during the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinoisterm. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts is able to relet the Premises during any part of the remainder of the term, at a rental in excess of that provided for such rent, for such term (whether greater or less than the remaining Term of under this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals such excess rental and Tenant waives any claim thereto. (iv) Tenant shall also be liable for that part of the following sums paid by Landlord and attributable to that part of the term ended due to Tenant's default: A. reasonable broker's fees incurred by Landlord for reletting part or all of the Premises prorated for the part of the reletting term ending concurrently with the then current term of this Lease; B. the cost of removing and storing Tenant's property; C. the cost of minor repairs, alterations, and remodeling necessary to put the Premises in a condition reasonably acceptable to a new tenant; and D. other consideration necessary and reasonable expenses incurred by Landlord in enforcing its remedies. (v) Landlord may sxx and take any other action provided by law to collect the amounts due hereunder at any time and from such reletting, if any, that exceed any time to time without waiving its rights to sxx for and collect further amounts owed by due from Tenant to Landlord; orhereunder.

Appears in 1 contract

Samples: Lease (Coca Cola Bottling Co Consolidated /De/)

Landlord’s Remedies. (i) Upon Tenant's default, Landlord shall have all remedies provided in this Lease, as well as in law or equity, including without limitation, the occurrence of an Event of Default: (a) Landlord may terminate right to end this Lease or Tenant's right to possession hereunder, in which case Tenant shall immediately vacate the Premises; with or without process of law, and if necessary, remove Tenant, with or without having ended the Lease, and alter locks and other security devices at the Premises, and Tenant waives any claim for damages by serving written notice on Tenant reason of Landlord's election to do soreentry, repossession, or alteration of locks or other security devices and may thereafter forthwith proceed to recover possession for damages by reason of any legal process. (ii) Landlord's exercise of any of its remedies or its receipt of Tenant's keys shall not be considered an acceptance of surrender or a surrender of the Premises (together with all alterationsby Tenant, installations, improvements, additions, and other physical changes unless such surrender is agreed to the Premises) in accordance with the laws of the State of Illinois. If Landlord elects to terminate this Lease, Landlord shall be entitled to recover forthwith as damages a sum of money equal to the total of (i) the cost of recovering the Premises, (ii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned at the time of termination, plus interest thereon at the rate set forth in Section 14.4, writing by Landlord. (iii) If Landlord ends this Lease or Tenant's right to possess the present value of the balance of the Basic Premises hereunder, Tenant shall be liable to Landlord for Monthly Base Rent, Escalation Charges Additional Monthly Rent, Additional Rent, and any other sums payable hereunder indebtedness of Tenant under the Lease, accrued to the date the Lease ends and other amounts owed hereunder for thereafter scheduled during the remainder of the Term, less reduced only by any sums Landlord receives by reletting the fair market value Premises during the scheduled term, provided however, if Landlord relets the Premises during the remainder of the Basic Rentscheduled term, Escalation Charges and other sums payable hereunder at a rental in excess of that provided for the Premises for said period (also reduced to present value), and (iv) any other sum of money and damages owed by Tenant to Landlord; or (b) Landlord may terminate Tenant's right to possession of the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term of under this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals such excess rental and Tenant waives any claim thereto. (iv) Tenant shall also be liable for that part of the following sums paid by Landlord and attributable to that part of the term ended due to Tenant's default: A. reasonable broker's fees incurred by Landlord for reletting part or all of the Premises prorated for the part of the reletting term ending concurrently with the scheduled term of this Lease; B. the cost of removing and storing Tenant's property; C. the cost of minor repairs, alterations, and remodeling necessary to put the Premises in a condition reasonably acceptable to a new tenant; and D. other consideration necessary and reasonable expenses incurred by Landlord in enforcing its remedies. (v) Landlord may sue xxx take any other action provided by law to collect the amounts due hereunder at any time and from such reletting, if any, that exceed any time to time without waiving its rights to sue xxx and collect further amounts owed by due from Tenant to Landlord; orhereunder.

Appears in 1 contract

Samples: Lease (Youcentric Inc)

Landlord’s Remedies. Upon the occurrence of an Event of Default, Landlord, at its option, without further notice or demand to Tenant, may to the fullest extent permitted by law, and in addition to all other rights and remedies provided in this Lease, at law or in equity: (ai) Landlord may terminate Terminate this Lease by serving written notice on Tenant and Tenant's right of possession of the Premises, and recover all damages to which Landlord is entitled under law, specifically including, but without limitation, all of Landlord's election expenses of reletting (including, without limitation, rental concessions to do sonew tenants, repairs, Alterations, legal fees and may thereafter forthwith proceed to recover possession of the Premises (together with all alterationsbrokerage commissions). In addition, installations, improvements, additions, and other physical changes to the Premises) in accordance with the laws of the State of Illinois. If if Landlord elects to terminate this Lease, every obligation of Landlord hereunder shall be entitled to recover forthwith cease as damages a sum of money equal the date of such termination, but the same shall not affect the liability of Tenant for payment of Rent and performance of all other terms and conditions of this Lease to the total of (i) the cost of recovering the Premises, (ii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned at the time date of termination, plus interest thereon at the rate set forth in Section 14.4, (iii) the present value of the balance of the Basic Rent, Escalation Charges and any damages and/or other sums payable hereunder and other amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value), and (iv) any other sum of money and damages owed recoverable by Tenant to Landlord; orLandlord under this Article 22 or otherwise at law or in equity. (bii) Landlord may terminate Terminate Tenant's right to of possession of the Premises without terminating this Lease, which termination of possession shall be by applicable legal process, in which event Landlord may, but shall not be obligated to, relet the Lease Premises, or any part thereof, for the account of Tenant, for such rent and term and upon such other conditions as are acceptable to Landlord. For purposes of such reletting, Landlord may forthwith proceed is authorized to recover possession of redecorate, repair, alter and improve the Premises to the extent necessary in accordance with Landlord's sole discretion. Until Landlord relets the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the LeasePremises, Tenant shall remain liable for all Basic Rent, Escalation Charges obligated to pay Rent to Landlord as provided in this Lease. If and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet when the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) are relet and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall if a sufficient sum is not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord realized from such reletting less the amount after payment of all costs incurred by Landlord in connection with such Landlord's expenses of reletting (including, without limitation, broker's feesrental concessions to new tenants, attorneys' feesrepairs, costs Alterations, legal fees and brokerage commissions) to satisfy the payment of preparing the Premises Rent due under this Lease for occupancy and any inducements granted to the new tenant)month, Tenant shall pay Landlord any such deficiency upon demand. Tenant shall timely pay all amounts owed agrees that Landlord may file suit to recover any sums due Landlord during the Term. No delivery under this Section from time to time and that such suit or recovery of any amount due Landlord pursuant to this Lease shall not be any defense in to any subsequent action to recover brought for any amount not theretofore previously reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate . (iii) Terminate this Lease unless a written notice and Tenant's right of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event possession of Default. If Landlord does in fact relet the Premises, Tenant and recover from Tenant, at Landlord's sole and exclusive option, either (A) the net present value of the Rent due from the date of termination until the Expiration Date, discounted at the lesser of the Interest Rate as of the date of termination or a discount rate which equals the interest rate for U.S. Treasury Securities having a maturity corresponding to the scheduled Expiration Date of this Lease, plus two hundred (200) basis points, or (B) "Indemnity Payments" which shall not be entitled mean an amount equal to any rentals or the Base Rent and Additional Rent and other consideration payments provided for in this Lease which would have become due and owing thereunder from time to time during the unexpired Lease Term after the effective date of the termination, but for such relettingtermination, less the Base Rent and Additional Rent and other payments, if any, actually collected by Landlord and allocable to the Premises. If Landlord elects to pursue Indemnity Payments in lieu of the amount recoverable under clause (A) of this subparagraph (iii), above, Tenant shall, on demand, make Indemnity Payments monthly, and Landlord may sue xxx all Indemnity Payments at any time after they accrue, either monthly, or at less frequent intervals. Tenant further agrees that exceed any amounts owed by Landlord may bring suit for Indemnity Payments at or after the end of the Lease Term as originally contemplated under this Lease, and Tenant agrees that, in such event, Landlord's cause of action to Landlord; orrecover the Indemnity Payments shall be deemed to have accrued on the last day of the Lease Term as originally contemplated.

Appears in 1 contract

Samples: Lease Agreement (National Information Group)

Landlord’s Remedies. Upon If any Event of Default occurs then and in such case Landlord may treat the occurrence of an such Event as a breach of Defaultthis Lease and, in addition to any and all other rights or remedies of Landlord in this Lease or by law or in equity provided, it shall be, at the option of Landlord, without further notice or demand to Tenant or any other person, the right of Landlord to: (a) Landlord may terminate declare the Term ended and to enter the Premises and take possession thereof and remove all persons therefrom, and Tenant shall have no further claim thereon or thereunder; (b) bring suit for the collection of Rent as it accrues pursuant to the terms of this Lease by serving written notice on Tenant of Landlord's election to do so, and may thereafter forthwith proceed to recover damages without entering into possession of the Premises (together with all alterations, installations, improvements, additions, and other physical changes to the Premises) in accordance with the laws of the State of Illinois. If Landlord elects to terminate or canceling this Lease, Landlord shall be entitled to recover forthwith as damages a sum of money equal to the total of (i) the cost of recovering the Premises, (ii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned at the time of termination, plus interest thereon at the rate set forth in Section 14.4, (iii) the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value), and (iv) any other sum of money and damages owed by Tenant to Landlord; or; (bc) Landlord may terminate Tenant's right to retake possession of the Premises without terminating from Tenant by summary proceedings or otherwise, and to xxx Tenant for an amount equal to the Lease remaining Rent to become due during the Term (or any extension period then in effect). Alternatively, Landlord may, after such retaking of possession, relet the Premises or any portion thereof provided Landlord shall attempt to relet at the most favorable rate available. Tenant shall pay to Landlord all monthly deficits in Rent after any such re-entry in monthly installments as the amounts of such deficits from time to time are ascertained until the expiration of the Term of this Lease. Such deficiency shall be calculated and paid monthly; Tenant shall have no right to any excess. Tenant shall also pay to Landlord may forthwith proceed to recover any costs and expenses, including, but not limited to, reasonable brokerage commissions and reasonable attorneys' fees, incurred by Landlord in such reletting or in making such alterations and repairs not covered by the rental received from such reletting. In the event of an entry or taking possession of the Premises in accordance with as aforesaid, Landlord shall have the laws right, but not the obligation to remove therefrom all at any part of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating personal property located therein and may place the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges same in storage at a public warehouse at the expense and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession risk of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater owner or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals or other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; orowners thereof.

Appears in 1 contract

Samples: Lease Agreement (American Marine Recreation Inc)

Landlord’s Remedies. Upon If a Default occurs, Landlord may, at its sole option, with or without further notice or demand of any kind to Tenant or any other person, have any one or more of the occurrence of an Event of following described remedies in addition to all other rights and remedies provided at law or in equity or elsewhere herein (provided that Landlord shall use such efforts as are required by law to mitigate any damages resulting from such Default:): (ai) Terminate this Lease and the Term created hereby and immediately, repossess the Premises. If Landlord may does terminate this Lease by serving written notice on Tenant of Landlord's election to do so, and may thereafter forthwith proceed to recover possession of the Premises (together with all alterations, installations, improvements, additions, and other physical changes to repossess the Premises) in accordance with the laws of the State of Illinois. If Landlord elects to terminate this Lease, Landlord shall be entitled to recover forthwith immediately recover, 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 total of greater of: (i1) the cost excess of recovering the Premises, (ii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned at the time of termination, plus interest thereon at the rate set forth in Section 14.4, (iii) the present value of the Rent provided to be paid by Tenant for the balance of the Basic RentTerm (disregarding any unexpired period of initial Rent abatement) over the present value of the anticipated fair market rent for the Premises (computed based upon the yield on U.S. Treasury obligations having a maturity closest to the Termination Date) that could be achieved for said period, Escalation Charges after deduction of all anticipated expenses of reletting, including, without limitation, all allowances, abatements, construction costs, brokerage commissions and tenant concessions likely to be required under then-existing market conditions; or (2) the unamortized portion of any rent abatements, allowances, construction costs, brokerage commissions and other sums payable hereunder and other amounts owed hereunder costs incurred by Landlord in connection with this Lease, as amortized on a straight-line basis with interest on the unamortized amount at twelve percent (12%) per annum over the initial Term during which Base Rent is payable. Should the present value of the anticipated fair market rent for the remainder Premises, after deduction of all anticipated expenses of reletting, that could be achieved 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, less Landlord shall have no obligation to pay to Tenant the fair market value of the Basic Rent, Escalation Charges and excess or any part thereof or to credit such excess or any part thereof against any other sums payable hereunder or damages for the Premises for said period (also reduced to present value), and (iv) any other sum of money and damages owed by which Tenant may be liable to Landlord; or. (bii) Landlord may terminate Tenant's right to of possession of and may repossess the Premises by forcible entry and detainer suit, by taking peaceful possession or otherwise, without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinoisthis Lease. If Landlord elects to terminate terminates Tenant's right to of possession without terminating this Lease, Landlord shall take reasonable measures to the extent required by law, to relet the same for the account of Tenant, for such rent and upon such terms as shall be reasonably satisfactory to Landlord. Reasonable measures shall not obligate Landlord to show the Premises before showing other space in the Building to a prospective tenant. For the purpose of such reletting, Landlord is authorized to decorate, repair, remodel or alter the Premises and to relet the Premises at such rental rate (which may be higher than the rental rate then applicable under this Lease), as Landlord reasonably determines to be necessary to maximize the effective rent on reletting. If Landlord shall fail to relet the Premises, Tenant shall pay to Landlord as damages the amount of the Rent reserved in this Lease for the balance of the Term as due hereunder. 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, installations and additions and the expenses of such reletting (including all allowances, abatements and other tenant concessions required under then-existing market conditions), to satisfy the Rent provided for in this Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges satisfy and other sums payable hereunder and other charges due hereunder and for all costs incurred pay the same upon demand therefor from time to time. Tenant shall not be entitled to any rents received by Landlord in recovering possession excess of the PremisesRent provided for in this Lease. Tenant agrees that Landlord shall thereafter use reasonable efforts may file suit to relet recover any sums falling due under the Premises for such rent, for such term (whether greater or less than the remaining Term terms of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) Section 22 from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery that no suit or recovery of any amount portion due Landlord pursuant to this Lease hereunder shall be any defense in to any subsequent action to recover brought for any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals or other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; or.

Appears in 1 contract

Samples: Lease Agreement (Talk America Holdings Inc)

Landlord’s Remedies. Upon the occurrence of an Event of DefaultDefault by Tenant under this Lease, Landlord, at its option, without further notice or demand to Tenant, may, in addition to all other rights and remedies provided in this Lease, at law or in equity: (aA) Landlord may terminate Terminate this Lease by serving written notice on Tenant and Tenant's right of Landlord's election to do so, and may thereafter forthwith proceed to recover possession of the Premises Premises, and recover all damages to which Landlord is entitled under law, specifically including, without limitation, all Landlord's expenses of reletting (together with all including repairs, alterations, installations, improvements, additions, decorations, reasonable legal fees and other physical changes to the Premises) in accordance with the laws of the State of Illinois. If Landlord elects to terminate this Lease, Landlord shall be entitled to recover forthwith as damages a sum of money equal to the total of (i) the cost of recovering the Premises, (ii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned at the time of termination, plus interest thereon at the rate set forth in Section 14.4, (iii) the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present valuebrokerage commissions), and (iv) any other sum of money and damages owed by Tenant to Landlord; or. (bB) Landlord may terminate Terminate Tenant's right to of possession of the Premises without terminating this Lease, in which event Landlord may, but shall not be obligated to, relet the Premises, or any part thereof for the account of the Tenant, for such rent and term and upon such terms and conditions as are acceptable to Landlord. For purposes of such reletting, Landlord is authorized to decorate, repair, alter and improve the Premises to the extent reasonably necessary. If Landlord does not relet the Premises, then Tenant shall pay Landlord monthly on the first day of each month during the period that Tenant's right of possession is terminated, a sum equal to the amount of Rent due under this Lease for such month (less any amount which Landlord could have realized if Landlord relet the Premises to a reputable, creditworthy substitute tenant which substitute tenant was ready, willing and able to lease the entire Premises from Landlord.) If the Premises are relet and a sufficient sum is not realized from such reletting after payment of all Landlord's expenses of reletting (including repairs, alterations, improvements, additions, decorations, legal fees and brokerage commissions) to satisfy the payment of Rent due under this Lease for any month, Tenant shall pay Landlord any such deficiency monthly upon demand. Tenant agrees that Landlord may forthwith proceed file suit to recover possession cover any sums due to Landlord under this Section from time to time and that such suit or recovery or any amount due Landlord shall not be any defense to any subsequent action brought for any amount not previously reduced to judgment in favor of the Premises in accordance with the laws of the State of IllinoisLandlord. If Landlord elects to terminate Tenant's right to possession only without terminating the this Lease, Tenant shall remain liable for all Basic RentLandlord may, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rentat its option, for such term (whether greater or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting enter into the Premises, Landlord may decorate and/or make any repairsremove Tenant's signs and other evidences of tenancy, changesand take and hold possession thereof, alterations or additions as may be reasonably necessary. Landlord stated in section 13; provided however, that such entry and possession shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless or release Tenant, in whole or in part, from Tenant's obligation to pay the Rent reserved hereunder for the full Term or from any other obligation of Tenant under this Lease. (C) In the event a written notice petition is filed by or against Tenant seeking a plan of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without terminationreorganization or arrangement under Chapter 9, 11 or 13 of the Bankruptcy Code, Landlord may at any time thereafter elect and Tenant agree, to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals or other consideration from such reletting, if anyextent permitted by law, that exceed any amounts owed by Tenant the trustee in bankruptcy shall determine within sixty (60) days after commencement of the case, whether to Landlord; orassume or reject this Lease.

Appears in 1 contract

Samples: Lease Agreement (Universal Access Inc)

Landlord’s Remedies. (a) Upon the each occurrence of an Event of Default: (a) Default and so long as such Event of Default shall be continuing, Landlord may at any time thereafter at its election: terminate this Lease by serving written or Tenant's right of possession, (but Tenant shall remain liable as hereinafter provided) and/or pursue any other remedies at law or in equity. Upon the termination of this Lease or termination of Tenant's right of possession, it shall be lawful for Landlord, without formal demand or notice on Tenant of Landlord's election any kind, to do so, and may thereafter forthwith proceed to recover possession of re-enter the Premises (together with by summary dispossession proceedings or any other action or proceeding authorized by law and to remove Tenant and all alterations, installations, improvements, additions, persons and other physical changes to the Premises) in accordance with the laws of the State of Illinoisproperty therefrom. If Landlord elects re-enters the Premises, Landlord shall have the right to terminate keep in place and use, or remove and store, all of the furniture, fixtures and equipment at the Premises. (b) If Landlord terminates this Lease, Landlord shall be entitled may recover from Tenant the sum of: all Base Rent and all other amounts accrued hereunder to recover forthwith as damages the date of such termination; the cost of reletting the whole or any part of the Premises, including without limitation brokerage fees and/or leasing commissions incurred by Landlord, and costs of removing and storing Tenant's or any other occupant's property, repairing, altering, remodeling, or otherwise putting the Premises into condition acceptable to a sum of money new tenant or tenants, and all reasonable expenses incurred by Landlord in pursuing its remedies, including reasonable attorneys' fees and court costs; and an amount in cash equal to the total of (i) the cost of recovering the Premises, (ii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned at the time of termination, plus interest thereon at the rate set forth in Section 14.4, (iii) the then present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder Base Rent and other amounts owed hereunder for payable by Tenant under this Lease as would otherwise have been required to be paid by Tenant to Landlord during the remainder period following the termination of this Lease measured from the Term, date of such termination to the expiration date stated in this Lease less the fair market then present value of the Basic Rent, Escalation Charges and other sums payable hereunder for fair net rental value of the Premises for said the same period (also reduced taking all market factors into account, including vacancy rates. Such present value shall be calculated at a discount rate equal to present value), and (iv) any other sum the 90-day U.S. Treasury xxxx rate at the date of money and damages owed by Tenant to Landlord; orsuch termination. (bc) If Landlord may terminate terminates Tenant's right to of possession of the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the (but not this Lease), Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use commercially reasonable efforts to relet the Premises for such rent, the account of Tenant for such term (whether greater or less than the remaining Term of this Lease) rent and upon such terms as shall be satisfactory to Landlord without thereby releasing Tenant from any liability hereunder and conditions as without demand or notice of any kind to Tenant; provided, however, that hiring a reputable leasing broker to lease the premises and cooperating in good faith with such broker shall satisfy the requirement that Landlord use commercially reasonable efforts to relet and (i) Landlord shall find acceptablenot be obligated to accept any prospective tenant proposed by Tenant, unless such proposed tenant meets all of Landlord's leasing criteria and (ii) Landlord shall have the right to lease any other space controlled by Landlord first. For the purposes purpose of such reletting the Premises, Landlord may decorate and/or is authorized to make any repairs, changes, alterations alterations, or additions in or to the Premises as may be Landlord deems reasonably necessarynecessary or desirable. If the Premises are not relet, then Tenant shall pay to Landlord as damages a sum equal to the amount of the rental reserved in this Lease for such period or periods, plus the cost of recovering possession of the Premises (including attorneys' fees and costs of suit), the unpaid Base Rent and other amounts accrued hereunder at the time of repossession, and the costs incurred in any attempt by Landlord to relet the Premises. If the Premises are relet and a sufficient sum shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in realized from such reletting the Premises[after first deducting therefrom, for retention by Landlord, the Net Rental unpaid Base Rent and other amounts accrued hereunder at the time of reletting, the cost of recovering possession (as hereinafter definedincluding attorneys' fees and costs of suit), all of the costs and expense of repairs, changes, alterations, and additions, the expense of such reletting (including without limitation brokerage fees and leasing commissions) and the cost of collection of the rent accruing therefrom] to satisfy the rent provided for in this Lease to be paid, then Tenant shall immediately satisfy and pay any such deficiency. Any such payments due Landlord shall be made upon demand therefor from time to time received by and Tenant agrees that Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action may file suit to recover any amount not theretofore reduced sums falling due from time to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlordtime. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect in writing to terminate this Lease for such previous breach. (d) Exercise by Landlord of any one or more remedies hereunder granted or otherwise available shall not be deemed to be an acceptance of surrender of the Premises and/or a termination of this Lease by Landlord, whether by agreement or by operation of law. Any law, usage, or custom to the contrary notwithstanding, Landlord shall have the right at all times to enforce the provisions of this Lease in strict accordance with the terms hereof; and the failure of Landlord at any time to enforce its rights under this Lease strictly in accordance with same shall not be construed as having created a custom in any way or manner contrary to the specific terms, provisions, and covenants of this Lease or as having modified the same. Tenant and Landlord further agree that forbearance or waiver by Landlord to enforce its rights pursuant to this Lease or at law or in equity, shall not be a waiver of Landlord's right to enforce one or more of its rights in connection with any subsequent default. A receipt by Landlord of rent or other payment with knowledge of the breach of any covenant hereof shall not be deemed a waiver of such breach, and no waiver by Landlord of any provision of this Lease shall be deemed to have been made unless expressed in writing and signed by Landlord. To the greatest extent permitted by law, Tenant waives the service of notice of Landlord's intention to re-enter or Event to institute legal proceedings to that end, and also waives all right of Defaultredemption in case Tenant shall be dispossessed by a judgment or by warrant of any court or judge. If The terms "enter," "re-enter," "entry" or "re-entry," as used in this Lease, are not restricted to their technical legal meanings. Any reletting of the Premises shall be on such terms and conditions as Landlord does in fact relet its sole discretion may determine (including without limitation a term different than the remaining Lease Term, rental concessions, alterations and repair of the Premises, Tenant lease of less than the entire Premises to any tenant and leasing any or all other portions of the Project before reletting the Premises). Landlord shall not be entitled liable, nor shall Tenant's obligations hereunder be diminished because of, Landlord's failure to any rentals relet the Premises or other consideration from collect rent due in respect of such reletting, if any, that exceed any amounts owed by Tenant to Landlord; or.

Appears in 1 contract

Samples: Lease Agreement (Haights Cross Communications Inc)

Landlord’s Remedies. Upon the each occurrence of an Event of Default: (a) Default and so long as such Event of Default shall be continuing, Landlord may at any time thereafter at its election: terminate this Lease by serving written or Tenant's right of possession, (but Tenant shall remain liable as hereinafter provided) and/or pursue any other remedies at law or in equity. Upon the termination of this Lease or termination of Tenant's right of possession, it shall be lawful for Landlord, without formal demand or notice on Tenant of Landlord's election any kind, to do so, and may thereafter forthwith proceed to recover possession of re-enter the Premises (together with by summary dispossession proceedings or any other action or proceeding authorized by law and to remove Tenant and all alterations, installations, improvements, additions, persons and other physical changes to the Premises) in accordance with the laws of the State of Illinoisproperty therefrom. If Landlord elects re-enters the Premises, Landlord shall have the right to terminate keep in place and use, or remove and store; all of the furniture, fixtures and equipment at the Premises. If Landlord terminates this Lease, Landlord shall be entitled to may recover forthwith as damages a from Tenant the sum of money equal of: all Base Rent and all other amounts accrued hereunder to the total date of (i) such termination; the cost of recovering reletting the whole or any part of the Premises, (ii) including without limitation brokerage fees and/or leasing commissions incurred by Landlord, and costs of removing and storing Tenant's or any other occupant's property, repairing, altering, remodeling, or otherwise putting the unpaid Basic RentPremises into condition acceptable to a new tenant or tenants, Escalation Charges and all reasonable expenses incurred by Landlord in pursuing its remedies, including reasonable attorneys' fees and court costs; and the excess of the then present value of the Base Rent and other sums amounts payable hereunder earned at by Tenant under this Lease as would otherwise have been required to be paid by Tenant to Landlord during the time period following the termination of terminationthis Lease measured from the date of such termination to the expiration date stated in this Lease, plus interest thereon at the rate set forth in Section 14.4, (iii) over the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other any net amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for which Tenant establishes Landlord can reasonably expect to recover by reletting the Premises for said period (also reduced such period, taking into consideration the availability of acceptable tenants and other market conditions affecting leasing. Such present values shall be calculated at a discount rate equal to present value), and (iv) any other sum the 90-day U.S. Treasury bill xxxe at the date of money and damages owed by Tenant to Landlord; or (b) such termination. If Landlord may terminate terminates Tenant's right to of possession of the Premises without terminating the Lease and (but not this Lease), Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Leasemay, Tenant but shall remain liable for all Basic Rentbe under no obligation to, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, the account of Tenant for such term (whether greater or less than the remaining Term of this Lease) rent and upon such terms as shall be satisfactory to Landlord without thereby releasing Tenant from any liability hereunder and conditions as Landlord shall find acceptablewithout demand or notice of any kind to Tenant. For the purposes purpose of such reletting the Premises, Landlord may decorate and/or is authorized to make any repairs, changes, alterations alterations, or additions in or to the Premises as may be Landlord deems reasonably necessarynecessary or desirable. If the Premises are not relet, then Tenant shall pay to Landlord as damages a sum equal to the amount of the rental reserved in this Lease for such period or periods, plus the cost of recovering possession of the Premises (including attorneys' fees and costs of suit), the unpaid Base Rent and other amounts accrued hereunder at the time of repossession, and the costs incurred in any attempt by Landlord to relet the Premises. If the Premises are relet and a sufficient sum shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in realized from such reletting the Premises[after first deducting therefrom, for retention by Landlord, the Net Rental unpaid Base Rent and other amounts accrued hereunder at the time of reletting, the cost of recovering possession (as hereinafter definedincluding attorneys' fees and costs of suit), all of the costs and expense of repairs, changes, alterations, and additions, the expense of such reletting (including without limitation brokerage fees and leasing commissions) and the cost of collection of the rent accruing therefrom] to satisfy the rent provided for in this Lease to be paid, then Tenant shall immediately satisfy and pay any such deficiency. Any such payments due Landlord shall be made upon demand therefor from time to time received by and Tenant agrees that Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action may file suit to recover any amount not theretofore reduced sums falling due from time to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlordtime. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect in writing to terminate this Lease for such previous breach breach. Exercise by Landlord of any one or Event of Default. If Landlord does in fact relet the Premises, Tenant more remedies hereunder granted or otherwise available shall not be entitled deemed to be an acceptance of surrender of the Premises and/or a termination of this Lease by Landlord, whether by agreement or by operation of law, it being understood that such surrender and/or termination can be effected only by the written agreement of Landlord and Tenant. Any law, usage, or custom to the contrary notwithstanding, Landlord shall have the right at all times to enforce the provisions of this Lease in strict accordance with the terms hereof; and the failure of Landlord at any rentals time to enforce its rights under this Lease strictly in accordance with same shall not be construed as having created a custom in any way or manner contrary to the specific terms, provisions, and covenants of this Lease or as having modified the same. Tenant and Landlord further agree that forbearance or waiver by Landlord to enforce its rights pursuant to this Lease or at law or in equity, shall not be a waiver of Landlord's right to enforce one or more of its rights in connection with any subsequent default. A receipt by Landlord of rent or other consideration from payment with knowledge of the breach of any covenant hereof shall not be deemed a waiver of such relettingbreach, if anyand no waiver by Landlord of any provision of this Lease shall be deemed to have been made unless expressed in writing and signed by Landlord. To the greatest extent permitted by law, Tenant waives the service of notice of Landlord s intention to re-enter as provided for in any statute, or to institute legal proceedings to that exceed any amounts owed by end, and also waives all right of redemption in case Tenant to Landlord; orshall be

Appears in 1 contract

Samples: Lease Agreement (Stuart Entertainment Inc)

Landlord’s Remedies. Upon the each occurrence of an Event of Default: Default and so long as such Event of Default shall be continuing for more than five (a5) days after Landlord has given notice of said default to Tenant, Landlord may at any time thereafter at its election: terminate this Lease or Tenant’s right of possession, (but Tenant shall remain liable as hereinafter provided) and/or pursue any other remedies at law or in equity. Upon the termination of this Lease or termination of Tenant’s right of possession, it shall be lawful for Landlord, with such demand or notice as is required by serving written notice on Tenant of Landlord's election this Lease and Illinois law, to do so, and may thereafter forthwith proceed to recover possession of re-enter the Premises (together with by forcible entry and detainer proceedings or any other action or proceeding authorized by law and to remove Tenant and all alterations, installations, improvements, additions, persons and other physical changes to the Premises) in accordance with the laws of the State of Illinoisproperly therefrom. If Landlord elects re-enters the Premises, Landlord shall have the right to terminate keep in place and use, or remove and store, all of the furniture, fixtures and equipment at the Premises. If Landlord terminates this Lease, Landlord shall be entitled to may recover forthwith as damages a from Tenant the sum of money equal of: all Base Rent and all other amounts accrued hereunder to the total date of (i) such termination; the cost of recovering reletting the whole or any part of the Premises, (ii) including without limitation brokerage fees and/or leasing commissions incurred by Landlord, and costs of removing and storing Tenant’s or any other occupant’s property, repairing, altering, remodeling, or otherwise putting the unpaid Basic RentPremises into condition acceptable to a new tenant or tenants, Escalation Charges and all reasonable expenses incurred by Landlord in pursuing its remedies, including reasonable attorneys’ fees and court costs; and the excess of the then present value of the Base Rent and other sums amounts payable hereunder earned at by Tenant under this Lease as would otherwise have been required to be paid by Tenant to Landlord during the time period following the termination of terminationthis Lease measured from the date of such termination to the expiration date stated in this Lease, plus interest thereon at the rate set forth in Section 14.4, (iii) over the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other any net amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for which Tenant establishes Landlord can reasonably expect to recover by reletting the Premises for said period (also reduced such period, taking into consideration the availability of acceptable tenants and other market conditions affecting leasing. Such present values shall be calculated at a discount rate equal to present value), and (iv) any other sum the 90-day U.S. Treasury bxxx rate at the date of money and damages owed by Tenant to Landlord; or (b) Landlord may terminate Tenant's right to possession of the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinoissuch termination. If Landlord elects to terminate terminates Tenant's ’s right to of possession without terminating the (but not this Lease), Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use commercially reasonable efforts to relet the Premises for such rent, the account of Tenant for such term (whether greater or less than the remaining Term of this Lease) rent and upon such terms as shall be satisfactory to Landlord without thereby releasing Tenant from any liability hereunder and conditions as Landlord shall find acceptablewithout demand or notice of any kind to Tenant. For the purposes purpose of such reletting the Premises, Landlord may decorate and/or is authorized to make any repairs, changes, alterations alterations, or additions in or to the Premises as may be Landlord deems reasonably necessarynecessary or desirable. If the Premises are not relet, then Tenant shall pay to Landlord as damages a sum equal to the amount of the rental reserved in this Lease for such period or periods, plus the cost of recovering possession of the Premises (including attorneys’ fees and costs of suit), the unpaid Base Rent and other amounts accrued hereunder at the time of repossession, and the costs incurred in any attempt by Landlord to relet the Premises. If the Premises are relet and a sufficient sum shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in realized from such reletting the Premises[after first deducting therefrom, for retention by Landlord, the Net Rental unpaid Base Rent and other amounts accrued hereunder at the time of reletting, the cost of recovering possession (as hereinafter definedincluding attorneys’ fees and costs of suit), all of the costs and expense of repairs, changes, alterations, and additions, the expense of such reletting (including without limitation brokerage fees and leasing commissions) and the cost of collection of the rent accruing therefrom] to satisfy the rent provided for in this Lease to be paid, then Tenant shall immediately satisfy and pay any such deficiency. Any such payments due Landlord shall be made upon demand therefor from time to time received by and Tenant agrees that Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action may file suit to recover any amount not theretofore reduced sums falling due from time to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlordtime. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect in writing to terminate this Lease for such previous breach breach. Exercise by Landlord of any one or Event of Default. If Landlord does in fact relet the Premises, Tenant more remedies hereunder granted or otherwise available shall not be entitled deemed to be an acceptance of surrender of the Premises and/or a termination of this Lease by Landlord, whether by agreement or by operation of law, it being understood that such surrender and/or termination can be effected only by the written agreement of Landlord and Tenant. Any law, usage, or custom to the contrary notwithstanding, Landlord shall have the right at all times to enforce the provisions of this Lease in strict accordance with the terms hereof; and the failure of Landlord at any rentals time to enforce its rights under this Lease strictly in accordance with same shall not be construed as having created a custom in any way or manner contrary to the specific terms, provisions, and covenants of this Lease or as having modified the same. Tenant and Landlord further agree that forbearance or waiver by Landlord to enforce its rights pursuant to this Lease or at law or in equity, shall not be a waiver of Landlord’s right to enforce one or more of its rights in connection with any subsequent default. A receipt by Landlord of rent or other consideration from payment with knowledge of the breach of any covenant hereof shall not be deemed a waiver of such breach, and no waiver by Landlord of any provision of this Lease shall be deemed to have been made unless expressed in writing and signed by Landlord. Tenant waives all right of redemption in case Tenant shall be dispossessed by a judgment or by warrant of any court or judge. The terms “enter,” “re-enter,” “entry” or “re-entry,” as used in this Lease, are not restricted to their technical legal meanings. Any reletting of the Premises shall be on commercially reasonable terms and conditions. Landlord shall not be liable, nor shall Tenant’s obligations hereunder be diminished because of, Landlord’s failure to relet the Premises or collect rent due in respect of such reletting, if any, that exceed any amounts owed by Tenant to Landlord; or.

Appears in 1 contract

Samples: Lease Agreement (Sanfilippo John B & Son Inc)

Landlord’s Remedies. Upon the occurrence of an Event any event of Defaultdefault, Landlord shall have the following rights and remedies, any one or more of which may be exercised without further notice to or demand upon Tenant: (a) 1. Landlord may re-enter the Premises and cure any default of Tenant, in which event Tenant shall reimburse Landlord for any reasonable out-of-pocket cost and expenses which Landlord may incur to cure such default; and Landlord shall not be liable to Tenant for any loss or damage which Tenant may sustain by reason of Landlord’s action. 2. Landlord may terminate this Lease or Tenant’s right to possession under this Lease as of the date of such default, without terminating Tenant’s obligation to pay rent due hereunder, in which event (A): neither Tenant nor any person claiming under or through Tenant shall thereafter be entitled to possession of the Premises, and Tenant shall immediately thereafter surrender the Premises to Landlord; (B) Landlord may re-enter the Premises and dispose Tenant or any other occupants of the Premises by serving written notice on Tenant of Landlord's election to do soforce, summary proceedings, ejectment or otherwise, and may thereafter forthwith proceed remove their effects, without prejudice to any other remedy which Landlord may have for possession or arrearages in rent; and (C) notwithstanding a termination of this Lease, Landlord shall use good faith efforts to re-let all or any part of the Premises for at least the balance of the term of this Lease for commercially reasonable rent, whereupon Tenant shall be obligated to pay to Landlord as liquidated damages the difference between the rent provided for herein and that provided for in any lease covering a subsequent re-letting of the Premises, such deficiency to be computed and paid monthly at the times that Rent is payable hereunder, together with all of Landlord’s reasonable costs and expenses for preparing the Premises for re-letting, including all repairs which are Tenant’s obligations hereunder, reasonable broker’s and attorney’s fees, and all loss or damage which Landlord may sustain by reason of such termination, re-entry and re-letting, it being expressly understood and agreed that the liabilities and remedies specified herein shall survive the termination of this Lease. Notwithstanding a termination of this Lease by Landlord, Tenant shall remain liable for payment of all rentals and other charges and costs imposed on Tenant herein, in the amounts, at the times and upon the conditions as herein provided. Landlord shall credit against such liability of the Tenant all amounts received by Landlord from such re-letting after first reimbursing itself for all reasonable costs incurred in curing Tenant’s defaults and re-entering, preparing and refinishing the Premises for re-letting, and re-letting the Premises. 3. Upon termination of this Lease pursuant to Section 33(b)2, Landlord may recover possession of the Premises (together with all alterations, installations, improvements, additions, under and other physical changes to by virtue of the Premises) in accordance with provisions of the laws of the State of IllinoisOhio, or by such other proceedings, including reentry and possession, as may be applicable. 4. If Landlord elects to terminate the Tenant shall not remove all of Tenant’s property from said Premises as provided in this Lease, Landlord, at its option, may remove any or all of said property in any manner that Landlord shall choose and store same without liability for loss thereof, and Tenant will pay the Landlord, on demand, any and all reasonable expenses incurred in such removal and storage of said property for any length of time during which the same shall be entitled in possession of Landlord or in storage, or Landlord may, upon thirty (30) days prior notice to recover forthwith Tenant, sell any or all of said property in such manner and for such price as damages a sum the Landlord may reasonably deem best and apply the proceeds of money equal such sale upon any amounts due under this Lease from the Tenant to the total Landlord, including the reasonable expenses of (i) the cost removal and sale. 5. Any damage or loss of recovering the Premisesrent sustained by Landlord may be recovered by Landlord, (ii) the unpaid Basic Rentat Landlord’s option, Escalation Charges and other sums payable hereunder earned at the time of terminationthe reletting, plus interest thereon or in separate actions, from time to time, as said damage shall have been made more easily ascertainable by successive relettings, or at Landlord’s option in a single proceeding deferred until the rate set forth in Section 14.4, (iii) the present value expiration of the balance term of this Lease (in which event Tenant hereby agrees that the cause of action shall not be deemed to have accrued until the date of expiration of said term) or in a single proceeding prior to either the time of reletting or the expiration of the Basic Rentterm of this Lease. 6. In the event of a breach by Tenant of any of the covenants or provisions hereof, Escalation Charges Landlord shall have the right of injunction and the right to invoke any remedy allowed at law or in equity as if reentry, summary proceedings, and other sums payable hereunder and other amounts owed hereunder remedies were not provided for the remainder herein. Mention in this Lease of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value), and (iv) any particular remedy shall not preclude Landlord from any other sum remedy, in law or in equity. Tenant hereby expressly waives any and all rights of money and damages owed redemption granted by or under any present or future laws in the event of Tenant to Landlord; or (b) being evicted or dispossessed for any cause, or in the event of Landlord may terminate Tenant's right to obtaining possession of the Premises without terminating by reason of the violation by Tenant of any of the covenants and conditions of this Lease or other use. 7. Tenant hereby expressly waives any and all rights of redemption granted by or under any present or future laws, in the event of eviction or dispossession of Tenant by Landlord may forthwith proceed to recover under any provision of this Lease. No receipt of monies by Landlord from or for the account of Tenant or from anyone in possession or occupancy of the Premises in accordance with after the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term termination of this Lease) and upon such terms and conditions as Landlord Lease or after the giving of any notice shall find acceptable. For reinstate, continue or extend the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and or affect any inducements granted notice given to the new tenant). Tenant shall timely pay all prior to the receipt of such money, it being agreed that after the service of notice or the commencement of a suit, or after final judgment for possession of said Premises, the Landlord may receive and collect any rent or other amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of and such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant payment shall not be entitled to any rentals waive or other consideration from such relettingaffect said notice, if any, that exceed any amounts owed by Tenant to Landlord; orsaid suit or said judgment.

Appears in 1 contract

Samples: Lease (Retail Ventures Inc)

Landlord’s Remedies. Upon In the occurrence event of an Event of Defaultany default by Tenant, and without limiting Landlord's right to indemnification as provided in Article 8.2, Landlord shall have the following remedies, in addition to all other rights and remedies provided by law or otherwise provided in this Lease, to which Landlord may resort cumulatively, or in the alternative: (a) Landlord may, at Landlord's election, keep this Lease in effect and enforce, by an action at law or in equity, all of its rights and remedies under this Lease including, without limitation, (i) the right to recover the rent and other sums as they become due by appropriate legal action, (ii) the right to make payments required by Tenant, or perform Tenant's obligations and be reimbursed by Tenant for the cost thereof with interest at the then maximum rate of interest not prohibited by law from the date the sum is paid by Landlord until Landlord is reimbursed by Tenant, and (iii) the remedies of injunctive relief and specific performance to prevent Tenant from violating the terms of this Lease and/or to compel Tenant to perform its obligations under this Lease, as the case may be. (b) Landlord may, at Landlord's election, terminate this Lease by serving giving Tenant written notice of termination, in which event this Lease shall terminate on the date set forth for termination in such notice, in which event Tenant of shall immediately surrender the Leased Premises to Landlord's election , and if Tenant fails to do so, Landlord may, without prejudice to any other remedy which it may have for possession or arrearages in rent, enter upon and may thereafter forthwith proceed to recover take possession of the Leased Premises and expel or remove Tenant and any other person who may be occupying the Leased Premises or any part thereof, without being liable for prosecution or any claim or damages therefor. Any termination under this subparagraph shall not relieve Tenant from its obligation to pay to Landlord all Base Monthly Rent and Additional Rent then or thereafter due, or any other sums due or thereafter accruing to Landlord, or from any claim against Tenant for damages previously accrued or then or thereafter accruing. In no event shall any one or more of the following actions by Landlord, in the absence of a written election by Landlord to terminate this Lease constitute a termination of this Lease: (together with all alterationsi) Appointment of a receiver or keeper in order to protect Landlord's interest hereunder; (ii) Consent to any subletting of the Leased Premises or assignment of this Lease by Tenant, installations, improvements, additions, and other physical changes whether pursuant to the provisions hereof or otherwise; or (iii) Any action taken by Landlord or its partners, principals, members, officers, agents, employees, or servants, which is intended to mitigate the adverse effects of any breach of this Lease by Tenant, including, without limitation, any action taken to maintain and preserve the Leased Premises on any action taken to relet the Leased Premises or any portion thereof for the account at Tenant and in the name of Tenant. (iv) In the event Tenant breaches this Lease and abandons the Leased Premises) in accordance with the laws , Landlord may terminate this Lease, but this Lease shall not terminate unless Landlord gives Tenant written notice of the State of Illinoistermination. If Landlord elects does not terminate this Lease by giving written notice of termination, Landlord may enforce all its rights and remedies under this Lease, including the right and remedies provided by 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, if lessee has right to terminate sublet or assign, subject only to reasonable limitations"), as in effect on the Effective Date of this Lease. (v) In the event Landlord terminates this Lease, Landlord shall be entitled entitled, at Landlord's election, to recover forthwith the rights and remedies provided in California Civil Code Section 1951.2, as in effect on the Effective Date of this Lease. For purposes of computing damages a sum of money pursuant to Section 1951.2, an interest rate equal to the total maximum rate of interest then not prohibited by law shall be used where permitted. Such damages shall include, without limitation: (i) The worth at the cost time of recovering the Premises, (ii) award of the unpaid Basic Rent, Escalation Charges and other sums payable hereunder rent which had been earned at the time of termination, plus interest thereon ; (ii) The worth at the time of award of the amount by which the unpaid rent for the balance of the term after the time of award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided, computed by discounting such amount at the discount rate set forth of the Federal Reserve Bank of San Francisco, at the time of award plus one percent; and (iii) Any other amount necessary to compensate Landlord for all detriment proximately caused by Tenant's failure to perform Tenant's obligations under this Lease, or which in Section 14.4the ordinary course of things would be likely to result therefrom, including without limitation, the following: (i) expenses for cleaning, repairing or restoring the Leased Premises, (ii) expenses for altering, remodeling or otherwise improving the Leased Premises for the purpose of reletting, including removal of existing leasehold improvements and/or installation of additional leasehold improvements (regardless of how the same is funded, including reduction of rent, a direct payment or allowance to a new tenant, or otherwise), (iii) the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for broker's fees allocable to the remainder of the Termterm of this Lease, less the fair market value of the Basic Rent, Escalation Charges advertising costs and other sums payable hereunder for expenses of reletting the Premises for said period (also reduced to present value), and Leased Premises; (iv) costs of carrying and maintaining the Leased Premises, such as taxes, insurance premiums, utility charges and security precautions, (v) expenses incurred in removing, disposing of and/or storing any other sum of money and damages owed by Tenant to Landlord; or (b) Landlord may terminate Tenant's right personal property, inventory or trade fixtures remaining therein; (vi) reasonable attorney's fees, expert witness fees, court costs and other reasonable expenses incurred by Landlord (but not limited to taxable costs) in retaking possession of the Premises without terminating Leased Premises, establishing damages hereunder, and releasing the Lease Leased Premises; and Landlord may forthwith proceed to recover possession (vii) any other expenses, costs or damages otherwise incurred or suffered as a result of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals or other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; ordefault.

Appears in 1 contract

Samples: Lease (Ultratech Stepper Inc)

Landlord’s Remedies. Upon In the occurrence event of an Event any breach of Defaultthis Lease ------------------- by Tenant, Landlord, at its option, and after the proper notice if any, as provided in Article XXI has expired, without further notice or demand to Tenant, may, in addition to all other rights and remedies provided in this Lease, at law or in equity, to the extent permissible: (a) Landlord may terminate Terminate this Lease by serving written notice on Tenant and Tenant's right of Landlord's election to do so, and may thereafter forthwith proceed to recover possession of the Premises (together with all alterations, installations, improvements, additionsPremises, and other physical changes recover all damages to the Premises) in accordance with the laws of the State of Illinois. If which Landlord elects to terminate this Leaseis entitled under law, Landlord shall be entitled to recover forthwith as damages a sum of money equal to the total of (i) the cost of recovering the Premisesspecifically including, (ii) the unpaid Basic Rentwithout limitation, Escalation Charges and other sums payable hereunder earned at the time of termination, plus interest thereon at the rate set forth in Section 14.4, (iii) the present value of Rent for the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for the remainder of the Term, less the fair market value and all Landlord's expenses of the Basic Rentreletting (including repairs, Escalation Charges alterations, improvements, additions decorations, legal fees and other sums payable hereunder for the Premises for said period (also reduced to present valuebrokerage commissions), and (iv) any other sum of money and damages owed by Tenant to Landlord; or. (b) Landlord may terminate Terminate Tenant's right to of possession of the Premises without terminating the Lease and this Lease; provided, however, that Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinois. If shall use its reasonable efforts, whether Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts proceed under subparagraphs (a) or (b) above to relet the Premises Premises, or any part thereof for such rentthe account of Tenant, for such rent and term (whether greater or less than the remaining Term of this Lease) and upon such terms and conditions as are acceptable to Landlord. In addition, Landlord may accelerate and declare all Rent due and to become due immediately payable, and obtain immediate payment thereof (subject to an accounting at the end of the term for amounts received from any re-letting of the Premises). (c) Without entering into possession of the Premises or canceling this Lease, accelerate and declare all Rent due and to become due and other charges equivalent to rent reserved in this Lease due and to become due immediately due and payable, and bring suit for collection thereof and for damages. Such acceleration and commencement of any such action shall not be construed as an election to terminate this Lease and shall not absolve or discharge Tenant from any obligations or liabilities under this Lease for the remainder of the term. If Landlord shall find acceptable. For elect to pursue its rights and remedies under subparagraph (b), then Landlord shall have the purposes of reletting further right and remedy to rescind such election and pursue its rights and remedies under subparagraph (a) or (c), if Landlord has obtained a tenant to relet the Premises, which, in Landlord's judgment is a suitable tenant. For purposes of such reletting, Landlord may decorate and/or make any repairsis authorized to decorate, changesrepair, alterations or additions as may be reasonably necessaryalter and improve the Premises to the extent deemed necessary by Landlord in its sole discretion. If Landlord shall not be required to give priority to its efforts fails to relet the Premises over its efforts or if the Premises are relet and a sufficient sum if not realized therefrom after payment of all Landlord's expenses of reletting (including repairs, alterations, improvements, additions, decorations, legal fees and brokerage commissions) to relet satisfy the payment when due of Rent reserved under this Lease for any other vacant space in monthly period, then Tenant shall pay Landlord, a sum equal to the Buildingamount of Gross Rent and Additional Rent due under this Lease for each such monthly period, or if the Premises have been relet, Tenant shall pay any such deficiency monthly. If Landlord succeeds in reletting shall have the Premises, right to draw on the Net Rental (as hereinafter defined) Letter of Credit or the Cash Deposit to pay any amounts due under this Lease. Tenant agrees that Landlord may file suit to recover any sums due to Landlord hereunder from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from and that such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery suit or recovery of any amount due Landlord pursuant to this Lease hereunder shall not be any defense in to any subsequent action to recover brought for any amount not theretofore therefore reduced to judgment in favor of Landlord. In the event Landlord elects, nor shall the reletting pursuant to subsection (b) of Article XXII to terminate Tenant's right of possession only without terminating this Section 14.2 be construed Lease, Landlord may, at Landlord's option, enter into the Premises, remove Tenant's signs and other evidences of tenancy, and take and hold possession thereof, as an election on the part of Landlord to provided in this Lease; provided, however, that such entry and possession shall not terminate this Lease unless a written notice or release Tenant, in whole or in part, from Tenant's obligation to pay the Gross Rent and Additional Rent reserved hereunder for the full Term or from any other obligation of Tenant under this Lease. 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 intention removal and all storage charges against such property so long as the same shall be given in the Landlord's possession or under the Landlord's control. Any such property of the Landlord not retaken from storage by the Tenant within thirty (30) days after the end of the term, however terminated, shall be conclusively presumed to have been conveyed by the Tenant to the Landlord under this lease as a xxxx of sale without further payment or credit by Landlordthe Landlord to the Tenant. Notwithstanding any such reletting without terminationTenant hereby grants, to Landlord may at any time thereafter elect to terminate a first lien upon the interest of Tenant under this Lease for such previous breach or Event to secure the payment of Default. If monies due under this Lease, which lien may be enforced in equity; and Landlord does in fact shall be entitled as a matter of right to have a receiver appointed to take possession of the Premises and relet the Premisessame under order of court. Landlord, Tenant upon request of Tenant, shall not be entitled subordinate its interest, pursuant to any rentals or other consideration from such reletting, if any, that exceed any amounts owed by Tenant an agreement reasonably satisfactory to Landlord; or, to a lender of the Tenant.

Appears in 1 contract

Samples: Standard Gross Office Lease (Commerx Inc)

Landlord’s Remedies. Upon After an event of default occurs, Landlord may, at Landlord's option, without further notice or demand, except as provided below in this Section, do any of the occurrence of an Event of Defaultfollowing: (a) Landlord may terminate Remain out of possession of the Premises; treat the remaining term of this Lease by serving written notice on Tenant of Landlord's election to do so, as subsisting; and may thereafter forthwith proceed to recover Rent as it becomes due. (b) Reenter and resume possession of the Premises (without termination of this Lease; evict, remove and put out Tenant or any other persons who might be in possession of, or present at, the Premises, together with all alterationspersonal property found at the Premises; and attempt to relet the Premises in an effort to mitigate Landlord's damages. Landlord shall receive the rental income from any reletting of the Premises and shall apply it first, installationsto the payment of any amounts, improvementsother than Rent, additionsincluding, without limitation, Default Expenses (defined in (c) below), owed by Tenant to Landlord under this Lease; second, to the costs and expenses of any repair, renovation, remodeling, redecorating and advertising of the Premises, brokerage fees and other costs and expenses, including, without limitation, reasonable attorney's fees and other legal and judicial costs and expenses, associated with Landlord's efforts to relet the Premises; and third, to the payment of Rent due, and to become due, under this Lease. (c) Give Tenant notice that this Lease is terminated effective the date stated in the notice; reenter and resume possession of the Premises for Landlord's own benefit free of this Lease; and evict, remove and put out Tenant or any other physical changes to persons who might be in possession of, or present at, the Premises) in accordance , together with all personal property found at the laws of the State of IllinoisPremises. If Landlord elects to terminate terminates this Lease, Landlord shall be entitled to recover forthwith as damages a sum all of money equal to the total of (i) the cost of recovering the Premises, (ii) the Tenant's obligations for unpaid Basic Rent, Escalation Charges Rent and other sums payable hereunder earned due under this Lease through the date of termination, including, without limitation, Tenant's liability for (1) all losses, costs and expenses reasonably incurred by Landlord, including, without limitation, reasonable attorneys' fees and other legal and judicial costs and expenses that are in any way connected with Tenant's default ("Default Expenses"); (2) interest that accrues on Default Expenses and on unpaid Rent and other sums due under this Lease; (3) damage to the Premises caused by Tenant in connection with Tenant's occupying or vacating the Premises; and (4) the present value, at the time of termination, plus interest thereon at of the rate set forth in Section 14.4, (iii) difference between the present value amount of Rent reserved for the balance of the Basic Rent, Escalation Charges term of this Lease and other sums payable hereunder and other amounts owed hereunder for the remainder of the Term, less the fair market reasonable rental value of the Basic Rent, Escalation Charges and other sums payable hereunder Premises for the Premises for said same period (also reduced to present value), shall be determined as of the date this Lease is terminated and (iv) any other sum of money and damages owed shall be paid by Tenant to Landlord; orLandlord upon demand. All other obligations of Tenant that would have come due if this Lease had not been terminated shall terminate as of the date this Lease is terminated. (bd) Landlord may terminate Tenant's right to possession of the Premises without terminating the Lease Pursue any and Landlord may forthwith proceed to recover possession of the Premises all other remedies available at law or in accordance equity that are not inconsistent with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term terms of this Lease) . Prior to Landlord notifying Tenant that this Lease is terminated, any judicial process, and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premisesresults thereof, Landlord may decorate and/or make any repairs, changes, alterations pursued or additions as may be reasonably necessary. obtained by Landlord shall not be required deemed to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term be a termination of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate judgment or order specifically states that this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals or other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; oris terminated.

Appears in 1 contract

Samples: Lease Agreement (Brass Eagle Inc)

Landlord’s Remedies. Upon the occurrence of If there is an Event of DefaultDefault by Tenant under this Lease (subject to applicable notice and cure periods), in addition to all other remedies available to Landlord at law or in equity, Landlord may: (1) Terminate this Lease by notice to Tenant and retake possession of the Premises; (a) Landlord may terminate Terminate Tenant's right of possession by notice to Tenant without terminating this Lease by serving written notice on Tenant of Landlord's election to do so, and may thereafter forthwith proceed to recover retaking possession of the Premises (together with all alterations, installations, improvements, additions, and other physical changes to relet the Premises) in accordance with the laws Premises or any part of the State Premises in the name of Illinois. If Landlord elects to terminate this LeaseLandlord, Landlord shall be entitled to recover forthwith or otherwise, as damages Tenant's agent, for a sum of money equal to the total of (i) the cost of recovering the Premises, (ii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned at the time of termination, plus interest thereon at the rate set forth in Section 14.4, (iii) the present value of term shorter or longer than the balance of the Basic RentLease Term, Escalation Charges and other sums payable hereunder may grant concessions or free rent to the new tenant, thereby terminating Tenant's tenancy in the Premises and other amounts owed hereunder right to possess the Premises, without terminating Tenant's obligations to pay (a) the entire balance of all forms of Base Rent and Additional Rent for the remainder of the Lease Term, less plus (b) the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value)Reletting Expenses, and (ivc) the unamortized balance of any other sum brokerage commissions paid by Landlord in connection with this Lease, any allowances granted to Tenant under this Lease, and the cost of money any Tenant Improvements made by Landlord. Landlord shall have no obligation to relet the Premises, and damages owed by Tenant its failure to Landlord; or (b) Landlord may terminate do so, or failure to collect rent on reletting, shall not affect Tenant's right liability under this Lease. Landlord shall not, in any event, be required to possession pay Tenant any surplus of the Premises without terminating the Lease and any sums received by Landlord may forthwith proceed to recover possession on a reletting of the Premises in accordance with the laws excess of the State of Illinoisrent provided in this Lease. If Landlord elects decides to terminate Tenant's right relet the Premises or a duty to possession without terminating the Leaserelet is imposed by law, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter only be required to use commercially reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptablePremises. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord Commercially reasonable efforts shall not be required require Landlord to: (i) use any greater efforts than Landlord then uses to give priority to lease other properties Landlord or its efforts to affiliates owns or manages; (ii) relet the Premises over its efforts in preference to relet any other vacant space in the Building. If ; (iii) relet the Premises to any party that Landlord succeeds could reasonably reject as a transferee under the Assignment or Subletting section of this Lease; (iv) accept rent in reletting an amount which is less than the fair market rental for the Premises; (v) perform any tenant improvements, grant any tenant improvement allowances, grant any "free rent," or otherwise pay any sums or grant any monetary concessions in order to obtain a new tenant; (vi) observe any instruction given by Tenant about the Net Rental (reletting process or accept any tenant offered by Tenant unless the offered tenant leases the entire Premises and the criteria of this subsection are otherwise fully met. Any entry or reentry by Landlord, whether had or taken under summary proceedings or otherwise, shall not absolve or discharge Tenant from liability under this Lease so long as hereinafter defined) from time Landlord's actions are not in violation of applicable laws. "Reenter" and "re-entry" as used in this Lease are not restricted to time received their technical legal meaning. No reentry or taking possession of the Premises by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on Landlord's part to accept a surrender of BLUE LAKE STANDARD LEASE the part of Landlord to terminate this Lease Premises unless a written notice of such intention shall be is given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals or other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; orTenant;

Appears in 1 contract

Samples: Standard Lease (Andrx Corp)

Landlord’s Remedies. Upon the occurrence of an Event of Default, Landlord, at its option, without further notice or demand to Tenant, may in addition to all other rights and remedies provided in this Lease, at law or in equity: (ai) Landlord may terminate Terminate this Lease by serving written notice on Tenant and Tenant's right of Landlord's election to do so, use and may thereafter forthwith proceed to recover possession of the Premises (together with all alterations, installations, improvements, additionsand any Additional Equipment, and other physical changes recover all damages to the Premises) in accordance with the laws which Landlord is entitled under law, specifically including all of the State Landlord's expenses of Illinoisreletting (including rental concessions to new tenants, repairs, Alterations, legal fees and brokerage commissions). If Landlord elects to terminate this Lease, Landlord every obligation of the parties shall be entitled to recover forthwith cease as damages a sum of money equal to the total date of (i) the cost of recovering the Premises, (ii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned at the time of such termination, plus interest thereon at the rate set forth in Section 14.4, (iii) the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value), and (iv) any other sum of money and damages owed by Tenant to Landlord; or (b) Landlord may terminate Tenant's right to possession of the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, except that Tenant shall remain liable for payment of Rent and performance of all Basic Rent, Escalation Charges other terms and other sums payable hereunder conditions of this Lease to the date of termination. (ii) Terminate Tenant's right of use and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Premises and any Additional Equipment without terminating this Lease, in which event Landlord may, but shall thereafter use reasonable efforts to not be obligated to, relet the Premises and any Additional Equipment, or any part thereof, for such rentthe account of Tenant, for such rent and term (whether greater or less than the remaining Term of this Lease) and upon such terms and other conditions as Landlord shall find acceptableare acceptable to Landlord. For the purposes of reletting the Premisessuch reletting, Landlord may decorate and/or make is authorized to redecorate, repair, alter and improve the Premises and any Additional Equipment to the extent necessary in Landlord's reasonable discretion. Until Landlord relets the Premises and any Additional Equipment, Tenant shall remain obligated to pay Rent to Landlord as provided in this Lease. If and when the Premises and any Additional Equipment are relet and if a sufficient sum is not realized from such reletting after payment of all Landlord's reasonable expenses of reletting (including rental concessions to new tenants, repairs, changesAlterations, alterations or additions as legal fees and brokerage commissions) to satisfy the payment of Rent due under this Lease for any month, Tenant shall pay Landlord any such deficiency upon demand. Tenant agrees that Landlord may be reasonably necessary. file suit to recover any sums due Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) under this Section from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from and that such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery suit or recovery of any amount due Landlord pursuant to this Lease shall not be any defense in to any subsequent action to recover brought for any amount not theretofore previously reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate . (iii) Terminate this Lease unless a and Tenant's right of possession of the Premises and any Additional Equipment, and recover from Tenant the net present value of the Rent due from the date of termination until the Expiration Date, discounted at the lesser of the Interest Rate as of the date of termination or nine percent (9%) per annum. (iv) Re-enter and repossess the Premises and any Additional Equipment and remove all persons and effects therefrom, by summary proceeding, ejectment or other legal action. Notwithstanding the foregoing, prior to Landlord exercising any of its remedies set forth in subsections (i) through (iv) above, (A) Landlord shall provide to Manchester written notice of its intent to exercise any one or more of the above-referenced remedies, and (B) pursuant to and in accordance with Section 7.12(b) of that certain Limited Liability Company Agreement, dated April 28, 2000, by and among Landlord, Manchester and PPH, as amended by that certain First Amendment thereto dated as of September 30, 2001, Manchester shall have ten (10) days after such intention written notice to elect to compel Landlord to purchase Manchester's Units, as defined in that Limited Liability Company Agreement. Upon the expiration of such ten-day period, Landlord shall be given free to Tenant by Landlordexercise any one or more of the above-referenced remedies. Notwithstanding the foregoing, nothing in this Section 20.2 shall operate to relieve Landlord of any such reletting without termination, Landlord may at any time thereafter elect duty imposed by applicable law to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals or other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; ormitigate its damages.

Appears in 1 contract

Samples: Master Lease Agreement (Blue Rhino Corp)

Landlord’s Remedies. Upon the occurrence of an Event any default by Tenant under this Lease, Landlord, at Landlord’s sole option, may exercise any one or more of Defaultthe following described remedies, in addition to all other rights and remedies provided at law or in equity: (a) Landlord may at any time thereafter (without being under any obligation to do so) re-enter the Premises and correct or repair any condition which shall constitute a failure on the part of Tenant to observe, perform, or satisfy any term, condition, covenant, agreement, or obligation of Tenant under this Lease; and Tenant shall fully reimburse and compensate Landlord on demand for the costs incurred by Landlord in doing so, plus profit and overhead in any amount equal to fifteen percent (15%) of such cost. No action taken by Landlord under this subsection shall relieve Tenant from any of Tenant’s obligations under this Lease or from any consequences or liabilities arising from the failure of Tenant to perform such obligations. (b) Landlord may terminate this Lease by serving written notice on Tenant of Landlord's election to do so, and may thereafter forthwith proceed to recover possession of the Premises (together with all alterations, installations, improvements, additions, and other physical changes to repossess the Premises) in accordance with . In the laws of the State of Illinois. If event that Landlord elects to terminate this Lease, Landlord shall be entitled to recover forthwith as damages a sum of money equal to the total of (i) the cost of recovering the Premises, Premises (including attorneys’ fees and costs); (ii) the cost of removing and storing Tenant’s or any other occupant’s property; (iii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned Rent owed at the time of termination, plus interest thereon from the date when due at the maximum rate set forth in Section 14.4, of interest then allowed by law; (iiiiv) the present value cost of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for reletting the Premises for said period (also reduced as reasonably estimated by Landlord and including alterations or repairs to present valuethe Premises and brokerage commissions); (v) the costs of collecting any sum due to Landlord (including without limitation, attorneys’ fees and costs); and (ivvi) any other sum of money and or damages owed by Tenant to Landlord; orLandlord as a result of the default by Tenant, whether under this Lease, at law, or in equity. (bc) Landlord may terminate Tenant's ’s right to of possession of the Premises without terminating the this Lease and repossess the Premises. In the event that Landlord may forthwith proceed elects to recover take possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the this Lease, Tenant shall remain liable for all Basic Rentfor, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts pay to relet the Premises for such rentLandlord, for such term (whether greater or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received on demand, (i) all costs and damages described in Subsection (ii) of this Section 8.2 and (b) any deficiency between the total Rent due under this Lease for the remainder of the Lease Term and rents, if any, which Landlord is able to collect from Space Tenants for the Premises during the remainder of the Lease Term (“Rental Deficiency”). Landlord may file suit to recover any sums falling due under the terms of this Lease from time to time, and no delivery to or recovery by Landlord therefrom over of any portion of the remaining term of sums owed to Landlord by Tenant under this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any a defense in any action to recover any amount not theretofore previously reduced to judgment in favor of Landlord. (d) In the event that Landlord elects to re-enter or take possession of the Premises after Tenant’s default, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written Tenant hereby waives notice of such intention shall be given re-entry or re-possession and of Landlord’s intent to Tenant by Landlordre-enter or retake possession. Notwithstanding Landlord may, without prejudice to any such reletting without termination, other remedy which Landlord may have for possession or arrearages in or future Rent, expel or remove Tenant or any other person who may be occupying the Premises. Landlord may also change or alter the locks or other security devices on the doors to the Premises and/or, if applicable, remove Tenant’s access media from the security system; and Tenant waives, to the fullest extent allowed by law, any requirement that notice be posted on the Premises as to the location of a key to such new locks and any rights to obtain such a key. (e) If Tenant commits any event of default under this Lease with respect to which written notice was provided and at any time within the immediately preceding twelve (12) month period and thereafter elect commits the same or a similar default, no notice after the first such notice shall be required to terminate be given by Landlord for or with respect to any subsequent default before the pursuit of any one or more of the remedies provided in this Lease. Tenant hereby expressly waives both (i) notice of any default for which notice is not specifically required under Section 8.1 and (ii) all subsequent notices of a similar default. (f) All rights and remedies of Landlord under this Lease for such previous breach shall be non-exclusive and shall be in addition to an cumulative of all other rights or Event of Default. If remedies available to Landlord does under this Lease or by law or in fact relet the Premises, Tenant shall not be entitled to any rentals or other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; orequity.

Appears in 1 contract

Samples: Master Lease Agreement (Paladin Realty Income Properties Inc)

Landlord’s Remedies. Upon (a) Landlord may at any time thereafter (without being under any obligation to do so) re-enter the occurrence Premises and correct or repair any condition which shall constitute a failure on the part of Tenant to observe, perform, or satisfy any term, condition, covenant, agreement, or obligation of Tenant under this Lease; and Tenant shall fully reimburse and compensate Landlord on demand for the costs incurred by Landlord in doing so, plus a fee for Landlord's administrative and overhead costs and efforts in an Event amount equal to fifteen percent (15%) of Default:such cost. No action taken by Landlord under this Subsection shall relieve Tenant from any of Tenant's obligations under this Lease or from any consequences or liabilities arising from the failure of Tenant to perform such obligations. (ab) Landlord may terminate this Lease by serving written notice on Tenant of Landlord's election to do so, and may thereafter forthwith proceed to recover possession of the Premises (together with all alterations, installations, improvements, additions, and other physical changes to repossess the Premises) in accordance with . In the laws of the State of Illinois. If event that Landlord elects to terminate this Lease, Landlord shall be entitled to recover forthwith as damages a sum of money equal to the total of (i) the cost of recovering the Premises, Premises (including reasonable attorneys' fees and costs); (ii) the cost of removing and storing Tenant's or any other occupant's property; (iii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned Rent owed at the time of termination, plus interest thereon from the date when due at the maximum rate set forth in Section 14.4, of interest then allowed by law; (iiiiv) the present value cost of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for reletting the Premises for said period (also reduced as reasonably estimated by Landlord and including reasonable alterations or repairs to present valuethe Premises and third-party brokerage commissions); (v) the costs of collecting any sum due to Landlord (including without limitation, reasonable attorneys' fees and costs); (vi) the Discounted Future Rent (as defined herein below); and (ivvii) any other sum of money and or damages owed by Tenant to Landlord; orLandlord as a result of the default by Tenant, whether under this Lease, at law, or in equity (including without limitation any loan-related damages which may be incurred by Landlord as a result of any event of default by Tenant, such as the payment of default interest, legal fees, late charges and collection costs, it being hereby acknowledged by Tenant that an event of default by Tenant under this Lease may cause Landlord to incur such damages under its mortgage and/or other financing documents). (bc) Landlord may terminate Tenant's right to of possession of the Premises without terminating the this Lease and repossess the Premises. In the event that Landlord may forthwith proceed elects to recover take possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the this Lease, Tenant shall remain liable for all Basic Rentfor, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts pay to relet the Premises for such rentLandlord, for such term (whether greater or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received on demand, (i) all costs and damages described in Subsection (b) of this Section 13.2.1 and (ii) any deficiency between the total Rent due under this Lease for the remainder of the Term and rents, if any, which Landlord is able to collect from another tenant for the Premises during the remainder of the Term ("Rental Deficiency"). Landlord may file suit to recover any sums falling due under the terms of this Lease from time to time, and no delivery to or recovery by Landlord therefrom over of any portion of the remaining term of sums owed to Landlord by Tenant under this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any a defense in any action to recover any amount not theretofore previously reduced to judgment in favor of Landlord. To the extent required by Applicable Law, Landlord shall use reasonable efforts to relet the Premises on such terms and conditions and to such parties as Landlord, in Landlord's sole but reasonable discretion, may determine (including a term different from the Term, rental concessions, and alterations and improvements to the Premises); but Landlord shall never be obligated to relet the Premises before leasing other rentable areas within the Building, it being the intent of the parties that Tenant shall not be placed in a preferential position by reason of Tenant's own default, nor shall Landlord be required to relet for less than fair market rental or be required to relet to a tenant (or for a use) which is not in keeping with the character of the Building; and Landlord shall in no event be liable in any manner, nor shall Tenant's obligations hereunder be diminished, by the failure of Landlord to relet the Premises or, in the event of reletting, to collect rent thereunder. If the Premises or any portion thereof are relet by Landlord during the unexpired portion of the Term of this Lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of rental reserved upon such reletting pursuant will, prima facie, be deemed to be the fair and reasonable rental value for the Premises, or part thereof, so relet during the term of the reletting, so long as such reletting is to an unrelated third party in a bona fide lease transaction. No refusal or failure to relet or failure to collect rental will release or affect Tenant's liability for damages or otherwise under this Lease so long as Landlord complies with the provisions of this Section 14.2 13.2.1(c). Any sums received by Landlord through reletting shall reduce the sums owing by Tenant to Landlord, but Tenant shall not be entitled to any excess of any sums obtained by reletting over and above a credit for the Rent provided in this Lease under any circumstances. For the purpose of such reletting, Landlord is authorized to decorate or to make any repairs, changes, alterations, or additions in and to the Premises that Landlord may deem reasonably necessary or advisable, and any such reasonable costs incurred by Landlord in connection therewith may be included within the loss or damage suffered by Landlord and recoverable hereunder by reason of the event of default by Tenant, together with any other reasonable costs of recovering the Premises or reletting same. No taking of possession or reletting of the Premises or any other action or omission to act by Landlord shall be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be is given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may may, at any time thereafter thereafter, elect to terminate this Lease for such previous breach or Event default. In the alternative (but only in the event that Tenant's default constitutes a material breach), Landlord may elect to terminate Tenant's right to possession of Default. If Landlord does the Premises and to immediately recover as damages, in fact relet lieu of the Rental Deficiency, a sum equal to the difference between (a) the total Rent due under this Lease for the remainder of the Term and (b) the then fair market rental value (which phrase shall, for purposes hereof, mean the rental rate that would be received from a comparable tenant for a comparable lease for premises and other properties of equivalent quality, size, condition and location as the Premises, Tenant taking into account any free rent or other concessions that are generally prevailing in the marketplace at the time of Tenant's default, market conditions, and the period of time the Premises may reasonably be expected to remain vacant before Landlord is able to re-let the Premises to a suitable new tenant) of the Premises during such period, discounted to present value at the Prime Rate (defined below) in effect upon the date of determination ("Discounted Future Rent"). For purposes hereof, the “Prime Rate” shall not be entitled the per annum interest rate publicly announced by a federally insured bank selected by Landlord in the state in which the Building is located as such bank’s prime or base rate. In such event, Landlord shall have no obligation to relet or the Premises or to apply any rentals or other consideration from such reletting, if any, that exceed received by Landlord as a result of any amounts owed by Tenant reletting to Tenant's obligations under this Lease; and the aggregate amount of all damages due to Landlord, including the Discounted Future Rent, shall be immediately due and payable to Landlord upon demand. (d) If the event of default is, in whole or in part, abandonment of any substantial portion of the Premises for a period of ten (10) or more consecutive days, Landlord may, in its sole discretion and to the maximum extent permitted by applicable law, in addition to all other remedies available, upon 30 days advance written notice to Tenant, do each or all of the following: (1) Charge Tenant the full amount of all increases in insurance premiums for the Building caused by or related to Tenant's abandonment of the Premises, until the Premises are re-let or the abandonment is otherwise terminated; orand/or (2) Charge Tenant all increased costs of maintenance and repair, including increased security costs, incurred at the Building caused by or related to Tenant's abandonment of the Premises, until the Premises are re-let or the abandonment is terminated.

Appears in 1 contract

Samples: Office Lease Agreement (Jamba, Inc.)

Landlord’s Remedies. Upon In the occurrence event of any default by Tenant, and without limiting Landlord's right to indemnification as provided in Article 8.2, Landlord shall have the following remedies, in addition to all other rights and remedies provided by Law or otherwise provided in this Lease, to which Landlord may resort cumulatively, or in the alternative: A. Landlord may, at Landlord's election, keep this Lease in effect and enforce, by an Event action at law or in equity, all of Defaultits rights and remedies under this Lease including, without limitation, (i) the right to recover the rent and other sums as they become due by appropriate legal action, (ii) the right to make payments required by Tenant, or perform Tenant's obligations and be reimbursed by Tenant for the cost thereof with interest at the then maximum rate of interest not prohibited by Law from the date the sum is paid by Landlord until Landlord is reimbursed by Tenant, and (iii) the remedies or injunctive relief and specific performance to prevent Tenant from violating the terms of this Lease and/or to compel Tenant to perform its obligations under this Lease, as the case may be. B. Landlord may, at Landlord's election, terminate this Lease by giving Tenant written notice of termination, in which event this Lease shall terminate on the date set forth for termination in such notice. Any termination under this Subarticle shall not relieve Tenant from its obligation to pay to Landlord all Base Monthly Rent and Additional Rent then or thereafter due, or any other sums due or thereafter accruing to Landlord, or from any claim against Tenant for damages previously accrued or then or thereafter accruing. In no event shall any one or more of the following actions by Landlord, in the absence of a written election by Landlord to terminate the Lease, constitute a termination of the Lease: (a1) Appointment of a receiver or keeper in order to protect Landlord's interest hereunder; (2) Consent to any subletting of the Leased Premises or assignment of this Lease by Tenant, whether pursuant to the provisions hereof or otherwise; or (3) Any other action by Landlord or Landlord's agents intended to mitigate the adverse effects of any breach of this Lease by Tenant, including, without limitation, any action taken to maintain and preserve the Leased Premises or any action taken to relet the Leased Premises, or any portion thereof, for the account of Tenant and in the name of Tenant. C. In the event Tenant breaches this Lease and abandons the Leased Premises, Landlord may terminate this Lease, but this Lease by serving shall not terminate unless Landlord gives Tenant written notice on Tenant of Landlord's election to do so, and may thereafter forthwith proceed to recover possession of the Premises (together with all alterations, installations, improvements, additions, and other physical changes to the Premises) in accordance with the laws of the State of Illinoistermination. If Landlord elects does not terminate this Lease by giving written notice of termination, Landlord may enforce all its rights and remedies under this Lease, including the right to terminate recover rent as it becomes due under this Lease as provided in California Civil Code Section 1951.4, as in effect on the Effective Date of this Lease. D. In the event Landlord terminates this Lease, Landlord shall be entitled entitled, at Landlord's election, to recover forthwith damages in an amount as set forth in California Civil Code Section 1951.2, as in effect on the Effective Date of this Lease. For purposes of computing damages a sum of money pursuant to Section 1951.2, an interest rate equal to the total maximum rate of interest then not prohibited by Law shall be used where permitted. Such damages shall include, without limitation: (i1) the cost of recovering the Premises, (ii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned The worth at the time of termination, plus interest thereon at award of the rate set forth in Section 14.4, (iii) amount by which the present value of unpaid rent for the balance of the Basic Rentterm after the time of award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for computed by discounting such amount at the remainder discount rate of the TermFederal Reserve Bank of San Francisco, less at the fair market value time of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value), and (iv) any other sum of money and damages owed by Tenant to Landlordaward plus one percent; orand (b2) Any other amount necessary to compensate Landlord may terminate for all detriment proximately caused by Tenant's right failure to possession of the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce perform Tenant's obligations under this Lease, or which in the ordinary course of things would be likely to Landlord hereunder. The term "NET RENTAL" shallresult therefrom, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, including without limitation, the following: (i) reasonable expenses for cleaning, repairing or restoring the Leased Premises; (ii) reasonable expenses for altering, remodeling or otherwise improving the Leased Premises for the purpose of reletting, including removal of existing leasehold improvements and/or installation of additional leasehold improvements (regardless of how the same is funded, including reduction of rent, a direct payment or allowance to a new tenant, or otherwise); (iii) reasonable broker's fees, advertising costs and other expenses of reletting the Leased Premises; (iv) reasonable costs of carrying and maintaining the Leased Premises which costs would have been billed to Tenant as Additional Rent had Tenant not defaulted and which include but are not limited to taxes, insurance premiums, utility charges, landscape maintenance costs, costs of maintaining electrical, plumbing and HVAC equipment and costs for providing security; (v) reasonable expenses incurred in removing, disposing of and/or storing any of Tenant's personal property, inventory or trade fixtures remaining therein; (vi) reasonable attorneys' fees, expert witness fees, court costs and other reasonable expenses incurred by Landlord but not limited to taxable costs) in retaking possession of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Leased Premises, Tenant shall not be entitled to establishing damages hereunder, and releasing the Leased Premises; and (vii) any rentals other expenses, costs or other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; ordamages otherwise incurred or suffered as a result of Tenant's default.

Appears in 1 contract

Samples: Industrial Space Lease (Mattson Technology Inc)

Landlord’s Remedies. Upon the occurrence of an Event of Default: (a) Landlord may terminate If this Lease by serving written notice on Tenant of shall be terminated as provided in Paragraph 14, Landlord or Landlord's election to do soagents or employees may by any suitable action or proceeding at law, and may thereafter forthwith proceed to recover possession of repossess the Premises (Leased Premises, together with all alterations, installationsadditions and improvements thereto. In the event of such re-entry and repossession, improvementsLandlord may store Tenant's property in a public warehouse or elsewhere at the cost and for the account of Tenant. (b) In case of any such termination, additionsre-entry or dispossess by summary proceedings or otherwise, all rents and other charges required to be paid up to the time of such termination, re-entry or dispossess, shall be paid by Tenant and Tenant shall also pay to Landlord all reasonable expenses which Landlord may then or thereafter incur for legal expenses and brokerage commissions and all other reasonable costs paid or incurred by Landlord in repossessing the Leased Premises, restoring the Leased Premises to order and condition necessary to relet same, for reletting, and for any other physical changes reasonable item or cost which Landlord incurs as a result of Tenant's event of default, excluding, however, the excess amount of the costs of fit-up to a new tenant over the amount necessary to prepare the Leased Premises to substantially the condition as exists as of the date of this Lease Agreement. (c) In addition to any amounts due under subparagraph (b) above, if the Lease be terminated as described above, Tenant nevertheless covenants and agrees, notwithstanding any entry or reentry by Landlord whether by 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 Premises) several installments of Rent, Real Estate Tax Increase and Operating Expense Increase and other charges due under the terms of this Lease Agreement, as if this Lease had not been terminated; but in accordance with the laws of event the State of Illinois. If Landlord elects to terminate this LeaseLeased Premises be relet by the Landlord, Landlord Tenant shall be entitled to recover forthwith as damages a sum of money equal to the total of credit (i) the cost of recovering the Premises, (ii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned at the time of termination, plus interest thereon at the rate set forth but not in Section 14.4, (iii) the present value excess of the balance Rent or other charges reserved under the terms of this Lease Agreement) of the Basic Rent, Escalation Charges net amount of Rent received by Landlord after deduction by Landlord of all reasonable expenses and other sums payable hereunder and other amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value), and (iv) any other sum of money and damages owed by Tenant to Landlord; or (b) Landlord may terminate Tenant's right to possession of the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession it with respect to such reletting. Suit or suits for the recovery of the Premises. Landlord shall thereafter use reasonable efforts deficiency of damages referred to relet the Premises in this paragraph or for any installment or installments of Rent or Real Estate Tax Increase or Operating Expense Increase hereunder, or for a sum equal to any such rentinstallment or installments, for such term (whether greater or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. brought by Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) at once or from time to time received by Landlord therefrom over the remaining term of at Landlord's election, and nothing in this Lease shall be applied deemed to reduce Tenant's obligations require Landlord to Landlord hereunder. The await the date whereon this Lease or the term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received hereof would have expired had there been no such default by Tenant or no such cancellation or termination. (d) No failure by Landlord from such reletting less to insist upon the amount strict performance of all costs incurred by Landlord in connection with such reletting (includingany covenant, without limitationagreement, broker's feesterm or condition of this Lease Agreement or to exercise any right or remedy consequent upon breach thereof, attorneys' fees, costs and no acceptance of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord full or partial rent during the Termcontinuance of any such breach, shall constitute a waiver of any such breach or of such covenant, agreement, term or condition. No delivery or recovery waiver of any amount due Landlord pursuant to breach shall affect or alter this Lease Agreement, but each and every covenant, agreement, term and condition of this Lease Agreement shall continue in full force and effect with respect to any other then existing or subsequent breach thereof. (e) Landlord will make commercially-reasonable attempts to mitigate damages by attempting to relet the Leased Premises. (f) Each right and remedy of Landlord provided for in this Lease Agreement shall be any defense cumulative and shall be in any action addition to recover any amount not theretofore reduced to judgment every other right or remedy provided for in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant or now or hereafter existing at law or in equity, by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach statute or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals or other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; orotherwise.

Appears in 1 contract

Samples: Lease Agreement (Electronic Retailing Systems International Inc)

Landlord’s Remedies. Upon a default, Landlord shall have the occurrence of an Event of Defaultfollowing remedies, in addition to all other rights and remedies provided by law or otherwise provided in this Lease to which Landlord may resort cumulatively or in the alternative: (a) 19.2.1 Landlord may continue this Lease in full force and effect, and this Lease shall continue in full force and effect as long as Landlord does not terminate this Lease and Landlord shall have the right to collect Rent when due. 19.2.2 Landlord may terminate this Lease by serving written notice on Tenant of Landlord's election to do so, and may thereafter forthwith proceed to recover possession of the Premises (together with all alterations, installations, improvements, additions, and other physical changes to the Premises) in accordance with the laws of the State of Illinois. If Landlord elects to terminate this Lease, Landlord shall be entitled to recover forthwith as damages a sum of money equal to the total of (i) the cost of recovering the Premises, (ii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned at the time of termination, plus interest thereon at the rate set forth in Section 14.4, (iii) the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value), and (iv) any other sum of money and damages owed by Tenant to Landlord; or (b) Landlord may terminate TenantXxxxxx's right to possession of the Premises without terminating the Lease at any time by giving written notice to that effect, and Landlord may forthwith proceed to recover possession of relet the Premises in accordance with the laws of the State of Illinoisor any part thereof. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain be liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and immediately to Landlord for all costs incurred by Landlord incurs in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet reletting the Premises or any part thereof, including, without limitation, brokerage commissions, expenses of cleaning and redecorating the Premises required by the reletting and like costs. Reletting may be for such rent, for such term (whether greater a period shorter or less longer than the remaining Term of this Lease) and upon such terms and conditions as . No act by Landlord other than giving written notice to Tenant shall find acceptableterminate this Lease. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its Maintenance efforts to relet the Premises over its efforts or the appointment of a receiver on Xxxxxxxx's initiative to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of protect Xxxxxxxx's interest under this Lease shall not constitute a termination of Tenant's right to possession. On termination, Xxxxxxxx has the right to remove all Tenant's personal property and store same at Tenant's cost and to recover from Tenant as damages: (a) The worth at the time of award of unpaid Rent and other sums due and payable which had been earned at the time of termination; plus (b) The worth at the time of award of the amount by which the unpaid Rent and other sums due and payable which would have been payable after termination until the time of award exceeds the amount of such Rent loss that Xxxxxx proves could have been reasonably avoided; plus (c) The worth at the time of award of the amount by which the unpaid Rent and other sums due and payable for the balance of the Term after the time of award exceeds the amount of such Rent loss that Xxxxxx proves could be applied reasonably avoided; plus (d) Any other amount necessary which is to reduce compensate Landlord for all the detriment proximately caused by Tenant's failure to perform Tenant's obligations under this Lease or which, in the ordinary course of things, would be likely to Landlord hereunder. The term "NET RENTAL" shallresult therefrom, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's feesany costs or expenses incurred by Landlord (1) in retaking possession of the Premises; (2) in maintaining, attorneys' feesrepairing, costs of preparing preserving, restoring, replacing, cleaning, altering or rehabilitating the Premises or any portion thereof, including such acts for occupancy reletting to a new tenant or tenants; (3) for leasing commissions; or (4) for any other costs necessary or appropriate to relet the Premises; plus (e) At Landlord's election, such other amounts in addition to or in lieu of the foregoing as may be permitted from time to time by the laws of the State of California. The "worth at the time of award" of the amounts referred to in Sections 19.2.2 (a) and any inducements granted 19.2.2 (b) is computed by allowing interest at the maximum rate permitted by law on the unpaid rent and other sums due and payable from the termination date through the date of award. The "worth at the time of award" of the amount referred to in Section 19.2.2 (c) is computed by discounting such amount at the new tenant). Tenant shall timely pay discount rate of the Federal Reserve Bank of San Francisco at the time of award. 19.2.3 Landlord may, with or without terminating this Lease, re-enter the Premises and remove all amounts owed to Landlord during persons and property from the TermPremises; such property may be removed and stored in a public warehouse or elsewhere at the cost of and for the account of Tenant. No delivery re-entry or recovery taking possession of any amount due the Premises by Landlord pursuant to this Lease section shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of os such intention shall be is given to Tenant. 19.2.4 If Tenant by Landlord. Notwithstanding fails to make any such reletting without terminationpayment or perform any other act on its part to be made or performed under this Lease, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premisesmay, Tenant but shall not be entitled obligated to and without waiving or releasing Tenant from any rentals obligation of Tenant under this Lease, make such payment or perform such other consideration act to the extent Landlord may deem desirable, and in connection therewith, pay expenses and employ counsel. All sums so paid by Xxxxxxxx, and all penalties, interest and costs in connection therewith, shall be due and payable by Tenant on the next day after any such payment by Landlord, together with interest thereon at the maximum rate permitted by law from such reletting, if any, that exceed any amounts owed date to the date of payment by Tenant to Landlord; or, plus collection costs and attorneys' fees. Landlord shall have the same rights and remedies for the nonpayment thereof as in the case of default in the payment of Rent.

Appears in 1 contract

Samples: Lease Agreement (Utstarcom Inc)

Landlord’s Remedies. Upon In the occurrence of an Event of Default: (a) Landlord may terminate this Lease by serving written notice on event Tenant of Landlord's election to do sodefaults, and may does not cure the default within the applicable cure period (if applicable), Landlord shall then and at any time thereafter forthwith proceed be entitled to recover immediate possession of the Premises (together with Leased Premises, to all alterationsarrearages in Rent, installations, improvements, additions, and other physical changes to the Premises) in accordance with the laws of the State of Illinois. If Landlord elects to terminate this Lease, and/or to exercise any remedy legally available to Landlord to enforce its rights by reason of Tenant’s default. Without limiting the foregoing and in supplement to and not replacement of any other obligation of Tenant relevant to termination of this Lease, Tenant shall at Landlord’s option (i) vacate the Leased Premises, and/or (ii) remove Tenant’s property from the Leased Premises. Notwithstanding termination of the Lease and surrender of the Leased Premises to Landlord, Landlord shall immediately be entitled to recover from Tenant, and Tenant shall forthwith pay to Landlord as damages a sum compensation, in addition to any other payment obligations of money equal Tenant under this Lease, all unpaid Rent or other payments called for hereunder accrued to the total of (i) the cost of recovering the Premisessuch date, (ii) the unpaid Basic Rent, Escalation Charges and other as well as all sums payable hereunder earned at the time of termination, plus interest thereon at the rate set forth in Section 14.4, (iii) the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder Tenant was otherwise obligated to pay to Landlord for the remainder of the TermLease Term (including, but not limited to, the balance of the Rent, which shall be deemed accelerated) less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder Leased Premises for the Premises for said period (also reduced balance of the Lease Term. In addition to present value), and (iv) any other sum of money and damages owed the amounts to be paid by Tenant to Landlord; or (b) Landlord may terminate Tenant's right to possession of under the Premises without terminating the Lease preceding sentence and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the otherwise under this Lease, Tenant shall remain liable for pay to Landlord, as compensation, all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord Landlord’s expenses in connection with such the reletting (of the Leased Premises, including, without limitation, broker's feesall repossession costs, attorneys' feesbrokerage commissions, costs fees for legal services and expenses of preparing the Leased Premises for occupancy and any inducements granted such reletting (but pro-rated to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery extent of any amount due reletting for periods beyond the Lease Term), it being agreed by Tenant that Landlord pursuant may: (a) relet the Leased Premises or any part or parts thereof, for a term or terms which may at Landlord’s option be equal to, less than, or exceed the period which would otherwise have constituted the balance of the Lease Term and may grant such concessions and free rent as Landlord in its reasonable judgment considers advisable or necessary to this Lease relet the same; and (b) make such alterations, repairs and decorations in at, on and/or to the Leased Premises as Landlord in its sole judgment considers advisable or necessary to relet the same, and no action of Landlord in accordance with the foregoing or failure to relet or to collect rent under reletting shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 operate or be construed to release or reduce Tenant’s liability as an election on the part of Landlord aforesaid, including with respect to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals or other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; ormitigation.

Appears in 1 contract

Samples: Lease Agreement (Blue Sphere Corp.)

Landlord’s Remedies. Upon In the occurrence event of an Event of Default: any default by Tenant, and without limiting Landlord’s right to indemnification as provided in Article 8.2, Landlord shall have the following remedies, in addition to all other rights and remedies provided by law or otherwise provided in this Lease, to which Landlord may resort cumulatively, or in the alternative: (a) Landlord may, at Landlord’s election, keep this Lease in effect and enforce, by an action at law or in equity, all of its rights and remedies under this Lease including, without limitation, (i) the right to recover the rent and other sums as they become due by appropriate legal action, (ii) the right to make payments required by Tenant, or perform Tenant’s obligations and be reimbursed by Tenant for the cost thereof with interest at the then maximum rate of interest not prohibited by law from the date the sum is paid by Landlord until Landlord is reimbursed by Tenant, and (iii) the remedies of injunctive relief and specific performance to prevent Tenant from violating the terms of this Lease and/or to compel Tenant to perform its obligations under this Lease, as the case may be. (b) Landlord may, at Landlord’s election, terminate this Lease by serving giving Tenant written notice of termination, in which event this Lease shall terminate on the date set forth for termination in such notice, in which event Tenant of shall immediately surrender the Leased Premises to Landlord's election , and if Tenant fails to do so, Landlord may, without prejudice to any other remedy which it may have for possession or arrearages in rent, enter upon and may thereafter forthwith proceed to recover take possession of the Leased Premises and expel or remove Tenant and any other person who may be occupying the Leased Premises or any part thereof, without being liable for prosecution or any claim or damages therefor. Any termination under this subparagraph shall not relieve Tenant from its obligation to pay to Landlord all Base Monthly Rent and Additional Rent then or thereafter due, or any other sums due or thereafter accruing to Landlord, or from any claim against Tenant for damages previously accrued or then or thereafter accruing. In no event shall any one or more of the following actions by Landlord, in the absence of a written election by Landlord to terminate this Lease, constitute a termination of this Lease: (together with all alterationsi) Appointment of a receiver or keeper in order to protect Landlord’s interest hereunder; (ii) Consent to any subletting of the Leased Premises or assignment of this Lease by Tenant, installations, improvements, additions, and other physical changes whether pursuant to the provisions hereof or otherwise; or (iii) Any action taken by Landlord or its partners, principals, members, officers, agents, employees, or servants, which is intended to mitigate the adverse effects of any breach of this Lease by Tenant, including, without limitation, any action taken to maintain and preserve the Leased Premises on any action taken to relet the Leased Premises or any portion thereof for the account at Tenant and in the name of Tenant. (c) In the event Tenant breaches this Lease and abandons the Leased Premises) in accordance with the laws , Landlord may terminate this Lease, but this Lease shall not terminate unless Landlord gives Tenant written notice of the State of Illinoistermination. If Landlord elects does not terminate this Lease by giving written notice of termination, Landlord may enforce all its rights and remedies under this Lease, including the right and remedies provided by California Civil Code Section 1951.4 (“Landlord may continue lease in effect after lessee’s breach and abandonment and recover rent as it becomes due, if lessee has right to terminate sublet or assign, subject only to reasonable limitations”), as in effect on the Effective Date of this Lease. (d) In the event Landlord terminates this Lease, Landlord shall be entitled entitled, at Landlord’s election, to recover forthwith the rights and remedies provided in California Civil Code Section 1951.2, as in effect on the Effective Date of this Lease. For purposes of computing damages a sum of money pursuant to Section 1951.2, an interest rate equal to the total maximum rate of interest then not prohibited by law shall be used where permitted. Such damages shall include, without limitation: 21 (i) The worth at the cost time of recovering the Premises, (ii) award of the unpaid Basic Rent, Escalation Charges and other sums payable hereunder rent which had been earned at the time of termination, plus interest thereon ; (ii) The worth at the time of award of the amount by which the unpaid rent for the balance of the term after the time of award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided, computed by discounting such amount at the discount rate set forth of the Federal Reserve Bank of San Francisco, at the time of award plus one percent; and (iii) Any other amount necessary to compensate Landlord for all detriment proximately caused by Tenant’s failure to perform Tenant’s obligations under this Lease, or which in Section 14.4the ordinary course of things would be likely to result therefrom, including without limitation, the following: (i) expenses for cleaning, repairing or restoring the Leased Premises, (ii) expenses for altering, remodeling or otherwise improving the Leased Premises for the purpose of reletting, including removal of existing leasehold improvements and/or installation of additional leasehold improvements (regardless of how the same is funded, including reduction of rent, a direct payment or allowance to a new tenant, or otherwise), (iii) the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for broker’s fees allocable to the remainder of the Termterm of this Lease, less the fair market value of the Basic Rent, Escalation Charges advertising costs and other sums payable hereunder for expenses of reletting the Premises for said period (also reduced to present value), and Leased Premises; (iv) costs of carrying and maintaining the Leased Premises, such as taxes, insurance premiums, utility charges and security precautions, (v) expenses incurred in removing, disposing of and/or storing any of Tenant’s personal property, inventory or trade fixtures remaining therein; (vi) reasonable attorney’s fees, expert witness fees, court costs and other sum of money and damages owed reasonable expenses incurred by Tenant Landlord (but not limited to Landlord; or (btaxable costs) Landlord may terminate Tenant's right to in retaking possession of the Premises without terminating Leased Premises, establishing damages hereunder, and releasing the Lease Leased Premises; and Landlord may forthwith proceed (vii) any other expenses, costs or damages otherwise incurred or suffered as a result of Tenant’s default. (e) In the event any rent check is returned for insufficient finds, by written notice to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet require the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals or other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; orpay its rent thereafter by wire transfer or cashiers check.

Appears in 1 contract

Samples: Lease Agreement (Scientific Learning Corp)

Landlord’s Remedies. Upon Re-Letting. In the occurrence event of an Event the vacation or ------------------------------- abandonment of Default: (a) the Premises by Tenant or in the event that Landlord may terminate this Lease by serving written notice on Tenant of Landlord's election elects to do so, and may thereafter forthwith proceed to recover re-enter the Premises or takes possession of the Premises (together with all alterationspursuant to legal proceeding or pursuant to any notice provided by law, installations, improvements, additions, and other physical changes to the Premises) in accordance with the laws of the State of Illinois. If then if Landlord elects does not elect to terminate this Lease, Landlord shall be entitled may from time to time, without terminating this Lease, either recover forthwith all rent as damages a sum of money equal to the total of (i) the cost of recovering the Premises, (ii) the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned at the time of termination, plus interest thereon at the rate set forth in Section 14.4, (iii) the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for it becomes due or relet the Premises for said period (also reduced to present value), or any part thereof on terms and (iv) any other sum of money and damages owed by Tenant to Landlord; or (b) conditions as Landlord in its sole discretion may terminate Tenant's deem advisable with the right to possession of the Premises without terminating the Lease make alterations and Landlord may forthwith proceed repairs to recover possession of the Premises in accordance connection with the laws of the State of Illinoissuch reletting. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually then rents received by Landlord from such reletting less will be applied: first, to the amount payment of all costs any indebtedness other than rent due hereunder from Tenant to Landlord; second, to the payment of any reasonable cost of such reletting; third, to the payment of the reasonable cost of any alterations and repairs to the Premises incurred by Landlord in connection with such reletting (includingreletting; fourth, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during payment of rent due and unpaid hereunder and the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals or other consideration from such relettingresidue, if any, will be held by Landlord and applied to payment of future rent as the same may become due and payable hereunder. Should that exceed portion of such rents received from such reletting during any amounts owed month, which is applied to the payment of rent hereunder, be less than the rent payable during that month by Tenant hereunder, then Tenant agrees to pay such deficiency to Landlord immediately upon demand therefor by Landlord; or. Such deficiency will be calculated and paid monthly.

Appears in 1 contract

Samples: Sublease Agreement (Auto by Tel Corp)

Landlord’s Remedies. Upon In the occurrence event of an Event of Defaultany default by Tenant, and without limiting Landlord’s right to indemnification as provided in Article 8.2, Landlord shall have the following remedies, in addition to all other rights and remedies provided by law or otherwise provided in this Lease, to which Landlord may resort cumulatively, or in the alternative: (a) Landlord may, at Landlord’s election, keep this Lease in effect and enforce, by an action at law or in equity, all of its rights and remedies under this Lease including, without limitation, (i) the right to recover the rent and other sums as they become due by appropriate legal action, (ii) the right to make payments required by Tenant, or perform Tenant’s obligations and be reimbursed by Tenant for the cost thereof with interest at a rate equal to the Default Interest Rate from the date the sum is paid by Landlord until Landlord is reimbursed by Tenant, and (iii) the remedies of injunctive relief and specific performance to prevent Tenant from violating the terms of this Lease and/or to compel Tenant to perform its obligations under this Lease, as the case may be. (b) Landlord may, at Landlord’s election, terminate this Lease by serving giving Tenant written notice of termination, in which event this Lease shall terminate on the date set forth for termination in such notice, in which event Tenant of shall immediately surrender the Leased Premises to Landlord's election , and if Tenant fails to do so, Landlord may, without prejudice to any other remedy which it may have for possession or arrearages in rent, enter upon and may thereafter forthwith proceed to recover take possession of the Leased Premises and expel or remove Tenant and any other person who may be occupying the Leased Premises or any part thereof, without being liable for prosecution or any claim for damages therefor. Any termination under this subparagraph shall not relieve Tenant from its obligation to pay to Landlord all Base Monthly Rent and Additional Rent then or thereafter due, or any other sums due or thereafter accruing to Landlord, or from any claim against Tenant for damages previously accrued or then or thereafter accruing. In no event shall any one or more of the following actions by Landlord, in the absence of a written election by Landlord to terminate this Lease constitute a termination of this Lease: (together with all alterationsi) Appointment of a receiver or keeper in order to protect Landlord’s interest hereunder; (ii) Consent to any subletting of the Leased Premises or assignment of this Lease by Tenant, installations, improvements, additions, and other physical changes whether pursuant to the provisions hereof or otherwise; or (iii) Any action taken by Landlord or its partners, principals, members, officers, agents, employees, or servants, which is intended to mitigate the adverse effects of any breach of this Lease by Tenant, including, without limitation, any action taken to maintain and preserve the Leased Premises on any action taken to relet the Leased Premises or any portion thereof for the account at Tenant and in the name of Tenant. (c) In the event Tenant breaches this Lease and abandons the Leased Premises) in accordance with the laws , Landlord may terminate this Lease, but this Lease shall not terminate unless Landlord gives Tenant written notice of the State of Illinoistermination. If Landlord elects does not terminate this Lease by giving written notice of termination, Landlord may enforce all its rights and remedies under this Lease, including the right and remedies provided by 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, if lessee has right to terminate sublet or assign, subject only to reasonable limitations”), as in effect on the Effective Date of this Lease. Building C (d) In the event Landlord terminates this Lease, Landlord shall be entitled entitled, at Landlord’s election, to recover forthwith the rights and remedies provided in California Civil Code Section 1951.2, as in effect on the Effective Date of this Lease. For purposes of computing damages a sum of money pursuant to Section 1951.2, an interest rate equal to the total of Default Interest Rate shall be used. Such damages shall include, without limitation: (i) The worth at the cost time of recovering the Premises, (ii) award of the unpaid Basic Rent, Escalation Charges and other sums payable hereunder rent which had been earned at the time of termination, plus interest thereon ; plus (ii) The worth at the time of award of the amount by which the unpaid rent which would have been earned after termination until the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; plus (iii) The worth at the time of award of the amount by which the unpaid rent for the balance of the term after the time of award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided, computed by discounting such amount at the discount rate set forth of the Federal Reserve Bank of San Francisco, at the time of award plus one percent; plus (iv) Any other amount necessary to compensate Landlord for all detriment proximately caused by Tenant’s failure to perform Tenant’s obligations under this Lease, or which in Section 14.4the ordinary course of things would be likely to result therefrom, including without limitation, the following: (i) expenses for cleaning, repairing or restoring the Leased Premises, (ii) expenses for altering, remodeling or otherwise improving the Leased Premises for the purpose of reletting, including removal of existing leasehold improvements and/or installation of additional leasehold improvements (regardless of how the same is funded, including reduction of rent, a direct payment or allowance to a new tenant, or otherwise), (iii) the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for broker’s fees allocable to the remainder of the Termterm of this Lease, less the fair market value of the Basic Rent, Escalation Charges advertising costs and other sums payable hereunder for expenses of reletting the Premises for said period (also reduced to present value), and Leased Premises; (iv) costs of carrying and maintaining the Leased Premises, such as taxes, insurance premiums, utility charges and security precautions (although the foregoing shall not in any way modify Paragraph 5.3 above), (v) expenses incurred in removing, disposing of and/or storing any of Tenant’s personal property, inventory or trade fixtures remaining therein; (vi) reasonable attorney’s fees, expert witness fees, court costs and other sum of money and damages owed reasonable expenses incurred by Tenant Landlord (but not limited to Landlord; or (btaxable costs) Landlord may terminate Tenant's right to in retaking possession of the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Leased Premises, Landlord may decorate and/or make any repairsestablishing damages hereunder, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet and releasing the Premises over its efforts to relet Leased Premises; and (vii) any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' feesexpenses, costs or damages otherwise incurred or suffered as a result of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals or other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; orTenant’s default.

Appears in 1 contract

Samples: Lease Agreement (Aruba Networks, Inc.)

Landlord’s Remedies. Upon the each occurrence of an Event of Default: (a) Default and so long as such Event of Default shall be continuing, Landlord may at any time thereafter at its election: terminate this Lease by serving written or Tenant's right of possession, (but Tenant shall remain liable as hereinafter provided) and/or pursue any other remedies at law or in equity. Upon the termination of this Lease or termination of Tenant's right of possession, it shall be lawful for Landlord, without formal demand or notice on Tenant of Landlord's election any kind, to do so, and may thereafter forthwith proceed to recover possession of re-enter the Premises (together with by summary dispossession proceedings or any other action or proceeding authorized by law and to remove Tenant and all alterations, installations, improvements, additions, persons and other physical changes to the Premises) in accordance with the laws of the State of Illinoisproperty therefrom. If Landlord elects re-enters the Premises, Landlord shall have the right to terminate keep in place and use, or remove and store, all of the furniture, fixtures and equipment at the Premises. If Landlord terminates this Lease, Landlord shall be entitled to may recover forthwith as damages a from Tenant the sum of money equal of: all Base Rent and all other amounts accrued hereunder to the total date of (i) such termination; the cost of recovering reletting the whole or any part of the Premises, (ii) including without limitation brokerage fees and/or leasing commissions incurred by Landlord, and costs of removing and storing Tenant's or any other occupant's property, repairing, altering, remodeling, or otherwise putting the unpaid Basic RentPremises into condition acceptable to a new tenant or tenants, Escalation Charges and all reasonable expenses incurred by Landlord in pursuing its remedies, including reasonable attorneys' fees and court costs; and the excess of the then present value of the Base Rent and other sums amounts payable hereunder earned at by Tenant under this Lease as would otherwise have been required to be paid by Tenant to Landlord during the time period following the termination of terminationthis Lease measured from the date of such termination to the expiration date stated in this Lease, plus interest thereon at the rate set forth in Section 14.4, (iii) over the present value of the balance of the Basic Rent, Escalation Charges and other sums payable hereunder and other any net amounts owed hereunder for the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for which Tenant establishes Landlord can reasonably expect to recover by reletting the Premises for said period (also reduced such period, taking into consideration the availability of acceptable tenants and other market conditions affecting leasing. Such present values shall be calculated at a discount rate equal to present value), and (iv) any other sum the 90day U.S. Treasury bill xxxe at the date of money and damages owed by Tenant to Landlord; or (b) such termination. If Landlord may terminate terminates Tenant's right to of possession of the Premises without terminating the Lease and (but not this Lease), Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Leasemay, Tenant but shall remain liable for all Basic Rentbe under no obligation to, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, the account of Tenant for such term (whether greater or less than the remaining Term of this Lease) rent and upon such terms as shall be satisfactory to Landlord without thereby releasing Tenant from any liability hereunder and conditions as Landlord shall find acceptablewithout demand or notice of any kind to Tenant. For the purposes purpose of such reletting the Premises, Landlord may decorate and/or is authorized to make any repairs, changes, alterations alterations, or additions in or to the Premises as may be Landlord deems reasonably necessarynecessary or desirable. If the Premises are not relet, then Tenant shall pay to Landlord as damages a sum equal to the amount of the rental reserved in this Lease for such period or periods, plus the cost of recovering possession of the Premises (including attorneys' fees and costs of suit), the unpaid Base Rent and other amounts accrued hereunder at the time of repossession, and the costs incurred in any attempt by Landlord to relet the Premises. If the Premises are relet and a sufficient sum shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in realized from such reletting the Premises[after first deducting therefrom, for retention by Landlord, the Net Rental unpaid Base Rent and other amounts accrued hereunder at the time of reletting, the cost of recovering possession (as hereinafter definedincluding attorneys' fees and costs of suit), all of the costs and expense of repairs, changes, alterations, and additions, the expense of such reletting (including without limitation brokerage fees and leasing commissions) and the cost of collection of the rent accruing therefrom] to satisfy the rent provided for in this Lease to be paid, then Tenant shall immediately satisfy and pay any such deficiency. Any such payments due Landlord shall be made upon demand therefor from time to time received by and Tenant agrees that Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action may file suit to recover any amount not theretofore reduced sums failing due from time to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlordtime. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect in writing to terminate this Lease for such previous breach breach. Exercise by Landlord of any one or Event of Default. If Landlord does in fact relet the Premises, Tenant more remedies hereunder granted or otherwise available shall not be entitled deemed to be an acceptance of surrender of the Premises and/or a termination of this Lease by Landlord, whether by agreement or by operation of law, it being understood that such surrender and/or termination can be effected only by the written agreement of Landlord and Tenant. Any law, usage, or custom to the contrary notwithstanding, Landlord shall have the right at all times to enforce the provisions of this Lease in strict accordance with the terms hereof; and the failure of Landlord at any rentals time to enforce its rights under this Lease strictly in accordance with same shall not be construed as having created a custom in any way or manner contrary to the specific terms, provisions, and covenants of this Lease or as having modified the same. Tenant and Landlord further agree that forbearance or waiver by Landlord to enforce its rights pursuant to this Lease or at law or in equity, shall not be a waiver of Landlord's right to enforce one or more of its rights in connection with any subsequent default. A receipt by Landlord of rent or other consideration from payment with knowledge of the breach of any covenant hereof shall not be deemed a waiver of such relettingbreach, if any, that exceed and no waiver by Landlord of any amounts owed provision of this Lease shall be deemed to have been made unless expressed in writing and signed by Tenant to Landlord; or. To the

Appears in 1 contract

Samples: Lease Agreement (Brightpoint Inc)

Landlord’s Remedies. Upon the occurrence of an Event of DefaultDefault by Tenant that is not cured by Tenant within the applicable grace periods specified in Section 14 above, Landlord shall have all of the following rights and remedies in addition to all other rights and remedies available to Landlord at law or in equity: (a) Landlord may The right to terminate this the Lease by serving written notice on Tenant of Landlord's election and Tenant’s right to do so, and may thereafter forthwith proceed to recover possession of the Premises (together with all alterations, installations, improvements, additions, and other physical changes to the Premises) in accordance with the laws of the State of Illinois. If Landlord elects to terminate this Lease, everything contained in this Lease on the part of Landlord to be done and performed shall be entitled cease without prejudice, however, to the right of Landlord to recover forthwith as damages a sum of money equal from Tenant: (i) all Rent and other sums accrued up to the total time of termination or recovery of possession by Landlord, whichever is later; (iii) all broker commissions; (iii) the cost of recovering all improvements to the Premises incurred by Landlord in connection with the Lease; (iv) all Rent remaining to be paid under this Lease; and (v) any other amount necessary to compensate Landlord for all the damages caused by Tenant’s failure to perform its obligations under this Lease which amounts shall be considered Additional Rent (in addition to those costs set out in Section 4(h), Additional Rent shall include, without limitation, reasonable attorneys’ and accountants’ fees, costs of alterations of the Premises, interest costs, and brokers’ fees and any other costs and expenses incurred upon any reletting of the Premises). Landlord shall have all the rights and remedies for the collection of Additional Rent as are available to Landlord for the collection of the Fixed Rent pursuant to the terms of this Lease and as permitted by law. (iib) the unpaid Basic Rent, Escalation Charges The right to accelerate and other sums declare immediately due and payable hereunder earned at the time of termination, plus interest thereon at the rate set forth in Section 14.4, (iii) the present value of the balance of the Basic Rent, Escalation Charges all Rent and other sums payable hereunder charges that become due throughout the Term hereof, and other amounts owed hereunder Landlord may in its own name, but as agent for Tenant, assign, sublet or relet the Premises for any period equal to or greater or less than the remainder of the Term, less the fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder Term hereof for the Premises for said period (also reduced any sum which Landlord may deem reasonable to present value)any lessee Landlord may select, and (iv) for any other sum of money and damages owed by Tenant to Landlord; or (b) use or purpose which Landlord may terminate Tenant's right to designate. With or without terminating this Lease, Landlord may re-enter and take possession of the Premises without terminating and the Lease and provisions of this Section 15 shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereunder expressly waived. If necessary, Landlord may forthwith proceed to recover possession of the Premises in accordance with under and by virtue of the laws of the State of Illinois. If Landlord elects to terminate Tenant's New Jersey or by such other proceedings, including re-entry and possession, as may be applicable. (c) The right to possession without terminating continue the LeaseLease in effect after Tenant’s breach and recover Rent as it becomes due. Acts of maintenance or preservation, Tenant efforts to relet the Premises, or the appointment of a receiver upon Landlord’s initiative to protect its interest under this Lease shall remain liable for not of themselves constitute a termination of Tenant’s right to possession. (d) The right and power to enter the Premises and remove therefrom all Basic Rentpersons and property, Escalation Charges and other sums payable hereunder and other charges due hereunder to store such property in a public warehouse or elsewhere at the cost of and for all costs incurred the account of Tenant, and to sell such property and apply the proceeds therefrom pursuant to applicable law. (e) The right to have a receiver appointed for Tenant, upon application by Landlord in recovering Landlord, to take possession of the Premises, to apply any rental collected from the Premises, and to exercise all other rights and remedies granted to Landlord pursuant to this Section. (f) The right to specific performance of any or all of Tenant’s obligations under this Lease and to damages for delay in or failure of such performance. (g) Whether or not this Lease is terminated at the option of Landlord by reason of Tenant’s Event of Default, Landlord shall take all reasonable steps to mitigate damages. If the full rental provided herein plus the costs, expenses and damages hereafter described shall not be realized by Landlord, Tenant shall be liable for all damages sustained by Landlord, including, without limitation, deficiency in Fixed Rent and Additional Rent, reasonable attorneys’ fees, brokerage fees, and the expense of placing the Premises in first-class rentable condition. Landlord shall thereafter use reasonable efforts in no way be responsible or liable for any failure to relet the Premises or any part thereof, or any failure to collect any Rent due and/or accrued from such reletting, to the end and intent that Landlord may elect to hold Tenant liable for such rentthe Fixed Rent, Additional Rent, and any and all other items of cost and expense which Tenant shall have been obligated to pay throughout the remainder of the Term. Any damages or loss of Rent sustained by Landlord may be immediately recovered by Landlord, at Landlord’s option, at the time of the reletting, or in separate actions, from time to time, as said damages shall have been made more easily ascertainable by successive relettings, or, at Landlord’s option, may be deferred until the expiration of the Term, in which event Tenant hereby agrees that the cause of action shall not be deemed to have accrued until the date of expiration of the Term. The provisions contained in this Section 15(g) shall be in addition to, and shall not prevent the enforcement of, any claim Landlord may have against Tenant for such term (whether greater or less than the remaining Term anticipatory breach of this Lease. (h) All rights and upon remedies available to Landlord hereunder or at law or in equity are expressly declared to be cumulative. The exercise by Landlord of any such terms and conditions as Landlord right or remedy shall find acceptablenot prevent the concurrent or subsequent exercise of any such right or remedy. For No delay in the purposes enforcement or exercise of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations such right or additions as may be reasonably necessaryremedy shall constitute a waiver of any default by Tenant hereunder or of any of Landlord’s rights or remedies in connection therewith. Landlord shall not be required deemed to give priority to its efforts to relet the Premises over its efforts to relet have waived any other vacant space default by Tenant hereunder unless such waiver is set forth in the Buildinga written instrument signed by Landlord. If Landlord succeeds waives in reletting the Premiseswriting any default by Tenant, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease such waiver shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part a waiver of Landlord to terminate any covenant, condition or agreement set forth in this Lease unless a except as to the specific circumstances described in such written notice waiver. The rights hereunder granted to Landlord shall also be the rights of such intention shall be given to Tenant by in the same manner as hereinabove provided for Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to any rentals or other consideration from such reletting, if any, that exceed any amounts owed by Tenant to Landlord; or.

Appears in 1 contract

Samples: Lease Agreement (Greenland Technologies Holding Corp.)

Landlord’s Remedies. Upon default Landlord may elect any one or more of the occurrence of an Event of Defaultfollowing remedies: (a) Landlord may by notice to Tenant and to any qualifying mortgagee terminate this Lease by serving written notice on as of the date of the notice. All of Tenant's rights in the Premises shall terminate as of the date of termination. Promptly after such notice, Tenant of Landlord's election to do so, shall surrender and vacate the Premises broom clean and in good condition reasonable wear and tear excepted. Landlord may thereafter forthwith proceed to recover re-enter and take possession of the Premises and of all improvements and eject some or all parties in possession except any sublessee approved by Landlord or qualifying under any non-disturbance agreement by Landlord. Termination under this subsection shall not relieve Tenant from the payment of any sum then due to Landlord or from any claim for damage previously accrued or then accruing against Tenant. (b) Landlord may elect to re-enter the Premises without terminating this Lease and from time to time re-let the Premises including any improvements or parts of improvements on the Premises for the account and in the name of Tenant or otherwise. After re-entry, Landlord may put the Premises in reasonably good order and condition and make alterations and repairs reasonably required for reletting, all at Tenant's expense, together with 10% interest per annum thereon from the date of expenditure by Landlord. Landlord may elect to eject some or all alterations, installations, improvements, additionspersons then in possession except any subtenant qualifying under a non-disturbance agreement by Landlord. Any reletting may be for the remainder of the Lease Term or Renewal Term or for a longer or shorter period and Landlord may execute any leases made under this provision either in Landlord's name or in Tenant's name. Landlord shall apply all rents from the reletting first to the costs of re-entry and reletting including the costs of putting the Premises in good order and condition and reasonable attorney fees, and then to rents and other physical changes amounts payable by Tenant under this Lease, including, without limitation, any amounts which became payable prior to the Premises) reletting. Tenant shall nevertheless pay to Landlord on the due dates specified in accordance with this Lease all sums payable by Tenant under this Lease, plus Landlord's expenses of retaking, altering, repairing and reletting, including any attorney fees, less amounts received by Landlord from the laws of the State of Illinoisreletting, if any. If Tenant shall not reimburse Landlord elects to terminate for such expenses within ten (10) days after demand, Tenant shall pay interest at 10% per annum from the date of incurrence of such expenses by Landlord until the entire amount of principal and interest is paid. No act by or on behalf of Landlord under this Leasesubsection shall constitute a termination of this Lease unless Landlord gives Tenant and any qualifying mortgagee a notice of termination. (c) In the event of termination, Landlord shall be entitled to recover forthwith as damages a sum in the following amounts: (1) Any excess of money equal the rental obligation of Tenant under this Lease from the date of default to the total last day of the Lease Term or Renewal Term in which termination occurs over the reasonable rental value of the Premises, including improvements, for such period of time (ithe net result to be discounted to the date of default at the rate of 5% per annum); (2) The loss of reasonable rental value from the date of default until a new lease has been, or with the exercise of reasonable efforts could have been secured; and (3) The reasonable cost of re-entry and reletting, including the cost of recovering any cleanup, broker's or finder's fees and attorney fees. (d) In the Premisesevent of termination on default and re-entry, (ii) Landlord shall use reasonable diligence in reletting the unpaid Basic Rent, Escalation Charges and other sums payable hereunder earned at the time of termination, plus interest thereon at the rate set forth in Section 14.4, (iii) the present value Premises to a new tenant. In no event shall Landlord be required to substantially alter any of the balance covenants, terms and conditions of this Lease, or to re-let to any tenant the Basic RentLandlord reasonably considers unqualified, Escalation Charges and other sums payable hereunder and other amounts owed hereunder for the remainder of the Term, or at a rent which is less the than fair market value of the Basic Rent, Escalation Charges and other sums payable hereunder for the Premises for said period (also reduced to present value), and (iv) any other sum of money and damages owed by Tenant to Landlord; orPremises. (be) Landlord may terminate Tenant's right to possession of the Premises without terminating the Lease and Landlord may forthwith proceed to recover possession of the Premises in accordance with the laws of the State of Illinois. If Landlord elects to terminate Tenant's right to possession without terminating the Lease, Tenant shall remain liable for all Basic Rent, Escalation Charges and other sums payable hereunder and other charges due hereunder and for all costs incurred by Landlord in recovering possession of the Premises. Landlord shall thereafter use reasonable efforts to relet the Premises for such rent, for such term (whether greater or less than the remaining Term of this Lease) and upon such terms and conditions as Landlord shall find acceptable. For the purposes of reletting the Premises, Landlord may decorate and/or make any repairs, changes, alterations or additions as may be reasonably necessary. Landlord shall not be required to give priority to its efforts to relet the Premises over its efforts to relet any other vacant space in the Building. If Landlord succeeds in reletting the Premises, the Net Rental (as hereinafter defined) from time to time received by Landlord therefrom over the remaining term of this Lease shall be applied to reduce Tenant's obligations to Landlord hereunder. The term "NET RENTAL" shall, for purposes hereof, mean the gross rental actually received by Landlord from such reletting less the amount of all costs incurred by Landlord in connection with such reletting (including, without limitation, broker's fees, attorneys' fees, costs of preparing the Premises for occupancy and any inducements granted to the new tenant). Tenant shall timely pay all amounts owed to Landlord during the Term. No delivery or recovery of any amount due Landlord pursuant to this Lease shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting pursuant to this Section 14.2 be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach or Event of Default. If Landlord does in fact relet the Premises, Tenant shall not be entitled to an injunction against Tenant or any rentals person claiming under, by or other consideration from such reletting, if any, that exceed through Tenant enjoining any amounts owed by Tenant to Landlord; ordefault or any threatened or attempted default.

Appears in 1 contract

Samples: Lease (Creative Medical Development Inc)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!