Landlord’s Remedies. If there shall be an Event of Default, then Landlord shall have the right, at its sole option, to terminate this Lease upon five (5) days prior written notice to Tenant. In addition, with or without terminating this Lease, Landlord may re-enter, terminate Tenant’s right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Premises or any part thereof, alone or together with other premises, for such rent and upon such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, in its sole discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either: (a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or (b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New York.
Appears in 2 contracts
Samples: Lease Agreement (Hubspot Inc), Lease Agreement (Hubspot Inc)
Landlord’s Remedies. If there shall be an Event of DefaultTenant’s Default occurs, then Landlord shall have the right, at its sole option, following remedies to terminate which Landlord may resort cumulatively or in the alternative:
(1) Landlord may keep this Lease upon five (5) days prior written notice to Tenant. In addition, with in effect and enforce by an action at law or without terminating in equity all of its rights and remedies under this Lease, Landlord may re-enter, terminate Tenant’s right of possession and take possession of including (i) the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all the rent and other sums as they become due by appropriate legal action, (ii) the right to make payments required of Tenant, or (iii) the right to perform Tenant’s obligations and be reimbursed by Tenant for the cost thereof with interest at the Agreed Interest Rate from the date the sum is paid by Landlord until Landlord is reimbursed by Tenant, and (iv) the remedies of injunctive relief and specific performance to compel Tenant to perform its obligations under this Lease.
(2) Landlord may 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 Section shall not relieve Tenant from its obligation to pay sums then due Landlord or from any claim against Tenant for damages or rent previously accrued through or then accruing. In no event shall any one or more of the later 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 Premises or assignment of this Lease by Tenant, whether pursuant to the provisions hereof or otherwise; or (iii) any other action by Landlord or Landlord’s recovery agents reasonably intended to mitigate the adverse effects of possession. Whether or not any breach of this Lease and/or by Tenant’s right of possession is terminated, Landlord mayincluding, but shall not be obligated towithout limitation, any action taken to maintain and preserve the Premises or any action taken to relet the Premises or any part portions thereof, alone or together with other premises, for to the extent such rent and upon such terms and conditions (which may include concessions or free rent and alterations actions do not affect a termination of Tenant’s right to possession of the Premises.
(3) In the event Tenant breaches this Lease and abandons the Premises, this Lease shall not terminate, unless Landlord gives Tenant written notice of its election to so terminate this Lease. No act by or on behalf of Landlord intended to mitigate the adverse effect of such breach, including those described in Section 13.B(2), shall constitute a termination of Tenant’s right to possession, unless Landlord gives Tenant written notice of termination. Until Landlord terminates this Lease by giving Tenant written notice, Landlord may enforce all its rights and remedies under this Lease, including the right to recover the rent as Landlordit becomes due under the Lease as provided in California Civil Code Section 1951.4.
(4) In the event Landlord terminates this Lease, in its sole discretion, may determine, but Landlord shall not be liable forentitled, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
election, to damages in an amount as set forth in California Civil Code Section 1951.2. For purposes of computing damages pursuant to California Civil Code Section 1951.2, (ai) an amount interest rate equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages Agreed Interest Rate shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Termused where permitted, and (ii) the fair market rental value term “rent” includes Base Monthly Rent and Additional Rent. Such damages shall include:
a) The worth at the time of award of the Premises amount by which the unpaid rent for the same periodbalance of the term after the time of award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting such amount at a rate equal to one (1) whole percentage point above the discount rate then in effect at of the Federal Reserve Bank of New YorkSan Francisco at the time of award plus one percent (1%); and
b) 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.
(5) Nothing in this Section shall limit the parties right to indemnification as provided in Section 7 or 10, above.
Appears in 2 contracts
Samples: Lease (Echelon Corp), Lease (Echelon Corp)
Landlord’s Remedies. If there shall be Upon each occurrence of an Event of DefaultDefault and so long as such Event of Default shall be continuing, then Landlord shall have the right, may at any time thereafter at its sole option, to election: terminate this Lease upon five (5) days prior written notice to or Tenant. In addition, with or without terminating this Lease, Landlord may re-enter, terminate Tenant’s 's right of possession and take possession of possession, (but Tenant shall remain liable as hereinafter provided) and/or pursue any other remedies at law or in equity. Upon the Premises. The provisions termination of this Article Lease or termination of Tenant's right of possession, it shall operate as a be lawful for Landlord, without formal demand or notice to quitof any kind, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waivedby summary dispossession proceedings or any other action or proceeding authorized by law and to remove Tenant and all persons and property therefrom. If necessaryLandlord re-enters the Premises, Landlord shall have the right to 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 may proceed 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; 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 possession of by reletting the Premises under for such period, taking into consideration the availability of acceptable tenants and by virtue other market conditions affecting leasing. Such present values shall be calculated at a discount rate equal to the 90-day U.S. Treasury bill xxxe at the date of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicabletermination. If Landlord elects to terminate this Lease and/or elects to terminate terminates Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s 's right of possession is terminated(but not this Lease), Landlord may, but shall not be obligated under no obligation to, relet the Premises or any part thereof, alone or together with other 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 (which may include concessions without demand or free rent and alterations notice of any kind to Tenant. For the purpose of such reletting Landlord is authorized to make any repairs, changes, alterations, or additions in or to the Premises as Landlord deems reasonably necessary 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) as Landlord, in its sole discretion, may determine, but Landlord . If the Premises are relet and a sufficient sum shall not be liable forrealized from such reletting [after first deducting therefrom, nor shall Tenant’s obligations be diminished for retention by reason ofLandlord, Landlord’s failure to relet the Premises or collect any rent due upon such unpaid Base Rent and other amounts accrued hereunder at the time of reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such defaultthe cost of recovering possession (including attorneys' fees and costs of suit), all costsof the costs and expense of repairs, fees changes, alterations, and expenses additions, the expense of such reletting (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred leasing commissions) and the cost of collection of the rent accruing therefrom] to satisfy the rent provided for in placing the Premises in first-class rentable condition) incurred by this Lease to be paid, then Tenant shall immediately satisfy and pay any such deficiency. Any such payments due Landlord in pursuit of its remedies shall be made upon demand therefor from time to time and in renting the Premises Tenant agrees that Landlord may file suit to others recover any sums falling due from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect Notwithstanding any such damages for any month(s)reletting without termination, and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer at any time thereafter elect in writing to terminate this Lease for such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New Yorkprevious breach.
Appears in 2 contracts
Samples: Lease Agreement (Brightpoint Inc), Lease Agreement (Cohesant Technologies Inc)
Landlord’s Remedies. If there shall be an Event In the event of Defaultany default by Tenant, then and without limiting Landlord’s right to indemnification as provided in Article 8.2, Landlord shall have the rightfollowing 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 sole optionrights 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 upon five (5) days prior 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 Tenant. In additionLandlord, with or without terminating this Leaseand if Tenant fails to do so, Landlord may, without prejudice to any other remedy which it may re-enterhave for possession or arrearages in rent, terminate Tenant’s right of possession enter upon and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, Leased Premises and expel or remove Tenant and any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as person who may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through occupying the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Leased Premises or any part thereof, alone without being liable for prosecution or together with other premises, any claim for such rent and upon such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, in its sole discretion, may determine, but Landlord damages therefor. Any termination under this subparagraph shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure relieve Tenant from its obligation to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior pay to such default, Landlord all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Base Monthly Rent and Additional Rent which would have become then or thereafter due, or any other sums due during the remainder 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 Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installmentsfollowing actions by Landlord, in advance, on the first day absence of each calendar month following Tenant’s default and continuing until the date on which the a written election by Landlord to terminate this Lease Term would have expired but for Tenant’s default. Separate suits may be brought constitute a termination of this Lease:
(i) Appointment of a receiver or keeper in order to collect any such damages for any month(s), and such suits shall not in any manner prejudice protect Landlord’s right interest hereunder;
(ii) Consent to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration subletting of the Leased Premises or assignment of this Lease Termby Tenant, in which event whether pursuant to the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premisesprovisions hereof or otherwise; or
(biii) 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, Landlord may terminate this Lease, but this Lease shall not terminate unless Landlord gives Tenant written notice of termination. If Landlord 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 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, at Landlord’s election, to 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 pursuant to Section 1951.2, an amount interest rate equal to the present value (as maximum rate of the date of the termination of this Lease) of the difference between interest then not prohibited by law shall be used where permitted. Such damages shall include, without limitation:
(i) The worth at the Annual Fixed Rent and Additional Rent time of the award of the unpaid rent which had been earned at the time of termination; plus
(ii) The worth at the time of award of the amount by which the unpaid rent which would have become due during been earned after termination until the remainder 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 Lease Term, and (ii) amount by which the fair market rental value unpaid rent for the balance of the Premises for term after the same periodtime of award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting such amount at a rate equal to one (1) whole percentage point above the discount rate then in effect at of the Federal Reserve Bank of New YorkSan 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 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 allocable to the remainder of the term of this Lease, advertising costs and other expenses of reletting the 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 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 (vii) any other expenses, costs or damages otherwise incurred or suffered as a result of Tenant’s default; plus
(e) The unamortized amount of any tenant improvement or similar allowance paid or credited by Landlord to Tenant pursuant to this Lease or the Work Letter.
(f) In addition, Tenant acknowledges that an event of default under this Lease may cause Landlord to incur damages under its mortgage and related financing documents, including, but not limited to, the payment of default interest, legal fees, late charges, collection costs, and sums necessary to maintain Lender’s yield on the loaned amounts. Accordingly, Tenant agrees that Landlord has the right to add such loan-related damages to the damages for which Tenant is responsible hereunder as a result of an event of default.
Appears in 2 contracts
Samples: Sublease (Gigamon Inc.), Lease Agreement (Palo Alto Networks Inc)
Landlord’s Remedies. If there shall be an Event of DefaultDefault occurs, then Landlord shall have the right, at its sole option, to terminate this Lease upon five following remedies;
(51) days prior written notice to Tenant. In addition, with or without terminating this Lease, Landlord may re-enter, terminate Tenant’s right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Premises and without notice to or demand upon Tenant and without waiving or releasing Tenant from any part thereof, alone or together with other premises, for such rent and upon such terms and conditions (which may include concessions or free rent and alterations obligations of the Premises) Tenant under this Lease, pay or perform any obligations of Tenant; pay any cost or expense to be paid by Tenant; obtain any insurance coverage and pay premiums therefor; and make any other payment or perform any other act on the part of Tenant to be made and performed as Landlordprovided for in this Lease, in its sole discretionsuch manner and to such extent as Landlord may deem desirable, and in exercising any such right, may determinealso pay all necessary and incidental costs and expenses, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees employ counsel and expenses (including without limitation reasonable incur and pay attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages pay costs to Landlord upon demand with interest at seven percent per annum. Landlord may terminate this Lease by written notice to Tenant in which at case Tenant shall vacate the Leased Premises in accordance with Section 13. Neither the passage of time after the occurrence of an Event of Default nor Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result exercise of any failure other remedy with regard to such Event of such other person to perform any of its obligations), which damages Default shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice limit Landlord’s right to collect any terminate the Lease by written notice to Xxxxxx. Landlord may, whether or not Xxxxxxxx has elected to terminate this Lease, immediately commence summary proceedings in Unlawful Detainer to recover possession of the Leased Premises. In the event of the issuance of a Writ of Restitution in such damages for any subsequent month(s)proceeding, or upon Xxxxxxxx’s reentry upon and repossession of the Leased Premises, Landlord may defer any such suit until after remove Tenant and all other persons from the Leased Premises (subject to Tenant’s right and responsibility to remove its personal property pursuant to Section 13). In the event Landlord reenters the Leased Premises pursuant to this paragraph and Tenant fails to remove its personal property within the time period provided in Section 13, all items of personal property not removed by Tenant within said period shall be deemed abandoned, and title thereto shall transfer to Landlord at the expiration of such period or, upon Tenant’s vacation of the Lease Term, in which event the cause Leased Premises. These items may be disposed of action by Landlord. Tenant shall be deemed not responsible for all disposal costs. No remedy provided for herein or elsewhere in this Lease or otherwise available to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are reletby law, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Termstatute or equity, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose exclusive of this Sectionany other remedy, present value but all such remedies shall be computed by discounting at a rate equal cumulative and may be exercised from time to one (1) whole percentage point above time and as often as the discount rate then in effect at the Federal Reserve Bank of New Yorkoccasion may arise.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement
Landlord’s Remedies. If there shall be an Event In the event of Defaultany default by Tenant, then Landlord shall have the rightfollowing remedies, at its sole option, in addition to terminate this Lease upon five (5) days prior written notice to Tenant. In addition, with all other rights and remedies provided by any Law or without terminating otherwise provided in this Lease, to which Landlord may re-enter, terminate Tenant’s right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusettsresort cumulatively, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Premises or any part thereof, alone or together with other premises, for such rent and upon such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, in its sole discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be eitheralternative:
(a) an amount equal to the Annual Fixed Rent Landlord may, at Landlord’s election, keep this Lease in effect and Additional Rent which would have become due during the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any enforce all of its obligations)rights and remedies under the Lease, which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between including (i) the Annual Fixed Rent right to recover the rent and Additional Rent which would have other sums as they become due during the remainder of the Lease Termby appropriate legal action, and (ii) the fair market rental value right to invoke the remedies of injunctive relief and specific performance to compel Tenant to perform its obligations under this Lease.
(b) Landlord may, at Landlord’s election, terminate this Lease and re-enter the Leased Premises 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 the payment of any sums then due Landlord or from any claim against Tenant for damages or rent previously accrued or then accruing. In no event shall any act or omission by Landlord, in the absence of a written election by Landlord to terminate this Lease, constitute a termination of this Lease, including, without limitation:
(i) Appointment of a receiver or keeper in order to protect Landlord’s interest hereunder;
(ii) Consent or refusal to consent to any subletting of the Leased Premises or assignment of this Lease by Tenant, whether pursuant to the provisions hereof or otherwise; or
(iii) 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 portions thereof, for the same periodaccount of Tenant and in the name of Tenant.
(c) In the event Tenant breaches this Lease and abandons the Leased Premises, which this Lease shall not terminate unless Landlord gives Tenant written notice of its election to so terminate this Lease. No act by or on behalf of Landlord intended to mitigate the adverse effect of such breach, including those described by subparagraphs (b)(i), (ii) and (iii) immediately preceding, shall constitute a termination of Tenant’s right to possession unless Landlord gives Tenant written notice of termination. Should Landlord not terminate this Lease by giving Tenant written notice, Landlord may enforce all its rights and remedies under this Lease, including the recovery of rent as it becomes due under the Lease.
(d) In the event Landlord terminates this Lease, Landlord shall be entitled, at Landlord’s election, to damages as provided under applicable law or as set forth in these subparagraphs 13.2(d)(i)-(iii). For purposes of computing such damages (i) an interest rate of fifteen percent (15%) per annum (or the maximum rate allowed by law if such rate is less than 15% per annum) shall be used where permitted, and (ii) rent due under this Lease shall include Base Monthly Rent, Additional Rent and all other rent or other charges payable by Tenant hereunder, prorated on a monthly basis where necessary to compute such damages. Such damages shall include without limitation:
(i) 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 payable to Landlord in one lump sum on demand. For purpose of this Sectionreasonably avoided, present value shall be computed by discounting such amount at a rate equal to one (1) whole percentage point above the discount rate then in effect at of the Federal Reserve Bank of New YorkSan Francisco at the time of 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 for expenses incurred by Landlord in performing 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: (a) expenses for cleaning, repairing or restoring the Leased Premises; (b) expenses for altering, remodeling or otherwise improving the Leased Premises for the purpose of reletting, including installation of leasehold improvements (whether such installation be funded by a reduction of rent, direct payment or allowance to a new tenant, or otherwise); (c) broker’s fees, advertising costs and other expenses of reletting the Leased Premises; (d) costs of carrying the Leased Premises, such as taxes, insurance premiums, utilities and security precautions; (e) expenses in retaking possession of the Leased Premises; (f) attorneys’ fees and court costs incurred by Landlord in retaking possession of the Leased Premises and in reletting the Leased Premises; and (g) the portion of any brokerage commission paid by Landlord in procuring this Lease attributable to the remaining balance of the Lease Term.
(iii) For purposes of this Article, the rent due for any calendar month after which Tenant has terminated the operation of its business as herein specified or has abandoned the Leased Premises shall be deemed to be the average monthly rent, including the Base Monthly Rent and all additional rent hereunder, which were due for the twelve (12) month period immediately prior to such termination or for such shorter period of time as this Lease shall have been in effect.
(e) Nothing in this paragraph shall limit Landlord’s right to indemnification from Tenant as provided in Paragraph 10.2.
Appears in 2 contracts
Samples: Industrial Real Property Lease (Thermadyne Australia Pty Ltd.), Industrial Real Property Lease (Thermadyne Australia Pty Ltd.)
Landlord’s Remedies. If there shall be an Event In the event of Defaultany default by Tenant, then and without limiting Landlord's right to indemnification as provided in Article 8.2, Landlord shall have the rightfollowing 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 sole optionrights and remedies available to Landlord 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 lesser of Comerica Prime Plus Two or 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 upon five (5) days prior 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 Tenant. In additionLandlord, with or without terminating this Leaseand if Tenant fails to do so, Landlord may, without prejudice to any other remedy which it may re-enterhave for possession or arrearages in Rent, terminate Tenant’s right of possession enter upon and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, Leased Premises and expel or remove Tenant and any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as person who may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through occupying the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Leased Premises or any part thereof, alone without being liable for prosecution or together with other premises, for such rent and upon such terms and conditions (which may include concessions any claim or free rent and alterations of the Premises) as Landlord, in its sole discretion, may determine, but Landlord damages therefor. Any termination under this subparagraph shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure relieve Tenant from its obligation to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior pay to such default, Landlord all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Expense Rent and Additional Rent which would have become then or thereafter due, or any other sums due during the remainder 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 Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installmentsfollowing actions by Landlord, in advancethe absence of a written election by Landlord to terminate this Lease, on the first day constitute a termination of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought this Lease:
(i) Appointment of a receiver or keeper in order to collect protect Landlord's interest hereunder;
(ii) Consent to any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration subletting of the Leased Premises or assignment of this Lease Termby Tenant, in which event whether pursuant to the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premisesprovisions hereof or otherwise; or
(biii) Any action taken by Landlord or Landlord Parties 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, Landlord may terminate this Lease, but this Lease shall not terminate unless Landlord gives Tenant written notice of termination. If Landlord 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 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, at Landlord's election, to 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 pursuant to Section 1951.2, an amount interest rate equal to the present value (as maximum rate of the date of the termination of this Lease) of the difference between interest then not prohibited by law shall be used where permitted. Such damages shall include, without limitation:
(i) The worth at the Annual Fixed Rent and Additional time of the award of the unpaid Rent which would have become due during had been earned at the remainder time of the Lease Term, and termination;
(ii) The worth at the fair market rental value time of award of the Premises amount by which the unpaid Rent for the same periodbalance of the term after the time of award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting such amount at a rate equal to one (1) whole percentage point above the discount rate then in effect at of the Federal Reserve Bank of New YorkSan 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 the ordinary course of things would be likely to result therefrom.
Appears in 2 contracts
Samples: Lease Agreement (Jazz Semiconductor Inc), Lease Agreement (Jazz Semiconductor Inc)
Landlord’s Remedies. If there shall be an Event In the event of Defaultany default by Tenant, then and without limiting Landlord’s right to indemnification as provided in Article 8.2, Landlord shall have the rightfollowing 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 sole optionrights 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 upon five (5) days prior 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 Tenant. In additionLandlord, with or without terminating this Leaseand if Tenant fails to do so, Landlord may, without prejudice to any other remedy which it may re-enterhave for possession or arrearages in rent, terminate Tenant’s right of possession enter upon and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, Leased Premises and expel or remove Tenant and any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as person who may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through occupying the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Leased Premises or any part thereof, alone without being liable for prosecution or together with other premises, for such rent and upon such terms and conditions (which may include concessions any claim or free rent and alterations of the Premises) as Landlord, in its sole discretion, may determine, but Landlord damages therefor. Any termination under this subparagraph shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure relieve Tenant from its obligation to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior pay to such default, Landlord all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Base Monthly Rent and Additional Rent which would have become then or thereafter due, or any other sums due during the remainder 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 Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installmentsfollowing actions by Landlord, in advance, on the first day absence of each calendar month following Tenant’s default and continuing until the date on which the a written election by Landlord to terminate this Lease Term would have expired but for Tenant’s default. Separate suits may be brought constitute a termination of this Lease:
(i) Appointment of a receiver or keeper in order to collect any such damages for any month(s), and such suits shall not in any manner prejudice protect Landlord’s right interest hereunder;
(ii) Consent to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration subletting of the Leased Premises or assignment of this Lease Termby Tenant, in which event whether pursuant to the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premisesprovisions hereof or otherwise; or
(biii) 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, Landlord may terminate this Lease, but this Lease shall not terminate unless Landlord gives Tenant written notice of termination. If Landlord 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 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, at Landlord’s election, to 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 pursuant to Section 1951.2, an amount interest rate equal to the present value (as maximum rate of the date of the termination of this Lease) of the difference between interest then not prohibited by law shall be used where permitted. Such damages shall include, without limitation:
(i) The worth at the Annual Fixed Rent and Additional Rent time of the award of the unpaid rent which had been earned at the time of termination;
(ii) The worth at the time of award of the amount by which the unpaid rent which would have become due during been earned after termination until the remainder time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided;
(iii) The worth at the time of award of the Lease Term, and (ii) amount by which the fair market rental value unpaid rent for the balance of the Premises for term after the same periodtime of award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting such amount at a rate equal to one (1) whole percentage point above the discount rate then in effect at of the Federal Reserve Bank of New YorkSan Francisco, at the time of award plus one percent;
(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 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 allocable to the remainder of the term of this Lease, advertising costs and other expenses of reletting the 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 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 (vii) any other expenses, costs or damages otherwise incurred or suffered as a result of Tenant’s default; and
(e) The unamortized amount of any tenant improvement or similar allowance paid or credited by Landlord to Tenant pursuant to this Lease or the Work Letter.
(f) In addition, Tenant acknowledges that an event of default under this Lease may cause Landlord to incur damages under its mortgage and related financing documents, including, but not limited to, the payment of default interest, legal fees, late charges, collection costs, and sums necessary to maintain Lender’s yield on the loaned amounts. Accordingly, Tenant agrees that Landlord has the right to add such loan-related damages to the damages for which Tenant is responsible hereunder as a result of an event of default.
Appears in 2 contracts
Samples: Lease Agreement (Cardiodx Inc), Lease Agreement (Cardiodx Inc)
Landlord’s Remedies. If there shall be an Event In the event of Defaultany Default by Tenant, then Landlord shall have the rightfollowing 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:
13.2.1 Landlord may, at Landlord’s election, keep this Lease in effect and enforce by an action at law or in equity all of its sole optionrights and remedies under the Lease, including:
(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 Agreed 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 enforcement to compel Tenant to perform its obligations under this Lease.
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 notice. Any termination hereunder shall not relieve Tenant from its obligation to pay any sums then due Landlord or from any claim against Tenant for damages or rent previously accrued or then 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:
A. appointment of a receiver or keeper in order to protect Landlord’s interest hereunder;
B. consent to any subletting of the Leased Premises or assignment of this Lease upon five (5) days prior by Tenant, whether pursuant to the provisions hereof or otherwise; or
C. any other action by Landlord or Landlord’s agents intended to mitigate the adverse effects of any Default by Tenant, including, without limitation, any action taken to maintain and preserve the Leased Premises or any action taken to re-let the Leased Premises or any portions thereof, for the account of Tenant and in the name of Tenant.
13.2.3 In the event of a Tenant Default, wherein Tenant abandons the Leased Premises, this Lease shall not terminate unless Landlord gives Tenant written notice of its election to so terminate this Lease. No act by or on behalf of Landlord intended to mitigate the adverse effect of such breach, including those described by section 13.2.2, subparagraphs A, B and C immediately preceding, shall constitute a termination of Tenant’s right to possession unless Landlord gives Tenant written notice of termination. Should Landlord not terminate this Lease by giving Tenant written notice, Landlord may enforce all its rights and remedies under this Lease, including the right to recover the rent as it becomes due under the Lease as provided in California Civil Code § 1951.4, as in effect on the Effective Date of this Lease.
13.2.4 In addition, with or without terminating the event Landlord terminates this Lease, Landlord may re-entershall be entitled, terminate Tenant’s right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Premises or any part thereof, alone or together with other premises, for such rent and upon such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, in its sole discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) election, to damages in an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable set forth in monthly installments, Civil Code § 1951.2 as in advance, effect on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination Effective Date of this Lease) . For purposes of the difference between computing damages pursuant to California Civil Code § 1951.2:
(i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and Agreed Interest Rate shall be used where permitted; and
(ii) rent due under this Lease shall include Base Monthly Rent and all other rent hereunder, prorated on a monthly basis where necessary to compute such damages. Such damages shall include, without limitation:
A. the fair market rental value worth at the time of award of the Premises amount by which the unpaid rent for the same periodbalance of the term after the time of award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting such amount at a rate equal to one (1) whole percentage point above the discount rate then in effect at of the Federal Reserve Bank of New YorkSan Francisco at the time of award plus one percent (1%); and
B. any other amount reasonably 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) 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 installation of leasehold improvements (whether such installation be funded by a reduction of rent, 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) costs of carrying the Leased Premises, such as taxes, insurance premiums, utilities, and security precautions;
(v) reasonable expenses in retaking possession of the Leased Premises; and
(vi) reasonable attorneys’ fees and court costs incurred by Landlord in retaking possession of the Leased Premises and in re-leasing the Leased Premises or otherwise incurred as a result of Tenant’s default.
13.2.5 Nothing in this section shall limit Landlord’s right to indemnification from Tenant as provided in sections 10.2 and 10.5 of this Lease.
Appears in 2 contracts
Samples: Multi Tenant Space Lease (Nevro Corp), Multi Tenant Space Lease (Nevro Corp)
Landlord’s Remedies. If there shall be Upon the occurrence of an Event of Default, then then, in addition to and without waiving any other rights and remedies available to Landlord at law or in equity or otherwise provided in this Lease, Landlord may, at its option, cumulatively or in the alternative, exercise the following remedies:
(a) Landlord may terminate Tenant's right to possession of the Premises, in which case this Lease shall terminate and Tenant shall immediately surrender possession of the Premises to Landlord. No act by Landlord other than giving Notice to Tenant of Landlord's election to terminate Tenant's right to possession 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. Termination shall terminate Tenant's right to possession of the Premises but shall not relieve Tenant of any obligation under this Lease which has accrued prior to the date of such termination. Upon such termination, Landlord shall have the right, at its sole option, to terminate this Lease upon five (5) days prior written notice to Tenant. In addition, with or without terminating this Lease, Landlord may re-enter, terminate Tenant’s right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessaryPremises, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusettsremove all persons and property, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right also be entitled to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Premises or any part thereof, alone or together with other premises, for such rent and upon such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, in its sole discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(ai) an The worth at the time of award of the unpaid Monthly Rent and Additional Rent which had been earned at the time of termination;
(ii) The worth at the time of award of the amount equal to by which the Annual Fixed unpaid Monthly Rent and Additional Rent which would have become due during been earned after termination until the remainder time of the Lease Term, less award exceeds the amount of rental, if any, which Landlord receives during such period from others to whom rental loss that Tenant proves could have been reasonably avoided;
(iii) The worth at the Premises may be rented (other than any Additional Rent payable as a result time of any failure award of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on amount by which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed unpaid Monthly Rent and Additional Rent which would have become due during for the remainder balance of the Term after the time of award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided;
(iv) Any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant's failure to perform its obligations under this Lease Termor which in the ordinary course of things would be likely to result from Tenant's default, including, but not limited to, the cost of recovering possession of the Premises, comissions and other expenses of reletting, including necessary repair, demolition and renovation of the Premises to the condition existing immediately prior to Tenant's occupancy, the unamortized portion of any brokerage commissions funded by Landlord in connection with this Lease, the cost of rectifying any damage to the Premises occasioned by the act or omission of Tenant, reasonable attorneys' fees, and any other reasonable costs; and
(v) At Landlord's election, all other amounts in addition to or in lieu of the foregoing as may be permitted by law. As used in subsections (i) and (ii) above, the fair market rental value "worth at the time of the Premises for the same period, which damages award" shall be payable to Landlord computed by allowing interest at the maximum legal rate permitted by law. As used in one lump sum on demand. For purpose subsection (iii) above, the "worth at the time of this Section, present value award" shall be computed by discounting the amount at a rate equal to one (1) whole percentage point above the discount rate then in effect at of the Federal Reserve Bank of New YorkSan Francisco at the time of award plus one percent (1%).
(b) Landlord may elect not to terminate Tenant's right to possession of the Premises, in which event this Lease will continue in full force and effect as long as Landlord does not terminate Tenant's right to possession, and Landlord may continue to enforce all of its rights and remedies under this Lease, including the right to collect all Rent as it becomes due. In the event that Landlord elects to avail itself of the remedy provided by this subparagraph 15.3(b), Landlord shall not unreasonably withhold its consent to an assignment or subletting of the Premises subject to the reasonable standards for Landlord's consent as are contained in this Lease. In addition, in the event Tenant has entered into a sublease which is valid under the terms of this Lease, Landlord may also, at its option, cause Tenant to assign to Landlord the interest of Tenant under said sublease, including, but not limited to, Tenant's right to payment of Rent as it becomes due. Landlord may elect to enter the Premises and relet them, or any part of them, to third parties for Tenant's account. Tenant shall be liable immediately to Landlord for all costs Landlord incurs in reletting the Premises, including, but not limited to, broker's commissions, expenses of cleaning and remodeling the Premises required by the reletting, attorneys fees and like costs. Reletting can be for a period shorter or longer than the remaining Term of this Lease and for the entire Premises or any portion thereof. Tenant shall pay to Landlord the Monthly Rent and Additional Rent due under this Lease on the dates the Monthly Rent and such Additional Rent are due, less the Rent Landlord actually collects from any reletting. Except as provided in the preceding sentence, if Landlord relets the Premises or any portion thereof, such reletting shall not relieve Tenant of any obligation hereunder. Notwithstanding the above, no act by Landlord allowed by this subparagraph 15.3
Appears in 2 contracts
Samples: Master Lease Agreement (Adforce Inc), Master Lease Agreement (Adforce Inc)
Landlord’s Remedies. If there shall be an Event Upon the occurrence of Defaultany event of default, then Landlord shall have the rightfollowing rights and remedies, at its sole optionany one or more of which may be exercised without further notice to or demand upon Tenant:
1. Landlord may re-enter the demised premises and cure any default of Tenant, in which event Tenant shall reimburse Landlord for any 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 upon five (5) days prior written notice or Tenant's right to Tenant. In additionpossession under this Lease as of the date of such default, with or 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 demised premises, and Tenant shall immediately thereafter surrender the demised premises to Landlord; (B) Landlord may re-enter the demised premises and dispose Tenant or any other occupants of the demised premises by force, summary proceedings, ejectment or otherwise, and may 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 may re-enter, terminate Tenant’s right of possession and take possession let all or any part of the Premises. The provisions demised premises for a term different from that which would otherwise have constituted the balance of the term of this Article Lease and for rent and on terms and conditions different from those contained herein, whereupon Tenant shall operate immediately 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 notice to quitsubsequent re-letting of the demised premises, any other notice to quit or for the period which would otherwise have constituted the balance of the term of this Lease, together with all of Landlord’s intention to 's costs and expenses for preparing the demised premises for re-enter letting, including all repairs, tenant finish improvements, 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 Premises being hereby expressly waivedliabilities and remedies specified herein shall survive the termination of this Lease. If necessaryNotwithstanding 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 demised premises for re-letting, and re-letting the demised premises.
3. Upon termination of this Lease pursuant to Section 34(b)2, Landlord may proceed to recover possession of the Premises demised premises under and by virtue of the provisions of the laws of Massachusettsthe State of Michigan, or by such other proceedings, including re-entry reentry and possession, as may be applicable.
4. If Landlord elects to terminate this Lease and/or elects to terminate the Tenant shall not remove all of Tenant’s right of possession, then everything contained 's property from said demised premises as provided in this Lease to be done and performed by Lease, Landlord, at its option, may remove any or all of said property in any manner that Landlord shall ceasechoose and store same without liability for loss thereof, without prejudiceand Tenant will pay the Landlord, howeveron demand, to Landlord’s right to recover from Tenant any and all rent reasonable expenses incurred in such removal and other sums accrued through storage of said property for any length of time during which the later same shall be in possession of termination Landlord or Landlord’s recovery of possession. Whether in storage, or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated toupon thirty (30) days prior notice to Tenant, relet the Premises sell any or any part thereof, alone or together with other premises, all of said property in such manner and for such price as the Landlord may reasonably deem best and apply the proceeds of such sale upon any amounts due under this Lease from the Tenant to the Landlord, including the reasonable expenses of removal and sale.
5. Any damage or loss of rent and upon such terms and conditions (which sustained by Landlord may include concessions or free rent and alterations be recovered by Landlord, at Landlord's option, at the time of the Premises) as Landlordreletting, or in its sole discretionseparate actions, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant , as said damage shall also be liable for additional damages which have been made more easily ascertainable by successive relettings, or at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as 's option in a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing single proceeding deferred until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the term of this Lease Term, (in which event Tenant hereby agrees that the cause of action shall not be deemed not 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 Lease Termterm of this Lease.
6. Landlord agrees that if In the Premises are reletevent of a breach by Tenant of any of the covenants or provisions hereof, Landlord shall act reasonably have the right of injunction and the right to obtain a fair market rental value invoke any remedy allowed at law or in equity as if reentry, summary proceedings, and other remedies were not provided for herein. Mention in this Lease of any particular remedy shall not preclude Landlord from any other remedy, in law or in equity. Tenant hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Tenant being evicted or dispossessed for any cause, or in the event of Landlord obtaining possession of the demised premises 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 under any provision of this Lease. No receipt of monies by Landlord from or for the Premises; or
(b) an amount equal to the present value (as account of Tenant or from anyone in possession or occupancy of the date of demised premises after the termination of this Lease) Lease or after the giving of any notice shall reinstate, continue or extend the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose term of this SectionLease or affect any notice given to the Tenant prior to the receipt of such money, present value it being agreed that after the service of notice or the commencement of a suit, or after final judgment for possession of said demised premises, the Landlord may receive and collect any rent or other amounts due Landlord and such payment shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New Yorknot waive or affect said notice, said suit or said judgment.
Appears in 2 contracts
Samples: Lease (Retail Ventures Inc), Lease (Retail Ventures Inc)
Landlord’s Remedies. If there Upon 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 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 reenter the Premises by 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 remove and store, all of the furniture, fixtures and equipment at the Premises. If Landlord terminates this Lease as a result of an Event of Default, Landlord may recover from Tenant the sum of: (i) all Base Rent, Additional Rent and all other amounts accrued hereunder to the date of such termination; (ii) the cost of reletting the whole or any part of the Premises, including without limitation, brokerage fees and/or leasing commissions incurred by Landlord, costs of removing and storing Tenant's or any other occupant's property, costs of repairing, altering, remodeling, or otherwise putting the Premises into condition acceptable to a new tenant or tenants; (iii) all reasonable expenses incurred by Landlord in pursuing its remedies, including reasonable attorneys' fees and court costs; and (iv) the then Landlord shall have present value of the right, at its sole option, to terminate Base Rent Additional Rent and other amounts payable by Tenant under this Lease upon five (5) days prior written notice as would otherwise have been required to Tenant. In addition, with or without terminating 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, . Such present value 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 may re-enter, terminate terminates Tenant’s 's right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or (but not this Lease and/or Tenant’s right of possession is terminatedLease), Landlord may, but shall not be obligated under no obligation to, relet the Premises or any part thereof, alone or together with other 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 (which may include concessions without demand or free rent and alterations notice of any kind to Tenant. For the purpose of such reletting Landlord is authorized to make any repairs, changes, alterations, or additions in or to the Premises as Landlord deems reasonably necessary or desirable without notice to Tenant. If the Premises are not relet, then Tenant shall pay to Landlord as damages a sum equal to the amount of the Premises) as LandlordRent reserved in this Lease for such period or periods, in its sole discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet plus the cost of recovering possession of the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated(including attorneys' fees and costs of suit), Tenant nevertheless shall remain liable for any Annual Fixed the unpaid Base Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing other amounts accrued hereunder at the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others time from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect Notwithstanding any such damages for any month(s)reletting without termination, and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer at any time thereafter elect in writing to terminate this Lease for such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New Yorkprevious breach.
Appears in 2 contracts
Landlord’s Remedies. If there shall be an Event Upon the occurrence of Defaultany event of default, then Landlord shall have the rightfollowing rights and remedies, at its sole option, to terminate this Lease upon five (5) days prior written any one or more of which may be exercised without further notice to or demand upon Tenant:
1. In addition, with or without terminating this Lease, Landlord may re-enter, terminate Tenant’s right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to 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 force, summary proceedings, ejectment or otherwise, and may 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 hereby expressly waivedunderstood and agreed that the liabilities and remedies specified herein shall survive the termination of this Lease. If necessaryNotwithstanding 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 proceed to recover possession of the Premises under and by virtue of the provisions of the laws of Massachusettsthe State of Ohio, or by such other proceedings, including re-entry reentry and possession, as may be applicable.
4. If Landlord elects to terminate this Lease and/or elects to terminate the Tenant shall not remove all of Tenant’s right of possession, then everything contained 's property from said Premises as provided in this Lease to be done and performed by Lease, Landlord, at its option, may remove any or all of said property in any manner that Landlord shall ceasechoose and store same without liability for loss thereof, without prejudiceand Tenant will pay the Landlord, howeveron demand, to Landlord’s right to recover from Tenant any and all rent reasonable expenses incurred in such removal and other sums accrued through storage of said property for any length of time during which the later same shall be in possession of termination Landlord or Landlord’s recovery of possession. Whether in storage, or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated toupon thirty (30) days prior notice to Tenant, relet the Premises sell any or any part thereof, alone or together with other premises, all of said property in such manner and for such price as the Landlord may reasonably deem best and apply the proceeds of such sale upon any amounts due under this Lease from the Tenant to the Landlord, including the reasonable expenses of removal and sale.
5. Any damage or loss of rent and upon such terms and conditions (which sustained by Landlord may include concessions or free rent and alterations be recovered by Landlord, at Landlord's option, at the time of the Premises) as Landlordreletting, or in its sole discretionseparate actions, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant , as said damage shall also be liable for additional damages which have been made more easily ascertainable by successive relettings, or at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as 's option in a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing single proceeding deferred until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the term of this Lease Term, (in which event Tenant hereby agrees that the cause of action shall not be deemed not 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 Lease Termterm of this Lease.
6. Landlord agrees that if In the Premises are reletevent of a breach by Tenant of any of the covenants or provisions hereof, Landlord shall act reasonably have the right of injunction and the right to obtain a fair market rental value invoke any remedy allowed at law or in equity as if reentry, summary proceedings, and other remedies were not provided for herein. Mention in this Lease of any particular remedy shall not preclude Landlord from any other remedy, in law or in equity. Tenant hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Tenant being evicted or dispossessed for any cause, or in the event of Landlord obtaining possession of the Premises 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 under any provision of this Lease. No receipt of monies by Landlord from or for the Premises; or
(b) an amount equal to the present value (as account of Tenant or from anyone in possession or occupancy of the date of Premises after the termination of this Lease) Lease or after the giving of any notice shall reinstate, continue or extend the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose term of this SectionLease or affect any notice given to the Tenant prior to the receipt of such money, present value 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 due Landlord and such payment shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New Yorknot waive or affect said notice, said suit or said judgment.
Appears in 2 contracts
Samples: Lease (Retail Ventures Inc), Lease (DSW Inc.)
Landlord’s Remedies. If there shall be an Event of DefaultDefault occurs, then Landlord shall have the right, at its sole option, to terminate this Lease upon five following remedies;
(51) days prior written notice to Tenant. In addition, with or without terminating this Lease, Landlord may re-enter, terminate Tenant’s right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Premises and without notice to or demand upon Tenant and without waiving or releasing Tenant from any part thereof, alone or together with other premises, for such rent and upon such terms and conditions (which may include concessions or free rent and alterations obligations of the Premises) Tenant under this Lease, pay or perform any obligations of Tenant; pay any cost or expense to be paid by Tenant; obtain any insurance coverage and pay premiums therefor; and make any other payment or perform any other act on the part of Tenant to be made and performed as Landlordprovided for in this Lease, in its sole discretionsuch manner and to such extent as Landlord may deem desirable, and in exercising any such right, may determinealso pay all necessary and incidental costs and expenses, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees employ counsel and expenses (including without limitation reasonable incur and pay attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages pay costs to Landlord upon demand with interest at seven percent per annum. Landlord may terminate this Lease by written notice to Tenant in which at case Tenant shall vacate the Leased Premises in accordance with Section 13. Neither the passage of time after the occurrence of an Event of Default nor Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result exercise of any failure other remedy with regard to such Event of such other person to perform any of its obligations), which damages Default shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice limit Landlord’s right to collect any terminate the Lease by written notice to Tenant. Landlord may, whether or not Landlord has elected to terminate this Lease, immediately commence summary proceedings in Unlawful Detainer to recover possession of the Leased Premises. In the event of the issuance of a Writ of Restitution in such damages for any subsequent month(s)proceeding, or upon Landlord’s reentry upon and repossession of the Leased Premises, Landlord may defer any such suit until after remove Tenant and all other persons from the Leased Premises (subject to Tenant’s right and responsibility to remove its personal property pursuant to Section 13). In the event Landlord reenters the Leased Premises pursuant to this paragraph and Tenant fails to remove its personal property within the time period provided in Section 13, all items of personal property not removed by Tenant within said period shall be deemed abandoned, and title thereto shall transfer to Landlord at the expiration of such period or, upon Tenant’s vacation of the Lease Term, in which event the cause Leased Premises. These items may be disposed of action by Landlord. Tenant shall be deemed not responsible for all disposal costs. No remedy provided for herein or elsewhere in this Lease or otherwise available to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are reletby law, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Termstatute or equity, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose exclusive of this Sectionany other remedy, present value but all such remedies shall be computed by discounting at a rate equal cumulative and may be exercised from time to one (1) whole percentage point above time and as often as the discount rate then in effect at the Federal Reserve Bank of New Yorkoccasion may arise.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement
Landlord’s Remedies. If there shall be an Event In the event of Defaultany default by Tenant, then and without limiting Landlord’s right to indemnification as provided in Article 8.2, Landlord shall have the rightfollowing 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 sole optionrights 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 upon five (5) days prior 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 Tenant. In additionLandlord, with or without terminating this Leaseand if Tenant fails to do so, Landlord may, without prejudice to any other remedy which it may re-enterhave for possession or arrearages in rent, terminate Tenant’s right of possession enter upon and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, Leased Premises and expel or remove Tenant and any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as person who may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through occupying the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Leased Premises or any part thereof, alone without being liable for prosecution or together with other premises, for such rent and upon such terms and conditions (which may include concessions any claim or free rent and alterations of the Premises) as Landlord, in its sole discretion, may determine, but Landlord damages therefor. Any termination under this subparagraph shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure relieve Tenant from its obligation to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior pay to such default, Landlord all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Base Monthly Rent and Additional Rent which would have become then or thereafter due, or any other sums due during the remainder 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 Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installmentsfollowing actions by Landlord, in advance, on the first day absence of each calendar month following Tenant’s default and continuing until the date on which the a written election by Landlord to terminate this Lease Term would have expired but for Tenant’s default. Separate suits may be brought constitute a termination of this Lease:
(i) Appointment of a receiver or keeper in order to collect any such damages for any month(s), and such suits shall not in any manner prejudice protect Landlord’s right interest hereunder;
(ii) Consent to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration subletting of the Leased Premises or assignment of this Lease Termby Tenant, in which event whether pursuant to the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premisesprovisions hereof or otherwise; or
(biii) 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, Landlord may terminate this Lease, but this Lease shall not terminate unless Landlord gives Tenant written notice of termination. If Landlord 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 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, at Landlord’s election, to 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 pursuant to Section 1951.2, an amount interest rate equal to the present value (as maximum rate of the date of the termination of this Lease) of the difference between interest then not prohibited by law shall be used where permitted. Such damages shall include, without limitation:
(i) The worth at the Annual Fixed Rent and Additional Rent time of the award of the unpaid rent which had been earned at the time of termination;
(ii) The worth at the time of award of the amount by which the unpaid rent which would have become due during been earned after termination until the remainder time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided;
(iii) The worth at the time of award of the Lease Term, and (ii) amount by which the fair market rental value unpaid rent for the balance of the Premises for term after the same periodtime of award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting such amount at a rate equal to one (1) whole percentage point above the discount rate then in effect at of the Federal Reserve Bank of New YorkSan Francisco, at the time of award plus one percent; and
(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 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 allocable to the remainder of the term of this Lease, advertising costs and other expenses of reletting the 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 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 (vii) any other expenses, costs or damages otherwise incurred or suffered as a result of Tenant’s default.
Appears in 2 contracts
Samples: Lease Agreement (Switch & Data, Inc.), Lease (Switch & Data, Inc.)
Landlord’s Remedies. If there shall be an Event In the event of Defaultany default by Tenant, then and without limiting Landlord's right to indemnification as provided in Article 8.2, Landlord shall have the rightfollowing 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 sole optionrights and remedies available to Landlord 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 lesser of Comerica Prime Plus Two or 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 upon five (5) days prior 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 Tenant. In additionLandlord, with or without terminating this Leaseand if Tenant fails to do so, Landlord may, without prejudice to any other remedy which it may re-enterhave for possession or arrearages in Rent, terminate Tenant’s right of possession enter upon and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, Leased Premises and expel or remove Tenant and any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as person who may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through occupying the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Leased Premises or any part thereof, alone without being liable for prosecution or together with other premises, for such rent and upon such terms and conditions (which may include concessions any claim or free rent and alterations of the Premises) as Landlord, in its sole discretion, may determine, but Landlord damages therefor. Any termination under this subparagraph shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure relieve Tenant from its obligation to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior pay to such default, Landlord all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Expense Rent and Additional Rent which would have become then or thereafter due, or any other sums due during the remainder 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 Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installmentsfollowing actions by Landlord, in advancethe absence of a written election by Landlord to terminate this Lease, on the first day constitute a termination of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought this Lease:
(i) Appointment of a receiver or keeper in order to collect protect Landlord's interest hereunder;
(ii) Consent to any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration subletting of the Leased Premises or assignment of this Lease Termby Tenant, in which event whether pursuant to the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premisesprovisions hereof or otherwise; or
(biii) Any action taken by Landlord or Landlord Parties, 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, Landlord may terminate this Lease, but this Lease shall not terminate unless Landlord gives Tenant written notice of termination. If Landlord 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 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, at Landlord's election, to 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 pursuant to Section 1951.2, an amount interest rate equal to the present value (as maximum rate of the date of the termination of this Lease) of the difference between interest then not prohibited by law shall be used where permitted. Such damages shall include, without limitation:
(i) The worth at the Annual Fixed Rent and Additional time of the award of the unpaid Rent which would have become due during had been earned at the remainder time of the Lease Term, and termination;
(ii) The worth at the fair market rental value time of award of the Premises amount by which the unpaid Rent for the same periodbalance of the term after the time of award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting such amount at a rate equal to one (1) whole percentage point above the discount rate then in effect at of the Federal Reserve Bank of New YorkSan 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 the ordinary course of things would be likely to result therefrom.
Appears in 2 contracts
Samples: Lease Agreement (Jazz Semiconductor Inc), Lease Agreement (Jazz Semiconductor Inc)
Landlord’s Remedies. If there shall be an Landlord may treat any Event of DefaultDefault as a breach of this Lease. Landlord's failure to insist upon strict performance of any covenant, then term or condition of this Lease or to exercise any right or remedy it has herein shall not be deemed a waiver or relinquishment for the future of such performance, right or remedy. In addition to any and all other rights or remedies of Landlord in this Lease or by law or equity provided, Landlord shall have the right, at its sole option, following rights and remedies if there shall occur any Event of Default:
(a) to terminate this Lease upon five (5) days prior written notice to Tenant. In addition, with or without terminating this the Lease, Landlord may re-enter, terminate Tenant’s right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessaryand take possession thereof and to remove all persons therefrom, Landlord may proceed and Tenant shall have no further claim or right hereunder;
(b) to recover bring suit for the collection of Rent and for damage (including, without limitation, reasonable attorneys' fees and the cost of repairing and reletting the Premises) without entering into possession of the Premises under or canceling this Lease. Commencement of any action by Landlord for Rent and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, damages shall not be construed as may be applicable. If Landlord elects an election to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Premises absolve or discharge Tenant from any part thereof, alone or together with other premises, for such rent and upon such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, in its sole discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable obligations or liabilities for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, less the amount ; and
(c) to retake possession of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than from Tenant by summary proceedings. To the extent permitted by law, Tenant waives notice of re-entry or institution of legal proceedings and any Additional Rent payable as a result right of redemption, re- entry or repossession. Commencement of any failure of such other person action by Landlord for re-entry shall not be construed as an election to perform terminate this Lease and shall not absolve or discharge Tenant from any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but obligations or liabilities for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term. If, in the event of any ouster, Landlord re-lets the Premises, Tenant shall continue to be liable for the payment of any deficiencies in Rent after such re-let. In the event of any re-entry, Landlord shall have the right but not the obligation to remove any personal property from the Premises and (ii) place the fair market rental value same in storage at a public warehouse at the expense and risk of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New Yorkowner.
Appears in 1 contract
Landlord’s Remedies. If there shall be Upon the occurrence of an Event event of Defaultdefault under this Lease by Tenant, then Landlord in addition to other rights or remedies it may have, shall have the right, at its sole option, right to terminate this Lease upon five fifteen (515) days prior written notice to Tenant. In addition, and also the right, with or without termination of this Lease, of reentry upon and taking possession of the Demised Premises and Landlord may remove all persons and property from the Demised Premises; such property may be removed and stored in any other place in the Building or in any other reasonably secure place for the account of and at the expense and risk of Tenant. Tenant hereby waives all claims for damages which may be caused by the reentry of Landlord and taking possession of the Demised Premises or removing or storing the furniture and property as herein provided and shall save Landlord harmless from any costs or damages occasioned Landlord thereby, and no such reentry shall be considered or be construed to be a forcible entry. Should Landlord elect to reenter, as herein provided, or should it take possession pursuant to legal proceedings or pursuant to any notice provided for by law, Landlord may either terminate this Lease or, Landlord may from time to time, without terminating this Lease, Landlord may re-enter, terminate Tenant’s right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Demised Premises or any part thereof, alone or together with other premises, thereof for such rent term or terms and at such rental or rentals and upon such other terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, in its sole discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior reasonable, with the right to such default, all costs, fees make minor alterations and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing repairs to the Premises in first-class rentable condition) incurred Demised Premises. Rental received by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election such reletting shall be either:
(a) an amount equal applied first, to the Annual Fixed Rent payment of any costs of such reletting including reasonable brokerage and Additional Rent which would have become due during attorney's fee; and the remainder of the Lease Term, less the amount of rentalresidue, if any, which shall be held by Landlord receives and applied in payment of future rent as the same may become due and payable hereunder. Should such rentals received from such reletting in any during month be less than one-twelfth (1/12) of the annual rent reserve hereunder, then Tenant shall pay such period from others deficiency to whom Landlord. Such deficiency shall be calculated and paid monthly. No such reentry or taking possession of the Demised Premises may by Landlord shall be rented (other than any Additional Rent payable construed as a result of any failure an election on its part to terminate this Lease, unless written notice of such other person intention be given to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not Tenant's obligations to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of forthwith cease, or unless the termination thereof be decreed by a court of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New Yorkcompetent jurisdiction.
Appears in 1 contract
Landlord’s Remedies. If there shall be an Event of Default(i) Landlord, then Landlord shall have in addition to the right, at its sole option, to terminate remedies given in this Lease upon five (5) days prior written notice to Tenant. In additionor under the law, with may do one or without terminating more of the following if Tenant commits a Default under Section 11.1:
A. end this Lease, Landlord may re-enter, terminate Tenant’s right of possession and Tenant shall then surrender the Premises to 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. The provisions of this Article shall operate as a notice to quit, any other notice to quit or Tenant waives claims for damages by reason of Landlord’s intention to re-enter 's reentry, repossession, or alteration of locks or other security devices and 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 being hereby expressly waivedby Tenant. A surrender must be agreed to in writing by Landlord.
(iii) If necessaryLandlord ends this Lease or ends Tenant's right to possess the Premises because of a default, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from hold Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Premises or any part thereof, alone or together with other premises, for such rent and upon such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, in its sole discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Base Rent, Additional Rent or damages which may be due or sustained prior Rent, and other indebtedness accrued to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting date the Premises to others from time to timeLease ends. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Base Rent, Additional Rent and Additional Rent which other indebtedness that otherwise would have become due been payable by Tenant during the remainder of the Lease Termterm had there been no default, less the amount of rental, if any, which reduced by any sums Landlord receives during such period from others to whom by reletting the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person during the term. If Landlord is able to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if relet the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as during any part of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Termterm, at a rental in excess of that provided for under this Lease, Tenant shall not be entitled to any such excess rental and Tenant waives any claim thereto.
(iiiv) Tenant shall also be liable for that part of the fair market rental value 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 same periodpart 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, which damages shall be payable alterations, and remodeling necessary to put the Premises in a condition reasonably acceptable to a new Tenant: and
D. other necessary and reasonable expenses incurred by Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed enforcing its remedies.
(v) Landlord may xxx and take any other action provided by discounting law to collect the amounts due hereunder at a rate equal any time and from time to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New Yorktime without waiving its rights to xxx for and collect further amounts due from Tenant hereunder.
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Samples: Lease (Smartage Corp)
Landlord’s Remedies. If there shall be an Event In the event of Defaultany default by Tenant, then and without limiting Landlord's right to indemnification as provided in Article 8.2, Landlord shall have the rightfollowing 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 sole optionrights 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, including but not limited to damages under D.2) below,(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 as stated in paragraph 3.4, 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 or 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 action whatsoever, in the absence of a written election by Landlord to terminate this Lease, constitute a termination of this Lease.
C. In the event Tenant breaches this Lease upon five (5) days prior and abandons the Premises, Landlord may terminate this Lease, but this Lease 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, shall constitute a termination of Tenant's right to possession unless Landlord gives Tenant written notice of termination. In additionIf Landlord 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 recover rent as it becomes due under this Lease and all damages under D.2) below.
D. Whether or not Landlord terminates this Lease, Landlord shall be entitled, at Landlord's election, to any and all damages sustained by Landlord. 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 avoided, computed by discounting such amount at the discount rate of the Federal Reserve Bank of Denver at the time of award plus one (1%) 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 there from, including, without limitation, the following: (i) expenses for cleaning, repairing or restoring the Premises; (ii) expenses for altering, remodeling or otherwise improving the 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 Premises; (iv) costs of carrying the 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) attorneys 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, establishing damages hereunder, and re-leasing the Premises; and (vii) any other expenses, costs or damages otherwise incurred or suffered directly or indirectly as a result of Tenant's default.
3) However, if Landlord relets the Premises and during the term of such new lease the new tenant defaults under such lease, Tenant shall remain liable under the terms of this Lease for any and all rents and monetary obligations that accrue under this Lease for the original term of this Lease.
E. Landlord may, with or without terminating this Leasenotice, Landlord may re-enter, terminate Tenant’s have the right of possession to enter upon and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, Premises and expel or remove Tenant and any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as person who may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet occupying the Premises or any part thereof, alone by force if necessary, without being liable for prosecution or together with other premises, any claim for such rent and upon such terms and conditions (which may include concessions damages thereof. No reentry or free rent and alterations taking possession of the Premises) as Landlord, in its sole discretion, may determine, but Premises by Landlord shall not be liable forconstrued as an election on its part to terminate this Lease, nor shall unless a written notice of termination is given to Tenant’s obligations be diminished by reason of.
F. Notwithstanding any other provision of this Lease, regardless of Landlord’s failure to relet 's termination of the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminatedLease, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be all rent and other sums due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal pursuant to the Annual Fixed Rent and Additional Rent which would have Lease as they become due, even if such amounts become due during the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this the Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New York.
Appears in 1 contract
Landlord’s Remedies. If there shall be From and after an Event of Default, then the provisions of this Section 17.2 shall apply.
(a) Landlord shall have the right, at its sole option, to terminate this Lease upon five (5) days prior written notice to TenantLease. In addition, if and only if the Event of Default shall be a Monetary Default, with or without terminating this Lease, Landlord may lawfully re-enter, terminate Tenant’s right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, and to the extent permitted by law, Tenant hereby waives any other notice to quit or notice of Landlord’s intention to re-enter the Premises being hereby expressly waivedor terminate this Lease. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusettsapplicable Laws, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease on the part of Landlord to be done and performed shall cease without prejudice. No such re-entry or taking possession of the Premises by Landlord shall ceasebe construed as an election to terminate the Lease unless a written notice of such intention is given by Landlord to Tenant at the time of such re-entry.
(b) So long as an Event of Default remains uncured, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord mayshall have the right, but shall not be obligated toat its sole option, relet the Premises to suspend Tenant’s right to exercise any right of renewal contained in this Lease and to grant or withhold any part thereof, alone consent or together with other premises, for such rent and upon such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, approval pursuant to this Lease in its sole and absolute discretion, may determineprovided that if the Event of Default is subsequently cured by Tenant, but Landlord then any such right of renewal contained in this Lease shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. reinstated.
(c) Whether or not this Lease and/or Tenant’s right of possession is terminatedterminated or any suit is instituted, Tenant nevertheless shall remain be liable for any Annual Fixed Base Rent, Additional Rent Rent, damages or damages other sum which may be due or sustained prior to such defaultEvent of Default, and for all costs, fees and expenses (including without limitation including, but not limited to, reasonable attorneys’ fees and costs, brokerage fees, brokerage fees and expenses incurred in enforcing any of Tenant’s obligations under this Lease or in placing the Premises in first-class good rentable conditioncondition and any concessions or allowances granted by Landlord to Tenant) incurred by Landlord in pursuit of its remedies hereunder and/or in recovering possession of the Premises and in renting the Premises to others from time to time. time plus other actual damages suffered or incurred by Landlord on account of such Event of Default.
(d) Tenant also shall also be liable for additional damages which at Landlord’s election shall be eithereither one or a combination of the following:
(ai) To the extent permitted by law, an amount equal to the Annual Fixed Base Rent and Additional Rent due or which would have become due during from the date of such Event of Default through the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable received by Landlord as a result of any failure of such other person to perform any of its obligationsobligations to Landlord), which damages amount shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default such Event of Default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate such Event of Default, it being understood that separate suits may be brought from time to time to collect any such damages for any month(s), ) (and any such suits separate suit shall not in any manner prejudice Landlord’s the right of Landlord to collect any such damages for any subsequent month(s)), or Landlord may defer initiating any such suit until after the expiration of the Lease Term, Term (in which event the such deferral shall not be construed as a waiver of Landlord’s rights as set forth herein and Landlord’s cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees ), and it being further understood that if Landlord elects to bring suits from time to time prior to reletting the Premises are reletPremises, Landlord shall act reasonably be entitled to obtain a fair market rental value for its full damages through the date of the award of damages without regard to any Base Rent, Additional Rent or other sums that are or may be projected to be received by Landlord upon reletting of the Premises; or
(bii) To the extent permitted by law, an amount equal to the present value of (A) the sum of all Base Rent, Additional Rent and other sums due or which would be due and payable under this Lease as of the date of such Event of Default through the termination of this Lease) end of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the scheduled Lease Term, plus (B) all costs, expenses and lost rents incurred by Landlord pursuant to Section 17.2(c) hereof, including, without limitation attorneys’ fees, brokers’ commissions and maintenance or capital improvements, less (iiC) the fair market rental value of the Premises for which would be due and payable under this Lease as of the same perioddate of such Event of Default through the end of the scheduled Lease Term, which damages reduced to present value. The present value shall be calculated using a discount factor equal to the yield of the United States Treasury Note or Xxxx, as appropriate, having a maturity period approximately commensurate to the remainder of the Lease Term, and such resulting amount shall be payable to Landlord in one a lump sum on demand, it being understood that upon payment of such liquidated and agreed final damages, Tenant shall be released from further liability for payment of Base Rent and Additional Rent under this Lease with respect to the period after the date of such payment. For purpose Landlord may bring suit to collect any such damages at any time after an Event of Default shall have occurred.
(e) In the event Landlord relets the Premises for a term extending beyond the scheduled expiration of the Lease Term, it is understood that Tenant will not be entitled to apply any base rent, additional rent or other sums generated or projected to be generated in the period extending beyond the scheduled expiration of the Lease Term (collectively, the “Extra Rent”) against Landlord’s damages. Similarly any brokerage commissions or upfitting expenses paid by Landlord in connection therewith shall be amortized over the term of the new lease and only the portion of those commissions and expenses allocable to the scheduled Lease Term shall be recoverable from Tenant.
(f) The provisions contained in this Section shall be in addition to, and shall not prevent the enforcement of, any claim Landlord may have against Tenant for anticipatory breach of this Section, present value Lease. Nothing herein shall be computed construed to affect or prejudice Landlord’s right to prove, and claim in full, unpaid Base Rent and Additional Rent accrued prior to termination of this Lease. If Landlord is entitled, or Tenant is required, pursuant to any provision hereof to take any action upon the termination of the Lease Term, then Landlord shall be entitled, and Tenant shall be required, to take such action also upon the termination of Tenant’s right of possession. If the calculation of damages under any of the formulas set forth above produces a negative number, the result of that calculation shall be deemed to be zero, and, notwithstanding the result of such calculation, Tenant shall not share any amount of benefit that may be derived by discounting at Landlord as a rate equal result of an Event of Default and the exercise by Landlord of its remedies for such Event of Default. Notwithstanding any provision in this Article XVII to one (1) whole percentage point above the discount rate then in effect at contrary, Landlord shall have the Federal Reserve Bank duty to mitigate its damages following any Event of New YorkDefault.
Appears in 1 contract
Landlord’s Remedies. If there shall be an Event of DefaultDefault shall have occurred, then Landlord shall have the right, right at its sole optionelection, then or any time thereafter while such Event of Default shall continue, to terminate pursue any one or more of the following remedies:
(a) Terminate this Lease upon five (5) days prior written by giving notice thereof to Tenant. In addition, with or without terminating this Leasein which event Tenant shall immediately surrender the Leased Premises to Landlord and if Tenant fails so to do, Landlord may re-enterwithout prejudice to any other remedy which it may have for possession or arrearages in Rent, terminate Tenant’s right of possession enter upon and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, Leased Premises and expel or remove Tenant and any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as person who may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possessionoccupying said premises, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Premises or any part thereof, alone without being liable for prosecution or together with any claim of damages therefor and Tenant hereby agrees to 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 Legal Premises on satisfactory terms or otherwise, it being understood and agreed by Tenant that Landlord shall have no obligation or duty to relet the Leased Premises, specifically including but not limited to (1) all reasonable expenses necessary to relet the Leased Premises which shall include 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 contained in this Lease shall limit or prejudice the right of Landlord to prove for and obtain in proceedings for bankruptcy or insolvency by reason of the termination of this Lease, 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, the damages are to be proved, whether or not the amount be greater, equal to, or less than the amount of the loss or damages referred to above.
(b) Enter upon and take possession of the Leased Premises and expel or remove Tenant or any other person who may be occupying said premises, or any part thereof, without having any civil or criminal liability therefor and without terminating this Lease. Landlord may (but shall be under no obligation to) relet 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 such rent term or terms (,which may be greater or less than the period which would otherwise have constituted the balance of the term of this Lease) and upon on such terms and conditions (which may include concessions or free rent rent) and alterations for such uses as Landlord in its absolute discretion may determine and Landlord may collect and receive any rents payable by reason of such reletting; and Tenant agrees to pay Landlord on demand all reasonable expenses necessary to relet the Leased Premises which shall include the cost of renovating, repairing, and altering the Leased Premises for a new tenant or tenants, advertisements and brokerage fees, and Tenant further agrees to pay Landlord on demand any deficiency that may arise by reason of such reletting. Landlord shall not be responsible or liable for any failure to relet the Leased Premises or any part thereof or for any failure to collect any Rent due upon any such reletting. No such reentry or taking of possession of the PremisesLeased Premises by Landlord shall be construed as an election on Landlord's part to terminate this Lease unless a written notice of such termination is given to Tenant pursuant to subparagraph above.
(c) as LandlordEnter upon the Leased Premises without having any civil or criminal liability therefor, and do whatever Tenant is obligated to do under the terms of this Lease and Tenant agrees to reimburse Landlord on demand for any expenses which Landlord may incur in its sole discretionthus affecting compliance with Tenant's obligations under this Lease together with interest at the rate of eighteen percent (18%) per annum, may determine, but and Tenant further agrees that Landlord shall not be liable forfor any damages resulting to Tenant from such action, nor whether caused by the negligence of Landlord or otherwise.
(d) Landlord may, without further notice of any kind to Tenant, interrupt or cause the interruption of any utility service serving 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 shall Tenant’s be under no obligation to restore any such 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 such door, window, or attic hatchway cover unless and until Tenant fully cures all Events of Default then existing under this Lease. No repossession or reentering on the Leased Premises or any part thereof pursuant to this Lease and no reletting of the Leased Premises or any part thereof pursuant to subparagraph shall relieve Tenant of its liabilities and obligations be diminished hereunder, all of which shall survive such repossession or reentering. In the event of any such repossession or re-entering on the Leased Premises or any part thereof by reason of, Landlord’s failure to relet of the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminatedoccurrence of an Event of Default, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable will pay to Landlord in one lump sum on demandthe Rent required to be paid by Tenant. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New York.No right or remedy herein
Appears in 1 contract
Samples: Office Sublease (Advancepcs)
Landlord’s Remedies. If there shall be an Event A. Upon the occurrence of Defaultany one or more of events of default, then Landlord shall have the right, at its sole option, to may terminate this Lease upon five (5) days prior written notice to TenantLease. In addition, with or without terminating Upon termination of this Lease, Landlord may re-enter, terminate Tenant’s right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If Leased Premises, with or without process of law and using such force as may be necessary, and remove all persons, fixtures, and chattels therefrom and Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including shall not be liable for any damages resulting therefrom. Such re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right repossession shall not work a forfeiture of possession, then everything contained in this Lease the rents to be done paid and the covenants to be performed by Lessee during the full term of this Lease. No re-entry by Landlord shall ceasebe deemed an acceptance of the surrender of this Lease. Upon such repossession of the Leased Premises, without prejudice, however, to Landlord’s right Landlord shall be entitled to recover from Tenant all as liquidated damages and not as a penalty of sum of money equal to the value of the rent and other sums accrued through provided herein to be paid by Lessee to Landlord for the later remainder of termination the Lease Term.
B. Upon the occurrence of any one or Landlord’s recovery more of possession. Whether events of default, Landlord may repossess the Leased Premises by forcible entry or not detainer suit, or otherwise, without demand or notice of any kind to Lessee (except as hereinabove expressly provided for) and without terminating this Lease and/or Tenant’s right of possession is terminatedLease, in which event Landlord may, but shall not be obligated tounder no obligation so to do, relet the Premises all or any part thereof, alone or together with other premises, of the Leased Premises for such rent and upon such terms as shall be satisfactory to Landlord including the right to relet the Leased Premises for a term greater or lesser than that remaining under the Lease term, and conditions (which the right to relet the Leased Premises as part of a larger area, and the right to change the character or use made of the Leased Premises. For the purpose of such reletting, Landlord may include concessions decorate or free make any repairs, changes, alterations or additions in or to the Leased Premises that may be necessary or convenient. If Landlord does not relet the Leased Premises, Lessee shall pay to Landlord on demand as liquidated damages and not as a penalty a sum equal to the amount of the rent and alterations other sums provided herein to be paid by Lessee for the remainder of the Premises) as Landlord, in its sole discretion, may determine, but Landlord Lease term. If the Leased Premises are relet and a sufficient sum shall not be liable forrealized from such reletting after paying all of the expenses of such decorations, nor shall Tenant’s obligations be diminished repairs, changes, alterations, and additions, the expenses of such reletting and the collection of the rent accruing therefrom (including, but not by reason ofway of limitation, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, attorneys' fees and expenses (including without limitation reasonable attorneys’ feesbrokers' commissions) to satisfy the rent herein provided to be paid for the remainder of the Lease term, brokerage fees Lessee shall pay to Landlord on demand any deficiency, and expenses incurred in placing Lessee agrees that Landlord may file suit to recover any sums failing due under the Premises in first-class rentable condition) incurred by Landlord in pursuit terms of its remedies and in renting the Premises to others this paragraph from time to time. Tenant Any sums or other consideration received by Landlord on a reletting in excess of the rent reserved in this Lease shall also belong to Landlord.
C. If default shall be liable made in any covenant, agreement, condition or undertaking herein contained to be kept, observed and performed by Lessee (other than the making of any payments of rent and/or additional rent as herein provided) which cannot with due diligence be cured within a period of -30- days, and if notice thereof in writing shall have been given to Lessee, and if Lessee, prior to the expiration of -30days from and after the giving of such notice, commences to eliminate the cause of such default and proceeds diligently and with reasonable dispatch to take all steps and do all work required to cure such default and does so cure such default, then Landlord shall not have the right to declare the term ended by reason of such default or to repossess without terminating the Lease, provided that the curing of any default in such manner shall not be construed to limit or restrict the right of Landlord to declare the term ended or to repossess without terminating the Lease, and to enforce all of its rights and remedies hereunder for additional damages any other default not so cured.
D. Notwithstanding any other provision of this Lease, if Lessee shall default in the payment of any rent and/or any other payments required of Lessee, or any part thereof, and if such default shall continue for a period of -7- days after the due date thereof, Landlord may, without terminating this Lease, institute any action, suit or proceeding provided for by law against Lessee from time to time to recover any of the aforesaid sums which at Landlord’s election the commencement of any action, suit or proceeding shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would then or theretofore have become due during and payable to Landlord under any provisions hereof, without waiting until the remainder end of the Lease Termoriginal term of this Lease; and neither the institution of such action, less suit or proceeding nor the amount settlement thereof or entering of rentaljudgment therein shall terminate this Lease, if anynor shall it bar the Landlord from bringing subsequent actions, which Landlord receives during such period suits or proceedings from others time to whom the Premises may be rented (other than time for any Additional Rent payable as a result sum or sums of any failure kind which shall thereafter become due and owing from Lessee to Landlord under any of the terms of this Lease, Lessee hereby expressly waives any right or defense which it may have to claim a merger of such subsequent actions, suits or proceedings and any previous action, suit or proceeding, or in a settlement thereof or judgments entered therein.
E. Upon termination of this lease or abandonment by Lessee if any personal property of Lessee or any other person to perform any of its obligations)or entity remains in the premises, which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action property shall be deemed not to have accrued until been abandoned and Lessor may dispose of such property as Lessor deems appropriate, even to the expiration extent of giving it away notwithstanding the Lease Termvalue thereof; and Lessor shall have no liability to Lessee or any other person or entity therefor. Landlord Lessee understands and agrees that if by leaving the Premises are reletproperty on the Leased Premises, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as Lessee has abandoned all of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Termits right, title, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord interest in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New Yorksuch property.
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Landlord’s Remedies. If there shall be an Event (a) Upon the occurrence of Defaultany one or more Defaults by Tenant, then Landlord shall have the right, at its sole option, may elect to terminate this Lease upon five (5) days prior written notice and Tenant’s right to Tenant. In additionpossession of the Leased Premises or, with or without terminating this Lease, Landlord may re-enter, forthwith terminate Tenant’s right of possession and take to possession of the Leased Premises. The provisions Upon any termination of this Article Lease, whether by lapse of time or otherwise, or upon any termination of Tenant’s right to possession without termination of the Lease, Tenant shall operate as a notice surrender possession and vacate the Leased Premises and deliver possession thereof to quitLandlord, and Tenant hereby grants to Landlord full and free license to enter into and upon the Leased Premises with or without process of law in the event of any other notice such termination of this Lease or right to quit or possession, and to repossess Landlord of the Leased Premises and of Landlord’s intention former estate and to re-enter expel or remove Tenant and any others who may be occupying or be within the Leased Premises being hereby expressly waived. If necessary, Landlord may proceed and to recover possession of the Premises under remove any and by virtue of the laws of Massachusetts, or by all property therefrom using such other proceedings, including re-entry and possession, force as may be applicable. necessary without being deemed in any manner guilty of trespass, eviction or forcible entry or detainer, and without relinquishing Landlord’s rights to rent or any other right given to Landlord hereunder or by operation of law.
(b) If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possessionto possession only without terminating this Lease, then everything contained Landlord may at Landlord’s option enter into the Leased Premises, remove Tenant’s signs and other evidences of tenancy, and take and hold possession thereof as provided in Section 13.2(a), without such entry or possession terminating this Lease or releasing Tenant, in whole or in part, from Tenant’s obligation to be done pay the rent hereunder for the full Term. Upon and performed by Landlord shall ceaseafter entry into possession without termination of this Lease, without prejudice, however, subject to Landlord’s right to first rent other vacant areas in the Building, Landlord may relet the Leased Premises or any part thereof to any person, firm, or corporation other than Tenant for such rent, for such time and upon such terms as Landlord in Landlord’s sole discretion shall determine. Any proceeds from the reletting of the Leased Premises by Landlord shall first be applied against the cost and expenses of reletting the Leased Premises including, but not limited to, all brokerage, advertising, legal, alteration and other reasonably necessary expenses incurred to secure a new tenant for the Leased Premises. If the consideration collected by Landlord upon any such reletting after payment of the expenses of reletting the Leased Premises is not sufficient to pay monthly the full amount of the rent reserved in this Lease, then Tenant shall pay to Landlord upon demand the amount of each monthly deficiency as it becomes due. If the consideration collected by Landlord upon any such reletting after payment of the expense of reletting the Leased Premises is greater than the amount necessary to pay the full amount of the rent reserved in this Lease, the full amount of such excess shall be retained by Landlord and shall in no event be payable to Tenant.
(c) If Landlord shall decide to terminate this Lease, Landlord, at its option, shall be entitled to recover from Tenant, in lieu of any amounts due under Section 13.2(b), and Tenant all rent shall pay to Landlord, on demand, as and other sums accrued for liquidated and agreed final damages, a sum equal to Landlord’s reasonable estimate of the aggregate amount of Base Rent, Additional Rent and the unamortized allowances and improvements for the period from the date of such termination through the later stated termination of termination or Landlord’s recovery the Term, as discounted to present worth at the rate of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, five percent (5%) annum.
(d) Landlord may, but shall not be obligated to, relet the Premises or cure, at any part thereoftime and without notice, alone or together with other premises, for such rent any Default by Tenant under this Lease; and upon such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, in its sole discretion, may determine, but whenever Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, so elects all costs, fees costs and expenses (including thereby incurred by Landlord including, without limitation limitation, court costs and reasonable attorneys’ fees, brokerage fees together with interest thereon from the date incurred to the date paid at the rate set forth in Section 18.5 shall be paid by Tenant to Landlord on demand.
(e) Notwithstanding anything in this Lease to the contrary, any and expenses incurred all remedies set forth in placing 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 pursued successively or concurrently as the Premises in first-class rentable condition) incurred Landlord may elect. The waiver by Landlord in pursuit of its remedies and in renting the Premises any breach of any term, covenant or condition herein contained shall not be deemed to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder a waiver of such term, covenant or condition or any subsequent breach of the Lease Termsame, less the amount or any other term, covenant or condition herein contained. The acceptance of rental, if any, which Landlord receives during such period from others rent hereunder shall not be construed to whom the Premises may be rented (other than any Additional Rent payable as a result waiver of any failure breach by Tenant of such other person to perform any of its obligations)term, which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), covenant or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination condition of this Lease.
(f) Notwithstanding any provision in this Lease permitting Tenant to cure any default within a specified period of the difference between time, if Tenant shall default (i) in the Annual Fixed timely payment of rent (whether any or all of Base Rent and or Additional Rent which would have become due during the remainder Rent) three (3) or more times in any period of the Lease Termtwelve (12) consecutive months, and or (ii) in the fair market rental value performance of any particular term, condition or covenant of this Lease three (3) or more times in any period of six (6) consecutive months, then, notwithstanding that such defaults shall have each been cured within any applicable cure period after notice, as provided in this Lease, any further similar default (including, without limitation, with respect to non-payment of rent, the further non-payment of any kind of rent payable under this Lease) shall not be curable by Tenant and Landlord shall have all of the Premises remedies provided in this Lease (including, without limitation, any and all remedies at law and in equity) for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New YorkDefault hereunder.
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Landlord’s Remedies. If there shall be an Event of DefaultDefault (even if prior to the Lease Commencement Date), then the provisions of this Section shall apply. Landlord shall have the right, at its sole option, to terminate this Lease upon five (5) days prior written notice to TenantLease. In addition, with or without terminating this Lease, Landlord may re-enter, terminate Tenant’s 's right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, and Tenant hereby waives any other notice to quit or notice of Landlord’s 's intention to re-enter the Premises being hereby expressly waivedor terminate this Lease. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusettsapplicable Laws, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s 's right of possession, then everything contained in this Lease on the part of Landlord to be done and performed by Landlord shall cease, cease without prejudice, however, to Landlord’s right to recover from Tenant Tenant's liability for all Base Rent. additional rent and other sums accrued through the later of termination or Landlord’s recovery of possessionspecified herein. Whether or not this Lease and/or Tenant’s 's right of possession is terminated, Landlord mayshall have the right, but shall not be obligated toat its sole option, relet to terminate any right of renewal, expansion, first offer or refusal and any right to purchase the Premises contained in this Lease and to grant or withhold any part thereof, alone consent or together with other premises, for such rent and upon such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, approval pursuant to this Lease in its sole and absolute discretion. If there exists an Event of Default under this Lease and Tenant has vacated the Premises, may determine, but then Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure thereafter use reasonable efforts to relet the Premises; provided, however, that Tenant hereby acknowledges the special use of the Premises or collect any rent due upon such relettingfor the conduct of business by a franchised dealer of motor vehicles and agrees that the ability of Landlord to relet the same to another dealer of motor vehicles under a franchise agreement satisfactory to Landlord is extremely uncertain and would be likely to require a substantial amount of time. Whether or not this Lease and/or Tenant's right of possession is terminated, terminated or any suit is instituted. Tenant nevertheless shall remain be liable for any Annual Fixed Base Rent, Additional Rent additional rent, damages or damages other sum which may be due or sustained prior to such default, and for all costs, fees and reasonable, out-of-pocket expenses (including without limitation reasonable including, but not limited to, attorneys’ ' fees and costs, brokerage fees, brokerage fees and expenses incurred in enforcing any of Tenant's obligations under the Lease or in placing the Premises in first-class rentable condition, advertising expenses, and any concessions or allowances granted by Landlord) incurred by Landlord in pursuit of its remedies hereunder and/or in recovering possession of the Premises and in renting the Premises to others from time to timetime plus other actual or consequential damages suffered or incurred by Landlord on account of Tenant's default (including, but not limited to, late fees or other charges incurred by Landlord under any Mortgage). Tenant also shall also be liable for additional damages which at Landlord’s 's election shall be either:
either one or a combination of the following: (a) an amount equal to the Annual Fixed Base Rent and Additional Rent additional rent due or which would have become due during from the date of Tenant's default through the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable additional rent received by Landlord as a result of any failure of such other person to perform any of its obligationsobligations to Landlord), which damages amount shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s 's default and continuing until the date on which the Lease Term would have expired but for Tenant’s 's default. Separate , it being understood that separate suits may be brought from time to time to collect any such damages for any month(s), ) (and any such suits separate suit shall not in any manner prejudice Landlord’s the right of Landlord to collect any such damages for any subsequent month(s)), or Landlord may defer initiating any such suit until after the expiration of the Lease Term, Term (in which event the such deferral shall not be construed as a waiver of Landlord's rights as set forth herein and Landlord's cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees ), and it being further understood that if Landlord elects to bring suits from time to time prior to reletting the Premises are reletPremises, Landlord shall act reasonably be entitled to obtain a fair market rental value for its full damages through the date of the award of damages without regard to any Base Rent, additional rent or other sums that are or may be projected to be received by Landlord upon reletting of the Premises; or
or (b) an amount equal to the present value sum of (i) all Base Rent, additional rent and other sums due or which would be due and payable under this Lease as of the date of Tenant's default through the termination of this Lease) end of the difference between scheduled Lease Term, plus (iii) all reasonable, out-of-pocket expenses (including broker and attorneys' fees) and value of all vacancy periods projected by Landlord to be incurred in connection with the Annual Fixed Rent and Additional Rent which would have become due during reletting of the Premises. Such amount shall be discounted using a discount factor equal to the yield of the Treasury Note or Xxxx, as appropriate, having a maturity period approximately commensurate to the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages such resulting amount shall be payable to Landlord in one a lump sum on demand, it being understood that upon payment of such liquidated and agreed final damages, Tenant shall be released from further liability under this Lease with respect to the period after the date of such payment. For purpose Landlord may bring suit to collect any such damages at any time after an Event of Default shall have occurred. In the event Landlord relets the Premises for a term extending beyond the scheduled expiration of the Lease Term, it is understood that Tenant will not be entitled to apply any base rent, additional rent or other sums generated or projected to be generated in the period extending beyond the scheduled expiration of the Lease Term (collectively, the "Extra Rent') against Landlord's damages. Similarly in proving the amount that would be received by Landlord upon a reletting of the Premises as set forth in clause (iii) above, Tenant shall not take into account the Extra Rent. The provisions contained in this Section shall be in addition to, and shall not prevent the enforcement of, any claim Landlord may have against Tenant for anticipatory breach of this Section, present value Lease. Nothing herein shall be computed by discounting at a rate equal construed to one (1) whole percentage point above affect or prejudice Landlord's right to prove, and claim in full, unpaid rent accrued prior to termination of this Lease. If Landlord is entitled, or Tenant is required, pursuant to any provision hereof to take any action upon the discount rate termination of the Lease Term, then in effect at Landlord shall be entitled, and Tenant shall be required, to take such action also upon the Federal Reserve Bank termination of New YorkTenant's right of possession.
Appears in 1 contract
Samples: Lease Agreement (Lithia Motors Inc)
Landlord’s Remedies. If there shall be Upon the occurrence of an Event of Default, then then, in addition to any without waiving any other rights and remedies available to Landlord at law or in equity or otherwise provided in this Lease, Landlord any, at its option, cumulatively or in the alternative, exercise the following remedies;
(a) Landlord may terminate Tenant's right to possession of the Premises, in which case this Lease shall terminate and Tenant shall immediately surrender possession of the Premises to Landlord. No act by Landlord other than giving Notice to Tenant of Landlord's election to terminate Tenant's right to possession 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. Termination shall terminate Tenant's right to possession of the Premises but shall not relieve Tenant of any obligation under this Lease which has accrued prior to the date of such termination. Upon such termination, Landlord shall have the right, at its sole option, to terminate this Lease upon five (5) days prior written notice to Tenant. In addition, with or without terminating this Lease, Landlord may re-enter, terminate Tenant’s right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessaryPremises, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusettsremove all persons and property, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right also be entitled to recover from Tenant all rent and other sums accrued through Tenant;
(i) The worth at the later time of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Premises or any part thereof, alone or together with other premises, for such rent and upon such terms and conditions (which may include concessions or free rent and alterations award of the Premises) as Landlord, in its sole discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, unpaid Monthly Rent and Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing had been earned at the Premises in first-class rentable condition) incurred by Landlord in pursuit time of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:termination;
(aii) an The worth at the time of award of the amount equal to by which the Annual Fixed unpaid Monthly Rent and Additional Rent which would have become due during been earned after termination until the remainder time of the Lease Term, less award exceeds the amount of rental, if any, which Landlord receives during such period from others to whom rental loss that Tenant proves could have been reasonably avoided;
(iii) The worth at the Premises may be rented (other than any Additional Rent payable as a result time of any failure award of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on amount by which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed unpaid Monthly Rent and Additional Rent which would have become due during for the remainder balance of the Term after the time of award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided;
(iv) Any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant's failure to perform its obligations under this Lease Termor which in the ordinary course of things would be likely to result from Tenant's default, including the cost of recovering possession of the Premises, commissions and other expenses of reletting, including necessary repair, demolition and renovation of the Premises to the condition existing immediately prior to Tenant's occupancy, the unamortized portion of any Tenant Improvements and brokerage commissions funded by Landlord in connection with this Lease, the cost of rectifying any damage to the Premises occasioned by the act or omission of Tenant, reasonable attorneys' fees, and any other reasonable costs; and
(v) At Landlord's election, all other amounts in addition to or in lieu of the foregoing as may be permitted by law. As used in subsections (i) and (ii) above, the fair market rental value "worth at the time of the Premises for the same period, which damages award" shall be payable to Landlord computed by allowing interest at the Applicable Rate. As used in one lump sum on demand. For purpose subsection (iii) above, the "worth at the time of this Section, present value award" shall be computed by discounting the amount at a rate equal to one (1) whole percentage point above the discount rate then in effect at of the Federal Reserve Bank of New YorkSan Francisco at the time of the award plus one percent (1%).
(b) Landlord may elect not to terminate Tenant's right to possession of the Premises, in which event this Lease will continue in full force and effect as long as Landlord does not terminate Tenant's right to possession, and Landlord may continue to enforce all of its rights and remedies under this Lease, including the right to collect all Rent as it becomes due. In the event that Landlord elects to avail itself of the remedy provided by this subparagraph 15.3(b), Landlord shall not unreasonably withhold its consent to an assignment or subletting of the Premises subject to the reasonable standards for Landlord's consent as are contained in this Lease. In addition, in the event Tenant has entered into a sublease which is valid under the terms of this Lease, Landlord may also, at its option, cause Tenant to assign to Landlord the interest of Tenant under said sublease, including Tenant's right to payment of Rent as it becomes due. Landlord may elect to enter the Premises and relet them, or any part of them, to third parties for Tenant's account. Tenant shall be liable immediately to Landlord for all costs Landlord incurs in reletting the Premises, including reasonable broker's commissions, reasonable expenses of cleaning and remodeling the Premises required by the reletting, attorneys' fees and like costs. Reletting can be for a period shorter or longer than the remaining Term of this Lease and for the entire Premises or any portion thereof. Tenant shall pay to Landlord the Monthly Rent and Additional Rent due under this Lease on the dates the Monthly Rent and such Additional Rent are due, less the Rent Landlord actually collects from any reletting. Except as provided in the preceding sentence, if Landlord relets the Premises or any portion thereof, such reletting shall not relieve Tenant of any obligation hereunder. Notwithstanding the above, no act by Landlord allowed by this subparagraph 15.3
Appears in 1 contract
Samples: Lease Agreement (Surebeam Corp)
Landlord’s Remedies. If there shall be an Event of DefaultDefault occurs, then in addition to any right Landlord shall may have at law or in equity including, without limitation, the rightright to seek injunctive relief or specific performance against the Tenant, at its sole option, Landlord may:
a. Elect to re-enter or take possession of the Demised Premises pursuant to legal proceedings or any notice provided for herein and may either terminate this Lease upon five (5) days prior written notice to Tenant. In additionor, with or without terminating this Lease, Landlord (i) remove all persons and property from the Demised Premises without being deemed guilty of trespass or becoming liable for any loss or damage which may re-enter, terminate Tenant’s right of possession be occasioned thereby and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under (ii) make such alterations and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, repairs as may be applicable. If Landlord elects necessary in order to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Demised Premises or any part thereof, alone or together with other premises, for such rent and upon such under terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, in its sole discretion, may determinedeem advisable. LONG ISLAND HIGH TECHNOLOGY INCUBATOR, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such relettingINC. LIHTI2
b. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent Landlord elects to re-enter or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing take possession of the Demised Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
accordance with subsection (a) above, Landlord may, at any time after the occurrence of an amount equal uncured Event of Default, elect to terminate this Lease. Should Landlord elect to terminate this Lease then, in addition to any other remedies Landlord may have available to it, Landlord may recover from Tenant all damages incurred by reason of such breach, including the Annual Fixed Rent cost of recovering the Property, all of which amounts shall be immediately due and Additional Rent which would have become due during payable from Tenant to Landlord as if by terms of this Lease it were payable in advance. Landlord may immediately proceed to distrain, collect, or bring action for the remainder worth of the Lease Termwhole Rent, less the amount as aforesaid, or any part thereof as aforesaid, as rent being in arrears, or may enter judgment therefor in an amicable action in case of rentalrent in arrears, if any, which Landlord receives during such period from others to whom the Premises or may be rented (other than any Additional Rent payable as file a result proof of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not claim in any manner prejudice Landlord’s right to collect any bankruptcy or insolvency proceedings for such damages for any subsequent month(s)rent, or Landlord may defer institute any such suit until after other proceedings, whether similar to the expiration of the Lease Term, in which event the cause of action shall be deemed foregoing or not to have accrued until enforce payment thereof.
c. In the expiration event of the Lease Term. default, Tenant shall reimburse Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New Yorkany legal fees it may incur.
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Landlord’s Remedies. If there shall be an Event (1) Upon the occurrence of Defaultany one or more Defaults by Tenant, then Landlord shall have the right, at its sole option, elect may elect to terminate this Lease upon five (5) days prior written notice and Tenant's right to Tenant. In additionthe Premises or, with or without terminating this Lease, Landlord may re-enter, forthwith terminate Tenant’s 's right of possession and take to possession of the Premises. The provisions Upon any termination of this Article Lease, whether by lapse of time or otherwise, or upon any termination of Tenant's right to possession without termination of the Lease, Tenant shall operate surrender possession and vacate the Premises and deliver possession thereof the Landlord, and Tenant hereby grants to Landlord full and free license to enter into and upon the Premises with or without process of law in the event of any such termination of this Lease or right to possession, and to repossess Landlord of the Premises as a notice of Landlord's former estate and to quitexpel or remove Tenant and any others who may be occupying or be within the Premises and to remove any and all property therefrom using such force as may be necessary without being deemed in any manner guilty of trespass, eviction or forcible entry or detainer, and without relinquishing Landlord's rights to rent or any other notice right given to quit Landlord hereunder or by operation of Landlord’s intention to re-enter law.
(2) If Tenant voluntarily abandons any portion of the Premises being hereby expressly waived. If necessarylocated on Floor 1 of the Building or the Mezzanine of the Building or otherwise entitles Landlord to elect to terminate Tenant's right to possession only without terminating the Lease, and Landlord does so elect, Landlord may proceed to recover at Landlord's option enter into the Premises, remove Tenant's signs and other evidences of tenancy, and take and hold possession thereof as in subparagraph B(l) of the Premises under and by virtue of the laws of Massachusettsthis Section 11, or by without such other proceedings, including re-entry and possessionpossession terminating the Lease or releasing Tenant, as may be applicablein whole or in part, from Tenant's obligation to pay the rent hereunder for the full term. If Landlord elects to terminate Upon and after entry into possession without termination of this Lease and/or elects to terminate Tenant’s right of possessionLease, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, subject to Landlord’s 's right to recover from Tenant all first rent and other sums accrued through vacant areas in the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminatedBuilding, Landlord may, but shall not be obligated to, may relet the Premises or any part thereofthereof to any person, alone firm or together with corporation other premisesthan Tenant for such rent, for such rent time and upon such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, in its sole discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New York.'s sole discretion shall
Appears in 1 contract
Samples: Lease (Argosy Education Group Inc)
Landlord’s Remedies. If there shall be an For so long as any Event of DefaultDefault continues, then Landlord shall have the right, may at its sole option, to any time elect to: (a) terminate this Lease upon five (5) days prior written notice to Tenant. In addition, with or without terminating this Lease, Landlord may re-enter, (b) terminate Tenant’s right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue (but Tenant shall remain liable as hereinafter provided), and/or (c) pursue any other remedies at law or in equity. Upon the termination of the laws of Massachusettsthis Lease, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate termination of Tenant’s right of possession, then everything contained Landlord may, without formal demand or notice except as required by Legal Requirements, re-enter the Premises by any action or proceeding authorized by law, and remove Tenant, and all persons and property therefrom. If Landlord re-enters the Premises, Landlord shall have the right to keep in place, or remove and store, all property at the Premises at Tenant’s expense. In the event Landlord delivers three notices of an Event of Default under this Lease in any twelve-month period, any subsequent failure to comply with this Lease shall be done deemed an Immediate Event of Default. The term “Immediate Event of Default” shall mean Tenant has no cure period, and performed by Landlord shall ceasemay immediately pursue all of its remedies. If Landlord terminates this Lease, without prejudice, however, to Landlord’s right to Landlord may recover from Tenant the sum of: (a) all rent Monthly Base Rent, and all other amounts payable by Tenant which have accrued as of the date of termination; (b) the value of the Monthly Base Rent for any periods of abated Monthly Base Rent; (c) the cost of reletting the Premises, including the unamortized brokerage fees and/or leasing commissions incurred by Landlord, costs of removing and storing property, repairing or altering the Premises to the condition required by Tenant under this Lease; (d) all reasonable expenses incurred by Landlord in pursuing its remedies, including reasonable attorneys’ fees and court costs; and (e) the excess of the then present value of the Monthly Base Rent, and other sums accrued amounts payable by Tenant under this Lease applicable to the period following the termination of this Lease through the later Expiration Date, over the present value of termination or any amounts which Tenant establishes Landlord can reasonably expect to recover by reletting the Premises during such period, taking into consideration the availability of acceptable tenants consistent with Landlord’s recovery leasing criteria and other market conditions. Such present values shall be calculated at a discount rate equal to the 90-day U.S. Treasury bill rate at the date of possessionthe termination. Whether or not this Lease and/or If Landlord terminates Tenant’s right of possession is terminated(but not this Lease), Landlord mayshall use commercially reasonable efforts to relet the Premises without releasing Tenant from any liability hereunder and without notice to Tenant; provided, but however, (a) Landlord shall not be obligated toto accept a Tenant-proposed tenant, relet and (b) Landlord shall have the right to lease any other space controlled by Landlord or Landlord’s affiliate first. Any reletting of the Premises or any part thereof, alone or together with other premises, for such rent and upon such shall be on terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, acceptable to Landlord in its sole discretion, may determine, but . Landlord shall not be liable forliable, nor shall Tenant’s obligations be diminished reduced as a result of Landlord not reletting the Premises. Landlord shall have the right to make repairs, changes, alterations, or additions to the Premises as Landlord deems necessary in order to relet the Premises. If the Premises is not relet, then Tenant shall pay to Landlord, as damages, a sum equal to: (1) the Monthly Base Rent due and payable by reason ofTenant for such period that the Premises has not been relet, plus the cost of recovering possession of the Premises (including reasonable attorneys’ fees and court costs); (2) Monthly Base Rent, and other amounts accrued and unpaid at the time of repossession; and (3) the costs incurred by Xxxxxxxx’s efforts to relet the Premises. If the Premises is relet, and the total rent and expenses payable by such replacement tenant (after first deducting any unpaid amounts payable by Tenant which accrued under this Lease, the cost of recovering possession of the Premises, the costs of repairs and alterations to the Premises completed by Landlord on Xxxxxx’s behalf, and leasing commissions) is not sufficient to satisfy the total rent and expenses payable by Tenant under this Lease, then Tenant shall immediately pay any such deficiency to Landlord upon demand. Notwithstanding any reletting without termination, Landlord may elect to terminate this Lease for a previous Event of Default at any time upon written notice. Xxxxxxxx’s exercise of any remedies shall not be deemed an acceptance of surrender of the Premises and/or a termination of this Lease. Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not enforce its rights under this Lease is terminated, strictly in accordance the terms hereof shall not modify this Lease or create a custom contrary to the specific provisions of this Lease. Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent and Landlord further agree that forbearance or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred waiver by Landlord to enforce its rights pursuant to this Lease, or at law or in pursuit equity, shall not waive its rights or remedies in connection with any subsequent Event of its remedies Default. No waiver by Landlord of any Lease provision shall be effective unless in writing and in renting signed by Landlord, even if Landlord accepts Xxxxxx’s payments with knowledge of Tenant’s breach of the Premises to others from time to timeLease. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder waives all right of redemption following termination of the Lease Term, less the amount or Xxxxxx’s right of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as possession by a result judgment or warrant of any failure of such other person to perform any of its obligations)court. In the event Landlord exercises self-help or lock-out remedies, which damages shall be computed and payable in monthly installmentsas provided by law, in advanceTenant waives all claims against Landlord for business loss, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s)business interruption, or Landlord may defer any such suit until after the expiration of the Lease Term, other damages resulting from Xxxxxxxx’s self-help or lock-out. The terms “enter,” “re-enter,” “entry” or “re-entry,” as used in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable are not restricted to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New Yorktheir technical legal meanings.
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Landlord’s Remedies. If there All rights and remedies of the Landlord herein enumerated shall be an Event of Default, then Landlord cumulative and none shall have the right, at its sole option, to terminate this Lease upon five (5) days prior written notice to Tenant. In addition, with or without terminating this Lease, Landlord may re-enter, terminate Tenant’s right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, exclude any other notice to quit right or of Landlord’s intention to reremedy allowed by law, to-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Premises or any part thereof, alone or together with other premises, for such rent and upon such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, in its sole discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be eitherwit:
(a) an amount equal to If the Annual Fixed Rent and Additional Rent which would have become due during the remainder Tenant defaults in any payment of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s)rent, and such suits default continues for fifteen (15) days after Landlord's notice thereof to Tenant, or if Tenant defaults in the prompt and full performance of any other provision of this lease, the Landlord, at his option, may terminate this lease and Tenant's right to possession of the demised premises. Landlord shall not in any manner prejudice Landlord’s right be required to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after provide more than two (2) written notices of default during each "lease year" of this lease. After the expiration cure of the Lease Termsecond notice of default hereunder, in which event the cause of action Tenant shall be deemed not to have accrued until know when Tenant is in default and no additional notice is required. Lease year shall be defined as each period of time falling between May 1st and April 30th during the expiration term of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; orthis lease.
(b) an amount equal to the present value (as of the date of the Upon any termination of this Lease) lease, whether by lapse of time or otherwise, or upon any termination of Tenant's right to possession without termination of the difference between lease, Tenant shall surrender possession and vacate the premises immediately and deliver possession thereof to Landlord, and the Tenant hereby grants to the Landlord free and full license to enter into and upon the demised premises in any such event, with or without process of law, and to repossess the premises, and to expel or remove Tenant or any others who may be occupying or within the premises, and to remove any and all property therefrom, using such force as may be necessary without being deemed guilty of trespassing, eviction, or forcible entry or detainer, and without releasing Landlord's rights to rent or any other right given to the Landlord by this lease or by operation of law.
(ic) If the Annual Fixed Rent Tenant abandons the premises or otherwise entitles Landlord so to elect to terminate, and Additional Rent which would have become due during Landlord elects to terminate Tenant's right to possession only, without terminating the remainder lease, Landlord may at Landlord's option, enter into the premises, remove Tenant's property and other evidences of tenancy, and take and hold possession thereof without such entry and possession terminating the lease or releasing Tenant, in whole or in part, from Tenant's obligation to pay the rent hereunder for the full term. Upon and after entry into possession without termination of this lease, Landlord shall use its best effort to relet the premises or any part thereof for the account of Tenant to any person, firm, or corporation other than Tenant for such rent, for such time and upon such terms as Landlord in Landlord's sole discretion shall determine. Landlord shall not be required to accept any tenant offered by Tenant or to observe any instructions given by Tenant about such reletting. In any such case, Landlord may make repairs in or to the premises and redecorate the same to the extent deemed by Landlord necessary or desirable, and Tenant shall, upon demand, pay the cost thereof, together with Landlord's expenses of the Lease Termreletting. If the consideration collected by Landlord upon any such reletting for Tenant's account is not sufficient to pay monthly the full amount of the rent reserved in this lease, together with the costs of repairs, redecorating, and (ii) Landlord's expenses, Tenant shall pay to Landlord the fair market rental value amount of each monthly deficiency upon demand; and if the consideration so collected from any such reletting is more than sufficient to pay the full amount of the Premises rent reserved herein, together with the costs and expenses of Landlord, Landlord, at the end of the stated term of the lease, shall account for the same period, which damages shall be payable surplus to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New YorkTenant.
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Landlord’s Remedies. If there shall be an Event event of DefaultTenant's Default occurs, then Landlord shall have the rightfollowing remedies, at its sole option, in addition to terminate this Lease upon five (5) days prior written notice to Tenant. In addition, with all other rights and remedies provided by any Law or without terminating otherwise provided in this Lease, to which Landlord may re-enterresort cumulatively or in the alternative:
A. Landlord may, terminate Tenant’s right at Landlord's election, keep this Lease in effect and enforce by an action at law or in equity all of possession its rights and take possession of the Premises. The provisions of remedies under this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedingsLease, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s (i) the right to recover from Tenant all the rent and other sums accrued through as they become due by appropriate legal action, (ii) the later right to make payments required of termination Tenant or Landlord’s recovery perform Tenant's obligations and be reimbursed by Tenant for the cost thereof with interest at the Agreed Interest Rate from the date the sum is paid by Landlord until Landlord is reimbursed by Tenant, and (iii) the remedies of possession. Whether or not injunctive relief and specific performance to compel Tenant to perform its obligations under this Lease and/or Tenant’s right of possession is terminated, Lease.
B. Landlord may, but 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 be obligated torelieve Tenant from its obligation to pay sums then due Landlord or from any claim against Tenant for damages or rent previously accured or then 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 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 Premises or any action taken to relet the Premises or any part portions thereof, alone or together with other premises, for such rent the account of Tenant and upon such terms in the name of Tenant.
C. In the event Tenant breaches this Lease and conditions (which may include concessions or free rent and alterations of abandons the Premises, this Lease shall not terminate unless Landlord gives Tenant written notice of its election to so terminate this Lease. No act by or on behalf of Landlord intended to mitigate the adverse effect of such breach, including those described by subparagraphs 13.2B(1), (2) and (3) immediately preceding, shall constitute a termination of Tenant's right to possession unless Landlord gives Tenant written notice of termination. Should Landlord not terminate this Lease by giving Tenant written notice, Landlord may enforce all its rights and remedies under this Lease, including the right to recover the rent as Landlordit becomes due under the Lease as provided in California Civil Code Section 1951.4 as in effect on the Commencement Date of this Lease.
D. In the event Landlord terminates this Lease, in its sole discretion, may determine, but Landlord shall not be liable forentitled, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
's election, to damages in an amount as set forth in California Civil Code Section 1951.2 as in effect on the Commencement Date of this Lease. For purposes of computing damages pursuant to Section 1951.2, (ai) an amount interest rate equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages Agreed Interest Rate shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Termused where permitted, and (ii) the fair market rental value term "rent" includes Base Monthly Rent and Additional Rent. Such damages shall include without limitation:
(1) The worth at the time of award of the Premises amount by which the unpaid rent for the same periodbalance of the term after the time of award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting such amount at a rate equal to one (1) whole percentage point above the discount rate then in effect at of the Federal Reserve Bank of New YorkSan Francisco at the time of award plus one percent (1%); 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 Premises; (ii) expenses for altering, remodeling or otherwise improving the Premises for the purpose of reletting, including installation of leasehold improvements (whether such installation be funded by a reduction of rent, direct payment or allowance to a new tenant, or otherwise); (iii) broker's fees, advertising costs and other expenses of reletting the Premises; (iv) costs of carrying the Premises, such as taxes, insurance premiums, utilities and security precautions; (v) expenses in retaking possession of the Premises; and (vi) attorneys' fees and court costs incurred by Landlord in retaking possession of the Premises and in releasing the Premises or otherwise incurred as a result of Tenant's default.
E. Nothing in this paragraph shall limit Landlord's right to indemnification from Tenant as provided in paragraph 7.2 and paragraph 10.
Appears in 1 contract
Samples: Lease Agreement (United Defense Lp)
Landlord’s Remedies. (a) In the event Tenant shall fail to pay the rent or any other obligation involving the payment of money reserved herein when due, Landlord shall give Tenant written notice of such default and if Tenant shall fail to cure such default within thirty (30) days after receipt of such notice, Landlord shall, in addition to its other remedies provided by law, and in this Lease, have the remedies set forth in subparagraph (c) below.
(b) If there Tenant shall be an Event in default in performing any of Defaultthe terms of this Lease other than the payment of rent or any obligation involving the payment of money, Landlord shall give tenant written notice of such default, and if Tenant shall fail to cure such default within forty-five (45) days after receipt of such notice, or if the default is of such a character as to require more than forty-five (45) days to cure, then if Tenant shall fail within said forty-five (45) day period to commence and thereafter proceed diligently to cure such default, then in either of such events, Landlord shall have the right, may (at its sole optionoption and in addition to other legal remedies) cure such default for the account of Tenant and be reimbursed by Tenant for such care. Such reimbursement shall be additional rent for all purposes hereunder, including subparagraph (a) above and shall be paid by Tenant with the next monthly installment of rent. If any rent or any other obligation involving the payment of money shall be due and unpaid or Tenant shall be in default upon any of the terms of this Lease, and such default has not been cured after notice and within U1e time provided in subparagraphs (a) and (b) above, then Landlord, may seek to take possession pursuant to legal proceedings or any notice provided for by law. Landlord may either terminate this Lease upon five (5) days prior written notice from time to Tenant. In additiontime, with or without terminating this Lease, Landlord may re-enter, terminate Tenant’s right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Premises or any part thereof, alone or together with other premises, for such rent and upon thereof on such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, Landlord shall in its sole discretiondiscretion deem advisable. Any payments as result of such reletting be applied; first, may determine, but to the payment of any indebtedness of Tenant to Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any other than rent due upon such reletting. Whether or not this Lease is terminatedhereunder; second, Tenant nevertheless shall remain liable for to the payment of any Annual Fixed Rentreasonable costs incurred by Landlord i n obtaining possession and reletting the Premises, Additional Rent or damages which may be due or sustained prior to such defaultincluding, all costswithout limitation, fees and expenses (including without limitation reasonable attorneys’ legal fees, brokerage fees commissions and expenses incurred in placing tJ1e cost of any reasonable alterations, and repairs to the Premises in first-class rentable condition) incurred Premises; third to the payment of rent due and unpaid hereunder; and the residue, if any shall be held by Landlord and applied in pursuit payment of its remedies future rent as the same may become due and in renting the Premises to others from time to timepayable hereunder. Tenant shall also be liable to Land lord for additional any deficiency. Both parties shall use their best efforts to mitigate its damages which at Landlord’s election under this Lease. All rights and remedies of Landlord hereunder shall be either:
(a) an amount equal to the Annual Fixed Rent cumulative and Additional Rent which would have become due during the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may none shall be rented (other than any Additional Rent payable as a result exclusive of any failure of such other person to perform any of its obligations), which damages shall be computed rights and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed remedies allowed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New Yorklaw.
Appears in 1 contract
Samples: Lease Agreement (OvaScience, Inc.)
Landlord’s Remedies. If there shall be an Event of Default, then Landlord shall have the right, at its sole option, to terminate this Lease upon five (5) days prior written notice to TenantLease. In addition, with or without terminating this Lease, Landlord may re-enter, terminate Tenant’s right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed preformed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Premises or any part thereof, alone or together with other premises, for such rent and upon such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, in its sole discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New York.
Appears in 1 contract
Samples: Lease Agreement (Hubspot Inc)
Landlord’s Remedies. If there shall be an Event Upon the occurrence of Defaultany event of default, then Landlord shall have the rightfollowing rights and remedies, at its sole optionany one or more of which may be exercised without further notice to or demand upon Tenant:
1. Landlord may re-enter the demised premises and cure any default of Tenant, in which event Tenant shall reimburse Landlord for any 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 upon five (5) days prior written notice or Tenant’s right to Tenant. In additionpossession under this Lease as of the date of such default, with or 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 demised premises, and Tenant shall immediately thereafter surrender the demised premises to Landlord; (B) Landlord may re-enter the demised premises and dispose Tenant or any other occupants of the demised premises by force, summary proceedings, ejectment or otherwise, and may 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 may re-enter, terminate Tenant’s right of possession and take possession let all or any part of the Premises. The provisions demised premises for a term different from that which would otherwise have constituted the balance of the term of this Article Lease and for rent and on terms and conditions different from those contained herein, whereupon Tenant shall operate immediately 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 notice to quitsubsequent re-letting of the demised premises, any other notice to quit or for the period which would otherwise have constituted the balance of the term of this Lease, together with all of Landlord’s intention to costs and expenses for preparing the demised premises for re-enter letting, including all repairs, tenant finish improvements, 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 Premises being hereby expressly waivedliabilities and remedies specified herein shall survive the termination of this Lease. If necessaryNotwithstanding 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 demised premises for re-letting, and re-letting the demised premises.
3. Upon termination of this Lease pursuant to Section 34(b)2, Landlord may proceed to recover possession of the Premises demised premises under and by virtue of the provisions of the laws of Massachusettsthe State of New York, or by such other proceedings, including re-entry reentry and possession, as may be applicable.
4. If Landlord elects to terminate this Lease and/or elects to terminate the Tenant shall not remove all of Tenant’s right of possession, then everything contained property from said demised premises as provided in this Lease to be done and performed by Lease, Landlord, at its option, may remove any or all of said property in any manner that Landlord shall ceasechoose and store same without liability for loss thereof, without prejudiceand Tenant will pay the Landlord, howeveron demand, to Landlord’s right to recover from Tenant any and all rent reasonable expenses incurred in such removal and other sums accrued through storage of said property for any length of time during which the later same shall be in possession of termination Landlord or Landlord’s recovery of possession. Whether in storage, or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated toupon thirty (30) days prior notice to Tenant, relet the Premises sell any or any part thereof, alone or together with other premises, all of said property in such manner and for such price as the Landlord may reasonably deem best and apply the proceeds of such sale upon any amounts due under this Lease from the Tenant to the Landlord, including the reasonable expenses of removal and sale.
5. Any damage or loss of rent and upon such terms and conditions (which sustained by Landlord may include concessions or free rent and alterations be recovered by Landlord, at Landlord’s option, at the time of the Premises) as Landlordreletting, or in its sole discretionseparate actions, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant , as said damage shall also be liable for additional damages which have been made more easily ascertainable by successive relettings, or at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as option in a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing single proceeding deferred until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the term of this Lease Term, (in which event Tenant hereby agrees that the cause of action shall not be deemed not 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 Lease Termterm of this Lease.
6. Landlord agrees that if In the Premises are reletevent of a breach by Tenant of any of the covenants or provisions hereof, Landlord shall act reasonably have the right of injunction and the right to obtain a fair market rental value invoke any remedy allowed at law or in equity as if reentry, summary proceedings, and other remedies were not provided for herein. Mention in this Lease of any particular remedy shall not preclude Landlord from any other remedy, in law or in equity. Tenant hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Tenant being evicted or dispossessed for any cause, or in the event of Landlord obtaining possession of the demised premises 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 under any provision of this Lease. No receipt of monies by Landlord from or for the Premises; or
(b) an amount equal to the present value (as account of Tenant or from anyone in possession or occupancy of the date of demised premises after the termination of this Lease) Lease or after the giving of any notice shall reinstate, continue or extend the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose term of this SectionLease or affect any notice given to the Tenant prior to the receipt of such money, present value it being agreed that after the service of notice or the commencement of a suit, or after final judgment for possession of said demised premises, the Landlord may receive and collect any rent or other amounts due Landlord and such payment shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New Yorknot waive or affect said notice, said suit or said judgment.
Appears in 1 contract
Samples: Lease (DSW Inc.)
Landlord’s Remedies. If there shall be an Event In the event of Defaultany default by Tenant, then and without limiting Landlord’s right to indemnification as provided in Article 8.2, Landlord shall have the rightfollowing 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 sole optionrights and remedies under this Lease including, Building E 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 upon five (5) days prior 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 Tenant. In additionLandlord, with or without terminating this Leaseand if Tenant fails to do so, Landlord may, without prejudice to any other remedy which it may re-enterhave for possession or arrearages in rent, terminate Tenant’s right of possession in accordance with applicable Laws, enter upon and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, Leased Premises and expel or remove Tenant and any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as person who may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through occupying the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Leased Premises or any part thereof, alone without being liable for prosecution or together with other premises, any claim for such rent and upon such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, in its sole discretion, may determine, but Landlord damages therefor. Any termination under this subparagraph shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure relieve Tenant from its obligation to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior pay to such default, Landlord all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed 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 interest hereunder;
(ii) Consent to any subletting of the Leased Premises or assignment of this Lease by Tenant, 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, Landlord may terminate this Lease, but this Lease shall not terminate unless Landlord gives Tenant written notice of termination. If Landlord 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 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, at Landlord’s election, to 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 pursuant to Building E Section 1951.2, an interest rate equal to the Default Interest Rate shall be used. Such damages shall include, without limitation:
(i) The worth at the time of the award of the unpaid rent which had been earned at the time of termination; plus
(ii) The worth at the time of award of the amount by which the unpaid rent which would have become due during 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 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 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 amount Leased Premises for the purpose of rentalreletting, if anyincluding removal of existing leasehold improvements and/or installation of additional leasehold improvements (regardless of how the same is funded, which including reduction of rent, a direct payment or allowance to a new tenant, or otherwise), advertising costs and other expenses of reletting the Leased Premises; (iii) expenses incurred in removing, 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 receives during such period from others (but not limited to whom taxable costs) in retaking possession of the Premises may be rented Leased Premises, establishing damages hereunder, and releasing the Leased Premises; and (v) any other than any Additional Rent payable expenses, costs or damages otherwise incurred or suffered as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits .
(e) Landlord may be brought to collect recover its reasonable attorney’s fees and costs incurred in enforcing Tenant’s obligations under this Lease, curing any such damages for any month(s)Tenant default, terminating the Lease, and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration recovering possession of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Leased Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New York.
Appears in 1 contract
Landlord’s Remedies. If there shall be Upon the occurrence of an Event of Default, then Landlord shall have the right-------------------- Landlord, at its sole 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 (except for acceleration of damages or rent):
(i) By judicial process, terminate this Lease upon five (5) days prior written notice to and Tenant. In addition, with or without terminating this Lease, Landlord may re-enter, terminate Tenant’s 's right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice , and recover all damages to quitwhich Landlord is entitled under law, any other notice to quit or specifically including but without limitation, all of Landlord’s intention to re-enter 's expenses of returning the Premises being hereby expressly waived. If necessary, Landlord may proceed into the condition in which it was required to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicablesurrendered. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right Lease, provided Landlord has obtained a judgment terminating the Lease, every obligation of possessionthe parties shall cease as of the date of such termination, then everything contained in except that Tenant shall remain liable for payment of Rent and performance of all other terms and conditions of this Lease to be done and performed by Landlord shall ceasethe date of termination.
(ii) By judicial process, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or terminate Tenant’s 's right of possession is terminatedof the Premises without terminating this Lease, in which event Landlord may, but shall not be obligated to, relet the Premises Premises, or any part thereof, alone or together with other premisesfor the account of Tenant, for such rent and term and upon such terms other conditions as are acceptable to Landlord. For purposes of such reletting, Landlord is authorized to redecorate, repair, alter and conditions (which may include concessions or free rent and alterations of improve the Premises to the extent necessary in Landlord's sole discretion. Until Landlord relets the Premises) , Tenant shall remain obligated tO pay Rent to Landlord as Landlordprovided in this Lease. If and when the Premises are relet and if a sufficient sum is not realized from such reletting to satisfy the payment of Rent due under this Lease for any month, in its sole discretion, Tenant shall pay Landlord any such deficiency upon demand. Tenant agrees that Landlord may determine, but file suit to recover any sums due Landlord under this Section from time to time and that such suit or recovery of any amount due Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure any defense to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable subsequent action brought for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior amount not previously reduced to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred judgment in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit favor of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New York.
Appears in 1 contract
Samples: Full Service Lease (Trex Co Inc)
Landlord’s Remedies. If there shall be an Event of DefaultTenant's Default occurs, then Landlord shall have the rightfollowing remedies, at its sole option, in addition to terminate this Lease upon five (5) days prior written notice to Tenant. In addition, with all other rights and remedies provided by any Law or without terminating otherwise provided in this Lease, to which Landlord may re-enterresort cumulatively or in the alternative:
A. Landlord may, terminate Tenant’s right at Landlord's election, keep this Lease in effect and enforce by an action at law or in equity all of possession its rights and take possession of the Premises. The provisions of remedies under this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedingsLease, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s (i) the right to recover from Tenant all the rent and other sums accrued through as they become due by appropriate legal action, (ii) the later right to make payments required of termination Tenant or Landlord’s recovery perform Tenant's obligations and be reimbursed by Tenant for the cost thereof with interest at the Agreed Interest Rate from the date the sum is paid by Landlord until Landlord is reimbursed by Tenant, and (iii) the remedies of possession. Whether or not injunctive relief and specific performance to compel Tenant to perform its obligations under this Lease and/or Tenant’s right of possession is terminated, Lease.
B. Landlord may, but 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 be obligated torelieve Tenant from its obligation to pay sums then due Landlord or from any claim against Tenant for damages or rent previously accrued or then 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 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 Premises or any action taken to relet the Premises or any part portions thereof, alone or together with other premises, for such rent the account of Tenant and upon such terms in the name of Tenant.
C. In the event Tenant breaches this Lease and conditions (which may include concessions or free rent and alterations of abandons the Premises, this Lease shall not terminate unless Landlord gives Tenant written notice of its election to so terminate this Lease. No act by or on behalf of Landlord intended to mitigate the adverse effect of such breach, including those described by subparagraphs 13.2B(1), (2) and (3) immediately preceding, shall constitute a termination of Tenant's right to possession unless Landlord gives Tenant written notice of termination. Should Landlord not terminate this Lease by giving Tenant written notice, Landlord may enforce all its rights and remedies under this Lease, including the right to recover the rent as Landlordit becomes duo under the Lease as provided in California Civil Code Section 1951.4 as in effect on the Commencement Date of this Lease.
D. In the event Landlord terminates this Lease, in its sole discretion, may determine, but Landlord shall not be liable forentitled, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
's election, to damages in an amount as set forth in California Civil Code Section 1951.2 as in effect on the Commencement Date of this Lease. For purposes of computing damages pursuant to Section 1951.2, (ai) an amount interest rate equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages Agreed Interest Rate shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, used where permitted and (ii) the fair market rental value term "rent" includes Base Monthly Rent and Additional Rent. Such damages shall include without limitation:
(1) The worth at the time of award of the Premises amount by which the unpaid rent for the same periodbalance of the term after the time of award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting such amount at a rate equal to one (1) whole percentage point above the discount rate then in effect at of the Federal Reserve Bank of New YorkSan Francisco at the time of award plus one percent (1%); 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 Premises; (ii) expenses for altering, remodeling or otherwise improving the Premises for the purpose of reletting, including installation of leasehold improvements (whether such installation be funded by a reduction of rent, direct payment or allowance to a new tenant, or otherwise); (iii) broker's fees, advertising costs and other expenses of reletting the Premises; (iv) costs of carrying the Premises, such as taxes, insurance premiums, utilities and security precautions; (v) expenses in retaking possession of the Premises; and (vi) attorneys' fees and court costs incurred by Landlord in retaking possession of the Premises and in releasing the Premises or otherwise incurred as a result of Tenant's default.
E. Nothing in this paragraph shall limit Landlord's right to indemnification from Tenant as provided in paragraph 7.2 and paragraph 10.
Appears in 1 contract
Samples: Lease (United Defense Lp)
Landlord’s Remedies. If there shall be an Event (a) In the event of Defaultany material breach of this Lease by Tenant, then Landlord in addition to other rights or remedies it may have, shall have the right, at its sole option, right to terminate this Lease upon five fifteen (515) days prior written notice to Tenant. In addition, and also the right, with or without termination of this Lease, of reentry upon and taking possession of the Demised Premises and Landlord may remove all persons and property from the Demised Premises; such property may be removed and stored in any other place in the Building or in any other reasonably secure place for the account of and at the expense and risk of Tenant. Tenant hereby waives all claims for damages which may be caused by the reentry of Landlord and taking possession of the Demised Premises or removing or storing the furniture and property as herein provided and shall save Landlord harmless from any costs or damages occasioned Landlord thereby, and no such reentry shall be considered or be construed to be a forcible entry. Should Landlord elect to reenter, as herein provided, or should it take possession pursuant to legal proceedings or pursuant to any notice provided for by law, Landlord may either terminate this Lease or, Landlord may from time to time, without terminating this Lease, relet the Demised Premises or any part thereof for such term or terms and at such rental or rentals and upon such other terms and conditions as may be reasonable, with the right to make minor alterations and repairs to the Demised Premises. Rental received by Landlord from such reletting shall be applied first to the payment of any costs of such reletting including reasonable brokerage and attorney’s fees; and the residue, if any, shall be held by Landlord and applied in payment of future rent as the same may rebecome due and payable hereunder. Should such rentals received from such reletting during any month be less than one-entertwelfth (1/12) of the annual rental reserved hereunder, terminate Tenant’s right of possession then Tenant shall pay such deficiency to Landlord. Such deficiency shall be calculated and take paid monthly. No such reentry or taking possession of the Premises. The provisions Demised Premises by Landlord shall be construed as an election on its part to terminate this Lease, unless a written notice of this Article such intention be given to Tenant, in which event Tenant’s obligations to Landlord shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusettsforthwith cease, or unless the termination thereof be decreed by such other proceedings, including re-entry and possession, as may be applicable. a court of competent jurisdiction.
(b) If Landlord elects to terminate this Lease and/or elects pursuant to terminate Tenant’s right of possessionthis Xxxxxxxxx 00, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to Xxxxxxxx may recover from Tenant all Tenant:
(i) The worth at the time of award of any unpaid rent and other sums accrued through which had been earned at the later time of termination or Landlord’s recovery such termination; plus
(ii) The worth at the time of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Premises or any part thereof, alone or together with other premises, for such rent and upon such terms and conditions (which may include concessions or free rent and alterations award of the Premisesamount by which the unpaid rent which would have been earned after termination until the time of award exceeds the amount of such rental loss Tenant proves could have been reasonably avoided; plus
(iii) as Landlord, in its sole discretion, may determine, but 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 Tenant proves could be reasonably avoided; plus
(iv) Any other amount necessary to compensate Landlord shall not be liable for, nor shall for all the detriment proximately caused by Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not perform its obligations under this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may in the ordinary course of things would be due or sustained prior likely to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred result therefrom. As used in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between subparagraphs (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) above, the fair market rental value “worth at the time of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be award” is computed by discounting allowing interest at a rate equal to one (1) whole percentage point above the prevailing discount rate then in effect at of the Federal Reserve Bank of New YorkSan Francisco at the time of the award plus five percent (5%), but not more than the maximum rate permissible by law. As used in subparagraph (iii) above, the “worth at the time of award” is computed by discounting such amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of award plus five percent (5%).
(c) In the event of Tenant’s default, Landlord shall also have the right to maintain Tenant’s right to possession whether or not Tenant has abandoned the Premises, and in such event, Landlord shall be entitled to enforce all of Tenant’s obligations and to recover Rent as it becomes due.
(d) The failure by Tenant to make any material, undisputed payment of Property Expenses required to be made by Tenant hereunder, within ten (10) business days after written notice thereof by Landlord to Tenant, shall constitute a default. In the event of such default, Landlord shall have the remedies in Paragraphs (b) and (c) above and the right to bring an action against the Tenant to collect such sums.
Appears in 1 contract
Landlord’s Remedies. If there shall be an Event Upon the occurrence of Defaultany such events of default described in Paragraph 19 hereof, then Landlord shall have the right, at its sole option, option to terminate pursue any one or more of the following remedies without any notice or demand whatsoever:
(a) Terminate this Lease upon five (5) days prior by written notice to Tenant given at any time, or terminate Tenant's rights to possession of the Leased Premises under this Lease (but not the Lease, itself), and in either event Landlord shall have the right to immediate possession of the Leased Premises and may reenter the Leased Premises, change the locks and remove all persons and property then from using all force necessary for this purpose without being guilty in any manner of trespass or otherwise; and any and all damages to Tenant, or persons holding under Tenant, by reason of such re-entry are hereby expressly waived; and any such termination or re-entry on the part of Landlord shall be without prejudice to any remedy available to Landlord for arrears of rent, breach of contract, damages or otherwise, nor shall the termination of this Lease or of Tenant's rights of possession under this Lease by Landlord acting under this subsection be deemed in any manner to relieve Tenant from the obligation to pay the rent and all other amounts due or to become due as provided in this Lease for and during the entire unexpired portion then remaining of the Lease term. In additionthe event of termination of this Lease or of Tenant's rights of possession under this Lease by Landlord as provided in this subparagraph, with Landlord shall have the further right (but not the obligation) to relet the Leased Premises upon such terms, conditions and covenants as are deemed proper by Landlord for the account of Tenant, and in such event, Tenant shall pay to Landlord all costs of renovating and altering the Leased Premises for a new tenant or without tenants in addition to al1 brokerage and/or legal fees incurred in connection therewith. Landlord shall credit Tenant only for such amounts as are actually received from such reletting during the then remaining Lease term. At the written election of Landlord made at any time, as a liquidated amount and not as a penalty, 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, as determined by Landlord. 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/or Tenant shall reimburse Landlord on demand for any expenses or other sums which Landlord may re-enterincur or expend plus fifteen percent (15%) thereof to cover Landlord's overhead and administrative cost, terminate 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’s right .
(c) Without waiving such event of possession default, apply all or any part of the security deposit to cure the errant 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 to distraint for rent and is authorized to enter upon and take possession of the Leased Premises and remove any property that may be found within the Leased Premises. The provisions of this Article Landlord shall operate as a notice have the right to quitchange any and all locks and other security devices restricting access to the Leased Promises. To the extent permitted by law, Tenant hereby waives: (i) any other notice to quit or notices of Landlord’s intention 's intent to re-enter or re-take possession of 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's agents, employees, officers, or contractors for any damages caused by the Premises being hereby expressly waivedalteration of any locks or reentry or repossession by Landlord, whether or not caused by the negligence of Landlord or otherwise; and (iv) any right of redemption, re-entry, or repossession of Tenant and any notice of legal proceeding for re-entry, including actions for forcible detainer and entry.
(e) Specifically enforce any provision of this Lease.
(1) Tenant cures all events of default existing at the time of lock-out, including payment of late charges and reasonable expenses of lock-out (which shall include the cost of security services and removal of old locks and installation of new locks), and (2) Tenant has provided Landlord additional security or further assurances of Tenant's future performance of all Tenant's obligations arising under the Lease, such security or assurances to be satisfactory to Landlord in the exercise of Landlord's sole and absolute discretion, which security may include, but is not limited to, a requirement that the security deposit be increased to an amount equal to three (3) months rent. If necessarySuch lock-out should not be deemed to be a termination of the Lease unless Landlord gives a written notice of termination to Tenant. It is agreed that if Tenant abandons or vacates the Leased Premises, Landlord may proceed take such steps as Landlord deems necessary, appropriate, or desirable to recover possession protect the Leased Premises and the property therein from deterioration, including but not limited to, the lock-out of Tenant as described herein. In the event Tenant fails to pay any installment of rent or any reimbursement, additional rental, or any other payment hereunder as and when such payment is due, to help defray the additional cost to Landlord for processing such late payments Tenant shall pay to Landlord on demand a late charge in an amount equal to five percent (5%) of such installment, reimbursement, additional rental or any other payment and the failure to pay such late charge within ten (10) days after demand therefore shall be an event of default hereunder. The provision for such late charge shall be in addition to all of Landlord's other rights and remedies hereunder or at law and shall not be construed as liquidated damages or as limiting Landlord's remedies in any manner. Pursuit of any of the Premises under and by virtue forgoing remedies shall not preclude pursuit of any of the laws other remedies herein provided or any other remedies provided by law, nor shall pursuit of Massachusettsany remedy herein provided constitute a forfeiture or waiver of any 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. Notwithstanding anything in this Lease to the contrary, no act or thing done by such other proceedingsthe Landlord or its agents during the term hereby granted shall be deemed a termination of this Lease or an acceptance of the surrender of the Leased Premises, including re-entry and possession, as may be applicable. If Landlord elects no agreement to terminate this Lease and/or elects or accept a surrender of the Leased Premises shall be valid unless in writing signed by Landlord. No waiver by Landlord of any violation or breach of any of the terms, provisions and covenants herein contained. Landlord's acceptance of the payment of rental or other payments hereunder after the occurrence of an event of default shall not be construed as a waiver of such default, unless Landlord so notifies Tenant in writing. Forbearance by Landlord to terminate enforce one or more of the remedies herein provided upon an event of default shall not be deemed or construed to constitute a waiver of such default or of Landlord's right to enforce any such remedies with respect to such default or any subsequent default. If, on account of any breach or default by Tenant in Tenant’s right 's obligations under the terms and conditions of possessionthis Lease, then everything contained in it shall become necessary or appropriate for Landlord to employ or consult with any attorney concerning or to enforce of defend any of Landlord's rights or remedies hereunder, Tenant agrees to pay any reasonable attorney's fees so incurred. All sums due and owing by Tenant to Landlord under this Lease shall bear interest from the date due until paid at the greater of (i) two percent (2%) above the "prime rate" per annum of Bank One, Arizona, or its successor in effect on said due date or (ii) eighteen percent (18%) per annum. In either case, such interest to be done and performed by Landlord shall cease, without prejudicecompounded daily; provided, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through in no event shall the later rate of termination or Landlord’s recovery interests hereunder exceed the maximum non-usurious rate of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet interest (hereinafter called the Premises or any part thereof, alone or together with other premises, for such rent and upon such terms and conditions (which may include concessions or free rent and alterations "Maximum Rate") permitted by the applicable laws of the Premises) as LandlordState of Arizona or the United States of America, in its sole discretion, may determine, but Landlord whichever shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet permit the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in firsthigher non-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s)usurious rate, and such suits shall as to which Tenant could not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), successfully assert a claim or Landlord may defer any such suit until after the expiration defense of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New Yorkusury.
Appears in 1 contract
Samples: Lease Agreement (Entech Environmental Technologies Inc)
Landlord’s Remedies. If there Tenant fails to perform any affirmative duty or obligation of Tenant under this Lease, within thirty (30) days after receipt of written notice to Tenant (or in the case of an emergency, such lesser time that is prudent under the circumstances), Landlord may at its option (but without obligation to do so), perform such duty or obligation on Tenant's behalf, including but not limited to the obtaining of reasonable required bonds, insurance policies or governmental licenses, permits or approvals. The costs and expenses of any such performance by Landlord shall be an Event of Defaultdue and payable by Tenant to Landlord upon invoice therefor. If any check given to Landlord by Tenant shall not be honored by the bank upon which it is drawn, then Landlord shall have the rightLandlord, at its sole option, may require all future payments to terminate be made under this Lease upon five (5) days prior by Tenant to be made only by cashier's check. In the event of a Default of this Lease by Tenant, as defined in paragraph 7.01, Landlord may, in addition to all other remedies given to Landlord by law or in equity, by written notice to Tenant. In addition, with or declare the present value of all installments of Base Rent for the remainder of the term of this Lease to be immediately due and payable (whereupon the same shall be immediately due and payable), and terminate this Lease or, without terminating this Lease, reenter the Premises pursuant to proper legal proceedings (for which cost Landlord may shall be reimbursed if such reentry is granted). In the event of such re-enterentry Landlord shall use its reasonable efforts to relet the Premises and in the event of such reletting shall apply the rent therefrom first to the payment of Landlord's expenses (including reasonable attorneys' fees) incurred by reason of Tenant's Default and the expense of reletting, terminate Tenant’s right including but not limited to repairs, renovation or alteration of the Premises, and then to the payment of Rent and all other sums due from Tenant hereunder. All remedies available to Landlord under this Lease, at law, or in equity, are cumulative and concurrent. No termination of this Lease nor any taking or recovering of possession and take of the Premises shall deprive Landlord of any of its remedies or actions against Tenant for past or future rent or other sums due hereunder, nor shall the bringing of any action for rent or other Default be construed as a waiver of the right to obtain possession of the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Premises or any part thereof, alone or together with other premises, for such rent and upon such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, in its sole discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New York.
Appears in 1 contract
Landlord’s Remedies. 01. If there Tenant shall be an Event of Defaultdefault under this Lease as set forth in Section 24, then Landlord shall have the rightfollowing rights and remedies, in addition to all other remedies at its sole optionlaw or equity, and none of the following, whether or not exercised by Landlord, shall preclude the exercise of any other right or remedy whether set forth in this Lease or existing at law or equity:
(a) Landlord shall have the right to terminate this Lease upon five (5) days prior by giving Tenant notice in writing at any time. No act by or on behalf of Landlord, such as entry in the Premises by Landlord to perform maintenance and repairs and efforts to relet the Premises, other than giving Tenant written notice to Tenant. In additionof termination, with or without terminating shall terminate this Lease. Further, Landlord may re-enter, terminate Tenant’s right the service upon Tenant of possession and take a statutory notice for payment of rent or possession of the Premises. The provisions , regardless of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover whether Tenant delivers possession of the Premises under and by virtue to Landlord in response to such notice, shall not operate to terminate this Lease, unless the notice contains a statement calling for such termination upon delivery of possession. Landlord shall have the right to give such notice of termination at any time after service of the laws statutory notice for payment or possession or notice to demand compliance or possession. If Landlord gives such notice of Massachusettstermination, or by this Lease and the term hereof as well as the right, title and interest of Tenant under this Lease shall wholly cease and expire in the same manner and with the same force and effect (except as to Tenant's liability) on the date specified in such other proceedings, including notice as if such date were the expiration date of the term of this Lease without the necessity of re-entry or any other act on Landlord's part. Upon any termination of this Lease Tenant shall quit and possessionsurrender to Landlord the Premises as set forth in Section 25 above. If this Lease is terminated, as Tenant shall remain liable to Landlord for (i) all Fixed Minimum Rent, Additional Rent, and damages which may be applicable. If due or sustained by Landlord elects and all reasonable costs, fees and expenses including, but not limited to, attorneys' fees, costs and expenses, incurred by Landlord in pursuit of its remedies under this Lease, or in renting the Premises to terminate this Lease and/or elects others from time to terminate Tenant’s right of possessiontime (all such rent, then everything contained damages, costs, fees and expenses being referred to in this Lease as "Termination Damages"), and (ii) additional damages (the "Liquidating Damages"), which at the election of Landlord, shall be either:
(i) An amount or amounts equal to the Minimum Rent and Additional Rent which, but for termination of this Lease, would have become due during the remainder of the term, less the amount or amounts of rental, if any, which Landlord shall receive during such period from others to whom the Premises may be done and performed rented (other than any sums received by Landlord shall cease, without prejudice, however, as a result of any failure of such other person to perform any of its obligations to Landlord’s ), in which case such Liquidated Damages shall be computed and payable at Landlord's option either in an accelerated lump sum payment in an amount equal to the present worth of the total rentals due for the remaining term of the Lease, or payment in monthly installments, in advance, on the first day of each calendar month following termination of the Lease and continuing until the date on which the term would have expired but for such termination, and any suit or action brought to collect any such Liquidated Damages for any month shall not in any manner prejudice the right of Landlord to recover from Tenant all rent collect any Liquidated Damages for any subsequent month by a similar proceeding; or
(ii) An amount equal to the present worth (as of the date of such termination) of the Minimum Rent and other sums accrued through Additional Rent which, but for the later termination of this Lease, would have become due during the remainder of the Term, less the fair rental value of the Premises, as determined by an independent real estate appraiser named by Landlord, in which case such Liquidated Damages shall be payable to Landlord in one lump sum on demand and shall bear interest at the Maximum Rate until paid. For purposes of these clauses (i) and (ii), "present worth" shall be computed by discounting such amount to present worth at a discount rate equal to one percentage point above the discount rate then in effect at the Federal Reserve Bank nearest to the location of the Building. Termination Damages shall be due and payable immediately upon demand by Landlord following any termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession pursuant to this Section 29 above. If this Lease is terminatedterminated pursuant to this Section 29 above, Landlord may, but shall not be obligated to, may relet the Premises or any part thereof, alone or together with other premises, for such rent term or terms (which may be greater or less than the period which otherwise would have constituted the balance of the term of this Lease) and upon on such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, in its sole absolute discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s 's obligations hereunder be diminished by reason of, Landlord’s any failure by Landlord to relet the Premises or any failure by Landlord to collect any rent due upon such reletting. Whether .
(b) Landlord may, without demand or not notice, in accordance with Colorado law, re-enter and take possession of the Premises or any part thereof, and repossess the same as Landlord's former estate and expel Tenant and those claiming through or under Tenant, and remove the effects of any and all such persons (forcibly, if necessary) without being deemed guilty of any manner of trespass, without prejudice to any remedies for arrears of rent or preceding breach of covenants and without terminating this Lease is terminatedor otherwise relieving Tenant of any obligation hereunder. Should Landlord elect to re-enter as provided in this Section 29, Tenant nevertheless shall remain liable or should Landlord take possession pursuant to legal proceedings or pursuant to any notice provided for any Annual Fixed Rentby law, Additional Rent or damages which may be due or sustained prior to such defaultLandlord may, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time, without terminating this Lease, relet all or any part of the Premises for such term or terms and at such rental or rentals, and upon such other conditions as Landlord in its absolute discretion may deem advisable with the right to make alterations and repairs to the Premises. Tenant shall also be liable for additional damages which at Landlord’s election No such re-entry, repossession or reletting of the Premises by Landlord shall be either:
(a) construed as an amount equal election on Landlord's part to terminate this Lease unless a written notice of termination is given to Tenant by Landlord. No such re-entry, repossession or reletting of the Premises shall relieve Tenant of its liability and obligation under this Lease, all of which shall survive such re-entry, repossession or reletting. Upon the occurrence of such re-entry or repossession, Landlord shall be entitled to the Annual Fixed Rent amount of the monthly rent, and Additional Rent any other sums, which would have become due during the remainder of the be payable under this Lease Termif such re-entry or repossession has not occurred, less the amount of rentalnet proceeds, if any, which Landlord receives during such period from others to whom of any reletting of the Premises may after deducting all of Landlord's expenses in connection with such reletting, including, but without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys' fees, expenses of employees and alteration costs and expenses of preparation for such reletting at rates then prevailing for other tenants in the Building or other retail space comparable to the Premises in the Summit County area. Tenant shall pay such amount to Landlord on the days on which the rent or any other sums due under this Lease would have been payable under this Lease if possession had not been retaken. In no event shall Tenant be rented (other than any Additional Rent payable entitled to receive the excess, if any, of net rent collected by Landlord as a result of such reletting over the sums payable by Tenant to Landlord under this Lease.
(c) If Tenant shall default in making any failure payment required to be made by Tenant (other than payments of rent) or shall default in performing any other obligations of Tenant under this Lease, Landlord may, but shall not be obligated to, make such other person payment or, on behalf of Tenant, expend such sum as may be necessary to perform any of its obligations), which damages such obligation. Tenant shall be computed and payable in monthly installments, in advance, repay to Landlord on demand all sums so expended by Landlord with interest at the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s defaultMaximum Rate. Separate suits may be brought to collect any No such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), payment or expenditure by Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until a waiver of Tenant's default, nor shall it affect any other remedy of Landlord by reason of such default.
(d) In the expiration event of a breach or threatened breach by either party of any of the Lease Term. Landlord agrees that if the Premises are reletterms, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination covenants, or conditions of this Lease) , the non-breaching party shall also have the right of injunction and specific performance. The party in breach shall pay the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises premium for the same period, which damages shall be payable to Landlord any bond required in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New Yorkconnection with any injunction.
Appears in 1 contract
Samples: Lease Agreement
Landlord’s Remedies. If there any Event of Default occurs, then and in each such case, Landlord may treat the occurrence of such Event of Default as a breach of this Lease, and in addition to any and all other rights or remedies of Landlord in this Lease or by law or in equity provided, Landlord shall have, in its option, without further notice of demand of any kind to Tenant or any other person:
(i) the right to terminate this Lease;
(ii) the right to bring suit for the collection of Rent, as it accrues pursuant to the terms of this Lease, and damages (including without limitation reasonable attorneys' fees and the cost of renovating the Premises) without entering into possession of the Premises or canceling this Lease;
(iii) the right to retake possession of the Premises from Tenant by summary proceedings or otherwise, and it is agreed that the commencement and prosecution of any action by Landlord in forcible entry and detainer, ejectment or otherwise, or any execution of any judgment or decree obtained in any action to recover possession of the Premises, shall not be construed as an election to terminate this Lease whether or not such entry or reentry be had or taken under summary proceedings or otherwise and shall not be deemed to have absolved or discharged Tenant from any of its obligations or liabilities for the remainder of the Term. Tenant shall, notwithstanding any such entry or re-entry, continue to be liable for the payment of Rent and performance of the covenants conditions and agreements by Tenant to be performed set forth in this Lease, and Tenant shall pay 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. Nothing herein contained shall be an Event construed as obligating the Landlord to relet the whole or any part of Defaultthe Premises. In the event of any entry or taking possession of the Premises as aforesaid, then Landlord shall have the right, at its sole optionbut not the obligation, to terminate this Lease upon five (5) days prior written notice to Tenant. In addition, with or without terminating this Lease, Landlord may re-enter, terminate Tenant’s right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant remove therefrom all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Premises or any part thereof, alone or together with other premises, for such rent and upon such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, personal property located therein and may place the same in its sole discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet storage at a public warehouse at the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees expense and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder risk of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), owner or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New Yorkowners thereof.
Appears in 1 contract
Samples: Lease Agreement (Searchhelp Inc)
Landlord’s Remedies. If there shall be an Event In the event that Landlord elects to declare a breach of Defaultthis Lease, then Landlord shall have the rightright to give Tenant notice of intention to end the term of this Lease and, after any cure period provided in this Lease, thereupon the term of this Lease shall expire as fully and completely as if that day were the day herein definitely fixed for the expiration of the Term and Tenant shall then quit and surrender the Premises to Landlord, but Tenant shall remain liable as hereinafter provided. If Tenant fails to so quit and surrender the Premises as aforesaid, Landlord shall have the right as provided by law to evict Tenant and the legal representatives of Tenant and all other occupants of the Premises by unlawful detainer or other summary proceedings, or otherwise, and remove their effects and regain possession of the Premises (but Landlord shall not be obligated to effect such removal). In the event of any breach of this Lease by Tenant (and regardless of whether or not Tenant has abandoned the Premises) this Lease shall not terminate unless Landlord, at its sole Landlord's option, elects at any time when Tenant is in breach of this Lease to terminate Tenant's right to possession or, at Landlord's further option, by the giving of any notice (including but not limited to any notice preliminary or prerequisite to the bringing of legal proceedings in unlawful detainer) terminating Tenant's right to possession. For so long as this Lease continues in effect, Landlord may enforce all of Landlord's rights and remedies under this Lease, including the right to recover all rent as it becomes due hereunder. For the purposes of this paragraph, the following shall not constitute termination of Tenant's right to possession: acts of maintenance or preservation or efforts to relet the Premises, or the appointment of a receiver upon five (5) days prior written notice initiative of Landlord to Tenantprotect Landlord's interest under this Lease. In additionthe event of termination of this Lease, with or without terminating termination of Tenant's right to possession as the result of Tenant's breach of this Lease, Landlord may re-enter, terminate Tenant’s right of possession and take possession of shall have the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, right:
a. To relet the Premises or any part thereof, alone or together with other premises, for such rent and upon such terms as are reasonable under the circumstances. If the full rent reserved under this Lease (and conditions (which may include concessions or free rent and alterations any of the Premisescosts, expenses or damages indicated below) as Landlord, in its sole discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished realized by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain be liable for any Annual Fixed Rentall damages sustained by Landlord, Additional Rent or damages which may be due or sustained prior to such defaultincluding, all without limitation, deficiency in rent, reasonable attorneys' fees, other collection costs, fees brokerage fees, and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in of placing the Premises in first-class rentable condition) incurred . Landlord's putting the Premises in good order or preparing the same for rerental shall not operate or be construed to release Tenant from liability hereunder. Landlord shall not be liable for failure to relet the Premises. In no event shall Tenant be entitled to receive any excess of such net rent collected over the sums payable by Tenant to Landlord hereunder. Any damage or loss of rent sustained by Landlord may be recovered by Landlord, at Landlord's option, at the time of the reletting, or in pursuit of its remedies and in renting the Premises to others separate actions, from time to time. Tenant , as said damages shall also be liable for additional damages which have been ascertained by successive reletting, or, at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term's option, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing deferred until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the term of this Lease Term, (in which event Tenant hereby agrees that the cause of action shall not be deemed not to have accrued until the date of expiration of said term). All rights and remedies of Landlord under this Lease shall be cumulative and shall not be exclusive if any other rights and remedies provided to Landlord under applicable law.
b. To remove any and all persons and property from the Premises, with or without legal process, and pursuant to such rights and remedies as the laws of the State of Nevada shall then provide or permit, but Landlord shall not be obligated to effect such removal. Said property may, at Landlord's option, be stored or otherwise dealt with as such laws may then provide or permit, including but not limited to the right of Landlord to store the same, or any part thereof, in a warehouse or elsewhere at the expense and risk of and for the account of Tenant.
c. To enforce, to the extent permitted by the laws of the State of Nevada then in force and effect, any other rights or remedies set forth in this Lease Termor otherwise applicable hereto by operation of law or contract. Landlord agrees that if In the Premises are reletevent of a breach by Tenant of any of the terms, covenants, conditions, provisions or agreements of this Lease, Landlord shall act reasonably have the right of injunction. Mention in this Lease of any particular remedy shall not preclude Landlord from any other remedy, at law or in equity. If Tenant vacates or abandons the Premises, any property that Tenant leaves in the Premises shall be deemed to obtain a have been abandoned and may either be retained by Landlord as the property of Landlord or may be disposed of at public or private sale in accordance with applicable law as Landlord sees fit. The proceeds of any public or private sale of Tenant's property, or the then current fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between any property retained by Landlord shall be applied by Landlord against (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder expenses of Landlord for removal, storage or sale of the Lease Term, and property; (ii) the fair market rental value arrears of rent or future rent payable under this Lease; and (iii) any other damages to which Landlord may be entitled hereunder. Further, Landlord may, upon presentation of evidence of a claim valid upon its face of ownership or for security interest in any of Tenant's property abandoned in the Premises for Premises, turn over such property to the same period, which damages shall be payable claimant with no liability to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New YorkTenant.
Appears in 1 contract
Landlord’s Remedies. If there shall be an Event Upon the occurrence of Defaultany event of default, then Landlord shall have the rightfollowing rights and remedies, at its sole optionany one or more of which may be exercised without further notice to or demand upon Tenant:
1. Landlord may re-enter the demised premises and cure any default of Tenant, in which event Tenant shall reimburse Landlord for any 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 upon five (5) days prior written notice or Tenant's right to Tenant. In additionpossession under this Lease as of the date of such default, with or 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 demised premises, and Tenant shall immediately thereafter surrender the demised premises to Landlord; (B) Landlord may re-enter the demised premises and dispose Tenant or any other occupants of the demised premises by force, summary proceedings, ejectment or otherwise, and may 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 may re-enter, terminate Tenant’s right of possession and take possession let all or any part of the Premises. The provisions demised premises for a term different from that which would otherwise have constituted the balance of the term of this Article Lease and for rent and on terms and conditions different from those contained herein, whereupon Tenant shall operate immediately 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 notice to quitsubsequent re-letting of the demised premises, any other notice to quit or for the period which would otherwise have constituted the balance of the term of this Lease, together with all of Landlord’s intention to 's costs and expenses for preparing the demised premises for re-enter letting, including all repairs, tenant finish improvements, 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 Premises being hereby expressly waivedliabilities and remedies specified herein shall survive the termination of this Lease. If necessaryNotwithstanding 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 demised premises for re-letting, and re-letting the demised premises.
3. Upon termination of this Lease pursuant to Section 34(b)2, Landlord may proceed to recover possession of the Premises demised premises under and by virtue of the provisions of the laws of Massachusettsthe State of Washington, or by such other proceedings, including re-entry reentry and possession, as may be applicable.
4. If Landlord elects to terminate this Lease and/or elects to terminate the Tenant shall not remove all of Tenant’s right of possession, then everything contained 's property from said demised premises as provided in this Lease to be done and performed by Lease, Landlord, at its option, may remove any or all of said property in any manner that Landlord shall ceasechoose and store same without liability for loss thereof, without prejudiceand Tenant will pay the Landlord, howeveron demand, to Landlord’s right to recover from Tenant any and all rent reasonable expenses incurred in such removal and other sums accrued through storage of said property for any length of time during which the later same shall be in possession of termination Landlord or Landlord’s recovery of possession. Whether in storage, or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated toupon thirty (30) days prior notice to Tenant, relet the Premises sell any or any part thereof, alone or together with other premises, all of said property in such manner and for such price as the Landlord may reasonably deem best and apply the proceeds of such sale upon any amounts due under this Lease from the Tenant to the Landlord, including the reasonable expenses of removal and sale.
5. Any damage or loss of rent and upon such terms and conditions (which sustained by Landlord may include concessions or free rent and alterations be recovered by Landlord, at Landlord's option, at the time of the Premises) as Landlordreletting, or in its sole discretionseparate actions, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant , as said damage shall also be liable for additional damages which have been made more easily ascertainable by successive relettings, or at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as 's option in a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing single proceeding deferred until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the term of this Lease Term, (in which event Tenant hereby agrees that the cause of action shall not be deemed not 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 Lease Termterm of this Lease.
6. Landlord agrees that if In the Premises are reletevent of a breach by Tenant of any of the covenants or provisions hereof, Landlord shall act reasonably have the right of injunction and the right to obtain a fair market rental value invoke any remedy allowed at law or in equity as if reentry, summary proceedings, and other remedies were not provided for herein. Mention in this Lease of any particular remedy shall not preclude Landlord from any other remedy, in law or in equity. Tenant hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Tenant being evicted or dispossessed for any cause, or in the event of Landlord obtaining possession of the demised premises 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 under any provision of this Lease. No receipt of monies by Landlord from or for the Premises; or
(b) an amount equal to the present value (as account of Tenant or from anyone in possession or occupancy of the date of demised premises after the termination of this Lease) Lease or after the giving of any notice shall reinstate, continue or extend the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose term of this SectionLease or affect any notice given to the Tenant prior to the receipt of such money, present value it being agreed that after the service of notice or the commencement of a suit, or after final judgment for possession of said demised premises, the Landlord may receive and collect any rent or other amounts due Landlord and such payment shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New Yorknot waive or affect said notice, said suit or said judgment.
Appears in 1 contract
Samples: Lease (DSW Inc.)
Landlord’s Remedies. If there shall be an Event of Default, then Landlord shall have the right, at its sole option, to terminate this Lease upon five (5) days prior written notice to TenantLease. In addition, with or without terminating this Lease, Landlord may re-enter, terminate Tenant’s right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Premises or any part thereof, alone or together with other premises, for such rent and upon such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, in its sole discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) : an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) or an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New York.
Appears in 1 contract
Landlord’s Remedies. If there shall be Upon an Event of Default. Upon the occurrence of any Event of Default, then Landlord shall have the rightLANDLORD may:
(a) Enter the Leased Premises to cure a non-monetary default by TENANT and add the cost of such cure, with interest at its sole optionthe rate of eighteen percent (18%) per annum, to the amount of the next monthly installment of the annual Base Rent to be paid by the TENANT hereunder, but it is expressly agreed that such curing shall not be deemed a waiver or release of such default.
(b) Cancel and terminate this Lease upon five on not less than fifteen (515) days prior written notice to TenantTENANT, and on the date specified in such notice. In additionTENANT shall then quit and surrender the Leased Premises to LANDLORD, but TENANT shall remain liable as herein provided. Upon such cancellation and termination, LANDLORD may at any time thereafter resume possession of the Leased Premises by any lawful means, with or without terminating legal process, and remove TENANT and its effects and hold the Leased Premises as if this Lease, Landlord Lease had not been made.
(c) LANDLORD may re-enterenter the Leased Premises without terminating this Lease and prepare the Leased Premises for reletting and may occupy or relet the Leased Premises or any part thereof as agent of TENANT or otherwise for a term or terms to expire prior to, terminate Tenantat the same time as, or subsequent to the expiration of the term of this Lease at LANDLORD’s option and receive the rent therefor, applying the same first to the payment of such reasonable expenses as LANDLORD may have incurred in connection with such resumption of possession, preparing for reletting and reletting, including brokerage and reasonable attorney’s fees, and then to the payment of damages in amounts equal to the rentals remaining due hereunder and to the reasonable cost and expense of performance of the other covenants of the TENANT. The TENANT agrees, whether or not the LANDLORD has relet, to pay to the LANDLORD damages equal to the remaining installments of rent payable hereunder and all other sums herein agreed to be paid by the TENANT, less the proceeds of the reletting, if any, as ascertained from time to time, and the same shall be payable by the TENANT on the several rental payment dates specified herein for the remainder of the term. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. The TENANT hereby waives all right of possession and take possession redemption to which the TENANT or any person claiming under it might be entitled by any law now or hereafter in force.
(d) If any rental payments are more than five (5) days late, LANDLORD shall have the option of assessing a late charge penalty of five percent (5%) of the Premisesamount of the rental payment. The This late charge is optional and is not to be construed as limiting LANDLORD’s options under the default provisions of this Article shall operate Lease as a described hereinabove.
(e) TENANT hereby expressly waives, so far as permitted by law, the service of any notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessaryprovided for in any statute, Landlord may proceed to recover possession and except as is herein otherwise provided TENANT, for and on behalf of the Premises itself and all persons claiming through or under TENANT (including any leasehold mortgagee or other creditor), also waives any and by virtue all right of the laws of Massachusetts, redemption or by such other proceedings, including re-entry and possession, or repossession in case TENANT shall be dispossessed by a judgment or by warrant of any court or judge or in case of re-entry or repossession by LANDLORD or in case of any expiration or termination of this Lease. The terms “enter,” “re-enter,” “entry” or “reentry” as may be applicable. If Landlord elects to terminate used in this Lease and/or elects are not restricted to terminate Tenant’s their technical legal meanings.
(f) No failure by LANDLORD to insist upon the strict performance of any agreement, term, covenant or condition hereof or to exercise any right or remedy consequent upon a breach thereof, and no acceptance of possessionfull or partial rent during the continuance of any such breach, shall constitute a waiver of any such breach or of such agreement, term, covenant or condition. No agreement, term, covenant or condition hereof to be performed or complied with by TENANT, and no breach thereof, shall be waived, altered or modified except by a written instrument executed by LANDLORD. No waiver of any breach shall affect or alter this Lease, but each and every agreement, term, covenant and condition hereof shall continue in full force and effect with respect to any other then everything existing or subsequent breach thereof.
(g) In the event of any breach or threatened breach by TENANT of any of the agreements, terms, covenants or conditions contained in this Lease Lease, LANDLORD shall be entitled to be done enjoin such breach or threatened breach and performed by Landlord shall cease, without prejudice, however, to Landlord’s have the right to recover from Tenant all rent invoke any right and remedy allowed at law or in equity or by statute or otherwise as though re-entry, summary proceedings, and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or remedies were not provided for in this Lease and/or Tenant’s right of possession is terminatedLease.
(h) If TENANT shall, Landlord mayat any time, but be in default hereunder, and if LANDLORD shall not be obligated to, relet the Premises or any part thereof, alone or together with other premises, for such rent and upon such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlorddeem it reasonable, in its sole discretion, may determineto engage legal counsel to enforce or protect LANDLORD’s rights hereunder, TENANT shall be obligated to reimburse LANDLORD for the reasonable expenses incurred thereby, including, but Landlord not limited to, court costs and reasonable attorney fees actually incurred, both at trial and on appeal.
(i) Each right and remedy provided for in this Lease shall be cumulative and shall be in addition to every other right or remedy provided for in this Lease or now or hereafter existing at law or in equity or by statute or otherwise, and the exercise or beginning of the exercise by LANDLORD of any one or more of the rights or remedies provided for in this Lease or now or hereafter existing at law or in equity or by statute or otherwise shall not be liable preclude the simultaneous or later exercise by the party in question of any or all other rights or remedies provided for in this Lease or now or hereafter existing at law or in equity or by statute or otherwise. Notwithstanding the foregoing, LANDLORD shall have no claim for, nor shall Tenant’s obligations be diminished by reason ofright to receive, Landlord’s failure to relet the Premises any special, consequential or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such defaultpunitive damages, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing of which are hereby waived by the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New YorkLANDLORD.
Appears in 1 contract
Landlord’s Remedies. If there shall be an Event of DefaultTenant's Default occurs, then Landlord shall have the rightfollowing remedies, at its sole option, in addition to terminate this Lease upon five (5) days prior written notice to Tenant. In addition, with all other rights and remedies provided by any Law or without terminating otherwise provided in this Lease, to which Landlord may re-enterresort cumulatively or in the alternative:
A. Landlord may, terminate Tenant’s right at Landlord's election, keep this Lease in effect and enforce by an action at law or in equity all of possession its rights and take possession of the Premises. The provisions of remedies under this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedingsLease, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s (i) the right to recover from Tenant all the rent and other sums accrued through as they become due by appropriate legal action, (ii) the later right to make payments required of termination Tenant or Landlord’s recovery perform Tenant's obligations and be reimbursed by Tenant for the cost thereof with interest at the Agreed Interest Rate from the date the sum is paid by Landlord until Landlord is reimbursed by Tenant, and (iii) the remedies of possession. Whether or not injunctive relief and specific performance to compel Tenant to perform its obligations under this Lease and/or Tenant’s right of possession is terminated, Lease.
B. Landlord may, but 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 be obligated torelieve Tenant from its obligation to pay sums then due Landlord or from any claim against Tenant for damages or rent previously accrued or then 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 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 Premises or any action taken to relet the Premises or any part portions thereof, alone or together with other premises, for such rent the account of Tenant and upon such terms in the name of Tenant.
C. In the event Tenant breaches this Lease and conditions (which may include concessions or free rent and alterations of abandons the Premises, this Lease shall not terminate unless Landlord gives Tenant written notice of its election to so terminate this Lease. No act by or on behalf of Landlord intended to mitigate the adverse effect of such breach, including those described by subparagraphs 13.2B(1), (2) and (3) immediately preceding, shall constitute a termination of Tenant's right to possession unless Landlord gives Tenant written notice of termination. Should Landlord not terminate this Lease by giving Tenant written notice, Landlord may enforce all its rights and remedies under this Lease, including the right to recover the rent as Landlordit becomes due under the Lease as provided in California Civil Code Section 1951.4 as in effect on the Commencement Date of this Lease.
D. In the event Landlord terminates this Lease, in its sole discretion, may determine, but Landlord shall not be liable forentitled, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
's election, to damages in an amount as set forth in California Civil Code Section 1951.2 as in effect on the Commencement Date of this Lease. For purposes of computing damages pursuant to Section 1951.2, (ai) an amount interest rate equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages Agreed Interest Rate shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Termused where permitted, and (ii) the fair market rental value term "rent" includes Base Monthly Rent and Additional Rent. Such damages shall include without limitation:
(1) The worth at the time of award of the Premises amount by which the unpaid rent for the same periodbalance of the term after the time of award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting such amount at a rate equal to one (1) whole percentage point above the discount rate then in effect at of the Federal Reserve Bank of New YorkSan Francisco at the time of award plus one percent (1%); 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 Premises; (ii) expenses for altering, remodeling or otherwise improving the Premises for the purpose of reletting, including installation of leasehold improvements (whether such installation be funded by a reduction of rent, direct payment or allowance to a new Tenant, or otherwise); (iii) broker's fees, advertising costs and other expenses of reletting the Premises; (iv) costs of carrying the Premises, such as taxes, insurance premiums, utilities and security precautions; (v) expenses in retaking possession of the Premises; and (vi) attorneys' fees and court costs incurred by Landlord in retaking possession of the Premises and in releasing the Premises or otherwise incurred as a result of Tenant's default.
E. Nothing in this paragraph shall limit Landlord's right to indemnification from Tenant as provided in paragraph 7.2 and paragraph 10.
Appears in 1 contract
Samples: Lease Agreement (United Defense Lp)
Landlord’s Remedies. If there shall be an Event of Default(i) Upon Tenant’s default, then Landlord shall have all remedies provided in this Lease, as well as in law or equity, including, without limitation, the right, at its sole option, right to terminate end this Lease upon five (5) days prior written notice or Tenant’s right to Tenant. In additionpossession hereunder, in which case Tenant shall immediately vacate the Premises, with or without terminating 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 reason of Landlord’s reentry, repossession, or alteration of locks or other security devices and 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 by Tenant, unless such surrender is agreed to in writing by Landlord.
(iii) If Landlord ends this Lease or Tenant’s right to possess the Premises hereunder, Tenant shall be liable to Landlord for Monthly Base Rent, and any other indebtedness of Tenant under the Lease, accrued to the date the Lease or Tenant’s right to possession ends and thereafter scheduled during the remainder of the Term, reduced only by any sums Landlord receives by reletting the Premises during the scheduled term, provided, however, if Landlord relets the Premises during the remainder of the scheduled term, at a rental in excess of that provided for under this Lease, Landlord may re-enter, terminate Tenant’s right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated toentitled to any such excess rental, relet the Premises or and Tenant waives any part thereof, alone or together with other premises, for such rent and upon such terms and conditions claim thereto.
(which may include concessions or free rent and alterations of the Premisesiv) as Landlord, in its sole discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder that part of the Lease Term, less following sums paid by Landlord and attributable to that part of the amount of rental, if any, which Landlord receives during such period from others term ended due to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages :
A. reasonable broker’s fees incurred by Landlord for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), reletting part or Landlord may defer any such suit until after the expiration all of the Lease Term, in which event Premises prorated for the cause of action shall be deemed not to have accrued until the expiration part of the Lease Term. Landlord agrees that if reletting term ending concurrently with the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination scheduled term of this Lease) ;
B. the cost of removing and storing Tenant’s property;
C. the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder cost of the Lease Termrepairs, alterations, and (ii) the fair market rental value of remodeling necessary to put the Premises for the same period, which damages shall be payable In a condition reasonably acceptable to a new tenant; and
D. other necessary and reasonable expenses incurred by Landlord in one lump sum on demand. For purpose of this Sectionenforcing its remedies.
(v) Landlord may xxx and take any other action provided by law to collect the amounts due hereunder at any time, present value shall be computed by discounting at a rate equal and from time to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New Yorktime without waiving its rights to xxx for and collect further amounts due from Tenant hereunder.
Appears in 1 contract
Samples: Lease (Genetic Technologies LTD)
Landlord’s Remedies. If there Tenant shall fail to make any payment of any Rent due hereunder within seven (7) days of its due date, or if Tenant shall fail to perform any of the other covenants or conditions which Tenant is required to observe and perform under this Lease for a period of thirty (30) days following written notice of such failure, or if the interest of Tenant in this Lease shall be levied upon under execution and not removed or stayed within thirty (30) days, or if any petition shall be filed by or against Tenant in a court of bankruptcy which is not removed within forty-five (45) days, or if Tenant shall be declared insolvent according to law, or make an Event assignment for the benefit of Defaultcreditors or petition for or enter into an arrangement, or if Tenant shall abandon and vacate the Premises during the Term of this Lease or if Tenant shall dissolve, then Landlord shall have may, but need not, treat the rightoccurrence of any one or more of the foregoing events as a default under this Lease, and thereupon may, at its sole option, with notice and demand to terminate this Lease upon five Tenant as required by law, have the following-described remedies in addition to other rights and remedies provided at law or in equity. If Tenant has expeditiously undertaken, and is attempting to cure a non-monetary default and continuously proceeding to that goal, then the cure period shall be extended to sixty (560) days prior written notice to Tenant. In addition, with or without terminating this Lease, Landlord may re-enter, terminate if it is capable of being cured within that period.
(a) Terminate Tenant’s right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter repossess the Premises being hereby expressly waived. If necessaryin a district court summary proceeding action and without terminating this Lease, in which case Landlord may proceed shall use good faith efforts to recover possession relet all or any part of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Premises or any part thereof, alone or together with other premises, for such rent and upon reasonable business terms. For the purposes of such terms reletting, Landlord shall list the Premises with a broker and conditions (which may include concessions make such repairs or free rent and alterations of physical changes in or to the Premises as may be necessary. During any period that Landlord is unable to relet the Premises) , then Tenant shall pay to Landlord the amount due to be paid by Tenant as Landlord, in its sole discretion, may determine, but Landlord such rent becomes due under the Lease without acceleration as provided herein. If the Premises are relet and a sufficient sum shall not be liable forrealized from the reletting, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, after payment of all costs, fees costs and expenses (including without limitation reasonable attorneys’ feesof such repairs and the expense of such reletting and the collection of rent occurring therefrom, brokerage fees and expenses incurred in placing to satisfy the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises Rent herein provided to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due paid during the remainder of the Lease initial Term, less Tenant shall satisfy and pay any such deficiency as and when such rent becomes due under the amount Lease. Tenant agrees that Landlord may file suit to recover sums falling due under the terms of rental, if any, which Landlord receives during such period this paragraph from others time to whom the Premises may be rented (other than time and that any Additional Rent payable as a result suit or recovery of any failure of such other person to perform any of its obligations), which damages portion due Landlord hereunder shall be computed no defense to any subsequent action brought for any amount not theretofore reduced to judgment in favor of Landlord. Any election of Landlord upon an event of uncured default after written notice must be proceeded with all notices and payable in monthly installmentsappropriate requirements as provided by law. All remedies of Landlord must comply with the requirements of the Summary Proceedings Act of the State of Michigan, and shall not include consent to self help. Landlord shall have a duty to mitigate damages. Landlord’s collection of rents, in advancethe event of a reletting, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not used to have accrued until the expiration diminish any liability of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New YorkTenant.
Appears in 1 contract
Landlord’s Remedies. If there shall be an Event Upon the occurrence of Defaultany event of default, then Landlord shall have the rightfollowing rights and remedies, at its sole optionany one or more of which may be exercised without further notice to or demand upon Tenant:
1. Landlord may re-enter the demised premises and cure any default of Tenant, in which event Tenant shall reimburse Landlord for any 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 upon five (5) days prior written notice or Tenant's right to Tenant. In additionpossession under this Lease as of the date of such default, with or 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 demised premises, and Tenant shall immediately thereafter surrender the demised premises to Landlord; (B) Landlord may re-enter the demised premises and dispose Tenant or any other occupants of the demised premises by force, summary proceedings, ejectment or otherwise, and may 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 may re-enter, terminate Tenant’s right of possession and take possession let all or any part of the Premises. The provisions demised premises for a term different from that which would otherwise have constituted the balance of the term of this Article Lease and for rent and on terms and conditions different from those contained herein, whereupon Tenant shall operate immediately 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 notice to quitsubsequent re-letting of the demised premises, any other notice to quit or for the period which would otherwise have constituted the balance of the term of this Lease, together with all of Landlord’s intention to 's costs and expenses for preparing the demised premises for re-enter letting, including all repairs, tenant finish improvements, 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 Premises being hereby expressly waivedliabilities and remedies specified herein shall survive the termination of this Lease. If necessaryNotwithstanding 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 demised premises for re-letting, and re-letting the demised premises.
3. Upon termination of this Lease pursuant to Section 34(b)2, Landlord may proceed to recover possession of the Premises demised premises under and by virtue of the provisions of the laws of Massachusettsthe State of Florida, or by such other proceedings, including re-entry reentry and possession, as may be applicable.
4. If Landlord elects to terminate this Lease and/or elects to terminate the Tenant shall not remove all of Tenant’s right of possession, then everything contained 's property from said demised premises as provided in this Lease to be done and performed by Lease, Landlord, at its option, may remove any or all of said property in any manner that Landlord shall ceasechoose and store same without liability for loss thereof, without prejudiceand Tenant will pay the Landlord, howeveron demand, to Landlord’s right to recover from Tenant any and all rent reasonable expenses incurred in such removal and other sums accrued through storage of said property for any length of time during which the later same shall be in possession of termination Landlord or Landlord’s recovery of possession. Whether in storage, or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated toupon thirty (30) days prior notice to Tenant, relet the Premises sell any or any part thereof, alone or together with other premises, all of said property in such manner and for such price as the Landlord may reasonably deem best and apply the proceeds of such sale upon any amounts due under this Lease from the Tenant to the Landlord, including the reasonable expenses of removal and sale.
5. Any damage or loss of rent and upon such terms and conditions (which sustained by Landlord may include concessions or free rent and alterations be recovered by Landlord, at Landlord's option, at the time of the Premises) as Landlordreletting, or in its sole discretionseparate actions, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant , as said damage shall also be liable for additional damages which have been made more easily ascertainable by successive relettings, or at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as 's option in a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing single proceeding deferred until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the term of this Lease Term, (in which event Tenant hereby agrees that the cause of action shall not be deemed not 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 Lease Termterm of this Lease.
6. Landlord agrees that if In the Premises are reletevent of a breach by Tenant of any of the covenants or provisions hereof, Landlord shall act reasonably have the right of injunction and the right to obtain a fair market rental value invoke any remedy allowed at law or in equity as if reentry, summary proceedings, and other remedies were not provided for herein. Mention in this Lease of any particular remedy shall not preclude Landlord from any other remedy, in law or in equity. Tenant hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Tenant being evicted or dispossessed for any cause, or in the event of Landlord obtaining possession of the demised premises 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 under any provision of this Lease. No receipt of monies by Landlord from or for the Premises; or
(b) an amount equal to the present value (as account of Tenant or from anyone in possession or occupancy of the date of demised premises after the termination of this Lease) Lease or after the giving of any notice shall reinstate, continue or extend the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose term of this SectionLease or affect any notice given to the Tenant prior to the receipt of such money, present value it being agreed that after the service of notice or the commencement of a suit, or after final judgment for possession of said demised premises, the Landlord may receive and collect any rent or other amounts due Landlord and such payment shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New Yorknot waive or affect said notice, said suit or said judgment.
Appears in 1 contract
Samples: Lease (Retail Ventures Inc)
Landlord’s Remedies. If there shall be Upon the occurrence of an Event of Default, then then, in addition to and without waiving any other rights and remedies available to Landlord at law or in equity or otherwise provided in this Lease, Landlord may, at its option, cumulatively or in the alternative, exercise the following remedies:
(a) Landlord may terminate Tenant's right to possession of the Premises, in which case this Lease shall terminate and Tenant shall immediately surrender possession of the Premises to Landlord. No act by Landlord other than giving Notice to Tenant of Landlord's election to terminate Tenant's right to possession 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. Termination shall terminate Tenant's right to possession of the Premises but shall not relieve Tenant of any obligation under this Lease which has accrued prior to the date of such termination. Upon such termination, Landlord shall have the right, at its sole option, to terminate this Lease upon five (5) days prior written notice to Tenant. In addition, with or without terminating this Lease, Landlord may re-enter, terminate Tenant’s right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessaryPremises, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusettsremove all persons and property, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right also be entitled to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Premises or any part thereof, alone or together with other premises, for such rent and upon such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, in its sole discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(ai) an The worth at the time of award of the unpaid Monthly Rent and Additional Rent which had been earned at the time of termination;
(ii) The worth at the time of award of the amount equal to by which the Annual Fixed unpaid Monthly Rent and Additional Rent which would have become due during been earned after termination until the remainder time of the Lease Term, less award exceeds the amount of rental, if any, which Landlord receives during such period from others to whom rental loss that Tenant proves could have been reasonably avoided;
(iii) The worth at the Premises may be rented (other than any Additional Rent payable as a result time of any failure award of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on amount by which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed unpaid Monthly Rent and Additional Rent which would have become due during for the remainder balance of the Term after the time of award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided;
(iv) Any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant's failure to perform its obligations under this Lease Termor which in the ordinary course of things would be likely to result from Tenant's default, including, but not limited to, the cost of recovering possession of the Premises, commissions and other expenses of reletting, including necessary repair, demolition and renovation of the Premises to the condition existing immediately prior to Tenant's occupancy, the unamortized portion of any Tenant Improvements and brokerage commissions funded by Landlord in connection with this Lease, the cost of rectifying any damage to the Premises occasioned by the act or omission of Tenant, reasonable attorneys' fees, and any other reasonable costs; and
(v) At Landlord's election, all other amounts in addition to or in lieu of the foregoing as may be permitted law. As used in subsections (i) and (ii) above, the fair market rental value "worth at the time of the Premises for the same period, which damages award" shall be payable to Landlord computed by allowing interest at the maximum legal rate permitted by law. As used in one lump sum on demand. For purpose subsection (iii) above, the "worth at the time of this Section, present value award" shall be computed by discounting the amount at a rate equal to one (1) whole percentage point above the discount rate then in effect at of the Federal Reserve Bank of New YorkSan Francisco at the time of award plus one percent (1%).
(b) Landlord may elect not to terminate Tenant's right to possession of the Premises, in which event this Lease will continue in full force and effect as long as Landlord does not terminate Tenant's right to possession, and Landlord may continue to enforce all of its rights and remedies under this Lease, including the right to collect all Rent as it becomes due. In the event that Landlord elects to avail itself of the remedy provided in this subparagraph 15.3(b), Landlord shall not unreasonably withhold its consent to an assignment or subletting of the Premises subject to the reasonable standards for Landlord's consent as are contained in this Lease. In addition, in the event Tenant has entered into a sublease which is valid under the terms of this Lease, Landlord may also, at its
Appears in 1 contract
Samples: Lease Agreement (Omnicell Com /Ca/)
Landlord’s Remedies. If there shall be an Event Upon the occurrence of Defaultany default by Tenant under this Lease, then Landlord shall have the rightmay, at its sole option, to terminate this Lease upon five do any one or more of the following: (5a) days prior written notice to Tenant. In addition, with or without terminating this Lease, Landlord may re-enter, terminate Tenant’s right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right to possession of the Leased Premises, whereupon Tenant’s right of possession is terminatedshall thereupon cease and terminate and Landlord shall be entitled to the possession of the Leased Premises, Landlord mayany process of law, but shall not be obligated toany notice to quit, relet the Premises or any part of intention to re-enter being hereby exercised by entry, or in lieu thereof, alone or together with other premises, for such rent by written notice to Tenant terminating this Lease and upon such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, in its sole discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished right to possession. Tenant hereby expressly waives any and all rights of redemption granted by reason of, Landlord’s failure to relet or under any present or future laws in the Premises event of Tenant being evicted or collect dispossessed for any rent due upon such reletting. Whether cause or not in the event Landlord terminates this Lease is terminatedor Tenant’s right of possession as provided in this Section 6.2. In the event of such re-entry by process of law or otherwise, Tenant nevertheless shall remain liable for any Annual Fixed Rentand all damage, Additional Rent deficiency or damages which may be due or sustained prior to such default, all costs, fees loss and expenses (including without limitation reasonable attorneys’ fees, brokerage fees Landlord shall have the power and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, less the amount of rental, if anyright, which is hereby acceded to by Tenant, to re-let the Leased Premises, and whether or not there has been such re-letting, Landlord receives during such period from others shall have the right each month to whom xxx for and recover all sums previously due and not previously paid as well as all sums thereafter due and payable including, without limitation, any loss of rents (or monthly deficit) with the Premises may be rented (other than right reserved to Landlord to bring any Additional Rent payable as a result action(s) or proceeding(s) for the recovery of any failure of such other person deficit(s) remaining unpaid without being obligated to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after await the expiration of the Lease TermTerm for a final determination of Tenant’s account. Additionally, Landlord may elect at any time, upon notice to Tenant, to accelerate the payment of Base Rental, Additional Rent and all other sums due or to become due under the Lease, as reasonably estimated by Landlord, in which event case Tenant shall forthwith pay such sums to Landlord after receiving a credit for (i) such sums as [ * ] Indicates that information has been omitted and filed separately with the cause of action shall be deemed not Securities and Exchange Commission pursuant to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value request for the Premises; orconfidential treatment.
(b) an amount Without waiving any other remedy, including the right to terminate this Lease upon Tenant’s failure to perform, observe or comply with the covenants set forth in Section 4.1 or 4.7 of this Lease, Landlord may, without terminating this Lease and without taking possession of the Leased Premises, collect from Tenant, in addition to any rent payable by Tenant to Landlord under this Lease, as liquidated damages, a sum equal to the present value greater of $500 or twice the per diem Base Rental for each day or any portion thereof that such default by Tenant continues, Landlord and Tenant agreeing that actual damages which might be sustained by Landlord by reason of such failure are uncertain and difficult of ascertainment and that said sum would be reasonable and just compensation for such failure.
(as c) Notwithstanding anything hereinabove contained in this Article VI, no default by Tenant which would be violative of the date of Prime Lease or the termination of this Lease) of Economic Development Plan pursuant to which the difference between (i) Boston Marine Industrial Park is operated and has been developed will be permitted, particular reference is made to Section 2.2 hereof and the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demandPermitted Use. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New YorkSection 6.3.
Appears in 1 contract
Samples: Office Lease Agreement
Landlord’s Remedies. If there shall be an Event any one or more Events of Default, Default set forth in Section 24.1 occurs then Landlord shall have has the right, at its sole option, election:
(a) To give Tenant written notice of Landlord's intention to terminate this Lease upon five on the earliest date permitted by law or on any later date specified in such notice, in which case Tenant's right to possession of the Premises will cease and this Lease will be terminated, except as to Tenant's liability, as if the expiration of the term fixed in such notice were the end of the Term;
(5b) days prior written Without further demand or notice to cure any Event of Default and to charge Tenant for the cost of effecting such cure, including, without limitation, reasonable attorneys' fees and interest on the amount so advanced at the Prime Rate, provided that Landlord will have no obligation to cure any such Event of Default of Tenant. In additionShould Landlord take possession pursuant to legal proceedings or pursuant to any notice provided by law, with or Landlord may, from time to time, without terminating this Lease, Landlord may re-enter, terminate Tenant’s right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet let the Premises or any part thereofof the Premises in Landlord's or Tenant's name, alone or together with other premisesbut for the account of Tenant, for such rent term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the Term) and on such conditions and upon such other terms and conditions (which may include concessions or of free rent and alterations alteration and repair of the Premises) as Landlord, in its sole reasonable discretion, may determine, but determine and Landlord shall not may collect and receive the rent. Landlord will in no way be responsible or liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s for any failure to relet re-let the Premises Premises, or any part of the Premises, or for any failure to collect any rent due upon such relettingre-letting. Whether No such reentry or not taking possession of the Premises by Landlord will be construed as an election on Landlord's part to terminate this Lease unless a written notice of such intention is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent given to Tenant. No written notice from Landlord under this Section or damages which may be due under a forcible or sustained prior to such default, all costs, fees unlawful entry and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred detainer statute or similar law will constitute an election by Landlord in pursuit of its remedies and in renting to terminate this Lease unless such notice specifically so states. Landlord reserves the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month right following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s reentry or re-letting to exercise its right to collect any terminate this Lease by giving Tenant such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Termwritten notice, in which event the cause of action shall be deemed not to have accrued until the expiration of the this Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (will terminate as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord specified in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New Yorksuch notice.
Appears in 1 contract
Samples: Asset Purchase and Sale Agreement (Scotts Liquid Gold Inc)
Landlord’s Remedies. If there shall be an Event of Default, then a. Landlord shall have the right, at its sole option, following remedies if Tenant is in default. These remedies are not exclusive; they are cumulative and in addition to terminate this Lease upon five (5) days prior written notice to Tenantany remedies now or later allowed by law. In addition, with or without terminating this Lease, Landlord may re-enter, terminate Tenant’s right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right to possession of possession the Premises at any time. No act by Landlord other than giving notice 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 this Lease. Upon termination of this Lease or of Tenant’s right to possession, Landlord has the right to recover from Tenant: (1) The worth of the unpaid rent that had been earned at the time of such termination; (2) The worth of the amount of the unpaid rent that would have been earned after the date of such termination; and (3) reasonable costs of reletting, including court, attorney and collection costs, “The Worth” as used for Item 200) is terminatedto be computed by allowing interest at the Default Rate. “The Worth” as used for Item 20(2) is to be computed by discounting the amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of termination of Tenant’s right of possession.
b. All covenants and agreements to be performed by Tenant under any of the terms of this Lease shall be performed by Tenant at Tenant’s sole cost and expense and without any abatement of rent. If Tenant shall fail to pay any sum of money owed to any party other than Landlord, for which it is liable hereunder, or if Tenant shall fail to perform any other act on its part to be performed hereunder, Landlord may, without waiving such default or any other right or remedy, but shall not be obligated to, relet the Premises make any such payment or perform any part thereofsuch other act to be made or performed by Tenant. All sums so paid by Landlord, alone or and all necessary incidental costs, together with other premises, for such rent and upon such terms and conditions (which may include concessions or free rent and alterations of interest thereon at the Premises) as Landlord, in its sole discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others Default Rate from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Termexpenditure by Landlord, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New York.
Appears in 1 contract
Samples: Business Park Lease (Nlight, Inc.)
Landlord’s Remedies. If there shall be Upon the occurrence of an Event of Default, then then, in addition to and without waiving any other rights and remedies available to Landlord at law or in equity or otherwise provided in this Lease, Landlord may, at its option, cumulatively or in the alternative, exercise the following remedies:
(a) Landlord may terminate Tenant's right to possession of the Premises, in which case this Lease shall terminate and Tenant shall immediately surrender possession of the Premises to Landlord. No act by Landlord other than giving Notice to Tenant of Landlord's election to terminate Tenant's right to possession shall terminate this Lease. Acts of maintenance, efforts to re-let 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. Termination shall terminate Tenant's right to possession of the Premises but shall not relieve Tenant of any obligation under this Lease which has accrued prior to the date of such termination. Upon such termination, Landlord shall have the right, at its sole option, to terminate this Lease upon five (5) days prior written notice to Tenant. In addition, with or without terminating this Lease, Landlord may re-enter, terminate Tenant’s right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessaryPremises, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusettsremove all persons and property, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right also be entitled to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Premises or any part thereof, alone or together with other premises, for such rent and upon such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, in its sole discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(ai) an The worth at the time of award of the unpaid Monthly Rent and Additional Rent which had been earned at the time of termination;
(ii) The worth at the time of award of the amount equal to by which the Annual Fixed unpaid Monthly Rent and Additional Rent which would have become due during been earned after termination until the remainder time of the Lease Term, less award exceeds the amount of rental, if any, which Landlord receives during such period from others to whom rental loss that Tenant proves could have been reasonably avoided;
(iii) The worth at the Premises may be rented (other than any Additional Rent payable as a result time of any failure award of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on amount by which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed unpaid Monthly Rent and Additional Rent which would have become due during for the remainder balance of the Term after the time of award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided;
(iv) Any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant's failure to perform its obligations under this Lease Termor which in the ordinary course of things would be likely to result from Tenant's default, including, but not limited to, the cost of recovering possession of the Premises, commissions and other expenses of re-letting, including necessary repair, demolition and renovation of the Premises to the condition existing immediately prior to Tenant's occupancy, the unamortized portion of any Tenant Improvements and brokerage commissions funded by Landlord in connection with this Lease, the cost of rectifying any damage to the Premises occasioned by the act or omission of Tenant, reasonable attorneys' fees, and any other reasonable costs; and
(v) At Landlord's election, all other amounts in addition to or in lieu of the foregoing as may be permitted by law. As used in Sections (i) and (ii) above, the fair market rental value "worth at the time of the Premises for the same period, which damages award" shall be payable to Landlord computed by allowing interest at the maximum legal rate permitted by law. As used in one lump sum on demand. For purpose Section (iii) above, the "worth at the time of this Section, present value award" shall be computed by discounting the amount at a rate equal to one (1) whole percentage point above the discount rate then in effect at of the Federal Reserve Bank of New YorkSan Francisco at the time of award plus one percent (1%).
(b) Landlord may elect not to terminate Tenant's right to possession of the Premises, in which event this Lease will continue in full force and effect as long as Landlord does not terminate Tenant's right to possession, and Landlord may continue to enforce all of its rights and remedies under this Lease, including the right to collect all Rent as it becomes due. In the event that Landlord elects to avail itself of the remedy provided by this Section 15.3(b), Landlord shall not unreasonably withhold its consent to an assignment or subletting of the Premises subject to the reasonable standards for Landlord's consent as are contained in this Lease. In addition, in the event Tenant has entered into a sublease which is valid under the terms of this Lease, Landlord may also, at its option, cause Tenant to assign to Landlord the interest of Tenant under said sublease, including, but not limited to, Tenant's right to payment of Rent as it becomes due. Landlord may elect to enter the Premises and re-let them, or any part of them, to third parties for Tenant's account. Tenant shall be liable immediately to Landlord for all costs Landlord incurs in re-letting the Premises, including, but not limited to, broker's commissions, expenses of cleaning and remodeling the Premises required by the re-letting, attorneys' fees and like costs. Re-letting can be for a period shorter or longer than the remaining Term of this Lease and for the entire Premises or any portion thereof. Tenant shall pay to Landlord the Monthly Rent and Additional Rent due under this Lease on the dates the Monthly Rent and such Additional Rent are due, less the Rent Landlord actually collects from any re-letting. Except as provided in the preceding sentence, if Landlord re- lets the Premises or any portion thereof, such re-letting shall not relieve Tenant of any obligation hereunder. Notwithstanding the above, no act by Landlord allowed by this Section 15.3(b) shall terminate this Lease unless Landlord notifies Tenant in writing that Landlord elects to terminate this Lease.
Appears in 1 contract
Samples: Office Lease (Noosh Inc)
Landlord’s Remedies. (1) Upon the occurrence of any one or more defaults by Tenant, Landlord may elect, by written notice to Tenant, to terminate this Lease and Tenant's right to the Premises as of the date set forth in the notice or, without terminating this Lease, to terminate Tenant's right to possession of the Premises as of the date set forth in the notice. Upon any termination of this Lease, whether by lapse of time or otherwise, or upon any termination of Tenant's right to possession without termination of the Lease, Tenant shall surrender possession and vacate the Premises and deliver possession thereof to Landlord, and Tenant hereby grants to Landlord full and free license to enter into and upon the Premises with process of law in the event of any such termination of this Lease or of Tenant's right to possession, and to repossess Landlord of the Premises as of Landlord's former estate and to expel or remove Tenant and any others who may be occupying or be within the Premises and to remove any and all property therefrom using such force as may be necessary without being deemed in any manner guilty of trespass, eviction or forcible entry or detainer, and without relinquishing Landlord's rights to rent or any other right given to Landlord hereunder or by law or in equity. Except as otherwise provided in this Section 11, Tenant expressly waives the service of any notice of intention to terminate this Lease or to reenter the Premises and waives the service of any demand for payment of rent or possession and waives the service of any other notice or demand prescribed by any statute or other law, and agrees that the simple breach of any of the covenants or conditions of this Lease shall, without the service of any demand or notice whatsoever, constitute a forcible detainer by Tenant of the Premises within the meaning of the statutes of the State of Illinois.
(2) If there Landlord elects to terminate Tenant's right to possession only without terminating the Lease, and Landlord does so elect, 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 set forth in subsection B(1) of this Section 11, without such entry and possession terminating the Lease or releasing Tenant, in whole or in part, from Tenant's obligation to pay the rent hereunder for the full Term, and, at Landlord's option, the present value of the aggregate amount of the Base Rent, Operating Cost Share Rent and Tax Share Rent (based upon the amount thereof for the calendar month immediately preceding the month in which the default has occurred) for the period from the date stated in the written notice terminating possession to the stated end of the Term (such present value to be computed on the basis of a per annum discount rate equal to three (3) percentage points below the Corporate Base Rate at the time of the default) shall be an Event immediately due and payable by Tenant to Landlord, together with any other monies due hereunder, and Landlord shall have right to immediate recovery of Defaultall such amounts. In the alternative, then Landlord shall have the rightright from time to time, to recover from Tenant, and Tenant shall remain liable for, all rent not theretofore accelerated and paid pursuant to the foregoing sentence and any other sums thereafter accruing as they become due under this Lease during the period from the date stated in the notice terminating possession to the stated end of the Term. Upon and after entry into possession without termination of the Lease, subject to Landlord's right to first rent other vacant areas in the Building, Landlord may relet the Premises or any part thereof to any person, firm or corporation other than Tenant for such rent, for such time (which may be a period extending beyond the stated Term of this Lease) and upon such terms as Landlord in Landlord's sole discretion shall determine, and Landlord shall not be required to accept any tenant offered by Tenant or to observe any instructions by Tenant relating to such reletting. In any such case, Landlord may make repairs, alterations and additions in or to the Premises and redecorate the same to the extent deemed necessary or desirable by Landlord, and in connection therewith Landlord may change the locks to the Premises, and Tenant shall upon written demand pay the cost thereof, together with Landlord's expenses of reletting. Any proceeds from the reletting of the Premises by Landlord shall be collected by Landlord and shall first be applied against the cost and expenses of reentry and of reletting the Premises including, but not limited to, all brokerage, advertising, legal, alteration, redecoration, repair, and other reasonably necessary costs and expenses incurred to secure a new tenant for the Premises, and second to the payment of rent herein provided to be paid by the Tenant. If the consideration collected by Landlord upon any such reletting, after payment of the expenses of reletting the Premises, is not sufficient to pay any accelerated amounts of rent due and owing and to pay monthly the full amount of the rent reserved in this Lease and not theretofore accelerated, Tenant shall pay to Landlord the accelerated amounts upon demand, and the amount of each monthly deficiency as it becomes due. If the consideration collected by Landlord upon any such reletting for Tenant's account after payment of the expenses of reletting the Premises is greater than the amount necessary to pay accelerated amounts of rent due and owing and to pay the full amount of the rent reserved in this Lease and not theretofore accelerated, the full amount of such excess shall be retained by Landlord and in no event shall be payable to Tenant. No such reentry, repossession, repairs, alterations, additions or reletting shall be construed as an eviction or ouster of Tenant or as an election on Landlord's part to terminate this Lease, unless written notice of such intention is given to Tenant, or shall operate to release Tenant in whole or in part from any of Tenant's obligations hereunder. Notwithstanding any provision hereof which may be to the contrary, Landlord agrees to use all reasonable efforts to mitigate damages to the extent required by law.
(3) If Landlord shall decide to terminate this Lease, Landlord shall be entitled to recover from Tenant all of the amounts of rent accrued and unpaid for the period up to and including the date of the termination, as well as all other additional sums for which Tenant is liable, or in respect of which Tenant has agreed to indemnify Landlord under any of the provisions of this Lease, which may then be owing and unpaid, and all reasonable costs and expenses including, without limitation, court costs and attorneys' fees incurred by Landlord in the enforcement of its rights and remedies hereunder, and in addition, Landlord, at its sole option, to terminate this Lease upon five (5) days prior written notice to Tenant. In addition, with or without terminating this Lease, Landlord may re-enter, terminate Tenant’s right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right entitled to recover from Tenant, in lieu of any amounts due under Section 11B(2) hereof, and Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Premises or any part thereof, alone or together with other premises, for such rent and upon such terms and conditions (which may include concessions or free rent and alterations of the Premises) as pay to Landlord, in its sole discretionon demand, may determineas final and liquidated damages (and not as a penalty), but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount a sum equal to the Annual Fixed amount of Landlord's reasonable estimate of the aggregate amount of Base Rent, Operating Cost Share Rent, Tax Share Rent and Additional Rent which that would have become due during be payable for the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of such termination through the termination of this Lease) of Termination Date, reduced by the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market then reasonable rental value of the Premises for the same period, which both discounted to present value at the rate per annum equal to three (3) percentage points below the Corporate Base Rate at the time of the default. If, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, shall have been relet by Landlord for such period, or any part thereof, the amount of rent payable upon such reletting shall be payable deemed to be the reasonable rental value for the part or the whole of the Premises relet during the term of the reletting.
(4) Landlord may but shall not be obligated to cure any default by Tenant hereunder, but, if Landlord so elects, all costs and expenses paid by Landlord in one lump sum curing such default and legal fees in connection therewith shall be Additional Rent due on demandthe next rent date.
(5) Notwithstanding anything in the Lease to the contrary, 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 and (ii) shall be cumulative. For purpose The waiver by Landlord of any breach of any term, covenant or condition herein contained shall only be effective if it is in writing and shall not be deemed to be a waiver of a continuing or subsequent breach of the same, or of any other term, covenant or condition herein contained. The acceptance of rent or any other amounts due hereunder shall not be construed to be a waiver of any breach by Tenant of any term, covenant or condition of this SectionLease, present value and if the same shall be computed accepted after the termination of this Lease, by discounting lapse of time or otherwise, or of the Tenant's right of possession hereunder, or after the giving of any notice, such acceptance shall not reinstate, continue or extend the Term of this Lease or affect any notice given to Tenant prior to the receipt of such amounts, it being agreed that after the service of notice or the commencement of a suit or after final judgment for possession of the Premises, Landlord may receive and collect any rent and other sums due, and the payment of the same shall not waive or affect said notice, suit or judgment.
(6) Notwithstanding any provision in this Lease prohibiting Landlord from exercising its rights hereunder or at law or in equity if Tenant cures a rate equal default within a specified period of time, if Tenant shall default (i) in the timely payment of rent (whether any or all of Base Rent, Operating Cost Share Rent, Tax Share Rent or Additional Rent) three or more times in any period of 12 consecutive months, or (ii) in the performance of any particular term, condition or covenant of this Lease three or more times in any period of six consecutive months, then, notwithstanding that such defaults shall have each been cured within any applicable cure period after notice, if any, as provided in this Lease, any further similar default (including, without limitation, with respect to non-payment of rent, the further non-payment of any kind of rent payable under this Lease) shall not be curable by Tenant and Landlord shall have the right to exercise all of the remedies provided in this Lease (including, without limitation, any and all remedies at law and in equity) immediately after the occurrence of such similar default.
(7) If the term of any lease, other than this Lease, made by the Tenant for any demised premises in the Building or any other building owned by Landlord or an affiliate of Landlord shall be terminated or terminable after the making of this Lease because of any default by the Tenant under such other lease, such fact shall empower the Landlord, at Landlord's sole option, to terminate this Lease by written notice to the Tenant.
(8) In the event that Tenant shall file for protection under the Bankruptcy Code now or hereinafter in effect, or a trustee in bankruptcy shall be appointed for Tenant, Landlord and Tenant agree to the extent permitted by law, to request that the debtor-in- possession or trustee-in-bankruptcy, if one shall have been appointed, assume or reject this Lease within sixty (160) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New Yorkdays thereafter.
Appears in 1 contract
Samples: Lease (Open Port Technology Inc)
Landlord’s Remedies. If there Tenant shall fail to make any payment of any Rent due hereunder within seven (7) days after demand for same, or if Tenant shall fail to perform any of the other covenants or conditions which Tenant is required to observe and perform under this Lease for a period of thirty (30) days following written notice of such failure, or if the interest of Tenant in this Lease shall be levied upon under execution and not removed or stayed within thirty (30) days, or if any petition shall be filed by or against Tenant in a court of bankruptcy which is not removed within forty-five (45) days, or if Tenant shall be declared insolvent according to law, or make an Event assignment for the benefit of Defaultcreditors or petition for or enter into an arrangement, or if Tenant shall abandon and vacate the Premises during the Term of this Lease or if Tenant shall dissolve, then Landlord shall have may, but need not, treat the rightoccurrence of any one or more of the foregoing events as a default under this Lease, and thereupon may, at its sole option, with notice and demand to terminate this Lease upon five Tenant as required by law, have the following-described remedies in addition to other rights and remedies provided at law or in equity. If Tenant has expeditiously undertaken, and is attempting to cure a non-monetary default and continuously proceeding to that goal, then the cure period shall be extended to sixty (560) days prior written notice to if it is capable of being cured within that period.
(a) Terminate Tenant. In addition, with or 's right of possession and repossess the Premises in a district court summary proceeding action and without terminating this Lease, in which case Landlord may re-enter, terminate Tenant’s right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice use good faith efforts to quit, relet all or any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession part of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Premises or any part thereof, alone or together with other premises, for such rent and upon reasonable business terms. For the purposes of such terms reletting, Landlord shall list the Premises with a broker and conditions (which may include concessions make such repairs or free rent and alterations of physical changes in or to the Premises as may be necessary to restore the Premises to the condition required for surrender hereunder. During any period that Landlord is unable to relet the Premises) , then Tenant shall pay to Landlord the amount due to be paid by Tenant as Landlord, in its sole discretion, may determine, but Landlord such rent becomes due under the Lease without acceleration as provided herein. If the Premises are relet and a sufficient sum shall not be liable forrealized from the reletting, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, after payment of all costs, fees costs and expenses (including without limitation reasonable attorneys’ feesof such repairs and the expense of such reletting and the collection of rent occurring therefrom, brokerage fees and expenses incurred in placing to satisfy the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises Rent herein provided to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due paid during the remainder of the Lease initial Term, less Tenant shall satisfy and pay any such deficiency as and when such rent becomes due under the amount Lease. Tenant agrees that Landlord may file suit to recover sums falling due under the terms of rental, if any, which Landlord receives during such period this paragraph from others time to whom the Premises may be rented (other than time and that any Additional Rent payable as a result suit or recovery of any failure of such other person to perform any of its obligations), which damages portion due Landlord hereunder shall be computed no defense to any subsequent action brought for any amount not theretofore reduced to judgment in favor of Landlord. Any election of Landlord upon an event of uncured default after written notice must be preceded with all notices and payable in monthly installmentsappropriate requirements as provided by law. All remedies of Landlord must comply with the requirements of applicable eviction laws, and shall not include consent to self help. Landlord shall have a duty to mitigate damages. Landlord’s collection of rents, in advancethe event of a reletting, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not used to have accrued until the expiration diminish any liability of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New YorkTenant.
Appears in 1 contract
Samples: Retail Center Lease (Diversified Restaurant Holdings, Inc.)
Landlord’s Remedies. If there shall be an 16.1. Upon the occurrence of any Event of Default, then Landlord shall have the right, at any time thereafter may at its sole option, to option exercise any one or more of the following remedies:
(a) Landlord may terminate this Lease upon five (5) days prior Lease, by written notice to Tenant, without any right by Tenant to reinstate its rights by payment of rent due or other performance of the terms and conditions hereof. In additionUpon such termination Tenant shall immediately surrender possession of Building 3 to Landlord, and Landlord shall immediately become entitled to receive from Tenant an amount equal to the aggregate of all unpaid Fixed Rent and Additional Rent (which Additional Rent shall be fixed at the level of the last complete Operating Year prior to such termination) reserved under this Lease through the end of the Term, determined as of the date of such termination.
(b) Landlord may, at Landlord's option, with or without terminating this Lease, Landlord may re-enter, terminate Tenant’s right of possession enter upon Building 3 and remove any and all persons therefrom and take and retain possession of the Premises. The provisions of this Article shall operate as a notice thereof by any means available to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicable. summary dispossess proceedings.
(c) If Landlord elects to terminate this Lease and/or elects Tenant's right to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall ceasepossession only, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through terminating the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminatedLease, Landlord may, at the Landlord's option, enter into Building 3, remove Tenant's signs and other evidences of tenancy, and take and hold possession thereof as hereinabove provided, without such entry and possession terminating the Lease or releasing Tenant, in whole or in part, from Tenant's obligations to pay the rent hereunder or for any other of its obligations under this Lease. Landlord may, but shall will not be obligated under obligation to, relet the Premises all or any part thereofof Building 3 in any manner, alone or together with other premisesfor any term, for such rent and upon terms satisfactory to Landlord and may decorate or make any repairs, changes, alterations or additions in or to Building 3 that may be necessary or convenient. If Landlord does not relet Building 3, Tenant will pay the Landlord on demand all unpaid amounts due from Tenant to Landlord under this Lease through the end of the Term. If Building 3 is relet, Tenant shall pay any excess of the rent over the actual proceeds of such terms reletting, net of all expenses, including repairs or construction costs and conditions leasing commissions. If Building 3 is at the time of any Event of Default sublet or leased by Tenant to others, Landlord may collect rents due from any subtenant or other tenant and apply such rents to the rent and other amounts due hereunder without in any way affecting Tenant's obligation to Landlord hereunder.
(d) Landlord may declare all unpaid Fixed Rent and all items of Additional Rent (the amount thereof to be based on historical amounts and Landlord's estimates for future amounts) through the end of the Term immediately due and payable, together with all other charges, payments, costs, and expenses payable by Tenant as though such amounts were payable in advance on the date the Event of Default occurred.
(e) Landlord may remove all persons and property from Building 3, and store such property in a public warehouse or elsewhere at the cost of and for the account of Tenant, upon 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 include concessions be occasioned thereby.
16.2. No expiration or free termination of this Lease by operation of law or otherwise (except as expressly provided herein), and no repossession of Building 3 or any part thereof shall relieve Tenant of its liabilities and obligations hereunder, all of which shall survive such expiration, termination or repossession, and Landlord may, at its option, xxx for and collect all rent and alterations other charges due hereunder at any time as and when such charges accrue.
16.3. In the event of the Premises) as Landlordbreach or threatened breach by Tenant of any provision of this Lease, in its sole discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished have the right of injunction and the right to invoke any remedy allowed at law or in equity in addition to other remedies provided for herein.
16.4. Tenant hereby expressly waives any and all rights of redemption granted by reason of, Landlord’s failure to relet or under any present or future law in the Premises or collect any rent due upon such reletting. Whether or not event this Lease is terminated, or in the event of Landlord obtaining possession of Building 3, or in the event Tenant nevertheless shall remain liable is evicted or dispossessed for any Annual Fixed Rentcause, Additional Rent by reason of violation by Tenant of any of the provisions of this Lease.
16.5. No right or damages which may 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.
16.6. In the event that Landlord commences suit for the repossession of Building 3, for the recovery of rent or any other amount due under the provisions of this Lease, or sustained prior because of the breach of any other covenant herein contained on the part of Tenant to be kept or performed, Tenant shall, if Landlord shall prevail in such defaultsuit, pay to Landlord all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Termconnection therewith, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New Yorkincluding reasonable attorneys' fees.
Appears in 1 contract
Samples: Lease Agreement (Corporate Office Properties Trust Inc)
Landlord’s Remedies. If there shall be an Event 22.01 In the event of Defaulta default which continues beyond any applicable notice and/or right to cure period provided for in this Lease, then Landlord in addition to any and all other rights or remedies that it may have hereunder, at law or in equity shall have the rightright to either terminate this Lease or from time to time, at without terminating this Lease relet the Leased Premises or any part thereof for the account and in the name of Tenant or otherwise, for any such term or terms and conditions as Landlord in its sole optiondiscretion may deem advisable with the right to make reasonable alterations and repairs to the Leased Premises. Tenant shall pay to Landlord, as soon as ascertained, the reasonable costs and expenses incurred by Landlord in such reletting or in making such reasonable alterations and repairs. Should such rentals received from time to time from such reletting during any month be less than that agreed to be paid during that month by Tenant hereunder, the Tenant shall pay such deficiency to Landlord. Such deficiency shall be calculated and paid monthly.
22.02 No such reletting of the Leased Premises by Landlord shall be construed as an election on its part to terminate this Lease upon five (5) days prior written unless a notice of such intention be given to TenantTenant or unless the termination thereof be decreed by a court of competent jurisdiction. In additionNotwithstanding any such reletting without termination, with Landlord may immediately or without terminating at any time thereafter terminate this Lease, Landlord may re-enter, terminate Tenant’s right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects shall be deemed to terminate Tenant’s right have been terminated upon receipt by Tenant of possession, then everything contained in this Lease to be done and performed by notice of such termination; upon such termination Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent damages that Landlord may suffer by reason of such termination including, without limitation, all arrearages in rentals, costs, charges, additional rentals, and other sums accrued through reimbursements, the later cost (including court costs and attorneys’ fees actually incurred) of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of recovering possession is terminated, Landlord may, but shall not be obligated to, relet the Premises or any part thereof, alone or together with other premises, for such rent and upon such terms and conditions (which may include concessions or free rent and alterations of the Leased Premises, the actual or estimated (as reasonably estimated by Landlord) as Landlordcost of any alteration of or repair to the Leased Premises which is necessary or proper to prepare the same for reletting; and, in its sole discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are reletaddition thereto, Landlord shall act reasonably to obtain a fair market rental value for have and recover from Tenant the Premises; or
(b) an amount equal to difference between the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting discounted at a rate per annum equal to one (1) whole percentage point above the discount rate then in effect at of the Federal Reserve Bank of New YorkAtlanta at the time the Event of Default occurs) of the rental to be paid by Tenant for the remainder of the lease term, and the present value (discounted at the same rate) of the fair market rental for the Leased Premises for the remainder of the lease term, taking into account the cost, time and other factors necessary to relet the Leased Premises, provided, however that such payment shall not constitute a penalty or forfeiture, but shall constitute full liquidated damages due to Landlord as a result of Tenant’s default. Landlord and Tenant acknowledge that Landlord’s actual damages in the event of a default by Tenant under this Lease will be difficult to ascertain, and that the liquidated damages provided above represent the parties’ best estimate of such damages. The parties expressly acknowledge that the foregoing liquidated damages are intended not as a penalty, but as full liquidated damages, as permitted by Section 13-6-7 of the Official Code of Georgia Annotated.
Appears in 1 contract
Samples: Lease Agreement (Ceradyne Inc)
Landlord’s Remedies. If there Upon the occurrence of any Event of Default enumerated above, Landlord may, at its option, in addition to any and all other rights, remedies or recourses available to it hereunder or at law or in equity, do any one or more of the following:
(a) Terminate this Lease, in which event Tenant shall immediately surrender possession of the Leased Premises to Landlord;
(b) Enter upon and take possession of the Leased Premises and expel or remove Tenant and any other occupant therefrom, with or without terminating the Lease;
(c) Alter locks and other security devices at the Leased Premises; and
(d) Remove and store any or all of the office equipment and furniture situated in the Leased Premises. Exercise by Landlord of any one or more remedies herein granted or otherwise available shall not be deemed to be an acceptance or surrender of the Leased Premises, whether by agreement or by operation of law, it being understood that such surrender can be effected only by the written agreement of Landlord and Tenant. In the event that Landlord alters the locks and other security devices at the Leased Premises, Tenant may procure a new key from Landlord during Tenant's regular business hours to access the Leased Premises, so long as Tenant has cured any monetary default hereunder and repaid Landlord for any expenses incurred in the alteration of the locks and other security devices to the Leased Premises. This Lease shall control in the event of conflicts with Section 93 of the Texas Property Code. No such alteration of security devices and no removal or other exercise of dominion by Landlord over the property of Tenant or others at the Leased Premises shall be deemed unauthorized or constitute a conversion, Tenant hereby consenting to the aforesaid exercise of dominion over Tenant's property within the Building, after the occurrence of any Event of Default. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, TENANT WAIVES ALL CLAIMS FOR DAMAGES BY REASON OF SUCH RE-ENTRY, REPOSSESSION, ALTERATION OF LOCKS OR OTHER SECURITY DEVICES, AND REMOVAL OF OFFICE EQUIPMENT AND FURNITURE, AS ARE ALL CLAIMS FOR DAMAGES BY REASONS OF ANY DISTRESS WARRANT, FORCIBLE DETAINER PROCEEDINGS, SEQUESTRATION PROCEEDINGS OR OTHER LEGAL PROCESS. Tenant agrees that any re-entry by Landlord may be pursuant to judgment obtained in forcible detainer proceedings or other legal proceedings or without the necessity for any legal proceedings, as Landlord may elect, and Landlord shall not be liable in trespass or otherwise. In the event Landlord elects to terminate the Lease by reason of the occurrence of an Event of Default, then notwithstanding any such termination, Tenant shall be liable for and shall pay to Landlord shall have the rightsum of all Rental, at its sole optionAdditional Rental and other indebtedness accrued to the date of such termination, plus, as damages, an amount of money equal to terminate the excess (if any) of the total Rental and all other payments due for the balance of the Term of this Lease upon five (5) days prior written notice to Tenant. In addition, with or without terminating this Lease, Landlord may re-enter, terminate Tenant’s right of possession and take possession over the fair market value of the Premises. The provisions Leased Premises for the balance of the Term of this Article shall operate Lease as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue occurrence of the laws Event of MassachusettsDefault. Upon the occurrence of an Event of Default, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Premises or any part thereof, alone or together with other premises, for such rent and upon such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, in its sole discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election and shall pay to Landlord upon demand, in addition to any other sums provided to be either:
paid hereunder, (a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder all broker's fees incurred by Landlord in connection with reletting of all or any portion of the Lease TermLeased Premises, less (b) the amount costs of rentalremoving and storing Tenant's or other occupant's property found in the Leased Premises, (c) the costs of repairing, altering, remodeling or otherwise putting the Leased Premises into condition acceptable to a new tenant, and (d) all reasonable expenses incurred by Landlord in enforcing Landlord's remedies, including reasonable attorney's fees. All Rental, Additional Rental and other payments which are more than thirty (30) days past due shall bear interest from their respective due dates until paid at the highest rate allowed by applicable law or if anythere is no such highest rate at the rate of one and a half percent (1.5%) per month. In the event of termination or repossession of the Leased Premises upon the occurrence of an Event of Default, which Landlord receives during such period from others shall not have any obligation to whom relet or attempt to relet the Leased Premises may be rented (other than or any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought portion thereof or to collect any rental after any such damages reletting. In the event of any such reletting, Landlord may relet the whole or any portion of the Leased Premises for any month(s)period, and such suits shall not in to any manner prejudice Landlord’s right to collect any such damages tenant, for any subsequent month(s)rental and for any use and purpose. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New YorkTENANT SHALL INDEMNIFY AND DEFEND LANDLORD AGAINST ALL CLAIMS ARISING FROM ANY BREACH OF TENANT'S OBLIGATIONS UNDER THIS LEASE.
Appears in 1 contract
Landlord’s Remedies. If there shall be an Event In the event of Defaulta default by Tenant, then after the expiration of any applicable grace period, in addition to any and all other remedies available to Landlord shall have the rightat law or in equity, at its sole option, to terminate Landlord may:
(I) Terminate this Lease upon five (5) days prior written notice to Tenant. In addition, with or without terminating this Lease, Landlord may re-enter, terminate Tenant’s and any right of possession renewal and take retake possession of the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter ;
(II) Enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession and relet the same or any part of the Premises under and by virtue in the name of Landlord, or otherwise, as Tenant’s agent, for a term shorter or longer than the balance of the laws of MassachusettsLease Term, and may grant concessions or by such other proceedingsfree Rent in connection therewith, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate thereby terminating Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall ceasepossess the Premises, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Premises or any part thereof, alone or together with other premises, for such rent and upon such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, in its sole discretion, may determine, but Landlord shall not be liable for, nor shall terminating Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
pay (a) an amount equal to the Annual Fixed entire balance of all forms of Base Rent and Additional Rent which would have become due during for the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
plus (b) an amount equal the Reletting Expenses, and (c) the unamortized balance of any allowances granted to Tenant under this Lease and the unamortized balance of the cost of any improvements to the present value (as Premises made by Landlord pursuant to a Tenant Improvement exhibit to this Lease. Landlord shall have no obligation to relet the Premises, and its failure to do so, or failure to collect Rent on reletting, shall not affect Tenant’s liability under this Lease. Landlord shall not, in any event, be required to pay Tenant any surplus of any sums received by Landlord on a reletting of the date Premises in excess of the termination of Rent provided in this Lease) . Any entry or re-entry by Landlord, whether had or taken under summary proceedings or otherwise, shall not absolve or discharge Tenant from liability under this Lease. “Re-enter” and “re-entry” as used in this Lease are not restricted to their technical legal meaning. No such re-entry or taking possession of the difference between Premises by Landlord shall be construed as an election on Landlord’s part to terminate this Lease or to accept a surrender of the Premises unless a written notice of such intention is given to Tenant. Notwithstanding any such re-letting without termination, Landlord may at all times thereafter elect to terminate this Lease for such previous default;
(iIII) the Annual Fixed Stand by and do nothing, and hold Tenant liable for all Base Rent and Additional Rent which would have become due during payable under this Lease through the remainder of the Lease Term;
(IV) Institute a distress for Rent action and obtain a distress writ pursuant to Sections 83.11 through 83.19, Florida Statutes (1995). Tenant expressly, knowingly, and voluntarily waives all constitutional, statutory, or common law bonding requirements, including the requirement under Section 83.12, Florida Statutes (ii) 1995), that Landlord file a bond payable to Tenant in at least double the fair market rental sum demanded by Landlord (or double the value of the property sought to be distrained), it being the intention of the parties that no bond shall be required to be filed by Landlord in any such distress action. Tenant further waives the right under Section 83.14, Florida Statutes (1995) to replevy distrained property;
(V) Obtain injunctive and declaratory relief, temporary or permanent, or both, against Tenant or any acts, conduct, or omissions of Tenant, and further to obtain specific performance of any term, covenant, or condition of this Lease; and
(VI) After regaining possession of the Premises, 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 same periodaccount of, Tenant, and Landlord shall not be responsible for the care or safekeeping of such property whether in transport, storage, or otherwise, and Tenant waives any and all claims against Landlord for loss, destruction, damage, or injury which damages may be occasioned by any of the aforesaid acts. Landlord may retain possession of such property until all storage charges and all other amounts owed by Tenant to Landlord under this Default section have been paid in full. Nothing set forth in this subsection shall limit Landlord’s rights to enforce any rights in favor of Landlord against any such property of Tenant.
(VII) If all or any part of the Premises is then assigned, sublet, transferred, or occupied by someone other than Tenant, Landlord, at its option, may collect directly from the assignee, subtenant, transferee, or occupant all Rent becoming due to Tenant by reason of the assignment, sublease, transfer, or occupancy. Any collection directly by Landlord from the assignee, subtenant, transferee, or occupant shall not be payable construed to constitute a novation or a release of Tenant from the further performance of its obligations under this Lease.
(VIII) Notwithstanding anything in this Lease to the contrary, Tenant shall never be liable to Landlord in one lump sum on demand. For purpose the event of a default by Tenant or otherwise under any provision of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank Lease for any loss of New Yorkbusiness or profits or other consequential damages or for punitive or special damages of any kind.
Appears in 1 contract
Samples: Service Center Building Lease (Digital Lightwave Inc)
Landlord’s Remedies. If there shall be an Event In the event of Defaultany default by Tenant, then and without limiting Landlord’s right to indemnification as provided in Article 8.2, Landlord shall have the rightfollowing 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 sole optionrights 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 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 upon five (5) days prior 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 Tenant. In additionLandlord, with or without terminating this Leaseand if Tenant fails to do so, Landlord may, without prejudice to any other remedy which it may re-enterhave for possession or arrearages in rent, terminate Tenant’s right of possession enter upon and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, Leased Premises and expel or remove Tenant and any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as person who may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through occupying the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Leased Premises or any part thereof, alone without being liable for prosecution or together with other premises, any claim for such rent and upon such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, in its sole discretion, may determine, but Landlord damages therefor. Any termination under this subparagraph shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure relieve Tenant from its obligation to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior pay to such default, Landlord all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Base Monthly Rent and Additional Rent which would have become then or thereafter due, or any other sums due during the remainder 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 Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installmentsfollowing actions by Landlord, in advance, on the first day absence of each calendar month following Tenant’s default and continuing until the date on which the a written election by Landlord to terminate this Lease Term would have expired but for Tenant’s default. Separate suits may be brought constitute a termination of this Lease: Building 3
(i) Appointment of a receiver or keeper in order to collect any such damages for any month(s), and such suits shall not in any manner prejudice protect Landlord’s right interest hereunder;
(ii) Consent to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration subletting of the Leased Premises or assignment of this Lease Termby Tenant, in which event whether pursuant to the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premisesprovisions hereof or otherwise; or
(biii) 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, Landlord may terminate this Lease, but this Lease shall not terminate unless Landlord gives Tenant written notice of termination. If Landlord 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 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, at Landlord’s election, to 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 pursuant to Section 1951.2, an amount interest rate equal to the present value (as of the date of the termination of this Lease) of the difference between Default Interest Rate shall be used where permitted. Such damages shall include, without limitation:
(i) The worth at the Annual Fixed Rent and Additional Rent time of the award of the unpaid rent which had been earned at the time of termination; plus
(ii) The worth at the time of award of the amount by which the unpaid rent which would have become due during been earned after termination until the remainder 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 Lease Term, and (ii) amount by which the fair market rental value unpaid rent for the balance of the Premises for term after the same periodtime of award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting such amount at a rate equal to one (1) whole percentage point above the discount rate then in effect at of the Federal Reserve Bank of New YorkSan 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 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 allocable to the remainder of the term of this Lease, advertising costs and other expenses of reletting the 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 reasonable expenses Building 3 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 (vii) any other expenses, costs or damages otherwise incurred or suffered as a result of Tenant’s default.
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Landlord’s Remedies. If there shall be Following an Event of Default, then the provisions of this Section 17.2 shall apply. Landlord shall have the right, at its sole option, to terminate this Lease upon five (5) days prior written notice to TenantLease. In addition, with or without terminating this Lease, Landlord may re-enter, terminate Tenant’s right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, and Tenant hereby waives any other notice to quit or notice of Landlord’s intention to re-enter the Premises being hereby expressly waivedor terminate this Lease. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusettsapplicable Laws, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease on the part of Landlord to be done and performed by Landlord shall cease, cease without prejudice, however, to LandlordTenant’s right to recover from Tenant liability for all rent Monthly Base Rent, Additional Rent and other sums accrued through the later of termination or Landlord’s recovery of possessionspecified herein. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord mayshall have the right, but shall not be obligated toat its sole option, relet to terminate any right of renewal, expansion, first offer or refusal and any right to purchase the Premises contained in this Lease and to grant or withhold any part thereof, alone consent or together with other premises, for such rent and upon such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, approval pursuant to this Lease in its sole and absolute discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease and/or Tenant’s right of possession is terminatedterminated or any suit is instituted, Tenant nevertheless shall remain be liable for any Annual Fixed Monthly Base Rent, Additional Rent Rent, damages or damages other sum which may be due or sustained prior to such default, and for all costs, fees and expenses (including without limitation including, but not limited to, reasonable attorneys’ fees and costs, brokerage fees, brokerage fees and expenses incurred in enforcing any of Tenant’s obligations under the Lease or in placing the Premises in first-first class rentable condition) , and advertising expenses, incurred by Landlord in pursuit of its remedies hereunder and/or in recovering possession of the Premises and in renting the Premises to others from time to timetime plus other actual or out of pocket damages suffered or incurred by Landlord on account of Tenant’s default. Tenant also shall also be liable for additional damages which at Landlord’s election shall be either:
either one or a combination of the following: (a) an amount equal to the Annual Fixed Monthly Base Rent and Additional Rent due or which would have become due during from the date of Tenant’s default through the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable received by Landlord as a result of any failure of such other person to perform any of its obligationsobligations to Landlord), which damages amount shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate , it being understood that separate suits may be brought from time to time to collect any such damages for any month(s), ) (and any such suits separate suit shall not in any manner prejudice Landlord’s the right of Landlord to collect any such damages for any subsequent month(s)), or Landlord may defer initiating any such suit until after the expiration of the Lease Term, Term (in which event the such deferral shall not be construed as a waiver of Landlord’s rights as set forth herein and Landlord’s cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees ), and it being further understood that if Landlord elects to bring suits from time to time prior to reletting the Premises are reletPremises, Landlord shall act reasonably be entitled to obtain a fair market rental value for its full damages through the date of the award of damages without regard to any Monthly Base Rent, Additional Rent or other sums that are or may be projected to be received by Landlord upon reletting of the Premises; or
or (b) an amount equal to the present value of the sum of (i) the amount by which (A) all Monthly Base Rent (assuming a cap rate of 10%), Additional Rent and other sums due or which would be due and payable under this Lease as of the date of Tenant’s default through the termination of this Lease) end of the difference between scheduled Lease Term exceeds (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (iiB) the fair market rental value of the Premises for over the same periodPeriod as reasonably determined by Landlord, which damages plus (ii) all expenses (including reasonable broker and attorneys’ fees) and value of all vacancy periods projected by Landlord to be incurred in connection with the reletting of the Premises. The present value shall be calculated using a discount factor equal to the yield of the United States Treasury Note or Bxxx, as appropriate, having a maturity period approximately commensurate to the remainder of the Lease Term, and such resulting amount shall be payable to Landlord in one a lump sum on demand, it being understood that upon payment of such liquidated and agreed final damages, Tenant shall be released from further liability for payment of Monthly Base Rent under this Lease with respect to the period after the date of such payment. For purpose Landlord’s determination as to the fair market value and projected vacancy period shall be presumptively correct and Tenant shall have the burden of proving otherwise by clear and convincing evidence. Landlord may bring suit to collect any such damages at any time after an Event of Default shall have occurred. In the event Landlord relets the Premises for a term extending beyond the scheduled expiration of the Lease Term, it is understood that Tenant will not be entitled to apply any base rent, additional rent or other sums generated or projected to be generated in the period extending beyond the scheduled expiration of the Lease Term (collectively, the “Extra Rent”) against Landlord’s damages. Similarly in proving the amount that would be received by Landlord upon a reletting of the Premises as set forth in clause (b)(ii) above, Tenant shall not take into account the Extra Rent. The provisions contained in this Section shall be in addition to, and shall not prevent the enforcement of, any claim Landlord may have against Tenant for anticipatory breach of this Section, present value Lease. Nothing herein shall be computed construed to affect or prejudice Landlord’s right to prove, and claim in full, unpaid Monthly Base Rent and Additional Rent accrued prior to termination of this Lease. If Landlord is entitled, or Tenant is required, pursuant to any provision hereof to take any action upon the termination of the Lease Term, then Landlord shall be entitled, and Tenant shall be required, to take such action also upon the termination of Tenant’s right of possession. With respect to all of Landlord’s rights and remedies set forth above, any and all amounts held by discounting at Landlord as a rate equal Security Deposit, or as a part of the Reserve Account, shall be applied for Tenant’s benefit and shall reduce any amounts or damages that Tenant is to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New Yorkpay to Landlord hereunder.
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Landlord’s Remedies. If there shall be occur an Event of Default, and after running of all notice and cure periods, then in addition to any other remedies available to Landlord shall have the rightat law or equity, Landlord may at its sole option:
a. Declare due and payable and sue for recovery, all unpaid Rent for the unexpired period of the Txxx as if by the terms of this Lease the same were payable in advance, together with reasonable legal fees and other reasonable expenses incurred by Landlord in connection with the enforcement of any of Landlord's rights and remedies hereunder; and/or
b. Distrain, collect or bring action for such Rent as being rent in arrears, or may enter a money judgment by confession or proceed by an action in ejectment as herein elsewhere provided for in case of rent in arrears, or may file a proof of claim in any bankruptcy or insolvency proceedings for such Rent and other sums due and payable hereunder, or institute any other proceedings, whether similar or dissimilar to the foregoing, to terminate this Lease upon five (5) days enforce payment thereof; and/or
c. Landlord, or anyone acting on Landlord's behalf may, pursuant to legal process, and after giving reasonable prior written notice to Tenant. In addition, with enter the Leased Premises; and,
(1) may remove from the Leased Premises all goods and chattels found therein to any other place or without terminating this Lease, location as Landlord may re-enter, terminate Tenant’s right desire and any cost incurred for said removal and any charges made for storage of said goods and chattels at the location to which they are removed Tenant agrees to pay; or
(2) take immediate possession and take possession of may lease the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Leased Premises or any part thereof, alone or together with other premises, for such rent and upon such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, in its sole discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior thereof to such defaultperson, all costscompany, fees firm or corporation as may in Landlord's reasonable business discretion seem best and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional the difference between any such Rents collected and the Rent for the then-current Term under this Lease.
d. Collect or bring action for such Rent as being rent in arrears or proceed by an action in ejectment as herein elsewhere provided for in case of rent in arrears or institute any other proceedings, whether similar or dissimilar to the foregoing, to enforce payment thereof; and/or
e. Terminate this Lease and recover from Tenant upon demand therefor, unless Tenant has paid the whole of accelerated Rent, as liquidated and agreed upon final damages which at Landlord’s election shall for Tenant's default and in lieu of all current damages beyond the date of such demand (it being agreed that it would be either:
(a) impracticable or extremely difficult to fix the actual damages), an amount equal to the Annual Fixed Rent and Additional excess, if any, of (a) Rent which would have become due during be payable under this Lease for the remainder of the Lease Term, less Term from the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure date of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term demand for what would have expired but for Tenant’s default. Separate suits may be brought to collect any been the then unexpired Term of this Lease in the absence of such damages for any month(s)termination, and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s)discounted at the rate of 5% per annum, or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
over (b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the then fair market rental value of the Leased Premises as reasonably determined by an independent third party appraiser for the same period, which discounted at a like rate. If any statute or rule of law shall validly limit the amount of such liquidated final damages to less than the amount above agreed upon, Landlord shall be payable entitled to Landlord in one lump sum on demand. For purpose the maximum amount allowable under such statute or rule of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New Yorklaw.
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Landlord’s Remedies. If there shall be an Event Upon the occurrence of Default, then Landlord shall have the right, at its sole option, to terminate this Lease upon five (5) days prior written notice to Tenant. In addition, with or without terminating this Leaseany Default as provided above, Landlord may re-enter, terminate exercise any one or more of the following options:
16.2.1 Terminate Tenant’s right of to possession under this Lease and reenter and take possession of the Premises. The provisions Leased Premises and relet or attempt to relet the Leased Premises on behalf of this Article shall operate Tenant, at such rent and under such terms and conditions as a notice to quitLandlord may, any other notice to quit or in the exercise of Landlord’s intention sole discretion, deem best under the circumstances for the purpose of reducing Tenant’s liability. Landlord will not be deemed to re-enter have thereby accepted a surrender of the Leased Premises being hereby expressly waivedand Tenant will remain liable for all Minimum Rent and Additional Rent due under this Lease and for all damages suffered by Landlord because of Tenant’s breach of any of the covenants of this Lease. If necessaryAt any time during such repossession or reletting, Landlord may proceed may, by delivering written notice to recover Tenant, elect to exercise its option under subsection 16.2.2 to retake possession and occupancy of the Leased Premises under and for Landlord’s own purposes. Nothing contained in this subsection will be construed as imposing any enforceable duty upon Landlord to relet the Leased Premises or otherwise mitigate or minimize Landlord’s damages by virtue of the laws occurrence of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate a Default.
16.2.2 Terminate Tenant’s right of possession, then everything contained in to possession under this Lease and reenter and take possession of the Leased Premises and relet or attempt to be done and performed by Landlord shall cease, without prejudice, however, to relet the Leased Premises for Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminatedown purposes, Landlord may, but shall not be obligated to, relet the Premises or any part thereof, alone or together with other premises, for at such rent and upon under such terms and conditions (which may include concessions or free rent and alterations of the Premises) as LandlordLandlord may, in its the exercise of Landlord’s sole discretion, may determine, but deem best under the circumstances. Landlord shall will not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure deemed to relet have thereby accepted a surrender of the Leased Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, and Tenant nevertheless shall will remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Minimum Rent and Additional Rent which would have become due during the remainder under this Lease and for all damages suffered by Landlord because of Tenants breach of any of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination covenants of this Lease) of .
16.2.3 Declare the difference between (i) the Annual Fixed entire remaining unpaid Minimum Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose term of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate Lease then in effect to be immediately due and payable, and, at Landlord’s option, take immediate action to recover and collect the Federal Reserve Bank of New Yorksame by any available procedure. As an alternative to the remedy set forth in the foregoing sentence, at Landlord’s sole option, Landlord may institute legal proceedings to recover the Minimum Rent in one or more installments as the same accrues.
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Samples: Lease (Suncoast Bancorp Inc)
Landlord’s Remedies. If there shall be Upon the occurrence of an Event of Default, then then, in addition to and without waiving any other rights and remedies available to Landlord at law or in equity or otherwise provided in this Lease, Landlord may, at its option, cumulatively or in the alternative, exercise the following remedies:
(a) Landlord may terminate Tenant's right to possession of the Premises, in which case this Lease shall terminate and Tenant shall immediately surrender possession of the Premises to Landlord. No act by Landlord other than giving Notice to Tenant of Landlord's election to terminate Tenant's right to possession 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. Termination shall terminate Tenant's right to possession of the Premises, but shall not relieve Tenant of any obligation under this Lease which has accrued prior to the date of such termination. Upon such termination, Landlord shall have the right, at its sole option, to terminate this Lease upon five (5) days prior written notice to Tenant. In addition, with or without terminating this Lease, Landlord may re-enter, terminate Tenant’s right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessaryPremises, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusettsremove all persons and property, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right also be entitled to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Premises or any part thereof, alone or together with other premises, for such rent and upon such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, in its sole discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(ai) an The worth of the time of award of the unpaid Monthly Rent and Additional Rent which had been earned at the time of termination;
(ii) The worth at the time of award of the amount equal to by which the Annual Fixed unpaid Monthly Rent and Additional Rent which would have become due during been earned after termination until the remainder time of the Lease Term, less award exceeds the amount of rental, if any, which Landlord receives during such period from others to whom rental loss that Tenant proves could have been reasonably avoided;
(iii) The worth at the Premises may be rented (other than any Additional Rent payable as a result time of any failure award of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on amount by which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed unpaid Monthly Rent and Additional Rent which would have become due during for the remainder balance of the Term after the time of award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided;
(iv) Any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant's failure to perform its obligations under this Lease Termor which in the ordinary course of things would be likely to result from Tenant's default including, but not limited to, the cost of recovering possession of the Premises, commissions and other expenses of reletting, the cost of rectifying any damage to the Premises occasioned by the act or omission of Tenant, reasonable attorneys' fees, and any other reasonable costs; and
(v) At Landlord's election, all other amounts in addition to or in lieu of the foregoing as may be permitted by law. As used in subsections (1) and (ii) above, the fair market rental value "worth at the time of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value award" shall be computed by discounting the amount at a rate equal to one (1) whole percentage point above the discount rate then in effect at of the Federal Reserve Bank of New YorkSan Francisco at the time of award plus three percent (3%).
(b) Landlord may elect not to terminate Tenant's right to possession of the Premises, in which event this Lease will continue in full force and effect as long as Landlord does not terminate Tenant's right to possession, and Landlord may continue to enforce all of its rights and remedies under this Lease, including the right to collect all Rent as it becomes due. In the event that Landlord elects to avail itself of the remedy provided by this subparagraph 15.3(b), Landlord shall not unreasonably withhold its consent to an assignment or subletting of the Premises subject to the reasonable standards for Landlord's consent as are contained in this Lease. In addition, in the event Tenant has entered into a sublease which is valid under the terms of this Lease, Landlord may also, at its option, cause Tenant to assign to Landlord the interest of Tenant under said sublease including, but not limited to, Tenant's right to payment of Rent as it becomes due. Landlord may elect to enter the Premises and relet them, or any part of them, to third parties for Tenant's account. Tenant shall be liable immediately to Landlord for all costs Landlord incurs in reletting the Premises including, but not limited to, broker's commissions, expenses of cleaning and remodeling the Premises required by the reletting, attorneys' fees and like costs. Reletting can be for a period shorter or longer than the remaining Term of this Lease and for the entire Premises or any portion thereof. Tenant shall pay to Landlord the Monthly Rent and Additional Rent due under this Lease on the dates the Monthly Rent and such Additional Rent are due, less the Rent Landlord actually collects from any reletting. Except as provided in the preceding sentence, if Landlord relets the Premises or any portion thereof, such reletting shall not relieve Tenant of any obligation hereunder. Notwithstanding the above, no act by Landlord allowed by this subparagraph- 15.3
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Landlord’s Remedies. If there shall be an Event Upon Tenant's default hereunder Landlord may exercise any one or all of Default, then Landlord shall have the right, at its sole option, following options:
a. Terminate Tenant's right to terminate possession of the Premises under this Lease upon five (5) days prior written notice to Tenant. In addition, with or without terminating this Lease, Landlord may re-enter, terminate Tenant’s right of possession and reenter and take possession of the PremisesPremises and relet or attempt to relet the Premises on behalf of Tenant, at such rent and under such terms and conditions as Landlord may, in the exercise of Landlord's sole discretion, deem best under the circumstances for the purpose of reducing Tenant's liability. The provisions Landlord shall not be deemed to have thereby accepted a surrender of the Premises or the leasehold estate created hereby, and Tenant shall remain liable for all rental and additional rental due under this Lease and for all damages suffered by Landlord because of Tenant's breach of any of the covenants of this Article shall operate as a Lease. At any time during such repossession or reletting, Landlord may, by delivering written notice to quitTenant, any other notice elect to quit or exercise its option under the following subparagraph to accept a surrender of the Premises and the leasehold estate created hereby, terminate and cancel this Lease, and retake possession and occupancy of the Premises on behalf of Landlord’s intention .
b. Declare this Lease to re-enter the Premises being hereby expressly waived. If necessarybe terminated, Landlord may proceed to recover and reenter upon and take possession of the Premises under without notice to Tenant, whereupon the term hereby granted and all right, title and interest of Tenant in the Premises shall terminate. Such termination shall be without prejudice to Landlord's right to collect from Tenant any rental or additional rental that has accrued prior to such termination, together with all damages suffered by virtue Landlord because of the laws Tenant's breach of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything any covenant contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all Lease.
c. Declare the entire remaining unpaid rent and other sums accrued through for the later term of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Premises or any part thereof, alone or together with other premises, for such rent and upon such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, in its sole discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect to be immediately due and payable, and, at Landlord's option, take immediate action to recover and collect the Federal Reserve Bank same by any available procedure. Tenant hereby waives delivery of New Yorkany and all required notices or demands in the event of Tenant's default. The remedies provided in this Paragraph shall be cumulative to those provided elsewhere herein or by law.
Appears in 1 contract
Landlord’s Remedies. If there shall be an Event Upon the occurrence of Defaultany such events of default described in Paragraph 21 hereof, then Landlord shall have the rightoption to pursue any one or more of the following remedies without any notice or demand whatsoever:
(a) Terminate this Lease, or terminate Tenant’s rights to possession of the Leased Premises under this Lease (but not the Lease, itself), and in either event Landlord shall have the right to immediate possession of the Leased Premises and may reenter the Leased Premises, change the locks and remove all property there from without being guilty in any manner of trespass or otherwise; waived; and any such termination or re-entry on the part of Landlord shall be without prejudice to any remedy available to Landlord for arrears of Rent, breach of contract, damages or otherwise, nor shall the termination of this Lease or of Tenant’s rights of possession under this Lease by Landlord acting under this subparagraph be deemed in any manner to relieve Tenant from the obligation to pay the Rent and all other amounts due or to become due as provided in this Lease for and during the entire unexpired portion then remaining of the Lease term. In the event of termination of this Lease or of Tenant’s rights of possession under this Lease by Landlord as provided in this subparagraph, Landlord shall have the further right to relet the Leased Premises upon such terms, conditions and covenants as are deemed proper by Landlord for the account of Tenant as set forth below, and in such event, Tenant shall pay to Landlord all costs of renovating and altering the Leased Premises for a new tenant or 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 reletting during the then remaining Lease term. Alternatively, at its sole optionthe election of Landlord, Tenant covenants and agrees to terminate pay as damages to Landlord, upon any such termination by Landlord of this Lease upon five 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 (5had Tenant kept and performed all agreements and covenants of Tenant set forth in this Lease) days prior written notice 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 Tenant. In addition, with or without 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 re-enterincur or expend plus fifteen percent (15% ) thereof to cover Landlord’s overhead and administrative cost, terminate 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 subparagraph shall be deemed an obligation or undertaking by Landlord to remedy any such defaults of Tenant’s right .
(c) Without waiving such event of possession 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 may be found within the Leased Premises. The provisions Landlord shall have the right to change any 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’s agents, employees, officers, or contractors for any damages caused by the alteration of any locks or re-entry or repossession by Landlord, whether or not caused by the negligence of Landlord or otherwise; and (iv) any right of redemption, re-entry, or repossession of Tenant and any notice of legal proceeding for re-entry, including actions for forcible detainer and entry. Provided that Landlord has not terminated this Lease in writing or permanently excluded Tenant from the Leased Premises, Landlord shall not be obligated to provide a new key to Tenant except during Landlord’s normal business hours, and only after the following: (1) Tenant cures all events of default existing at the time of lock-out, including payment of late charges and reasonable expenses of lock-out (which shall include the cost of security services and removal of old locks and installation of new locks), and (2) Tenant has provided Landlord additional security or further assurances of Tenant’s future performance of all Tenant’s obligations arising under this Lease, such security or assurances to be satisfactory to Landlord in the exercise of Landlord’s sole and absolute discretion, which security may include, but is not limited to, a requirement that the Security Deposit be increased to an amount equal to three (3) months Rent. Such lock-out should not be deemed to be a termination of this Article Lease unless Landlord gives a written notice of termination to Tenant. It is agreed that if Tenant abandons or vacates the Leased Premises, Landlord may take such steps as Landlord deems necessary, appropriate, or desirable to protect the Leased Premises and the property therein from deterioration, including but not limited to, the lock-out of Tenant as described herein. All property of Tenant removed from the Leased Premises by Landlord pursuant to any provision of this Lease or applicable law may be handled, removed or stored by Landlord at the cost and expense of Tenant, and Landlord shall operate not be responsible in any event for the value, preservation or safekeeping thereof. Tenant shall pay Landlord for all expenses incurred by Landlord with respect to such removal and storage so long as the same is in Landlord’s possession or under Landlord’s control. All such property not removed from the Leased Premises or retaken from storage by Tenant within thirty (30) days after the end of the Term or the termination of Tenant’s right to possession of the Leased Premises, however terminated, at Landlord’s option, shall be conclusively deemed to have been conveyed by Tenant to Landlord as by xxxx of sale without further payment or credit by Landlord to Tenant. In the event Tenant fails to pay any installment of Rent or any reimbursement, additional rent, or any other payment hereunder as and when such payment is due, to help defray the additional cost to Landlord for processing such late payments Tenant shall pay to Landlord on demand a late charge in an amount equal to five percent (5%) of such installment, reimbursement, additional rent or any other payment and the failure to pay such late charge within ten (10) days after demand therefore shall be an event of default hereunder. The provision for such late charge shall be in addition to all of Landlord’s other rights and remedies hereunder or at law and shall not be construed as liquidated damages or as limiting Landlord’s remedies in any manner. Pursuit of any of the forgoing remedies shall not preclude pursuit of any of the other remedies herein provided or any other remedies provided by law, nor shall pursuit of any remedy herein provided constitute a forfeiture or waiver of any 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. No act or thing done by the Landlord or its agents during the term hereby granted shall be deemed a termination of this Lease or an acceptance of the surrender of the Leased Premises, and no agreement to terminate this Lease or accept a surrender of the Leased Premises shall be valid unless in writing signed by Landlord. No waiver by Landlord of any violation or breach of any of the terms, provisions and covenants herein contained shall constitute a waiver by Landlord of any of its rights with respect to any future violation or breach thereof. Landlord’s acceptance of the payment of Rent or other payments hereunder after the occurrence of an event of default shall not be construed as a notice waiver of such default, unless Landlord so notifies Tenant in writing. Forbearance by Landlord to quit, any other notice enforce one or more of the remedies herein provided upon an event of default shall not be deemed or construed to quit constitute a waiver of such default or of Landlord’s intention right to reenforce any such remedies with respect to such default or any subsequent default. If, on account of any breach or default by Tenant in Tenant’s obligations under the terms and conditions of this Lease, it shall become necessary or appropriate for Landlord to employ or consult with any attorney concerning or to enforce of defend any of Landlord’s rights or remedies hereunder, Tenant agrees to pay any reasonable attorney’s fees so incurred. All sums due and owing by Tenant to Landlord under this Lease shall bear interest from the date ten (10) days after the date due until paid at the lesser of (a) the maximum non-enter usurious rate permitted by law or (b) the Premises being hereby expressly waivedgreater of (i) two percent (2%) above the “prime rate” per annum of Chase Bank or its successor in effect on said due date or (ii) eighteen percent (18%) per annum. If necessaryIn either case, Landlord may proceed such interest to recover possession be compounded daily; provided, however, in no event shall the rate of interests hereunder exceed the maximum non-usurious rate of interest (hereinafter called the “Maximum Rate”) permitted by the applicable laws of the Premises under State of Texas or the United States of America, whichever shall permit the higher non-usurious rate, and as to which Tenant could not successfully assert a claim or defense of usury. To the extent that the Maximum Rate is determined by virtue of reference to the laws of Massachusettsthe State of Texas, or by such other proceedings, including re-entry the Maximum Rate shall be the indicated rate ceiling (as defined and possessiondescribed in Credit Title of the Texas Finance Code, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Premises or any part thereof, alone or together with other premises, for such rent and upon such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, in its sole discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect amended at the Federal Reserve Bank of New Yorkapplicable time in effect).
Appears in 1 contract
Samples: Lease Agreement (Sulphco Inc)
Landlord’s Remedies. If there shall be A. Upon the occurrence and continuance of an Event of Default, then Landlord, without notice to Tenant in any instance (except where expressly provided for below) may do any one or more of the following:
(1) Declare all rents, charges and any other sums due to Landlord by Tenant to become accelerated and immediately due and payable.
(2) Perform, on behalf and at the expense of Tenant, any obligation of Tenant under this Lease which Tenant has failed to perform and of which Landlord shall have given Tenant notice, the rightcost of which performance by Landlord, together with interest thereon at its sole optionthe Default Rate from the date of such expenditure, shall be deemed Additional Rent and shall be payable by Tenant to Landlord upon demand.
(3) Elect to terminate this Lease upon five (5) days prior written and the tenancy created hereby by giving notice of such election to Tenant. In addition, with or without terminating this Lease, Landlord may re-enter, terminate Tenant’s right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises Premises, by proceedings or otherwise, remove Tenant and all other persons and property from the Premises, and store such property in a public warehouse or elsewhere at the cost of and for the account of Tenant without resort to legal process and without Landlord being hereby expressly waiveddeemed guilty of trespass or becoming liable for any loss or damage occasioned thereby.
(4) Exercise any other legal or equitable right or remedy which Landlord may have. If necessaryNotwithstanding the provisions of clause (2) above and regardless of whether an Event of Default shall have occurred, Landlord may proceed exercise the remedy described in clause (2) without any notice to recover possession Tenant if Landlord, in its good faith judgment, believes that the unperformed obligation of Tenant constitutes an emergency.
B. If this Lease is terminated by Landlord pursuant to Subparagraph 21A, Tenant nevertheless shall remain liable for any Rent and damages which may be due or sustained prior to such termination, and all reasonable costs, fees and expenses incurred by Landlord in pursuit of its remedies hereunder, or in renting the Premises to others from time to time (all such Rent, damages, costs, fees and expenses being referred to herein as "Termination Damages") and additional damages (the "Liquidated Damages") equal to the Rent which, but for termination of this Lease, would have become due during the remainder of the Term, less the amount of Rent, if any, which Landlord may receive during such period from others to whom the Premises under may be rented (other than any Additional Rent received by Landlord as a result of any failure of such other person to perform any of its obligations to Landlord). Termination Damages shall be due and payable immediately upon demand by virtue Landlord following any termination of this Lease pursuant to Subparagraph 21A. Liquidated Damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following termination of the laws Lease and continuing until the date on which the Term would have expired but for such termination. Any suit or action brought to collect any Liquidated Damages for any month shall not in any manner prejudice the right of Massachusetts, or Landlord to collect any Liquidated Damages for any subsequent month by such other proceedings, including re-entry and possession, as may be applicable. a similar proceeding.
C. If Landlord elects to terminate this Lease and/or elects is terminated pursuant to terminate Tenant’s right of possessionXxxxxxxxxxxx 00X, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, Xxxxxxxx may relet the Premises or any part thereof, alone or together with other premises, for such rent term or terms (which may be greater or less than the period which otherwise would have constituted the balance of the Term) and upon on such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, in its sole uncontrolled discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s 's obligations hereunder be diminished by reason of, Landlord’s any failure by Landlord to relet the Premises or any failure of Landlord to collect any rent due upon such reletting.
D. FOR VALUE RECEIVED, IN ADDITION TO ANY AND ALL REMEDIES PROVIDED HEREUNDER OR BY LAW, UPON ANY DEFAULT BY TENANT HEREUNDER, TENANT HEREBY EMPOWERS ANY ATTORNEY OF ANY COURT OF RECORD WITHIN THE COMMONWEALTH OF PENNSYLVANIA TO APPEAR FOR TENANT, AND FOR ANY OTHER PERSONS CLAIMING UNDER, BY OR THROUGH TENANT, AND, WITH OR WITHOUT COMPLAINT FILED, CONFESS JUDGMENT FORTHWITH AGAINST TENANT AND SUCH OTHER PERSONS AND IN FAVOR OF LANDLORD, IN AN AMICABLE ACTION OF EJECTMENT FOR THE PREMISES, OR WRITS OF EXECUTION FOR POSSESSION OF THE PREMISES AND, AT LANDLORD'S OPTION, FOR THE AMOUNT OF ALL COSTS, WITHOUT LEAVE OF COURT, AND LANDLORD MAY, BY LEGAL PROCESS, UPON TWENTY-FOUR (24) HOURS' NOTICE POSTED AT THE PREMISES, RE-ENTER AND EXPEL TENANT FROM THE PREMISES, AND ALSO ANY PERSONS HOLDING UNDER TENANT.
E. No reference to any specific right or remedy shall preclude Landlord from exercising any other right, or from having any other remedy or from maintaining any action to which it may otherwise be entitled by law or in equity. Whether No failure by Landlord to insist upon the strict performance of any agreement, term, covenant or not condition hereof, or to exercise any right or remedy consequent upon a breach thereof, and no acceptance of full or partial rent during the continuance of any such breach, shall constitute a waiver of any such breach, agreement, term, covenant or condition. No waiver by Landlord of any breach by Tenant under this Lease is terminated, Tenant nevertheless shall remain liable for or of any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred breach by Landlord in pursuit any other tenant under any other lease of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder any portion of the Building shall affect or alter this Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New Yorkway whatsoever.
Appears in 1 contract
Landlord’s Remedies. If there Tenant shall fail to make any payment of any Rent due hereunder within ten (10) days of its due date, or if Tenant shall fail to perform any of the other covenants or conditions which Tenant is required to observe and perform under this Lease for a period of thirty (30) days following written notice of such failure, or if the interest of Tenant in this Lease shall be levied upon under execution and not removed or stayed within thirty (30) days, or if any petition shall be filed by or against Tenant in a court of bankruptcy which is not removed within forty-five (45) days, or if Tenant shall be declared insolvent according to law, or make an Event assignment for the benefit of Defaultcreditors or petition for or enter into an arrangement, or if Tenant shall abandon and vacate the Premises during the Term of this Lease, then Landlord shall have may, but need not, treat the rightoccurrence of any one or more of the foregoing events as a default under this Lease, and thereupon may, at its sole option, with notice and demand to terminate this Lease upon five Tenant as required by law, have the following-described remedies in addition to other rights and remedies provided at law or in equity; provided, however, if Tenant has expeditiously undertaken and is attempting to cure a non-monetary default and continuously proceeding to that goal, then the cure period shall be extended to sixty (560) days prior written notice to if it is capable of being cured within that period.
(a) Terminate Tenant. In addition, with or 's right of possession and repossess the Premises in a district court summary proceeding action and without terminating this Lease, in which case Landlord may re-enter, terminate Tenant’s right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice use good faith efforts to quit, relet all or any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession part of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Premises or any part thereof, alone or together with other premises, for such rent and upon reasonable business terms. For the purposes of such terms reletting, Landlord shall list the Premises with a broker and conditions (which may include concessions make such repairs or free rent and alterations of physical changes in or to the Premises as may be necessary. During any period that Landlord is unable to relet the Premises) , then Tenant shall pay to Landlord the amount due to be paid by Tenant as Landlord, in its sole discretion, may determine, but Landlord such rent becomes due under the Lease without acceleration as provided herein. If the Premises are relet and a sufficient sum shall not be liable forrealized from the reletting, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, after payment of all costs, fees costs and expenses (including without limitation reasonable attorneys’ feesof such repairs and the expense of such reletting and the collection of rent occurring therefrom, brokerage fees and expenses incurred in placing to satisfy the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises Rent herein provided to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due paid during the remainder of the Lease initial Term, less Tenant shall satisfy and pay any such deficiency as and when such rent becomes due under the amount Lease. Tenant agrees that Landlord may file suit to recover sums falling due under the terms of rental, if any, which Landlord receives during such period this paragraph from others time to whom the Premises may be rented (other than time and that any Additional Rent payable as a result suit or recovery of any failure of such other person to perform any of its obligations), which damages portion due Landlord hereunder shall be computed no defense to any subsequent action brought for any amount not theretofore reduced to judgment in favor of Landlord. Any election of Landlord upon an event of uncured default after written notice must be proceeded with all notices and payable in monthly installmentsappropriate requirements as provided by law. All remedies of Landlord must comply with the requirements of the Summary Proceedings Act of the State of Michigan, and shall not include consent to self help. Landlord shall have a duty to mitigate damages. Landlord’s collection of rents, in advancethe event of a reletting, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not used to have accrued until the expiration diminish any liability of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New YorkTenant.
Appears in 1 contract
Samples: Retail Center Lease (Diversified Restaurant Holdings, Inc.)
Landlord’s Remedies. If there shall be Upon the occurrence of an Event of DefaultDefault under Section 21.01, then Landlord shall have the rightoption to take any or all of the following actions, without further notice or demand of any kind to Tenant, or to any guarantor of this Lease, or to any other person:
(a) Landlord, pursuant to summary ejectment or other legal process, may immediately reenter and remove all persons and property from the Premises, storing such property in a warehouse, or elsewhere at the Tenant’s cost, 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 Premises by Landlord shall be construed as an election on its sole option, part to terminate this Lease upon five (5) days prior unless a written notice of such intention is given by Landlord to Tenant. In addition, with or without terminating this LeaseAll 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 re-entersell such property in any reasonable manner and shall apply the proceeds of such sale actually collected first against the costs of moving, terminate Tenant’s right of possession storage and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, sale and then against any other notice obligation due from Tenant under this Lease with any remaining surplus being remitted to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Tenant.
(b) Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Premises or any part thereof, alone portion thereof at any time or together with other premises, from time to time and for such rent terms and upon such terms conditions and conditions (which may include concessions or free rent and alterations of the Premises) at such rental as Landlord, in its sole discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such relettingconsiders advisable. Whether or not this Lease is terminatedthe Premises, or any portion thereof, are relet by Landlord, Tenant nevertheless shall remain liable for any Annual Fixed Rentpay to Landlord all amounts required to be paid by Tenant hereunder up to the date that Landlord removes Tenant from the Premises, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. thereafter Tenant shall also be liable for additional damages which at pay to Landlord’s election shall be either:
(a) an amount equal to , until the Annual Fixed Rent and Additional Rent which would have become due during the remainder end of the Lease Termterm, less the amount of rental, if any, which Landlord receives during such period from others Minimum Base Rent and other amounts required to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person paid by Tenant pursuant to perform any of its obligations), which damages this Lease. Such payments by Tenant shall be computed and payable due at such times as are provided elsewhere in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s)this Lease, and such suits shall Landlord need not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit wait until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) , through expiration of the difference between term or otherwise, to recover such payments by legal action or in any other manner. If Landlord relets the 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 (i) against the Annual Fixed Rent costs of removing Tenant and Additional Rent which would have its property, (ii) against the costs of reletting including the cost of clean-up, repair or 23610.4-725260 v3, jdl 4-18-12 modification of the Premises and the fee of any Realtor, (iii) against 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, and (iv) any residue shall be held by Landlord and applied in payment of future rent as such may become due during and payable hereunder. Landlord may execute any lease made pursuant hereto in its own name and the tenant there under shall be under no obligation to control or monitor the application by Landlord of any rent or other proceeds paid to Landlord there under nor shall Tenant have any right to collect any portion of such rent or other proceeds nor be entitled to regain possession of the Premises. Landlord shall not by any reentry or other act be deemed to have otherwise terminated this Lease, or to have relieved Tenant of any obligation hereunder, unless Landlord shall have given Tenant express 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 any previous breach by Tenant.
(c) Landlord may collect by suit or otherwise, without reletting the 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. Landlord may also elect to cure any default on behalf of Tenant and, in such event, Tenant shall immediately reimburse Landlord for the 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 Premises. Such termination shall not relieve Tenant of any obligation hereunder which has accrued prior to the date of such termination and Landlord may recover from Tenant all damages it has incurred by reason of Tenant’s breach, including the cost of recovering the Premises, reasonable attorneys fees, and the worth (or present value) at the time of such termination of the excess, if any, of the amount of rent and charges equivalent to rent reserved under this Lease for the remainder of the Lease Term, and (ii) stated term over the fair market then rental value of the Premises for the same periodremainder of the stated term, all of which damages amounts shall be immediately due and payable from Tenant to Landlord. The “worth or present value” shall be determined by using an interest rate of ten percent (10%) per annum or the highest rate permitted by law, whichever is lower. In determining the amount of rent reserved under this Lease subsequent to such termination, the rent which would have been paid for each year of the unexpired term shall be deemed to equal the average yearly minimum and additional rents paid by Tenant hereunder from the Commencement Date to the time of default, or during the preceding three (3) full calendar years, whichever period is shorter.
(e) The remedies given to Landlord in one lump sum on demand. For purpose of this Section, present value Section 21 shall be computed by discounting cumulative and shall be in addition and supplemental to all other rights or remedies which Landlord may have at a rate equal to one (1) whole percentage point above equity or under the discount rate laws then in effect at the Federal Reserve Bank of New Yorkforce.
(f) Landlord shall use commercially reasonable means to mitigate its damages.
Appears in 1 contract
Samples: Warehouse Lease Agreement (Obagi Medical Products, Inc.)
Landlord’s Remedies. If there shall be an Event of Default, then a. Landlord shall have the right, at its sole option, following remedies if Tenant is in default. These remedies are not exclusive; they are cumulative and in addition to terminate this Lease upon five (5) days prior written notice to Tenantany remedies now or later allowed by law. In addition, with or without terminating this Lease, Landlord may re-enter, terminate Tenant’s right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right to possession of possession the Premises at any time. No act by Landlord other than giving notice 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 this Lease. Upon termination of this Lease or of Tenant’s right to possession, Landlord has the right to recover from Tenant: (1) The worth of the unpaid rent that had been earned at the time of such termination; (2) The worth of the amount of the unpaid rent that would have been earned after the date of such termination less the net amount which Tenant proves could be obtained by re-leasing the Premises; and (3) reasonable costs of retelling, including court, attorney and collection costs. “The Worth” as used for Item 20a(1) is terminatedto be computed by allowing interest at the Default Rate. “The Worth” as used for Item 20a(2) is to be computed by discounting the amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of termination of Tenant’s right of possession.
b. All covenants and agreements to be performed by Tenant under any of the terms of this Lease shall be performed by Tenant at Tenant’s sole cost and expense and without any abatement of rent. If Tenant shall fail to pay any sum of money owed to any party other than Landlord, for which it is liable hereunder, or if Tenant shall fail to perform any other act on its part to be performed hereunder, Landlord may, without waiving such default or any other right or remedy, but shall not be obligated to, relet the Premises make any such payment or perform any part thereofsuch other act to be made or performed by Tenant. All sums so paid by Landlord, alone or and all necessary incidental costs, together with other premises, for such rent and upon such terms and conditions (which may include concessions or free rent and alterations of interest thereon at the Premises) as Landlord, in its sole discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others Default Rate from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Termexpenditure by Landlord, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New York.
Appears in 1 contract
Samples: Lease
Landlord’s Remedies. If there shall be Upon the occurrence of an Event of DefaultDefault by ------------------- Tenant, then Landlord shall have the rightfollowing remedies, at its sole option, in addition to terminate this Lease upon five (5) days prior written notice to Tenant. In addition, with all other rights and remedies provided by any Law or without terminating equity or otherwise provided in this Lease, to which Landlord may re-enterresort cumulatively or in the alternative:
A. Landlord may, terminate Tenant’s right at Landlord's election, keep this Lease in effect and enforce by an action at law or in equity all of possession its rights and take possession of the Premises. The provisions of remedies under this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedingsLease, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s (i) the right to recover from Tenant all the rent and other sums accrued through as they become due by appropriate legal action, (ii) the later right but not the obligation to make payments required of termination Tenant or perform Tenant's obligations and the right to be reimbursed by Tenant for the cost thereof with interest at the Agreed Interest Rate from the date the sum is paid by Landlord until Landlord is reimbursed by Tenant, and (iii) the right to bring an action in law or equity to enforce Landlord’s recovery 's rights and remedies, including the remedies of possession. Whether or not injunctive relief and specific performance to compel Tenant to perform its obligations under this Lease and/or Tenant’s right of possession is terminated, Lease.
B. Landlord may, but 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 (the "Termination Date"). Tenant shall surrender possession to Landlord on or before the Termination Date. Any termination under this subparagraph shall not be obligated torelieve Tenant from its obligation to pay sums then due Landlord under the terms of this Lease, including any obligation of Tenant to indemnify Landlord set forth in this Lease, or from any claim against Tenant for damages or rent previously accrued or then 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 Premises or assignment of this Lease by Tenant, whether pursuant to the provisions hereof or otherwise; (iii) any action taken to maintain and preserve the Premises; or (iv) any action taken to relet the Premises or any part portions thereof, alone or together with other premises, for such rent the account of Tenant and upon such terms in the name of Tenant.
C. If an Event of Default occurs and conditions (which may include concessions or free rent and alterations of Tenant abandons the Premises) , this Lease shall not terminate unless Landlord gives Tenant written notice of its election to so terminate this Lease. No act by or on behalf of Landlord intended to mitigate the adverse effect of such breach, including those described by the third sentence of subparagraph 13.2B immediately preceding, shall constitute a termination of Tenant's right to possession unless Landlord gives Tenant written notice of termination. Should Landlord not terminate this Lease by giving Tenant written notice, Landlord may enforce all its rights and remedies under this Lease, including the right to recover the rent as Landlordit becomes due under the 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, in its sole discretion, may determine, but Landlord shall not be liable forentitled, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) '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 Annual Fixed Rent and Additional Agreed Interest Rate shall be used where permitted. Such damages shall include without limitation: (1) The worth at the time of award of any unpaid Rent which would have become due during the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (had been earned as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease TermTermination Date, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect allowing interest at the Federal Reserve Bank Agreed Rate (but in no case greater than the maximum amount of New York.interest permitted by Law);
Appears in 1 contract
Landlord’s Remedies.
27.2.1 If there shall be an Event any one or more Tenant Defaults occur, Landlord has the right, subject to the terms and conditions of this Lease, at its election:
A. To discharge, pay or otherwise perform the obligation of Tenant giving rise to such Tenant Default, then and all amounts paid by Landlord and all costs and expenses incurred by Landlord in connection with the discharge, payment or performance of any such obligation (together with interest at the Default Interest Rate from the date of payment by Landlord) will either, at the option of Landlord,
(i) be payable by Tenant to Landlord on demand or (ii) Landlord may set off and apply the same against any monetary obligation of Landlord due under this Lease, including, without limitation, the RMMO Fee. Further, Landlord or the County may reasonably perform Emergency Repairs for any Tenant obligations without prior notice to Tenant and the giving of the opportunity to cure. In such case, Tenant shall have not be considered in default but Landlord will be entitled to reimbursement for such costs or set-off rights under this Section 27.2.1(A); or
B. To exercise any other right or remedy available to it at law, in equity or otherwise, including, without limitation, the right to money damages, as if specific remedies, indemnity or reimbursement were not herein provided for.
27.2.2 Solely in the event any one or more material Tenant Defaults occurs, Landlord has the right, at its sole optionelection:
A. To give Tenant ninety (90) days’ written notice of the expiration of the Term and upon the giving of such notice and the expiration of such ninety (90) day period, Xxxxxx’s right to possession of the Leased Premises will cease and this A&R Lease will be terminated, except as to Tenant’s liability for the payment of any financial obligations accruing hereunder prior to the date of such termination, as if the expiration of the term fixed in such notice were the end of the Term, provided, however, that to the extent that the Tenant Default giving rise to such notice occurs during an NFL Season, such ninety (90) day period shall not begin to run until the last Game of such NFL Season has been played; or
B. To commence arbitration in accordance with Article 15 seeking a declaration that Landlord is entitled to summary eviction (provided, however, that to the extent such arbitration is commenced during an NFL Season, any warrant of eviction obtained thereby shall not be effective until the last Game of such NFL Season has been played); or
C. In the event that Tenant defaults in its obligations under this A&R Lease, resulting in the receipt of money damages by the County and/or the Landlord (the “Damage Award”), then the parties agree that to repay certain public funding benefits received, the Damage Award shall be applied on a pro-rata basis to the repayment of local and state government contributions the Arrowhead Stadium Expansion and Renovation Plan; or
D. In the event of a breach or threatened breach of Section 7.2, the Landlord shall be entitled to seek and obtain an injunction from the Circuit Court of Jackson County, Missouri or any other court of competent jurisdiction to restrain and enjoin any violation thereof and maintain a cause of action for specific performance of the covenant to play Games at Arrowhead Stadium.
27.2.3 Anything elsewhere in this Lease to the contrary notwithstanding, no notice by the Landlord under this Section 27.2 (herein called a notice of default) shall be valid or effective unless it complies with the following requirements: (i) it shall be served within a reasonable time after the Landlord acquires knowledge of the occurrence of the claimed default; (ii) it shall specify in reasonable detail the claimed default and shall specify the Article and Section, if any, of this A&R Lease or the Management Agreement under which the default is claimed to have occurred; (iii) it shall state that if the claimed default is not cured or remedied within the applicable period, if any, specified in this Section 27.2, the Landlord will have the right to terminate this Lease upon five (5) days prior written notice to Tenant. In addition, with or without terminating this Lease, Landlord may re-enter, terminate Tenant’s right of possession and take possession the Management Agreement and all rights of the Premises. The provisions Tenant thereunder; and (iv) for the purpose of this Article shall operate as a notice to quit, determining the expiration date of any other notice to quit applicable period for the curing or remedying of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Premises or any part thereof, alone or together with other premises, for such rent and upon such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, in its sole discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit provisions of its remedies and in renting the Premises to others from time to time. Tenant Section 33.5 hereof shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New Yorkapply.
Appears in 1 contract
Samples: Lease Agreement
Landlord’s Remedies. In the event of any default by Tenant under this Lease, Landlord, at its option, may serve Tenant with a notice of default advising Tenant that unless Tenant cures the default within ten (10) days of receipt of the notice, Landlord may, in addition to all other rights and remedies provided in this Lease, or otherwise at law or in equity, commence a proceeding to recover Base Rent and Additional Rent due from Tenant to the date of the proceeding, subject to Landlord’s obligation to mitigate damages. In the event that Landlord wishes to terminate the Lease by reason of such default, Landlord shall deliver to Tenant a second notice stating in bold letters that unless Tenant shall cure the default, Landlord may, within five business days thereafter, (a) seek to terminate the Lease and recover from Tenant the moneys due to the date of the notice and thereafter under the terms of the Lease, subject to mitigation, including the recovery of all Landlord’s reasonable expenses of reletting the Premises (including repairs, alterations, improvements, additions, decorations, legal fees and brokerage commissions), or (b) terminate Tenant’s right of possession of the Premises without terminating this Lease; provided, however, that Landlord shall use its reasonable efforts, whether Landlord elects to 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 reasonably acceptable to Landlord. If there shall be an Event of DefaultLandlord elects to pursue its rights and remedies under Subsection (b), then Landlord shall at any time have the rightfurther right and remedy to rescind such election and pursue its rights and remedies under Subsection (a). For purposes of any reletting, at Landlord is authorized to decorate, repair, alter and improve the Premises to the extent reasonably deemed necessary by Landlord, in its sole optionsole, but reasonable, discretion. If the Premises are relet and a sufficient sum is not realized there from, to satisfy the payment, when due, of Base Rent and Additional Rent reserved under the Lease for any monthly period (after payment of all Landlord’s reasonable expenses of reletting) , then Tenant shall pay any such deficiency monthly. Tenant agrees that Landlord may file suit to recover any sums due to Landlord hereunder from time to time and that such suit or recovery of any amount due Landlord hereunder shall not be any defense to any subsequent action brought for any amount not theretofore reduced to judgment in favor of Landlord. In the event Landlord elects, pursuant to Subsection (b) of this Section 22.2, to terminate this Lease upon five (5) days prior written notice to Tenant. In addition’s right of possession only, with or without terminating this Lease, Landlord may re-entermay, terminate pursuant to Court order, at Landlord’s option, enter into the Premises, remove Tenant’s right Property, Tenant’s signs and other evidences of possession tenancy, and take and hold possession of the Premises. The provisions of this Article shall operate thereof, as a notice to quitprovided in Section 20 hereof; provided, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessaryhowever, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by that such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to possession shall not terminate this Lease and/or elects to terminate or release Tenant, in whole or in part, from Tenant’s right of possession, then everything contained in this Lease obligation to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through pay the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Premises or any part thereof, alone or together with other premises, for such rent and upon such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, in its sole discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Base Rent and Additional Rent which would have become due during reserved hereunder for the remainder full 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 risk, cost and expense of Tenant, and in no event or circumstance, other than Landlord’s negligence, 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 in Landlord’s possession or under Landlord’s control. Any such property of Tenant not retaken from storage by Tenant within thirty (30) days after the end of the Term, less the amount of rentalhowever terminated, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not conclusively presumed to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable been conveyed by Tenant to Landlord under this Lease as in one lump sum on demand. For purpose a xxxx of this Sectionsale, present value shall be computed without further payment or credit by discounting at a rate equal Landlord to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New YorkTenant.
Appears in 1 contract
Samples: Building Lease (Qumu Corp)
Landlord’s Remedies. If there (a) An Event of Default shall constitute a breach of this Lease for which Landlord shall have the rights and remedies set forth in this Section 19.2 and all other rights and remedies set forth in this Lease or now or hereafter allowed by Law, whether legal or equitable, and all rights and remedies of Landlord shall be cumulative and none shall exclude any other right or remedy.
(b) Landlord may, at any time after the happening of an Event of Default, then terminate this Lease by giving Tenant notice in writing at any time. If Landlord gives such notice, this Lease, the Lease Term and the right, title and interest of Tenant under this Lease shall wholly cease and expire in the same manner and with the same force and effect (except as to Tenant’s liability) on the date specified in such notice as if such date was the Expiration Date of the Lease Term of this Lease without the necessity of re-entry or any other act on Landlord’s part. Any written notice required pursuant to Section 19.1 shall constitute notice of unlawful detainer pursuant to Law if, at Landlord’s sole discretion, it states Landlord’s election that Tenant’s right to possession is terminated after expiration of any period required by Law or any longer period required by Section 19.
1. Upon the termination of Tenant’s right to possession of the Premises, Landlord shall have the right, at its sole optionsubject to applicable Law, to terminate this Lease upon five (5) days prior written notice to Tenant. In addition, with or without terminating this Lease, Landlord may re-enter, terminate Tenant’s right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessaryand dispossess Tenant and the legal representatives of Tenant and all other occupants of the Premises by unlawful detainer or other summary proceedings, Landlord may proceed to recover regain possession of the Premises under Premises, and by virtue of Landlord shall have the laws of Massachusettsright, or by such other proceedingsbut not the obligation, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate remove Tenant’s right of possession, then everything contained Removable Property in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possessionaccordance with Section 14.1. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Premises or any part thereof, alone or together with other premises, for such rent and upon such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, in its sole discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of Upon the termination of this Lease) of , Landlord shall have the difference between right to recover damages for Tenant’s default as provided herein or by Law, including the following damages:
(i) the Annual Fixed worth at the time of award of the unpaid Rent and Additional which had been earned at the time of termination;
(ii) the worth at the time of award of the amount by which the unpaid Rent which would have become due during been earned after termination until the remainder time of award exceeds the amount of such Rent loss that Tenant proves could reasonably have been avoided;
(iii) the worth at the time of award of the amount by which the unpaid Rent for the balance of the term of this Lease Termafter the time of award exceeds the amount of such Rent loss that Tenant proves could be reasonably avoided; and
(iv) any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant’s failure to perform its obligations under this Lease or that in the ordinary course of things would be likely to result therefrom, including, without limitation, the cost of recovering the Premises, the unamortized portion of (A) lease commissions paid by Landlord relating to this Lease, and (iiB) the fair market rental value unamortized portion of any inducement or consideration for Tenant’s entering into this Lease (including, without limitation, any free or abated Rent, any tenant allowances, and the Premises for the same period, which damages shall be payable to cost of any tenant improvement work performed by Landlord in one lump sum on demand. For purpose behalf of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New YorkTenant).
Appears in 1 contract
Samples: Office Lease (EverCommerce Inc.)
Landlord’s Remedies. If there shall be is an Event of Default, then Landlord shall have the right, at its sole option, to terminate this Lease upon five (5) days prior written notice to Tenant. In addition, with or without terminating Default by Tenant under this Lease, in addition to all other remedies available to Landlord may re-enterat law or in equity, terminate Tenant’s right of possession Landlord may:
(1) Terminate this Lease by notice to Tenant and take retake possession of the Premises. The provisions ;
(2) Terminate Tenant's right of this Article shall operate as a possession by notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover Tenant without terminating this Lease and retaking possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Premises or any part thereofof the Premises in the name of Landlord, alone or together with other premisesotherwise, as Tenant's agent, for such rent a term shorter or longer than the balance of the Lease Term, and upon such terms and conditions (which may include grant concessions or free rent to the new tenant, thereby terminating Tenant's tenancy in the Premises and alterations of right to possess the Premises) as Landlord, in its sole discretion, may determine, but Landlord shall not be liable for, nor shall without terminating Tenant’s 's obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
pay (a) an amount equal to the Annual Fixed entire balance of all forms of Base Rent and Additional Rent which would have become due during for the remainder of the Lease Term, less plus (b) the amount Reletting Expenses, and (c) the unamortized balance of rentalany brokerage commissions paid by Landlord in connection with this Lease, if anyany allowances granted to Tenant under this Lease, which and the cost of any Tenant Improvements made by Landlord. Landlord receives during such period from others shall have no obligation to whom relet the Premises, and its failure to do so, or failure to collect rent on reletting, shall not affect Tenant's liability under this Lease. Landlord shall not, in any event, be required to pay Tenant any surplus of any sums received by Landlord on a reletting of the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration excess of the Lease Term, rent provided in which event the cause of action shall be deemed not this Lease. If Landlord decides to have accrued until the expiration of the Lease Term. Landlord agrees that if relet the Premises are reletor a duty to relet is imposed by law, Landlord shall act only be required to use commercially reasonable efforts to relet the Premises. Commercially reasonable efforts shall not require Landlord to: (i) use any greater efforts than Landlord then uses to lease other properties Landlord or its affiliates owns or manages; (ii) relet the Premises in preference to any other space in the Building; (iii) relet the Premises to any party that Landlord could reasonably to obtain reject as a transferee under the Assignment or Subletting section of this Lease; (iv) accept rent in an amount which is less than the fair market rental value for the Premises; or
(bv) an amount equal 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 present value (as of reletting process or accept any tenant offered by Tenant unless the date of offered tenant leases the termination 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) of the difference between (i) the Annual Fixed Rent . "Reenter" and Additional Rent which would have become due during the remainder of the "re-entry" as used in this Lease Term, and (ii) the fair market rental value are not restricted to their technical legal meaning. No reentry or taking possession of the Premises for the same period, which damages by Landlord shall be payable construed as an election on Landlord's part to Landlord in one lump sum on demand. For purpose accept a surrender of this Section, present value shall be computed by discounting at the Premises unless a rate equal notice of such intention is given to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New York.Tenant;
Appears in 1 contract
Samples: Lease (DBT Online Inc)
Landlord’s Remedies. (1) Upon the occurrence of any one or more defaults by Tenant, Landlord may elect, at any time thereafter by written notice to Tenant, to terminate this Lease and Tenant's rights to the Premises as of the date set forth in the notice or, without terminating this Lease, to terminate Tenant's right to possession of the Premises as of the date set forth in the notice. Upon any termination of this Lease, whether by lapse of time or otherwise, or upon any termination of Tenant's right to possession without termination of the Lease, Tenant shall surrender possession and vacate the Premises and deliver possession thereof to Landlord, and Tenant hereby authorizes Landlord to enter into and upon the Premises with or without process of law, and repossess the Premises and to remove Tenant and all occupants and property therefrom using such force as may be necessary without being deemed in any manner guilty of trespass, eviction or forcible entry or detainer, and without relinquishing Landlord's rights to Rent or any other right given to Landlord hereunder or by law or in equity. Except as otherwise provided in this Section 11, Tenant expressly waives the service of any notice of intention to terminate this Lease or to reenter to Premises, any demand for payment of Rent or possession, all present or future redemption rights, and any other notice or demand. Landlord and Tenant each hereby waive trial by jury in any action, proceeding or counterclaim brought by Landlord for recovery of the Premises or eviction. Tenant agrees not to interpose any counterclaims (other than compulsory counterclaims) in any proceeding for recovery of the Premises.
(2) If there Landlord elects to terminate Tenant's right to possession only without terminating the Lease, Landlord may at Landlord's option enter into the Premises and take and hold possession thereof as set forth in Section 11B(1) without such entry and possession terminating the Lease or releasing Tenant, in whole or in part, from Tenant's obligation to pay the Rent hereunder for the full Term, and, at Landlord's option, the aggregate amount of the Base Rent and Operating Cost Rent (based upon the amount thereof for the calendar month immediately preceding the month in which the default has occurred) for the period from the date stated in the written notice terminating possession to the stated end of the Term shall be an Event immediately due and payable by Tenant to Landlord, together with any other monies due hereunder, and Landlord shall have right to immediate recovery of Defaultsuch amounts. In addition, then Landlord shall have the rightright from time to time, to recover from Tenant, and Tenant shall remain liable for, all Rent not theretofore accelerated and paid pursuant to the foregoing sentence and any other sums thereafter accruing as they become due under this Lease during the period from the date stated in the notice terminating possession to the stated end of the Term. Upon and after entry into possession without termination of the Lease, subject to Landlord's right to first rent other vacant areas in the Project, Landlord may relet the Premises or any part thereof for such Rent, for such time (which may be a period extending beyond the stated Term of this Lease) and upon such terms as Landlord in Landlord's sole discretion shall determine. In any such case, Landlord may make repairs, alterations and additions in or to the Premises and redecorate the same to the extent deemed necessary or desirable by Landlord, and in connection therewith Landlord may change the locks to the Premises, and Tenant shall upon written demand pay the cost thereof, together with Landlord's expenses of reletting. Any proceeds from the reletting of the Premises by Landlord shall be collected by Landlord and shall first be applied against the costs and expenses of reentry and of reletting the Premises including, without limitation, all brokerage, advertising, legal, alteration, redecoration, repair and other reasonably necessary costs and expenses incurred to secure a new tenant for the Premises, and second to the payment of Rent herein provided to be paid by the Tenant. If the consideration collected by Landlord upon any such reletting, after payment of the expenses of reletting the Premises, is not sufficient to pay any accelerated amounts of Rent due and owing and to pay monthly the full amount of the Rent reserved in this Lease and not theretofore accelerated, Tenant shall pay to Landlord the accelerated amounts upon demand, and the amount of each monthly deficiency as it becomes due (as the case may be). If the consideration collected by Landlord upon any such reletting for Tenant's account after payment of the expenses of reletting the Premises is greater than the amount necessary to pay accelerated amounts of Rent due and owing and to pay that full amount of Rent reserved in this Lease and not theretofore accelerated, the full amount of such excess shall be retained by Landlord and in no event shall be payable to Tenant. No such reentry, repossession, repairs, alterations, additions or reletting shall be construed as an eviction of Tenant or as an election on Landlord's part to terminate this Lease, unless written notice of such intention is given to Tenant, or shall operate to release Tenant in whole or in part from any of Tenant's obligations hereunder. Notwithstanding any reentry or reletting by Landlord, Landlord may at any time thereafter elect to terminate this Lease for such previous default.
(3) If Landlord elects to terminate this Lease, Landlord shall be entitled to recover from Tenant all of the amounts of Rent accrued and unpaid for the period up to and including the date of the termination, as well as all other additional sums for which Tenant is liable, or in respect of which Tenant has agreed to indemnify Landlord under any of the provisions of this Lease, which may then be owing and unpaid, and all costs and expenses including, without limitation, court costs and reasonable attorneys' fees incurred by Landlord in the enforcement of its rights and remedies hereunder, and in addition, Landlord, at its sole option, to terminate this Lease upon five (5) days prior written notice to Tenant. In addition, with or without terminating this Lease, Landlord may re-enter, terminate Tenant’s right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right entitled to recover from Tenant all rent and other sums accrued Tenant shall pay to Landlord, on demand, as final and liquidated damages (and not as a penalty), a sum equal to the amount of Landlord's reasonable estimate of the aggregate amount of Base Rent, Operating Cost Rent and Additional Rent that would be payable for the period from the date of such termination through the later Termination Date, reduced by the then reasonable rental value of termination the Premises for the same period (as such reasonable rental value may be decreased for Landlord's reasonably anticipated costs, expenses and delays in reletting the Premises). If, before presentation of proof of such liquidated damages to any court, all or Landlord’s recovery any part of possession. Whether the Premises shall have been relet by Landlord for all or not any part of such period, the amount of Rent payable upon such reletting shall be deemed to be the reasonable rentable value for the part or the whole of the Premises relet during the term of the reletting.
(4) Upon any default by Tenant under this Lease and/or Tenant’s right of possession is terminatedLease, Landlord may, but shall not be obligated to, relet take any action to cure the Premises default without waiving or releasing any part thereof, alone obligation of Tenant or together with other premises, for such rent and upon such terms and conditions (which may include concessions preventing Landlord from pursuing any available remedy. All amounts paid or free rent and alterations of the Premises) as Landlord, in its sole discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit curing any default of its remedies Tenant or performing any of Tenant's obligations under this Lease, and reasonable attorneys' fees in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election connection therewith, shall be either:paid by Tenant to Landlord as Additional Rent on demand.
(5) Notwithstanding anything in this Lease to the contrary, any and all remedies set forth in this lease (a) an amount equal shall be in addition to any and all other remedies Landlord may have at law or in equity, and (b) shall be cumulative. The waiver by Landlord of any breach of any term, covenant or condition herein contained shall only be effective if it is in writing and shall not be deemed to be a waiver of a continuing or subsequent breach of the same, or of any other term, covenant or condition herein contained. The acceptance of Rent or any other amounts due hereunder shall not be construed to be a waiver of any breach by Tenant of any term, covenantor condition of this Lease, and if the same shall be accepted after that termination of this Lease, by lapse of time or otherwise, or of the Tenant's right of possession hereunder, or after the giving of any notice, such acceptance shall not reinstate, continue or extend the Term of this Lease or affect any notice given to Tenant prior to the Annual Fixed receipt of such amounts, it being agreed that after the service of notice or the commencement of a suit or after final judgment for possession of the Premises, Landlord may receive and collect any Rent and Additional Rent which would have become due during other sums due, and the remainder payment of the Lease Termsame shall not waive or affect said notice, less suit or judgment. No payment by Tenant or receipt by Landlord of a lesser amount than the amount due hereunder shall be deemed to be other than on account of rentalthe earliest portion thereof due, nor shall any endorsement or statement on any check or letter accompanying a check for payment of Rent be deemed an accord and satisfaction; and Landlord may accept such check or payment without prejudice to Landlord's right to recover the balance of such Rent or to pursue any other remedy provided in this Lease.
(6) Notwithstanding any provision in this Lease prohibiting Landlord from exercising its rights if Tenant cures a default within a specified period of time, if Tenant shall default (a) in the timely payment of Rent (whether any or all of Base Rent, Operating Cost Rent or Additional Rent) three (3) or more times in any period of twelve (12) consecutive months, or (b) in the performance of any particular term, condition or covenant of this Lease three (3) or more times in any period of twelve (12) consecutive months, then, notwithstanding that such defaults shall have each been cured within any applicable cure period after notice, if any, which Landlord receives as provided in this Lease, in connection with any further similar default during such twelve-month period from others (including, without limitation, with respect to whom non-payment of Rent, the Premises may be rented (other than further non-payment of any Additional kind of Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of under this Lease) Tenant shall not be entitled to any further cure period of notice, and Landlord shall have the right to exercise all of the difference between remedies provided in this Lease immediately after the occurrence of such similar default.
(i7) In the Annual Fixed Rent and Additional Rent which would have become due during event that Tenant shall file for protection under the remainder of the Lease TermBankruptcy Code now or hereafter in effect, and (ii) the fair market rental value of the Premises for the same period, which damages or a trustee in bankruptcy shall be payable appointed for Tenant, Landlord and Tenant agree to Landlord the extent permitted by law, to request that the debtor-in-possession or trustee in bankruptcy, if one lump sum on demand. For purpose of shall have been appointed, assume or reject this Section, present value shall be computed by discounting at a rate equal to one Lease within sixty (160) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New Yorkdays thereafter.
Appears in 1 contract
Landlord’s Remedies. If there shall be an Event Upon the occurrence of Defaultany default by Tenant under this Lease, then beyond any applicable grace period, Landlord shall have the rightmay, at its sole option, to terminate this Lease upon five (5) days prior written notice to Tenant. In addition, with do any one or without terminating this Lease, more of the following:
A. Landlord may re-enter, terminate Tenant’s right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right to possession of the Leased Premises, whereupon Tenant’s right of possession is terminatedshall thereupon cease and terminate and Landlord shall be entitled to the possession of the Leased Premises, Landlord mayany process of law, but shall not be obligated toany notice to quit, relet the Premises or any part of intention to re-enter being hereby exercised by entry, or in lieu thereof, alone or together with other premises, for such rent by written notice to Tenant terminating this Lease and upon such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, in its sole discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished right to possession. Tenant hereby expressly waives any and all rights of redemption granted by reason of, Landlord’s failure to relet or under any present or future laws in the Premises event of Tenant being evicted or collect dispossessed for any rent due upon such reletting. Whether cause or not in the event Landlord terminates this Lease is terminatedor Tenant’s right of possession as provided in this Section 6.2. In the event of such re-entry by process of law or otherwise, Tenant nevertheless shall remain liable for any Annual Fixed and all damage, deficiency or loss and Landlord shall have the power and right, which is hereby acceded to by Tenant, to re-let the Leased Premises, and whether or not there has been such re- letting, Landlord shall have the right each month to xxx for and recover all sums previously due and not previously paid as well as all sums thereafter due and payable including, without limitation, any loss of rents (or monthly deficit) with the right reserved to Landlord to bring any action(s) or proceeding(s) for the recovery of any deficit(s) remaining unpaid without being obligated to await the expiration of the Lease Term for a final determination of Tenant’s account. Additionally, Landlord may elect at any time, upon notice to Tenant, to accelerate the payment of Base Rent, Additional Rent and all other sums due or damages to become due under the Lease, as reasonably estimated by Landlord, in which case Tenant shall forthwith pay such sums to Landlord after receiving a credit for (i) such sums as may previously have been paid under this Section 6.2 net of such expenses as may be due deducted under clause (b) of this Section 6.2; and (ii) the reasonable value of Tenant’s leasehold estate for the balance of the term fixed herein. The commencement or sustained prior maintenance of any one or more actions shall not bar Landlord from bringing other or subsequent actions for future accruals pursuant to provisions of this Section 6.2. It is further understood that no waiver of any breach of any covenant, condition or agreements herein contained shall operate as a waiver of the covenant, condition or agreement itself or of any subsequent breach thereof. No provision of this Lease shall be deemed to have been waived by Landlord unless such defaultwaiver shall be in writing signed by Landlord. No payment by Tenant or receipt by Landlord of a lesser amount than the monthly installment of rent herein stipulated or otherwise payable under this Lease shall be deemed to be other than on account of the earliest stipulated rent nor shall any endorsement or statement on any check or any letter accompanying any check or payment as rent be deemed an accord and satisfaction. Landlord may accept such check or payment without prejudice to Landlord’s right to pursue or continue to pursue any of Landlord’s rights or remedies provided for in this Lease. The proceeds of any such re-letting shall first be applied to the expenses thereof, including all costscosts in refitting and redecorating the Leased Premises, fees leasing commissions and expenses (including without limitation reasonable attorneys’ fees, brokerage fees other costs and expenses incurred therein. The remaining proceeds resulting therefrom, if any, shall then be applied to Tenant’s liability under this Lease. Landlord shall use reasonable efforts to re-let the Leased Premises following Tenant’s default. Landlord’s re-letting of the Leased Premises following a default by Tenant under this Lease may be on such terms, provisions and conditions as Landlord shall deem appropriate and may be for such term (or terms) as Landlord may select whether longer or shorter than the remaining Lease Term. Tenant shall, following default under this Lease, reimburse Landlord for interest upon all sums due to Landlord (from the date such sums shall have been due to the date of payment thereof) at the maximum lawful rate then allowed by law. In lieu of any other damages or indemnity and in placing lieu of the Premises in first-class rentable condition) incurred recovery by Landlord of all sums payable under all the foregoing provisions of this Section 6.2, and provided that there is more than one (1) year remaining in pursuit the Lease Term, Landlord may elect to collect from Tenant, by notice to Tenant, at any time after this Lease is terminated under any of its remedies the provisions contained in this ARTICLE VI or otherwise terminated by breach of any obligation of Tenant and in renting the Premises to others from time to time. before such full recovery, and Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) thereupon pay, as liquidated damages, an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder sum of the Lease Term, less Base Rent payable for the twelve (12) months ended next prior to the such termination plus the amount of rental, if any, Base Rent accrued and unpaid at the time of such election plus any and all expenses which Landlord receives during such period from others may have incurred for and with respect to whom the Premises may be rented (other than any Additional Rent payable as a result collection of any failure of such other person rent.
B. Notwithstanding anything hereinabove contained in this Article VI, no default by Tenant which would be violative of the Prime Lease or the Economic Development Plan pursuant to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may Boston Marine Industrial Park is operated and has been developed will be brought permitted, particular reference being made to collect any such damages for any month(s), Section 2.2 hereof and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New YorkPermitted Use.
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Landlord’s Remedies. If there shall be an Event Upon the occurrence of Defaultany event of default, then Landlord shall have the rightfollowing rights and remedies, at its sole optionany one or more of which may be exercised without further notice to or demand upon Tenant:
1. Landlord may re-enter the demised premises and cure any default of Tenant, in which event Tenant shall reimburse Landlord for any 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 upon five (5) days prior written notice or Tenant's right to Tenant. In additionpossession under this Lease as of the date of such default, with or 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 demised premises, and Tenant shall immediately thereafter surrender the demised premises to Landlord; (B) Landlord may re-enter the demised premises and dispose Tenant or any other occupants of the demised premises by force, summary proceedings, ejectment or otherwise, and may 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 may re-enter, terminate Tenant’s right of possession and take possession let all or any part of the Premises. The provisions demised premises for a term different from that which would otherwise have constituted the balance of the term of this Article Lease and for rent and on terms and conditions different from those contained herein, whereupon Tenant shall operate immediately 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 notice to quitsubsequent re-letting of the demised premises, any other notice to quit or for the period which would otherwise have constituted the balance of the term of this Lease, together with all of Landlord’s intention to 's costs and expenses for preparing the demised premises for re-enter letting, including all repairs, tenant finish improvements, 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 Premises being hereby expressly waivedliabilities and remedies specified herein shall survive the termination of this Lease. If necessaryNotwithstanding 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 demised premises for re-letting, and re-letting the demised premises.
3. Upon termination of this Lease pursuant to Section 34(b)2, Landlord may proceed to recover possession of the Premises demised premises under and by virtue of the provisions of the laws of Massachusettsthe State of Texas, or by such other proceedings, including re-entry reentry and possession, as may be applicable.
4. If Landlord elects to terminate this Lease and/or elects to terminate the Tenant shall not remove all of Tenant’s right of possession, then everything contained 's property from said demised premises as provided in this Lease to be done and performed by Lease, Landlord, at its option, may remove any or all of said property in any manner that Landlord shall ceasechoose and store same without liability for loss thereof, without prejudiceand Tenant will pay the Landlord, howeveron demand, to Landlord’s right to recover from Tenant any and all rent reasonable expenses incurred in such removal and other sums accrued through storage of said property for any length of time during which the later same shall be in possession of termination Landlord or Landlord’s recovery of possession. Whether in storage, or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated toupon thirty (30) days prior notice to Tenant, relet the Premises sell any or any part thereof, alone or together with other premises, all of said property in such manner and for such price as the Landlord may reasonably deem best and apply the proceeds of such sale upon any amounts due under this Lease from the Tenant to the Landlord, including the reasonable expenses of removal and sale.
5. Any damage or loss of rent and upon such terms and conditions (which sustained by Landlord may include concessions or free rent and alterations be recovered by Landlord, at Landlord's option, at the time of the Premises) as Landlordreletting, or in its sole discretionseparate actions, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant , as said damage shall also be liable for additional damages which have been made more easily ascertainable by successive relettings, or at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as 's option in a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing single proceeding deferred until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the term of this Lease Term, (in which event Tenant hereby agrees that the cause of action shall not be deemed not 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 Lease Termterm of this Lease.
6. Landlord agrees that if In the Premises are reletevent of a breach by Tenant of any of the covenants or provisions hereof, Landlord shall act reasonably have the right of injunction and the right to obtain a fair market rental value invoke any remedy allowed at law or in equity as if reentry, summary proceedings, and other remedies were not provided for herein. Mention in this Lease of any particular remedy shall not preclude Landlord from any other remedy, in law or in equity. Tenant hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Tenant being evicted or dispossessed for any cause, or in the event of Landlord obtaining possession of the demised premises 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 under any provision of this Lease. No receipt of monies by Landlord from or for the Premises; or
(b) an amount equal to the present value (as account of Tenant or from anyone in possession or occupancy of the date of demised premises after the termination of this Lease) Lease or after the giving of any notice shall reinstate, continue or extend the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose term of this SectionLease or affect any notice given to the Tenant prior to the receipt of such money, present value it being agreed that after the service of notice or the commencement of a suit, or after final judgment for possession of said demised premises, the Landlord may receive and collect any rent or other amounts due Landlord and such payment shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New Yorknot waive or affect said notice, said suit or said judgment.
Appears in 1 contract
Samples: Lease (Retail Ventures Inc)
Landlord’s Remedies. If there shall be Following an Event of Default, then the provisions of this Section 18.2 shall apply. Landlord shall have the right, at its sole option, to terminate this Lease upon five (5) days prior written notice to TenantLease. In addition, with or without terminating this Lease, Landlord may re-enter, terminate Tenant’s 's right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, and Tenant hereby waives any other notice to quit or notice of Landlord’s 's intention to re-enter the Premises being hereby expressly waivedor terminate this Lease. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusettsapplicable Laws, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s 's right of possession, then everything contained in this Lease on the part of Landlord to be done and performed by Landlord shall cease, cease without prejudice, however, to Landlord’s right to recover from Tenant Tenant's liability for all rent Base Rent, Additional Rent and other sums accrued through the later of termination or Landlord’s recovery of possessionspecified herein. Whether or not this Lease and/or Tenant’s 's right of possession is terminated, Landlord mayshall have the right, but shall not be obligated toat its sole option, relet to terminate any right of renewal, expansion, first offer or refusal and any right to purchase the Premises contained in this Lease and to grant or withhold any part thereof, alone consent or together with other premises, for such rent and upon such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, approval pursuant to this Lease in its sole and absolute discretion, may determine, but . Tenant hereby acknowledges the special use of the Premises for the conduct of business by franchised dealers of motor vehicles and agrees that the ability of Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such relettingsame to other dealers of motor vehicles under a franchise agreement satisfactory to Landlord is extremely uncertain and would be likely to require a substantial amount of time. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New York.and/or
Appears in 1 contract
Landlord’s Remedies. If there shall be an Event Tenant fails to perform any of Defaultits duties or obligations within the time periods set forth herein, after the expiration of any and all applicable notice and cure periods set forth in this Lease and as required by law, then without further written notice Landlord shall have the rightmay, at its sole option, perform such duty or obligation on Tenant’s behalf, including but not limited to, the obtaining of reasonably required bonds, insurance policies, or governmental licenses, permits or approvals. The reasonable costs and expenses of any such performance by Landlord shall be due and payable by Tenant upon receipt of invoice therefor. Upon any event of default by Tenant, Landlord may, with such further notice or demand as may be required by applicable law, and without limiting Landlord in the exercise of any right or remedy which Landlord may have by reason of such default:
(i) Terminate Tenant’s right to terminate possession of the Premises by any lawful means, in which case this Lease upon five shall terminate and Tenant shall immediately surrender possession to Landlord; or
(5ii) days prior written notice From time to Tenant. In addition, with or time and without terminating this Lease, Landlord may re-enter, terminate Tenant’s right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Premises or any part thereof, alone or together with other premises, thereof for such rent term or terms (which may be for a term extending beyond the term of this Lease) at such rental or rentals and upon such other terms and conditions (as Landlord deems reasonable. Upon any such reletting, Tenant shall be immediately liable to pay to Landlord the commercially reasonable cost and expense of such reletting, the cost of any and all alterations and repairs reasonably deemed necessary by Landlord to effect such reletting, and the amount, if any, by which may include concessions or free the rent and alterations of the Premises) as Landlord, in its sole discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent other amounts due upon such reletting. Whether or not this Lease is terminated, from Tenant nevertheless shall remain liable hereunder for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the term of this Lease Term, less (but not for any option term not yet exercised) exceeds the amount agreed to be paid as rent for the Premises to be paid by the new tenant for such period of rentalreletting. If Landlord elects not to reenter, this Lease shall continue for so long as Landlord does not terminate Tenant’s right to possession, and Landlord may enforce all of its rights and remedies under this Lease, including the right to recover the rent and other amounts due from Tenant hereunder as they come due. Landlord shall be obligated to mitigate its damages hereunder. Without limiting the generality of the foregoing, upon any event of default by Tenant, Landlord may, subject to compliance with all statutory notice and cure periods, pursue any other remedy now or hereafter available under the laws or judicial decisions of the state wherein the Premises are located, including, without limitation, the remedies set forth in California Civil Code Section 1951.2(a)(3). Tenant hereby acknowledges that late payment by Tenant of rent will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be extremely difficult to ascertain. Such costs include, but are not limited to, processing and accounting charges, and the late charges which may be imposed upon Landlord by any lender. Accordingly, if anyany rent or other monetary obligation owing shall not be received by Landlord within ten ( 10) days of its due date, which then, without any requirement for further notice to Tenant, Tenant shall pay to Landlord receives during a one-time late charge equal to five(5%) percent of the past due amount. The parties hereby agree that such period from others to whom late charge represents a fair and reasonable estimate of the Premises may be rented (other than any Additional Rent payable as a result of any failure costs Landlord will incur by reason of such other person to perform any late payment. Acceptance of its obligations), which damages such late charge by Landlord shall be computed and payable in monthly installments, in advance, on the first day no event constitute a wavier of each calendar month following Tenant’s default or breach with respect to such overdue amount, nor prevent the exercise of any of the other rights and continuing until remedies granted hereunder. In the date on which event that a late charge is payable hereunder, whether or not collected, for three (3) consecutive installments of rent, then notwithstanding any provision of this Lease to the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s)contrary, and such suits shall not in any manner prejudice rent shall, at Landlord’s right to collect any such damages for any subsequent month(s)option, or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord quarterly in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New Yorkadvance.
Appears in 1 contract
Samples: Lease (Osmetech PLC)
Landlord’s Remedies. In the event of any default by Tenant, and without limiting Landlord’s right to indemnification as provided in this Rental Agreement, Landlord, at its election, shall have the following remedies, in addition to all other rights and remedies provided in this Rental Agreement, by law, or in equity, to which Landlord may resort cumulatively, or in the alternative:
A. Keep this Rental Agreement in effect and enforce, by an action at law or in equity, all of its rights and remedies under this Rental Agreement 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 performances to prevent Tenant from violating the terms of this Rental Agreement and/or to compel Tenant to perform its obligations under this Rental Agreement, as the case may be.
B. Terminate this Rental Agreement by giving Tenant written notice of termination, in which event this Rental Agreement shall terminate on the date set forth for termination in such notice. If there shall be an Event of DefaultLandlord has given any written notice pursuant to Section 19.2 above, then Landlord shall have not be required to give Tenant any additional notice terminating the rightRental Agreement. Any termination under this subparagraph shall not relieve Tenant from its obligation to pay to Landlord all monthly rent and Additional Rent then or thereafter due, at or any other sums due or thereafter accruing to Landlord, or from any claim against Tenant for damages previously accrued or the or thereafter accruing. In no event shall (i) any action of whatever nature or kind, by Landlord or on its sole optionbehalf, or (ii) an abandonment of the Premises by Tenant, in the absence of a specific written election by Landlord to terminate this Lease upon five (5) days prior Rental Agreement, constitute a termination of this Rental Agreement. If Landlord does not terminate this Rental Agreement by giving written notice to Tenant. In addition, with or without terminating this Leaseof termination, Landlord may re-enterenforce all of its rights and remedies under this Rental Agreement, terminate Tenant’s including the right of possession and take possession of to recover rent as it becomes due under this Rental Agreement as provided in California Civil Code, Section 1951.4, as in effect on the Premises. The provisions of Rental Agreement Commencement Date.
C. In the event Landlord terminates this Article Rental Agreement, Landlord shall operate as a notice to quitbe entitled, any other notice to quit or of at Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessaryelection, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through damages in an amount as set forth in California Civil Code, Section 1951.2, as in effect on the later Rental Agreement Commencement Date. For purposes of termination or Landlord’s recovery computing damages pursuant to said Section 1951.2, an interest rate equal to the maximum rate of possession. Whether or interest then not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Premises or any part thereof, alone or together with other premises, for such rent and upon such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, in its sole discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished prohibited by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election law shall be eitherused where permitted. Such damages shall include, without limitation:
(a1) an The worth at the time of award of the unpaid rents, which has been earned at the time of termination;
(2) The worth at the time of award of the amount equal to of the Annual Fixed Rent and Additional Rent amount by which the rent which would have become due during been earned after termination until the remainder time of the Lease Term, less award exceeds the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may rental loss that Tenant proves could be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premisesavoided; orand
(b3) an amount equal to The worth at the present value time of award (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at of the Federal Reserve Bank of New YorkSan Francisco at the time of award plus one percent) of the amount by which the rents for the balance of the Term after the time of award exceed the amount of such rental loss that Tenant proves could have been reasonably avoided; and
(4) Any other amount necessary to compensate Landlord for all detriment proximately caused by Tenant’s failure to perform Tenant’s obligations under this Rental Agreement, or which in the ordinary course of things would be likely to result there from. The “worth at the time of award” of the amounts referred to in subparagraphs (1) and (2) of this Section is computed by allowing interest at an annual rate equal to the greater of twelve percent (12%) or five percent (5%) plus the rate established by the Federal Reserve Bank of San Francisco, as of the twenty-fifth (25th) day of the month immediately preceding the default by Tenant, on advances to member banks under Section 13 and 13(a) of the Federal Reserve Act, as now in effect or hereafter from time to time amended, not to exceed the maximum rate allowable by law.
Appears in 1 contract
Landlord’s Remedies. If there shall be Upon the occurrence of an Event event of Defaultdefault under this Lease by Tenant, then Landlord in addition to other rights or remedies it may have, shall have the right, at its sole option, right to terminate this Lease upon five fifteen (515) days prior written notice to Tenant. In addition, and also the right, with or without termination of this Lease, of reentry upon and taking possession of the Demised Premises and Landlord may remove all persons and property from the Demised Premises; such property may be removed and stored in any other place in the Building or in any other reasonably secure place for the account of and at the expense and risk of Tenant. Tenant hereby waives all claims for damages which may be caused by the reentry of Landlord and taking possession of the Demised Premises or removing or storing the furniture and property as herein provided and shall save Landlord harmless from any costs or damages occasioned Landlord thereby, and no such reentry shall be considered or be construed to be a forcible entry. Should Landlord elect to reenter, as herein provided, or should it take possession pursuant to legal proceedings or pursuant to any notice provided for by law, Landlord may either terminate this Lease or, Landlord may from time to time, without terminating this Lease, Landlord may re-enter, terminate Tenant’s right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Demised Premises or any part thereof, alone or together with other premises, thereof for such rent term or terms and at such rental or rentals and upon such other terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, in its sole discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior reasonable, with the right to such default, all costs, fees make minor alterations and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing repairs to the Premises in first-class rentable condition) incurred Demised Premises. Rental received by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election such reletting shall be either:
(a) an amount equal applied first, to the Annual Fixed Rent payment of any costs of such relettinq including reasonable brokerage and Additional Rent which would have become due during attorney's fee; and the remainder of the Lease Term, less the amount of rentalresidue, if any, which shall be-held by Landlord receives and applied in payment of future rent as the same may become due and payable hereunder. Should such rentals received from such relenting during any month be less than one-twelfth (1/12) of the annual rent reserved hereunder, then Tenant shall pay such period from others deficiency to whom Landlord. Such deficiency shall be calculated and paid monthly. No such reentry or taking possession of the Demised Premises may by Landlord shall be rented (other than any Additional Rent payable construed as a result of any failure an election on its part to terminate this Lease, unless written notice of such other person intention be given to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not Tenant's obligations to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of forthwith cease, or unless the termination thereof be decreed by a court of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New Yorkcompetent jurisdiction.
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Landlord’s Remedies. If there shall be an Event In the event of Defaultany default by Tenant, then Landlord shall have the rightfollowing remedies, at its sole option, in addition to terminate this Lease upon five (5) days prior written notice to Tenant. In addition, with all other rights and remedies provided by any Law or without terminating otherwise provided in this Lease, to which Landlord may re-enter, terminate Tenant’s right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusettsresort cumulatively, or in the alternative:
A. Landlord may, at Landlord's election, keep this Lease in effect and enforce by such other proceedingsan action at law or in equity all of its rights and remedies under the Lease, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s (i) the right to recover from Tenant all the rent and other sums accrued through as they become due by appropriate legal action, (ii) the later right to make payments required of termination Tenant or Landlord’s recovery perform Tenant's obligations and be reimbursed by Tenant for the cost thereof with interest at the Agreed Interest Rate from the date the sum is paid by Landlord until Landlord is reimbursed by Tenant, and (iii) the remedies of possession. Whether or not injunctive relief and specific performance to compel Tenant to perform its obligations under this Lease and/or Tenant’s right of possession is terminated, Lease.
B. Landlord may, but 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 subsection shall not be obligated torelieve Tenant from its obligation to pay sums then due Landlord or from any claim against Tenant for damages or rent previously accrued or then 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 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 Premises or any action taken to relet the Premises or any part portions thereof, alone for the account of Tenant and in the name of Tenant.
C. In the event Tenant breaches this Lease and abandons the Premises, this Lease shall not terminate unless Landlord gives Tenant written notice of its election to so terminate this Lease. No act by or together with on behalf of Landlord intended to mitigate the adverse effect of such breach, including those described by subsections B(1), (2) and (3) immediately preceding, shall constitute a termination of Tenant's right to possession unless Landlord gives Tenant written notice of termination. Should Landlord not terminate this Lease by giving Tenant written notice, Landlord may enforce all its rights and remedies under this Lease, including the right to recover the rent as it becomes due under the 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, 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 Agreed Interest Rate 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 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 (1%); and
(2) Any other premisesamount 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) the costs Landlord would not have otherwise incurred for altering, remodeling or otherwise improving the Premises for the purpose of reletting had the default not occurred, including installation of leasehold improvements (whether such rent installation be funded by a reduction of rent, direct payment or allowance to a new tenant, or otherwise); (iii) broker's fees, advertising costs and upon such terms other expenses of reletting the Premises fairly allocable to the unexpired portion of the Lease Term; (iv) utilities and conditions security precautions; (which may include concessions or free rent and alterations v) expenses in retaking possession of the Premises; and (vi) as Landlord, in its sole discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, attorneys' fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) court costs incurred by Landlord in pursuit retaking possession of its remedies the Premises and in renting re-leasing the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable or otherwise incurred as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s 's default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or.
(b3) an amount equal to the present value (as of the date of the termination For purposes of this Lease) of the difference between Section, (i) the Annual Fixed term "rent" includes the Monthly Rent and all Additional Rent which would have become due during the remainder of the Lease TermRent, and (ii) if it becomes necessary to determine the fair market rental value amount of the Premises for the same periodAdditional Rent that would have become due had Tenant not breached its obligations under this Lease, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value all such Additional Rent shall be computed on the basis of the average monthly amount thereof accruing during the immediately preceding sixty (60) month period, except that if it becomes necessary to compute such Additional Rent before such a sixty (60) month period has occurred, then such rent shall be computed on the basis of the average monthly amount thereof accruing during such shorter period.
E. Nothing in this section shall limit Landlord's right to indemnification from Tenant as provided in the other provision of this Lease. Any notice given by discounting at a rate equal Landlord in order to one (1) whole percentage point satisfy the requirements of Section 13.1A or B above shall also satisfy the discount rate then in effect at the Federal Reserve Bank notice requirements of New YorkCalifornia Code of Civil Procedure Section 1161 regarding unlawful detainer proceedings.
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Landlord’s Remedies. If there shall be an Event In the event of Defaultdefault by Tenant under this Lease, then Landlord shall have the rightmay, at its sole option: (1) Terminate Tenant's right to possession of the Premises because of such breach and recover from Tenant all damages it may incur by reason of Tenant's default, including, without limitation, the worth at the time of the award of the amount by which the unpaid rent for the balance of the Lease Term after the time of award exceeds the amount of such rental loss that Tenant proved could be reasonably avoided; or (2) Not terminate Tenant's right to possession because of such breach, but continue this Lease in full force and effect, in which event Landlord may enforce all rights and remedies hereunder, including without limitation the right to recover the Basic Annual Rent and Additional Rent as such becomes due. In either event Landlord may reenter the Premises and remove all persons and property from the Premises, storing said property in a public place, 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 or liable in trespass. No such reentry or taking possession of the Leased Premises by Landlord shall be construed as an election on its part to terminate this Lease upon five (5) days prior unless a written notice of such intention is given by landlord to Tenant. No such action by Landlord shall be considered or construed to be a forcible entry. In additionaddition to, with and not in lieu of, any of the remedies provided in this Section 19.1, Landlord shall be entitled to take any other action and pursue any other remedy provided at law, in equity or without terminating under this Lease. No reentry to, Landlord may re-enter, terminate Tenant’s right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover taking possession of the Premises under and or other action by virtue Landlord upon or following the occurrence of the laws of Massachusetts, any breach or default by such other proceedings, including re-entry and possession, Tenant shall be construed as may be applicable. If an election by Landlord elects to terminate this Lease and/or elects unless Landlord provides Tenant written notice of such termination. Should Landlord reenter, as provided above, or should it take possession pursuant to terminate Tenant’s right of possessionlegal proceedings or pursuant to any notice provided for by Law, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether whether or not it terminates this Lease and/or Tenant’s right of possession is terminatedLease, Landlord may, but shall not it may be obligated to, necessary to relet the Premises Leased Premises. Landlord may relet the same or any part thereof, alone or together with other premises, thereof for such rent term or terms (which may be for a term extending beyond the term of this Lease) and at such rental or rentals and upon such other terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, Landlord in its sole discretiondiscretion may deem advisable. Upon each such reletting all rentals received by the Landlord from such reletting shall be applied, may determinefirst, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect payment of any rent due upon costs and expenses of such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit attorney's fees and costs of its remedies any alterations and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal repairs; second, to the Annual Fixed Rent payment of any indebtedness other than rent due hereunder from Tenant to Landlord; third, to the payment of rent due and Additional Rent which would have become due during unpaid hereunder, and the remainder of the Lease Term, less the amount of rentalresidue, if any, which shall be held by Landlord receives and applied in payment of future rent as the same may become due and payable hereunder. If such rentals received from such reletting during any month shall be less than that to be paid during such period from others month by Tenant hereunder, Tenant shall pay any such deficiency to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages Landlord. Such deficiency shall be computed calculated and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New Yorkpaid monthly.
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Samples: Office Lease (Eschelon Telecom Inc)
Landlord’s Remedies. If there shall be an Event In the event of Defaultany Default by Tenant, then Landlord shall have the rightfollowing 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:
13.2.1 Landlord may, at Landlord’s election, keep this Lease in effect and enforce by an action at law or in equity all of its sole optionrights and remedies under the Lease, including:
(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 Agreed 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 enforcement to compel Tenant to perform its obligations under this Lease.
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 notice. Any termination hereunder shall not relieve Tenant from its obligation to pay any sums then due Landlord or from any claim against Tenant for damages or rent previously accrued or then 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:
A. appointment of a receiver or keeper in order to protect Landlord’s interest hereunder;
B. consent to any subletting of the Leased Premises or assignment of this Lease upon five (5) days prior by Tenant, whether pursuant to the provisions hereof or otherwise; or
C. 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 re-let the Leased Premises or any portions thereof, for the account of Tenant and in the name of Tenant.
13.2.3 In the event Tenant breaches this Lease and abandons the Leased Premises, this Lease shall not terminate unless Landlord gives Tenant written notice of its election to so terminate this Lease. No act by or on behalf of Landlord intended to mitigate the adverse effect of such breach, including those described by section 13.2.2, subparagraphs A, B and C immediately preceding, shall constitute a termination of Tenant’s right to possession unless Landlord gives Tenant written notice of termination. Should Landlord not terminate this Lease by giving Tenant written notice, Landlord may enforce all its rights and remedies under this Lease, including the right to recover the rent as it becomes due under the Lease as provided in California Civil Code § 1951.4, as in effect on the Effective Date of this Lease.
13.2.4 In addition, with or without terminating the event Landlord terminates this Lease, Landlord may re-entershall be entitled, terminate Tenant’s right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Premises or any part thereof, alone or together with other premises, for such rent and upon such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, in its sole discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) election, to damages in an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable set forth in monthly installments, Civil Code § 1951.2 as in advance, effect on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination Effective Date of this Lease) . For purposes of the difference between computing damages pursuant to California Civil Code § 1951.2:
(i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and Agreed Interest Rate shall be used where permitted; and
(ii) rent due under this Lease shall include Base Monthly Rent and all other rent hereunder, prorated on a monthly basis where necessary to compute such damages. Such damages shall include, without limitation:
A. the fair market rental value worth at the time of award of the Premises amount by which the unpaid rent for the same periodbalance of the term after the time of award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting such amount at a rate equal to one (1) whole percentage point above the discount rate then in effect at of the Federal Reserve Bank of New YorkSan Francisco at the time of award plus one percent (1%); and
B. any other amount reasonably 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) 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 installation of leasehold improvements (whether such installation be funded by a reduction of rent, 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) costs of carrying the Leased Premises, such as taxes, insurance premiums, utilities, and security precautions;
(v) reasonable expenses in retaking possession of the Leased Premises; and
(vi) reasonable attorneys’ fees and court costs incurred by Landlord in retaking possession of the Leased Premises and in re-leasing the Leased Premises or otherwise incurred as a result of Tenant’s default.
13.2.5 Nothing in this section shall limit Landlord’s right to indemnification from Tenant as provided in sections 10.2 and 10.5 of this Lease.
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Landlord’s Remedies. If there shall be Following an Event of Default, then Landlord shall have the right, at its sole option, to terminate this Lease upon five (5) days prior written notice to TenantLease. In addition, with or without terminating this Lease, Landlord may re-enter, terminate Tenant’s right of possession and take possession of the Leased Premises. The provisions of this Article Section 20 shall operate as a notice to quit, and Tenant hereby waives any other notice to quit or notice of Landlord’s intention to re-enter the Leased Premises being hereby expressly waivedor terminate this Lease, except as required by law. If necessary, Landlord may proceed to recover possession of the Leased Premises under and by virtue of the laws of Massachusettsapplicable law, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease on the part of Landlord to be done and performed by Landlord shall cease, cease without prejudice, subject however, to LandlordTenant’s right to recover from Tenant liability for all rent Base Rent, Additional Rent and other sums accrued through the later of termination or Landlord’s recovery of possessionspecified herein. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord mayshall have the right, but shall not be obligated toat its sole option, relet to terminate any right of renewal, expansion, first offer or refusal and any right to purchase the Leased Premises contained in this Lease and to grant or withhold any part thereof, alone consent or together with other premises, for such rent and upon such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, approval pursuant to this Lease in its sole and absolute discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease and/or Tenant’s right of possession is terminatedterminated or any suit is instituted, Tenant nevertheless shall remain be liable for any Annual Fixed Base Rent, Additional Rent Rent, damages or damages other sum which may be due or sustained prior to such default, and for all costs, fees and expenses (including without limitation reasonable including, but not limited to, attorneys’ fees and costs, brokerage fees, brokerage fees and expenses incurred in enforcing any of Tenant’s obligations under the Lease or in placing the Premises in first-class rentable condition, advertising expenses, and any concessions or allowances granted by Landlord) incurred by Landlord in pursuit of its remedies hereunder and/or in recovering possession of the Leased Premises and in renting the Premises to others from time to timetime plus other actual or consequential damages suffered or incurred by Landlord on account of Tenant’s default (including, but not limited to, late fees or other charges incurred by Landlord under any Mortgage). Tenant also shall also be liable for additional damages which at Landlord’s election shall be either:
either one or a combination of the following: (a) an amount equal to the Annual Fixed Base Rent and Additional Rent due or which would have become due during from the date of Tenant’s default through the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable received by Landlord as a result of any failure of such other person to perform any of its obligationsobligations to Landlord), which damages amount shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for TenantTxxxxx’s default. Separate , it being understood that separate suits may be brought from time to time to collect any such damages for any month(s), ) (and any such suits separate suit shall not in any manner prejudice Landlord’s the right of Landlord to collect any such damages for any subsequent month(s)), or Landlord may defer initiating any such suit until after the expiration of the Lease Term, Term (in which event the such deferral shall not be construed as a waiver of Landlord’s rights as set forth herein and Landlord’s cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees ), and it being further understood that if Landlord elects to bring suits from time to time prior to reletting the Premises are reletLeased Premises, Landlord shall act reasonably be entitled to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of its full damages through the date of the award of damages without regard to any Base Rent, Additional Rent or other sums that are or may be projected to be received by Landlord upon reletting of the Leased Premises or (b) Landlord’s determination as to the fair market value and projected vacancy period shall be presumptively correct and Tenant shall have the burden of proving otherwise by clear and convincing evidence. Landlord may bring suit to collect any such damages at any time after an Event of Default shall have occurred. In the event Landlord relets the Leased Premises for a term extending beyond the scheduled expiration of the Term, it is understood that Tenant will not be entitled to apply any base rent, additional rent or other sums generated or projected to be generated in the period extending beyond the scheduled expiration of the Term (collectively, the “Extra Rent”) against Landlord’s damages. Similarly in proving the amount that would be received by Landlord upon a reletting of the Leased Premises as set forth above, Tenant shall not take into account the Extra Rent. The provisions contained in this Section shall be in addition to, and shall not prevent the enforcement of, any claim Landlord may have against Tenant for anticipatory breach of this Lease. Nothing herein shall be construed to affect or prejudice Landlord’s right to prove, and claim in full, unpaid Base Rent and Additional Rent accrued prior to termination of this Lease) of . If Landlord is entitled, or Tenant is required, pursuant to any provision hereof to take any action upon the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder termination of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages then Landlord shall be payable to Landlord in one lump sum on demand. For purpose of this Sectionentitled, present value and Tenant shall be computed by discounting at a rate equal required, to one (1) whole percentage point above take such action also upon the discount rate then in effect at the Federal Reserve Bank termination of New YorkTenant’s right of possession.
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Landlord’s Remedies. If there Upon the occurrence of any event of default specified in this Lease, Landlord, without grace period, demand or notice (the same being hereby waived by Tenant), and in addition
(a) Terminate this Lease 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 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 said Premises or any part thereof, by force if necessary, without notice or the need to resort to legal process and without being deemed guilty of trespass or becoming liable for any loss or damage occasioned thereby; and Landlord may recover from Tenant the amount of all loss and damage which Landlord may suffer by reason of such termination, including, without limitation, all costs of retaking the Premises and the total rent and charges reserved in this Lease for the remainder of the term of this Lease (i.e., the duration of this Lease had it not been terminated) all of which shall be an Event of Default, then Landlord shall have the right, at its sole option, immediately due and payable by Tenant to terminate this Lease upon five Landlord; and/or
(5b) days prior written notice to Tenant. In addition, with or without Without terminating this Lease, Landlord may re-enter, terminate Tenant’s right of possession enter upon and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, and expel or remove Tenant and any other notice to quit person who may be occupying said Premises, or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If any part thereof, by force if necessary, without notice or the need to resort to legal process and without being deemed guilty of trespass or becoming liable for any loss or damage occasioned thereby. Landlord may proceed make such alterations and repairs as it deems advisable to recover possession of relet the Premises under Premises, and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Premises or any part thereof, alone or together with other premises, thereof for such rent term or terms (which may extend beyond the term of this Lease) and at such rentals and upon such other terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, Landlord in its sole discretiondiscretion deems advisable. Upon each such reletting all rentals received by Landlord therefrom shall be applied: first, may determineto any indebtedness other than rent due hereunder from Tenant to Landlord; second, but to pay any costs and expenses of reletting, including brokers’ and attorneys’ fees and costs of alterations and repairs; third, to rent due hereunder; and fourth, the residue, if any, shall be held by Landlord and applied in payment of future rent as it becomes due hereunder. No such reletting shall relieve Tenant or any guarantors from their obligations hereunder. If rentals received from such reletting during any month are less than that to be paid during that month by Tenant hereunder, Tenant shall immediately pay any such deficiency to Landlord. In no event shall Tenant be entitled to any excess rent obtained by reletting the Premises over and above the rent reserved herein. No re-entry or taking possession of the Premises by Landlord shall be construed as an election to terminate this Lease unless a written notice of such termination is given by Landlord to Tenant. Notwithstanding any such reletting or re-entry or taking possession, without termination, Landlord may at any time thereafter terminate this Lease for any prior breach or default. Pursuit of any of the foregoing remedies shall not be liable forpreclude pursuit of any of the other remedies herein provided or any other remedies provided by at law or in equity, nor shall Tenant’s obligations be diminished by reason ofpursuit of any remedy herein provided constitute a forfeiture or waiver of any rent due to Landlord hereunder or of any damages accruing to Landlord. Notwithstanding anything herein to the contrary, Landlord’s failure Landlord shall have no obligation to relet or attempt to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month portion thereof following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) , re-entry or repossession of the difference between Premises. Provided, however, in the event Landlord is ever held to have such a duty, Tenant agrees that Landlord shall, in connection with such efforts, not be required to do anything more than list the Premises for lease with a licensed real estate broker of Landlord’s choosing (which may be an affiliate of Landlord) for a period of three (3) months. If no party acceptable to Landlord executes a lease with Landlord on terms reasonably acceptable to Landlord within this three (3) month period, Tenant agrees that Landlord shall conclusively have satisfied any such duty to release or mitigate. In no event will Landlord have any duty to lease the Premises before Landlord leases other vacant space which it has in the Project or other buildings owned by Landlord nor shall Landlord have any duty to lease to and Landlord will not be considered to be acting unreasonably in refusing to lease to any party if: (i) the Annual Fixed Rent and Additional Rent prospective lessee has a financial condition which would have become due during the remainder of the Lease Term, and is unacceptable to Landlord or Landlord’s lenders; (ii) the fair market rental value of prospective lessee requires any alterations which are unacceptable to the Premises for Landlord or Landlord’s lenders; (iii) the same period, prospective lessee requires tenant improvements to be paid by Landlord; or (iv) the prospective lessee requires terms different from this Lease or which damages shall be payable are otherwise unacceptable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New Yorkor Landlord’s lender.
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Landlord’s Remedies. If there shall be an Event Upon the occurrence of Defaultany default by Tenant under this Lease, then Landlord shall have the rightmay, at its sole option, to terminate this Lease upon five do any one or more of the following:
(5a) days prior written notice to Tenant. In addition, with or without terminating this Lease, Landlord may re-enter, terminate Tenant’s right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right to possession of the Leased Premises, whereupon Tenant’s right of possession is terminatedshall thereupon cease and terminate and Landlord shall be entitled to the possession of the Leased Premises, Landlord mayany process of law, but shall not be obligated toany notice to quit, relet the Premises or any part of intention to re-enter being hereby exercised by entry, or in lieu thereof, alone or together with other premises, for such rent by written notice to Tenant terminating this Lease and upon such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, in its sole discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished right to possession. Tenant hereby expressly waives any and all rights of redemption granted by reason of, Landlord’s failure to relet or under any present or future laws in the Premises event of Tenant being evicted or collect dispossessed for any rent due upon such reletting. Whether cause or not in the event Landlord terminates this Lease is terminatedor Tenant’s right of possession as provided in this Section 6.2. In the event of such re-entry by process of law or otherwise, Tenant nevertheless shall remain liable for any Annual Fixed Rentand all damage, Additional Rent deficiency or damages which may be due or sustained prior to such default, all costs, fees loss and expenses (including without limitation reasonable attorneys’ fees, brokerage fees Landlord shall have the power and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, less the amount of rental, if anyright, which is hereby acceded to by Tenant, to re-let the Leased Premises, and whether or not there has been such re-letting, Landlord receives during such period from others shall have the right each month to whom sxx for and recover all sums previously due and not previously paid as well as all sums thereafter due and payable including, without limitation, any loss of rents (or monthly deficit) with the Premises may be rented (other than right reserved to Landlord to bring any Additional Rent payable as a result action(s) or proceeding(s) for the recovery of any failure of such other person deficit(s) remaining unpaid without being obligated to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after await the expiration of the Lease TermTerm for a final determination of Tenant’s account. Additionally, Landlord may elect at any time, upon notice to Tenant, to accelerate the payment of Base Rental, Additional Rent and all other sums due or to become due under the Lease, as reasonably estimated by Landlord, in which event case Tenant shall forthwith pay such sums to Landlord after receiving a credit for (i) such sums as [ * ] Indicates that information has been omitted and filed separately with the cause Securities and Exchange Commission pursuant to a request for confidential treatment. may previously have been paid under this Section 6.2 net of action shall such expenses as may be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
deducted under clause (b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, Section 6.2; and (ii) the fair market rental reasonable value of the Premises Tenant’s leasehold estate for the same periodbalance of the term fixed herein. The commencement or maintenance of any one or more actions shall not bar Landlord from bringing other or subsequent actions for future accruals pursuant to provisions of this Section 6.2. It is further understood that no waiver of any breach of any covenant, which damages condition or agreements herein contained shall operate as a waiver of the covenant, condition or agreement itself or of any subsequent breach thereof. No provision of this Lease shall be deemed to have been waived by Landlord unless such waiver shall be in writing signed by the Landlord. No payment by Tenant or receipt by Landlord of a lesser amount than the monthly installment of rent herein stipulated or otherwise payable under this Lease shall be deemed to be other than on account of the earliest stipulated rent nor shall any endorsement or statement on any check or any letter accompanying any check or payment as rent be deemed an accord and satisfaction. The Landlord may accept such check or payment without prejudice to the Landlord’s right to pursue or continue to pursue any of the Landlord’s rights or remedies provided for in this Lease. The proceeds of any such re-letting shall first be applied to the expenses thereof, including all costs in refitting and redecorating the Leased Premises, leasing commissions and other costs and expenses incurred therein. The remaining proceeds resulting therefrom, if any, shall then be applied to Tenant’s liability under this Lease. Nothing herein shall obligate the Landlord to re-let or attempt to make an effort to re-let the Leased Premises following the Tenant’s default. Landlord’s re-letting of the Leased Premises following a default by Tenant under this Lease may be on such terms, provisions and conditions as Landlord shall deem reasonably appropriate and may be for such term (or terms) as the Landlord may select whether longer or shorter than the remaining Lease Term. Tenant shall, following default under this Lease, reimburse Landlord for interest upon all sums due to the Landlord (from the date such sums shall have been due to the date of payment thereof) at the maximum lawful rate then allowed by law.
(b) Without waiving any other remedy, including the right to terminate this Lease upon Tenant’s failure to perform, observe or comply with the covenants set forth in Section 4.1 or 4.7 of this Lease, Landlord may, without terminating this Lease and without taking possession of the Leased Premises, collect from Tenant, in addition to any rent payable by Tenant to Landlord in one lump under this Lease, as liquidated damages, a sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one the greater of $500 or twice the per diem Base Rental for each day or any portion thereof that such default by Tenant continues, Landlord and Tenant agreeing that actual damages which might be sustained by Landlord by reason of such failure are uncertain and difficult of ascertainment and that said sum would be reasonable and just compensation for such failure.
(1c) whole percentage point above Notwithstanding anything hereinabove contained in this Article VI, no default by Tenant which would be violative of the discount rate then in effect at Prime Lease or the Federal Reserve Bank of New YorkEconomic Development Plan pursuant to which the Boston Marine Industrial Park is operated and has been developed will be permitted, particular reference is made to Section 2.2 hereof and the Permitted Use.
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Samples: Standard Office Lease Agreement (Boston Beer Co Inc)
Landlord’s Remedies. If there shall be an Event Tenant defaults Landlord may pursue any one or more of Default, then Landlord shall have the right, at its sole option, to terminate this Lease upon five (5) days prior written following remedies without any notice to Tenantor demand whatsoever:
A. Terminate the Lease. In additionsuch event, with or without terminating this LeaseTenant shall immediately surrender the Demised Premises to Landlord. If Tenant fails to do so, Landlord may, without limiting any other remedy which it may re-enterhave for possession or arrearages in rent, terminate Tenant’s right of possession enter upon and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, Demised Premises and remove Tenant and any other notice person that may be occupying the Demised Premises without being liable for prosecution or any claim of damages therefrom. In such event, Tenant agrees to quit or pay to Landlord on demand the amount of all loss and damage which Landlord may suffer by reason of such termination, including without limitation Landlord’s intention 's inability to re-enter relet the Demised Premises being hereby expressly waived. If necessaryon terms satisfactory to Landlord.
B. In the event of a termination and removal as set forth herein, Landlord may proceed may:
1) relet the Demised Premises and receive rent therefor. Tenant shall pay to recover possession of Landlord on demand any deficiency between rent under this Lease and the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicablereletting. If Landlord elects relets the Demised Premises at a greater rental, such excess shall be the sole property of Landlord, and Tenant hereby waives any claim to terminate such relet excess rent; and
2) perform Tenant's obligations under the terms of this Lease and/or elects Lease. Tenants agrees to terminate reimburse Landlord on demand for any expenses which Landlord incurs in fulfilling Tenant’s right 's obligations with interest accruing on such amount at 12% per annum.
C. Exercise of possessionany of the remedies set forth herein, then everything contained in this Lease or otherwise provided by law, shall not constitute a forfeiture or waiver of any rent or other payments due to Landlord, or of any damages accruing to Landlord; nor shall any act of Landlord hereunder be done and performed deemed an acceptance of surrender of the Demised Premises. Only a writing signed by Landlord shall cease, without prejudice, however, to constitute a valid acceptance of surrender of the Demised Premises.
D. Landlord’s right to recover from 's acceptance of any rent or other payments hereunder after a default by Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Premises or any part thereof, alone or together with other premises, for deemed a waiver of such rent and upon such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, default unless Landlord so notifies Tenant in its sole discretion, may determine, but writing. Forbearance by Landlord to enforce a remedy shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, a waiver of default or Landlord’s failure 's right to relet the Premises enforce any remedy with respect to that default or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such later default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at pay Landlord’s election shall be either:
(a) an amount equal to 's reasonable attorneys fees in the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result enforcement or defense of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), 's rights or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New Yorkremedies hereunder.
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Landlord’s Remedies. If there a Suite 1500 CW Over-Load Condition occurs, then, in addition to any other rights and remedies Landlord may have under the Lease, at law and/or in equity, the following shall be an Event apply: (i) Tenant shall take such actions as are necessary to cause the cessation of Defaultsuch Suite 1500 CW Over-Load Condition as soon as possible after Tenant has knowledge thereof; and (ii) Tenant shall indemnify, defend, protect, and hold harmless Landlord and the Landlord Parties from and against all Claims to the extent arising from the occurrence of such Suite 1500 CW Over-Load Condition. If a Suite 1500 CW Over-Load Condition continues for more than 48 consecutive hours after Landlord delivers notice to Tenant thereof, then Landlord shall have the rightmay, at its without further notice, take such actions as are necessary in Landlord’s sole optionand absolute discretion, to terminate this Lease upon five cause the cessation of such Suite 1500 CW Over-Load Condition (5including shutting off condenser water to the connections through which Tenant draws Suite 1500 Condenser Water) days prior written notice to Tenant. In addition(any such action by Landlord, with or without terminating this Lease, a “Landlord may re-enter, terminate Tenant’s right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicableCW Curative Action”). If Landlord elects to terminate this Lease and/or elects to terminate takes any Landlord CW Curative Action, then Tenant shall, within 30 days after Tenant’s right receipt of possessionan invoice therefor, then everything contained in this Lease to be done and performed by reimburse Landlord shall ceasefor all actual, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Premises or any part thereof, alone or together with other premises, for such rent and upon such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, in its sole discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason out-of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) pocket costs incurred by Landlord in pursuit taking such Landlord CW Curative Action, plus interest thereon at 10% per annum from the date incurred. If a Suite 1500 CW Over-Load Condition occurs more than 2 times during any consecutive 12 month period, then within 10 days after Tenant’s receipt of its remedies a written request from Landlord therefor, Tenant shall modify the connections to Suite 1500 from the Condenser Water System such that, after the completion of such work, a Suite 1500 CW Over-Load Condition cannot physically occur (such work, a “Tenant Suite 1500 Condenser Water Action”). Each Tenant Suite 1500 Condenser Water Action shall be performed by Tenant, at Tenant’s cost and expense, pursuant to and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder accordance with Article 8 of the Original Lease Term, less and the amount applicable provisions of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration Section 2.1 of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration Summary and Section 6.9 of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Original Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New York.
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Samples: Lease (CoreSite Realty Corp)
Landlord’s Remedies. If there shall be an Event of DefaultDefault occurs, then in addition to any right Landlord shall may have at law or in equity including, without limitation, the rightright to seek injunctive relief or specific performance against the Tenant, at its sole option, Landlord may:
a. Elect to re-enter or take possession of the Demised Premises pursuant to legal proceedings or any notice provided for herein and may either terminate this Lease upon five (5) days prior written notice to Tenant. In additionor, with or without terminating this Lease, Landlord (i) remove all persons and property from the Demised Premises without being deemed guilty of trespass or becoming liable for any loss or damage which may re-enter, terminate Tenant’s right of possession be occasioned thereby and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under (ii) make such alterations and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, repairs as may be applicable. If Landlord elects necessary in order to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Demised Premises or any part thereof, alone or together with other premises, for such rent and upon such under terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, in its sole discretion, may determinedeem advisable. LONG ISLAND HIGH TECHNOLOGY INCUBATOR, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such relettingINC. LIHTI1
b. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent Landlord elects to re-enter or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing take possession of the Demised Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
accordance with subsection (a) above, Landlord may, at any time after the occurrence of an amount equal uncured Event of Default, elect to terminate this Lease. Should Landlord elect to terminate this Lease then, in addition to any other remedies Landlord may have available to it, Landlord may recover from Tenant all damages incurred by reason of such breach, including the Annual Fixed Rent cost of recovering the Property, all of which amounts shall be immediately due and Additional Rent which would have become due during payable from Tenant to Landlord as if by terms of this Lease it were payable in advance. Landlord may immediately proceed to distrain, collect, or bring action for the remainder worth of the Lease Termwhole Rent, less the amount as aforesaid, or any part thereof as aforesaid, as rent being in arrears, or may enter judgment therefor in an amicable action in case of rentalrent in arrears, if any, which Landlord receives during such period from others to whom the Premises or may be rented (other than any Additional Rent payable as file a result proof of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not claim in any manner prejudice Landlord’s right to collect any bankruptcy or insolvency proceedings for such damages for any subsequent month(s)rent, or Landlord may defer institute any such suit until after other proceedings, whether similar to the expiration of the Lease Term, in which event the cause of action shall be deemed foregoing or not to have accrued until enforce payment thereof.
c. In the expiration event of the Lease Term. default, Tenant shall reimburse Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New Yorkany legal fees it may incur.
Appears in 1 contract
Landlord’s Remedies. If there shall be an Event of DefaultDefault occurs, then Landlord shall have the right, at its sole option, to terminate this Lease upon five following remedies:
(51) days prior written notice to Tenant. In addition, with or without terminating this Lease, Landlord may re-enter, terminate Tenant’s right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet and without notice to or demand upon Tenant and without waiving or releasing Tenant from any obligations of Tenant under this Agreement, pay or perform any obligations of Tenant; pay any cost or expense to be paid by Tenant; and make any other payment or perform any other act on the Premises or any part thereof, alone or together with other premises, of Tenant to be made and performed as provided for such rent and upon such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlordin this Agreement, in its sole discretionsuch manner and to such extent as Landlord may deem desirable, and in exercising any such right, may determinealso pay all necessary and incidental costs and expenses, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees employ counsel and expenses (including without limitation reasonable incur and pay attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages pay costs to Landlord upon demand with interest at seven percent per annum.
(2) Landlord may terminate this Agreement by written notice to Tenant in which at case Tenant shall vacate the Leased Premises in accordance with Section 12. Neither the passage of time after the occurrence of an Event of Default nor Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result exercise of any failure other remedy with regard to such Event of such other person to perform any of its obligations), which damages Default shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice limit Landlord’s right to collect any terminate this Agreement by written notice to Tenant.
(3) Landlord may, whether or not Landlord has elected to terminate this Agreement, immediately commence summary proceedings in Unlawful Detainer to recover possession of the Leased Premises. In the event of the issuance of a Writ of Restitution in such damages for any subsequent month(s)proceeding, or upon Xxxxxxxx’s reentry upon and repossession of the Leased Premises, Landlord may defer any such suit until after remove Tenant and all other persons from the Leased Premises (subject to Tenant’s right and responsibility to remove its personal property pursuant to Section 13). In the event Landlord reenters the Leased Premises pursuant to this paragraph and Tenant fails to remove its personal property within the time period, all items of personal property not removed by Tenant within said period shall be deemed abandoned, and title thereto shall transfer to Landlord at the expiration of such period or, upon Xxxxxx’s vacation of the Lease Term, in which event the cause Leased Premises. These items may be disposed of action by Landlord. Tenant shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value responsible for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New Yorkall disposal costs.
Appears in 1 contract
Samples: Lease Agreement
Landlord’s Remedies. If there shall be an Upon the occurrence of any Event of DefaultDefault by Tenant under this Lease, then Landlord shall have the rightmay, at its sole option, to terminate this Lease upon five do any one or more of the following:
(5a) days prior written notice to Tenant. In addition, with or without terminating this Lease, Landlord may re-enter, terminate Tenant’s right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right to possession of the Leased Premises, whereupon Tenant’s right of possession is terminatedshall thereupon cease and terminate and Landlord shall be entitled to the possession of the Leased Premises, Landlord mayany process of law, but shall not be obligated toany notice to quit, relet the Premises or any part of intention to re-enter being hereby exercised by entry, or in lieu thereof, alone or together with other premises, for such rent by written notice to Tenant terminating this Lease and upon such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, in its sole discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished right to possession. Xxxxxt hereby expressly waives any and all rights of redemption granted by reason of, Landlord’s failure to relet or under any present or future laws in the Premises event of Tenant being evicted or collect dispossessed for any rent due upon such reletting. Whether cause or not in the event Landlord terminates this Lease is terminatedor Tenant’s right of possession as provided in this Section 6.2. In the event of such re-entry by process of law or otherwise, Tenant nevertheless shall remain liable for any Annual Fixed Rentand all damage, Additional Rent deficiency or damages which may be due or sustained prior to such default, all costs, fees loss and expenses (including without limitation reasonable attorneys’ fees, brokerage fees Landlord shall have the power and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, less the amount of rental, if anyright, which is hereby acceded to by Tenant, to re-let the Leased Premises, and whether or not there has been such re-letting, Landlord receives during such period from others shall have the right each month to whom sue for and recover all sums previously due and not previously paid as well as all sums thereafter due and payable including, without limitation, any loss of rents (or monthly deficit) with the Premises may be rented (other than right reserved to Landlord to bring any Additional Rent payable as a result action(s) or proceeding(s) for the recovery of any failure of such other person deficit(s) remaining unpaid without being obligated to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after await the expiration of the Lease TermTerm for a final determination of Tenant’s account. Additionallx, Xxxdlord may elect at any time, upon notice to Tenant, to accelerate the payment of Base Rent, Additional Rent and all other sums due or to become due under the Lease, as reasonably estimated by Landlord, in which event the cause case Tenanx xxxxx forthwith pay such sums to Landlord after receiving a credit for (i) such sums as may previously have been paid under this Section 6.2 net of action shall such expenses as may be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
deducted under clause (b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, Section 6.2; and (ii) the fair market rental value rent of Tenant’s leasehold estate for the balance of the Premises Lease Term. Except as expressly set forth herein, the commencement or maintenance of any one or more actions shall not bar Landlord from bringing other or subsequent actions for future accruals pursuant to provisions of this Section 6.2. It is further understood that no waiver of any breach of any covenant, condition or agreements herein contained shall operate as a waiver of the same periodcovenant, which damages condition or agreement itself or of any subsequent breach thereof. No provision of this Lease shall be deemed to have been waived by either party unless such waiver shall be in writing signed by the party against whom the waiver is being enforced. No payment by Tenant or receipt by Landlord of a lesser amount than the monthly installment of rent herein stipulated or otherwise payable under this Lease shall be deemed to be other than on account of the earliest stipulated rent nor shall any endorsement or statement on any check or any letter accompanying any check or payment as rent be deemed an accord and satisfaction. Landlord may accept such check or payment without prejudice to Landlord’s right to pursue or continue to pursue any of Landlord’s rights or remedies provided for in this Lease. The proceeds of any such re-letting shall first be applied to the expenses thereof, including all costs in refitting and redecorating the Leased Premises, leasing commissions and other costs and expenses incurred therein. The remaining proceeds resulting therefrom, if any, shall then be applied to Tenant’s liability under this Lease. Landlord’s re-letting of the Xxxxxx Xremises following an Event of Default by Tenant under this Lease may be on such terms, provisions and conditions as Landlord shall deem reasonably appropriate and may be for such term (or terms) as Landlord may select whether longer or shorter than the remaining Lease Term. Tenant shall, following an Event of Default under this Lease, reimburse Landlord for interest upon all sums due to Landlord in one lump sum on demand. For purpose (from the date such sums shall have been due to the date of this Section, present value shall be computed by discounting at a rate equal to one (1payment thereof) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New YorkInterest Rate (as hereinafter defined).
Appears in 1 contract
Landlord’s Remedies. (a) In the event Tenant shall fail to pay the rent or any other obligation involving the payment of money reserved herein when due, Landlord shall give Tenant written notice of such default and if Tenant shall fail to cure such default within thirty (30) days after receipt of such notice, Landlord shall, in addition to its other remedies provided by law, and in this Lease, have the remedies set forth in subparagraph (c) below.
(b) If there Tenant shall be an Event in default in performing any of Defaultthe terms of this Lease other than the payment of rent or any obligation involving the payment of money, Landlord shall give Tenant written notice of such default, and if Tenant shall fail to cure such default within forty-five (45) days after receipt of such notice, or if the default is of such a character as to require more than forty-five (45) days to cure, then if Tenant shall fail within said forty-five (45) day period to commence and thereafter proceed diligently to cure such default, then in either of such events, Landlord may (at its option and in addition to other legal remedies) cure such default for the account of Tenant and be reimbursed by Tenant for the reasonable cost of such cure. Such reimbursement shall be additional rent for all purposes hereunder, including subparagraph (a) above and shall be paid by Tenant with the next monthly installment of rent.
(c) If any rent or any other obligation involving the payment of money shall be due and unpaid or Tenant shall be in default upon any of the terms of this Lease, and such default has not been cured after notice and within the time provided in subparagraphs (a) and (b) above, then Landlord shall have the right, at its sole option, may seek to take possession pursuant to legal proceedings or any notice provided for by law and Landlord may terminate this Lease upon five (5) days prior written notice from time to Tenant. In addition, with or without terminating this Lease, Landlord may time and re-enter, terminate Tenant’s right of possession and take possession of let the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Premises premises or any part thereof, alone or together with other premises, for such rent and upon thereof on such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, Landlord shall in its sole discretiondiscretion deem advisable. Any payments as a result of such re-letting shall be applied; first, may determine, but to the payment of any indebtedness of Tenant to Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any other than rent due upon such reletting. Whether or not this Lease is terminatedhereunder; second, Tenant nevertheless shall remain liable for to the payment of any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) costs incurred by Landlord in pursuit obtaining possession and re-letting the premises, including, without limitation, legal fees, brokerage commissions and the cost of its remedies any reasonable alterations, and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal repairs to the Annual Fixed Rent premises; third, to the payment of rent due and Additional Rent which would have become due during unpaid hereunder; and the remainder of the Lease Term, less the amount of rentalresidue, if any, which shall be held by Landlord receives during and applied in payment of future rent as the same may become due and payable hereunder, Tenant shall be liable to Landlord for any deficiency. Both parties shall use their best efforts to mitigate such period from others to whom the Premises may party’s damages suffered under this Lease.
(d) All rights and remedies of Landlord hereunder shall be rented (other than any Additional Rent payable as a result cumulative and none shall be exclusive of any failure of such other person to perform any of its obligations), which damages shall be computed rights and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed remedies allowed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New Yorklaw.
Appears in 1 contract
Landlord’s Remedies. a) If there Tenant(s) default(s) in the payment of the Rent, the Landlord may give the Tenant(s) five (5) days’ notice of termination of this Lease. If the Tenant has not paid all the Rent due, including fees, costs and reasonable interest charges, by the end of the five (5) days, the Landlord may begin eviction proceedings and said notice shall be serve as the Notice to Quit required by law. TENANT HEREBY WAIVES AND GIVES UP TENANT’S RIGHTS TO ANY GREATER NOTICE
b) If the Tenant(s) fail(s) to perform any of the duties or obligations under this Lease other than those pertaining to the payment of the Rent, the Landlord may give the Tenant five (5) days’ notice that a violation has occurred. If the default has not been cured or stopped, the Landlord may give the Tenant five (5) days’ notice of termination of this Lease. At the conclusion of the five (5) days, the Landlord may begin eviction proceedings and said notice shall serve as the Notice to Quit required by law. TENANT HEREBY WAIVES AND GIVES UP TENANT’S RIGHTS TO ANY GREATER NOTICE TO CURE DEFAULTS AND VACATE THE PREMISES, AS THE SAME MAY BE PROVIDED UNDER THE LANDLORD AND TENANT ACT OF 1951, AS AMENDED FROM TIME TO TIME.
c) If the Tenant(s) default(s) in making any payment required by this Lease, or failing to perform other obligations, and the Landlord has obtained the services of an Event attorney with respect to the collection thereof, the Tenant(s) agree(s) to pay to the Landlord any costs or fees incurred, including reasonable attorney’s fees, whether or not a suit has yet been instituted, and if a suit is instituted, the Tenant shall also pay the costs of Defaultthe suit, then including all reasonable attorney’s fees.
d) Given that each Tenant individually and separately bears the full responsibility of the obligations imposed by this Lease, Landlord shall have the right, at its sole option, option to terminate this Lease upon five (5pursue each tenant individually or jointly in a suit. The Tenant(s) days prior written notice to Tenantwill each be found greater than 60% liable as required under the Fair Share Act. In addition, with or without terminating this Lease, The Landlord may re-enter, terminate Tenant’s right of possession and take possession apply the security deposit towards any unmet obligation of the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Premises or any part thereof, alone or together with other premises, for such rent and upon such terms and conditions (which may include concessions or free rent and alterations of the PremisesTenant(s).
e) as Landlord, in its sole discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this This Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that considered terminated if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) wins an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord eviction judgment in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New Yorkcourt.
Appears in 1 contract
Samples: Residential Lease Agreement
Landlord’s Remedies. If there shall be Upon the occurrence of an Event of Default, then then, in addition to and without waiving any other rights and remedies available to Landlord at law or in equity or otherwise provided in this Lease, Landlord may, at its option, cumulatively or in the alternative, exercise the following remedies:
(a) Landlord may terminate Tenant's right to possession of the Premises, in which case this Lease shall terminate and Tenant shall immediately surrender possession of the Premises to Landlord. No act by Landlord other than giving Notice to Tenant of Landlord's election to terminate Tenant's right to possession 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. Termination shall terminate Tenant's right to possession of the Premises but shall not relieve Tenant of any obligation under this Lease which has accrued prior to the date of such termination. Upon such termination, Landlord shall have the right, at its sole option, to terminate this Lease upon five (5) days prior written notice to Tenant. In addition, with or without terminating this Lease, Landlord may re-enter, terminate Tenant’s right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessaryPremises, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusettsremove all persons and property, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, then everything contained in this Lease to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right also be entitled to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but shall not be obligated to, relet the Premises or any part thereof, alone or together with other premises, for such rent and upon such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, in its sole discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(ai) an The worth at the time of award of the unpaid Monthly Rent and Additional Rent which had been earned at the time of termination;
(ii) The worth at the time of award of the amount equal to by which the Annual Fixed unpaid Monthly Rent and Additional Rent which would have become due during been earned after termination until the remainder time of the Lease Term, less award exceeds the amount of rental, if any, which Landlord receives during such period from others to whom rental loss that Tenant proves could have been reasonably avoided;
(iii) The worth at the Premises may be rented (other than any Additional Rent payable as a result time of any failure award of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on amount by which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed unpaid Monthly Rent and Additional Rent which would have become due during for the remainder balance of the Term after the time of award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided;
(iv) Any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant's failure to perform its obligations under this Lease Termor which in the ordinary course of things would be likely to result from Tenant's default, including, but not limited to, the cost of recovering possession of the Premises, commissions and other expenses of reletting, including necessary repair, demolition and renovation of the Premises to the condition existing immediately prior to Tenant's occupancy, the unamortized portion of any Tenant improvements and brokerage commissions funded by Landlord in connection with this Lease, the cost of rectifying any damage to the Premises occasioned by the act or omission of Tenant, reasonable attorneys' fees, and any other reasonable costs; and
(v) At Landlord's election, all other amounts in addition to or in lieu of the foregoing as may be permitted by law. As used in subsections (i) and (ii) above, the fair market rental value "worth at the time of the Premises for the same period, which damages award" shall be payable to Landlord computed by allowing interest at the maximum legal rate permitted by law. As used in one lump sum on demand. For purpose subsection (iii) above, the "worth at the time of this Section, present value award" shall be computed by discounting the amount at a rate equal to one (1) whole percentage point above the discount rate then in effect at of the Federal Reserve Bank of New YorkSan Francisco at the time of award plus one percent (1%).
(b) Landlord may elect not to terminate Tenant's right to possession of the Premises, in which event this Lease will continue in full force and effect as long as Landlord does not terminate Tenant's right to possession, and Landlord may continue to enforce all of its rights and remedies under this Lease, including remedy provided by this subparagraph 15.3(b), Landlord shall not unreasonably withhold its consent to an assignment or subletting of the Premises subject to the reasonable standards for Landlord's consent as are contained in this Lease. In addition, in the event Tenant has entered into a sublease which is valid under the terms of this Lease, Landlord may also, at its option, cause Tenant to assign to Landlord the interest of Tenant under said sublease, including, but not limited to, Tenant's right to payment of Rent as it becomes due. To the extent permitted by law, Landlord may elect to enter the Premises and relet them, or any part of them, to third parties for Tenant's account. Tenant shall be liable immediately to Landlord for all costs Landlord reasonably incurs in reletting the Premises, including, but not limited to, broker's commissions, expenses of cleaning and remodeling the Premises required by the reletting, attorneys' fees and like costs. Reletting can be for a period shorter or longer than the remaining Term of this Lease and for the entire Premises or any portion thereof. Tenant shall pay to Landlord the Monthly Rent and Additional Rent due under this Lease on the dates the Monthly Rent and such Additional Rent are due, less the Rent Landlord actually collects from any reletting. Except as provided in the preceding sentence, if Landlord relets the Premises or any portion thereof, such reletting shall not relieve Tenant of any obligation hereunder. Notwithstanding the above, no act by Landlord allowed by this subparagraph 15.3
Appears in 1 contract
Samples: Lease Agreement (Cardima Inc)
Landlord’s Remedies. If there shall be an Event Upon the happening of Defaultany one of any one or more of the aforementioned Defaults, then Landlord shall have the exclusive right, at its sole optionin addition to any other rights and remedies provided herein, to (i) terminate this Lease upon five by giving Tenant notice to end the term of this Lease at the expiration of seven (57) days prior written after the date of such notice (referred to herein as "Landlord's Notice to Terminate"); or (ii) permit the Lease to remain in full force and effect (including Landlord's right to re-entry to mitigate losses as provided below). If all such Defaults shall not have been cured within said seven (7) days after Landlord's notice to TenantTerminate (issued at Landlord's option), this Lease shall cease and expire, and Tenant shall immediately surrender the Premises to Landlord. In additionNotwithstanding such termination, with or without terminating this Lease, Landlord may re-enter, terminate Tenant’s right of possession tenant's liability and take possession of the Premises. The obligation under all provisions of this Article Lease including the obligation to pay Base Rent, it share of expenses, and any and all other amounts due hereunder shall operate as a notice to quitsurvive and continue. Upon the happening of any one or more of the aforementioned Defaults, any other notice to quit or Landlord shall have the option of not terminating this Lease and of exercising Landlord’s intention 's right to re-enter the Premises being immediately or thereafter without notice or resort to legal process, which Tenant hereby expressly waivedwaives, and in any event may dispossess the Tenant. If necessary, Landlord may proceed to recover No such re-entry or taking of possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, Landlord shall be construed as may be applicable. If Landlord elects an election to terminate this Lease and/or elects unless Landlord delivers Tenant a written Notice of Termination. Should Landlord elect to terminate Tenant’s right of possession, then everything contained in this Lease re-enter or should it take possession pursuant to be done and performed legal proceedings or pursuant to any notice provided for by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through the later of termination or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminatedlaw, Landlord may, but shall not be obligated to, relet may make such alterations and repairs as Landlord deems necessary in order to re-let the Premises or any part thereof, alone or together with other premises, portion thereof for such rent term or terms (which may be for a term extending beyond the term of this Lease) and at such rentals and upon such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, in its sole discretion, may determinedeem advisable; and upon such re-letting, but all rentals received by Landlord from such re-letting shall not be liable forapplied, nor shall Tenant’s obligations be diminished by reason offirst, Landlord’s failure to relet the Premises or collect payment of any indebtedness other than rent due upon hereunder form Tenant to Landlord; second, to the payment of any costs and expenses of such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rentincluding attorney's fees and costs of such alterations and repairs including architect fees, Additional overhead, accounting fees, lease commissions, suppliers, laborers, etc.; third, to the payment of Base Rent or damages which may be any other payments, due or sustained prior to such defaultand unpaid hereunder, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, less the amount of rentalresidue, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed held by Landlord and applied in payment of future rents as the same may become due and payable in monthly installmentshereunder and any remaining positive balance shall be paid to Tenant. If such rentals received from such re-letting during any month is less than that to be paid during that month by Tenant hereunder, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect Tenant shall pay any such deficiency to Landlord. Such deficiency shall be calculated and paid monthly. Landlord may recover from Tenant, immediately upon default by Tenant, all damages for any month(s)it may incur by reason of Tenant's default, including the cost of recovering the Premises, and such suits shall not in any manner prejudice Landlord’s right to collect any such damages for any subsequent month(s)reasonable attorney's fees, or Landlord may defer any such suit until after the expiration all of the Lease Term, in which event the cause of action amounts shall be deemed not immediately due and payable from Tenant to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Premises for the same period, which damages shall be payable to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above the discount rate then in effect at the Federal Reserve Bank of New YorkLandlord.
Appears in 1 contract
Landlord’s Remedies. If there Landlord shall be an Event give written notice to Tenant of Defaultany default hereunder specifying the nature of the default. In the event of a default by Tenant which is not cured within the time periods provided herein, then Landlord shall have the rightfollowing remedies:
(i) For as long as such default shall continue, at its sole option, Landlord may elect to terminate this Lease upon five (5) days prior by written notice to Tenant. The termination shall be effective sixty (60) days after Tenant’s receipt of such notice [unless Tenant shall cure such default within such sixty (60) day period]. Upon any such termination, Tenant shall surrender the Demised Premises to Landlord and Tenant shall be liable for all rent and other sums due hereunder through the date of termination, the reasonable attorneys’ fees incurred by Landlord, and the reasonable costs of any repairs made to the Demised Premises due to Tenant’s failure to perform Tenant’s maintenance and repair obligations hereunder.
(ii) If this Lease is terminated by Landlord and Tenant fails to surrender the Demised Premises, Landlord may dispossess or remove Tenant and any other occupant of the Demised Premises by any lawful proceedings and remove its effects.
(iii) In addition, with or without terminating the event Landlord does not elect to terminate this Lease, Landlord may re-enterelect, terminate Tenant’s right of possession and take possession of the Premises. The provisions of this Article shall operate as a upon sixty (60) days written notice to quitTenant, any other notice to quit or of Landlord’s intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of Massachusetts, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right possession of the Demised Premises. If Tenant does not deliver possession to Landlord, Landlord may dispossess Tenant by any lawful proceedings and remove its effects. Upon such termination of Tenant’s possession, then everything contained Landlord shall use commercially reasonable efforts to relet the Demised Premises. In the event of such reletting, Tenant shall pay to Landlord, as liquidated damages for such default, any deficiency between the fixed monthly rent and other charges due hereunder and the amount, if any, of the rents and other amounts collected on account of the new lease or leases of the Demised Premises for each month of the period which would otherwise have constituted the balance of the term of this Lease (excluding any extension periods which have not commenced prior to the dispossession or removal of Tenant). The deficiency shall be paid by Tenant in monthly installments on the dates specified in this Lease for payment of fixed monthly rent. Any suit brought to be done and performed by Landlord shall cease, without prejudice, however, to Landlord’s right to recover from Tenant all rent and other sums accrued through collect the later amount of termination the deficiency for any month or Landlord’s recovery of possession. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord may, but months shall not be obligated to, relet prejudice in any way the Premises rights of Landlord to collect the deficiency for any subsequent month or any part thereof, alone or together with other premises, for such rent and upon such terms and conditions (which may include concessions or free rent and alterations of the Premises) as Landlord, in its sole discretion, may determine, but months by a similar proceeding. Landlord shall not be liable for, nor shall Tenant’s obligations be diminished by reason of, Landlord’s for failure to relet the Premises or collect any rent due upon such reletting. Whether or not this Lease is terminated, Tenant nevertheless shall remain liable for any Annual Fixed Rent, Additional Rent or damages which may be due or sustained prior to such default, all costs, fees and expenses (including without limitation reasonable attorneys’ fees, brokerage fees and expenses incurred in placing the Premises in first-class rentable condition) incurred by Landlord in pursuit of its remedies and in renting the Premises to others from time to time. Tenant shall also be liable for additional damages which at Landlord’s election shall be either:
(a) an amount equal to the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any Additional Rent payable as a result of any failure of such other person to perform any of its obligations), which damages shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default. Separate suits may be brought to collect any such damages for any month(s), and such suits the rent under the new lease(s) unless Landlord shall not in any manner prejudice Landlord’s right have used reasonable efforts to collect any such damages for any subsequent month(s), or Landlord may defer any such suit until after promptly relet the expiration of the Lease Term, in which event the cause of action shall be deemed not to have accrued until the expiration of the Lease Term. Landlord agrees that if the Premises are relet, Landlord shall act reasonably to obtain a fair market rental value for the Premises; or
(b) an amount equal to the present value (as of the date of the termination of this Lease) of the difference between (i) the Annual Fixed Rent and Additional Rent which would have become due during the remainder of the Lease Term, and (ii) the fair market rental value of the Demised Premises for the same period, which damages shall be payable reasonable rental value thereof and to Landlord in one lump sum on demand. For purpose of this Section, present value shall be computed by discounting at a rate equal to one (1) whole percentage point above collect the discount rate then in effect at rent under the Federal Reserve Bank of New Yorknew lease(s).
Appears in 1 contract
Samples: Lease