Landlord’s Remedies. (a) Upon the occurrence of an Event of Default, Landlord may terminate this Lease by notice to Tenant, specifying a date not less than five (5) days after the giving of such notice on which this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration of the Term of this Lease, and Tenant will then quit and surrender the Premises to Landlord, but Tenant shall remain liable as hereinafter provided. (b) If this Lease shall have been terminated as provided in this Article, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then Landlord may re-enter the Premises, either by summary proceedings, ejectment or otherwise, and remove and dispossess Tenant and all other persons and any and all property from the same, as if this Lease had not been made. (c) If this Lease shall have been terminated as provided in this Article, Tenant shall pay the Basic Rent, Escalation Charges and other sums payable hereunder up to the time of such termination, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses of preparation for such reletting. Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated. (d) At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay to Landlord an amount equal to the excess, if any, of the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market rental value of the Premises for the same period. (e) In case of any Event of Default, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. 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, 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.
Appears in 2 contracts
Samples: Lease Agreement (Repligen Corp), Lease Agreement (Repligen Corp)
Landlord’s Remedies. (a) Upon In the occurrence event of an Event any Default by Tenant under this Lease, Landlord, at its option, may, in addition to any and all other rights and remedies provided in this Lease or otherwise at law or in equity do or perform any or all of Defaultthe following:
22.2.1. In case of any such default under Section 21.2, at any time following the expiration of the respective grace periods above mentioned, Landlord may serve a notice upon Tenant electing to terminate this Lease by notice to Tenantupon a specified date, specifying a which date not less than five (5) days after may be the giving date of serving such notice on which this Lease shall terminate notice, and this Lease shall come to an end then expire on the date so specified therein as fully and completely as if such that date were the date herein had been originally fixed for as the expiration date of the Term herein granted; however, a default under Section 21.2, hereof shall be deemed waived if such default is cured before the date specified for termination in the notice of this Leasetermination served on Tenant. All Base Rent and Additional Rent payable by Tenant following Tenant’s receipt of a notice of monetary default shall be made by way of certified or bank cashier’s check, and Tenant will then quit and surrender the Premises to Landlord, but Tenant shall remain liable as hereinafter provided.
(b) If or by wire transfer of funds. In case this Lease shall have been be terminated as provided in this Articlehereinbefore provided, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then Landlord may re-enter the Premises, either by summary proceedings, ejectment or otherwise, and remove and dispossess Tenant and all other persons and any and all property from the same, as if this Lease had not been made.
(c) If this Lease shall have been terminated as provided in this Article, Tenant shall pay the Basic Rent, Escalation Charges and other sums payable hereunder up to the time of such termination, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses of preparation for such reletting. Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated.
(d) At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay to Landlord an amount equal to the excess, if any, of the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market rental value of the Premises for the same period.
(e) In case of any Event of Default, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) or its agents may, immediately or any time thereafter, re-let enter and resume possession of the Premises or any such part or parts thereof, and remove all persons and property therefrom, either in the name by summary proceedings or by a suitable action or proceeding at law, without being liable for any damages therefor. No re-entry by Landlord shall be deemed an acceptance of Landlord a surrender of this Lease. In case this Lease shall be terminated as hereinabove provided, or by summary proceedings or otherwise, Landlord may, in its own name and in its own behalf, relet the whole or any portion of the Premises, for a term or terms which may at Landlord’s option be any period equal to or greater or less than or exceed the period which would otherwise have constituted the balance remainder of the Term then current Term, for any sum which it may deem reasonable, to any tenant which it may deem suitable and satisfactory, and for any use and purpose which it may deem appropriate, and in connection with any such lease Landlord may make such changes in the character of this Lease the improvements on the Premises as Landlord may determine to be appropriate or helpful in effecting such lease and may grant concessions or free rent rent. Landlord shall not in any event be required to the extent that pay Tenant any surplus of any sums received by Landlord reasonably considers advisable and necessary to re-let the same and (ii) make such alterations, repairs and decorations in on a reletting of the Premises as Landlord considers advisable and necessary for in excess of the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaidrent reserved in this Lease. Landlord agrees shall be entitled to use commercially recover from Tenant the sum equal to all expenses, including reasonable efforts to relet the Premises after an Event of Defaultcounsel fees, provided Tenant has vacated the Premises. Tenant hereby expressly waives any and all rights of redemption granted incurred by or under any present or future laws Landlord in the event of Tenant being evicted or dispossessed, or in the event of Landlord obtaining recovering possession of the Premises, the costs of reletting the Premises, and the costs and charges for the care of Premises while vacant, which damages shall be due and payable by reason Tenant to Landlord at such time or times as such expenses shall have been incurred by Landlord; or
22.2.2. Continue the Lease and Tenant’s right to possession and recover the Rent as it becomes due. Acts of maintenance, efforts to relet, and/or the appointment of a receiver to protect the Landlord’s interests shall not constitute a termination of the violation by Tenant Tenant’s right to possession; or
22.2.3. Pursue any other remedy now or hereafter available under the laws of the State of New Jersey.
22.2.4. Without limitation of any of Landlord’s rights in the covenants event of a Default by Tenant, Landlord may also exercise its rights and conditions remedies with respect to any Security under Section 4.3 above. Any and all personal property of Tenant that may be removed from the Premises by Landlord pursuant to the authority of this Lease or of law may be handled, removed or stored by Landlord at the sole risk, cost and expense of Tenant, and in no event or circumstance shall Landlord be responsible for the value, preservation or safekeeping thereof. Tenant shall pay to Landlord, upon demand, any and all expenses incurred in such removal and all storage charges for such property of Tenant so long as the same shall be in Landlord’s possession or under Landlord’s control. Any such property of Tenant not removed from the Premises as of the Expiration Date or any other earlier date on which this Lease is terminated shall be conclusively presumed to have been conveyed by Tenant to Landlord under this Lease as in a xxxx of sale, without further payment or credit by Landlord to Tenant. Neither expiration or termination of this Lease nor the termination of Tenant’s right to possession shall relieve Tenant from its liability under the indemnity provisions of this Lease.
Appears in 2 contracts
Samples: Lease Agreement, Industrial Building Lease (Dendreon Corp)
Landlord’s Remedies. (a) Upon the occurrence of an Event of DefaultIf Tenant shall be in default under this Lease, Landlord may shall have the right, at its sole option, to terminate this Lease, provided Landlord shall give Tenant ten (10) days’ prior notice of Lease by termination with respect to any monetary defaults hereunder, and thirty (30) days’ prior notice of Lease termination as to Tenantnon-monetary defaults which notice shall specify the alleged default. The termination notice may be cured within the applicable ten (10) and thirty (30) day periods as above provided if Tenant cures the default occasioning such termination notice; and with respect to the non-monetary defaults if the cure cannot be effectuated within the thirty (30) day period, specifying but Tenant is diligently prosecuting any such cure, the termination notice will be extended for such reasonable time as may be necessary for Tenant to effectuate such cure. In the event of a date not less than five (5) days after the giving of such notice on which this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for default beyond the expiration of any applicable notice and cure periods, the balance of all Rent and other charges to become due throughout the Term hereof shall, at the option of Landlord, be accelerated and shall be immediately due and payable, and which shall be discounted to net present value at the rate of six (6%) percent, and Landlord may in its own name, but as agent for Tenant, assign, sublet or relet the Leased Premises for any period equal to or greater or less than the remainder of the Term hereof for any sum which Landlord may deem reasonable to any lessee Landlord may select, and for any use or purpose which Landlord may designate. With or without terminating this Lease, and Tenant will then quit and surrender the Premises to Landlord, but Tenant shall remain liable as hereinafter provided.
(b) If this Lease shall have been terminated as provided in this Article, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then Landlord may re-enter and take possession of the PremisesLeased Premises and the provisions of this Article 25 shall operate as a notice to quit, either any other notice to quit or of Landlord’s intention to re-enter the Leased Premises being hereunder expressly waived. If necessary, Landlord may proceed to recover possession of the Leased Premises under and by summary virtue of the laws of the State of New Jersey or by such other proceedings, ejectment or otherwise, including re-entry and remove and dispossess Tenant and all other persons and any and all property from the samepossession, as if may be applicable. If Landlord elects to terminate this Lease, everything contained in this Lease had not been made.
(c) If on the part of Landlord to be done and performed shall cease as of the date Landlord elects to terminate this Lease shall have been terminated as provided in (except for those obligations which accrued prior to the date this ArticleLease is terminated), without prejudice, however, to the right of Landlord to recover from Tenant shall pay the Basic Rent, Escalation Charges all Rent and other sums payable hereunder accrued up to the time of such terminationtermination or recovery of possession by Landlord, whichever is later, the unamortized cost of all broker commissions, the cost of all improvements to the Leased Premises incurred by Landlord in connection with this Lease, the Base Rent Allowance at the rate of $18.00 per rentable square foot on account of the entire Leased Premises, and thereafter Tenant, until the end of what would have been the Term of all Rent remaining to be paid under this Lease in discounted to net present value at the absence rate of such terminationsix (6%) percent. If the full rental provided herein plus the costs, expenses and whether or damages hereafter described shall not the Premises shall have been reletbe realized by Landlord, Tenant shall be liable to Landlord for, and shall pay to for all damages sustained by Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costsdeficiency in Base Rent and Additional Rent, brokerage commissions, legal expenses, reasonable attorneys’ fees, advertisingbrokerage fees, alteration costs and expenses the expense of preparation placing the Leased Premises in first-class rentable condition. Landlord shall in no way be responsible or liable for any failure to relet the Leased Premises or any part thereof, or any failure to collect any Rent due and/or accrued from such reletting. , to the end and intent that Landlord may elect to hold Tenant liable for the Base Rent, Additional Rent, and any and all other items of cost and expense which Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this obligated to pay throughout the remainder of the Lease had not been terminated.
(d) At any time after termination Term. Any damages or loss of this Lease as provided in this Article, whether or not Rent sustained by Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demandmay be immediately recovered by Landlord, at Landlord’s election Tenant shall pay to Landlord an amount equal to option, at the excess, if any, time of the Basic Rentreletting, Escalation Charges and other sums or in separate actions, from time to time, as hereinbefore provided said damages shall have been made more easily ascertainable by successive relettings, or, at Landlord’s option, may be deferred until the expiration of the Lease Term, in which would event Tenant hereby agrees that the cause of action shall not be payable hereunder from deemed to have accrued until the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market rental value expiration of the Premises for Lease Term. The provisions contained in this Section shall be in addition to, and shall not prevent the same period.
(e) In case of enforcement of, any Event of Default, re-entry, expiration and dispossession by summary proceedings or otherwise, claim Landlord may (i) re-let the Premises or any part or parts thereof, either in the name of Landlord or otherwise, have against Tenant for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. 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, 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 anticipatory breach of this Lease.
Appears in 2 contracts
Samples: Lease Agreement (Vitamin Shoppe, Inc.), Lease Agreement (Vitamin Shoppe, Inc.)
Landlord’s Remedies. (a) Upon the occurrence of an Event event of Defaultdefault enumerated in subsection (a) or (b) of Paragraph 12 above, should such default remain uncured after ten days written notice of default to Tenant in the case of an event of default enumerated in subsection (a) or after thirty days written notice of default to Tenant in the case of an event of default enumerated in subsection (b), Landlord may at once thereafter or at any time subsequent during the existence of such breach or default, enter into and upon the Leased Premises or any part thereof and repossess the same, expelling and removing therefrom all persons and property (which property may be removed and stored at the cost, and for the account of Tenant), using such force as may be necessary, and either (I) breach, or (ii) without terminating this Lease, relet the leased premises or any part thereof upon such terms and conditions as possession of the Leased Premises or the making of alterations and/or improvements thereto or the reletting thereof shall be construed as an election on the part of Landlord to terminate this Lease by unless written notice of such intention is given to Tenant. If Landlord shall proceed in accordance with the last mentioned alternative (ii), specifying a date not should the net amount received from reletting the Premises during any month or part thereof be less than five the rent due and owing from Tenant during such month or part thereof under the terms of this Lease, Tenant shall pay such deficiency immediately upon calculation thereof and demand therefore by Landlord. Upon the occurrence of an event of default enumerated in subsection (5c) days after of Paragraph 12 above, Landlord may, if Landlord so elects, at any time thereafter terminate the Lease and the term hereof, upon giving to Tenant ten days’ notice in writing of such notice on which this Lease shall terminate Landlord’s intention so to do and this Lease lease and the term hereof shall expire and come to an end on the date specified therein as fully and completely fixed in such notice as if such said date were the date herein originally fixed in this Lease for the expiration of hereof. Notwithstanding the Term of this Leaseforegoing, and Tenant will then quit and surrender event of default (except the Premises failure to Landlord, but Tenant shall remain liable as hereinafter provided.
(b) If this Lease shall have been terminated as provided in this Article, or if any execution or attachment shall be issued against Tenant pay the rent or any other amount due hereunder), the curing of which shall actually require more than thirty days because of any cause beyond Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then Landlord may re-enter the Premises, either by summary proceedings, ejectment or otherwise, and remove and dispossess Tenant and all other persons and any and all property from the same, as if this Lease had not been made.
(c) If this Lease shall have been terminated as provided in this Article, Tenant shall pay the Basic Rent, Escalation Charges and other sums payable hereunder up to the time of such termination, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been reletcontrol, shall be liable deemed cured by Tenant if Tenant shall have commenced to Landlord for, cure said default within the thirty day period and shall pay to Landlord, as liquidated current damages: (x) thereafter have successfully prosecuted the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, curation of any reletting of the Premises, after deducting all reasonable expenses in connection said default with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses of preparation for such reletting. Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminateddue diligence.
(d) At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay to Landlord an amount equal to the excess, if any, of the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market rental value of the Premises for the same period.
(e) In case of any Event of Default, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. 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, 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.
Appears in 2 contracts
Samples: Sub Lease Agreement (Ufp Technologies Inc), Sub Lease Agreement (Ufp Technologies Inc)
Landlord’s Remedies. (a) Upon the occurrence of an Event of DefaultDefault which is not cured by Tenant within the grace periods specified in Section 16.1 hereof, Landlord shall have the following rights and remedies in addition to all other rights or remedies available to Landlord in law or equity:
(a) Landlord may terminate this Lease by notice to TenantTenant (and Tenant hereby expressly waives any other or additional notice to quit or notice of Landlord's intention to re-enter), specifying a date not less than five (5) days after the giving of such notice on which whereupon this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration of the Term of this Leaseshall terminate, and Tenant will then quit shall quit, vacate and surrender the Premises to Landlord, but Tenant and all amounts accrued and unpaid Basic rent and Additional Rent shall remain liable as hereinafter providedbe due and payable in full.
(b) If this Lease shall have been terminated as provided in this Article, or if Upon any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then Landlord may re-enter the Premises, either by summary proceedings, ejectment or otherwise, and remove and dispossess Tenant and all other persons and any and all property from the same, as if this Lease had not been made.
(c) If this Lease shall have been terminated as provided in this Article, Tenant shall pay the Basic Rent, Escalation Charges and other sums payable hereunder up to the time of such termination, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses of preparation for such reletting. Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated.
(d) At any time after termination of this Lease as provided in this Article, whether pursuant to Section 16.2(a) or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay to Landlord an amount equal to the excess, if any, of the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market rental value of the Premises for the same period.
(e) In case of any Event of Default, re-entry, expiration and dispossession by summary proceedings or otherwiseSection 17, Landlord may (i) proceed to re-let enter the Premises and recover possession thereof; (ii) as attorney-in-fact for Tenant, remove therefrom all persons and Tenant's Property, store such Tenant's Property in a public warehouse or elsewhere at the cost, and for the account, of Tenant, sell such Tenant's Property and apply the proceeds thereof to payment of Tenant's obligations and liabilities under this Lease, and hold the balance of such proceeds, if any, in trust for Tenant; (iii) restore the Premises to good order and repair or otherwise prepare the Premises for reletting by making such alterations, repairs or replacements in the Premises as Landlord, in its sole discretion deems necessary or appropriate; and (iv) relet the Premises for such rent, for such term (which may be longer or shorter than the Term originally reserved hereunder) and upon such other terms and conditions as are not unreasonable under the circumstances. Tenant shall be liable for all damages sustained by Landlord in connection with such termination of this Lease, including without limitation the excess of the aggregate amounts of Basic Rent and Additional Rent reserved under this Lease for the Term originally reserved hereunder over net amounts actually realized in reletting the Premises, reasonable attorneys' fees, brokerage commissions and the costs and expenses of recovering possession of the Premises and restoring the Premises to first class condition for reletting. Any such damages may, at Landlord's election, be recovered in one or more actions upon termination of the Term, at the time of any initial reletting or from time to time as such damages may become more easily ascertainable by successive relettings. In no event shall Landlord be liable for any failure to relet the Premises or for any failure to collect any amounts due on account of relettings and in no event shall Tenant have any right to any excess of amounts received by Landlord on account of relettings over amounts which Tenant may be liable hereunder.
(c) Landlord may elect not to terminate this Lease but to recover the Basic Rent and Additional Rent accruing hereunder in one or more actions as the same become due or, in advance, the present value of Basic rent and Additional Rent to become due hereunder, discounted by a factor of eight percent (8%) per annum; or, as attorney-in-fact for Tenant, Landlord may from time to time sublet the Premises or any part or parts thereof, either in the name of Landlord or otherwise, thereof for a such term or terms (which may extend beyond the Term) and at Landlord’s option such rent and such other terms as Landlord in its sole discretion may deem advisable, with the right to make alterations and repairs to the Premises. Upon each such subletting (i) Tenant shall be equal immediately liable for payment to or less than or exceed Landlord of, in addition to Basic Rent and Additional Rent due hereunder, the cost of such subletting and such alterations and repairs incurred by landlord and the amount, if any, by which the Basic Rent and Additional Rent for the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent such subletting (to the extent that Landlord reasonably considers advisable such period does not exceed the Term) exceeds the amount to be paid as Basic Rent and necessary to re-let Additional Rent for the same and Premises for such period, or (ii) make at the option of Landlord, rents received from such alterationssubletting shall be applied, repairs first, to payment of any indebtedness other than Basic Rent and decorations in Additional Rent due hereunder from Tenant to Landlord; second, to the Premises as Landlord considers advisable payment of any costs of such subletting and necessary for the purpose of reletting the Premisessuch alterations and repairs; third, to payment of Basic Rent and Additional Rent due and unpaid hereunder; and the making residue, if any, shall be held by Landlord and applied in payment of future Basic Rent and Additional Rent as the same become due hereunder. If Tenant has been credited with any rent to be received by such subletting under clause (i) and such rent shall not be promptly paid to Landlord by the subtenant(s), or if such rentals received from such subletting under clause (ii) during any month are less than those to be paid during that month by Tenant hereunder, Tenant shall pay any such deficiency to Landlord. Such deficiency shall be calculated and paid monthly. No subletting of the Premises by Landlord, as attorney-in-fact for Tenant, shall be construed as an election on its part to terminate this Lease unless a notice of such reasonable alterationstermination is given to Tenant. Notwithstanding any such subletting without termination, repairs and decorations shall not operate or be construed Landlord may at any time thereafter elect to release Tenant from liability hereunder as aforesaid. terminate this Lease for such previous breach; and
(d) Landlord agrees may have a receiver appointed for Tenant, upon application by Landlord, to use commercially reasonable efforts to relet take possession of the Premises after an Event of Default, provided and to apply any rental collected from the Premises and to exercise all other rights and remedies granted to Landlord as attorney-in-fact for Tenant has vacated the Premises. pursuant to Section 16.2(b) hereof.
(e) Tenant hereby expressly waives and unconditionally waives, in connection with any suit, action or proceeding brought by Landlord under this Lease, any and all rights of redemption granted every right it may have to (i) injunctive relief, (ii) a trial by jury, (iii) interpose any counterclaim therein and (iv) have the same consolidated with any other or under separate suit, action or proceeding. Nothing herein contained shall prevent or prohibit Tenant from instituting or maintaining a separate action against Landlord with respect to any present or future laws in the event of Tenant being evicted or dispossessed, 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 Leaseasserted claim.
Appears in 2 contracts
Samples: Lease Agreement (CampusU), Lease Agreement (Precision Auto Care Inc)
Landlord’s Remedies. (a) Upon the occurrence of an Event of Default, the Landlord, without notice to the Tenant in any instance (except where expressly provided for below), may do any one or more of the following:
(a) perform, on behalf and at the expense of the Tenant, any obligation of the Tenant under this Lease which the Tenant has failed to perform beyond any applicable grace or cure periods and of which the Landlord may shall have given the Tenant notice (except in an emergency situation in which no notice is required), the cost of which performance by the Landlord, together with interest thereon at the Default Rate from the date of such expenditure, shall be deemed Additional Rent and shall be payable by the Tenant to the Landlord as otherwise set forth herein;
(b) elect to terminate this Lease and the tenancy created hereby by giving notice to Tenant, specifying a date not less than five (5) days after the giving of such notice on which this Lease shall terminate and this Lease shall come election to an end the Tenant without any right on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration part of the Term Tenant to save the forfeiture by payment of any sum due or by other performance of condition, term, agreement or covenant broken, or elect to terminate the Tenant’s possessory rights and all other rights of the Tenant without terminating this Lease, and Tenant will then quit in either event, at any time thereafter without notice or demand and surrender the Premises to Landlordwithout any liability whatsoever, but Tenant shall remain liable as hereinafter provided.
(b) If this Lease shall have been terminated as provided in this Article, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then Landlord may re-enter the PremisesPremises by force, either by summary proceedings, ejectment proceedings or otherwise, and remove and dispossess the Tenant and all other persons and any and all property from the samePremises, as if this Lease had not been made.and store such Project in a public warehouse or elsewhere at the cost and for the account of the Tenant without resort to legal process and without the Landlord being deemed guilty of trespass or becoming liable for any loss or damage occasioned thereby;
(c) If this Lease shall have been terminated as provided in this Articleaccelerate the Rent and any other charges, Tenant shall pay the Basic whether or not stated to be Additional Rent, Escalation Charges for the entire balance of the Term, or any part of such Rent, and other sums payable hereunder up any costs, whether chargeable to the time of such termination, and thereafter Landlord or the Tenant, until as if by the end of what would have been the Term terms of this Lease in the absence balance of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges Rent and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs charges and expenses of preparation for such reletting. Tenant shall pay the portion of such current damages referred to were on that date payable in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated.advance;
(d) At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay to Landlord cause an amount equal to the excess, if any, of the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, attorney for the purposes of this paragraph, annual payments by Landlord to proceed in any competent court for judgment in ejectment against the Tenant on account of Taxes and Operating Expenses would be all persons claiming under the same as the payments required Tenant for the immediately preceding Operating or Tax Year for what would be recovery by the then unexpired Term Landlord of this Lease if the same remained in effect, over the then fair market rental value of the Premises for the same period.
(e) In case of any Event of Default, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. 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, or in the event of Landlord obtaining possession of the Premises, by and if for any reason after such action has been commenced it is canceled or suspended and possession of the violation by Tenant of Premises remains in or is restored to the Tenant, the Landlord shall have the right upon any of subsequent default or upon the covenants and conditions expiration or termination of this Lease, or any renewal or extension hereof, to bring one or more actions to recover possession of the Premises; and
(e) exercise any other legal and/or equitable right or remedy which it may have at law or in equity, including rights of specific performance and/or injunctive relief, where appropriate. In any action for possession of the Premises or for monetary damages, including Termination Damages and Liquidated Damages, or for the recovery of Rent due for the balance of the Term, the Landlord may cause to be filed in such action an affidavit setting forth the facts necessary to authorize the entry of judgment. If a true copy of this Lease (and of the truth of the copy, such affidavit shall be sufficient proof) must be filed in such action, it shall not be necessary to file the original, notwithstanding any law, rule of court, custom or practice to the contrary.
Appears in 2 contracts
Samples: Sublease Agreement (Millennial Media Inc.), Office Lease (Millennial Media Inc.)
Landlord’s Remedies. (a) Upon the occurrence of an Event of Default, Landlord may terminate this Lease by notice to Tenant, specifying a date not less than five thirty (530) days after the giving of such notice on which this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration of the Term of this Lease, and Tenant will then quit and surrender the Premises to Landlord, but Tenant shall remain liable as hereinafter provided.
(b) If this Lease shall have been terminated as provided in this Article, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then Landlord may re-enter the Premises, either by summary proceedings, ejectment or otherwise, and remove and dispossess Tenant and all other persons and any and all property from the same, as if this Lease had not been made.
(c) If this Lease shall have been terminated as provided in this Article, Tenant shall pay the Basic Rent, Escalation Charges or charges and other sums payable hereunder up to the time of such termination, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges or charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, reasonable legal expenses, reasonable attorneys’ fees, advertising, expenses of employees, alteration costs and expenses of preparation for such reletting. Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated. Landlord shall use commercially reasonable efforts to mitigate its damages.
(d) At any time within two (2) months after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay to Landlord an amount equal to the excess, if any, of the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market net rental value of the Premises for the same periodperiod (discounted to present value).
(e) In case of any Event of Default, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. 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, 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.
Appears in 2 contracts
Samples: Lease (Cytrx Corp), Lease (Rxi Pharmaceuticals Corp)
Landlord’s Remedies. (a) Upon the occurrence of an any Event of Default, Landlord may may, at its option, terminate this Lease by Lease, whereupon the estate hereby vested in Tenant shall cease and any and all other right, title and interest of Tenant hereunder shall likewise cease without notice to Tenantor lapse of time, specifying a date not less than five (5) days after the giving of such notice on which this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely with like effect as if such date were the date herein originally fixed for the expiration of the Term entire term of this Lease, and Tenant will then quit and surrender the Premises to LandlordLease had elapsed, but Tenant shall remain continue to be liable to Landlord as hereinafter provided.
(b) If this Lease Upon the occurrence of any Event of Default, or at any time thereafter, Landlord, in addition to and without prejudice to any other rights and remedies Landlord shall have been terminated as provided at law or in this Articleequity, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon have the Premises shall be taken or occupied by someone other than Tenant, then Landlord may right to re-enter the Premises, either and recover possession thereof and dispossess any or all occupants of the Premises in the manner prescribed by the statute relating to summary proceedings, ejectment or otherwisesimilar statutes, and remove and dispossess but Tenant and all other persons and any and all property from the same, in such case shall remain liable to Landlord as if this Lease had not been madehereinafter provided.
(c) If this Lease shall have been terminated as provided in this Article, Tenant shall pay the Basic Rent, Escalation Charges and other sums payable hereunder up to the time of such termination, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses of preparation for such reletting. Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated.
(d) At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay to Landlord an amount equal to the excess, if any, of the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market rental value of the Premises for the same period.
(e) In case of any Event of Default, re-entry, expiration and and/or dispossession by summary proceedings proceedings, whether or otherwise, Landlord may not this Lease shall have been terminated as aforesaid:
(i) All delinquent rent and additional rent shall become payable thereupon and be paid up to the time of such re-let entry, expiration and/or dispossession;
(ii) Landlord shall have the right, but not the obligation, to relet the Premises or any part or parts thereofthereof for the account of Tenant, either in the name of Landlord or otherwise, for a term or terms which may may, at Landlord’s option option, be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term term of this Lease and may to grant reasonable concessions or free rent to the extent for rent, costs, brokerage fees and attorneys’ fees;
(iii) Tenant shall reimburse Landlord for any expenses that Landlord reasonably considers advisable may incur in connection with recovering possession of the Premises and necessary to re-let any reletting thereof, such as court costs, attorneys’ fees, brokerage fees, and the same costs of advertising and (ii) make such alterationsthe costs of any alteration, repairs and repairs, replacements and/or decorations in or to the Premises as Landlord Landlord, in Landlord’s sole judgment, considers advisable and necessary for the purpose of such reletting of the Premises; and the making of such reasonable alterations, repairs and repairs, replacements and/or decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid; and
(iv) Tenant or the legal representatives of Tenant, at Landlord’s options, shall pay Landlord, either (1) in monthly installments, the difference between the rent and the additional rent reserved hereunder and the rent, if any, received by Landlord pursuant to any reletting, or (2) liquidated damages and not a penalty in an amount equal to the rent which should have become due during the remainder of the term of this Lease and an estimate of the additional rent which would have become due during the remainder of the term of this Lease (calculated by using the additional rent paid by Tenant for the immediately preceding Lease year), reduced to present value at the rate of nine (9%) percent per annum.
(d) If Tenant defaults (after the expiration of applicable notice and/or cure periods) on any payment of additional rent required to be make by it under this Lease, or fails (after the expiration of applicable notice and/or cure periods) to furnish evidence of such payments at the times in this Lease required, Landlord may make such payment for Tenant without notice. If Tenant defaults (after the expiration of applicable notice and/or cure periods) in the performance or observance of any non-monetary term, covenant or condition to be performed or observed by it under this Lease, Landlord may take action to rectify such non-monetary default on Tenant’s behalf. Landlord agrees may rectify such default (after the expiration of applicable notice and/or cure periods) on Tenant’s behalf immediately and without such notice of immediate action is reasonably believed to be required in order to avoid injury or damage to other persons or property (including Landlord’s property). Landlord may enter the Premises to rectify such defaults. All money advanced and expenses incurred by Landlord in rectifying any defaults (after the expiration of applicable notice and/or cure periods) (including Landlord’s attorneys’ fees) together with interest thereon at 9% per annum from the date advanced until the date paid by Tenant, shall be repaid by Tenant to Landlord on demand.
(e) In the event Tenant commits a default, or suffers a default to exist, Tenant shall reimburse Landlord for Landlord’s reasonable attorneys’ fees incurred by Landlord in the enforcement of this Lease, within fifteen (15) days after written demand.
(f) Landlord shall use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. 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, 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 Leasemitigate its damages.
Appears in 2 contracts
Samples: Commercial Lease Agreement (Penn National Gaming Inc), Commercial Lease Agreement (Penn National Gaming Inc)
Landlord’s Remedies. (a) Upon the occurrence of an any Event of DefaultDefault by Tenant, Landlord may, subject to any judicial process and notice to the extent required by Title 4, Chapter 24 of the Texas Property Code, as may terminate be amended, in addition to all other rights and remedies afforded Landlord hereunder or by law or equity, take any of the following actions:
(i) Terminate this Lease by giving Tenant written notice to Tenantthereof, specifying a date not less than five (5) days after the giving of such notice on in which this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration of the Term of this Lease, and Tenant will then quit and surrender the Premises to Landlord, but Tenant shall remain liable as hereinafter provided.
(b) If this Lease shall have been terminated as provided in this Article, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then Landlord may re-enter the Premises, either by summary proceedings, ejectment or otherwise, and remove and dispossess Tenant and all other persons and any and all property from the same, as if this Lease had not been made.
(c) If this Lease shall have been terminated as provided in this Articleevent, Tenant shall pay to Landlord the Basic Rentsum of (1) all Rent accrued hereunder through the date of termination, Escalation Charges (2) all amounts due under Section 15.(a), and (3) an amount equal to (A) the total Rent that Tenant would have been required to pay for the remainder of the Term discounted to present value at a per annum rate equal to the "Prime Rate" as published on the date this Lease is terminated by The Wall Street Journal, Southwest Edition, in its listing of "Money Rates", minus (B) the then present fair rental value of the Premises for such period, similarly discounted; or
(ii) Terminate Tenant's right to possession of the Premises without terminating this Lease by giving written notice thereof to Tenant, in which event Tenant shall pay to Landlord (1) all Rent and other amounts accrued hereunder to the date of termination of possession, (2) all amounts due from time to time under Section 15.(a), and (3) all Rent and other sums payable required hereunder up to be paid by Tenant during the time remainder of the Term, diminished by any net sums thereafter received by Landlord through reletting the Premises during such terminationperiod. Landlord shall use reasonable efforts to relet the Premises on such terms and conditions as Landlord in its sole discretion may determine (including a term different from the Term, rental concessions, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such terminationalterations to, and whether or improvement of , the Premises); however, Landlord shall not be obligated to relet the Premises before leasing other portions of the Building. Landlord shall have been relet, shall not be liable to Landlord for, and nor shall pay Tenant's obligations hereunder be diminished because of, Landlord's failuxx xx xxlet the Premises or to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses of preparation collect rent due for such reletting. Tenant shall pay not be entitled to the portion excess of such current damages referred any consideration obtained by reletting over the Rent due hereunder. Re-entry by Landlord in the Premises shall not affect Tenant's obligations hereunder fox xxx unexpired Term; rather, Landlord may, from time to in clause (x) above time, bring action against Tenant to collect amounts due by Tenant, without the necessity of Landlord's waiting until the expiration of the Term. Unless Landlord monthly on delivers written notice to Tenant expressly stating that it has elected to terminate this Lease, all actions taken by Landlord to exclude or dispossess Tenant of the days which the Basic Rent would have been payable hereunder if Premises shall be deemed to be taken under this Section 16.(a)(ii). If Landlord elects to proceed under this Section 16.(a)(ii), it may at any time elect to terminate this Lease had not been terminatedunder Section 16.(a)(i).
(diii) At any time after termination of this Lease as provided in this ArticleNotwithstanding anything to the contrary herein, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay not be deemed to Landlord an amount equal to the excess, if any, of the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market rental value of the Premises for the same period.
(e) In case of have waived any Event of Default, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let the Premises or any part or parts thereof, either in the name requirements of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after mitigate damages upon an Event of Default, provided Tenant has vacated the Premises. Tenant hereby expressly waives any and all rights of redemption granted Default as required by or under any present or future laws in the event of Tenant being evicted or dispossessed, 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 Leaselaw.
Appears in 2 contracts
Samples: Lease Agreement (Catalog Com Inc), Lease Agreement (Catalog Com Inc)
Landlord’s Remedies. (a) Upon the occurrence of an Event of Default, Landlord may terminate this Lease by notice to Tenant, specifying a date not less than five (5) days after the giving of such notice on which this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration of the Term of this Lease, and Tenant will then quit and surrender the Premises to Landlord, but Tenant shall remain liable as hereinafter provided.
(b) If this Lease shall have been terminated as provided in this Article, or if any execution or attachment shall be issued against Tenant or any of Tenant’s 's property whereupon the Premises shall be taken or occupied by someone other than Tenant, then Landlord may re-enter the Premises, either by summary proceedings, ejectment or otherwise, and remove and dispossess Tenant and all other persons and any and all property from the same, as if this Lease had not been made.
(c) If this Lease shall have been terminated as provided in this Article, Tenant shall pay the Basic Rent, Escalation Charges and other sums payable hereunder up to the time of such termination, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ ' fees, advertising, alteration costs and expenses of preparation for such reletting. Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated.
(d) At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s 's election Tenant shall pay to Landlord an amount equal to the excess, if any, of the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market rental value of the Premises for the same period.
(e) In case of any Event of Default, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s 's option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. 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, 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.
Appears in 1 contract
Samples: Lease Agreement (Repligen Corp)
Landlord’s Remedies. (a) Upon the occurrence of an Event of Defaultany default set forth in Section 32 above which is not cured by Tenant within the applicable cure period provided therein, if any, Landlord may exercise all or any of the following remedies:
(a) terminate this Lease by giving Tenant written notice to Tenantof termination, specifying a date not less than five (5) days after the giving of such notice on in which event this Lease shall terminate and this Lease shall come to an end on the date specified therein in such notice and all rights of Tenant under this Lease shall expire and terminate as fully and completely as if of such date were date, Tenant shall remain liable for all obligations under this Lease up to the date herein originally fixed for the expiration of the Term of this Lease, such termination and Tenant will then quit and shall surrender the Premises to LandlordLandlord on the date specified in such notice; and if Tenant fails to so surrender, but Landlord shall have the right, without notice, to enter upon and take possession of the Premises and to expel and remove Tenant shall remain and its effects without being liable as hereinafter provided.for prosecution or any claim of damages therefor;
(b) If terminate this Lease shall have been terminated as provided in this Article, or if any execution or attachment shall be issued against the immediately preceding subsection and recover from Tenant or any all damages Landlord may incur by reason of Tenant’s property whereupon default, including without limitation, the Premises shall be taken or occupied by someone other than Tenant, then Landlord may re-enter the Premises, either by summary proceedings, ejectment or otherwise, and remove and dispossess Tenant and all other persons and any and all property from the same, as if this Lease had not been made.
present value (c) If this Lease shall have been terminated as provided in this Article, Tenant shall pay the Basic Rent, Escalation Charges and other sums payable hereunder up discounted at a rate equal to the time of such termination, and thereafter Tenant, until then issued treasury xxxx having a maturity approximately equal to the end of what would have been the remaining Term of this Lease in the absence had such default not occurred) of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (xi) the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses of preparation for such reletting. Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days total Rent which the Basic Rent would have been payable hereunder if this Lease had not been terminated.
(d) At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond by Tenant for the period beginning with the day following the date of such demand, at Landlord’s election Tenant shall pay to Landlord an amount equal to termination and ending with the excess, if any, Expiration Date of the Basic RentTerm as originally scheduled hereunder, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from minus (ii) the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market aggregate reasonable rental value of the Premises for the same period.period (as determined by a real estate broker selected by Landlord who is licensed in the state where the Building is located, who has at least ten (10) years experience immediately prior to the date in question in evaluating industrial space, taking into account all relevant factors including, without limitation, the length of the remaining Term, the then current market conditions in the general area, the likelihood of reletting for a period equal to the remainder of the Term, net effective rates then being obtained by landlords for similar type space in similar buildings in the general area, vacancy levels in the general area, current levels of new construction in the general area and how that would affect vacancy and rental rates during the period equal to the remainder of the Term and inflation), plus (iii) the costs of recovering the Premises, and all other expenses incurred by Landlord due to Tenant’s default, including, without limitation, reasonable attorneys’ fees, plus (iv) the unpaid Rent earned as of the date of termination, plus interest, all of which sum shall be immediately due and payable by Tenant to Landlord;
(ec) In case of any Event of Defaultwithout terminating this Lease, re-entry, expiration and dispossession by summary proceedings or otherwisewithout notice to Tenant, Landlord may in its own name, but as agent for Tenant enter into and take possession of the Premises and re-let the Premises, or any portion thereof, as agent of Tenant, upon any terms and conditions as Landlord may deem necessary or desirable (i) Landlord shall have no obligation to attempt to re-let the Premises or any part or parts thereofthereof except to the extent required by applicable law). Upon any such re-letting, either all rentals received by Landlord from such re-letting shall be applied first to the costs incurred by Landlord in accomplishing any such re-letting, and thereafter shall be applied to the name of Rent owed by Tenant to Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed during the period which would otherwise have constituted the balance remainder of the Term of this Lease and may grant concessions or free rent to Tenant shall pay any deficiency between the extent that Landlord reasonably considers advisable remaining Rent due hereunder and necessary to the amount received by such re-let the same letting as and when due hereunder;
(iid) make such alterations, repairs and decorations in allow the Premises to remain unoccupied (so long as Landlord considers advisable satisfies any duty established by applicable law to mitigate its damages) and necessary for the purpose of reletting the Premisescollect Rent from Tenant as it becomes due; and the making of or
(e) pursue such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder other remedies as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. 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, are available at law 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 Leaseequity.
Appears in 1 contract
Samples: Industrial Lease Agreement (Elevance Renewable Sciences, Inc.)
Landlord’s Remedies. In the event of any default by Tenant under this Lease, Landlord, at its option, and after the proper notice and cure period, but without additional notice or demand from Landlord, if any, as provided in SECTION 21 has expired, shall, in addition to all other rights and remedies provided in this Lease, or otherwise at law or in equity have the following rights and remedies:
(a) Upon the occurrence of an Event of Default, Landlord may terminate Terminate this Lease by giving Tenant notice to Tenantof termination, specifying a date not less than five (5) days after the giving of such notice on in which event this Lease shall expire and terminate and this Lease shall come to an end on the date specified therein as fully in such notice of termination and completely as if such date were all rights of Tenant under this Lease and in and to the Premises shall terminate. Tenant shall remain liable for all obligations under this Lease arising up to the date herein originally fixed for the expiration of the Term of this Leasesuch termination, and Tenant will then quit and shall surrender the Premises to LandlordLandlord on the date specified in such notice. Furthermore, but Tenant shall remain be liable as hereinafter providedto Landlord for the unamortized balance of any improvement allowance and brokerage fees paid in connection with the Lease.
(b) If Terminate this Lease shall have been terminated as provided in this Article, or if any execution or attachment shall be issued against subparagraph (a) above and recover from Tenant or any all damages Landlord may incur by reason of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then Landlord may re-enter the Premises, either by summary proceedings, ejectment or otherwise, and remove and dispossess Tenant and all other persons and any and all property from the same, as if this Lease had not been made.
(c) If this Lease shall have been terminated as provided in this Article, Tenant shall pay the Basic Rent, Escalation Charges and other sums payable hereunder up to the time of such termination, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting's default, including, without limitation, all repossession costsan amount which, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses of preparation for such reletting. Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated.
(d) At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond at the date of such demand, at Landlord’s election Tenant shall pay to Landlord an amount termination is equal to the sum of the following: (i) the value of the excess, if any, discounted at the prime rate of interest (as reported in the WALL STREET JOURNAL), of (A) the Base Rent, Additional Rent and all other sums that would have been payable hereunder by Tenant for the period for the remainder of the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of Lease Term had this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same Lease not been terminated (said period being referred to herein as the payments required for "Remaining Term"), LESS (B) the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market aggregate reasonable rental value of the Premises for the same periodRemaining Term, as determined by a real estate broker licensed in the State of Georgia who has at least ten (10) years of experience; (ii) the costs of recovering possession of the Premises and all other expenses incurred by Landlord due to Tenant's default, including, without limitation, reasonable attorney's fees actually incurred (without regard to statutory interpretation) and the cost to prepare the Premises for re-letting (all costs and expenses set forth in this clause (ii) being referred to herein, collectively, as the "Default Damages"); and (iii) the unpaid Base Rent and Additional Rent that accrued prior to the date of termination, plus any interest and late fees due hereunder and any other sums of money and damages owing on the date of termination by Tenant to Landlord under this Lease or in connection with the Premises. The amount as calculated above shall be deemed immediately due and payable. Landlord and Tenant acknowledge and agree that the payment of the amount set forth in clause (i) above shall not be deemed a penalty, but shall merely constitute payment of liquidated damages, it being understood that actual damages to Landlord are extremely difficult, if not impossible, to ascertain. Tenant expressly acknowledges and agrees that the liabilities and remedies specified in this subparagraph (b) shall survive the termination of this Lease. Notwithstanding the foregoing, Landlord acknowledges and agrees that so long as Tractor Supply Company or its Permitted Transferee is the Tenant hereunder, Landlord shall not be entitled to recover payment of the amount set forth in clause (i) above.
(ec) In case Without terminating this Lease, terminate Tenant's right to possession of the Premises as of the date of Tenant's default (after the expiration of all applicable notice and cure periods), and thereafter
(i) neither Tenant nor any Event person claiming under or through Tenant shall be entitled to possession of Defaultthe Premises, and Tenant shall immediately surrender the Premises to Landlord; and (ii) Landlord may re-enter the Premises and dispossess Tenant and any other occupants of the Premises by any lawful means and may remove their effects, without prejudice to any other remedy which Landlord may have. Thereafter, Landlord may, but shall not be obligated to, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let the Premises all or any part or parts thereof, either in of the name Premises as the agent of Landlord or otherwise, Tenant for a term or terms which may at Landlord’s option be equal to or less than or exceed the period different from that which would otherwise have constituted the balance of the Lease Term of this Lease and may grant concessions or free for rent and on terms and conditions different from those contained herein, whereupon Tenant shall be obligated to pay to Landlord as liquidated damages the extent difference between the rent provided for herein and that Landlord reasonably considers advisable and necessary to provided for in any lease covering a subsequent re-let the same and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. 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, or in the event of Landlord obtaining possession letting of the Premises, by reason for the Remaining Term, together with all Default Damages. Neither the filing of a dispossessory proceeding nor an eviction of personalty in the violation by Tenant of any of Premises shall be deemed to terminate the covenants and conditions of this Lease.
(d) Allow the Premises to remain unoccupied and collect rent from Tenant as it comes due; provided, however, that to the extent required by applicable law, Landlord shall use reasonable efforts to mitigate its damages.
Appears in 1 contract
Landlord’s Remedies. (i) If Tenant shall default in the observance or performance of any covenants or conditions contained herein and to be performed on Tenant's part, Landlord may, after the applicable notice to Tenant therefor as set forth in Paragraph 15 hereof, or without notice if in Landlord's opinion an emergency exists, perform the same for the account and at the expense of Tenant and Tenant shall promptly reimburse Landlord for any and all costs and expenses, including attorneys' fees, thereby incurred by Landlord, together with interest thereon. If Landlord shall incur any expense, including reasonable attorneys' fees, in instituting, prosecuting or defending any action or proceeding instituted by reason of any default of Tenant, Tenant shall reimburse Landlord for the amount of such expense. Should Tenant, pursuant to this Lease, become obligated to reimburse or otherwise pay Landlord one or more sums of money in addition to the Rent, the amount thereof shall be deemed Additional Rent and may, at the option of Landlord, be added to any subsequent installment of the Rent due and payable under this Lease as Landlord shall select, in which event Landlord shall have the additional remedies for default in the payment thereof provided herein. The provisions of this subparagraph (a) Upon shall survive the occurrence termination of an Event this Lease.
(ii) In the event of Defaulta default by Tenant of any of the agreements, terms, covenants or conditions hereof, Landlord may terminate this Lease shall have the right of injunction to restrain the same and the right to invoke any remedy allowed by notice to Tenantlaw or in equity, specifying a date not less than five (5) days after the giving of such notice on which this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as if such date specific remedies, indemnity or reimbursement were not herein provided.
(iii) In the date herein originally fixed for the expiration event of the Term any termination of this Lease, and Tenant will then quit and whether by expiration, forfeiture, cancellation, surrender the Premises to Landlordor by operation of law or by issuance of a final court order, but Tenant shall remain liable as hereinafter provided.
(b) If this Lease shall have been terminated as provided in this Article, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then Landlord may re-enter the PremisesPremises and remove therefrom Tenant, either its agents, employees, licensees and any assignees, subtenants, persons, firms or corporations and all of their respective property, using such force for that purpose as may be necessary without being liable for prosecution or damages therefor, and thereupon Landlord shall be entitled to retain possession of the Premises and all additions, alterations and improvements thereon, fixtures and appurtenances thereto, free from any estate or interest of Tenant therein. Tenant does hereby expressly waive service of any notice of intention to re-enter or enter except as herein otherwise expressly provided.
(iv) Tenant, for itself, successors and assigns and for any and all persons claiming through or under Tenant, including its creditors, upon the termination of this Lease in accordance with the terms hereof, or in the event of entry of judgment for the recovery of the possession of the Premises in any action or proceeding, or if Landlord shall enter the Premises by summary proceedings, ejectment process of law or otherwise, hereby waives, to the extent permitted by law, any right of redemption provided or permitted by any statute, law or decision now or hereafter in force, and remove does hereby waive, surrender and dispossess give up all rights or privileges which it or they may or might have under any by reason of any present or future law or decision, to redeem the Premises or for a continuation of this Lease for the term hereby demised after having been dispossessed or ejected therefrom by process of law or otherwise. Tenant does hereby waive for itself, successors and assigns all right of trial by jury in any summary or judicial proceedings hereafter instituted by Landlord against Tenant in respect to the Premises.
(v) No receipt of monies by Landlord from Tenant after the termination hereof in any lawful manner shall reinstate, continue or extend the Term, or affect any notice theretofore given to Tenant, or operate as a waiver of the right of Landlord to enforce the payment of any Rent then due or thereafter falling due, or operate as a waiver of the right of Landlord to recover possession of the Premises by proper suit, action, proceedings or other persons remedy; it being agreed that after the service of notice of termination as herein provided and the expiration of the time therein specified, after the commencement of any suit, action, proceedings or other remedy, or after a final order or judgment for possession of the Premises, Landlord may demand, receive and collect any moneys due, or thereafter falling due, without in any manner affecting such notice, suit, action, proceedings, order or judgment; and any and all property from such moneys so collected shall be deemed to be payments on account of the sameuse and occupation of the Premises, as if this Lease had not been madeor, at the election of Landlord, on account of Tenant's liability hereunder.
(cvi) If this Lease In case of any such termination, re-entry or dispossess by summary proceedings or otherwise, the Rent and all other charges required to be paid by Tenant hereunder shall have been terminated as provided in this Article, Tenant shall pay the Basic Rent, Escalation Charges thereupon become due and other sums payable hereunder up to the time of such termination, re-entry or dispossess, and Tenant shall also pay to Landlord all expenses which Landlord may then or thereafter incur for legal expenses, attorneys' fees, brokerage commissions and all other costs paid or incurred by Landlord for restoring the Premises to good order and condition and for altering and otherwise preparing the same for reletting. Landlord may at any time and from time to time, relet the Premises, in whole or in part, either in its own name or as agent of Tenant, until for a term or terms which, at Landlord's option, may be for the end remainder of what would have been the Term lease term, or for any longer or shorter period, and (unless the statute or rule of this Lease law which governs or shall govern the proceedings in which such damages are to be proved, limits or shall limit the absence amount of such terminationclaim capable of being so proved and allowed, and whether or not the Premises shall have been relet, in which case Landlord shall be liable entitled to Landlord forprove as and for liquidated damages and have allowed an amount equal to the maximum allowed by or under any such statute or rule of law) Tenant shall be obligated to, and shall pay to Landlord as damages, upon demand, and Landlord shall be entitled to recover of and from Tenant, at the election of Landlord, either (i) liquidated damages in an amount which, at the time of such termination, re-entry or dispossess by Landlord, as liquidated current damages: (x) the Basic Rentcase may be, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses of preparation for such reletting. Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated.
(d) At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay to Landlord an amount is equal to the excess, if any, of the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market rental present value of the Premises installments of Rent reserved hereunder for the same period.
(e) In case of any Event of Default, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance unexpired portion of the Term then current term of this Lease and may grant concessions or free rent to Lease, over the extent that Landlord reasonably considers advisable and necessary to re-let then present value of the same and net rental value of the Premises for such unexpired portion of the then current term of this Lease; (ii) damages (payable in monthly installments, in advance, on the first day of each calendar month following such termination, re-entry or dispossess, and continuing until the date originally fixed herein for the expiration of the then current term of this Lease) in an amount or amounts equal to the excess, if any, of the sum of the aggregate expenses paid by Landlord during the month immediately preceding such calendar month for all such items as, by the terms of this lease, are required to be paid by Tenant, plus an amount equal to the amount of the installment of Rent which would have payable by Tenant hereunder in respect of such calendar month had this lease not been so terminated, or, had Landlord not so re-entered, over the rents, if any, collected by or accruing to Landlord in respect of such calendar month pursuant to either such reletting, or from any existing subleases, and any suit or action brought to collect the amount of the deficiency for any month shall not prejudice in any way the rights of Landlord to collect the deficiency for any subsequent month by a similar proceeding.
(vii) Landlord, at its option, may make such alterations, repairs and and/or decorations in and to the Premises as in its reasonable judgment Landlord considers advisable and necessary for the purpose of reletting the Premises; necessary, and the making of such reasonable alterations, repairs and and/or decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaidhereunder. Landlord agrees Tenant hereby waives in favor of Landlord, to use commercially reasonable efforts the extent permitted by law, any liability to Tenant for failure to relet the Premises after an Event and for failure to collect rent thereof under such reletting; and in no event shall Tenant be entitled to receive any excess of Defaultsuch rents over the sums payable by Tenant to Landlord hereunder. Suit or suits for the recovery of such damages, provided Tenant has vacated or any installments thereof, may be brought by Landlord from time to time at its election, and nothing herein contained shall be deemed to require Landlord to postpone suit until the Premises. Tenant hereby expressly waives any and all rights date when the term of redemption granted by this Lease would have expired if it had not been terminated under the provisions of this Lease or under any present or future laws in the event provision of Tenant being evicted or dispossessedlaw, or in the event of had Landlord obtaining possession of not re-entered into or upon the Premises.
(viii) The rights and remedies given to Landlord in this Lease are distinct, separate and cumulative, and no one of them, whether or not exercised by reason of the violation by Tenant Landlord, shall be deemed to be in exclusion of any of the covenants others herein or by law or in equity provided, and conditions nothing herein contained shall, however, limit or prejudice the right of Landlord to prove for and obtain as liquidated damages by reason of such termination, an amount equal to the maximum allowed by any other statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amount of the difference referred to above.
(ix) Landlord shall use reasonable efforts to mitigate damages under this LeaseSection 16 regardless of whether the Lease is terminated hereunder.
Appears in 1 contract
Samples: Lease (Gunther International LTD)
Landlord’s Remedies. (a) 19.1 Upon the occurrence of an Event a default as defined in Section 17, in addition to all other rights and remedies available at law or in equity or provided by any provision of Defaultthis Lease, Landlord may terminate this Lease by do any one or more of the following:
A. upon three (3) days' notice to Tenant, specifying declare to be immediately due and payable, on account of the Rent and other charges herein reserved for the balance of the term of this Lease (taken without regard to any early termination of said term on account of default), a date sum equal to the Accelerated Rent Component (as hereinafter defined), and Tenant shall remain liable to Landlord as hereinafter provided; and/or,
B. whether or not less than Xxxxxxxx has elected to recover the Accelerated Rent Component, terminate this Lease on at least five (5) days after days' notice to Tenant (or, if a longer notice period is required by law, notice of the giving shortest permissible period of such notice on which this Lease shall terminate and this Lease shall come to an end time) and, on the date specified therein as fully in said notice, this Lease and completely as if such date were the date herein originally fixed for the expiration term hereby demised and all rights of the Term of this Lease, Tenant hereunder shall expire and terminate and Tenant will then shall thereupon quit and surrender possession of the Demised Premises to Landlord, but Landlord in the condition elsewhere herein required and Tenant shall remain liable to Landlord as hereinafter provided.
19.2 For purposes hereof, the Accelerated Rent Component shall mean the aggregate of:
A. all Rent and other charges, payments, costs and expenses due from Tenant to Landlord and in arrears at the time of the election of Landlord to recover the Accelerated Rent Component;
B. the Rent reserved for the then entire unexpired balance of the term of this Lease (b) If taken without regard to any early termination of the term by virtue of any default), together with all other charges, payments, costs and expenses herein agreed to be paid by Tenant up to the end of said term which shall be capable of precise determination at the time of Landlord's election to recover the Accelerated Rent Component; and
19.3 In any case in which this Lease shall have been terminated as provided in this Articleby Landlord or abandoned by Tenant, or if in any execution or attachment case in which Landlord shall be issued against Tenant or any of Tenant’s property whereupon have elected to recover the Premises shall be taken or occupied by someone other than TenantAccelerated Rent Component, then Landlord may re-may, without further notice, enter upon and repossess the Demised Premises, either by summary proceedings, ejectment or otherwise, and may dispossess Tenant and remove and dispossess Tenant and all other persons and any and all property from the Demised Premises and may have, hold and enjoy the Demised Premises and the rents and profits therefrom. The Landlord shall not be liable for trespass, conversion or any damages for the removal of any property from the Demised Premises and Tenant hereby agrees to indemnify and hold Landlord harmless with respect to the same. Tenant shall be responsible for costs incurred by Landlord with respect to the removal of said property.
19.4 Landlord may, in its own name, as agent for Tenant, if this Lease had has not been made.
(c) If this Lease shall have been terminated as provided terminated, or in this Articleits own behalf, Tenant shall pay the Basic Rent, Escalation Charges and other sums payable hereunder up to the time of such termination, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses of preparation for such reletting. Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not has been terminated.
(d) At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond relet the date of such demand, at Landlord’s election Tenant shall pay to Landlord an amount equal to the excess, if any, of the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market rental value of the Premises for the same period.
(e) In case of any Event of Default, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let the Demised Premises or any part or parts thereof, either in the name of Landlord or otherwise, thereof for a such term or terms (which may at Landlord’s option be equal to greater or less than or exceed the period which would otherwise have constituted the balance of the Term term of this Lease) and on such conditions and provisions (which may include concessions or free rent) as Landlord in its sole discretion may determine. Landlord may, in connection with any such reletting, cause the Demised Premises to be redecorated, altered, divided or consolidated with other space or otherwise changed or prepared for reletting. No reletting shall be deemed a surrender and acceptance of the Demised Premises.
19.5 Tenant shall, with respect to all periods of time up to and including the expiration of the term of this Lease (or what would have been the expiration date in the absence of default or breach) remain liable to Landlord as follows:
A. In the event of termination of this Lease on account of Tenant's default or breach, Tenant shall remain liable to Landlord for damages equal to the Rent and may grant concessions or free rent other charges payable under this Lease by Tenant as if this Lease were still in effect, less the net proceeds of any reletting after deducting all costs incident thereto (including without limitation all repossession costs, brokerage and management commissions, operating and legal expenses and fees, alteration costs and expenses of preparation for reletting) and to the extent that such damages shall not have been recovered by Landlord reasonably considers advisable by virtue of payment by Tenant of the Accelerated Rent Component (but without prejudice to the right of Landlord to demand and necessary receive the Accelerated Rent Component), such damages shall be payable to re-let the same and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary monthly upon presentation to Tenant of a bill for the purpose of reletting amount due;
B. In the Premises; event and the making of such reasonable alterations, repairs and decorations so long as this Lease shall not operate have been terminated after default or breach by Tenant, the Rent and all other charges payable under this Lease shall be construed reduced by the net proceeds of any reletting by Landlord (after deducting all costs incident thereto as above set forth) and by any portion of the Accelerated Rent Component paid by Tenant to release Landlord, and any amount due to Landlord shall be payable monthly upon presentation to Tenant of a bill for the amount due.
19.6 In the event Landlord, after default or breach by Tenant, shall recover the Accelerated Rent Component from liability hereunder Tenant and it shall be determined at the expiration of the term of this Lease (taken without regard to early termination for default) that a credit is due Tenant because the net proceeds of reletting, as aforesaid. , plus the amounts paid to Landlord agrees by Tenant exceed the aggregate of Rent and other charges accrued in favor of Landlord to use commercially reasonable efforts the end of said term, Landlord shall refund such excess to Tenant, without interest, promptly after such determination.
19.7 Landlord shall in no event be responsible or liable for any failure to relet the Demised Premises after or any part thereof, or for any failure to collect any Rent due upon a reletting, nor shall Landlord have any duty to mitigate damages resulting from a default by Xxxxxx.
19.8 As a cumulative and alternative remedy of Landlord, in the event of termination of this Lease by Landlord following any breach or default by Tenant, Landlord, at its option, shall be entitled to recover damages for such breach in an Event amount equal to the Accelerated Rent Component less the fair rental value of Defaultthe Demised Premises for the remainder of the term of this Lease (taken without regard to the early termination but discounted to present value at 0% below the Prime Rate), and such damages shall be payable by Tenant upon demand.
19.9 Nothing contained in this Lease shall limit or prejudice the right of Landlord to prove for and obtain as damages incident to any default or termination of this Lease, in any court proceedings including, without limitation, bankruptcy or reorganization proceedings, the maximum amount allowed by any statute or rule of law in effect when such damages are to be proved, including reasonable attorneys’ fees and costs of court.
19.10 Tenant hereby waives all errors and defects of a procedural nature in any proceeding brought against it by Landlord under this Lease. Tenant further waives the right to any notices to quit as may be specified in the Landlord and Tenant Act of Pennsylvania, Act of April 6, 1951, as amended.
19.11 THE FOLLOWING PARAGRAPHS SET FORTH WARRANTS OF AUTHORITY FOR AN ATTORNEY TO CONFESS JUDGMENT AGAINST MAKER. IN GRANTING THIS RIGHT TO CONFESS JUDGMENT AGAINST TENANT, TENANT HEREBY KNOWINGLY, INTENTIONALLY AND VOLUNTARILY, AND, ON THE ADVICE OF THE SEPARATE COUNSEL OF TENANT, UNCONDITIONALLY WAIVES ANY AND ALL RIGHTS TENANT HAD OR MAY HAVE TO PRIOR NOTICE AND AN OPPORTUNITY FOR HEARING UNDER THE RESPECTIVE CONSTITUTIONS AND LAWS OF THE UNITED SATES AND THE COMMONWEALTH OF PENNSYLVANIA.
A. IF RENT OR ANY CHARGES HEREBY RESERVED AS RENT, OR DAMAGES BY REASON THEREOF, OR ANY OTHER SUM DUE AND PAYABLE IN CONNECTION WITH THIS LEASE, INCLUDING WITHOUT LIMITATION ANY LATE FEES OR INTEREST ACCRUED OR ACCRUING THEREON, AND ANY REIMBURSEMENT FOR ATTORNEY FEES OWED BY TENANT (COLLECTIVELY, THE "AMOUNTS DUE"), SHALL REMAIN UNPAID FOR 30 DAYS WHEN THE SAME OUGHT TO BE PAID, WHETHER PRIOR TO OR AFTER THE TERMINATION OR EXPIRATION OF THIS LEASE, TENANT HEREBY EMPOWERS ANY PROTHONOTARY, CLERK OF COURT OR ATTORNEY OF ANY COURT OF RECORD TO APPEAR FOR TENANT IN ANY AND ALL ACTIONS WHICH MAY BE BROUGHT FOR THE AMOUNTS DUE, OR ANY PORTIONS THEREOF, OR FOR AMOUNTS AGREED TO BE PAID BY TENANT. IN SAID SUITS OR ACTIONS, TENANT EMPOWERS SUCH PROTHONOTARY, CLERK OF COURT OR ATTORNEY TO CONFESS JUDGMENT AGAINST TENANT FOR ALL OR ANY PART OF THE RENT SPECIFIED IN THIS LEASE AND THEN UNPAID OR ANY OTHER AMOUNT DUE, INCLUDING WITHOUT LIMITATION, AT LANDLORD'S OPTION, THE ACCELERATED RENT COMPONENT OR THE RENT FOR THE ENTIRE UNEXPIRED BALANCE OF THE TERM OF THIS LEASE, AND FOR INTEREST AND COSTS, TOGETHER WITH AN ATTORNEY'S COMMISSION OF 5% OF THE AMOUNT SO CONFESSED. SUCH AUTHORITY SHALL NOT BE EXHAUSTED BY AN EXERCISE THEREOF, BUT JUDGMENT MAY BE CONFESSED AS AFORESAID FROM TIME TO TIME AS OFTEN AS ANY RENT OR ANY OTHER AMOUNT DUE SHALL FALL DUE OR BE IN ARREARS, INCLUDING WITHOUT LIMITATION FOR THE SAME AMOUNTS DUE AS PREVIOUSLY CONFESSED IF AND TO THE EXTENT THAT A PREVIOUS CONFESSION OF JUDGMENT SHALL BE STRICKEN OR OTHERWISE INVALIDATED WITHOUT A FINAL DECISION ON THE MERITS OF THE CLAIM. SUCH POWERS MAY BE EXERCISED AS WELL AFTER THE EXPIRATION OF THE ORIGINAL TERM, DURING ANY EXTENSION OR RENEWAL, AND/OR AFTER THE TERMINATION OF THIS LEASE.
B. WHEN THIS LEASE SHALL BE TERMINATED BY REASON OF A DEFAULT BY TENANT, EITHER DURING THE ORIGINAL TERM OF THIS LEASE OR ANY RENEWAL OR EXTENSION THEREOF, AND ALSO WHEN THE TERM HEREBY CREATED OR ANY EXTENSION THEREOF SHALL HAVE EXPIRED, IT SHALL BE LAWFUL FOR ANY ATTORNEY TO APPEAR FOR TENANT IN ANY AND ALL ACTIONS WHICH MAY BE BROUGHT FOR POSSESSION AND/OR EJECTMENT AND, AS ATTORNEY FOR TENANT, TO CONFESS JUDGMENT IN EJECTMENT IN ANY COMPETENT COURT AGAINST TENANT AND ALL PERSONS CLAIMING UNDER TENANT FOR THE RECOVERY BY LANDLORD OF POSSESSION OF THE DEMISED PREMISES, FOR WHICH THIS LEASE SHALL BE LANDLORD'S SUFFICIENT WARRANT. UPON SUCH CONFESSION OF JUDGMENT FOR POSSESSION, IF LANDLORD SO DESIRES, A WRIT OF EXECUTION OR OF POSSESSION MAY ISSUE FORTHWITH, WITHOUT ANY PRIOR WRIT OR PROCEEDINGS WHATSOEVER. IF FOR ANY REASON AFTER SUCH ACTION SHALL HAVE BEEN COMMENCED, THE SAME SHALL BE DETERMINED AND THE POSSESSION OF THE DEMISED PREMISES SHALL REMAIN IN OR BE RESTORED TO TENANT, THEN LANDLORD SHALL HAVE THE RIGHT UPON ANY SUBSEQUENT OR CONTINUING DEFAULT OR DEFAULTS, OR AFTER EXPIRATION OF THE LEASE, OR UPON THE TERMINATION OF THIS LEASE AS HEREINBEFORE SET FORTH, TO BRING ONE OR MORE ACTION OR ACTIONS AS HEREINBEFORE SET FORTH TO RECOVER POSSESSION OF THE DEMISED PREMISES.
C. IN ANY ACTION OF EJECTMENT AND/OR FOR RENT IN ARREARS OR OTHER AMOUNT DUE, LANDLORD SHALL CAUSE TO BE FILED IN SUCH ACTION AN AFFIDAVIT MADE BY LANDLORD OR SOMEONE. ACTING FOR LANDLORD SETTING FORTH THE FACTS NECESSARY TO AUTHORIZE THE ENTRY OF JUDGMENT, OF WHICH FACTS SUCH AFFIDAVIT SHALL BE CONCLUSIVE EVIDENCE. IF A TRUE COPY OF THIS LEASE SHALL BE FILED IN SUCH ACTION (AND OF THE TRUTH OF THE COPY SUCH AFFIDAVIT SHALL BE SUFFICIENT EVIDENCE), IT SHALL NOT BE NECESSARY TO FILE THE ORIGINAL LEASE AS A WARRANT OF ATTORNEY, ANY RULE OF COURT, CUSTOM OR PRACTICE TO THE CONTRARY NOTWITHSTANDING.
D. TENANT EXPRESSLY AGREES, TO THE EXTENT NOT PROHIBITED BY LAW, THAT ANY JUDGMENT, ORDER OR DECREE ENTERED AGAINST IT BY OR IN ANY COURT OR MAGISTRATE BY VIRTUE OF THE POWERS OF ATTORNEY CONTAINED IN THIS LEASE SHALL BE FINAL, AND THAT TENANT WILL NOT TAKE AN APPEAL, CERTIORARI, WRIT OF ERROR, EXCEPTION OR OBJECTION TO THE SAME, OR FILE A MOTION OR RULE TO STRIKE OFF OR OPEN OR TO STAY EXECUTION OF THE SAME, AND RELEASES TO LANDLORD AND TO ANY AND ALL ATTORNEYS WHO MAY APPEAR FOR TENANT ALL ERRORS IN THE SAID PROCEEDINGS AND ALL LIABILITY THEREFOR.
E. The right to enter judgment against Xxxxxx and to enforce all of the other provisions of this Lease herein provided Tenant has vacated for, at the Premisesoption of any assignee of this Lease, may be exercised by any assignee of Landlord's right, title and interest in this Lease in Xxxxxx's own name, notwithstanding the fact that any or all assignments of said right, title and interest may not be executed and/or witnessed in accordance with the Act of Assembly of May 28, 1715, 1 Sm. L. 94, and all supplements and amendments thereto that have been or may hereafter be passed. Tenant hereby expressly waives the requirements of said Act of Assembly and any and all rights laws regulating the manner and/or form in which such assignments shall be executed and witnessed.
19.12 Landlord may cure, but shall not be obligated to cure on behalf of redemption granted Tenant any default hereunder by Xxxxxx, upon five (5) days' notice to Tenant (except that no notice need be given in case of emergency), and the cost of such cure, including any attorney's fees incurred, shall be deemed Additional Rent payable upon demand.
19.13 Tenant hereby grants to Landlord a collateral security interest, secondary to the security interest already held by the banks utilized by the Tenant, in all furnishings, equipment, furniture, fixtures, improvements, inventory and other personal property of Tenant presently or hereafter situated on the Demised Premises and all proceeds thereof (the "Personal Property"), to secure payment of all sums payable by Xxxxxx and the performance by Tenant of all its obligations under any present or future laws this Lease. Upon request by Xxxxxxxx, from time to time, Xxxxxx agrees to deliver to Landlord financing statements (and continuation statements, if necessary) in form sufficient to perfect the security interest of Landlord in the Personal Property under the provisions of the Uniform Commercial Code of Pennsylvania. The Personal Property shall not be removed from the Demised Premises without the consent of Landlord, except in the ordinary course of business and, in the event of a default by Tenant, not until all sums then due to Landlord shall have been paid and all defaults by Tenant being evicted or dispossessed, or in the event performance of its obligations under the Lease shall have been cured. After a default by Tenant, Landlord obtaining may enter upon the Demised Premises and take possession of the Premisesany Personal Property, by reason without liability for trespass or conversion, and sell same at public or private sale, after giving Tenant reasonable notice of the violation time and place of any public sale or of the time after which any private sale is to be made, at which sale Landlord or its assigns may purchase same unless prohibited by law. Unless otherwise provided by law, and without excluding any other manner of giving Tenant reasonable notice, the requirement of reasonable notice shall be met if such notice is given in the manner prescribed in this Lease, at least five (5) days before the time of sale. The proceeds from any such sale, less any expenses incurred in the taking of possession, holding and selling of the Personal Property, including attorneys' fees, shall be applied as a credit against the payments due Landlord and against any damages suffered by Landlord due to the lack of performance by Tenant of its obligations under this Lease. Any surplus proceeds shall be paid to Tenant or as otherwise required by law. Tenant shall pay any deficiency immediately upon demand. The security interest granted in this Paragraph shall be in addition to, and not in lieu of, any applicable right to distrain, statutory landlord's lien or any other remedy available to Landlord.
19.14 No waiver by Landlord of any breach by Tenant or any of the Tenant's obligations, agreements, or covenants herein shall be a waiver of any subsequent breach or of any obligation, agreement or covenant; nor shall any forbearance by Landlord to seek a remedy for any breach by Tenant be a waiver by Landlord of any rights and conditions remedies with respect to such or any subsequent breach.
19.15 No right or remedy herein conferred upon or reserved to Landlord is intended to be exclusive of this Leaseany other right or remedy provided herein or by law, but each shall be cumulative and in addition to every other right or remedy given herein or now or hereafter existing at law or in equity or by statute.
Appears in 1 contract
Samples: Office Building Lease Agreement
Landlord’s Remedies. (a) Upon the occurrence of an Event a Default of DefaultTenant, Landlord may terminate this Lease by notice to Tenant, specifying a date not less than five (5) days after the giving of such notice on which this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration of the Term of this Lease, and Tenant will then quit and surrender the Premises to Landlord, but Tenant shall remain liable as hereinafter provided...
(b) If this Lease shall have been terminated as provided in this Article, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then Landlord may re-enter the Premises, either by summary proceedings, ejectment or otherwise, and remove and dispossess Tenant and all other persons and any and all property from the same, as if this Lease had not been made.
(c) If this Lease shall have been terminated as provided in this Article, Tenant shall pay the Basic Rent, Escalation Charges Rent and other sums payable hereunder Additional Rent up to the time of such termination, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges Rent and other sums that would be Additional Rent payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ ' fees, advertising, expenses of employees, alteration costs and expenses of preparation for such reletting; and (y) if this Lease provides that Tenant was entitled to occupy the Premises for any period of time without paying Basic Rent, the amount of Basic Rent that Tenant would have paid for any such period. Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated, and Tenant shall pay the potion of such current damages referred to in clause (y) above to Landlord upon such termination.
(d) At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s 's election Tenant shall pay to Landlord an amount equal to the excess, if any, of the Basic Rent, Escalation Charges Rent and other sums as hereinbefore provided Additional Rent which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market net rental value of the Premises for the same period.
(e) In case of any Event Default of DefaultTenant, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s 's option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term of this his Lease and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. Tenant hereby expressly waives any and all rights of redemption granted by or under any my present or future laws in the event of Tenant being evicted or dispossessed, 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.
Appears in 1 contract
Samples: Lease (Telehublink Corp)
Landlord’s Remedies. (a) a. Upon the occurrence of an Event event of Defaultdefault, Landlord, in addition to any and all rights and remedies it may have at law and equity, may exercise any one or more of the following remedies:
1. Landlord may give Tenant a notice (the "Termination Notice") of its election to terminate this Lease by notice to Tenant, specifying a date not less than five ten (510) days after thereafter, upon which date this Lease, the giving term and estate hereto granted and all rights of such notice on which Tenant hereunder shall expire and terminate. Notwithstanding the foregoing, or the election of any other rights and remedies of Landlord under this Lease or at law: (i) Tenant shall terminate remain liable for damages as hereinafter set forth, and this Lease shall come (ii) Landlord may institute dispossess proceedings for non-payment of rent, or other proceedings to an end on enforce the date specified therein as fully and completely as if payment of rent without giving the Termination Notice. Upon any such date were the date herein originally fixed for the termination or expiration of the Term of this Lease, and Tenant will then shall peaceably quit and surrender the Demised Premises to Landlord, but Tenant shall remain liable as hereinafter provided.
(b) If this Lease shall have been terminated as provided in this Article, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then and Landlord may without further notice enter upon, re-enter the Premisesenter, either possess and repossess itself thereof, by force, summary proceedings, ejectment or otherwiseotherwise and may have, hold and remove enjoy the Demised Premises and dispossess Tenant the right to receive all rental and all other persons income of and any and all property from the same as heretofore provided.
2. Regardless of whether Landlord relets the Demised Premises, or enters or re-enters the same, as if this Lease had not been made.
(c) If this Lease shall have been terminated as provided in this Articlewhether by summary proceedings, termination or otherwise, Tenant shall will pay the Basic Rent, Escalation Charges and other sums payable hereunder up to the time of such terminationLandlord, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord forfor the full amount of all Rent and other charges then due or thereafter to become due to Landlord hereunder less any sums collected by Landlord during the remaining term of this Lease; said amount shall be paid by Tenant to Landlord on the days originally fixed herein for payment thereof;
3. If Tenant shall fail to pay any taxes or make any other payment required to be made under this lease, or shall default in the performance of any covenant, agreement, term, provision or condition herein contained, Landlord may, without being under any obligation to do so, and without thereby waiving such default, make such payment and/or remedy such default for the account and at the sole expense of Tenant. Tenant shall pay to Landlord, as liquidated current damages: on demand, the amount of all sums so paid and all expenses so incurred by Landlord, together with interest, at the rate set forth in subparagraph 15(b) (x4) the Basic Rentbelow, Escalation Charges and other on such sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses of preparation for such reletting. Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated.
(d) At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay to Landlord an amount equal to the excess, if any, of the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by incurred until payment in full;
4. Interest on any sums due to Landlord from Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of under this Lease if shall accrue from the same remained in effectdate such sums became due and payable, over the then fair market rental value of the Premises for the same period.
(e) In case of any Event of Default, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for at a term or terms which may at Landlord’s option be variable rate equal to or less than or exceed two (2) percentage points above the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same and (ii) make such alterationsprime interest rate as set daily by Chase Manhattan Bank, repairs and decorations in the Premises as Landlord considers advisable and necessary N.Y.C., N.Y.
b. Tenant shall be liable for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. Tenant hereby expressly waives any and all reasonable attorney's fees which Landlord may incur as a result of enforcing or protecting its rights of redemption granted by or in a litigation against Tenant under any present or future laws this Lease provided the Landlord is more successful than not with regard to all claims in the event of Tenant being evicted or dispossessed, 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 Leasedispute.
Appears in 1 contract
Samples: Lease Agreement (Jazz Photo Corp)
Landlord’s Remedies. (a) Upon the occurrence of an any Event of DefaultDefault by Tenant, Landlord may, subject to any judicial process and notice to the extent required by Title 4, Chapter 24 of the Texas Property Code, as may terminate be amended, in addition to all other rights and remedies afforded Landlord hereunder or by law or equity, take any of the following actions:
(i) Terminate this Lease by giving Tenant written notice to Tenantthereof, specifying a date not less than five (5) days after the giving of such notice on in which this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration of the Term of this Lease, and Tenant will then quit and surrender the Premises to Landlord, but Tenant shall remain liable as hereinafter provided.
(b) If this Lease shall have been terminated as provided in this Article, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then Landlord may re-enter the Premises, either by summary proceedings, ejectment or otherwise, and remove and dispossess Tenant and all other persons and any and all property from the same, as if this Lease had not been made.
(c) If this Lease shall have been terminated as provided in this Articleevent, Tenant shall pay to Landlord the Basic Rentsum of (1) all Rent accrued hereunder through the date of termination, Escalation Charges (2) all amounts due under Section 17.(a), and (3) an amount equal to
(A) the total Rent that Tenant would have been required to pay for the remainder of the Term discounted to present value at a per annum rate equal to the “Prime Rate” as published on the date this Lease is terminated by The Wall Street Journal, Southwest Edition, in its listing of “Money Rates”, minus (B) the then present fair rental value of the Premises for such period, similarly discounted; or
(ii) Terminate Tenant’s right to possession of the Premises without terminating this Lease by giving written notice thereof to Tenant, in which event Tenant shall pay to Landlord (1) all Rent and other amounts accrued hereunder to the date of termination of possession, (2) all amounts due from time to time under Section 17.(a), and (3) on the applicable due date all Rent and other sums payable required hereunder up to be paid by Tenant during the time remainder of the Term, diminished by any net sums thereafter received by Landlord through reletting the Premises during such terminationperiod. Landlord shall use reasonable efforts to relet the Premises on such terms and conditions as Landlord in its sole discretion may determine (including a term different from the Term, rental concessions, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such terminationalterations to, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting improvement of the Premises); however, after deducting all reasonable expenses in connection with such relettingLandlord shall not be obligated to relet the Premises before leasing other portions of the Building. Landlord shall not be liable for, includingnor shall Tenant’s obligations hereunder be diminished because of, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses of preparation Landlord’s failure to relet the Premises or to collect rent due for such reletting. Tenant shall pay not be entitled to the portion excess of such current damages referred any consideration obtained by reletting over the Rent due hereunder. Re-entry by Landlord in the Premises shall not affect Tenant’s obligations hereunder for the unexpired Term; rather, Landlord may, from time to in clause (x) above time, bring action against Tenant to collect amounts due by Tenant, without the necessity of Landlord’s waiting until the expiration of the Term. Unless Landlord monthly on delivers written notice to Tenant expressly stating that it has elected to terminate this Lease, all actions taken by Landlord to exclude or dispossess Tenant of the days which the Basic Rent would have been payable hereunder if Premises shall be deemed to be taken under this Section 16.(a)(ii). If Landlord elects to proceed under this Section 16.(a)(ii), it may at any time elect to terminate this Lease had not been terminatedunder Section 16.(a)(i).
(diii) At any time after termination of this Lease as provided in this ArticleNotwithstanding anything to the contrary herein, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay not be deemed to Landlord an amount equal to the excess, if any, of the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market rental value of the Premises for the same period.
(e) In case of have waived any Event of Default, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let the Premises or any part or parts thereof, either in the name requirements of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after mitigate damages upon an Event of Default, provided Tenant has vacated the Premises. Tenant hereby expressly waives any and all rights of redemption granted Default as required by or under any present or future laws in the event of Tenant being evicted or dispossessed, 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 Leaselaw.
Appears in 1 contract
Samples: Lease Agreement (Realpage Inc)
Landlord’s Remedies. (a) Upon the occurrence of a. If an Event of DefaultDefault hereunder shall have happened and be continuing, Landlord may terminate may, at its option:
i. declare to be due and payable as liquidated damages with respect to the balance of the then current term of this Lease an amount equal to:
(1) the whole or any part of the Base Rent for the entire unexpired period of the then current Term or Renewal Term as if by the terms of this Lease the same were payable in advance, less (2) the fair market rental value of the Premises for such period, as determined by a certified appraiser familiar with property and rental values in State College, PA, plus (3) all legal fees and other expenses incurred by Landlord in connection with the enforcement of any of Landlord's rights and remedies hereunder, and/or
ii. collect or bring action for such Base Rent and Additional Rent as being rent in arrears, or may enter judgment therefor in an action as herein elsewhere provided for in case of rent in arrears, or may file a Proof of Claim in any bankruptcy or insolvency proceeding for such Base Rent and Additional Rent, or institute any other proceedings, whether similar or dissimilar to the foregoing, to enforce payment therefor, and/or
iii. terminate the Term, or the Renewal Term, as the case may be, by giving written notice to Tenantthereof and, specifying a date not less than five (5) days after upon the giving of such notice on which this notice, the Lease Term and the estate hereby granted shall expire and terminate with the same force and this Lease shall come to an end on effect as though the date specified therein as fully and completely as if of such date were notice was the date herein originally hereinbefore fixed for the expiration of the Term of this Leaseor the Renewal Term, as the case may be, and all rights of Tenant will then quit hereunder shall expire and surrender the Premises to Landlordterminate, but Tenant shall remain liable as hereinafter provided, and/or
iv. exercise any other rights and remedies available to Landlord at law or in equity.
(b) b. If this Lease any Event of Default shall have happened and be continuing, Landlord may, whether or not the then current term has been terminated as provided in this Articleherein provided, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then Landlord may re-enter and repossess the Premises, either Premises or any part thereof by summary proceedings, ejectment or otherwise, otherwise and Landlord shall have the right to remove and dispossess Tenant and all other persons and any and all property from the same, as if this Lease had not been madetherefrom.
(c) If this Lease c. At any time or from time to time after the repossession of the Premises or any part thereof pursuant to Paragraph 26(b), whether or not the then current term shall have been terminated pursuant to Paragraph 26(a)(iii), Landlord shall use commercially reasonable efforts to relet all or any part of the Premises for the account of Tenant for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the Lease Term) and on such conditions (which may include concessions or free rent) and for such uses as provided Landlord, in its commercially reasonable discretion, may determine.
d. No expiration or termination of the Term, or the Renewal Term, as the case may be, pursuant to Paragraph 26(a)(iii), by operation of law or otherwise, and no repossession of the Premises or any part thereof pursuant to Paragraph 26(b), or otherwise, and no reletting of the Premises or any part thereof pursuant to Paragraph 26(c) shall relieve Tenant of its liabilities and obligations hereunder, all of which shall survive such expiration, termination, repossession or reletting.
e. In the event of any termination of this ArticleLease or repossession of the Premises by reason of an occurrence of an Event of Default, and Landlord has not elected to receive liquidated damages pursuant to Paragraph 26(a)(i), Tenant shall pay to Landlord the Basic Base Rent, Escalation Charges Additional Rent and other sums payable hereunder up required to be paid by Tenant to and including the time date of such terminationexpiration, and thereafter Tenanttermination or repossession; and, thereafter, Tenant shall, until the end of what would have been the expiration of the Term of this Lease in the absence of such terminationexpiration, termination or repossession, and whether or not the Premises or any part thereof shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated and agreed current damages: (x) , the Basic Base Rent, Escalation Charges Additional Rent and other sums that which would be payable hereunder if under this Lease by Tenant in the absence of such expiration, termination had not occurredor repossession, less the net proceeds, if any, of any reletting effected for the account of the PremisesTenant pursuant to Paragraph 26(c), after deducting from such proceeds all Landlord's reasonable expenses in connection with such reletting.
f. Tenant, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs in consideration of the execution of this Lease by Landlord and expenses of preparation for such reletting. Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly covenants and agreements on the days which part of Landlord herein contained, and fully comprehending the Basic Rent would relinquishment of certain rights including rights of pre-judgment 26 notice and hearing, hereby agrees that in an Event of Default under this Lease: (i) Landlord may cause a Complaint to be filed under Pennsylvania Rules of Civil Procedure No. 2950 et. seq. or any other Rules then in effect, for the recovery from Tenant of all sums payable under this Paragraph 26 (including liquidated damages permissible under the provisions of this Lease), as well as for interest and costs; and Tenant hereby authorizes and empowers Landlord's attorney to file with the said Complaint a confession of judgment against Tenant and to sign the said confession as attorney for Tenant. Such judgment shall be confessed against Tenant for the amount of rent in arrears and/or all other sums payable under this Paragraph 26, as well as for interest and costs; together with an attorneys commission of five (5%) percent of the full amount of Landlord's claim against Tenant. Neither the right to file such Complaint nor the authority to confess judgment granted herein shall be exhausted by one or more exercises thereof, but successive complaints may be filed and successive judgments may be entered for the aforesaid sums when or after they become due; and (ii) Landlord may cause an action in ejectment to be filed against Tenant pursuant to Pennsylvania Rules of Civil Procedure No. 2970 et. seq. or any other Rules then in effect, and cause the entry of judgment by confession against Tenant in such action of ejectment for possession of the Premises hereunder. Further, in such action, Tenant hereby authorizes and empowers the Prothonotary or Landlord's attorney to sign the confession of judgment in ejectment as attorney for Tenant; and a writ or possession may issue forthwith. If for any reason whatsoever after said action shall have been payable commenced the said action shall be terminated and the possession of the Premises hereunder if this Lease had not been terminated.
(d) At shall remain in or be restored to Tenant, Landlord shall have the right upon any time after subsequent default or defaults or upon the termination of this Lease as provided above set forth, to file complaints to commence successive actions in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages ejectment and to enter successive judgments in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay to Landlord an amount equal to the excess, if any, ejectment for possession of the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term Premises hereunder.
g. No termination of this Lease if the same remained in effect, over the then fair market rental value nor any taking or recovering possession of the Premises shall deprive Landlord of any remedies or actions against Tenant for rent or for damages for the same period.
(e) In case breach of any Event covenant herein contained, nor shall the bringing of Default, re-entry, expiration any such action for rent or breach of covenant nor the resort to any other remedy herein provided for the recovery of rent or damages of such breach be construed as a waiver of the right to insist upon the forfeiture and dispossession by summary proceedings or otherwise, Landlord may (i) re-let the Premises or any part or parts thereof, either to obtain possession in the name of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. 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, 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 Leasemanner herein provided.
Appears in 1 contract
Landlord’s Remedies. (a) Upon the occurrence of an any Event of DefaultDefault by Tenant, Landlord may, subject to any judicial process and notice to the extent required by Title 4, Chapter 24 of the Texas Property Code, as may terminate be amended, in addition to all other rights and remedies afforded Landlord hereunder or by law or equity, take any of the following actions:
(i) Terminate this Lease by giving Tenant written notice to Tenantthereof, specifying a date not less than five (5) days after the giving of such notice on in which this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration of the Term of this Lease, and Tenant will then quit and surrender the Premises to Landlord, but Tenant shall remain liable as hereinafter provided.
(b) If this Lease shall have been terminated as provided in this Article, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then Landlord may re-enter the Premises, either by summary proceedings, ejectment or otherwise, and remove and dispossess Tenant and all other persons and any and all property from the same, as if this Lease had not been made.
(c) If this Lease shall have been terminated as provided in this Articleevent, Tenant shall pay to Landlord the Basic Rentsum of (1) all Rent accrued hereunder through the date of termination, Escalation Charges (2) all amounts due under Section 15.(a), and (3) an amount equal to (A) the total Rent that Tenant would have been required to pay for the remainder of the Term discounted to present value at a per annum rate equal to the "Prime Rate" as published on the date this Lease is terminated by The Wall Street Journal, Southwest Edition, in its listing of "Money Rates", minus (B) the then present fair rental value of the Premises for such period, similarly discounted; or
(ii) Terminate Tenant's right to possession of the Premises without terminating this Lease by giving written notice thereof to Tenant, in which event Tenant shall pay to Landlord (1) all Rent and other amounts accrued hereunder to the date of termination of possession, (2) all amounts due from time to time under Section 15.(a), and (3) all Rent and other sums payable required hereunder up to be paid by Tenant during the time remainder of the Term, diminished by any net sums thereafter received by Landlord through reletting the Premises during such terminationperiod. Landlord shall use reasonable efforts to relet the Premises on such terms and conditions as Landlord in its sole discretion may determine (including a term different from the Term, rental concessions, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such terminationalterations to, and whether or improvement of , the Premises); however, Landlord shall not be obligated to relet the Premises before leasing other portions of the Building. Landlord shall have been relet, shall not be liable to Landlord for, and nor shall pay Tenant's obligations hereunder be diminished because of, Landlord's failure to Landlord, as liquidated current damages: (x) relet the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses of preparation Premises or to collect rent due for such reletting. Tenant shall pay not be entitled to the portion excess of such current damages referred any consideration obtained by reletting over the Rent due hereunder. Re-entry by Landlord in the Premises shall not affect Tenant's obligations hereunder for the unexpired Term; rather, Landlord may, from time to in clause (x) above time, bring action against Tenant to collect amounts due by Tenant, without the necessity of Landlord's waiting until the expiration of the Term. Unless Landlord monthly on delivers written notice to Tenant expressly stating that it has elected to terminate this Lease, all actions taken by Landlord to exclude or dispossess Tenant of the days which the Basic Rent would have been payable hereunder if Premises shall be deemed to be taken under this Section 16.(a)(ii). If Landlord elects to proceed under this Section 16.(a)(ii), it may at any time elect to terminate this Lease had not been terminatedunder Section 16.(a)(i).
(diii) At any time after termination of this Lease as provided in this ArticleNotwithstanding anything to the contrary herein, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay not be deemed to Landlord an amount equal to the excess, if any, of the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market rental value of the Premises for the same period.
(e) In case of have waived any Event of Default, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let the Premises or any part or parts thereof, either in the name requirements of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after mitigate damages upon an Event of Default, provided Tenant has vacated the Premises. Tenant hereby expressly waives any and all rights of redemption granted Default as required by or under any present or future laws in the event of Tenant being evicted or dispossessed, 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 Leaselaw.
Appears in 1 contract
Samples: Lease Agreement (ReachLocal Inc)
Landlord’s Remedies. (a) Upon the occurrence of A. If an Event of DefaultDefault hereunder shall have happened and be continuing, Landlord may terminate may, at its option:
(i) declare due and payable and xxx for and recover, all unpaid Fixed Rent for the unexpired period of the Lease Term (and also all Additional Rent as the amount(s) of same can be determined or reasonably estimated) as if by the terms of this Lease the same were payable in advance, together with all legal fees and other expenses incurred by Landlord in connection with the enforcement of any of Landlord's rights and remedies hereunder, such amount to be discounted in accordance with Section 28.F. hereof, and/or
(ii) collect or bring action for such Fixed Rent and Additional Rent as being rent in arrears, or may enter judgment for possession in an amicable action, or may file a Proof of Claim in any bankruptcy or insolvency proceeding for such Fixed Rent and Additional Rent, or institute any other proceedings, whether similar or dissimilar to the foregoing, to enforce payment thereof, and/or
(iii) terminate the Lease Term by giving written notice thereof to TenantTenant and, specifying a date not less than five (5) days after upon the giving of such notice on which this notice, the Lease Term and the estate hereby granted shall expire and terminate with the same force and this Lease shall come to an end on effect as though the date specified therein as fully and completely as if of such date were notice was the date herein originally hereinbefore fixed for the expiration of the Term of this LeaseLease Term, and all rights of Tenant will then quit hereunder shall expire and surrender the Premises to Landlordterminate, but Tenant shall remain liable as hereinafter provided, and/or
(iv) exercise any other rights and remedies available to Landlord at law or in equity provided hereunder.
(b) B. If this Lease any Event of Default shall have happened and be continuing, Landlord may, whether or not the Lease Term has been terminated as provided in this Articleherein provided, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then Landlord may re-enter and repossess the PremisesLeased Premises or any part thereof by force, either by summary proceedings, ejectment or otherwise, otherwise and Landlord shall have the right to remove and dispossess Tenant and all other persons and property therefrom. Landlord shall be under no liability for or by reason of any such entry, repossession or removal; and all property from no such re-entry or taking of possession of the same, Leased Premises by Landlord shall be construed as if an election on Landlord's part to terminate the Lease Term unless a written notice of such intention be given to Tenant pursuant to Section 28(A)(iii) or unless the termination of this Lease had not been madebe decreed by a court of competent jurisdiction.
(c) If this C. At any time or from time to time after the repossession of the Leased Premises or any part thereof pursuant to Section 28(B), whether or not the Lease Term shall have been terminated pursuant to Section 28(A)(iii), Landlord, notwithstanding anything elsewhere herein to the contrary, shall make all commercially reasonable efforts to mitigate any damages to Landlord as provided a result of any default by Tenant hereunder, including, without limitation, to relet all or any part of the Leased Premises for the account of Tenant for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the Lease Term) and on such conditions (which may include concessions or free rent) and for such uses as Landlord, in its commercially reasonable discretion, may determine, and Landlord may collect and receive any rents payable by reason of such reletting. For the purpose of such reletting, Landlord may decorate or make repairs, changes, alterations or additions in or to the Leased Premises or any part thereof to the extent deemed by Landlord desirable or convenient, and the cost of such decoration, repairs, changes, alterations or additions shall be charged to and be payable by Tenant as Additional Rent hereunder, as well as any reasonable brokerage and legal fees expended by Landlord.
D. Subject to the results of Landlord's efforts to mitigate damages, as aforesaid, no expiration or termination of the Lease Term pursuant to Section 28(A)(iii), by operation of law or otherwise, and no repossession of the Leased Premises or any part thereof pursuant to Section 28(B), or otherwise, and no reletting of the Leased Premises or any part thereof pursuant to Section 28(C) shall relieve Tenant of its liabilities and obligations hereunder, all of which shall survive such expiration, termination, repossession or reletting.
E. In the event of any expiration or termination of this ArticleLease or repossession of the Leased Premises or any part thereof by reason of an occurrence of an Event of Default, and Landlord has not elected to accelerate rent pursuant to Section 28(A)(i), Tenant shall pay to Landlord the Basic Fixed Rent, Escalation Charges Additional Rent and other sums payable hereunder up required to be paid by Tenant to and including the time date of such terminationexpiration, and thereafter Tenanttermination or repossession; and, thereafter, Tenant shall, until the end of what would have been the expiration of the Lease Term of this Lease in the absence of such terminationexpiration, termination or repossession, and whether or not the Leased Premises or any part thereof shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated and agreed current damages: (x) , the Basic Fixed Rent, Escalation Charges Additional Rent and other sums that which would be payable hereunder if under this Lease by Tenant in the absence of such expiration, termination had not occurredor repossession, less the net proceeds, if any, of any reletting effected for the account of the PremisesTenant pursuant to Section 28(C), after deducting from such proceeds all of Landlord's reasonable expenses in connection with such reletting, reletting (including, without limitation, all related repossession costs, brokerage commissions, legal expenses, attorneys’ ' fees, advertisingemployees' expenses, alteration costs and expenses of preparation for such reletting). Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days on which the Basic Fixed Rent would have been payable hereunder if under this Lease had not been terminatedin the absence of such expiration, termination or repossession, and Landlord shall be entitled to recover the same from Tenant on each such day.
(d) F. At any time after such expiration or termination of this Lease as provided in this Articleor repossession of the Leased Premises or any part thereof by reason of the occurrence of an Event of Default, whether or not Landlord shall have collected any such current damagesdamages pursuant to Section 28(E), Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord on demand, unless Tenant has paid the whole of accelerated rent pursuant to Section 28(A)(i), as and for liquidated and agreed final damages for Tenant's default and in lieu of all such current damages beyond the date of such demanddemand (it being agreed that it would be impracticable or extremely difficult to fix the actual damages), at Landlord’s election Tenant shall pay to Landlord an amount equal to the excess, if any, of the Basic (i) Fixed Rent, Escalation Charges Additional Rent and other sums as hereinbefore provided which would be payable hereunder under this Lease for the remainder of the Lease Term from the date of such demand assuming that(or, for if it be earlier, the purposes of this paragraph, annual payments by date to which Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year shall have satisfied in full its obligations under Section 28(E) to pay current damages) for what would be have been the then unexpired Term term of this Lease if in the same remained in effectabsence of such expiration, termination or repossession, discounted at the rate of six percent (6%) per annum, over (ii) the then fair market rental value of the Leased Premises for the same period, 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 entitled to the maximum amount allowable under such statute or rule of law.
(e) In case of any Event of DefaultG. Tenant, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let in consideration for the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term execution of this Lease by Landlord and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose covenants and agreements on the part of reletting Landlord herein contained, and fully comprehending the Premises; relinquishment of certain rights including rights of pre-judgment notice and the making of such reasonable alterationshearing, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. Tenant hereby expressly waives authorizes any attorney of any Court of Record to accept service of process for, to appear for, and to confess judgment against Tenant in any and all rights of redemption granted actions brought hereunder by or under any present or future laws in the event of Landlord against Tenant being evicted or dispossessed, or in the event of Landlord obtaining to recover possession from time to time of the Premises, by reason Leased Premises (and Tenant agrees that upon the entry of the violation by Tenant each judgment for said possession a Writ of any of the covenants and conditions of this LeasePossession or other appropriate process may issue forthwith).
Appears in 1 contract
Landlord’s Remedies. Should a Default occur under this Lease (whether before or during the Term), Landlord may pursue any or all of the following:
(a) Upon Landlord, in addition to other rights or remedies it may have, shall have the occurrence of an Event of Defaultright, Landlord may terminate this Lease by written notice to Tenant, specifying a date not less than five (5) days after the giving of such notice on which to declare this Lease shall terminate terminated and the term ended. In such event, this Lease and the Term shall come to an end on expire with the same force and effect as though the date specified therein as fully and completely as if such date set forth in the notice of termination were the date originally set forth herein originally and fixed for the expiration of the Term of this LeaseTerm, and Tenant will then quit shall vacate and surrender the Leased Premises to Landlord, but Tenant shall remain liable for all obligations arising during the balance of the Term, as hereinafter provided.
(b) If hereafter provided as if this Lease had remained in full force and effect. Also in such event, Landlord shall have been terminated as provided in this Articlethe right to bring a special proceeding to recover possession from Tenant holding over and/or Landlord may, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenantwithout notice, then Landlord may re-enter the Premises, Leased Premises either by summary proceedings, ejectment force or otherwise, and dispossess and by summary proceedings or by the laws of the State or otherwise, recover possession from, Tenant and the legal representatives of Tenant or other occupant(s) of the Leased Premises and remove and dispossess Tenant dispose of their effects and all other persons and any and all property from hold the same, Leased Premises as if this Lease had not been made.
(cb) If this Lease is terminated or Tenant is dispossessed before the expiration of the Term under this Section 14.02, or if Tenant shall abandon or vacate the Leased Premises before the expiration or termination of the Term without having paid the full rent for the remainder of the Term, Landlord shall have been terminated the option to relet the Leased Premises for such rent and upon such terms as provided Landlord may determine in its sole discretion, and, if the full rent reserved under this ArticleLease (and any of the costs, expenses or damages indicated below) shall not be realized by Landlord, Tenant shall pay be liable for all damages sustained by Landlord, including deficiency in rent (which, for purposes of this Section 14.02 (b) shall include Percentage Rent based on the Basic Renthighest Percentage Rent payable for any Lease Year prior to the Lease Year in which the Default occurred. Tenant shall also be liable for Landlord's reasonable attorney's fees, Escalation Charges brokerage fees, construction and other sums payable hereunder up to the time of such termination, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs tenant allowances and expenses of preparation for such reletting. Tenant shall pay taking the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated.
(d) At any time after termination of this Lease as provided actions set forth in this ArticleSection 14.02, whether placing the Leased Premises in first class rentable condition and re-letting the Leased Premises. Landlord, in putting the Leased Premises in good order or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay to Landlord an amount equal to the excess, if any, of the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be preparing the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market rental value of the Premises for the same period.
(e) In case of any Event of Default, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord reletting may (i) re-let the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same and (ii) make such alterations, repairs and decorations or replacements in the Leased Premises as Landlord Landlord, in its sole judgment, considers advisable and necessary for the purpose of reletting the Premises; such purpose, and the making of such reasonable alterations, repairs and decorations or replacements shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts shall in no event be liable in any way whatsoever for failure to relet the Premises after an Event of Default, provided Tenant has vacated the Leased Premises. 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, or in the event that the Leased Premises are relet, for failure to collect the rent under such reletting, and in no event shall Tenant be entitled to receive the excess or be entitled to receive any credit with respect to the excess, if any, of Landlord obtaining possession of such net rent collected over the Premises, by reason of the violation sums payable by Tenant of any of to Landlord hereunder. Notwithstanding the covenants and conditions foregoing, upon termination of this Lease.Lease pursuant to this Section 14.02, Landlord shall make a good faith effort to re-let the Leased Premises at prevailing market rates, provided, however, that it shall not be obligated (i) to do so in preference to other vacant space within the Retail Development, (ii) to re-let the Leased Premises for any use other than as a manufacturer's retail outlet store or to any person or entity which does not have experience and net worth reasonably acceptable to Landlord or which would (in
Appears in 1 contract
Samples: Lease (Ashworth Inc)
Landlord’s Remedies. (a) Upon the occurrence of an any Event of Default, Landlord may terminate may, at its option without any further demand or notice, in addition to any other remedy or right given hereunder or by law, do any of the following:
(a) Re-enter the Premises, take possession thereof, eject all persons therefrom, using all necessary force to do so, and with or without re-entry, declare this Lease by notice at an end, in which event Tenant shall be liable to Tenant, specifying a date not less than five (5) days after the giving of such notice on which this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed Landlord for the expiration of the Term of this Lease, costs and Tenant will then quit damages set forth in Sections 21.2(d) and surrender the Premises to Landlord, but Tenant shall remain liable as hereinafter provided(e) below.
(b) If Re-enter the Premises, take possession thereof, eject all persons therefrom, using all necessary force to do so, and without terminating this Lease, relet the Premises or any part of the Premises, as the agent and for the account of Tenant upon such terms and conditions as Landlord may deem advisable, in which event the rents received on such reletting shall be applied first to the expenses of such reletting and collection, including necessary renovation and alterations of the Premises, any real estate commissions paid, and thereafter to payment of all sums due or to be come due Landlord under the Lease, and if a sufficient sum shall not be thus realized to pay such sums and other charges, Tenant shall pay Landlord any deficiency monthly, notwithstanding Landlord may have received rental in excess of the rental stipulated in this Lease in previous or subsequent months, and Landlord may bring an action therefor as such monthly deficiency shall have been terminated arise.
(c) Collect, by action or otherwise, each installment of rent or other sum as provided in the same becomes due and payable or enforce, by action or otherwise, any other term or covenant of this Article, Lease.
(d) After terminating this Lease or if any execution or attachment shall be issued against Tenant or any after the abandonment of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then Landlord may re-enter the Premises, either by summary proceedingstake possession thereof, ejectment eject all persons therefrom, using all necessary force to do so, make any alterations or otherwisechanges on the leased Premises, and remove and dispossess Tenant and all other persons and any and all property from whatsoever found there and place such property in a public warehouse or elsewhere for the same, as if this Lease had not been made.
(c) If this Lease shall have been terminated as provided in this Article, account and at the expense of Tenant. In the event that Tenant shall not pay the Basic Rentcost of storing any such property, Escalation Charges and other sums payable hereunder up to after the time property has been stored for a period of ninety (90) days or more Landlord may sell any or all of such terminationproperty at public or private sale in such manner and at such times and places as Landlord in its sole discretion may deem proper, and thereafter Tenant, until without notice to Tenant or any demand upon Tenant for the end payment of what would have been the Term of this Lease in the absence any part of such termination, and whether charges or not the Premises shall have been relet, shall be liable to Landlord forremoval of any such property, and shall pay apply the proceeds of such sale first to Landlordthe cost and expenses of such sale; second, as liquidated current damages: (x) to the Basic Rentpayment of the cost of or charges for storing any such property; third, Escalation Charges and to the payment of any other sums that would of money which may then or thereafter be payable hereunder if such termination had not occurreddue to Landlord from Tenant under any of the terms hereof; and fourth, less the net proceedsbalance, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses of preparation for such relettingto Tenant. Tenant shall pay the portion of such current hereby waives all claims for damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated.
(d) At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages that may be caused by Landlord's re-entering and in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay to Landlord an amount equal to the excess, if any, of the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market rental value taking possession of the Premises for the same periodor removing and storing furniture and property as herein provided, and will save Landlord harmless from loss, costs or damages occasioned Landlord thereby.
(e) In case If Tenant breaches this Lease and abandons the Premises before the end of the Lease Term, or if Tenant's right to possession is terminated by Landlord because of a breach of the Lease, then in either such case, Landlord may recover from Tenant:
(i) The worth at the time of award of the unpaid Rents which had been earned at the time of termination;
(ii) The worth at the time of award of the amount by which the Rents which would have been earned after termination until the time of the award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided;
(iii) The worth at the time of award (computed by discounting at the discount rate of the Federal Reserve Bank of San Francisco at the time of award plus one percent) of the amount by which the Rents for the balance of the Lease Term after the time of award exceed the amount of such rental loss that Tenant proves could be reasonably avoided; and
(iv) Any other amounts necessary to compensate Landlord for all detriment proximately caused by the default by Tenant or which in the ordinary course of events would likely result. The "worth at the time of award" of the amount referred to above is computed by allowing interest at an annual rate equal to the greater of: ten percent (10%); 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 Sections 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. The computation of the damages pursuant to the foregoing shall include a credit for the unamortized value of the Tenant's Work assuming a useful life of not less than twenty (20) years.
(f) All rights and remedies of Landlord hereunder shall not be exclusive but shall be cumulative.
(g) To the extent permitted by applicable law, any Event such re-entry or taking of Defaultpossession of the Premises or property thereon shall be allowed by Tenant without hindrance, and Landlord shall not be liable in damages for any such re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) such taking of possession or be guilty of trespass for forcible entry. Such re-let the Premises entry or any taking of possession shall not be construed as an election on Landlord's part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term of terminate this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making unless a notice of such reasonable alterations, repairs and decorations shall not operate or be construed intention is given to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. 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, 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 LeaseTenant.
Appears in 1 contract
Samples: Lease (Abovenet Communications Inc)
Landlord’s Remedies. (a) Upon the occurrence of A. If an Event of DefaultDefault hereunder shall have happened and be continuing, Landlord may terminate may, at its option:
(i) declare due and payable and xxx for and recover, all unpaid Fixed Rent for the unexpired period of the Lease Term (and also all Additional Rent as the amount(s) of same can be determined or reasonably estimated) as if by the terms of this Lease the same were payable in advance, together will all legal fees and other expenses incurred by Landlord in connection with the enforcement of any of Landlord's rights and remedies hereunder, and/or
(ii) distrain, collect or bring action for such Fixed Rent and Additional Rent as being rent in arrears, or may enter judgment therefor in an amicable action as herein elsewhere provided for in case of rent in arrears, or may file a Proof of Claim in any bankruptcy or insolvency proceeding for such Fixed Rent and Additional Rent, or institute any other proceedings, whether similar or dissimilar to the foregoing, to enforce payment thereof, and/or
(iii) terminate the Lease Term by giving written notice thereof to TenantTenant and, specifying a date not less than five (5) days after upon the giving of such notice on which this notice, the Lease Term and the estate hereby granted shall expire and terminate with the same force and this Lease shall come to an end on effect as though the date specified therein as fully and completely as if of such date were notice was the date herein originally hereinbefore fixed for the expiration of the Term of this LeaseLease Term, and all rights of Tenant will then quit hereunder shall expire and surrender the Premises to Landlordterminate, but Tenant shall remain liable as hereinafter provided, and/or
(iv) exercise any other rights and remedies available to Landlord at law or in equity.
(b) B. If this Lease any Event of Default shall have happened and be continuing, Landlord may, whether or not the Lease Term has been terminated as provided in this Articleherein provided, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then Landlord may re-enter and repossess the PremisesLeased Premises or any part thereof by force, either by summary proceedings, ejectment or otherwise, otherwise and Landlord shall have the right to remove and dispossess Tenant and all other persons and property therefrom. Landlord shall be under no liability for or by reason of any such entry, repossession or removal; and all property from no such re-entry or taking of possession of the same, Leased Premises by Landlord shall be construed as if an election on Landlord's part to terminate the Lease Term unless a written notice of such intention be given to Tenant pursuant to Section 28(A)(iii) or unless the termination of this Lease had not been madebe decreed by a court of competent jurisdiction.
(c) If this C. At any time or from time to time after the repossession of the Leased Premises or any part thereof pursuant to Section 28(B), whether or not the Lease Term shall have been terminated pursuant to Section 28(A)(iii), Landlord may (but shall be under no obligation to) relet all or any part of the Leased Premises for the account of Tenant for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the Lease Term) and on such conditions (which may include concessions or free rent) and for such uses as provided Landlord, in its absolute discretion, may determine, and Landlord may collect and receive any rents payable by reason of such reletting. Landlord shall not be required to accept any tenant offered by Tenant or observe any instruction given by Tenant about such reletting, or do any act or exercise any care or diligence with respect to such reletting or to the mitigation of damages. For the purpose of such reletting, Landlord may decorate or make repairs, changes, alterations or additions in or to the Leased Premises or any part thereof to the extent deemed by Landlord desirable or convenient, and the cost of such decoration, repairs, changes, alterations or additions shall be charged to and be payable by Tenant as Additional Rent hereunder, as well as any reasonable brokerage and legal fees expended by Landlord.
D. No expiration or termination of the Lease Term pursuant to Section 28(A)(iii), by operation of law or otherwise, and no repossession of the Leased Premises or any part thereof pursuant to Section 28(B), or otherwise, and no reletting of the Leased Premises or any part thereof pursuant to Section 28(C) shall relieve Tenant of its liabilities and obligations hereunder, all of which shall survive such expiration, termination, repossession or reletting.
E. In the event of any expiration or termination of this ArticleLease or repossession of the Leased Premises or any part thereof by reason of an occurrence of an Event of Default, and Landlord has not elected to accelerate rent pursuant to Section 28(A)(i), Tenant shall pay to Landlord the Basic Fixed Rent, Escalation Charges Additional Rent and other sums payable hereunder up required to be paid by Tenant to and including the time date of such terminationexpiration, and thereafter Tenanttermination or repossession; and, thereafter, Tenant shall, until the end of what would have been the expiration of the Lease Term of this Lease in the absence of such terminationexpiration, termination or repossession, and whether or not the Leased Premises or any part thereof shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated and agreed current damages: (x) , the Basic Fixed Rent, Escalation Charges Additional Rent and other sums that which would be payable hereunder if under this Lease by Tenant in the absence of such expiration, termination had not occurredor repossesssion, less the net proceeds, if any, of any reletting effected for the account of the PremisesTenant pursuant to Section 28(C), after deducting from such proceeds all of Landlord's reasonable expenses in connection with such reletting, reletting (including, without limitation, all related repossession costs, brokerage commissions, legal expenses, attorneys’ ' fees, advertisingemployees' expenses, alteration costs and expenses of preparation for such reletting). Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days on which the Basic Fixed Rent would have been payable hereunder if under this Lease had not been terminatedin the absence of such expiration, termination or repossession, and Landlord shall be entitled to recover the same from Tenant on each such day.
(d) F. At any time after such expiration or termination of this Lease as provided in this Articleor repossession of the Leased Premises or any part thereof by reason of the occurrence of an Event of Default, whether or not Landlord shall have collected any such current damagesdamages pursuant to Section 28(E), Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord on demand, unless Tenant has paid the whole of accelerated rent pursuant to Section 28(A)(i), as and for liquidated and agreed final damages for Tenant's default and in lieu of all such current damages beyond the date of such demanddemand (it being agreed that it would be impracticable or extremely difficult to fix the actual damages), at Landlord’s election Tenant shall pay to Landlord an amount equal to the excess, if any, of the Basic (i) Fixed Rent, Escalation Charges Additional Rent and other sums as hereinbefore provided which would be payable hereunder under this Lease for the remainder of the Lease Term from the date of such demand assuming that(or, for if it be earlier, the purposes of this paragraph, annual payments by date to which Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year shall have satisfied in full its obligations under Section 28(E) to pay current damages) for what would be have been the then unexpired Term term of this Lease if in the same remained in effectabsence of such expiration, termination or repossession, discounted at the rate of six percent (6%) per annum, over (ii) the then fair market rental value of the Leased Premises for the same period, 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 entitled to the maximum amount allowable under such statute or rule of law.
(e) In case G. Tenant, in consideration for the execution of this lease by landlord and for the covenants and agreements on the part of landlord herein contained, and fully comprehending the relinquishment of certain rights including rights of pre-judgment notice and hearing, hereby expressly authorizes any attorney of any Event court of Defaultrecord to accept service of process for, re-entryto appear for, expiration and dispossession by summary proceedings or otherwise, Landlord may to confess judgment against tenant (i) re-let in any and all actions brought hereunder by landlord against tenant to recover possession from time to time of the Premises leased premises (and tenant agrees that upon the entry of each judgment for said possession a writ of possession or other appropriate process may issue forthwith), and/or (ii) to enforce payment from time to time of the sums or any part thereof owing hereunder by tenant.
H. Tenant further hereby expressly authorizes and empowers (which power is coupled with an interest) landlord, upon the occurrence of an event of default and so long as the same is continuing, to enter upon the leased premises, distrain upon and remove therefrom all inventory, equipment, machinery, trade fixtures, and personal property of whatsoever kind or parts nature, whether owned by tenant or others, and to proceed, without judicial decree, writ of execution or assistance of constables, to conduct a private sale, by auction or sealed bid, of such personal property, at which sale landlord may bid without restriction. Tenant hereby waives the benefit of all laws, whether now in force or hereafter enacted, exempting any personal property on the leased premises from sale or levy, whether execution thereon is had by order of any court or through private sale as herein authorized.
I. In any action for ejectment, for rent in arrears or for distraint, landlord shall first cause to be filed in such action an affidavit made by it or someone acting for it setting forth the facts necessary to authorize the entry of judgment, of which facts such affidavit shall be conclusive evidence, and if a true copy of this lease be filed in such action, it shall not be necessary to file the original as a warrant of attorney, any rule of court, custom or practice to the contrary notwithstanding. The authority to confess judgment against tenant hereunder shall not be exhausted by one (1) exercise thereof, either but judgment may be confessed as provided herein from time to time as often as any event of default occurs under this lease, and such authority may be exercised as well after the expiration of the lease term and/or during or after the expiration of any extended or renewal term.
J. No right or remedy herein conferred upon or reserved to Landlord is intended to be exclusive of any other right or remedy herein by law provided, but each shall be cumulative and in the name addition to every right or remedy given herein or now or hereafter existing at law or in equity or by statute.
K. No waiver by Landlord of any breach by Tenant of any of Tenant's obligations, agreements or covenants herein shall be a waiver of any subsequent breach or of any obligation, agreement or covenant, nor shall any forbearance by Landlord to seek a remedy for any breach by Tenant be a waiver by Landlord or otherwise, for any rights and remedies with respect to such or any subsequent breach.
L. In the event of a term breach or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance threatened breach by Tenant of any of the Term covenants or provisions hereof, Landlord shall have the right of this Lease injunction and may grant concessions right to invoke any remedy allowed at law or free rent to the extent that Landlord reasonably considers advisable and necessary to in equity as if re-let the same entry summary proceedings and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall other remedies were not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, herein provided Tenant has vacated the Premises. for.
M. 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 dispossesseddispossessed for any cause, or in the event of Landlord obtaining possession of the Leased Premises, by reason of the violation by Tenant of any of the covenants and conditions of this Lease, or otherwise.
Appears in 1 contract
Landlord’s Remedies. (a) Upon the occurrence of an any Event of DefaultDefault by Tenant, Landlord may, subject to any judicial process and notice to the extent required by Title 4, Chapter 24 of the Texas Property Code, as may terminate be amended, in addition to all other rights and remedies afforded Landlord hereunder or by law or equity, take any of the following actions:
(i) Terminate this Lease by giving Tenant written notice to Tenantthereof, specifying a date not less than five (5) days after the giving of such notice on in which this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration of the Term of this Lease, and Tenant will then quit and surrender the Premises to Landlord, but Tenant shall remain liable as hereinafter provided.
(b) If this Lease shall have been terminated as provided in this Article, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then Landlord may re-enter the Premises, either by summary proceedings, ejectment or otherwise, and remove and dispossess Tenant and all other persons and any and all property from the same, as if this Lease had not been made.
(c) If this Lease shall have been terminated as provided in this Articleevent, Tenant shall pay to Landlord the Basic Rentsum of (1) all Rent accrued hereunder through the date of termination, Escalation Charges (2) all amounts due under Section 15.(a), and (3) an amount equal to (A) the total Rent that Tenant would have been required to pay for the remainder of the Term discounted to present value at a per annum rate equal to the “Prime Rate” as published on the date this Lease is terminated by The Wall Street Journal, Southwest Edition, in its listing of “Money Rates”; minus (B) the then present fair rental value of the Premises for such period, similarly discounted; or
(ii) Terminate Tenant’s right to possession of the Premises without terminating this Lease by giving written notice thereof to Tenant, in which event Tenant shall pay to Landlord (1) all Rent and other amounts accrued hereunder to the date of termination of possession, (2) all amounts due from time to time under Section 15.(a), and (3) all Rent and other sums payable required hereunder up to be paid by Tenant during the time remainder of the Term, diminished by any net sums thereafter received by Landlord through reletting the Premises during such terminationperiod. Landlord shall use reasonable efforts to relet the Premises on such terms and conditions as Landlord in its sole discretion may determine (including a term different from the Term, rental concessions, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such terminationalterations to, and whether or improvement of , the Premises); however, Landlord shall not be obligated to relet the Premises before leasing other portions of the Building. Landlord shall have been relet, shall not be liable to Landlord for, and nor shall pay Tenant’s obligations hereunder be diminished because of, Landlord’s failure to Landlord, as liquidated current damages: (x) relet the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses of preparation Premises or to collect rent due for such reletting. Tenant shall pay not be entitled to the portion excess of such current damages referred any consideration obtained by reletting over the Rent due hereunder. Re-entry by Landlord in the Premises shall not affect Tenant’s obligations hereunder for the unexpired Term; rather, Landlord may, from time to in clause (x) above time, bring action against Tenant to collect amounts due by Tenant, without the necessity of Landlord’s waiting until the expiration of the Term. Unless Landlord monthly on delivers written notice to Tenant expressly stating that it has elected to terminate this Lease, all actions taken by Landlord to exclude or dispossess Tenant of the days which the Basic Rent would have been payable hereunder if Premises shall be deemed to be taken under this Section 16.(a)(ii). If Landlord elects to proceed under this Section 16.(a)(ii), it may at any time elect to terminate this Lease had not been terminatedunder Section 16.(a)(i).
(diii) At any time after termination of this Lease as provided in this ArticleNotwithstanding anything to the contrary herein, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay not be deemed to Landlord an amount equal to the excess, if any, of the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market rental value of the Premises for the same period.
(e) In case of have waived any Event of Default, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let the Premises or any part or parts thereof, either in the name requirements of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after mitigate damages upon an Event of Default, provided Tenant has vacated the Premises. Tenant hereby expressly waives any and all rights of redemption granted Default as required by or under any present or future laws in the event of Tenant being evicted or dispossessed, 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 Leaselaw.
Appears in 1 contract
Samples: Lease Agreement (Realpage Inc)
Landlord’s Remedies. (a) Upon the occurrence of an any Event of Default, Landlord shall have the right to pursue any of the following remedies, without notice or demand, in addition to any other remedies available to Landlord under this Lease, at law or in equity, all of which shall be cumulative and nonexclusive:
i. Landlord may terminate this Lease by notice to Tenant, specifying a date not less than five (5) days after the giving of such notice on which this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration of the Term of this Lease, and in which event Tenant will then quit and shall immediately surrender the Premises to Landlord, but and if Tenant shall remain liable as hereinafter provided.
(b) If this Lease shall have been terminated as provided in this Articlefails to do so, or if Landlord may enter and take possession of the Premises and remove Tenant and any execution or attachment shall be issued against Tenant other person occupying the Premises or any part thereof, without being liable for prosecution or any claim of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then damages therefor; and Landlord may re-enter recover from Tenant the Premises, either by summary proceedings, ejectment or otherwise, following: (a) all accrued and remove and dispossess Tenant and all other persons and any and all property from unpaid Rent accrued through the same, as if this Lease had not been made.
date of termination; (cii) If this Lease shall have been terminated as provided in this Article, Tenant shall pay the Basic Rent, Escalation Charges and other sums payable hereunder up to the time of such termination, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay cost to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses of preparation for such reletting. Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated.
(d) At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond yet amortized through the date of such demandtermination in accordance with generally accepted accounting principles, at Landlord’s election Tenant shall pay of the Alterations paid for and installed by Landlord pursuant to Landlord an amount equal to this Lease; (iii) the excessCosts of Reletting; (iv) the positive difference, if any, of the Basic present value of the Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from less the date present value of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market rental value for the Premises, for the remainder of the Premises for Term had this Lease not been terminated, such present value computed in each case using a discount rate of 9% per annum; (v) any damages in addition thereto, including reasonable attorneys’ fees, court costs, and collection services, and costs to remove and store Tenant’s Property, which Landlord sustains by reason of the same period.
(e) In case breach of any Event of Defaultthe terms, re-entry, expiration conditions and dispossession covenants of this Lease; and (vi) such other amounts in addition to or in lieu of the foregoing as may be permitted from time to time by summary proceedings or otherwise, law.
ii. Landlord may (i) re-let enter the Premises without terminating this Lease, and in its discretion remove any property from the Premises, and relet the Premises or any part or parts thereofthereof for the account of Tenant, either upon such terms as Landlord in the name of Landlord or otherwise, for a term or terms which may at Landlord’s option sole discretion shall determine. Landlord shall not be equal required to accept any tenant offered by Tenant or less than or exceed to observe any instructions given by Tenant relative to such reletting. In connection with such reletting, Landlord may make repairs, alterations, and additions to the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent Premises to the extent that deemed reasonably necessary by Landlord, and Tenant shall upon demand pay the cost thereof. Landlord reasonably considers advisable may collect the rents from any such reletting and necessary apply the same first to the payment of the repairs, alterations, additions, expenses of re-let entry, attorney’s fees, court costs, collection services, and leasing commissions and second to the payment of Rent to be paid by Tenant, and any excess or residue shall operate only as an offsetting credit against the amount of Rent as the same thereafter becomes due and (ii) make payable hereunder. No such alterationsre-entry or repossession, repairs repairs, alterations and decorations in the Premises as Landlord considers advisable and necessary for the purpose of additions or reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed as an eviction or ouster of Tenant or as an election by Landlord to terminate this Lease unless written notice thereof is delivered by Landlord to Tenant, nor shall the same operate to release the Tenant in whole or in part from liability hereunder as aforesaidany of the Tenant’s obligations hereunder. Landlord agrees to use commercially reasonable efforts to relet may at any time xxx and recover judgment for any damages remaining after the Premises after an Event application of Default, provided Tenant has vacated the Premisesproceeds from any such reletting. Tenant hereby expressly waives any and all rights of redemption granted by or under any present or future laws in In the event of Tenant being evicted or dispossessed, 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 reletting without termination of this Lease., Landlord may at any time thereafter elect to terminate this Lease for such previous breach.
iii. Landlord may, without any obligation to do so, cure the default on behalf of Tenant, in which case Landlord may enter the Premises without being deemed in any manner guilty of trespass, eviction or forcible entry and detainer and without incurring any liability for any damage or interruption of Tenant’s business resulting therefrom. Tenant agrees to pay Landlord an amount equal to 110% of any expenses that Landlord may incur in curing the default, including without limitation, attorney’s fees, together with interest thereon at the Applicable Interest Rate from the date of expenditure.
Appears in 1 contract
Samples: Lease (AeroVironment Inc)
Landlord’s Remedies. (a) Upon the occurrence of an Event a Default of DefaultTenant, Landlord may terminate this Lease by notice to Tenant, specifying a date not less than five (5) days after the giving of such notice on which this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration of the Term of this Lease, and Tenant will then quit and surrender the Premises to LandlordLandlord in the condition required herein, but Tenant shall remain liable as hereinafter provided.
(b) If this Lease shall have been terminated as provided in this Article, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than TenantARTICLE, then Landlord may re-enter the Premises, either by summary proceedings, ejectment or otherwise, and remove and dispossess Tenant and all other persons and any and all property from the same, as if this Lease had not been made.
(c) If this Lease shall have been terminated as provided in this Article, Tenant shall pay the Basic Rent, Escalation Charges and other sums payable Rent hereunder up to the time of such termination, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (xX) the Basic Rent, Escalation Charges and other sums that would be payable Rent hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ ' fees, advertising, expenses of employees, alteration costs and expenses of preparation for such reletting; and (Y) if this Lease provides that Tenant was entitled to occupy the Premises for any period of time without paying Basic Rent, the amount of Basic Rent that Tenant would have paid for any such period. Tenant shall pay the portion of such current damages referred to in clause (xX) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated, and Tenant shall pay the portion of such current damages referred to in clause (Y) above to Landlord upon such termination.
(d) At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s 's election Tenant shall pay to Landlord an amount equal to the excess, if any, of the Basic RentRent (including Taxes, Escalation Charges Operating Expenses and other sums as hereinbefore provided charges payable under this Lease) which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating Year or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market net rental value of the Premises for the same period.
(e) In case of any Event Default of DefaultTenant, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let relet the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s 's option be equal to to, less than, or less than or exceed in excess of the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers necessary or advisable and necessary to re-let relet the same same, and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers necessary or advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. 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, 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.
Appears in 1 contract
Samples: Lease Agreement (Beacon Power Corp)
Landlord’s Remedies. (a) Upon the occurrence of an Event a Default of DefaultTenant, Landlord may terminate this Lease by notice to Tenant, specifying a date not less than five (5) days after the giving of such notice on which this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration of the Term of this Lease, and Tenant will then quit and surrender the Premises to LandlordLandlord in the condition required in Section 9.2, but Tenant shall remain liable as hereinafter provided.
(b) If this Lease shall have been terminated as provided in this Article, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than TenantSection 19.2, then Landlord may re-enter the Premises, either by summary proceedings, ejectment or otherwise, but only in accordance with Applicable Law, and remove and dispossess Tenant and all other persons and any and all property from the same, as if this Lease had not been made.
(c) If this Lease shall have been terminated as provided in this ArticleSection 19.2, Tenant shall pay the Basic Rent, Escalation Charges and other sums payable Rent hereunder up to the time of such termination, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable Rent due hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneysAttorneys’ feesFees, advertising, expenses of employees, alteration costs and expenses of preparation for such reletting; and (y) if this Lease provides that Tenant was entitled to occupy the Premises for any period of time without paying Basic Rent, the amount of Basic Rent that Tenant would have paid for any such period. Tenant shall pay the portion of such liquidated current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated, and Tenant shall pay the portion of such liquidated current damages referred to in clause (y) above to Landlord upon such termination.
(d) At any time after termination of this Lease as provided in this ArticleSection 19.2, whether or not Landlord shall have collected any such liquidated current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, Tenant, at Landlord’s election Tenant election, shall pay to Landlord an amount equal to the excess, if any, of the Basic RentRent (including Taxes, Escalation Charges Operating Expenses and other sums as hereinbefore provided charges payable under this Lease) which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, that annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating Year or Tax Year for what would be the then unexpired Term of this Lease as if the same remained in effect, over the then fair market net rental value of the Premises for the same period, both figures discounted to present value on the date actually paid applying a discount rate consistent with market rates at the time of payment as determined in Landlord’s judgment.
(e) In case of any Event Default of DefaultTenant, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may may, at its option (i) re-let relet the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to to, less than, or less than or exceed in excess of the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers necessary or advisable and necessary to re-let relet the same same, and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers necessary or advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. Tenant hereby expressly waives any and all rights of redemption granted by or under any present or future laws Applicable Law in the event of Tenant being evicted or dispossessed, or in the event of Landlord obtaining possession of the Premises, by reason of the violation by Tenant of any of the terms, covenants and or conditions of this Lease.
(f) Landlord shall have the right, but not the obligation to pay such sums or do any act which requires the expenditure of monies which may be necessary or appropriate by reason of the failure or neglect of Tenant to perform any of the provisions of this Lease, and in the event of the exercise of such right by Landlord, Tenant agrees to pay to Landlord forthwith upon demand all such sums, together with interest thereon per annum at a rate equal to the greater of three percent (3%) over the prime rate in effect from time to time at Bank of America (or any successor thereto) or fifteen percent (15%) (but in no event greater than the maximum lawful rate), as Additional Rent. Any payment of Basic Rent and Additional Rent payable hereunder not paid when due shall, at the option of Landlord, bear interest per annum at a rate equal to the greater of three percent (3%) over the prime rate in effect from time to time at Bank of America (or any successor thereto), or fifteen percent (15%) (but in no event greater than the maximum lawful rate) from the due date thereof and shall be payable forthwith on demand by Landlord as Additional Rent.
Appears in 1 contract
Landlord’s Remedies. (a) Upon the occurrence of an Event of Default, Landlord may terminate this Lease by notice to Tenant, specifying a date not less than five (5) days after the giving of such notice on which this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration of the Term If Tenant is in default of this Lease, Landlord may, at its option, in addition to such other remedies as may be available under Florida law; (i) terminate this Lease and Tenant will then quit Xxxxxx’s right of possession; or (ii) terminate Tenant’s right to possession but not this Lease and/or proceed in accordance with any and surrender the Premises to Landlordall provisions of this Paragraph set forth below, but Tenant shall remain liable as hereinafter providedor any other right otherwise provided by law or equity.
(bi) If this Lease shall have been terminated as provided in this Article, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then Landlord may without further notice re-enter the Premises, Premises either by force or otherwise and dispossess Tenant by summary proceedings, ejectment proceedings or otherwise, as well as the legal representative(s) of Tenant and/or other occupant(s) of the Premises, and remove their effects and dispossess Tenant and all other persons and any and all property from hold the same, Premises as if this Lease had not been made., and Tenant hereby waives the service of notice of intention to re-enter or to institute legal proceedings to that end including service of any so-called “three-day notice”; and/or,
(cii) If this Lease shall have been terminated as provided in this Article, Tenant shall pay All Base Rent and all Additional Rent for the Basic Rent, Escalation Charges and other sums payable hereunder up to the time balance of such termination, and thereafter Tenant, until the end of what would have been the Term will, at the election of this Lease in the absence Landlord, be accelerated, net of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord foramounts actually collected by Landlord, and shall pay become immediately due thereupon and be paid, together with all unamortized costs to Landlord of this Lease, including but not limited to improvements by Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage real estate commissions, legal expenses, and attorneys’ feesand paraprofessional fees and costs incurred or paid by Landlord in preparation of this Lease, and all expenses of every nature which Landlord may incur as a result of Tenant’s default, such as (by way of illustration and not limitation) those for reasonable attorneys’ and paraprofessional fees and costs incurred or paid by Landlord without and with litigation and at trial and on appeal, brokerage, advertising, alteration costs and expenses of preparation refurbishing the Premises in good order or preparing them for such reletting. Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated.re-lease; and/or,
(diii) At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay to Landlord an amount equal to the excess, if any, of the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market rental value of the Premises for the same period.
(e) In case of any Event of Default, may re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let lease the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term of this Lease Term, and may grant concessions or free rent or charge a higher rent than that reserved in this Lease; and/or,
(iv) Tenant or its legal representative(s) will also pay to Landlord as liquidation damages any deficiency between the extent Base Rent and all Additional Rent hereby reserved and/or agreed to be paid and the net amount, if any, of the rents collected respecting the Premises for each month of the period which would otherwise have constituted the balance of the Term. In the event that the Base Rent and/or Additional Rent that Landlord reasonably considers advisable and necessary to re-let the same and (ii) make such alterations, repairs and decorations in collects upon re- leasing of the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. 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, or in the event of Landlord obtaining possession balance of the Premises, by reason of the violation by Tenant of any of the covenants and conditions of Term exceeds that which is provided in this Lease, such excess shall be retained by Landlord and Tenant shall receive no credit thereof.
Appears in 1 contract
Samples: Single Tenant Lease
Landlord’s Remedies. If any Event of Default occurs, 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 and remedies of Landlord in this Lease or by law or in equity provided, it shall be, at the option of Landlord, without further notice or demand to Tenant or any other person, the right of Landlord to:
(a) Upon declare the occurrence Term ended and this Lease terminated and to enter the Demised Premises and take possession thereof and remove all persons therefrom and Tenant shall have no further claim thereon or thereunder;
(b) bring suit for the collection of an Rent as it accrues pursuant to the terms of this Lease and damages without entering into possession of the Demised Premises or canceling or terminating this Lease, it being understood that in the case of any Event of Default, Landlord may terminate this Operating Expenses and Taxes for each Lease Year of the unexpired Term shall be deemed to be the amount of Operating Expenses and Taxes payable by notice to TenantTenant during the twelve (12) calendar months immediately preceding the Event of Default; provided, specifying a date not less than five (5) days after however, there shall be credited against the giving amount of such notice on which this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration of the Term of this Lease, and Tenant will then quit and surrender the Premises to Landlord, but Tenant shall remain liable as hereinafter provided.
(b) If this Lease shall have been terminated as provided in this Article, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied damages all amounts received by someone other than Tenant, then Landlord may from re-enter letting the Demised Premises, either by summary proceedings, ejectment or otherwise, and remove and dispossess Tenant and all other persons and any and all property from the same, as if this Lease had not been made.;
(c) If with or without terminating this Lease, retake possession of the Demised Premises from Tenant by summary proceedings or otherwise; or
(d) terminate this Lease shall have been terminated as provided in this Article, and recover from Tenant shall pay the Basic Rent, Escalation Charges and other sums payable hereunder up to the time of such termination, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rentand agreed final damages in lieu of Tenant's liability under Section 21.2(b), Escalation Charges and other sums that would be payable hereunder if such termination had not occurredabove, less the net proceeds, if any, a sum which represents all damages which Landlord may incur by reason of any reletting Event of the Premises, after deducting all reasonable expenses in connection with such relettingDefault, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses of preparation for such reletting. Tenant shall pay the unamortized portion of the Tenant Allowance, any leasing commissions paid in connection with this Lease, any Rent abated or other cash inducements paid to Tenant hereunder (such current damages referred amortization to in clause (x) above to Landlord monthly be calculated as of the termination date on a straight line basis over the days Term hereof), plus a sum which the Basic Rent would have been payable hereunder if this Lease had not been terminated.
(d) At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond at the date of such demand, termination represents the present value (discounted at Landlord’s election Tenant shall pay to Landlord an amount equal to a rate of eight percent [8%] per annum) of the excess, if any, of (x) the Basic Rent, Escalation Charges sum of the entire amount of Base Rent and other sums as hereinbefore provided Additional Rent which would be have been payable hereunder from the date of such demand assuming that, by Tenant for the purposes remainder of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effectTerm, over (y) the then fair market aggregate reasonable rental value of the Demised Premises for the same period.
, all of which present value of such excess sum shall be immediately due and payable. In determining the aggregate reasonable rental value pursuant to item (ey) In case above, all relevant factors shall be considered as of any the time of such termination. Such payment shall constitute liquidated damages to Landlord for all such Rent yet to accrue, Landlord and Tenant acknowledging and agreeing that it is difficult to determine the actual damages Landlord would suffer by virtue of such Event of DefaultDefault and that the agreed-upon liquidated damages are not punitive or a penalty and are just, refair and reasonable, all in accordance with O.C.G.A. Section 13-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re6-let the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making 7. Upon payment of such reasonable alterationsliquidated and agreed final damages, repairs and decorations Tenant shall not operate or be construed to release Tenant released from all further liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. 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, 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.
Appears in 1 contract
Landlord’s Remedies. In the event of any default under this Lease by Tenant, Landlord, at its option, without further notice or demand to Tenant, may, in addition to all other rights and remedies provided in this Lease, at law or in equity exercise the following rights:
(aA) Upon Landlord shall have the occurrence immediate right of an Event re-entry and may remove all persons and property from the Leased Premises and such property may be removed and stored in a public warehouse at the cost of, and for the account of DefaultTenant, after service of notice and resort to legal process but without being deemed guilty of trespass, or becoming liable for any loss or damages which may be occasioned thereby;
(B) Landlord may, from time to time, without terminating this Lease, and without releasing Tenant in whole or part from Tenant's obligation to pay Rent and perform any of the covenants, conditions and agreements to be performed by Tenant as provided in this Lease, make such alterations and repairs as may be necessary in order to relet the Leased Premises. Landlord shall exercise reasonable business judgment, including but not limited to consideration of market conditions and the type and reputation of the proposed replacement tenant to relet the Leased Premises or any part thereof for such period (which may be for a term extending beyond the Term of this Lease), at such rental rates, and upon such other terms and conditions as Landlord in its sole discretion may deem advisable; upon each such reletting all rent received by the Landlord from such reletting shall be applied first, to the payment of any indebtedness other than the Rent due hereunder from Tenant to Landlord, including but not limited late fees and interest; second, to the payment of any costs and expenses of such reletting, including brokerage fees and attorneys' fees and of costs of such alterations and repairs; third, to the payment of Rent due and unpaid hereunder; and the residue, if any, shall be held by Landlord and applied in payment of future Rent as the same may become due and payable hereunder. If such rent payments received form reletting during any month be less than that to be paid during that month hereunder, Tenant shall pay any such deficiency to Landlord. Such deficiency shall be calculated and paid monthly. Landlord may apply its reasonable criteria as to the acceptability of a prospective tenant for said relet, including but not limited to its financial status, business reputation and activity, proposed use of the premises, violation of exclusive rights granted others at the time, and character of tenant population. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach;
(C) Landlord may terminate this Lease in which event it may recover from Tenant all damages it may incur by notice to Tenant, specifying a date not less than five (5) days after the giving reason of such notice on which breach, including the cost of recovering the Leased Premises, reasonable attorneys' fees, and the amount of Rent and charges equivalent to Rent reserved in this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration remainder of the Term stated Term, all of this Lease, which amounts shall be immediately due and payable from Tenant will then quit and surrender the Premises to Landlord, but Tenant . Landlord shall remain liable as hereinafter provided.
(b) If this Lease shall have been terminated as provided use good faith efforts to mitigate damages in this Article, or if any execution or attachment shall be issued against Tenant or any the event of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then Landlord may re-enter the Premises, either by summary proceedings, ejectment or otherwise, and remove and dispossess Tenant and all other persons and any and all property from the same, as if this Lease had not been made.
(c) If this Lease shall have been terminated as provided in this Article, Tenant shall pay the Basic Rent, Escalation Charges and other sums payable hereunder up to the time of such termination, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to 's default. The Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses of preparation for such reletting. Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated.
(d) At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay to Landlord an amount equal to the excess, if any, of the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market rental value of the Premises for the same period.
(e) In case of any Event of Default, 's re-entry, expiration and dispossession by summary proceedings demand for possession, a notice that the tenancy hereby created will be terminated on the date therein named, institution of an action of forcible detainer or otherwiseejectment or the entering of a judgment for possession in such action, Landlord may (i) re-let the Premises or any part other act or parts thereof, either acts resulting in the name termination of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal Tenant's right to or less than or exceed possession of the period which would otherwise have constituted Leased Premises shall not relieve Tenant from Tenant's obligation to pay the Rent hereunder during the balance of the Term of this Lease or any extension thereof, except as herein expressly provided. The Landlord may collect and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same and (ii) make such alterationsreceive any Rent due from Tenant, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations payment thereof shall not operate constitute a waiver of default or affect any notice or demand given, suit instituted or judgment obtained by Landlord, or be construed held to release Tenant from liability hereunder as aforesaid. waive, affect, change, modify or alter the rights or remedies which Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. Tenant hereby expressly waives any and all rights of redemption granted in equity or at law or by or under any present or future laws in the event of Tenant being evicted or dispossessed, 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 virtue of this Lease.
Appears in 1 contract
Samples: Lease Agreement (Ipayment Inc)
Landlord’s Remedies. (a) Upon After the occurrence of an Event of DefaultDefault by Tenant, Landlord may terminate shall have the right to exercise the following remedies:
(a) Landlord may, at its option, continue this Lease by notice in full force and effect, without terminating Tenant's right to Tenant, specifying a date not less than five (5) days after the giving of such notice on which this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration possession of the Term of this LeaseLeased Premises, and Tenant will then quit and surrender the Premises to Landlord, but Tenant shall remain liable as hereinafter provided.
(b) If this Lease in which event Landlord shall have been terminated as provided in this Articlethe right to collect Basic Rent and all other Additional Rent and charges when due. In the alternative, or if any execution or attachment Landlord shall be issued against Tenant or any of Tenant’s property whereupon have the Premises shall be taken or occupied by someone other than Tenant, then Landlord may right to peaceably re-enter the Leased Premises without such re-entry being deemed a termination of the Lease or an acceptance by Landlord of a surrender thereof. Landlord shall also have the right, at its option, from time to time, without terminating this Lease, to relet the leased Premises, either by summary proceedingsor any part thereof, ejectment with or otherwisewithout legal process, as the agent, and remove for the account, of Tenant upon such terms and dispossess Tenant and all other persons and any and all property conditions as Landlord may deem advisable (which terms may be materially different from the sameterms of this Lease), as if this Lease had not been made.
in which event the rents received on such reletting shall be applied (ci) If this Lease shall have been terminated as provided in this Article, Tenant shall pay the Basic Rent, Escalation Charges and other sums payable hereunder up first to the time reasonable and actual expenses :of such termination, letting and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such relettingcollection, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs necessary renovation and expenses of preparation for such reletting. Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated.
(d) At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay to Landlord an amount equal to the excess, if any, alterations of the Basic RentLeased Premises, Escalation Charges reasonable and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming thatactual attorneys' fees and any reasonable and actual real state commissions paid, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market rental value of the Premises for the same period.
(e) In case of any Event of Default, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same and (ii) make thereafter toward payment of all sums- due or to become due t Landlord hereunder. If a sufficient amount to pay such alterations, repairs expenses and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations sums shall not operate be realized or be construed to release secured, then Tenant from liability hereunder shall pay Landlord any such deficiently monthly, and Landlord may bring an action therefor as aforesaidsuch monthly deficiency shall arise. Landlord agrees shall not, in any vent, be required to use commercially reasonable efforts to relet pay Tenant any sums received by Landlord on a reletting of the Leased Premises after an Event in excess of Defaultthe Basic Rent provided in this Lease, provided Tenant has vacated the Premises. Tenant hereby expressly waives but such excess shall reduce any and all rights of redemption granted by or under any acc ed present or future laws in the event obligations of Tenant being evicted or dispossessed, 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.Tenant
Appears in 1 contract
Samples: Assignment and Assumption of Lease (Aei Income & Growth Fund 25 LLC)
Landlord’s Remedies. (a) Upon the occurrence of an any Event of Default, Landlord may terminate shall have the option to pursue any one or more of the following remedies:
(a) Terminate this Lease by notice to Tenant, specifying in which event Tenant shall surrender immediately the Premises to Landlord, and if Tenant fails to do so, Landlord may, without prejudice to any other remedy which Landlord may have under this Lease or applicable law, enter upon and take possession of the Premises and expel or remove Tenant and any other persons who may be occupying the Premises or any part thereof, by force if necessary, without being liable for prosecution or any claim of damages therefor;
(b) Enter upon and take possession of the Premises and expel or remove Tenant and other person who may be occupying the Premises or any part thereof, by force if necessary, without being liable for prosecution or any claim for damages therefor, and no such action by Landlord shall be construed as an election on Landlord's part to terminate the Term of this Lease unless a date not less than five written notice of such intention is given to Tenant as provided in paragraph (5a) days above;
(c) At any time or from time to time after the giving repossession of such notice on which the Premises or any part thereof pursuant to paragraph (b) above, whether or not the Term of this Lease shall terminate and this Lease have been terminated pursuant to paragraph (a) above, Landlord may (but shall come to an end on be under no obligation to) relet the date specified therein as fully and completely as if such date were the date herein originally fixed Premises or any part thereof for the expiration account of Tenant, in the name of Tenant or Landlord or otherwise, without notice to Tenant, for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the Term of this Lease) and on such conditions (which may include concessions or free rent) and for such uses Landlord, in its sole and absolute discretion, may determine, and Tenant will then quit Landlord may collect and surrender receive any rents payable by reason of such reletting and such rents so received shall be applied first to additional costs incurred by Landlord in reletting (including tenant finish expenses incurred by Landlord in preparing the Premises for a new tenant) and then credited against amounts otherwise owed to Landlord, but Tenant Landlord hereunder. Landlord shall remain not be responsible or liable as hereinafter provided.for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon any such reletting;
(bd) If No termination of this Lease shall have been terminated as provided in this Articlepursuant to paragraph (a) above, or if any execution or attachment shall be issued against Tenant or any by operation of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then Landlord may re-enter the Premises, either by summary proceedings, ejectment law or otherwise, and remove no repossession of the Premises or any part thereof pursuant to paragraph (b) above or otherwise, and dispossess Tenant and all other persons and no reletting of the Premises or any and all property from the same, as if this Lease had not been made.
part thereof pursuant to paragraph (c) If this Lease above, shall have been terminated as provided in this Articlerelieve Tenant of its liabilities and obligations hereunder, all of which shall survive such expiration, termination, repossession or reletting;
(e) In the event of any such termination or repossession, Tenant shall will pay to Landlord the Basic Rent, Escalation Charges Percentage Rent, and Additional Rent and other sums payable hereunder up required to be paid by Tenant to and including the time date of such terminationtermination or repossession and, and thereafter Tenantthereafter, Tenant shall, until the end of what would have been the Term of this Lease in the absence of such terminationtermination or repossession, and whether or not the Premises or any part thereof shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: Landlord (xi) the Basic Rent, Escalation Charges Percentage Rent, and Additional Rent and other sums that which would be payable hereunder if under this Lease by Tenant in the absence of such termination had not occurredor repossession, less (ii) the net proceeds, if any, of any reletting effected for the account of the PremisesTenant pursuant to paragraph (c) above, after deducting from such proceeds all reasonable Landlord's expenses incurred in connection with such reletting, reletting (including, without limitation, all repossession costs, new tenant finish-out expenses, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs ' fees and expenses of preparation for such relettingemployees' expenses). Tenant shall will pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days on which the Basic Rent would have been payable hereunder if under this Lease had not been terminated.in the absence of such termination or repossession, and Landlord shall be entitled to recover the same from Tenant on each such day;
(df) At any time after termination of Landlord's option, if Landlord terminates this Lease as provided in this Articleby reason of an Event of Default, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay to Landlord the sum of all Rent and other indebtedness accrued hereunder to the date of such termination, the amounts of Landlord's expenses in connection with any reletting as stated in Paragraph (e) above to the date of such termination or repossession, and, as liquidated damages, an amount equal to the excess, if any, then present value of the Basic Rent, Escalation Charges Rent and all other sums indebtedness as hereinbefore provided which would otherwise have been required to be payable hereunder paid by Tenant to Landlord during the period following the termination of the term measured from the date of such demand assuming thattermination to the date of expiration stated in Section 3.02, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be less the then unexpired Term of this Lease if the same remained in effect, over the then present fair market rental value of the Leased Premises for such period; because of the same difficulty of ascertaining the fair market rental value of the Leased Premises and the costs and time associated with reletting the Leased Premises, the Landlord and Tenant stipulate that such fair market rental value shall in no event be deemed to exceed seventy-five percent (75%) of the then present value of the Rent reserved for such period.;
(eg) In case addition to any other remedy available to Landlord, in the event Tenant should neglect to perform the maintenance required of it pursuant to the terms of this Lease, and such failure shall not be cured after notice to Tenant and expiration of any Event of Default, re-entry, expiration and dispossession by summary proceedings applicable curative period (including any applicable right to extend the curative period) set forth herein (except Tenant shall have no grace or otherwisecurative period to correct any condition that poses an imminent danger to persons or property), Landlord may shall have the right, but not the obligation, to cause repairs or corrections to be made, in which event the cost of such repairs shall be reimbursed by Tenant to Landlord within thirty (i30) re-let days after Tenant receives written demand therefor from Landlord together with copies of itemized invoices reflecting the Premises or cost of such repairs;
(h) In the event of any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term termination of this Lease by Tenant pursuant to a right granted by this Lease or by operation of law, Tenant's liability for the payment and may grant concessions or free rent to performance of all covenants, debts, indemnities and other obligations of Tenant under this Lease accrued through the extent that Landlord reasonably considers advisable date of termination shall be unaffected by such termination and necessary to re-let shall be enforceable against Tenant in the same manner as if this Lease continued to be in full force and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. 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, 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 Leaseeffect.
Appears in 1 contract
Samples: Lease Agreement (Residential Healthcare Properties Inc)
Landlord’s Remedies. (a) Upon the occurrence of an Event a Default of DefaultTenant, Landlord may terminate this Lease by notice to Tenant, specifying a date not less than five (5) days after the giving of such notice on which this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration of the Term of this Lease, and Tenant will then quit and surrender the Premises to LandlordLandlord in the condition required herein, but Tenant shall remain liable as hereinafter provided.
(b) If this Lease shall have been terminated as provided in this Article, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then Landlord may re-enter the Premises, either by summary proceedings, ejectment or otherwise, and remove and dispossess Tenant and all other persons and any and all property from the same, as if this Lease had not been made.
(c) If this Lease shall have been terminated as provided in this Article, Tenant shall pay the Basic Rent, Escalation Charges and other sums payable Rent hereunder up to the time of such termination, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not when the Premises shall have been relet, relet and Landlord shall use best efforts to relet the Premises. Tenant shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable Rent hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, expenses of employees, alteration costs and expenses of preparation for such reletting. Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated, and Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord upon such termination.
(d) At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay to Landlord an amount equal to the excess, if any, of the Basic RentRent (including Taxes, Escalation Charges Operating Expenses and other sums as hereinbefore provided charges payable under this Lease) which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating Year or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market net rental value of the Premises for the same period.
(e) In case of any Event Default of DefaultTenant, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may shall (i) re-let use best efforts to relet the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to to, less than, or less than or exceed in excess of the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers necessary or advisable and necessary to re-let relet the same same, and (ii) may make such alterations, repairs and decorations in the Premises as Landlord considers necessary or advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. 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, 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.
Appears in 1 contract
Landlord’s Remedies. All rights and remedies of Landlord herein enumerated shall be cumulative, none shall exclude any other right or remedy allowed herein or bylaw, and if any provision shall be invalid or unenforceable, it shall apply only to such provisions and the remainder of this Lease shall continue valid and enforceable.
(a) Upon If Tenant defaults in the occurrence payment of an Event of Default, Rent or any other sums due Landlord may terminate this Lease by notice to Tenant, specifying a date and if the default is not less than remedied within five (5) days after the giving of such notice on which amount is due, then and in any such event, Landlord may, if Landlord so elects but not otherwise, either forthwith terminate this Lease shall terminate and this Lease shall come Tenant's right to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration possession of the Term of Premises or, without terminating this Lease, and Tenant will then quit and surrender forthwith terminate Tenant's right to possession of the Premises to Landlord, but Tenant shall remain liable as hereinafter providedPremises.
(b) If Tenant defaults in the prompt and full performance of any other provision of this Lease shall have been terminated and if such default is not remedied or prompt and full performance is not accomplished by Tenant or Tenant has not promptly instituted and is not vigorously pursuing such remedies as provided in this Articleare necessary to rectify such default within twenty (20) days after demand is made by Landlord, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then Landlord may re-enter abandons the Premises, either by summary proceedingsthen and in any such event, ejectment or Landlord may, if Landlord so elects but not otherwise, and remove and dispossess Tenant and all other persons and any and all property from the same, as if forthwith terminate this Lease had not been madeand Tenant's right to the Premises or, without terminating this Lease, forthwith terminate Tenant's right to possession of the Premises.
(c) 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 this 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 in such event with or without process of law, and to repossess the Premises and to expel or remove Tenant and any others who may be occupying or 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 operation of law.
(d) If Tenant voluntarily abandons the Premises or otherwise entitles Landlord so to elect, and Landlord elects to terminate Tenant's right to possession only, without terminating the Lease, Landlord may, at Landlord's option, enter into the Premises, remove Tenant's signs and other evidences of tenancy, and take and hold possession thereof as in Subparagraph (c) of this Section 18, without such entry and possession terminating this Lease or releasing Tenant, in whole or part, from Tenant's obligation to pay Rent hereunder for the full term. Upon and after entry into possession without termination of this Lease, Landlord may relate 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 have been terminated as provided determine. If the consideration collected by Landlord upon any such reletting for Tenant's account is not sufficient to pay monthly the full amount of Rent reserved in this ArticleLease, Tenant shall pay to Landlord the Basic Rentamount of each monthly deficiency as it becomes due upon demand. Tenant shall also pay to Landlord any and all costs, Escalation Charges charges and other sums payable hereunder up expenses associated with the reletting of the Premises.
(e) Any and all property which may be removed from the Premises by Landlord pursuant to the time authority of such terminationthe Lease or of law, to which Tenant is or may be entitled may be handled, removed and thereafter stored by Landlord at the risk, cost and expense of Tenant, until the end of what would have been the Term of this Lease provided, however, that Landlord shall use reasonable care to prevent any damage or loss to such property in the absence of removing and storing such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and property. Tenant shall pay to Landlord, as liquidated current damages: (x) the Basic Rentupon demand, Escalation Charges any and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses incurred in connection with such relettingremoval and all reasonable 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 removed from the Premises or retaken from storage by Tenant within thirty (30) days after the end of Tenant's possession or of the term, includinghowever terminated, without limitationor any extension thereof, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses of preparation for such reletting. Tenant shall pay the portion of such current damages referred be conclusively deemed to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminatedforever abandoned by Tenant.
(df) At If any time after termination voluntary or involuntary petition or similar pleading under any section or sections of any bankruptcy act shall be filed by or against Tenant, or any voluntary or involuntary proceeding in any court or tribunal shall be instituted to declare Tenant insolvent or unable to pay Tenant's debts, or Tenant makes an assignment for the benefit of its creditors, and in the case of an involuntary petition or proceeding, the petition or proceeding is not dismissed within thirty (30) days from the date it is filed, Landlord may elect, but is not required, to terminate this Lease with or without notice of such election and with or without entry or other action by Landlord.
(g) If Tenant should default under the terms of this Lease as provided and such default is not cured in this Articleaccordance with the terms hereof, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay to Landlord an amount equal to the excessall reasonable costs, if anycharges, of the Basic Rent, Escalation Charges expenses and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments attorney's fees incurred by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained Landlord in effect, over the then fair market rental value of the Premises for the same periodconnection therewith.
(e) In case of any Event of Default, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. 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, 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.
Appears in 1 contract
Landlord’s Remedies. (a) Upon the occurrence of an Event of Default, Landlord may terminate this Lease by notice shall have the option to Tenant, specifying a date not less than five (5) days after the giving of such notice on which this Lease shall terminate do and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration perform any one or more of the Term of following:
(a) Terminate this Lease, and in which event Tenant will then quit and surrender the shall immediately surrendex xxx Premises to Landlord. If Tenant shall fail to do so, but Landlord may, without further notice and without prejudice to any other remedy Landlord may have, lawfully enter upon the Premises without the requirement of resorting to the dispossessory procedures set forth in O.C.G.A. ss.ss. 44-7-50 et seq. and expel xx xxmove Tenant and Tenant's effects without being xxxxxe for any claim for trespass or damages therefor. Upon any such termination, Tenant shall remain liable as hereinafter provided.
(b) If this Lease shall have been terminated as provided in this Articleto Landlord for damages, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon due and payable monthly on the Premises shall be taken or occupied by someone other than Tenant, then Landlord may re-enter the Premises, either by summary proceedings, ejectment or otherwise, and remove and dispossess Tenant and all other persons and any and all property from the same, as if this Lease had not been made.
(c) If this Lease shall have been terminated as provided in this Article, Tenant shall pay the Basic Rent, Escalation Charges and other sums payable hereunder up to the time of such termination, and thereafter Tenant, until the end of what day Base Rent would have been payable hereunder, in an amount equal to the Term Base Rent and any other amounts which would have been owing by Tenant for the balance of the Term, had this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurredterminated, less the net proceeds, if any, of any reletting of the PremisesPremises by Landlord, after deducting all reasonable of Landlord's costs and expenses in connection with such reletting, (including, without limitation, all repossession costs, brokerage commissions, legal advertising expenses, attorneys’ fees, advertising, alteration costs professional fees and expenses the preparation of preparation the Premises for such reletting. Tenant shall pay ) incurred in connection with or in any way related to the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated.
(d) At any time after termination of this Lease as provided in this ArticleLease, whether or not Landlord shall have collected any eviction of Tenant and such reletting; and/or
(b) Declare the entire amount of Base Rent calculated on the current damagesrate being paid by Tenant, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay to Landlord an amount equal to the excess, if any, of the Basic Rent, Escalation Charges and other sums as hereinbefore provided (including additional rent) which in Landlord's reasonable determination would become due and payable during the remainder of the Term (including, but not limited to, increases in Base Rent), discounted to present value by using a reasonable discount rate selected by Landlord, to be due and payable hereunder from the date immediately. Upon such acceleration of such demand assuming that, for the purposes of this paragraph, annual payments by amounts Tenant on account of Taxes and Operating Expenses would be agrees to pay the same as at once, together with all Base Rent and other amounts theretofore due, less the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market rental value of the Premises for the same period.remainder of the Term, as determined by Landlord (taking into consideration the probable costs of marketing and reletting the Premises (including improvements required to be made to ready the Premises for reletting), then-current rental rates, probable rental rates for the remainder of the Term, probable concession packages, the probability of reletting the Premises and the probable amount of time which will elapse before the Premise are relet), at Landlord's address as provided herein; provided however, that such payment shall not constitute a penalty or forfeiture but shall constitute liquidated damages for Tenant's failure to comply with the terms and provisions of this Lease (Landlord and Tenant agreeing that Landlord's actual damages in such an event are impossible to ascertain and that the amount set forth above is a reasonable estimate thereof). The acceptance of such payment by Landlord shall not constitute a waiver or rights or remedies to Landlord for any failure of Tenant thereafter occurring to comply with any term, provision, condition or covenant of this Lease; and/or
(ec) In case Lawfully enter the Premises as the agent of Tenant without the requirement of resorting to the dispossessory procedures set forth in O.C.G.A. ss.ss. 44-7-50 et seq. and withxxx being liable for any claim for trespass or damages therefor, and, in connection therewith, rekey the Premises, remove Tenant's effects therefrom and stxxx xxe same at Tenant's expense, without being liable for any damage thereto, and relet the Premises as the agent of Tenant, without advertisement, by private negotiations, for any term Landlord deems proper, and receive the rent therefor. Tenant shall pay Landlord on demand any deficiency that may arise by reason of such reletting, but Tenant shall not be entitled to any surplus so arising. Tenant shall reimburse Landlord for all reasonable costs and expenses (including, without limitation, advertising expenses and reasonable professional fees) incurred in connection with or in any way related to the eviction of Tenant and reletting the Premises. Landlord, in addition to but not in lieu of or in limitation of any Event other right or remedy provided to Landlord under the terms of Defaultthis Lease or otherwise (but only to the extent such sum is not reimbursed to Landlord in conjunction with any other payment made by Tenant to Landlord), re-entryshall have the right to be immediately repaid by Tenant the amount of all sums expended by Landlord and not repaid by Tenant in connection with preparing or improving the Premises to Tenant's specifications and any and all costs and expenses incurred in renovating or altering the Premises to make it suitable for reletting; and/or
(d) As agent of Tenant, expiration and dispossession by summary proceedings do whatever Tenant is obligated to do under this Lease, including, but not limited to, lawfully entering the Premises, without being liable to prosecution or otherwiseany claims for damages, in order to accomplish this purpose. Tenant agrees to reimburse Landlxxx xmmediately upon demand for any expenses which Landlord may (i) re-let incur in thus effecting compliance with this Lease on behalf of Tenant. Landlord shall not be xxxxxe for any damages resulting to Tenant from such action, unless caused by the Premises negligence or any part or parts thereof, either in the name willful misconduct of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. 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, 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.
Appears in 1 contract
Samples: Industrial Lease (Foster L B Co)
Landlord’s Remedies. (a) Upon the occurrence of an Event of Default, Landlord may terminate this Lease by notice to Tenant, specifying a date not less than five (5) days after the giving of such notice on which If this Lease shall terminate be terminated as in Section 13.01 provided, Landlord or Landlord's agents or employees may immediately or at any time thereafter re-enter the Premises and this Lease shall come remove therefrom Tenant, its agents, employees, licensees, and any subtenants and other persons, firms or corporations, and all or any of its or their property therefrom either by summary dispossess proceedings or by any suitable action or proceeding at law or by force, self-help or otherwise, without being liable to an end on indictment, prosecution or damages therefor, and repossess and enjoy said Premises, together with all alterations, additions and improvements thereto. Landlord, in the date specified therein as fully event of such re-entry and completely as if such date were repossession, may store Tenant's property in a public warehouse or elsewhere at the date herein originally fixed cost of and for the expiration account of the Term of this Lease, and Tenant will then quit and surrender the Premises to Landlord, but Tenant shall remain liable as hereinafter providedTenant.
(b) If this Lease shall have been terminated as provided in this ArticleIn case of any such termination, re-entry or if any execution dispossess by summary proceedings or attachment otherwise, the rents and all other charges required to be paid up to the time of such termination, re-entry or dispossess, shall be issued against paid by Tenant and Tenant shall also pay to Landlord all expenses which Landlord may then or any of Tenant’s property whereupon thereafter incur for legal expenses, attorney's fees, brokerage commissions and all other costs paid or incurred by Landlord for restoring the Premises shall be taken or occupied by someone other than Tenantto good order and condition and for altering and otherwise preparing the same for reletting and for reletting thereof. Landlord may, then Landlord may re-enter at any time and from time to time, relet the Premises, in whole or in part, for any rental then obtainable either by summary proceedingsin its own name or as agent of Tenant, ejectment for a term or otherwiseterms which, and remove and dispossess Tenant and all other persons and any and all property from at Landlord's option, may be for the same, as if remainder of the then current term of this Lease had not been madeor for any longer or shorter period.
(c) If this Lease shall have been be terminated as provided in this Articleaforesaid, Tenant shall nevertheless covenants and agrees notwithstanding any entry or re-entry by Landlord, whether by summary proceedings, termination or otherwise, to pay and be liable for on the Basic Rentdays originally fixed herein for the payment thereof, Escalation Charges the installments of fixed monthly rent, additional rent and other sums payable hereunder up to charges, as under the time of such termination, and thereafter Tenant, until the end of what would have been the Term terms of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses of preparation for such reletting. Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder become due if this Lease had not been terminated.
terminated or if Landlord had not entered or re-entered as aforesaid, and regardless whether the Premises be relet or remain vacant in whole or in part. In the event the Premises be relet by the Landlord, Tenant shall be entitled to a credit (d) At any time after termination but not in excess of the rent or other charges reserved under the terms of this Lease as provided Lease) in this Article, whether or not the net amount of rent received by Landlord shall have collected any such current damages, as liquidated final damages in reletting the Premises after deduction of all expenses and costs incurred in reletting the Premises and in lieu of all such current damages beyond collecting the date of such demandrent in connection therewith. As an alternative, at the election of Landlord’s election , Tenant shall pay to Landlord an as damages such a sum as at the time of such termination represents the amount equal to the of excess, if any, of the Basic Rentthen present value of the total fixed monthly rent, Escalation Charges additional rent and other sums as hereinbefore provided benefits which would be payable hereunder from have accrued to Landlord under the date of such demand assuming that, Lease for the purposes of this paragraphremainder to the Lease term, annual payments if the Lease terms had been fully complied with by Tenant on account of Taxes Tenant, over and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be above the then unexpired Term of this Lease if the same remained in effect, over the then fair market present rental value of the Premises for the same periodbalance of the term. Suit or suits for the recovery of an deficiency or damages or for any installments or installments of fixed monthly rent, additional rent or other charges hereunder, or for a sum equal to any such installment or installments, may be brought by Landlord at once or from time to time at Landlord's election and nothing in this Lease shall be deemed to require Landlord to await the date whereon this Lease or the term hereof would have expired by limitation had there been no such default by Tenant or no such cancellation or termination.
(d) Tenant hereby expressly waives, so far as permitted by law, the service of any notice of intention to re-enter provided for in any statute, or of the institution of legal proceedings to that end, and Tenant, for and on behalf of itself and all persons claiming through or under Tenant, also waives any and all right of redemption or re-entry or repossession under present or future laws, including specifically but without limitation Section 761 of the New York Real Property Action and Proceedings Law including any amendments hereafter. As an inducement to Landlord to make this Lease and in consideration thereof, the Landlord and Tenant covenant and agree that in any action or proceeding brought by either Landlord or Tenant against the other or any matter whatsoever arising out of, or by virtue of the terms of this Lease or of Tenant's occupancy, Landlord and Tenant shall and do hereby waive trial by jury. In the event Landlord commences any proceedings for non-payment of rent, Tenant shall not interpose any non-compulsory counterclaim in any such proceeding. This shall not, however, be construed as a waiver of Tenant's rights to assert such claim in any separate action or actions initiated by Tenant.
(e) In case No failure by Landlord to insist upon the strict performance of any Event covenant, agreement, term or condition of Defaultthis Lease or to exercise any right or remedy consequent upon a breach thereof, re-entryand no acceptance of full or partial rent during the continuance of any such breach, expiration shall constitute a waiver of any such breach or of such covenant, agreement, term or condition. No waiver of any breach shall affect or alter this Lease, but each and dispossession every covenant, agreement, term and condition of this Lease shall continue in full force and effect with respect to any other then existing or subsequent breach thereof. No payment by summary proceedings Tenant or otherwisereceipt by Landlord of a lesser amount than the monthly installments of rent or additional rent stipulated in this Lease shall be deemed to be other than on account of the earliest amounts due nor shall any endorsement or statement on any check or letter accompanying a check for payment of rent be deemed any accord and satisfaction, and Landlord may (i) re-let the Premises accept such check or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at payment without prejudice to Landlord’s option be equal 's right to or less than or exceed the period which would otherwise have constituted recover the balance of such additional rent or to pursue any other remedy provided by this Lease.
(f) Tenant hereby grants to Landlord a security interest in all equipment, fixtures, improvements, merchandise, now or hereafter located in the Term Premises, and all proceeds therefrom, to secure the payment and performance of the Tenant's obligations set forth in this Lease. Upon request, Tenant agrees to sign a Financing Statement simultaneously with the execution and delivery of this Lease or at any time thereafter, and Landlord is hereby authorized to file such Financing Statement as may grant concessions be required under the Uniform Commercial Code to perfect such security interest. Upon the occurrence of any "event of default", pursuant to Section 13.01 hereof, Landlord shall be entitled to exercise all of the rights and remedies of a secured party under the Uniform Commercial Code. Reasonable attorney fees of the Landlord in enforcing any right or free rent to exercising any remedy under this Security Agreement shall be deemed a part of the extent that Landlord reasonably considers advisable and necessary to re-let the same and obligations secured hereby.
(iig) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. Tenant hereby expressly waives any and all rights of redemption granted by or under any present or future laws in In the event of Tenant being evicted any breach or dispossessed, or in the event of Landlord obtaining possession of the Premises, by reason of the violation threatened breach by Tenant of any of the covenants and covenants, agreements, terms or conditions of contained in this Lease, Landlord shall be entitled to enjoin such breach or threatened breach and shall have the right to invoke any right and remedy allowed at law or in equity, by statute or otherwise.
(h) Each right and remedy of Landlord 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, by statute or otherwise.
Appears in 1 contract
Landlord’s Remedies. (a) Upon the occurrence of an any Event of DefaultDefault by Tenant, Landlord may terminate may, at Landlord’s option, without any demand or notice whatsoever (except as expressly required in this Section 12.B):
(i) Give Tenant notice of termination, in which event (1) this Lease by notice to Tenant, specifying a date not less than five (5) days after the giving of such notice on which this Lease shall will terminate and this Lease shall come to an end on the date specified therein as fully in such notice and completely as if such date were all rights of Tenant under this Lease and to the date herein originally fixed for the expiration of the Term of this LeasePremises will terminate, and Tenant will then quit remain liable for all obligations under this Lease arising up to the date of such termination, together with Tenant’s obligations to perform the Restoration Work; and (2) Tenant will surrender the Premises to Landlord, but Tenant shall remain liable as hereinafter providedLandlord on the date specified in such notice.
(bii) If Terminate this Lease shall have been terminated as provided in this Article, or if any execution or attachment shall be issued against Section 12.B(i) and recover from Tenant or any all damages Landlord may incur by reason of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then Landlord may re-enter the Premises, either by summary proceedings, ejectment or otherwise, and remove and dispossess Tenant and all other persons and any and all property from the same, as if this Lease had not been made.
(c) If this Lease shall have been terminated as provided in this Article, Tenant shall pay the Basic Rent, Escalation Charges and other sums payable hereunder up to the time of such termination, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such relettingdefault, including, without limitation, all repossession costsan amount which, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses of preparation for such reletting. Tenant shall pay at the portion date of such current damages referred to in clause termination, is calculated as follows (xand which will be immediately due and payable):
1. The positive difference, if any, of: (a) above to Landlord monthly on the days Base Rent, Additional Rent and all other sums which the Basic Rent would have been payable hereunder if this Lease had not been terminated.
(d) At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond by Tenant for the period commencing with the day following the date of such demand, at Landlord’s election Tenant shall pay to Landlord an amount equal to termination and ending with the excess, if any, of the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of scheduled Expiration Date had this Lease if not been terminated (the same remained in effect“Remaining Term”), over minus (b) the then fair market aggregate reasonable rental value of the Premises for the same periodRemaining Term (which positive difference, if any will be discounted to present value at the Treasury Yield for the Remaining Term); plus
2. The costs of recovering possession of the Premises and all other expenses incurred by Landlord due to Tenant’s default, including, without limitation, the cost of performance of the Removal and Restoration Work and all reasonable and actual attorneys’ fees, paralegal fees, disbursements and mediation, arbitration and court costs and expenses, including litigation through all trial and appellate levels (collectively, “Legal Costs”); plus
3. The unpaid Base Rent and Additional Rent owed as of the date of termination plus any interest and late fees due hereunder, plus other amounts owing on the date of termination by Tenant to Landlord under this Lease or in connection with the Premises.
(eiii) In case Without terminating this Lease, in its own name but as agent for Xxxxxx, enter into and upon and take possession of any Event of Default, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let the Premises or any part or parts thereof, either . Any property remaining in the name of Premises may be removed and stored at the cost of, and for the account of, Tenant without Landlord becoming liable for any loss or otherwise, for a term or terms damage which may at be occasioned thereby unless caused by Xxxxxxxx’s gross negligence. Thereafter, Landlord may, but will not be obligated to (except as required to meet any duty to mitigate its damages in accordance with applicable law), lease to a third party the Premises or any portion thereof upon such terms and conditions as Landlord may deem or desirable in order to relet the Premises, but without relieving Tenant of its liability. The remainder of any rentals received by Landlord from such reletting (after the payment of any indebtedness due hereunder from Tenant to Landlord’s option , and the payment of any costs and expenses of such reletting), will be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent held by Landlord to the extent that Landlord reasonably considers advisable of and necessary to re-let for application in payment of future rent owed by Xxxxxx, if any, as the same may become due and (ii) make payable hereunder. If the rentals received from such alterationsreletting will at any time be less than sufficient to pay to Landlord the entire sums then due from Tenant hereunder, repairs and decorations in the Premises as Tenant will pay any such deficiency to Landlord. Notwithstanding any such reletting without termination, Landlord considers advisable and necessary may at any time thereafter elect to terminate this Lease for the purpose of reletting the Premises; and the making of any such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Defaultprevious default, provided Tenant same has vacated the Premises. Tenant hereby expressly waives any and all rights of redemption granted by not been cured.
(iv) Pursue such other remedies as are available at law or under any present or future laws in the event of Tenant being evicted or dispossessed, 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 Leaseequity.
Appears in 1 contract
Landlord’s Remedies. (a) Upon the occurrence of an Event of Default, Landlord may terminate this Lease may, at Landlord's option, without any further demand or notice, in addition to any other remedy or right given hereunder or by notice to Tenantlaw, specifying a date not less than five (5) days after the giving of such notice on which this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration do any of the Term of this Lease, and Tenant will then quit and surrender the Premises to Landlord, but Tenant shall remain liable as hereinafter provided.following:
(b) If this Lease shall have been terminated as provided in this Article, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then Landlord may re1. Re-enter the Premisesleased premises, either by summary proceedingstake possession thereof, ejectment or otherwiseeject all persons therefrom, using all necessary force to do so, and remove and dispossess Tenant and all other persons and any and all property from the samewith or without re-entry, as if declare this Lease had not been made.
(c) If this Lease shall have been terminated as provided Agreement at an end, in this Article, which event Tenant shall immediately pay the Basic Rent, Escalation Charges and other sums payable hereunder up Landlord a sum of money equal to the time of such termination, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceedsamount, if any, of any reletting by this agreement for the balance of the Premiseslease term exceeds the then reasonable rental value of the leased premises for the balance of the term of this Agreement.
2. Re-enter the leased premises, after deducting take possession thereof, eject all persons therefrom, using all necessary force to do so, and without terminating this Agreement, re-rent the leased premises or any part of the leased premises, as the Landlord and for the account of Tenant upon such terms and conditions as Landlord may deem advisable, in which event the rents received on such re-renting shall be applied first to the expense of such re-renting and collection, including necessary renovation and alteration of the leased premises, reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ attorney's fees, advertising, alteration costs and expenses of preparation for such reletting. Tenant shall pay the portion of such current damages referred thereafter to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated.
(d) At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu payment of all sums due or to become due Landlord under this Agreement, and if a sufficient sum shall not be thus realized to pay such current damages beyond the date of such demandsums and other charges, at Landlord’s election Tenant shall pay to Landlord any deficiency and Landlord may bring an amount equal action thereafter to collect same.
3. Collect, by action or otherwise, each installment of rent or other sum as the same becomes due and payable, and enforce, by action or otherwise, any other term or covenant of this Agreement.
4. After terminating or without terminating this Agreement, re-enter the premises, take possession thereof, eject all persons therefrom, using all necessary force to do so, make any alterations or changes to the excessleased premises, if any, and remove any and all property whatsoever found there. Tenant waives all claims f o r damages that may be caused by Landlord's re-entering and taking possession of the Basic Rentleased premises or removing and storing furniture and property as herein provided, Escalation Charges and other sums shall save Landlord harmless from loss, costs or damages occasioned Landlord thereby.
5. If Tenant breaches this Agreement and abandons the leased premises before the end of the term, or if Tenant's right to possession is terminated by Landlord because of a breach of this Agreement, then in either such case, Landlord may recover from Tenant all damages suffered by Landlord as hereinbefore provided the result of Tenant's failure to perform Tenant's obligation hereunder, including, but not restricted to the worth at the time of the award of the amount by which would be payable the rent then unpaid hereunder from for the date balance of the term o f this Agreement exceeds the amount of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market rental value of the Premises loss for the same periodperiod which the Tenant proves could be reasonably avoided by Landlord, and in either such case, Landlord, prior to the award, may relet t h e leased premises for the purpose of mitigating damages suffered by Landlord because of Tenant's failure to perform Tenant's obligations hereunder; provided, however, even though Tenant has abandoned the leased premises following such a breach, this Agreement shall nevertheless continue in full force and effect for as long as Landlord does not terminate Tenant's right of possession, and until such termination, Landlord may enforce all his rights and remedies under this Agreement, including the right to recover the rent from Tenant as it becomes due hereunder.
(e) In case 6. Any such re-entry or taking of possession of the leased premises or property thereon shall be allowed by Tenant without let or hindrance, and Landlord shall not be liable in damages for any Event of Default, such re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) a n d such re-let the Premises entry or any taking of possession shall not be construed as an election on Landlord's part or parts thereof, either in the name to terminate this Agreement unless a written notice of such intention is given.
7. All rights and remedies of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations hereunder shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. 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, 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 Leaseexclusive but shall be cumulative.
Appears in 1 contract
Samples: Rental Agreement
Landlord’s Remedies. (a) Upon the occurrence of an any Event of DefaultDefault by Tenant, Landlord may, subject to any judicial process and notice to the extent required by Title 4, Chapter 24 of the Texas Property Code, as may terminate be amended, in addition to all other rights and remedies afforded Landlord hereunder or by law or equity, take any of the following actions:
(i) Terminate this Lease by giving Tenant written notice to Tenantthereof, specifying a date not less than five (5) days after the giving of such notice on in which this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration of the Term of this Lease, and Tenant will then quit and surrender the Premises to Landlord, but Tenant shall remain liable as hereinafter provided.
(b) If this Lease shall have been terminated as provided in this Article, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then Landlord may re-enter the Premises, either by summary proceedings, ejectment or otherwise, and remove and dispossess Tenant and all other persons and any and all property from the same, as if this Lease had not been made.
(c) If this Lease shall have been terminated as provided in this Articleevent, Tenant shall pay to Landlord the Basic Rentsum of (1) all Rent accrued hereunder through the date of termination, Escalation Charges (2) all amounts due under Section 15.(a), and (3) an amount equal to (A) the total Rent that Tenant would have been required to pay for the remainder of the Term discounted to present value at a per annum rate equal to the “Prime Rate” as published on the date this Lease is terminated by The Wall Street Journal, Southwest Edition, in its listing of “Money Rates”, minus (B) the then present fair rental value of the Premises for such period, similarly discounted; or
(ii) Terminate Tenant’s right to possession of the Premises without terminating this Lease by giving written notice thereof to Tenant, in which event Tenant shall pay to Landlord (1) all Rent and other amounts accrued hereunder to the date of termination of possession, (2) all amounts due from time to time under Section 15.(a), and (3) all Rent and other sums payable required hereunder up to be paid by Tenant during the time remainder of the Term, diminished by any net sums thereafter received by Landlord through reletting the Premises during such terminationperiod. Landlord shall use reasonable efforts to relet the Premises on such terms and conditions as Landlord in its sole discretion may determine (including a term different from the Term, rental concessions, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such terminationalterations to, and whether or improvement of, the Premises); however, Landlord shall not be obligated to relet the Premises before leasing other portions of the Building. Landlord shall have been relet, shall not be liable to Landlord for, and nor shall pay Tenant’s obligations hereunder be diminished because of, Landlord’s failure to Landlord, as liquidated current damages: (x) relet the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses of preparation Premises or to collect rent due for such reletting. Tenant shall pay not be entitled to the portion excess of such current damages referred any consideration obtained by reletting over the Rent due hereunder. Re-entry by Landlord in the Premises shall not affect Tenant’s obligations hereunder for the unexpired Term; rather, Landlord may, from time to in clause (x) above time, bring action against Tenant to collect amounts due by Tenant, without the necessity of Landlord’s waiting until the expiration of the Term. Unless Landlord monthly on delivers written notice to Tenant expressly stating that it has elected to terminate this Lease, all actions taken by Landlord to exclude or dispossess Tenant of the days which the Basic Rent would have been payable hereunder if Premises shall be deemed to be taken under this Section 16.(a)(ii). If Landlord elects to proceed under this Section 16.(a)(ii), it may at any time elect to terminate this Lease had not been terminatedunder Section 16.(a)(i).
(diii) At any time after termination of this Lease as provided in this ArticleNotwithstanding anything to the contrary herein, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay not be deemed to Landlord an amount equal to the excess, if any, of the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market rental value of the Premises for the same period.
(e) In case of have waived any Event of Default, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let the Premises or any part or parts thereof, either in the name requirements of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after mitigate damages upon an Event of Default, provided Tenant has vacated the Premises. Tenant hereby expressly waives any and all rights of redemption granted Default as required by or under any present or future laws in the event of Tenant being evicted or dispossessed, 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 Leaselaw.
Appears in 1 contract
Samples: Lease Agreement (ReachLocal Inc)
Landlord’s Remedies. (a) Upon the occurrence of an Event a Default of DefaultTenant, Landlord may terminate this Lease by notice to Tenant, specifying a date not less than five (5) days after the giving of such notice on which this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration of the Term of this Lease, and Tenant will then quit and surrender the Premises to Landlord, but Tenant shall remain liable as hereinafter provided.
(b) If this Lease shall have been terminated as provided in this Article, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than TenantARTICLE, then Landlord may re-enter the Premises, either by summary proceedings, ejectment or otherwise, and remove and dispossess Tenant and all other persons and any and all property from the same, as if this Lease had not been made.
(c) If this Lease shall have been terminated as provided in this Article, Tenant shall pay the Basic Rent, Escalation Charges Additional Rent and other sums payable hereunder up to the time of such termination, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) damages the Basic Rent, Escalation Charges Additional Rent and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ ' fees, advertising, expenses of employees, alteration costs and expenses of preparation for such reletting. Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated.
(d) At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s 's election Tenant shall pay to Landlord an amount equal to (1) the excessnet present value, if any, of utilizing the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant discount rate then being paid on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for U.S. Treasury obligations having a term closest to what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market rental value of the Premises for the same period.
(e) In case of any Event of Default, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of been the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. 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, 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.absent termination hereof,
Appears in 1 contract
Samples: Lease (Silverstream Software Inc)
Landlord’s Remedies. (a) Upon the occurrence of an any Event of DefaultDefault by Tenant, Landlord may, subject to any judicial process and notice to the extent required by Title 4, Chapter 24 of the Texas Property Code, as may terminate be amended, in addition to all other rights and remedies afforded Landlord hereunder or by law or equity, take any of the following actions:
(i) Terminate this Lease by giving Tenant written notice to Tenantthereof, specifying a date not less than five (5) days after the giving of such notice on in which this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration of the Term of this Lease, and Tenant will then quit and surrender the Premises to Landlord, but Tenant shall remain liable as hereinafter provided.
(b) If this Lease shall have been terminated as provided in this Article, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then Landlord may re-enter the Premises, either by summary proceedings, ejectment or otherwise, and remove and dispossess Tenant and all other persons and any and all property from the same, as if this Lease had not been made.
(c) If this Lease shall have been terminated as provided in this Articleevent, Tenant shall pay to Landlord the Basic Rentsum of (1) all Rent accrued hereunder through the date of termination, Escalation Charges (2) all amounts due under Section 15(a), and (3) an amount equal to (A) the total Rent that Tenant would have been required to pay for the remainder of the Term discounted to present value at a per annum rate equal to the “Prime Rate” as published on the date this Lease is terminated by The Wall Street Journal, Southwest Edition, in its listing of “Money Rates”, minus (B) the then present fair rental value of the Premises for such period, similarly discounted; or
(ii) Terminate Tenant's right to possession of the Premises without terminating this Lease by giving written notice thereof to Tenant, in which event Tenant shall pay to Landlord (1) all Rent and other amounts accrued hereunder to the date of termination of possession, (2) all amounts due from time to time under Section 15(a), and (3) all Rent and other sums payable required hereunder up to be paid by Tenant during the time remainder of the Term, diminished by any net sums thereafter received by Landlord through reletting the Premises during such terminationperiod. Landlord shall use reasonable efforts to relet the Premises on such terms and conditions as Landlord in its sole discretion may determine (including a term different from the Term, rental concessions, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such terminationalterations to, and whether or improvement of , the Premises); however, Landlord shall not be obligated to relet the Premises before leasing other portions of the Building. Landlord shall have been relet, shall not be liable to Landlord for, and nor shall pay Tenant's obligations hereunder be diminished because of, Landlord's failure to Landlord, as liquidated current damages: (x) relet the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses of preparation Premises or to collect rent due for such reletting. Tenant shall pay not be entitled to the portion excess of such current damages referred any consideration obtained by reletting over the Rent due hereunder. Re-entry by Landlord in the Premises shall not affect Tenant's obligations hereunder for the unexpired Term; rather, Landlord may, from time to in clause (x) above time, bring action against Tenant to collect amounts due by Tenant, without the necessity of Landlord's waiting until the expiration of the Term. Unless Landlord monthly on delivers written notice to Tenant expressly stating that it has elected to terminate this Lease, all actions taken by Landlord to exclude or dispossess Tenant of the days which the Basic Rent would have been payable hereunder if Premises shall be deemed to be taken under this Section 16(a)(ii). If Landlord elects to proceed under this Section 16(a)(ii), it may at any time elect to terminate this Lease had not been terminatedunder Section 16(a)(i).
(diii) At any time after termination of this Lease as provided in this ArticleNotwithstanding anything to the contrary herein, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay not be deemed to Landlord an amount equal to the excess, if any, of the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market rental value of the Premises for the same period.
(e) In case of have waived any Event of Default, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let the Premises or any part or parts thereof, either in the name requirements of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after mitigate damages upon an Event of Default, provided Tenant has vacated the Premises. Tenant hereby expressly waives any and all rights of redemption granted Default as required by or under any present or future laws in the event of Tenant being evicted or dispossessed, 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 Leaselaw.
Appears in 1 contract
Samples: Lease Agreement (ReachLocal Inc)
Landlord’s Remedies. (a) Upon the occurrence of an Event a Default of DefaultTenant, Landlord may terminate this Lease by notice to Tenant, specifying a date not less than five (5) days after the giving of such notice on which this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration of the Term of this Lease, and Tenant will then quit and surrender the Premises to LandlordLandlord in the condition required in Section 9.2, but Tenant shall remain liable as hereinafter provided.
(b) If this Lease shall have been terminated as provided in this Article, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than TenantSection 19.2, then Landlord may re-enter the Premises, either by summary proceedings, ejectment or otherwise, and remove and dispossess Tenant and all other persons and any and all property from the same, as if this Lease had not been made.
(c) If this Lease shall have been terminated as provided in this ArticleSection 19.2, Tenant shall pay the Basic Rent, Escalation Charges and other sums payable Rent hereunder up to the time of such termination, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable Rent due hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneysAttorneys’ feesFees, advertising, expenses of employees, alteration costs and expenses of preparation for such reletting; and (y) if this Lease provides that Tenant was entitled to occupy the Premises for any period of time without paying Basic Rent, the amount of Basic Rent that Tenant would have paid for any such period. Tenant shall pay the portion of such liquidated current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated, and Tenant shall pay the portion of such liquidated current damages referred to in clause (y) above to Landlord upon such termination.
(d) At any time after termination of this Lease as provided in this ArticleSection 19.2, whether or not Landlord shall have previously collected any such liquidated current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, Tenant, at Landlord’s election Tenant election, shall pay to Landlord as final liquidated damages and in lieu of any other amounts thereafter coming due an amount equal to the then net present value of the excess, if any, of the Basic RentRent (including Taxes, Escalation Charges Operating Expenses and other sums as hereinbefore provided charges payable under this Lease) which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, that annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating Year or Tax Year for what would be the then unexpired Term of this Lease as if the same remained in effect, over the then fair market net rental value of the Premises for the same period.
(e) In case of any Event Default of DefaultTenant, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may may, at its option (i) re-let relet the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to to, less than, or less than or exceed in excess of the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers necessary or advisable and necessary to re-let relet the same same, and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers necessary or advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. Tenant hereby expressly waives any and all rights of redemption granted by or under any present or future laws Applicable Law in the event of Tenant being evicted or dispossessed, or in the event of Landlord obtaining possession of the Premises, by reason of the violation by Tenant of any of the terms, covenants and or conditions of this Lease.
(f) Landlord shall have the right, but not the obligation to pay such sums or do any act which requires the expenditure of monies which may be necessary or appropriate by reason of the failure or neglect of Tenant to perform any of the provisions of this Lease, and in the event of the exercise of such right by Landlord, Tenant agrees to pay to Landlord forthwith upon demand all such sums, together with interest thereon per annum at a rate equal to the greater of three percent (3%) over the prime rate in effect from time to time at Bank of America (or any successor thereto) or eighteen percent (18%) (but in no event greater than the maximum lawful rate), as Additional Rent. Any payment of Basic Rent and Additional Rent payable hereunder not paid when due shall, at the option of Landlord, bear interest per annum at a rate equal to the greater of three percent (3%) over the prime rate in effect from time to time at Bank of America (or any successor thereto), or eighteen percent (18%) (but in no event greater than the maximum lawful rate) from the due date thereof and shall be payable forthwith on demand by Landlord as Additional Rent.
Appears in 1 contract
Samples: Lease Agreement (Chiasma, Inc)
Landlord’s Remedies. (a) Upon the occurrence of an Event a Default of DefaultTenant, Landlord may terminate this Lease by notice to Tenant, specifying a date not less than five (5) days after the giving of such notice on which this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration of the Term of this Lease, and Tenant will then quit and surrender the Premises to LandlordLandlord in the condition required in Section 9.2, but Tenant shall remain liable as hereinafter provided.
(b) If this Lease shall have been terminated as provided in this Article, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than TenantSection 19.2, then Landlord may re-enter the Premises, either by summary proceedings, ejectment or otherwise, and remove and dispossess Tenant and all other persons and any and all property from the same, as if this Lease had not been made.
(c) If this Lease shall have been terminated as provided in this ArticleSection 19.2, Tenant shall pay the Basic Rent, Escalation Charges and other sums payable Rent hereunder up to the time of such termination, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable Rent due hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneysAttorneys’ feesFees, advertising, expenses of employees, alteration costs and expenses of preparation for such reletting. Tenant shall pay the portion of such liquidated current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated, and Tenant shall pay the portion of such liquidated current damages referred to in clause (y) above to Landlord upon such termination.
(d) At any time after termination of this Lease as provided in this ArticleSection 19.2, whether or not Landlord shall have collected any such liquidated current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, Tenant, at Landlord’s election Tenant election, shall pay to Landlord an amount equal to the excess, if any, of the Basic RentRent (including Taxes, Escalation Charges Operating Expenses and other sums as hereinbefore provided charges payable under this Lease) which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, that annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating Year or Tax Year for what would be the then unexpired Term of this Lease as if the same remained in effect, over the then fair market net rental value of the Premises for the same period, discounted for present net value at a rate equal to the Federal Reserve discount rate.
(e) In case of any Event Default of DefaultTenant, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may may, at its option (i) re-let relet the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to to, less than, or less than or exceed in excess of the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers necessary or advisable and necessary to re-let relet the same same, and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers necessary or advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. Tenant hereby expressly waives any and all rights of redemption granted by or under any present or future laws Applicable Law in the event of Tenant being evicted or dispossessed, or in the event of Landlord obtaining possession of the Premises, by reason of the violation by Tenant of any of the terms, covenants and or conditions of this Lease.
(f) Landlord shall have the right, but not the obligation to pay such sums or do any act which requires the expenditure of monies which may be necessary or appropriate by reason of the failure or neglect of Tenant to perform any of the provisions of this Lease, and in the event of the exercise of such right by Landlord, Tenant agrees to pay to Landlord forthwith upon demand all such sums, together with interest thereon per annum at a rate equal to the greater of three percent (3%) over the prime rate in effect from time to time at Bank of America (or any successor thereto) or twelve percent (12%) per annum (but in no event greater than the maximum lawful rate), as Additional Rent. Any payment of Basic Rent and Additional Rent payable hereunder not paid when due shall, at the option of Landlord, bear interest per annum at a rate equal to the greater of three percent (3%) over the prime rate in effect from time to time at Bank of America (or any successor thereto), or twelve percent (12%) per annum (but in no event greater than the maximum lawful rate) from the due date thereof and shall be payable forthwith on demand by Landlord as Additional Rent.
Appears in 1 contract
Landlord’s Remedies. If an Event of Default shall have occurred and is continuing Landlord shall have the following rights and remedies then or at any time thereafter, the election of which, singly or one or more in combination with each other, shall be at the sole option of Landlord:
(a) Upon To make any payment required to be made by Tenant or to do any act required to be done by Tenant, provided that the occurrence making of an any such payment or the expense of doing such act by Landlord shall constitute Additional Rent hereunder due and payable together with interest and late charges with the installment of Monthly Base Rent next due, but the making of such payment or the doing of such act by Landlord shall not operate to cure such Event of Default, Default or to estop Landlord may terminate this Lease by notice from the pursuit of any remedy to Tenant, specifying a date not less than five (5) days after the giving of such notice on which this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration of the Term of this Lease, and Tenant will then quit and surrender the Premises to Landlord, but Tenant shall remain liable as hereinafter providedLandlord would otherwise be entitled.
(b) If To terminate this Lease by written notice to Tenant, whereupon this Lease shall have been terminated as provided in this Article, or if any execution or attachment shall be issued against end and all rights of Tenant or any (but not the liability of Tenant’s property whereupon ) hereunder shall expire and terminate. Upon such termination by Landlord, Tenant will at once surrender possession of the Demised Premises shall be taken or occupied by someone other than to Landlord and remove all of Tenant's Personal Property therefrom, then and Landlord may forthwith re-enter and repossess the PremisesDemised Premises and remove all persons and effects therefrom, either by summary proceedingsproceeding, ejectment or otherwiseother legal action or by using such force as may be permitted. Landlord shall be under no liability by reason of any such reentry, and remove and dispossess Tenant and all other persons and any and all property from the same, as if this Lease had not been maderepossession or removal.
(c) If To enter upon and take possession of the Demised Premises and expel or remove Tenant and any other person who may be occupying the Demised Premises or any part thereof, without being liable for prosecution or any claim for any damages or liability therefor and without terminating this Lease Lease, and, if Landlord so elects, make such Alterations and repairs as, in Landlord's absolute discretion, may be necessary to relet the Demised Premises or any part thereof, without notice to Tenant, for such rent and such use, and for such period of time and subject to such terms and conditions as Landlord may deem advisable, and receive the rent therefor. Upon each such reletting, all rent received by Landlord from such reletting shall have been terminated as provided in this Articlebe applied, Tenant shall pay the Basic Rentfirst, Escalation Charges and other sums payable hereunder up to the time payment of any indebtedness, including interest thereon, other than any Rent; second, to the payment of any costs and expenses of such terminationreletting, including brokerage fees, reasonable attorneys' fees and thereafter Tenantthe costs of Alterations and repairs; third, until to the end payment of what would have been any Monthly Base Rent and Additional Rent due and unpaid, together with interest and late charges; and the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceedsresidue, if any, shall be held by Landlord and applied in payment of future Rent as the same may become due and payable hereunder. Tenant agrees to pay Landlord, on demand, any reletting deficiency that may arise by reason of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses of preparation for such reletting. Tenant Landlord shall pay not be liable for any failure to relet the portion of Demised Premises or any part thereof or for any failure to collect any rent due upon any such current damages referred reletting. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if terminate this Lease had not been terminatedfor such prior default.
(d) At any time To require Tenant to pay, within fifteen (15) days after termination of this Lease as provided in this Articlenotice, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay to Landlord an amount equal to the excess, if any, of the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, Monthly Base Rent for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market rental value of the Premises for the same period.
(e) In case of any Event of Default, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted commencing on the balance of Lease Commencement Date and ending on the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same Rent Commencement Date and (ii) make such alterationsfor all periods during which Monthly Base Rent shall then have been abated in accordance with Paragraph 4(b) hereof, repairs and decorations further to require Tenant to forfeit the right to xxxxx Monthly Base Rent for all other periods mentioned in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. 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, 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 Leasesaid Paragraph 4(b) hereof.
Appears in 1 contract
Samples: Lease Agreement (Lecg Corp)
Landlord’s Remedies. (a) Upon the occurrence of an Event a Default of DefaultTenant, Landlord may terminate this Lease by written notice to Tenant, specifying a date not less than five (5) days after the giving of such notice on which this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration of the Term of this Lease, and Tenant will then quit and surrender the Premises to LandlordLandlord in the condition required in Section 9.2, but Tenant shall remain liable as hereinafter provided.
(b) If this Lease shall have been terminated as provided in this Article, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than TenantSection 19.2, then Landlord may re-enter the Premises, either by summary proceedings, ejectment or otherwise, and remove and dispossess Tenant and all other persons and any and all property from the same, as if this Lease had not been made.
(c) If this Lease shall have been terminated as provided in this ArticleSection 19.2, Tenant shall pay the Basic Rent, Escalation Charges and other sums payable Rent hereunder up to the time of such termination, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable Rent due hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneysreasonable Attorneys’ feesFees, advertising, expenses of employees, alteration costs and expenses of preparation for such reletting; and (y) if this Lease provides that Tenant was entitled to occupy the Premises for any period of time without paying Basic Rent, the amount of Basic Rent that Tenant would have paid for any such period. Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated, and Tenant shall pay the portion of such damage referred to in clause (y) above to Landlord upon such termination.
(d) At any time after termination of this Lease as provided in this ArticleSection 19.2, whether or not except to the extent that Landlord shall have collected any such current damages, as liquidated final damages pursuant to subsection (c) above and in lieu of all such current damages beyond the date extent of such demanddamages, Tenant, at Landlord’s election Tenant election, shall pay to Landlord as liquidated damages: an amount equal to the excess, if any, of the Basic RentRent (including Taxes, Escalation Charges Operating Expenses and other sums as hereinbefore provided charges payable under this Lease) which would be payable hereunder from the date of such demand (assuming that, for the purposes of this paragraph, that annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating Year or Tax Year for what would be the then unexpired Term of this Lease as if the same remained in effect), over the then fair market rental value of the Premises for the same period.
(e) In case of any Event Default of DefaultTenant, re-entry, expiration and dispossession by summary proceedings or otherwise, so long as Landlord may (i) re-let has exercised its right to terminate this Lease, Landlord shall be obligated to mitigate its damages and to use all commercially reasonable efforts to relet the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s option shall be equal to to, less than, or less than or exceed in excess of, the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers necessary or advisable and necessary to re-let relet the same same, and (ii) make such alterations, repairs and decorations in the Premises as Landlord reasonably considers necessary or advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. Tenant hereby expressly waives any and all rights of redemption granted by or under any present or future laws Applicable Law in the event of Tenant being evicted or dispossessed, or in the event of Landlord obtaining possession of the Premises, by reason of the violation by Tenant of any of the terms, covenants and or conditions of this Lease.
(f) Landlord shall have the right, but not the obligation to pay such sums or do any act which requires the expenditure of monies which may be necessary or appropriate by reason of the failure or neglect of Tenant to perform any of the provisions of this Lease, and in the event of the exercise of such right by Landlord, Tenant agrees to pay to Landlord forthwith upon demand all such sums, together with interest thereon per annum at a rate equal to the greater of three percent (3%) over the prime rate in effect from time to time at Bank of America or fifteen percent (15%) (but in no event greater than the maximum lawful rate), as Additional Rent. Any payment of Basic Rent and Additional Rent payable hereunder not paid when due shall, at the option of Landlord, bear interest per annum at a rate equal to the greater of three percent (3%) over the prime rate in effect from time to time at Bank of America or fifteen percent (15%) (but in no event greater than the maximum lawful rate) from the due date thereof and shall be payable forthwith on demand by Landlord as Additional Rent.
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Landlord’s Remedies. (a) Upon the occurrence of an Event of Default, Landlord then Landlord, in addition to the other rights and remedies it may terminate have at law or equity, shall have the right to immediately declare this Lease by notice to Tenantterminated, specifying a date not less than five (5) days after the giving of such notice on which this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration whereupon all of the Term right, title and interest of this Leasethe Tenant hereunder shall wholly cease and expire. Tenant shall then quit, and Tenant will then quit and surrender the Demised Premises to Landlord, Landlord but Tenant shall remain liable to Landlord as hereinafter provided.
(bi) If this Lease shall have been terminated as provided in this Articlebe terminated, Landlord or if any execution Landlord's agents or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then Landlord employees may re-enter the Premisesimmediately, either by summary process proceedings or by any suitable action or proceeding at law, enter and repossess the Demised Premises, together with all alterations, additions and improvements thereto, without being liable for indictment or prosecution for damages therefore. In the event of such re-entry and repossession, Landlord may store Tenant's property in a public warehouse or elsewhere at the sole cost to, and for the account of, Tenant.
(ii) If this Lease shall be terminated, all rents and other charges required to be paid up to the time of such termination, re-entry or dispossession, shall be paid by Tenant and Tenant shall also pay to Landlord all expenses which Landlord may then or thereafter incur for reasonable attorneys' fees and costs of suit, and brokerage commissions and all other costs paid or incurred by Landlord in repossessing the Demised Premises, restoring the Demised Premises to order and condition necessary to relet same, for reletting thereof and for any other item or cost which Landlord incurs as a result of Tenant's Event of Default..
(iii) If this Lease shall be terminated, Tenant nevertheless covenants and agrees, notwithstanding any entry or re-entry by Landlord whether by summary process proceedings, ejectment termination or otherwise, to pay and remove be liable for on the days originally fixed herein for the payment thereof, amounts equal to the several installments of Rent and dispossess Tenant and all other persons and any and all property from charges due under the sameterms of this Lease, as if this Lease had not been made.
(c) If this Lease terminated; but in the event the Demised Premises shall have been terminated as provided in this Articlebe relet by the Landlord, Tenant shall pay be entitled to a credit (but not in excess of the Basic Rent, Escalation Charges and Rent or other sums payable hereunder up to charges reserved under the time of such termination, and thereafter Tenant, until the end of what would have been the Term terms of this Lease in Lease) of the absence net amount of rent and additional rent received by Landlord, pursuant to such terminationreletting, after deduction by Landlord of all expenses and whether or not costs incurred by it. As an alternative, at the Premises shall have been reletelection of Landlord, shall be liable to Landlord for, and Tenant shall pay to Landlord, as liquidated current damages: (x) , such a sum as at the Basic Rent, Escalation Charges and other sums that would be payable hereunder if time of such termination had not occurred, less represents the net proceeds, if any, of any reletting discounted present value (using prime rate listed at Fleet Bank) of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses amount of preparation for such reletting. Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated.
(d) At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay to Landlord an amount equal to the excess, if any, of the Basic Rent, Escalation Charges then present value of the total Fixed Rent and other sums as hereinbefore provided Additional Rent which would be payable hereunder from the date of such demand assuming that, have accrued to Landlord under this Lease for the purposes remainder of this paragraph, annual payments the Lease Term if the Lease terms had been fully complied with by Tenant on account of Taxes over and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be above the then unexpired Term of this Lease if the same remained in effect, over the then fair present market rental value of the Demised Premises for the same periodbalance of the Lease Term or, if the Demised Premises have been relet to a non-affiliated third party, the discounted present value of the difference between the total Fixed Rent and Additional Rent payable under this Lease and the new lease. Suit or suits for the recovery of the deficiency of damages referred to in this Paragraph or for any installment or installments of Fixed Rent or Additional Rent hereunder, or for a sum equal to any such installment or installments, may be brought by Landlord at once or from time to time at Landlord's election, and nothing in this Lease shall be deemed to require Landlord to await the date whereon this Lease or the term hereof would have expired by limitation had there been no such default by Tenant or no such cancellation or termination.
(b) All costs incurred by Landlord in collecting any amounts and damages owing by Tenant by reason of the occurrence of an Event of Default, or enforcing any provisions of this Lease, including court costs and reasonable attorneys fees, shall be recoverable by Landlord from Tenant.
(c) No failure by Landlord to insist upon the strict performance of any covenant, agreement, term or condition of this Lease or to exercise any right or remedy consequent upon 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 or of such covenant, agreement, term or condition. No waiver of any breach shall affect or alter this Lease, but each and every covenant, agreement, term and condition of this Lease shall continue in full force and effect with respect to any other then existing or subsequent breach thereof.
(d) Each right and remedy of Landlord 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, by statute or otherwise.
(e) TENANT, FOR ITSELF AND FOR ALL PERSONS CLAIMING THROUGH OR UNDER IT, HEREBY ACKNOWLEDGES THAT THIS LEASE CONSTITUTES A COMMERCIAL TRANSACTION AS SUCH TERM IS USED AND DEFINED IN SECTION 52-278 OF THE CONNECTICUT GENERAL STATUTES, AND HEREBY EXPRESSLY WAIVES ANY AND ALL RIGHTS WHICH ARE OR MAY BE CONFERRED UPON TENANT BY SAID STATUTORY PROVISION TO ANY NOTICE OR HEARING PRIOR TO A PREJUDGMENT REMEDY.
(f) In case of any Event of Default, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. Tenant hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of any breach or threatened breach by Tenant being evicted or dispossessed, any persons claiming through or in the event of Landlord obtaining possession of the Premises, by reason of the violation by under Tenant of any of the agreements, terms, covenants or conditions contained in this Lease, Landlord shall be entitled to enjoin such breach or threatened breach and conditions of shall have the right to invoke any right and remedy allowed at law or in equity or by statute or otherwise as if re-entry, summary proceedings or other specific remedies were not provided for in this Lease.
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Landlord’s Remedies. (a) Upon the occurrence of an Event event of Defaultdefault hereunder, Landlord may terminate this Lease in addition to all other rights and remedies available at law or in equity or provided by notice to Tenant, specifying a date not less than five (5) days after the giving of such notice on which this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration of the Term any provision of this Lease, Landlord may do any one or more of the following:
(a) Landlord may terminate the Lease upon seven (7) days written notice to Tenant and upon the date specified in said notice, this Lease and the term hereby demised and all rights of Tenant hereunder shall expire and terminate and Tenant will then shall thereupon quit and surrender possession of the Leased Premises to Landlord, but Landlord in the condition elsewhere herein required and Tenant shall remain liable to Landlord as hereinafter hereafter provided.
(b) If this Lease shall have been terminated as provided in this Article, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Without further notice to Tenant, then Landlord may re-enter upon and repossess the Premises, either Leased Premises by summary proceedings, ejectment or otherwise, otherwise and Landlord may dispossess and remove and dispossess Tenant and all other persons and any and all property from the same, as if this Lease had not been madeLeased Premises and may have hold and enjoy the Leased Premises and the rents and profits therefrom.
(c) If this Lease shall have been terminated as provided in this Article, Tenant shall pay the Basic Rent, Escalation Charges and other sums payable hereunder up Without further notice to the time of such termination, and thereafter Tenant, until Landlord may relet the end of what would have premises or any part thereof in its own name, if the Lease has not been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlordterminated, as liquidated current damages: (x) the Basic RentTenant's agent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurredor on its own behalf, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses of preparation for such reletting. Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not has been terminated.
(d) At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay to Landlord an amount equal to the excess, if any, of the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market rental value of the Premises for the same period.
(e) In case of any Event of Default, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a such term or terms (which may at Landlord’s option be equal to greater or less than or exceed the period which would otherwise have constituted the balance of the Term term of this Lease Lease) or under such conditions and with such provisions which may grant include concessions or free rent rent) as Landlord in its sole discretion may determine. And Landlord may, in connection with any such reletting, cause the Leased Premises to be redecorated, altered, divided, consolidated with other space or otherwise changed or prepared for reletting between Landlord and Tenant. It being understood between Landlord and Tenant that no reletting shall be deemed a surrender and acceptance of the Leased Premises.
(d) Without further notice to Tenant, Landlord may apply any security deposit held by Landlord or any portion of the Common Area Expenses (if applicable) contributed by Tenant and presently held by Landlord to the extent expenses of performing Tenant's obligations as herein provided or the expenses of causing the compliance with any of the above referenced obligations or the reletting of the Leased Premises.
(e) Landlord may cure, but Landlord shall not be obligated to cure on behalf of Tenant any default hereunder by Tenant, upon seven (7) days notice to Tenant (except that no notice need be given in case of emergency) and 120% of the cost of such cure, and any reasonable attorney's fees incurred, shall be deemed additional rent payable upon demand.
(f) Landlord reasonably considers advisable may declare to be immediately due and necessary payable upon three (3) days written notice to re-let Tenant, a sum equal to the same balance of the rent and (ii) make such alterations, repairs and decorations in all other charges due from Tenant under the Premises as Landlord considers advisable and necessary Lease for the purpose balance of reletting the Premises; term of the Lease (accelerated rent).
(g) In addition to any applicable lien, none of which are to be deemed waived by Landlord, Landlord shall have, at all times, and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. Tenant hereby expressly waives grants to Landlord, a valid lien and security interest to secure payment of all rentals and other sums of money becoming due hereunder from Tenant, and to secure payment of any and all rights of redemption granted by damages or under any present or future laws in the event of Tenant being evicted or dispossessed, or in the event of loss which Landlord obtaining possession of the Premises, may suffer by reason of the violation breach by Tenant of any covenant, agreement or condition contained herein, upon all goods, wares, equipment, fixtures, furniture, improvements and other personal property of Tenant presently or which may hereafter be situated on the Premises, and all proceeds therefrom, and such property shall not be removed therefrom without the consent of Landlord until all arrearage's in Rent as well as any and all other sums of money then due to Landlord hereunder shall first have been paid and discharged and all the covenants, agreements and conditions hereof have been fully complied with and performed by Tenant. Upon the occurrence of an event of default by Tenant, Landlord may, in addition to any other remedies provided herein, peaceably enter upon the Premises and take possession of any and all goods, wares, equipment, fixtures, furniture, improvements and other personal property of Tenant situated on the Premises, without liability for trespass or conversion, and sell the same at public or private sale, with or without having such property at the sale, after giving Tenant reasonable notice of the time and place of any public sale or of the time after which any private sale is to be made, at which sale Landlord or its assigns may purchase unless otherwise prohibited by law. Unless otherwise provided by law, and without intending to exclude any other manner of giving notice, Landlord shall give notice of any such sale to Tenant in the manner prescribed in Section 22.12 of this Lease at least five (5) days before the time of sale. The proceeds from any such disposition, less any and all expenses connected with the taking of possession, holding and selling of the property (including reasonable attorneys' fees and other expenses), shall be applied as a credit against the indebtedness secured by the security interest herein granted. Any surplus shall be paid to Tenant or as otherwise required by law; and Tenant shall pay any deficiencies forthwith. Upon request by Landlord, Tenant agrees to execute and deliver to Landlord a financing statement in form sufficient to perfect the security interest of Landlord in the aforementioned property and proceeds thereof under the provisions of the Uniform Commercial Code in force in the State of Pennsylvania. Landlord shall in no event 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 a reletting, nor shall Landlord have any duty to mitigate damages resulting from a default by Tenant. Nothing contained in this Lease shall limit or prejudice the right of Landlord to prove for and seek to obtain as damages incidental to a termination of this Lease, in any court proceedings including, without limitation, bankruptcy or reorganization proceedings, the maximum amount allowed by any statute or rule of law in effect when such damages are to be proved. No right or remedy herein conferred upon or reserved to Landlord is intended to be exclusive of any other right or remedy provided herein or by law, 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. No waiver by Landlord of any breach by Tenant of any of the Tenant's obligations, agreements, or covenants herein shall be a waiver of any subsequent breach or of any obligation, agreement or covenant; nor shall any forbearance by Landlord to seek a remedy for any breach by Tenant be a waiver by Landlord of any rights and conditions of this Leaseremedies with respect to such or any subsequent breach.
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Samples: Lease (Americasbank Corp)
Landlord’s Remedies. (a) Upon the occurrence of an Event of Default, Landlord may terminate this Lease by notice to Tenant, specifying a date not less than five (5) days after the giving of such notice on which If this Lease shall terminate be terminated as provided in paragraph 13.01, Landlord or Landlord's agents or employees may immediately or at any time thereafter re-enter the Premises and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration of the Term of this Leaseremove therefrom Tenant, its agents, employees, licensees, and Tenant will then quit any subtenants and surrender other persons, firms or corporations, and all or any of its or their property therefrom either by summary dispossess proceedings or by any suitable action or proceeding at law, without being liable to indictment, prosecution or damages therefor, and repossess and enjoy the Premises to LandlordPremises, but Tenant shall remain liable as hereinafter providedtogether with all alterations, additions and improvements thereto.
(b) If this Lease shall have been terminated as provided in this ArticleIn case of any such termination, re-entry or if any execution dispossession by summary proceedings or attachment otherwise, the rents and all other charges required to be paid up to the time of such termination, re-entry or dispossession, shall be issued against paid by Tenant, and Tenant shall also pay to Landlord all expenses which Landlord may then or any of Tenant’s property whereupon thereafter incur for legal expenses, attorneys' fees, brokerage commissions and all other costs paid or incurred by Landlord for restoring the Premises shall be taken or occupied by someone other than Tenantto good order and condition and for altering and otherwise preparing the same for reletting thereof. Landlord may, then Landlord may re-enter at any time and from time to time, relet the Premises, in whole or in part, for any rental then obtainable either by summary proceedingsin its own name or as agent of Tenant, ejectment for a term or otherwiseterms which, and remove and dispossess Tenant and all other persons and any and all property from at Landlord's option, may be for the same, as if remainder of the then current term of this Lease had not been madeor for any longer or shorter period.
(c) If this Lease shall have been be terminated as provided in this Articleaforesaid, Tenant shall pay the Basic Rentnevertheless covenants and agrees, Escalation Charges and other sums payable hereunder up to the time of such notwithstanding any entry or re-entry by Landlord, whether by summary proceedings, termination, or otherwise, to pay and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses of preparation for such reletting. Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which originally fixed herein for the Basic Rent would have been payable hereunder payment thereof, amounts equal to the several installments of fixed monthly rent, additional rent and other charges as they would, under the terms of this Lease, become due if this Lease had not been terminatedterminated or if Landlord had not entered or re-entered as aforesaid, whether the Premises be relet or remain vacant in whole or in part for a period less than the remainder of the term or for the whole thereof, but in the event the Premises be relet by Landlord, Tenant shall be entitled to a credit in the net amount of rent received by Landlord in reletting the Premises after deduction of all expenses and costs incurred or paid as aforesaid in reletting the Premises and in collecting the rent in connection therewith. As an alternative, at the election of Landlord, Tenant shall pay to Landlord as damages, such a sum as at the time of such termination represents the amount of the then present value of the total fixed monthly rent and additional rent and other benefits which would have accrued to Landlord under this Lease for the remainder of the term (including all renewal terms whether or not Tenant had elected to renew) if the Lease terms had been fully complied with by Tenant.
(d) At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay to Landlord an amount equal to the excess, if any, of the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market rental value of the Premises for the same period.
(e) In case of any Event of Default, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. Tenant hereby expressly waives, so far as permitted by law, for and on behalf of itself and all persons claiming through or under Tenant also waives any and all rights of redemption granted by or re-entry or repossession under any present or future laws laws, including specifically but without limitation, Section 761 of the New York Real Property Actions and Proceeding Law including and amendments hereafter made thereto, and Tenant further waives any and all rights to restore the operation of this Lease and further waives any right under Article 63 of the Civil Practice Law and Rules. 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, Landlord and Tenant, so far as permitted by law, waive and will waive trial by jury in any action, proceeding or counterclaim brought by either of the parties hereto against the other on any matters whatsoever arising out of or in any way connected with this Lease, the relationship of Landlord and Tenant, Tenant's use or occupancy of said Premises, or any claim of injury or damage. The terms "enter," or "re-entry" as used in this lease are not restricted to their technical legal meaning.
(e) No failure by Landlord to insist upon the strict performance of any covenant, agreement, term or condition of this Lease 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 or of such covenant, agreement, term or condition. No waiver of any breach shall affect or alter this Lease, but each and every covenant, agreement, term and condition of this Lease shall continue in full force and effect with respect to any other then existing or subsequent breach thereof. No payment by Tenant or receipt by Landlord of a lesser amount than the monthly installments of rent or additional rent stipulated in 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 letter accompanying a check for payment of rent be deemed any 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 by this Lease.
(f) In the event of Tenant being evicted any breach or dispossessed, or in the event of Landlord obtaining possession of the Premises, by reason of the violation threatened breach by Tenant of any of the covenants and covenants, agreements, terms or conditions of contained in this Lease, Landlord shall be entitled to enjoin such breach or threatened breach and shall have the right to invoke any right or remedy allowed at law or in equity or by statute or otherwise.
(g) Each right or remedy of Landlord 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.
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Landlord’s Remedies. (a) Upon the occurrence of an Event of Default, Landlord may terminate this Lease by notice to Tenant, specifying a date not less than five (5) days after the giving of such notice on which this Lease If Tenant shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration default in fulfilling any of the Term covenants of this Lease, other than the covenants for the payment of rent or additional rent, and Tenant will then quit shall fail to commence to take steps to remedy the same within thirty (30) days after written notice thereof from Landlord specifying such default, or having so commenced, shall thereafter fail to diligently proceed to correct the same, or if the Demised Premises shall become vacant or deserted and surrender the Premises to Landlord, but Tenant shall remain liable as hereinafter provided.
(b) If this Lease shall have been terminated as provided in this Articlecease paying rent, or if any execution or attachment shall be issued against Tenant or any of Tenant’s its property whereupon the Demised Premises shall be taken or occupied or attempted to be taken or occupied by someone some one other than TenantTenant and the same shall not be bonded and/or dismissed or discharged as promptly as possible under the circumstances, Landlord may give ten (10) days notice of intention to end the term of this Lease and thereupon, at the expiration of said ten (10) days, 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 said term, and Tenant shall then quit the Demised Premises and surrender the same, but shall remain liable as hereinafter provided. If the notice provided for in the above paragraph shall have been given and the term of this Lease shall expire as aforesaid, or if Tenant shall continue in default in the payment of the rent reserved herein or any item of additional rent herein mentioned or any part of either after ten (10) days after notice thereof by Landlord, or in making any other payment herein provided after ten (10) days after notice thereof by Landlord, then and in any such events, Landlord may may, without notice, re-enter the Demised Premises, either by summary proceedings, ejectment force or otherwise, and remove and dispossess Tenant and all the legal representative of Tenant or other persons occupant of the Demised Premises by summary proceedings or otherwise and any remove their effects and all property from hold the same, Demised Premises as if this Lease had not been made.
(c) ; and Tenant hereby waives the service of notice of intention to re-enter or to institute legal proceedings to that end. If Tenant shall make default hereunder prior to the date fixed as the commencement of any renewal or extension of this Lease, and Tenant shall fail to cure such default within the time provided therefor and Landlord shall thereby become entitled to and shall terminate this Lease shall have been terminated as provided or re-enter and dispossess Tenant, then Landlord may cancel and terminate such renewal or extension by written notice. Tenant further agrees that in this Articlecase of any such termination, Tenant shall pay the Basic Rent, Escalation Charges indemnify Landlord against all loss of rents and other sums payable hereunder up to the time damage which Landlord may incur by reason of such termination, including, but not limited to, costs of restoring and thereafter repairing the Demised Premises and putting the same in rentable condition, costs of renting the Demised Premises to another Tenant, until loss or diminution of rents and other damage which Landlord may incur by reason of such termination and all reasonable attorneys' fees and expenses incurred in enforcing any of the end of what would have been the Term terms of this Lease in the absence or any other rights or remedies of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord. Neither acceptance of rent by Landlord, as liquidated current damages: (x) the Basic Rentwith or without knowledge of breach, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, nor failure of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses of preparation for such reletting. Tenant shall pay the portion of such current damages referred Landlord to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated.
(d) At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay to Landlord an amount equal to the excess, if any, of the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant take action on account of Taxes any breach hereof or to enforce its rights hereunder shall be deemed a waiver of any breach, and Operating Expenses would absent written notice or consent, said breach shall be the same a continuing one. The words "re-enter" and "re-try" as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of used in this Lease if the same remained in effect, over the then fair market rental value of the Premises for the same periodare not restricted to their technical legal meaning.
(e) In case of any Event of Default, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. 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, 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.
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Landlord’s Remedies. (a) Upon the occurrence of an Event of Default, Landlord may terminate this Lease by notice to Tenant, specifying a date not less than five (5) days after the giving of such notice on which If this Lease shall terminate be terminated as provided in paragraph 11.01 above, Landlord or Landlord’s agents or employees may immediately or at any time thereafter re-enter the Premises and this Lease shall come to an end on remove therefrom the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration of the Term of this LeaseTenant, its agents, employees, servants, licensees, and Tenant will then quit any subtenants and surrender the Premises other persons, firms or corporations, and all or any of its or their property therefrom, whether by summary dispossess proceedings or by any suitable action or proceeding at law, without being liable to Landlordindictment, but Tenant shall remain liable as hereinafter providedprosecution or damages therefor, and repossess and enjoy said Premises, together with all alterations, additions and improvements thereto.
(b) If In case of any such termination, re-entry or dispossess by summary proceedings or otherwise, the rents and all other charges required to be paid up to the time of such termination, re-entry or dispossess, shall be paid by Tenant and Tenant shall also pay to Landlord all reasonable expenses which Landlord may then or thereafter incur for legal expenses, attorneys’ fees, brokerage commissions and all other costs reasonably paid or incurred by Landlord for restoring the Premises to good order and condition and for altering and otherwise preparing the same for reletting. Landlord may, at any time and from time to time, relet the Premises, in whole or in part, for any rental then obtainable either in its own name or as agent of Tenant, for a term or terms which, at Landlord’s option, may be for the remainder of the then current term of this Lease shall have been terminated or for any longer or shorter period. Landlord agrees to exercise reasonable diligence to mitigate any damages it incurs as provided in this Article, or if any execution or attachment shall be issued against Tenant or any a result of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then Landlord may re-enter the Premises, either by summary proceedings, ejectment or otherwise, and remove and dispossess Tenant and all other persons and any and all property from the same, as if this Lease had not been madebreach.
(c) If this Lease shall have been is terminated as provided in this Articleaforesaid, Tenant shall nevertheless covenants and agrees, notwithstanding any entry or re-entry by Landlord whether by summary proceedings, termination or otherwise, to pay and be liable for on the Basic Rentdays originally fixed herein for the payment thereof, Escalation Charges and other sums payable hereunder up amounts equal to the time several installments of such termination, fixed monthly rent and thereafter Tenant, until additional rent as they would under the end of what would have been the Term terms of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses of preparation for such reletting. Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder become due if this Lease had not been terminated.
(d) At any time after termination of this Lease terminated or if Landlord had not entered or re-entered as provided in this Articleaforesaid, whether the Premises are relet or not remain vacant in whole or in part for a period less than the remainder of the Lease term or for the whole thereof, but in the event the Premises are relet by Landlord, Tenant shall be entitled to a credit in the net amount of rent received by Landlord shall have collected any such current damages, in reletting the Premises after deduction of all expenses and costs incurred or paid as liquidated final damages aforesaid in reletting the Premises and in lieu of all such current damages beyond collecting the date of such demandrent in connection therewith. As an alternative, at the election of Landlord’s election , Tenant shall pay to Landlord an as damages, such a sum as at the time of such termination represents the amount equal to of the excess, if any, of the Basic Rent, Escalation Charges then present value of the total fixed monthly rent and additional rent and other sums as hereinbefore provided benefits which would be payable hereunder from the date of such demand assuming that, have accrued to Landlord under this Lease for the purposes remainder of this paragraph, annual payments the then current term if the Lease had been fully complied with by Tenant on account of Taxes over and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be above the then unexpired Term of this Lease if the same remained in effect, over the then fair market present rental value of the Premises for the same periodbalance of said term.
(d) Tenant hereby expressly waives, so far as permitted by law, the service of any notice of intention to re-enter provided for in any statute, or of the institution of legal proceedings to that end, and Tenant, for and on behalf of itself and all persons claiming through or under Tenant, also waives any and all right of redemption or re-entry or repossession under present or future laws including specifically but without limitation Section 761 of the New York Real Property Actions and Proceedings Law including any amendments hereafter made thereto, and any and all right to restore the operation of this Lease. In case Tenant shall be dispossessed by a judgment or by warrant of any court or judge by or in case of any expiration or termination of this Lease, Landlord and Tenant, so far as permitted by law, hereby waive and will waive trial by jury in any action, proceeding or counterclaim brought by either of the parties hereto against the other on any matters whatsoever arising out of or in any way connected with this Lease, the relationship of Landlord and Tenant, Tenant’s use or occupancy of said Premises or any claim of injury or damage. The terms “enter”, “re-enter”, “entry”, or re-entry, as used in this Lease are not restricted to their technical legal meaning.
(e) In case No failure by Landlord to insist upon the strict performance of any Event of Defaultcovenant, re-entryagreement, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term condition of this Lease or to exercise any right or remedy consequent upon a breach thereof, and may grant concessions no acceptance of full or free partial rent to during the extent that Landlord reasonably considers advisable and necessary to re-let the same and (ii) make continuance of any such alterationsbreach, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose shall constitute a waiver of reletting the Premises; and the making any such breach or of such reasonable alterationscovenant, repairs agreement, term or condition. No waiver of any breach shall affect or alter this Lease, but each and decorations every covenant, agreement, term and condition of this Lease shall not operate continue in full force and effect with respect to any other then existing or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. Tenant hereby expressly waives any and all rights of redemption granted by or under any present or future laws in subsequent breach thereof.
(f) In the event of Tenant being evicted any breach or dispossessed, or in the event of Landlord obtaining possession of the Premises, by reason of the violation threatened breach by Tenant of any of the covenants and covenants, agreements, terms or conditions of contained in this Lease, Landlord shall be entitled to enjoin such breach or threatened breach and shall have the right to invoke any right and remedy allowed at law or in equity or by statute or otherwise.
(g) Each right and remedy of Landlord 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.
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Landlord’s Remedies. (a) Upon In the occurrence of an Event of Default, Landlord may terminate event that this Lease by notice is terminated under any of the provisions contained in Section l0.l or shall be otherwise terminated for breach of any obligation of Tenant under this Lease, Tenant covenants to Tenantpay forthwith to Landlord, specifying a date not less than five (5) days after as compensation, the giving excess of such notice on which this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed total Rent reserved for the expiration remainder of the Term over the rental value of this Lease, and Tenant will then quit and surrender the Premises to Landlord, but Tenant shall remain liable as hereinafter provided.
(b) If this Lease shall have been terminated as provided in this Article, or if any execution or attachment for the balance of the Term. In calculating the Rent reserved there shall be issued against Tenant or any of Tenant’s property whereupon included, in addition to the Premises shall be taken or occupied by someone other than Tenant, then Landlord may re-enter the Premises, either by summary proceedings, ejectment or otherwise, and remove and dispossess Tenant Annual Fixed and all additional rent, the value of all other persons considerations agreed to be paid or performed by Tenant for the remainder, such amounts being discounted to present value at eight percent (8%) per annum. Tenant further covenants as an additional and any cumulative obligation after such ending to pay punctually to Landlord all the sums and all property from perform in the same, same manner and to the same extent and at the same time as if this Lease had not been made.
(c) If terminated. In calculating the amounts to be paid by Tenant under the first sentence of this Lease Section 10.2. Tenant shall have been terminated be credited with any amount paid to Landlord as provided compensation as in this Article, Tenant shall pay the Basic Rent, Escalation Charges Section l0.2 provided and other sums payable hereunder up to the time of such termination, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less also with the net proceeds, if any, proceeds of any rent obtained by Landlord by reletting of the Premises, after deducting all reasonable Landlord's expenses in connection with such reletting, including, without limitation, all repossession costscost, brokerage commissions, fees for legal expenses, attorneys’ fees, advertising, alteration costs services and expenses of preparation preparing the Premises for such reletting. Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated.
(d) At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay to Landlord an amount equal to the excess, if any, of the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments it being agreed by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market rental value of the Premises for the same period.
(e) In case of any Event of Default, re-entry, expiration and dispossession by summary proceedings or otherwise, that Landlord may (i) re-let relet the Premises or any part or parts thereof, either in the name of Landlord or otherwise, thereof for a term or terms which may may, at Landlord’s option 's option, be equal to or less than or exceed the period which would otherwise have constituted the balance of the Lease Term of this Lease and may grant such concessions or and free rent to the extent that as Landlord reasonably in its sole judgment considers advisable and or necessary to re-let relet the same same, and (ii) make such alterations, repairs and decorations in the Premises as Landlord in its sole judgment considers advisable or necessary to relet the same, and necessary for no action of Landlord in accordance with the purpose of foregoing or failure to relet or to collect rent under reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from or reduce Tenant's liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet Nothing contained in this Lease shall, however, limit or prejudice the Premises after an Event of Default, provided Tenant has vacated the Premises. 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, or in the event right of Landlord obtaining possession of the Premises, to prove for and obtain in proceedings for bankruptcy or insolvency by reason of the violation by Tenant of any of the covenants and conditions 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.
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Samples: Lease Agreement (Asure Software Inc)
Landlord’s Remedies. (a) Upon the occurrence of an Event a Default of DefaultTenant, Landlord may terminate this Lease by notice to Tenant, specifying a date not less than five (5) days after the giving of such notice on which this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration of the Term of this Lease, and Tenant will then quit and surrender the Premises to Landlord, but Tenant shall remain liable as hereinafter provided...
(b) If this Lease shall have been terminated as provided in this Article, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then Landlord may re-enter the Premises, either by summary proceedings, ejectment or otherwise, and remove and dispossess Tenant and all other persons and any and all property from the same, as if this Lease had not been made.
(c) If this Lease shall have been terminated as provided in this Article, Tenant shall pay the Basic Rent, Escalation Charges Rent and other sums payable hereunder Additional Rent up to the time of such termination, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges Rent and other sums that would be Additional Rent payable hereunder as if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all actual and reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ ' fees, advertising, expenses of employees, alteration costs and expenses of preparation for such reletting; and (y) if this Lease provides that Tenant was entitled to occupy the Premises for any period of time without paying Basic Rent, the amount of Basic Rent that Tenant would have paid for any such period. Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated, and Tenant shall pay the portion of such current damages referred to in clause (y) above to Landlord upon such termination.
(d) At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s ' s election Tenant shall pay to Landlord an amount (discounted to present value using a discount factor reasonably determined by Landlord in its sole but reasonable judgment) equal to the excess, if any, of the Basic Rent, Escalation Charges Rent and other sums as hereinbefore provided Additional Rent which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market net rental value of the Premises for the same period.
(e) In case of any Event Default of DefaultTenant, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s 's option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. 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, 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.
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Samples: Lease (Sonus Networks Inc)
Landlord’s Remedies. (a) Upon the occurrence If Tenant shall neglect or fail to make any payment of an Event of Default, Landlord may terminate this Lease by notice to Tenant, specifying a date not less than rent or other charges within five (5) days of the due date thereof, or if Tenant shall fail to cure a default in the performance of any other of Tenant's covenants within thirty (30) days after the giving date of notice of such notice on which this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as default from Landlord or if such date were the date herein originally fixed for the expiration of the Term of this Lease, and Tenant will then quit and surrender the Premises to Landlordshall be abandoned, but Tenant or if the leasehold hereby created shall remain liable as hereinafter provided.
(b) If this Lease shall have been terminated as provided in this Articlebe taken on execution, or by other process of law, or if any execution or attachment assignment shall be issued made of Tenant's property for the benefit of creditors, or if a receiver, guardian, conservator, trustee in bankruptcy or similar officer shall be appointed by a court of competent jurisdiction to take charge of all or any part of Tenant's property, or if a petition is filed by Tenant under any bankruptcy or insolvency law, or if a petition is filed against Tenant under any bankruptcy, or insolvency law and the same shall not be dismissed within sixty (60) days from the date upon which is filed, then, and in any of Tenant’s property whereupon said cases, Landlord lawfully may immediately or at any time thereafter declare the term of this lease ended and enter upon the Premises shall be taken and repossess the same and expel Tenant and those claiming through or occupied by someone other than Tenant, then Landlord may re-enter the Premises, either by summary proceedings, ejectment or otherwise, under Tenant and remove their effects, without prejudice to any remedies which might otherwise be used for arrears of rent or previous breach of covenant; and dispossess Tenant and all other persons and any and all property from the same, as if this Lease had not been made.
(c) If this Lease shall have been terminated as provided covenants that in this Article, Tenant shall pay the Basic Rent, Escalation Charges and other sums payable hereunder up to the time case of such termination, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable Tenant will forthwith pay to Landlord foras damages a sum equal to the amount by which the rent and other payments called for hereunder for the remainder of the original term and of any extension thereof exceed the fair rental value of said Premises (as determined through a commercially reasonable appraisal process) for the remainder of the original term and of any extension thereof, and, in addition thereto, will during the remainder of the original term and shall of any extension thereof, pay to Landlord, as liquidated current damages: (x) Landlord on the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less last day of each calendar month the net proceedsdifference, if any, between the rental which would have been due for such month had there been no such termination and the sum of any reletting the amount being received by Landlord as rent from occupants of the Premises, if any, and the applicable prorated amount of the damages previously paid to Landlord. Without thereby affecting any other right or remedy hereunder, at its sole option Landlord may cure for Tenant's account any default by Tenant hereunder which remains uncured after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs thirty (30) days' notice of the default from Landlord to Tenant; and expenses of preparation for such reletting. Tenant shall pay the portion of such current damages referred to in clause (x) above cost to Landlord monthly on thereto shall be deemed to be additional rent and shall be added to the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated.
(d) At installment of rent next accruing or to any time after termination subsequent installment of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demandrent, at Landlord’s election Tenant shall pay to Landlord an amount equal to the excess, if any, of the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market rental value of the Premises for the same period's election.
(e) In case of any Event of Default, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. 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, 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.
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Landlord’s Remedies. (a) Upon the occurrence of an any Event of Default, Landlord shall have the right to pursue any of the following remedies, without notice or demand, in addition to any other remedies available to Landlord under this Lease, at law or in equity, all of which shall be cumulative and nonexclusive:
i. Landlord may terminate this Lease by notice to Tenant, specifying a date not less than five (5) days after the giving of such notice on which this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration of the Term of this Lease, and in which event Tenant will then quit and shall immediately surrender the Premises to Landlord, but and if Tenant shall remain liable as hereinafter provided.
(b) If this Lease shall have been terminated as provided in this Articlefails to do so, or if Landlord may enter and take possession of the Premises and remove Tenant and any execution or attachment shall be issued against Tenant other person occupying the Premises or any part thereof, without being liable for prosecution or any claim of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then damages therefor; and Landlord may re-enter recover from Tenant the Premises, either by summary proceedings, ejectment or otherwise, following: (a) all accrued and remove and dispossess Tenant and all other persons and any and all property from unpaid Rent accrued through the same, as if this Lease had not been made.
date of termination; (cii) If this Lease shall have been terminated as provided in this Article, Tenant shall pay the Basic Rent, Escalation Charges and other sums payable hereunder up to the time of such termination, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay cost to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses of preparation for such reletting. Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated.
(d) At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond yet amortized through the date of such demandtermination in accordance with generally accepted accounting principles, at Landlord’s election Tenant shall pay of the Alterations paid for and installed by Landlord pursuant to Landlord an amount equal to this Lease; (iii) the excessCosts of Reletting; (iv) the positive difference, if any, of the Basic present value of the Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from less the date present value of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market rental value for the Premises, for the remainder of the Premises for Term had this Lease not been terminated, such present value computed in each case using a discount rate of 9% per annum; (v) any damages in addition thereto, including reasonable attorneys’ fees, court costs, and collection services, and costs to remove and store Tenant’s Property, which Landlord sustains by reason of the same periodbreach of any of the terms, conditions and covenants of this Lease; and (vi) such other amounts in addition to or in lieu of the foregoing as may be permitted from time to time by law.
(e) In case of any Event of Default, re-entry, expiration and dispossession by summary proceedings or otherwise, ii. Landlord may (i) re-let enter the Premises without terminating this Lease, and in its discretion remove any property from the Premises, and relet the Premises or any part or parts thereofthereof for the account of Tenant, either upon such terms as Landlord in the name of Landlord or otherwise, for a term or terms which may at Landlord’s option sole discretion shall determine. Landlord shall not be equal required to accept any tenant offered by Tenant or less than or exceed to observe any instructions given by Tenant relative to such reletting. In connection with such reletting, Landlord may make repairs, alterations, and additions to the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent Premises to the extent that deemed reasonably necessary by Landlord, and Tenant shall upon demand pay the cost thereof. Landlord reasonably considers advisable may collect the rents from any such reletting and necessary apply the same first to the payment of the repairs, alterations, additions, expenses of re-let entry, attorney’s fees, court costs, collection services, and leasing commissions and second to the payment of Rent to be paid by Tenant, and any excess or residue shall operate only as an offsetting credit against the amount of Rent as the same thereafter becomes due and (ii) make payable hereunder. No such alterationsre-entry or repossession, repairs repairs, alterations and decorations in the Premises as Landlord considers advisable and necessary for the purpose of additions or reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed as an eviction or ouster of Tenant or as an election by Landlord to terminate this Lease unless written notice thereof is delivered by Landlord to Tenant, nor shall the same operate to release the Tenant in whole or in part from liability hereunder as aforesaidany of the Tenant’s obligations hereunder. Landlord agrees to use commercially reasonable efforts to relet may at any time sxx and recover judgment for any damages remaining after the Premises after an Event application of Default, provided Tenant has vacated the Premisesproceeds from any such reletting. Tenant hereby expressly waives any and all rights of redemption granted by or under any present or future laws in In the event of Tenant being evicted or dispossessed, 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 reletting without termination of this Lease, Landlord may at any time thereafter elect to terminate this Lease for such previous breach.
iii. Landlord may, without any obligation to do so, cure the default on behalf of Tenant, in which case Landlord may enter the Premises without being deemed in any manner guilty of trespass, eviction or forcible entry and detainer and without incurring any liability for any damage or interruption of Tenant’s business resulting therefrom. Tenant agrees to pay Landlord an amount equal to 110% of any expenses that Landlord may incur in curing the default, including without limitation, attorney’s fees, together with interest thereon at the Applicable Interest Rate from the date of expenditure.
Appears in 1 contract
Samples: Lease (Repro Med Systems Inc)
Landlord’s Remedies. (a) Upon the occurrence of an Event a Default of DefaultTenant, Landlord may terminate this Lease by notice to Tenant, specifying a date not less than five (5) days after the giving of such notice on which this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration of the Term of this Lease, and Tenant will then quit and surrender the Premises to Landlord, but Tenant shall remain liable as hereinafter provided.
(b) If this Lease shall have been terminated as provided in this Article, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then Landlord may re-enter the Premises, either by summary proceedings, ejectment or otherwise, and remove and dispossess Tenant and all other persons and any and all property from the same, as if this Lease had not been made.
(c) If this Lease shall have been terminated as provided in this Article, Tenant shall pay the Basic Rent, Escalation Charges Additional Rent and other sums payable hereunder up to the time of such termination, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) damages the Basic Rent, Escalation Charges Additional Rent and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ ' fees, advertising, expenses of employees, alteration costs and expenses of preparation for such reletting. Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated.
(d) At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s 's election Tenant shall pay to Landlord an amount equal to (1) the net present value, utilizing the discount rate then being paid on U.S. Treasury obligations having a term closest to what would have been the Term of this Lease absent termination hereof, of the excess, if any, of the Basic RentRent and Additional Rent (including Taxes, Escalation Charges Operating Expenses and other sums as hereinbefore provided charges payable under this Lease) which would be payable hereunder from the date of such demand assuming that, (using the prior year's Additional Rent for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, such calculation) over the then fair market rental value (including Taxes, Operating Expenses and other charges payable under this Lease) of the Premises for the same period.
(e) In case of any Event Default of DefaultTenant, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s 's option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. 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, 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.
Appears in 1 contract
Landlord’s Remedies. (a) Upon After the occurrence of an Event of DefaultDefault by Tenant, Landlord shall have the right to exercise the following remedies:
(a) Landlord may, at its option, continue this Lease in full force and effect, without terminating Tenant's right to possession of the Leased Premises, in which event Landlord shall have the right to collect Basic Rent, Additional Rent and all other charges when due. In the alternative, Landlord shall have the right to peaceably re-enter the Leased Premises on the terms set forth in subparagraph (b) below, but without such re-entry being deemed a termination of the Lease or an acceptance by Landlord of a surrender thereof. Landlord shall also have the right at its option, from time to time, without terminating this Lease, to relet the Leased Premises, or any part thereof, with or without legal process, as the agent, and for the account, of Tenant upon such terms and conditions as Landlord may deem advisable (which terms may be materially different from the terms of this Lease) in which event the rents received on such reletting shall be applied (i) first to the reasonable expenses of such reletting and collection, including without limitation necessary renovation and alterations of the Leased Premises, reasonable attorneys' fees and any reasonable real estate commissions paid, and (ii) thereafter toward payment of all sums due or to become due Landlord hereunder. If a sufficient amount to pay such expenses and sums shall not be realized or secured, then Tenant shall pay Landlord any such deficiency monthly, and Landlord may bring an action therefor as such monthly deficiency shall arise. Landlord shall not, in any event, be required to pay Tenant any sums received by Landlord on a reletting of the Leased Premises in excess of the rent provided in this Lease, but such excess shall reduce any accrued present or future obligations of Tenant hereunder. Landlord's reentry and reletting of the Leased Premises without termination of this Lease shall not preclude Landlord from subsequently terminating this Lease as set forth below.
(b) Landlord may terminate this Lease by written notice to Tenant specifying a date therefor, which shall be no sooner than thirty (30) days following notice to Tenant, specifying a date not less than five (5) days after the giving of such notice on which this Lease shall terminate and this Lease shall come to an end then terminate on the date so specified therein as fully and completely as if such date were the date herein had been originally fixed for as the expiration date of the Term of this Lease, and Tenant will then quit and surrender Term. In the Premises to Landlord, but Tenant shall remain liable as hereinafter provided.
(b) If this Lease shall have been terminated as provided in this Article, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then Landlord may re-enter the Premises, either by summary proceedings, ejectment or otherwise, and remove and dispossess Tenant and all other persons and any and all property from the same, as if this Lease had not been made.
(c) If this Lease shall have been terminated as provided in this Article, Tenant shall pay the Basic Rent, Escalation Charges and other sums payable hereunder up to the time event of such termination, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, Landlord shall be liable entitled to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) recover from Tenant the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less worth at the net proceeds, if any, of any reletting time of the Premises, after deducting award of all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses of preparation for such reletting. Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated.following:
(di) At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond Any obligation which has accrued prior to the date of such demandtermination, at Landlord’s election Tenant shall pay to Landlord an plus,
(ii) the amount equal to by which the excess, if any, of the unpaid Basic Rent, Escalation Charges Rent and all other sums as hereinbefore provided charges which would be payable hereunder from have accrued after termination until the date time of such demand assuming thataward exceeds the amount of any sums which Landlord has (or Tenant proves that Landlord could reasonably have) received in mitigation, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market rental value of the Premises for the same period.plus,
(eiii) In case of any Event of Default, re-entry, expiration and dispossession the amount by summary proceedings or otherwise, Landlord may (i) re-let which the Premises or any part or parts thereof, either in the name of Landlord or otherwise, unpaid rent for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term (excluding any option periods or portions thereof) after the time of this Lease and may grant concessions or free rent to award exceeds the extent amount of such rental loss that Tenant proves could be reasonably avoided (it being understood that Landlord reasonably considers advisable and necessary shall not have any duty to mitigate its damages hereunder (including, but not limited to, any duty to relet or re-let lease the same and (ii) make such alterationsLeased Premises), repairs and decorations regardless of the use or mitigation costs in the Premises as Landlord considers advisable and necessary for calculations described above), plus
(iv) the purpose amount of reletting any prepayment premium or penalty required to be paid in connection with the Premises; and the making declaration of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. 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 dispossessedDefault under, or in the event of Landlord obtaining possession acceleration of the Premisesindebtedness secured by, by reason of the violation by Tenant of any of the covenants and conditions of this LeaseMortgage.
Appears in 1 contract
Landlord’s Remedies. In addition to any other remedy provided under this Lease, upon the occurrence of any event of default, Landlord shall have the option to pursue any one or more of the following remedies without notice or demand whatsoever:
(a) Upon Give Tenant written notice of intent to terminate this Lease on the occurrence date of an Event such notice or on any later date as may be specified therein, whereupon Tenant’s right to possession of Defaultthe Premises shall cease and this Lease, except as to Tenant’s liability, shall be terminated. (At Landlord’s option and in its sole discretion and if Landlord so expressly notifies Tenant in writing, Landlord may terminate release Tenant from liability hereunder.)
(b) In the event this Lease by notice to Tenant, specifying a date not less than five (5) days after is terminated in accordance with the giving of such notice on which this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration of the Term provisions of this LeaseArticle 13, and Tenant will then quit and surrender the Premises to Landlord, but Tenant shall remain liable as hereinafter provided.
(b) If this Lease shall have been terminated as provided to Landlord for damages in this Article, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon an amount equal to the Premises shall be taken or occupied by someone other than Tenant, then Landlord may re-enter the Premises, either by summary proceedings, ejectment or otherwise, and remove and dispossess Tenant and all other persons and any and all property from the same, as if this Lease had not been made.
(c) If this Lease shall have been terminated as provided in this Article, Tenant shall pay the Basic Rent, Escalation Charges Rent and other sums payable hereunder up to the time of such termination, and thereafter Tenant, until the end of what which would have been owing by Tenant hereunder for the Term balance of the Initial Term, as applicable, had this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurredterminated, less the net proceeds, if any, of any reletting re-letting of the PremisesPremises by Landlord subsequent to such termination, after deducting all Landlord’s reasonable expenses in connection with such relettingexpenses, including, without limitation, all repossession costs, brokerage commissions, legal expenses, reasonable attorneys’ feesfees and disbursements, advertising, alteration repair costs and expenses of preparation for such relettingre-letting. Landlord shall in no event be liable in any way whatsoever for failure to re-let the Premises, or, in the event that the Premises are re-let, for failure to collect the rent under such re-letting, provided that Landlord agrees to use reasonable efforts to mitigate damages by re-letting the Premises as expeditiously as practicable. Landlord shall be entitled to collect such damages from Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days on which the Basic Rent and other charges would have been payable hereunder if this Lease had not been terminated.
(dc) At Re-enter and take possession of the Premises or any time after termination part thereof, and repossess the same and expel Tenant and those claiming through and under Tenant, and remove the effects of this Lease both or either, without breach of the peace, without being liable for prosecution thereof, without being deemed guilty of any manner of trespass, and without prejudice to any remedies for arrears of Rent or preceding breach of covenants or conditions, but subject to the Tenant’s obligations pursuant to the regulations contained in 105 CMR 725.000 et seq., including any obligations regarding the legal transport, storage, and disposal of medical marijuana. Should Landlord elect to re-enter as provided in this Articlesubparagraph, whether or not should Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay take possession pursuant to Landlord an amount equal to the excess, if any, of the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market rental value of the Premises for the same period.
(e) In case of any Event of Default, re-entry, expiration and dispossession by summary legal proceedings or otherwisepursuant to any notice provided for by law, Landlord may (i) may, from time to time, without terminating this Lease, re-let the Premises or any part thereof in Landlord’s or parts thereofTenant’s name, either in but for the name account of Landlord or otherwiseTenant, for a such term or terms (which may at Landlord’s option be equal to greater or less than or exceed the period which would otherwise have constituted the balance of the Initial Term of this Lease Lease) and on such conditions and upon other terms (which may grant include concessions of free Rent and alterations and repair of the Premises) as Landlord, in its sole discretion, may determine, and Landlord may collect and receive the Rents therefor. Landlord shall in no way be responsible or free rent liable for any failure to the extent that Landlord reasonably considers advisable and necessary to collect any Rent due upon such re-let the same and (ii) letting, except that Tenant does not hereby waive any defense which Tenant may have for Landlord’s failure to make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet release the Premises after an Event of DefaultProperty, provided Tenant has vacated the Premiseson which terms and conditions as Landlord sees fit. Tenant hereby expressly waives any and all rights of redemption granted by No such re-entry or under any present or future laws in the event of Tenant being evicted or dispossessed, or in the event of Landlord obtaining taking possession of the PremisesPremises by Landlord shall be construed as an election on Landlord’s part to terminate this Lease unless a written notice of such intention is given to Tenant. No notice from Landlord hereunder or under a forcible entry and detainer statute or similar law shall constitute an election by Landlord to terminate this Lease unless such notice specifically so states. Landlord reserves the right following any such re-entry and/or re-letting to exercise its right to terminate this Lease by giving Tenant such written notice, by reason of in which event the violation by Tenant of any of the covenants and conditions of this LeaseLease will terminate as specified in said notice.
Appears in 1 contract
Samples: Lease Agreement (Columbia Care Inc.)
Landlord’s Remedies. (a) Section 23.1. Upon the occurrence of an Event of Default, Landlord may terminate shall have the option to pursue any one or more of the following remedies without any notice or demand whatsoever:
(i) charge a late fee of five (5%) percent of any amount owed to Landlord pursuant to this Lease by notice to TenantLease, specifying a date which is not less than paid within five (5) days after the giving of such notice on which this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as which is set forth in the Lease if such a date were the is specified, or, if a date herein originally fixed for the expiration is not specified, within thirty (30) days of the Term mailing of a bill thereof by Landlord. If Landlord incurs a penalty in connection with any payment which Tenant has failed to make within the times required in this Lease, and Tenant will then quit and shall pay Landlord in addition to such sums the full payment of such penalty incurred by Landlord;
(ii) terminate this Lease, in which event Tenant shall immediately surrender the Premises to Landlord, but Tenant shall remain liable as hereinafter provided.;
(biii) If this Lease shall have been terminated as provided in this Article, enter upon and take possession of the Premises and expel or if remove Xxxxxx and any execution or attachment shall other person who may be issued against Tenant occupying said Premises or any of Tenant’s property whereupon part thereof and, if Landlord in its sole judgment so elects, relet the Premises shall be taken or occupied by someone other than Tenant, then on such terms as Landlord may re-enter the Premisesdeem advisable, either without advertisement and by summary proceedings, ejectment or otherwiseprivate negotiations, and remove and dispossess Tenant and all other persons and any and all property from receive the same, as if this Lease had not been made.
(c) If this Lease shall have been terminated as provided in this Articlerent therefor, Tenant shall hereby agreeing to pay the Basic Rent, Escalation Charges and other sums payable hereunder up to the time of such termination, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceedsdeficiency, if any, between all rent reserved hereunder and the total rental applicable to the Lease Term hereof obtained by Landlord in re- letting, and Tenant shall be liable for Landlord's expenses in restoring the Premises and all costs incident to such re-letting;
(iv) enter upon the Premises and do whatever Tenant is obligated to do under the terms of this Lease; and Xxxxxx agrees that Landlord shall not be liable for any reletting damages resulting to Tenant from such action, whether caused by negligence of Landlord or otherwise;
(v) enter the Premises and without further demand or notice proceed to distress and sale of the Premisesgoods, after deducting all reasonable expenses in connection with such relettingchattels and personal property there found and to levy the rent and other charges herein payable as rent, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses of preparation for such reletting. Tenant shall pay all costs and officers' commissions which are permitted by law, including watchmen's wages and sums chargeable to Landlord, and further including commissions charged by the portion constable or other person making the levy, and in such case all costs, officers' commissions and other charges shall immediately attach and become part of such current damages referred the claim of Landlord for rent, and the tender of rent without said costs, commissions and charges made after the issuance of a warrant of distress, shall not be sufficient to in clause satisfy the claim of Landlord; or
(xvi) above declare immediately due and payable all rent and other charges and assessments against Tenant due and to Landlord monthly on the days which the Basic Rent would have been payable hereunder if become due under this Lease had not been terminated.
(d) At for the balance of the term of this Lease, without regard to any time after early termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay to Landlord an amount equal to the excess, if any, of the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant said Term on account of Taxes and Operating Expenses would default. Interest shall accrue on all sums due but unpaid hereunder. Landlord shall in no event be the same as the payments required responsible or liable for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market rental value of the Premises for the same period.
(e) In case of any Event of Default, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let failure to relet the Premises or any part or parts thereof, either or for any failure to collect any rent due upon any reletting.
Section 23.2. Tenant agrees to pay Landlord all reasonable costs and expenses incurred by Landlord in the name enforcement of this Lease, including without limitation, the reasonable fees of Xxxxxxxx's attorneys when such attorneys are employed by Landlord to effect collection of any sums due hereunder or to enforce any right or remedy of Landlord.
Section 23.3. All rights and remedies of Landlord enumerated in this Article shall be cumulative and none shall exclude any other rights or otherwiseremedy allowed by law. In addition to the other remedies provided in this Lease, for Landlord shall be entitled to seek an injunction restraining a term violation or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance attempted violation of any of the Term covenants, agreements or conditions of this Lease and may grant concessions or free rent to the extent that Lease.
Section 23.4. No waiver by Landlord reasonably considers advisable and necessary to re-let the same and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. 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, or in the event of Landlord obtaining possession of the Premises, by reason of the violation breach by Tenant of any of the Tenant's obligations, agreements or covenants and conditions herein shall be a waiver of this Leaseany subsequent breach or of any obligation, agreement or covenant, nor shall any forbearance by Landlord to seek a remedy for breach by Tenant be a waiver by Landlord of any rights or remedies with respect to such or any subsequent breach.
Appears in 1 contract
Samples: Ground Lease Agreement
Landlord’s Remedies. (a) Upon the occurrence of an Event a Default of DefaultTenant, Landlord may terminate this Lease by notice to Tenant, specifying a date not less than five (5) days after the giving of such notice on which this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration of the Term of this Lease, and Tenant will then quit and surrender the Premises to Landlord, but Tenant shall remain liable as hereinafter provided...
(b) If this Lease shall have been terminated as provided in this Article, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then Landlord may re-enter the Premises, either by summary proceedings, ejectment or otherwise, and remove and dispossess Tenant and all other persons and any and all property from the same, as if this Lease had not been made.
(c) If this Lease shall have been terminated as provided in this Article, Tenant shall pay the Basic Rent, Escalation Charges Rent and other sums payable hereunder Additional Rent up to the time of such termination, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges Rent and other sums that would be Additional Rent payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ ' fees, advertising, expenses of employees, alteration costs and expenses of preparation for such reletting; and (y) if this Lease provides that Tenant was entitled to occupy the Premises for any period of time without paying Basic Rent, the amount of Basic Rent that Tenant would have paid for any such period. Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated, and Tenant shall pay the portion of such current damages referred to in clause (y) above to Landlord upon such termination.
(d) At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s 's election Tenant shall pay to Landlord an amount equal to the excess, if any, of the Basic Rent, Escalation Charges Rent and other sums as hereinbefore provided Additional Rent which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market net rental value of the Premises for the same period.
(e) In case of any Event Default of DefaultTenant, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s 's option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. 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, 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.
Appears in 1 contract
Samples: Lease (PSW Technologies Inc)
Landlord’s Remedies. (a) Upon Should a Default occur under this Lease (whether before or during the occurrence of an Event of DefaultTerm) and continue beyond any applicable cure period, then in addition to all other rights or remedies it may have, Landlord may terminate this Lease and the Term effective on a date specified by Landlord in a notice to Tenant, specifying a . The termination date shall not be less than five (5) days after the giving of such notice on which this Lease Landlord's notice. Upon termination, Tenant shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration of the Term of this Lease, and Tenant will then quit and surrender the Premises to Landlord. Notwithstanding any termination pursuant to this section, but Tenant shall remain liable as hereinafter provided.
(b) If for all obligations that would have arisen under this Lease shall have been terminated during the balance of the Term and for other damages as provided described in this Article, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then section. Landlord may bring an action to recover possession from Tenant holding over and Landlord may, without notice, re-enter the Premises, either by summary proceedings, ejectment or otherwiserecover possession of and dispossess the Premises from Tenant, and remove and dispossess Tenant dispose of the contents of and all other persons and any and all property from hold the same, Premises as if this Lease had not been made.
(cb) If this Lease is terminated or Tenant is dispossessed before the expiration of the Term under this section, or if Tenant abandons or vacates the Premises before the expiration or termination of the Term without having paid the full Rent for the remainder of the Term, Landlord may relet the Premises under terms as the Landlord may determine in its sole discretion. If the full rental reserved under this Lease and any of the costs, expenses or damages described below shall have been terminated as provided in this Articlenot be realized by Landlord, Tenant shall pay be liable for all damages sustained by Landlord, including any Rent deficiency. For purposes of the Basic Rent, Escalation Charges and other sums payable hereunder up to the time of such termination, and thereafter Tenant, until the end of what deficiency in Rent that would have been due under this Lease during any period following Landlord's election to accelerate Rent, deficiency means the excess of the future rent that would have been payable under this Lease over the rental value of the Premises for the balance of the Term, discounted to present value as of the date of acceleration based on an interest rate equal to 200 basis points below the Prime Rate. If, at the time that damages are to be determined under this section Landlord has relet the Premises in whole or in pan, then the deficiency in Rent means the excess of the future rent that would have been payable under this Lease over the future rent called for in the re-lease during the remainder of the Term of this Lease in and the absence of such termination, and whether or not deficiency shall be discounted to net present value based on an interest rate equal to 200 basis points below the Premises shall have been relet, Prime Rate. Tenant also shall be liable for all of Landlord's costs associated with Tenant's Default and any attempts by Landlord to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of relet the Premises, after deducting all including Landlord's reasonable attorney's fees, brokerage fees, construction costs, tenant allowances, and expenses incurred in connection with such taking the actions set forth in this section in order to place the Premises in first class condition and to re-let the Premises. Landlord, in preparing the Premises for reletting, includingmay make alterations, without limitationrepairs or replacements in the Premises as Landlord determines advisable, all repossession costsand the making of the alterations, brokerage commissionsrepairs or replacements shall not operate to release Tenant from liability under this Lease. Landlord shall not be liable for failure to relet the Premises, legal expensesor, attorneys’ feesin the event that the Premises are relet, advertising, alteration costs and expenses of preparation for such failure to collect the rent under reletting. Tenant shall pay not be entitled to receive the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated.
(d) At excess or any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay to Landlord an amount equal credit with respect to the excess, if any, of net rent collected over the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market rental value of the Premises for the same periodto Landlord.
(ec) Any loss of rent and other damages sustained by Landlord may be recovered by Landlord: (1 ) either before or after any reletting; (2) in one or more separate actions, from time to time in Landlord's discretion, as loss of rents or damages shall accrue; or (3) in a single proceeding deferred until the expiration of the Term, in which event Tenant hereby agrees that the cause of action shall not be considered to have accrued until the original date of expiration of the Term. Nothing in this Lease shall be construed to require Landlord to wait until this Lease or the Term would have expired had there been no Default by Tenant or no cancellation or termination. All amounts due under this section, including all attorneys' fees and other Landlord expenses, shall be considered. Additional Charges and may be recovered by Landlord in the same manner as Minimum Rent. Landlord shall be entitled to any deficiency in Rent upon demand.
(d) Nothing contained in this Lease shall prevent Landlord from enforcing any claim it may have against Tenant for anticipatory breach of the unexpired Term. In case the event of a breach or anticipatory breach by Tenant of any Event of Defaultthe provisions of this Lease, re-entry, expiration and dispossession by summary proceedings or otherwisein addition to the remedies provided for under this Lease, Landlord may (i) re-let the Premises seek an injunction or any part remedy provided for at law or parts thereofin equity. Mention in this Lease of any particular remedy shall not preclude Landlord from resorting to any other remedy, either in law or in equity. Tenant expressly waives, so far as permitted by law, the name service of Landlord any notice of intention to reenter provided for in any statute, or otherwisethe institution of legal proceedings to that end. Tenant, for a term and on behalf of itself and all persons claiming through or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same and (ii) make such alterationsunder Tenant, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. Tenant hereby expressly also waives any and all rights of redemption or re-entry or repossession granted by or under any present or future laws in the event of Tenant being is evicted or dispossesseddispossessed for any cause, or in the event of Landlord obtaining obtains possession of the Premises, by reason of the violation by Tenant of any of the covenants and conditions of this Lease.
Appears in 1 contract
Landlord’s Remedies. (a) Upon the occurrence of an Event a Default of DefaultTenant, Landlord may terminate this Lease by notice to Tenant, specifying a date not less than five (5) days after the giving of such notice on which this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration of the Term of this Lease, and Tenant will then quit and surrender the Premises to LandlordLandlord in the condition required in Section 9.2, but Tenant shall remain liable as hereinafter provided.
(b) If this Lease shall have been terminated as provided in this Article, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than TenantSection 19.2, then Landlord may re-enter the Premises, either by summary proceedings, ejectment or otherwise, and remove and dispossess Tenant and all other persons and any and all property from the same, as if this Lease had not been made.
(c) If this Lease shall have been terminated as provided in this ArticleSection 19.2, Tenant shall pay the Basic Rent, Escalation Charges and other sums payable Rent hereunder up to the time of such termination, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable Rent due hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneysAttorneys’ feesFees, advertising, expenses of employees, alteration costs and expenses of preparation for such reletting; and (y) if this Lease provides that Tenant was entitled to occupy the Premises for any period of time without paying Basic Rent, the amount of Basic Rent that Tenant would have paid for any such period. Tenant shall pay the portion of such liquidated current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated, and Tenant shall pay the portion of such liquidated current damages referred to in clause (y) above to Landlord upon such termination.
(d) At any time after termination of this Lease as provided in this ArticleSection 19.2, whether or not Landlord shall have collected any such liquidated current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, Tenant, at Landlord’s election Tenant election, shall pay to Landlord an amount equal to the excess, if any, of the Basic RentRent (including Taxes, Escalation Charges Operating Expenses and other sums as hereinbefore provided charges payable under this Lease) which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, that annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating Year or Tax Year for what would be the then unexpired Term of this Lease as if the same remained in effect, over the then fair market net rental value of the Premises for the same period.
(e) In case of any Event Default of DefaultTenant, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may may, at its option (i) re-let relet the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to to, less than, or less than or exceed in excess of the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers necessary or advisable and necessary to re-let relet the same same, and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers necessary or advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. Tenant hereby expressly waives any and all rights of redemption granted by or under any present or future laws Applicable Law in the event of Tenant being evicted or dispossessed, or in the event of Landlord obtaining possession of the Premises, by reason of the violation by Tenant of any of the terms, covenants and or conditions of this Lease.
(f) Landlord shall have the right, but not the obligation to pay such sums or do any act which requires the expenditure of monies which may be necessary or appropriate by reason of the failure or neglect of Tenant to perform any of the provisions of this Lease, and in the event of the exercise of such right by Landlord, Tenant agrees to pay to Landlord forthwith upon demand all such sums, together with interest thereon per annum at a rate equal to the greater of three percent (3%) over the prime rate in effect from time to time at Bank of America (or any successor thereto) or twelve percent (12%) (but in no event greater than the maximum lawful rate), as Additional Rent. Any payment of Basic Rent and Additional Rent payable hereunder not paid when due shall, at the option of Landlord, bear interest per annum at a rate equal to the greater of three percent (3%) over the prime rate in effect from time to time at Bank of America (or any successor thereto), or twelve percent (12%) (but in no event greater than the maximum lawful rate) from the due date thereof and shall be payable forthwith on demand by Landlord as Additional Rent.
Appears in 1 contract
Landlord’s Remedies. (a) Upon After the occurrence of an Event of DefaultDefault by Tenant, Landlord shall have the right to exercise the following remedies:
(a) Landlord may, at its option, continue this Lease in full force and effect, without terminating Tenant’s right to possession of the Leased Premises, in which event Landlord shall have the right to collect Basic Rent, Additional Rent and all other charges when due. In the alternative, Landlord shall have the right to peaceably re-enter the Leased Premises on the terms set forth in Paragraph 20(b) below, but without such re-entry being deemed a termination of the Lease or an acceptance by Landlord of a surrender thereof. Landlord shall also have the right, at its option, from time to time, without terminating this Lease, to relet the Leased Premises, or any part thereof, with or without legal process, as the agent, and for the account, of Tenant upon such terms and conditions as Landlord may deem advisable (which terms may be materially different from the terms of this Lease), in which event the rents received on such reletting shall be applied (i) first to the reasonable and actual expenses of such reletting and collection, including without limitation necessary renovation and alterations of the Leased Premises, reasonable and actual attorneys’ fees and any reasonable and actual real estate commissions paid; and (ii) thereafter toward payment of all sums due or to become due Landlord hereunder. If a sufficient amount to pay such expenses and sums shall not be realized or secured, then Tenant shall pay Landlord any such deficiency monthly, and Landlord may bring an action therefor as such monthly deficiency shall arise. Landlord shall not, in any event, be required to pay Tenant any sums received by Landlord on a reletting of the Leased Premises in excess of the rent provided in this Lease, but such excess shall reduce any accrued present or future obligations of Tenant hereunder. Landlord’s re-entry and reletting of the Leased Premises without termination of this Lease shall not preclude Landlord from subsequently terminating this Lease as set forth below.
(b) Landlord may terminate this Lease by written notice to Tenant specifying a date therefor, which shall be no sooner than ten (10) days following notice to Tenant, specifying a date not less than five (5) days after the giving of such notice on which this Lease shall terminate and this Lease shall come to an end then terminate on the date so specified therein as fully and completely as if such date were the date herein had been originally fixed for as the expiration date of the Term of this Lease, and Tenant will then quit and surrender Term. In the Premises to Landlord, but Tenant shall remain liable as hereinafter provided.
(b) If this Lease shall have been terminated as provided in this Article, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then Landlord may re-enter the Premises, either by summary proceedings, ejectment or otherwise, and remove and dispossess Tenant and all other persons and any and all property from the same, as if this Lease had not been made.
(c) If this Lease shall have been terminated as provided in this Article, Tenant shall pay the Basic Rent, Escalation Charges and other sums payable hereunder up to the time event of such termination, Landlord shall be entitled to recover from Tenant the worth at the time of the award of all of the following:
(i) Any obligation which has accrued prior to the date of termination, plus,
(ii) The amount of unpaid Basic Rent and thereafter Tenant, all other charges which would have accrued after termination until the end time of what would have been award, plus
(iii) The amount of unpaid rent for the balance of the Term (excluding any option periods or portions thereof not previously exercised) less any amount of this Lease in rent calculated for the absence balance of such termination, and whether or not the Term received by Landlord from any third party to whom the Leased Premises shall have has been relet. As used in this Paragraph 20(b) the term, “worth at the time of the award”, shall be liable computed by allowing simple interest at the Default Rate on the obligations referred to Landlord forin clauses (i) and (ii) of this Paragraph 20(b), and shall pay employing a discount rate equal to Landlord, as liquidated current damages: seven percent (x7%) on the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses of preparation for such reletting. Tenant shall pay the portion of such current damages obligations referred to in clause (xiii) above to Landlord monthly of this Paragraph 20(b), on the days which amount of the Basic Rent would have been obligations payable hereunder if this Lease had not been terminated.
(d) At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond on the date of such demand, at Landlord’s election Tenant shall pay to Landlord an amount equal to calculation. In the excess, if any, of the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of event this Lease if the same remained in effectshall be terminated as provided above, over the then fair market rental value of the Premises for the same period.
(e) In case of any Event of Default, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord, its agents, servants or representatives may immediately or at any time thereafter peaceably re-enter and resume possession of the Leased Premises and remove all persons and property therefrom, by summary dispossession proceedings.
(c) Landlord may recover from Tenant, and Tenant shall pay to Landlord upon demand, as Additional Rent, such reasonable and actual expenses as Landlord may incur in recovering possession of the Leased Premises, placing the same in good order and condition and repairing the same for reletting, and all other reasonable and actual expenses, commissions and charges incurred by Landlord in exercising any remedy provided herein or as a result of any Event of Default by Tenant hereunder (including without limitation attorneys’ fees). Except as provided in Paragraph 9(b) or Paragraph 13(e), at any time upon prior notice to Tenant, Landlord and Lender shall have the right, but shall not be required, to pay such sums or do any act which requires the expenditure of monies which may be necessary or appropriate by reason of the failure or neglect of Tenant to comply with any of its obligations under this Lease (Landlord and Lender shall not, however, exercise any such rights unless the failure or neglect shall have ripened into an Event of Default), and in the event of the exercise of such right by Landlord or Lender, Tenant agrees to pay to Landlord or Lender forthwith upon demand, as Additional Rent, all such sums including reasonable attorneys’ fees, together with interest thereon at the Default Rate. Upon termination of Tenant’s right to possession of the Leased Premises due to an Event of Default, Landlord shall use reasonable efforts to relet the Leased Premises; provided, however, that Tenant agrees that Landlord has no obligation to (i) re-let relet the Premises Leased Premises; (A) at a rental rate or otherwise on terms below market, as then determined by Landlord in its reasonable discretion; (B) to any entity not satisfying Landlord’s then standard financial credit risk criteria; (C) for a use (1) not consistent with the use provisions of this Lease; (2) which would violate then applicable law or any part restrictive covenant or parts thereof, either in other lease affecting the name of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period Project; (3) which would impose a greater burden upon the Project’s parking, HVAC or other facilities; and/or (4) which would involve any use of hazardous materials; (ii) divide the Leased Premises, install new demising walls or otherwise have constituted reconfigure the Leased Premises to make same more marketable; (iii) pay any leasing or other commissions arising from such reletting, unless Tenant unconditionally delivers Landlord, in good and sufficient funds, the full amount thereof prorated for the balance of the Term of this Lease in advance; (iv) pay, and/or grant any allowance for, tenant finish or other costs associated with any new lease, unless same may be amortized over the applicable lease term, unless Tenant unconditionally deliver Landlord, in good and sufficient funds, the full amount thereof in advance; and/or (v) relet the Leased Premises, if to do so, Landlord would be required to alter other portions of the Project, make ADA-type modifications or otherwise install or replace any sprinkler, security, safety, HVAC or other Project operating systems.
(d) The various rights and remedies reserved to Landlord herein are cumulative, the rights and remedies described in Paragraphs 20(a)-(c) shall survive termination of this Lease and Landlord may grant concessions pursue any and all such rights and remedies and any other available to Landlord under applicable law or free rent equity, whether at the same time or otherwise (to the extent not inconsistent with specific provisions of this Lease); provided, however, that no remedy of termination shall be available to Landlord reasonably considers advisable and necessary to re-let except as expressly set forth in Paragraph 20(b) after the same and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose occurrence of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default. Notwithstanding anything herein to the contrary, provided Tenant has vacated the Premises. Tenant hereby Landlord expressly waives any and all rights of redemption granted by or under any present or future laws in its right to forcibly dispossess Tenant from the event of Tenant being evicted or dispossessed, or in the event of Landlord obtaining possession of the Leased Premises, by reason whether peaceably or otherwise, without judicial process, such that Landlord shall not be entitled to any “commercial lockout “or any other provisions of applicable law which permit landlords to dispossess tenants from commercial properties without the violation by Tenant benefit of any of the covenants and conditions of this Leasejudicial review.
Appears in 1 contract
Samples: Lease Agreement (Smsa Gainesville Acquisition Corp.)
Landlord’s Remedies. If Tenant shall fail to make any payment of any Rent due hereunder within ten (a10) Upon days of its due date, or if Tenant shall fail to perform any of the occurrence of an Event of Default, Landlord may terminate other covenants or conditions which Tenant is required to observe and perform under this Lease by notice to Tenant, specifying for a date not less than five period of thirty (530) days after the giving following written notice of such notice on which failure, or if the interest of Tenant in this Lease shall terminate be levied upon under execution and this Lease not removed or stayed within thirty (30) days, or if any petition shall come 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 end on the date specified therein as fully and completely as if such date were the date herein originally fixed assignment for the expiration benefit of creditors or petition for or enter into an arrangement, or if Tenant shall abandon or vacate the Premises during the Term of this Lease, then Landlord may, but need not, treat the occurrence of any one or more of the foregoing events as a default under this Lease, and thereupon may, at its option, with notice and demand to Tenant will 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 quit the cure period shall be extended to sixty (60) days if it is capable of being cured within that period:
(a) Terminate Tenant’s right of possession and surrender repossess the Premises in a district court summary proceeding action and without terminating this Lease, in which case Landlord shall use good faith efforts to relet the Premises for such rent and upon such business terms as shall be reasonably acceptable to Landlord; provided, however, (i) Landlord shall not be obligated to relet the Premises to a tenant that is not consistent with a first-class retail shopping center, (ii) Landlord shall not be obligated to relet the Premises to a tenant whose use of the Premises would violate Landlord, but Tenant shall remain liable as hereinafter provided.
(b) If this Lease shall have been terminated as provided ’s mortgage agreement with its mortgagee or the use restrictions set forth in this ArticleLease, or if any execution or attachment (iii) Landlord shall not be issued against Tenant or any of Tenant’s property whereupon obligated to relet the Premises ahead of similar vacant space in the Project, and (iv) Landlord shall not be taken obligated to subdivide the Premises or occupied by someone other than Tenant, then lease portions thereof. During any period that Landlord may re-enter is unable to relet the Premises, either by summary proceedings, ejectment or otherwise, and remove and dispossess Tenant and all other persons and any and all property from the same, as if this Lease had not been made.
(c) If this Lease shall have been terminated as provided in this Article, Tenant shall pay the Basic Rent, Escalation Charges and other sums payable hereunder up to the time of such termination, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses of preparation for such reletting. Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated.
(d) At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s election then Tenant shall pay to Landlord an the amount equal due to be paid by Tenant as such rent becomes due under the excessLease without acceleration as provided herein. If the Premises are relet and a sufficient sum shall not be realized from the reletting, if anyafter payment of all costs and expenses of such repairs and the expense of such reletting and the collection of rent occurring therefrom, to satisfy the Rent herein provided to be paid during the remainder of the Basic Rentinitial Term (and any options previously exercised by Tenant), Escalation Charges Tenant shall satisfy and other pay any such deficiency as and when such rent becomes due under the Lease. Tenant agrees that Landlord may file suit to recover sums as hereinbefore provided which would be payable hereunder from falling due under the date of such demand assuming that, for the purposes terms of this paragraph, annual payments by Tenant on account of Taxes paragraph from time to time and Operating Expenses would be the same as the payments required for the immediately preceding Operating that any suit or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market rental value of the Premises for the same period.
(e) In case recovery of any Event portion due Landlord hereunder shall be no defense to any subsequent action brought for any amount not theretofore reduced to judgment in favor of Default, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let the Premises or any part or parts thereof, either in the name Landlord. Any election of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after upon an Event of Default, provided Tenant has vacated the Premises. 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, or in the event of Landlord obtaining possession of the Premises, uncured default after written notice must be proceeded with all notices and appropriate requirements as provided by reason of the violation by Tenant of any of the covenants and conditions of this Leaselaw.
Appears in 1 contract
Samples: Retail Center Lease (Diversified Restaurant Holdings, Inc.)
Landlord’s Remedies. (a) In the case of any Event of Default as hereinabove provided (not cured within the applicable cure period, if any, set forth in the Lease), Landlord shall have the immediate right to reenter the Premises and to dispossess Tenant and all other occupants therefrom and remove and dispose of all property therein or, at Landlord's election, to store such property in a public warehouse or elsewhere at the cost and for the account of Tenant, and without Landlord being deemed guilty of trespass or becoming liable for any loss or damage which may be occasioned thereby. Upon the occurrence of an any such Event of Default, Landlord may shall also have the right, at its option, in addition to and not in limitation of any other right or remedy, to terminate this Lease by giving Tenant three (3) days' notice to Tenantof termination and upon the expiration of said three (3) days, specifying a date not less than five (5) days after this Lease, and the giving of such notice on which this Lease Term shall cease and terminate and this Lease shall come to an end on the date specified therein as fully and completely as if the date of expiration of such date three (3) day period were the date herein originally fixed for the expiration Expiration Date and thereupon, unless Landlord shall have theretofore demanded possession of the Term Premises, Landlord shall have the immediate right of this Leasepossession, in the manner aforesaid, and Tenant will then and all other occupants shall quit and surrender the Premises to Landlord, but Tenant shall remain liable as hereinafter providedmentioned.
(b) If this Lease by reason of the occurrence of any such Event of Default, the Term shall have been terminated as provided in this Articleend before the Expiration Date, or if any execution or attachment Landlord shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then Landlord may re-enter the Premises, either by summary proceedings, ejectment or otherwise, and remove and dispossess Tenant and all other persons and any and all property from the same, as if this Lease had not been made.
(c) If this Lease shall have been terminated as provided in this Article, Tenant shall pay the Basic Rent, Escalation Charges and other sums payable hereunder up to the time of such termination, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting take possession of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses of preparation for such reletting. or Tenant shall pay the portion of such current damages referred to be ejected, dispossessed, or removed therefrom by summary proceedings or in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated.
(d) At any time after termination of this Lease as provided in this Articleother manner, whether or not Landlord shall have collected any such current damagesspecifically enumerated in this Lease, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay to Landlord an amount equal to the excess, if any, of the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effectPremises become vacant, over the then fair market rental value of the Premises for the same period.
(e) In case of any Event of Default, re-entry, expiration and dispossession by summary proceedings deserted or otherwiseabandoned, Landlord at any time thereafter may (i) re-let relet the Premises Premises, or any part or parts thereof, thereof either in the name of Landlord or otherwiseas agent for Tenant, for a term or terms which may may, at Landlord’s option 's option, be equal to or less than or exceed the period of the remainder of the Term, and at such rent or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord, in its sole discretion, shall determine. Landlord shall receive the rents from such reletting and shall apply the same first, to the payment of such expenses as Landlord may have incurred in connection with reentering, ejecting, removing, dispossessing, reletting, altering, repairing, redecorating, subdividing or otherwise preparing the Premises for reletting, including brokerage and attorneys' fees and expenses; second, to the payment of any indebtedness other than rents, charges and other sums due hereunder from Tenant to Landlord; and the residue, if any, Landlord shall apply to the fulfillment of the terms, covenants and conditions of Tenant hereunder and Tenant hereby waives all claims to the surplus, if any. Tenant shall be and hereby agrees to be liable for and to pay Landlord any deficiency between the rents, charges and other sums reserved hereunder (conclusively presuming the Additional Rent, if any, to be the same as payable for the year immediately preceding such termination or reentry) and the net rentals, as aforesaid, of reletting, if any, for each month of the period which otherwise would have constituted the balance of the Term. Tenant hereby agrees to pay such deficiency in monthly installments on the rent days specified in this Lease, and any suit or proceeding brought to collect the deficiency for any month, either during the Term or after any termination thereof shall not prejudice or preclude in any way the rights of Landlord to collect the deficiency for any subsequent month by a similar suit or proceeding. Landlord shall in no event be liable in any way whatsoever for the failure to relet the Premises or in the event of such reletting, for failure to collect the rents reserved thereunder. Landlord is hereby authorized and empowered to make such repairs, alterations, decorations, subdivision or other preparations for the reletting of the Premises as Landlord shall deem advisable, without in any way releasing Tenant from any liability hereunder, as aforesaid.
(c) No such reentry or taking possession of the Premises by Landlord shall be construed as an election on its part to terminate this Lease unless Landlord gives written notice to Tenant of such intention or the termination thereof shall result as a matter of law or be decreed by a court of competent jurisdiction. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous default.
(d) In the event this Lease is terminated pursuant to the foregoing provisions of this Paragraph 22, Landlord may recover from Tenant all damages it may sxxxxxx xx xxxxxx xx Xxnant's default, including the cost of recovering the Premises and reasonable attorneys' fees and expenses and, upon so selecting and in lieu of the damages that may be recoverable under Paragraph 22(b) above (measured by the monthly deficiency, if any), shall be entitled to recover from Tenant, as and for liquidated damages, and not as a penalty, an amount equal to the difference between the rents, charges and other sums reserved hereunder for the period which otherwise would have constituted the balance of the Term from the latest of the date of termination of this Lease, the date of reentry or the date through which monthly deficiencies shall have been paid in full (conclusively presuming the Additional Rent, if any, to be the same as payable for the year immediately preceding such termination or reentry) and the rental value of the Premises at the time of such election, for such period, both discounted at the rate of four percent (4%) per annum to present worth, all of which shall immediately be due and payable by Tenant to Landlord. In determining the rental value of the Premises the rental realized by any reletting, if such reletting be accomplished by Landlord within a reasonable time after the termination of this Lease or within a reasonable time after Landlord regains possession of the Premises, shall be deemed prima facie to be the rental value. Nothing herein contained, however, shall limit or prejudice the right of Landlord to prove and may grant concessions or free rent obtain as liquidated damages by reason of such termination an amount equal to the extent that maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to in this Paragraph 22(d).
(e) The parties hereby waive trial by jury in any action, proceeding or counterclaim brought by either party against the other on any matter whatsoever arising out of or in any way connected with this Lease, the relationship of Landlord reasonably considers advisable and necessary to re-let the same and (ii) make such alterationsTenant created hereby, repairs and decorations in Tenant's use or occupancy of the Premises as Landlord considers advisable and necessary or any claim for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate injury or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. damage.
(f) 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 shall be evicted or dispossesseddispossessed from the Premises for any cause, or in Landlord reenters the Premises following the occurrence of any Event of Default hereunder, or this Lease is terminated before the Expiration Date.
(g) In the event of Landlord obtaining possession of the Premises, by reason of the violation any breach or threatened breach by Tenant of any of the covenants terms and conditions provisions of this Lease, Landlord shall have the right to injunctive relief and declaratory relief as if no other remedies were provided herein for such breach.
(h) The rights and remedies herein reserved by or granted to Landlord and Tenant are distinct, separate and cumulative, and the exercise of any one of them shall not be deemed to preclude, waive or prejudice Landlord's or Tenant's right to exercise any or all others. Whether or not specifically enumerated in this Lease, Landlord hereby reserves all rights and remedies at law and in equity and nothing contained in this Lease shall be construed as a limitation of any such rights or remedies.
(i) Landlord and Tenant hereby expressly waive any right to assert a defense based on merger and agree that neither the commencement of any action or proceeding, nor the settlement thereof nor the entry of judgment therein shall bar Landlord or Tenant from bringing any subsequent actions or proceeding, nor the settlement thereof nor the entry of judgment therein shall bar Landlord or Tenant from bringing any subsequent actions or proceedings from time to time.
(j) Nothing contained in this Paragraph 22 shall be deemed or construed to require Landlord to give the notices herein provided for prior to the commencement of a summary proceeding for nonpayment of rent or a plenary action for the recovery of rent on account of any default in the payment of rent, it being intended that any such notice or notices are for the sole and only purpose of creating a conditional limitation or a condition precedent hereunder pursuant to which this Lease shall terminate and Tenant shall become a holdover tenant.
(k) The words "reenter", "reentry" and "reentered" as used in this Lease shall not be deemed to be restricted to their technical legal meanings.
Appears in 1 contract
Landlord’s Remedies. (a) Upon the occurrence of an any Event of Default, Landlord may may, at its option, terminate this Lease by Lease, whereupon the estate hereby vested in Tenant shall cease and any and all other right, title and interest of Tenant hereunder shall likewise cease without notice to Tenantor lapse of time, specifying a date not less than five (5) days after the giving of such notice on which this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely with like effect as if such date were the date herein originally fixed for the expiration of the Term entire term of this Lease, and Tenant will then quit and surrender the Premises to LandlordLease had elapsed, but Tenant shall remain continue to be liable to Landlord as hereinafter provided.
(b) If this Lease Upon the occurrence of any Event of Default, or at any time thereafter, Landlord, in addition to and without prejudice to any other rights and remedies Landlord shall have been terminated as provided at law or in this Articleequity, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon have the Premises shall be taken or occupied by someone other than Tenant, then Landlord may right to re-enter the Premises, either and recover possession thereof and dispossess any or all occupants of the Premises in the manner prescribed by the statute relating to summary proceedings, ejectment or otherwisesimilar statutes, and remove and dispossess but Tenant and all other persons and any and all property from the same, in such case shall remain liable to Landlord as if this Lease had not been madehereinafter provided.
(c) If this Lease shall have been terminated as provided in this Article, Tenant shall pay the Basic Rent, Escalation Charges and other sums payable hereunder up to the time of such termination, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses of preparation for such reletting. Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated.
(d) At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay to Landlord an amount equal to the excess, if any, of the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market rental value of the Premises for the same period.
(e) In case of any Event of Default, re-entry, expiration and and/or dispossession by summary proceedings proceedings, whether or otherwise, Landlord may not this Lease shall have been terminated as aforesaid:
(i) All delinquent rent and additional rent shall become payable thereupon and be paid up to the time of such re-let entry, expiration and/or dispossession;
(ii) Landlord shall have the right, but not the obligation, to relet the Premises or any part or parts thereofthereof for the account of Tenant, either in the name of Landlord or otherwise, for a term or terms which may may, at Landlord’s option option, be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term term of this Lease and may to grant reasonable concessions or free rent to the extent for rent, costs, brokerage fees and attorneys’ fees;
(iii) Tenant shall reimburse Landlord for any expenses that Landlord reasonably considers advisable may incur in connection with recovering possession of the Premises and necessary to re-let any reletting thereof, such as court costs, attorneys’ fees, brokerage fees, and the same costs of advertising and (ii) make such alterationsthe costs of any alteration, repairs and repairs, replacements and/or decorations in or to the Premises as Landlord Landlord, in Landlord’s sole judgment, considers advisable and necessary for the purpose of such reletting of the Premises; and the making of such reasonable alterations, repairs and repairs, replacements and/or decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid; and
(iv) Tenant or the legal representatives of Tenant, at Landlord’s options, shall pay Landlord, either (1) in monthly installments, the difference between the rent and the additional rent reserved hereunder and the rent, if any, received by Landlord pursuant to any reletting, or (2) liquidated damages and not a penalty in an amount equal to the rent which should have become due during the remainder of the term of this Lease and an estimate of the additional rent which would have become due during the remainder of the term of this Lease (calculated by using the additional rent paid by Tenant for the immediately preceding Lease year), reduced to present value at the rate of nine (9%) percent per annum.
(d) If Tenant defaults (after the expiration of applicable notice and/or cure periods) on any payment of additional rent required to be make by it under this Lease, or fails (after the expiration of applicable notice and/or cure periods) to furnish evidence of such payments at the times in this Lease required, Landlord may make such payment for Tenant without notice. If Tenant defaults (after the expiration of applicable notice and/or cure periods) in the performance or observance of any non-monetary term, covenant or condition to be performed or observed by it under this Lease, Landlord may take action to rectify such non-monetary default on Tenant’s behalf. Landlord agrees may rectify such default (after the expiration of applicable notice and/or cure periods) on Tenant’s behalf immediately and without such notice of immediate action is reasonably believed to be required in order to avoid injury or damage to other persons or property (including Xxxxxxxx’s property). Landlord may enter the Premises to rectify such defaults. All money advanced and expenses incurred by Landlord in rectifying any defaults (after the expiration of applicable notice and/or cure periods) (including Landlord’s attorneys’ fees) together with interest thereon at 9% per annum from the date advanced until the date paid by Xxxxxx, shall be repaid by Tenant to Landlord on demand.
(e) In the event Tenant commits a default, or suffers a default to exist, Tenant shall reimburse Landlord for Landlord’s reasonable attorneys’ fees incurred by Landlord in the enforcement of this Lease, within fifteen (15) days after written demand.
(f) Landlord shall use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. 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, 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 Leasemitigate its damages.
Appears in 1 contract
Samples: Commercial Lease Agreement (Penn National Gaming Inc)
Landlord’s Remedies. (a) Upon the occurrence of an Event a Default of DefaultTenant, Landlord may terminate this Lease by notice to Tenant, specifying a date not less than five (5) days after the giving of such notice on which this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration of the Term of this Lease, and Tenant will then quit and surrender the Premises to LandlordLandlord in the condition required herein, but Tenant shall remain liable as hereinafter provided.
(b) If this Lease shall have been terminated as provided in this Article, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then Landlord may re-enter the Premises, either by summary proceedings, ejectment or otherwise, and remove and dispossess Tenant and all other persons and any and all property from the same, as if this Lease had not been made.
(c) If this Lease shall have been terminated as provided in this Article, Tenant shall pay the Basic Rent, Escalation Charges and other sums payable Rent hereunder up to the time of such termination, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable Rent hereunder as if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable of Landlord's out-of-pocket expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ ' fees, advertising, expenses of employees, alteration costs and expenses of preparation for such reletting; and (y) if this Lease provides that Tenant was entitled to occupy the Premises for any period of time without paying Basic Rent, the amount of Basic Rent that Tenant would have paid for any such period. Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated, and Tenant shall pay the portion of such current damages referred to in clause (y) above to Landlord upon such termination.
(d) At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s 's election Tenant shall pay to Landlord an amount equal to the present value of the excess, if any, of the Basic RentRent (including Taxes, Escalation Charges Operating Expenses and other sums as hereinbefore provided charges payable under this Lease) which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating Year or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over in excess of the then fair market net rental value of the Premises for the same period.
(e) In case of any Event Default of DefaultTenant, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let relet the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s 's option be equal to to, less than, or less than or exceed in excess of the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers necessary or advisable and necessary to re-let relet the same same, and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers necessary or advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. 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, 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.
Appears in 1 contract
Landlord’s Remedies. (a) Upon the occurrence of an Event of Default, Landlord may terminate this Lease by do any one or more of the following:
(i) Upon three (3) days’ notice to Tenant, specifying a date not less than five (5) days after Landlord may declare to be immediately due and payable, on account of the giving of such notice on which this Lease shall terminate rent and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date other charges herein originally fixed reserved for the expiration balance of the Term (taken without regard to any early termination of this Leasesaid term on account of default), a sum equal to the Accelerated Rent Component (as hereinafter defined), and Tenant will then quit and surrender the Premises to Landlord, but Tenant shall remain liable to Landlord as hereinafter provided.
(ii) Whether or not Landlord has elected to recover the Accelerated Rent Component, Landlord may terminate this Lease on at least five (5) days’ notice to Tenant (or, if a longer notice period is required by law, notice of the shortest permissible period of time) and, on the date specified in said notice, this Lease and the Term and all rights of Tenant hereunder shall expire and terminate and Tenant shall thereupon quit and surrender possession of the Leased Premises to Landlord in the same condition the Leased Premises existed on the Commencement Date except for normal wear and tear, any improvements to the Leased Premises approved by Landlord and insured damage and Tenant shall remain liable to Landlord as hereinafter provided.
(iii) Landlord may pursue any other rights and remedies available to Landlord at law or equity, all of which rights and remedies are cumulative and not exclusive.
(b) If For purposes hereof, the Accelerated Rent Component shall mean:
(i) all rent and other charges, payments, costs and expenses due from Tenant to Landlord and in arrears at the time of the election of Landlord to recover the Accelerated Rent Component, plus
(ii) the Base Rent reserved for the remainder of the Term of this Lease (taken without regard to any early termination of the term by virtue of any default), plus
(iii) all other charges, payments, costs, and expenses herein agreed be paid by Tenant up to the end of said Term which shall be capable of precise determination at the time of Landlord’s election to recover the Accelerated Rent Component, plus
(iv) Landlord’s good-faith estimate of all other charges, payments, costs, and expenses herein agreed to be paid by Tenant up to the end of said term which shall not be capable of precise determination as aforesaid (and for such purposes, no estimate of any component of Additional Rent to accrue pursuant to the provisions of this Lease shall be less than the amount which would be due if each such component continued at the highest monthly rate or amount in effect during the twelve (12) months immediately preceding the default).
(c) In any case in which this Lease shall have been terminated as provided in this Articleterminated, or if in any execution or attachment case in which Landlord shall be issued against Tenant or any of Tenant’s property whereupon have elected to recover the Premises shall be taken or occupied by someone other than TenantAccelerated Rent Component, then Landlord may re-may, without further notice, enter upon and repossess the Leased Premises, either by summary proceedings, ejectment or otherwise, and may dispossess Tenant and remove and dispossess Tenant and all other persons and any and all property from the sameLeased Premises and may have, hold and enjoy the Leased Premises and the rents and profits therefrom. Landlord may, in its own name, as agent for Tenant, if this Lease had has not been made.
(c) If this Lease shall have been terminated as provided terminated, or in this Articleits own behalf, Tenant shall pay the Basic Rent, Escalation Charges and other sums payable hereunder up to the time of such termination, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses of preparation for such reletting. Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not has been terminated.
(d) At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond relet the date of such demand, at Landlord’s election Tenant shall pay to Landlord an amount equal to the excess, if any, of the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market rental value of the Premises for the same period.
(e) In case of any Event of Default, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let the Leased Premises or any part or parts thereof, either in the name of Landlord or otherwise, thereof for a such term or terms (which may at Landlord’s option be equal to greater or less than or exceed the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions and provisions (which may include concessions or free rent) as Landlord in its sole discretion may determine. Landlord may, in connection with any such reletting, cause the Leased Premises to be redecorated, altered, divided, and/or consolidated with other space or otherwise changed or prepared for reletting. No reletting shall be deemed a surrender and acceptance of the Leased Premises.
(d) Tenant shall, with respect to all periods of time up to and including the expiration of the Term of this Lease and may grant concessions (or free rent what would have been the expiration date in the absence of an Event of Default), remain liable to Landlord as follows:
(i) In the event of termination of this Lease on account of an Event of Default, Tenant shall remain liable to Landlord for damages equal to the extent that Rent and other charges payable under this Lease by Tenant as if this Lease were still in effect. Landlord reasonably considers advisable shall have the sole option to collect such damages monthly upon presentation to Tenant of a xxxx for the amount due (but without prejudice to the right of Landlord to demand and necessary to re-let receive the same and Accelerated Rent Component in full at any time).
(ii) make such alterations, repairs In the event and decorations in the Premises so long as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations this Lease shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises have been terminated after an Event of Default, provided the rent and all other charges payable under this Lease shall be reduced by the net proceeds of any reletting by Landlord (after deducting all costs incident thereto as above set forth) and by any portion of the Accelerated Rent Component paid by Tenant has vacated to Landlord, and any amount due to Landlord shall be payable monthly upon presentation to Tenant of a xxxx for the Premisesamount due.
(e) In the event Landlord, after an Event of Default, shall recover the Accelerated Rent Component from Tenant and it shall be determined at the expiration of the term of this Lease (taken without regard to early termination for default) that a credit is due Tenant because the net proceeds of reletting, as aforesaid, plus the amounts paid to Landlord by Tenant exceed the aggregate of rent and other charges accrued in favor of Landlord to the end of said term, Landlord shall refund such excess to Tenant, without interest, promptly after such determination.
(f) 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 a reletting.
(g) Nothing contained in this Lease shall limit or prejudice the right of Landlord to prove for and obtain as damages based upon an Event of Default, in any court or administrative proceeding, the maximum amount allowed by any statute or rule of law in effect when such damages are to be proved.
(h) Tenant hereby waives all errors and defects of a procedural nature in any proceeding brought against it by Landlord under this Lease. Tenant hereby expressly further waives the right to any and all rights of redemption granted by or under any present or future laws notices to quit as may be specified in the event Landlord and Tenant Act of Pennsylvania, Act of April 6, 1951, as amended, and agrees that five (5) days notice shall be sufficient in any case where a longer period may be statutorily specified.
(i) If rent or any other sum due from Tenant being evicted to Landlord shall be overdue for more than five (5) days, it shall thereafter automatically (and regardless of whether Landlord has provided or dispossessed, or thereafter provides notice with regard thereto) bear interest at the rate of five percent (5%) per annum in the event of Landlord obtaining possession excess of the Premisesannounced prime rate of interest of Chase Manhattan Bank or its successor(s), by reason of from time to time in effect (or, if lower, the violation by Tenant of any of the covenants and conditions of this Leasehighest legal rate), until paid.
Appears in 1 contract
Samples: Acquisition and Development Agreement (Urban Outfitters Inc)
Landlord’s Remedies. (a) Upon the occurrence of an Event event of Defaultdefault, Landlord may shall have the following rights and remedies:
18.2.1 Landlord shall have the right at its election, at any time while such event of default continues, to give Tenant written notice of Landlord's election to terminate this Lease by notice to Tenant, specifying on a date not less than five (5) days after specified in such notice. Upon the giving of such notice on which notice, this Lease and the estate hereby granted shall expire and terminate and this Lease shall come to an end on the such date specified therein as fully and completely and with the same effect as if such date were the date herein originally before fixed for the expiration of the Term of this LeaseTerm, and all rights of Tenant will then quit hereunder shall expire and surrender the Premises to Landlordterminate, but Tenant shall remain liable as hereinafter provided.
(b) If this Lease 18.2.2 Landlord shall have been terminated as provided in this Article, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then Landlord may immediate right to re-enter and repossess the Premises, either Leased Property or any part thereof by summary proceedings, ejectment or otherwise and the right to remove all persons and property therefrom. Landlord shall be under no liability for or by reason of any such entry, repossession or removal. No such re-entry or taking of possession of the Leased Property by Landlord shall be deemed to waive or prejudice any remedies provided to Landlord hereunder, nor be construed as an election on Landlord's part to terminate this Lease unless a written notice of such election be given to Tenant pursuant to Sections 19.2.1 and 20 or unless the termination of this Lease he decreed by a court of competent jurisdiction.
18.2.3 Landlord may relet the Leased Property or any part thereof for the account of Tenant, in the name of Tenant or Landlord or otherwise, without notice to Tenant, for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the Term) and remove and dispossess Tenant and all other persons on such conditions (which may include free rent and any other concessions) and all property from for such uses as Landlord, in its reasonable discretion, may determine; and Landlord may collect and receive any rents payable by reason of such reletting. Landlord shall not be responsible or liable for any failure to relet or to collect any rent due upon such reletting.
18.2.4 In the same, as if event of any termination of this Lease had not been made.
(c) If this Lease shall have been terminated as provided in this Articleby reason of the occurrence of an Event of Default, Tenant shall will pay to Landlord the Basic Base Rent, Escalation and any Additional Charges and other sums payable hereunder up required to be paid by Tenant for the time period to and including the date of such termination.
18.2.5 Landlord shall be entitled to recover from Tenant, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable Tenant will pay to Landlord for, and shall pay to Landlordon demand, as and for liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses of preparation for such reletting. Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated.
(d) At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated agreed final damages for Tenant's default and in lieu of all such current damages beyond the date of such demandtermination (it being agreed that it would be impracticable or extremely difficult to fix the actual damages), at Landlord’s election Tenant shall pay to Landlord an amount equal to the excess, if any, of the Basic present value of the excess of (a) the total of (i) the Base Rent, Escalation any Additional Charges and other sums as hereinbefore provided which would be payable hereunder under this Lease from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year termination for what would be the then unexpired Term in the absence of this Lease if such termination plus (ii) the same remained in effectaggregate of all reasonable expenses relating to Landlord's reletting the Leased Property, including, without limitation, brokerage fees and the cost of any alterations needed to relet, over (b) the then net fair market rental value of the Premises Leased Property for the same period.
period (e) In case of any Event of Default, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let after deducting from such fair rental value the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts time needed to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. Tenant hereby expressly waives any and all rights of redemption granted by or under any present or future laws Leased Property in the event of Tenant being evicted or dispossessed, or in amount and concessions which would normally be given to a new tenant). Fair rental value shall be established by reference to the event of Landlord obtaining possession of the Premises, by reason of the violation by Tenant of any of the covenants terms and conditions upon which Landlord relets the Leased Property if such reletting is accomplished within a reasonable period of this Leasetime after such termination and otherwise established on the basis of Landlord's reasonable estimates and assumptions of fact regarding market and other relevant circumstances, which shall govern unless shown to be clearly erroneous.
Appears in 1 contract
Samples: Lease (Giga Information Group Inc)
Landlord’s Remedies. (a) Upon the occurrence of an Event a Default of DefaultTenant, Landlord may terminate this Lease by notice to Tenant, specifying a date not less than five (5) days after the giving of such notice on which this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration of the Term of this Lease, and Tenant will then quit and surrender the Premises to Landlord, but Tenant shall remain liable as hereinafter provided.
(b) If this Lease shall have been terminated as provided in this Article, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then Landlord may re-enter the Premises, either by summary proceedings, ejectment or otherwise, and remove and dispossess Tenant and all other persons and any and all property from the same, as if this Lease had not been made.
(c) If this Lease shall have been terminated as provided in this Article, Tenant shall pay the Basic Rent, Escalation Charges Rent and other sums payable hereunder Additional Rent up to the time of such termination, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges Rent and other sums that would be Additional Rent payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, expenses of employees, alteration costs and expenses of preparation for such reletting; and (y) if this Lease provides that Tenant was entitled to occupy the Premises for any period of time without paying Basic Rent, the amount of Basic Rent that Tenant would have paid for any such period. Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated, and Tenant shall pay the portion of such current damages referred to in clause (y) above to Landlord upon such termination.
(d) At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay to Landlord an amount equal to the excess, if any, of the Basic Rent, Escalation Charges Rent and other sums as hereinbefore provided Additional Rent which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market net rental value of the Premises for the same period.
(e) In case of any Event Default of DefaultTenant, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. 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, 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.
Appears in 1 contract
Samples: Lease Agreement (Ameresco, Inc.)
Landlord’s Remedies. (a) Upon In case of any such default under Section 21.2, at any time following the occurrence expiration of an Event of Defaultthe respective grace periods above mentioned, Landlord may serve a notice upon Tenant electing to terminate this Lease by notice to Tenant, specifying upon a specified date not less than five (5) seven days after the giving date of serving such notice on which this Lease shall terminate and this Lease shall come to an end then expire on the date so specified therein as fully and completely as if such that date were the date herein had been originally fixed for as the Page 30 expiration date of the Term therein granted; however, a default under Section 21.2, hereof shall be deemed waived if such default is made good before the date specified for termination in the notice of this Lease, termination served on Tenant. All base Rent and Additional Rent payable by Tenant will then quit and surrender the Premises to Landlord, but Tenant following Xxxxxx's receipt of a notice of monetary default shall remain liable as hereinafter provided.
(b) If be made by way of certified or bank cashier's check. In case this Lease shall have been be terminated as provided in this Articlehereinbefore provided, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then Landlord may re-enter the Premises, either by summary proceedings, ejectment or otherwise, and remove and dispossess Tenant and all other persons and any and all property from the same, as if this Lease had not been made.
(c) If this Lease shall have been terminated as provided in this Article, Tenant shall pay the Basic Rent, Escalation Charges and other sums payable hereunder up to the time of such termination, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses of preparation for such reletting. Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated.
(d) At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay to Landlord an amount equal to the excess, if any, of the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market rental value of the Premises for the same period.
(e) In case of any Event of Default, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) or its agents may, immediately or any time there- after, re-let enter and resume possession of the Premises or any such part or parts thereof, and remove all persons and property therefrom, either by summary proceedings or by a suitable action or proceeding at law, without being liable for any damages therefor. No re-entry by Landlord shall be deemed an acceptance of a surrender of this Lease. In case this Lease shall be terminated as hereinabove provided, or by summary proceedings or other- wise, Landlord may, in its own name and in its own behalf, relet the name whole or any portion of Landlord or otherwisethe Premises, for a term or terms which may at Landlord’s option be any period equal to or greater or less than or exceed the period which would otherwise have constituted the balance remainder of the Term then current Term, for any sum which it may deem reasonable, to any tenant which it may deem suitable and satisfactory, and for any use and purpose which it may deem appropriate, and in connection with any such lease Landlord may make such changes in the character of this Lease the improvements on the Premises as Landlord may determine to be appropriate or helpful in effecting such lease and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaidrent. Landlord agrees to shall use commercially reasonable efforts to relet the Premises, so as to mitigate the damages otherwise payable by Tenant hereunder. 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 after an Event in excess of Defaultthe rent reserved in this Lease. Landlord shall be entitled to recover from Tenant the sum equal to all expenses, provided Tenant has vacated the Premises. Tenant hereby expressly waives any and all rights of redemption granted including reasonable counsel fees, incurred by or under any present or future laws Landlord in the event of Tenant being evicted or dispossessed, or in the event of Landlord obtaining recovering possession of the Premises, by reason the cost of reletting the violation Premises, and the cost and charges for the care of Premises while vacant, which damages shall be due and payable by Tenant of any of the covenants and conditions of this Leaseto Landlord at such time or times as such expenses shall have been incurred by Landlord.
Appears in 1 contract
Landlord’s Remedies. (a) Upon the occurrence of an Event of Default, Landlord may terminate this Lease by notice to Tenant, specifying a date not less than five (5) days after the giving of such notice on which If this Lease shall terminate be terminated as provided in paragraph 12.1, Landlord or Landlord's agents or employees may immediately or at any time thereafter re-enter the Premises and this Lease shall come to an end on remove the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration of the Term of this LeaseTenant, its agents, employees, servants, licensees, and Tenant will then quit any subtenants and surrender the Premises other persons, firms or corporations, and all or any of its or their property, either by summary dispossess proceedings or by any suitable action or proceeding at law or by force or otherwise, without being liable to Landlordindictment, but Tenant shall remain liable as hereinafter providedprosecution or damages therefor, and repossess and enjoy said Premises, together with all alterations, additions and improvements thereto.
(b) If this Lease shall have been terminated as provided in this ArticleIn case of any such termination, re-entry or if any execution dispossess by summary proceedings or attachment otherwise, the rents and all other charges required to be paid up to the time of such termination, re-entry or dispossess, shall be issued against paid by Tenant and Tenant shall also pay to Landlord all expenses which Landlord may then or any of Tenant’s property whereupon thereafter incur for legal expenses, attorneys' fees, brokerage commissions and all other costs paid or incurred by Landlord for restoring the Premises shall be taken or occupied by someone other than Tenantto good order and condition and for altering and otherwise preparing the same for reletting. Landlord may, then Landlord may re-enter at any time and from time to time, relet the Premises, in whole or in part, for any rental then obtainable either by summary proceedingsin its own name or as agent of Tenant, ejectment for a term or otherwiseterms which, and remove and dispossess Tenant and all other persons and any and all property from at Landlord's option, may be for the same, as if remainder of the then current term of this Lease had not been madeor for any longer or shorter period.
(c) If this Lease shall have been terminated as provided in this Articlebe terminated, Tenant shall nevertheless covenants and agrees, notwithstanding any entry or reentry by Landlord whether by summary proceedings, termination or otherwise, to pay the Basic Rent, Escalation Charges and other sums payable hereunder up to the time of such termination, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses of preparation for such reletting. Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which originally fixed herein for the Basic Rent would have been payable hereunder payment thereof, amounts equal to the several installments of fixed rent and additional rent as they would, under the terms of this Lease, become due if this Lease had not been terminatedterminated or if Landlord had not entered or re-entered as aforesaid, and whether the Premises be relet or remain vacant in whole or in part or for a period less than the remainder of the term, and for the whole thereof, but in the event the Premises be relet by Landlord, Tenant shall be entitled to a credit in the net amount of rent received by Landlord in reletting the Premises after deduction of all expenses and costs incurred or paid in reletting the Premises and in collecting the rent in connection therewith.
(d) At No failure by Landlord or Tenant to insist upon the strict performance of any time after termination covenant, agreement, term or condition of this Lease as provided in this Articleor to exercise any right or remedy consequent upon a breach thereof, whether and no acceptance of full or not Landlord shall have collected partial rent during the continuance of any such current damagesbreach, as liquidated final damages and in lieu shall constitute a waiver of all any such current damages beyond the date breach or of such demandcovenant, at Landlord’s election Tenant agreement, term or condition. No waiver of any breach shall pay to Landlord an amount equal to the excessaffect or alter this Lease, if anybut each and every covenant, of the Basic Rentagreement, Escalation Charges term and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term condition of this Lease if the same remained shall continue in effect, over the full force and effect with respect to any other then fair market rental value of the Premises for the same periodexisting or subsequent breach thereof.
(e) In case of any Event of Default, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. 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 any breach or dispossessed, or in the event of Landlord obtaining possession of the Premises, threatened breach by reason of the violation by Tenant either party of any of the covenants and covenants, agreements, terms or conditions of contained in this Lease, the other party shall be entitled to enjoin such breach or threatened breach and shall have the right to invoke any right and remedy allowed at law or in equity or by statute or otherwise.
(f) Each right and remedy of Landlord and Tenant 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.
Appears in 1 contract
Landlord’s Remedies. If a Default of Tenant exists, in addition to any other remedies available to Landlord at law or in equity, Landlord shall have the following rights and remedies:
(a) Upon the occurrence of an Event a Default of DefaultTenant, Landlord may terminate this Lease by delivery of written notice to Tenant, specifying a date not less than five ten (510) days after the giving of such notice on which this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration of the Term of this Lease, and Tenant will then quit and surrender the Premises to Landlord, but Tenant shall remain liable as hereinafter provided.
(b) If this Lease shall Shall have been terminated as provided in this Article, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than TenantArticle 14, then Landlord may re-enter the Premises, either by summary proceedings, ejectment or otherwise, and remove and dispossess Tenant and all other persons and any and all property from the same, as if • this Lease had not been made.
(c) If this Lease shall have been terminated as provided in this ArticleArticle 14, then Tenant shall be obligated to pay all Basic Rent for the Basic Rentremainder of the Term, Escalation Charges and other sums payable hereunder up to the time of such terminationprovided, and thereafter Tenanthowever, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to that if Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of relets the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses then Tenant’s obligation shall terminate as of preparation for such reletting. Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated.
(d) At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay to Landlord an amount equal reletting and in proportion to the excess, if any, of the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market rental value portion of the Premises for the same periodso relet.
(e) In case of any Event of Default, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. 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, 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.
Appears in 1 contract
Samples: Lease (Boston Gear LLC)
Landlord’s Remedies. (a) Upon the occurrence of an Event of Default, Landlord may terminate this Lease by notice to Tenant, specifying a date not less than five (5) days after the giving of such notice on which If this Lease shall terminate be terminated as provided in Section 13.01, Landlord or Landlord's agents or employees may immediately or at any time thereafter re-enter the Premises and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration of the Term of this Leaseremove therefrom Tenant, its agents, employees, licensees, and Tenant will then quit any subtenants and surrender other persons, firms or corporations, and all or any of its or their property therefrom either by summary dispossess proceedings or by any suitable action or proceeding at law or by force or otherwise, without being liable to indictment, prosecution or damages therefor, and repossess and enjoy the Premises to LandlordPremises, but Tenant shall remain liable as hereinafter providedtogether with all alterations, additions and improvements thereto.
(b) If this Lease shall have been terminated as provided in this ArticleIn case of any such termination, re-entry or if any execution dispossession by summary proceedings or attachment otherwise, the rents and all other charges required to be paid up to the time of such termination, re-entry or dispossession, shall be issued against paid by Tenant, and Tenant shall also pax xx Landlord all expenses which Landlord may then or any of Tenant’s property whereupon thereafter incur for legal expenses, attorneys' fees, brokerage commissions and all other costs paid or incurred by Landlord for restoring the Premises shall be taken or occupied by someone other than Tenantto good order and condition and for altering and otherwise preparing the same for reletting thereof. Landlord may, then Landlord may re-enter at any time and from time to time, relet the Premises, in whole or in part, for any rental then obtainable either by summary proceedingsin its own name or as agent of Tenant, ejectment for a term or otherwiseterms which, and remove and dispossess Tenant and all other persons and any and all property from at Landlord's option, may be for the same, as if remainder of the then current term of this Lease had not been madeor for any longer or shorter period.
(c) If this Lease shall have been be terminated as provided in this Articleaforesaid, Tenant shall nevertheless covenants and agrees, notwithstanding any entry or re-entry by Landlord, whether by summary proceedings, termination, or otherwise, to pay and be liable for on the Basic days originally fixed herein for the payment thereof, amounts equal to the several installments of Fixed Monthly Rent, Escalation Charges Additional Rent and other sums payable hereunder up to Charges as they would under the time of such termination, and thereafter Tenant, until the end of what would have been the Term terms of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses of preparation for such reletting. Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder become due if this Lease had not been terminatedterminated or if Landlord had not entered or re-entered as aforesaid, whether the Premises be relet or remain vacant in whole or in part for a period less than the remainder of the term or for the excess of the Fixed Monthly Rent, and Additional Rent reserved under the terms of this Lease) in the net amount of rent received by Landlord in reletting the Premises after deduction of all expenses and costs incurred or paid as aforesaid in reletting the Premises and in collecting the rent in connection therewith. As an alternative, at the election of Landlord, Tenant shall pay to Landlord as damages, such a sum as at the time of such termination represent: (i) the unamortized costs of Landlord's leasehold improvements (including, but not limited to, any costs of design, materials and construction) within the Premises and any brokerage and/or other fees paid by Landlord in connection with Lease, as such costs shall have been amortized over the term of the Lease at an interest rate of ten percent (10%), and (ii) the amount o f the then present value of the total Fixed Monthly Rent and Additional Rent and other benefits which would have accrued to Landlord under this Lease for the remainder of the term (including all renewal terms whether or not Tenant had elected to renew) if the Lease terms had been fully complied with by Tenant.
(d) At any time after termination of this Lease Tenant hexxxx expressly waives, so far as provided in this Articlepermitted by law, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay to Landlord an amount equal to the excess, if any, of the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market rental value of the Premises for the same period.
(e) In case service of any Event notice of Default, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary intention to re-let enter provided for in any statute, or of the same institution of legal proceedings to that end, and (ii) make such alterationsTenant, repairs for an on behalf of itself and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate all persons claiming through or be construed to release under Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. Tenant hereby expressly also waives any and all rights of redemption granted by or re-entry or repossession under any present or future laws laws, including specifically but without limitation, Section 761 of the New York Real Property Law and Rules. In case Tenant shall be dispossessed by a judgment or by warrant of this Lease, Landlord and Tenant, so far as permitted by law, xxxxx and will waive trial by jury in any action, proceeding or counterclaim brought by either of the parties hereto against the other on any matters whatsoever arising out of or in any way connected with this Lease, the relationship of Landlord and Tenant, Tenant's use or occupancy of said Prexxxxx, or any claim of injury or damage. The terms "enter," "entry," or "re-entry" as used in this Lease are not restricted to their technical legal meaning.
(e) No failure by Landlord to insist upon time strict performance of any covenant, agreement, term or condition of this lease or to exercise any right or remedy consequent upon a breath thereof, and no acceptance of full or partial rent during the continuance of any such breach, shall constitute a waiver of any such breach or of such covenant, agreement, term or condition. No waiver of any breach shall affect or alter this Lease, but each and every covenant, agreement, term and condition of this Lease shall continue in full force and effect with respect to any other then existing or subsequent breach thereof. No payment by Tenant or receipt by Landlord of a lesser amount than the monthly installments of rent or Additional Rent stipulated in 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 letter accompanying a check for payment of rent be deemed any 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 by this Lease.
(f) In the event of Tenant being evicted any breach or dispossessed, or in the event of Landlord obtaining possession of the Premises, by reason of the violation threatened breach by Tenant of any of the covenants and covenants, agreements, terms or conditions of contained in this Lease, Landlord shall be entitled to enjoin such breach or threatened breach and shall have the right to invoke any right or remedy allowed at law or in equity or by statute or otherwise.
(g) Each right or remedy of Landlord 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.
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Landlord’s Remedies. (a) Upon the occurrence of If an Event of DefaultDefault hereunder shall have happened and be continuing, Landlord may terminate may, at its option:
(i) declare due and payable and xxx for and recover, all unpaid Fixed Rent for the unexpired period of the Lease Term (and also all Additional Rent as the amount(s) of same can be determined or reasonably estimated) as if by the terms of this Lease the same were payable in advance, together with all legal fees and other expenses incurred by Landlord in connection with the enforcement of any of Landlord's rights and remedies hereunder, and/or
(ii) distrain, collect or bring action for such Fixed Rent and Additional Rent as being rent in arrears, or may enter judgment therefor in an amicable action as herein elsewhere provided for in case of rent in arrears, or may file a Proof of Claim in any bankruptcy or insolvency proceeding for such Fixed Rent and Additional Rent, or institute any other proceedings, whether similar or dissimilar to the foregoing, to enforce payment thereof, and/or
(iii) terminate the Lease Term by giving written notice thereof to TenantTenant and, specifying a date not less than five (5) days after upon the giving of such notice on which this notice, the Lease Term and the estate hereby granted shall expire and terminate with the same force and this Lease shall come to an end on effect as though the date specified therein as fully and completely as if of such date were notice was the date herein originally hereinbefore fixed for the expiration of the Term of this LeaseLease Term, and all rights of Tenant will then quit hereunder shall expire and surrender the Premises to Landlordterminate, but Tenant shall remain liable as hereinafter provided, and/or
(iv) exercise any other rights and remedies available to Landlord at law or in equity.
(b) If this Lease any Event of Default shall have happened and be continuing, Landlord may, whether or not the Lease Term has been terminated as provided in this Articleherein provided, or if any execution or attachment shall be issued against Tenant reenter and repossess the Leased Premises or any of Tenant’s property whereupon the Premises shall be taken or occupied part thereof by someone other than Tenantforce, then Landlord may re-enter the Premises, either by summary proceedings, ejectment or otherwise, otherwise and Landlord shall have the right to remove and dispossess Tenant and all other persons and property therefrom. Landlord shall be under no liability for or by reason of any such entry, repossession or removal; and all property from no such re-entry or taking of possession of the same, Leased Premises by Landlord shall be construed as if an election on Landlord's part to terminate the Lease Term unless a written notice of such intention be given to Tenant pursuant to Section 28(a)(iii) or unless the termination of this Lease had not been madebe decreed by a court of competent jurisdiction.
(c) If this At any time or from time to time after the repossession of the Leased Premises or any part thereof pursuant to Section 28(b), whether or not the Lease Term shall have been terminated pursuant to Section 28(a)(iii), Landlord may (but shall be under no obligation to) relet all or any part of the Leased Premises for the account of Tenant for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the Lease Term) and on such conditions (which may include concessions or free rent) and for such uses as provided Landlord, in its absolute discretion, may determine, and Landlord may collect and receive any rents payable by reason of such reletting. Landlord shall not be required to accept any tenant offered by Tenant or observe any instruction given by Tenant about such reletting, or do any act or exercise any care or diligence with respect to such reletting or to the mitigation of damages. For the purpose of such reletting, Landlord may decorate or make repairs, changes, alterations or additions in or to the Leased Premises or any part thereof to the extent deemed by Landlord desirable or convenient, and the cost of such decoration, repairs, changes, alterations or additions shall be charged to and be payable by Tenant as Additional Rent hereunder, as well as any reasonable brokerage and legal fees expended by Landlord.
(d) No expiration or termination of the Lease Term pursuant to Section 28(a)(iii), by operation of law or otherwise, and no repossession of the Leased Premises or any part thereof pursuant to Section 28(b), or otherwise, and no reletting of the Leased Premises or any part thereof pursuant to Section 28(c) shall relieve Tenant of its liabilities and obligations hereunder, all of which shall survive such expiration, termination, repossession or reletting.
(e) In the event of any expiration or termination of this ArticleLease or repossession of the Leased Premises or any part thereof by reason of an occurrence of an Event of Default, and Landlord has not elected to accelerate rent pursuant to Section 28(a)(i), Tenant shall pay to Landlord the Basic Fixed Rent, Escalation Charges Additional Rent and other sums payable hereunder up required to be paid by Tenant to and including the time date of such terminationexpiration, and thereafter Tenanttermination or repossession; and, thereafter, Tenant shall, until the end of what would have been the expiration of the Lease Term of this Lease in the absence of such terminationexpiration, termination or repossession, and whether or not the Leased Premises or any part thereof shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated and agreed current damages: (x) , the Basic Fixed Rent, Escalation Charges Additional Rent and other sums that which would be payable hereunder if under this Lease by Tenant in the absence of such expiration, termination had not occurredor repossession, less the net proceeds, if any, of any reletting effected for the account of the PremisesTenant pursuant to Section 28(c), after deducting from such proceeds all of Landlord's reasonable expenses in connection with such reletting, reletting (including, without limitation, all related reasonable repossession costs, brokerage commissions, legal expenses, attorneys’ ' fees, advertisingemployees' expenses, alteration costs and expenses of preparation for such reletting). Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days on which the Basic Fixed Rent would have been payable hereunder if under this Lease had not been terminatedin the absence of such expiration, termination or repossession, and Landlord shall be entitled to recover the same from Tenant on each such day.
(df) At any time after such expiration or termination of this Lease as provided in this Articleor repossession of the Leased Premises or any part thereof by reason of the occurrence of an Event of Default, whether or not Landlord shall have collected any such current damagesdamages pursuant to Section 28(e), Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord on demand, unless Tenant has paid the whole of accelerated rent pursuant to
Section 28(a) (i), as and for liquidated and agreed final damages for Tenant's default and in lieu of all such current damages beyond the date of such demanddemand (it being agreed that it would be impracticable or extremely difficult to fix the actual damages), at Landlord’s election Tenant shall pay to Landlord an amount equal to the excess, if any, of the Basic (i) Fixed Rent, Escalation Charges Additional Rent and other sums as hereinbefore provided which would be payable hereunder under this Lease for the remainder of the Lease Term from the date of such demand assuming that(or, for if it be earlier, the purposes of this paragraph, annual payments by date to which Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year shall have satisfied in full its obligations under Section 28(e) to pay current damages) for what would be have been the then unexpired Term term of this Lease if in the same remained in effectabsence of such expiration, termination or repossession, discounted at the prevailing yield to maturity on United States Treasury Notes having the closest maturity to the expiration date of the Lease Term, over (ii) the then fair market rental value of the Leased Premises for the same period, 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 entitled to the maximum amount allowable under such statute or rule of law.
(eg) Tenant, in consideration for the execution of this Lease by Landlord and for the covenants and agreements on the part of Landlord herein contained, and fully comprehending the relinquishment of certain rights including rights of pre-judgment notice and hearing, hereby expressly authorizes any attorney of any Court of Record to accept service of process for, to appear for, and to confess judgment against Tenant in any and all actions brought hereunder by Landlord against Tenant to recover possession from time to time of the Leased Premises in accordance with the terms hereof (and Tenant agrees that upon the entry of each judgment for said possession a Writ of Possession or other appropriate process may issue forthwith).
(h) Tenant further hereby expressly authorizes and empowers (which power is coupled with an interest) Landlord, upon the occurrence of an Event of Default and so long as the same is continuing, to enter upon the Leased Premises, distrain upon and remove therefrom all inventory, equipment, machinery, trade fixtures, and personal property of whatsoever kind or nature, owned by Tenant and to proceed, without judicial decree, writ of execution or assistance of constables, to conduct a private sale, by auction or sealed bid, of such personal property, at which sale Landlord may bid without restriction. Tenant hereby waives the benefit of all laws, whether now in force or hereafter enacted, exempting any personal property on the Leased Premises from sale or levy, whether execution thereon is had by order of ANY COURT OR THROUGH PRIVATE sale as herein authorized. Landlord agrees, on the request of a secured party holding a valid purchasing money security interest in personal property located at the Leased Premises, to execute a Landlord's waiver on terms and conditions reasonably acceptable to Landlord.
(i) In case any action for ejectment or for distraint, Landlord shall first cause to be filed in such action an affidavit made by it or someone acting for it setting forth the facts necessary to authorize the entry of judgment, of which facts such affidavit shall be conclusive evidence, and if a true copy of this Lease be filed in such action, it shall not be necessary to file the original as a warrant of attorney, any rule of court, custom or practice to the contrary notwithstanding. The authority to confess judgment against Tenant hereunder shall not be exhausted by one (1) exercise thereof, but judgment may be confessed as provided herein from time to time as often as any Event of DefaultDefault occurs under this Lease, re-entryand such authority- may be exercised as well after the expiration of the Lease Term and/or during or after the expiration of any extended or renewal term.
(j) No right or remedy herein conferred upon or reserved to either party is intended to be exclusive of any other right or remedy herein by law provided, expiration but each shall be cumulative and dispossession in addition to every right or remedy given herein or now or hereafter existing at law or in equity or by summary proceedings statute.
(k) No waiver by either party of any breach by the other of any of the other's obligations, agreements or otherwisecovenants herein shall be a waiver of any subsequent breach or of any obligation, Landlord may (i) re-let agreement or covenant, nor shall any forbearance by either party to seek a remedy for any breach by the Premises other be a waiver by either party or any part rights and remedies with respect to such or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same and any subsequent breach.
(iil) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. Tenant hereby expressly waives any and all rights of redemption granted by or under any present or future laws in In the event of Tenant being evicted a breach or dispossessed, or in the event of Landlord obtaining possession of the Premises, threatened breach by reason of the violation by Tenant either party of any of the covenants or provisions hereof, the other shall have the right of injunction and conditions of this Leaseright to invoke any remedy allowed at law or in equity as if re-entry summary proceedings and other remedies were not herein provided for.
Appears in 1 contract
Landlord’s Remedies. (a) A. Upon the occurrence happening of an any Event of Default, Landlord may terminate may, at its option:
(i) Declare due and payable and sxx for and recover, all unpaid Basic Rent and all Basic Rent for the unexpired period of the Lease Term (and also all Additional Rent as the amount(s) of same can be determined or reasonably estimated) as if by the terms of this Lease the same were on that date due and payable in advance, together with all legal fees and other expenses incurred by Landlord in connection with the enforcement of any of Landlord's rights and remedies hereunder; or Table of Contents
(ii) Collect or bring action for such Basic Rent, and Additional Rent described in section (i) above as being rent in arrears, or file a proof of claim in any bankruptcy or insolvency proceeding for such Basic Rent and Additional Rent, or institute any other proceedings, whether similar or dissimilar to the foregoing, to enforce payment thereof; or
(iii) Terminate the Lease Term by giving written notice thereof to TenantTenant and, specifying a date not less than five (5) days after upon the giving of such notice on which this notice, the Lease Term and the estate hereby granted shall expire and terminate with the same force and this Lease shall come to an end on effect as though the date specified therein as fully and completely as if of such date were notice was the date herein originally hereinbefore fixed for the expiration of the Term of this LeaseLease Term, and all rights of Tenant will then quit hereunder shall expire and surrender the Premises to Landlordterminate, but Tenant shall remain liable as hereinafter provided; or
(iv) Exercise any other rights and remedies available to Landlord at law or in equity.
(b) If this Lease shall have been terminated as provided in this ArticleB. Upon the happening of any Event of Default, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then Landlord may re-enter and repossess the PremisesLeased Premises or any part thereof, either whether or not the Lease Term has been terminated as herein provided, by summary proceedings, ejectment or otherwise and Landlord shall have the right to remove all persons and property there from. Landlord shall be under no liability for or by reason of any such entry, repossession or removal; and no such re-entry or taking of possession of the Leased Premises by Landlord shall be construed as an election on Landlord's part to terminate the Lease Term.
C. At any time or from time to time after the repossession of the Leased Premises or any part thereof pursuant to Section 26B, whether or not the Lease Term shall have been ter-minated pursuant to Section 26A(iii), Landlord, at its discretion (but shall be under no obligation to), may relet all or any part of the Leased Premises for the account of Landlord or Tenant, as Landlord may determine, for such term or terms (which may be greater or less than the period that would otherwise have constituted the balance of the Lease Term) and on such conditions (which may include concessions or free rent) and 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. Landlord shall not be required to accept any tenant offered by Tenant or observe any instruction given by Tenant about such reletting, or do any act or exercise any care or diligence with respect to such reletting. For the purpose of such reletting, Landlord may decorate or make repairs, changes, alterations or additions in or to the Leased Premises or any part thereof to the extent reasonably deemed by Landlord desirable or convenient, and the cost of such decoration, repairs, changes, alterations or additions shall be charged to and be payable by Tenant as Additional Rent hereunder, as well as any brokerage and legal fees incurred by Landlord in connection therewith. Any rents collected, net of Landlord's expenses of reletting shall be applied by Landlord to any amount due by Tenant to Landlord for rent or otherwise arising out of Tenant's default.
D. No expiration or termination of the Lease Term pursuant to Section 26A(iii), by operation of law or otherwise, and remove no repossession of the Leased Premises or any part thereof pursuant to Section 26B, or otherwise, and dispossess no reletting of the Leased Premises or any part thereof pursuant to Section 26C, shall release Tenant of its liabilities and obligations hereunder, all of which shall survive such expiration, termination, repossession or reletting. Tenant, for Tenant and its successors and assigns, hereby irrevocably constitutes and appoints Landlord as Tenant's and its successors' and assigns' agent and attorney-in-fact, with power to collect the rents due and to become due under all other persons and subleases of the Leased Premises or any and all property from the sameparts thereof without in any way affecting Tenant's obligation to pay any unpaid balance of rent due or to become due hereunder. Notwithstanding any such reletting without Table of Contents termination, as if Landlord may at any time thereafter elect to terminate this Lease had not been madefor such previous breach.
(c) If E. In the event of any expiration or termination of this Lease shall have been terminated as provided in this Articleor repossession of the Leased Premises or any part thereof by reason of an occurrence of an Event of Default, Landlord has not elected to accelerate rent pursuant to Section 26(A)(i), Tenant shall pay to Landlord the Basic Rent, Escalation Charges Additional Rent and other sums payable hereunder up required to be paid by Tenant to and including the time date of such expiration, termination, and thereafter Tenantor repossession; and, thereafter, Tenant shall, until the end of what would have been the Term of this Lease outstanding lease term in the absence of such terminationexpiration, termination or repossession, and whether or not the Leased Premises or any part thereof shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges Additional Rent and other sums that would be payable hereunder if under this Lease by Tenant in the absence of such expiration, termination had not occurredor repossession, less the net proceeds, if any, of any reletting effected for the account of the PremisesTenant pursuant to Section 26C, after deducting from such proceeds all reasonable of Landlord's expenses in connection with such reletting, reletting (including, without limitation, all related repossession costs, brokerage commissions, legal expenses, attorneys’ ' fees, advertisingemployees' expenses, alteration costs and expenses of preparation for such reletting). Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days on which the Basic Rent would have been payable hereunder if under this Lease had not been terminatedin the absence of such expiration, termination or repossession, and Landlord shall be entitled to recover the same from Tenant on each such day.
(d) At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond F. Tenant waives the date of such demand, at Landlord’s election Tenant shall pay to Landlord an amount equal right to the excess, if any, of the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market rental value of the Premises for the same period.
(e) In case recovery of any Event articles, excluding proprietary, confidential or trade or commercial privileged information related to articles, items or things of Defaultany nature whatsoever seized under a distress for rent, re-entryor levy upon an execution for rent, expiration and dispossession by summary proceedings liquidated damages or otherwise, Landlord may (i) re-let the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. 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, 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.
Appears in 1 contract
Samples: Lease Agreement (American Community Properties Trust)
Landlord’s Remedies. (a) Upon the occurrence of an Event of ------------------- Default, the Landlord, without notice to the Tenant in any instance (except where expressly provided for below), may do any one or more of the following:
(a) perform, on behalf and at the expense of the Tenant, any obligation of the Tenant under this Lease which the Tenant has failed to perform beyond any applicable grace or cure periods and of which the Landlord may shall have given the Tenant notice (except in an emergency situation in which no notice is required), the cost of which performance by the Landlord, together with interest thereon at the rate of fifteen percent (15%) per annum from the date of such expenditure, shall be deemed Additional Rent and shall be payable by the Tenant to the Landlord as otherwise set forth herein;
(b) elect to terminate this Lease and the tenancy created hereby by giving notice to Tenant, specifying a date not less than five (5) days after the giving of such notice on which this Lease shall terminate and this Lease shall come election to an end the Tenant without any right on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration part of the Term Tenant to save the forfeiture by payment of any sum due or by other performance of condition, term, agreement or covenant broken, or elect to terminate the Tenant's possessory rights and all other rights of the Tenant without terminating this Lease, and Tenant will then quit in either event, at any time thereafter without notice or demand and surrender the Premises to Landlordwithout any liability whatsoever, but Tenant shall remain liable as hereinafter provided.
(b) If this Lease shall have been terminated as provided in this Article, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then Landlord may lawfully re-enter the Premises, either Premises by summary proceedings, ejectment proceedings or otherwise, and lawfully remove and dispossess the Tenant and all other persons and any and all property from the samePremises, as if this Lease had not been made.and store such property in a public warehouse or elsewhere at the cost and for the account of the Tenant without the Landlord being deemed guilty of trespass or becoming liable for any loss or damage occasioned thereby;
(c) If accelerate the Rent and any other charges, whether or not stated to be Additional Rent, for the entire balance of the Term, or any part of such Rent, and any costs, whether chargeable to the Landlord or the Tenant, as if by the terms of this Lease the balance of the Rent and other charges and expenses were on that date payable in advance, in which event this Lease shall have been terminated as provided in this Article, Tenant shall pay the Basic Rent, Escalation Charges and other sums payable hereunder up to the time of such termination, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses of preparation for such reletting. Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated.;
(d) At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay to Landlord cause an amount equal to the excess, if any, of the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, attorney for the purposes of this paragraph, annual payments by Landlord to proceed in any competent court for judgment in ejectment against the Tenant on account of Taxes and Operating Expenses would be all persons claiming under the same as the payments required Tenant for the immediately preceding Operating or Tax Year for what would be recovery by the then unexpired Term Landlord of this Lease if the same remained in effect, over the then fair market rental value of the Premises for the same period.
(e) In case of any Event of Default, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. 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, or in the event of Landlord obtaining possession of the Premises, by and if for any reason after such action has been commenced it is canceled or suspended and possession of the violation by Tenant of Premises remains in or is restored to the Tenant, the Landlord shall have the right upon any of subsequent default or upon the covenants and conditions expiration or termination of this Lease, or any renewal or extension hereof, to bring one or more actions to recover possession of the Premises; and
(e) exercise any other legal and/or equitable right or remedy which it may have at law or in equity, including rights of specific performance and/or injunctive relief, where appropriate. In any action for possession of the Premises or for monetary damages, including Termination Damages, or for the recovery of Rent due for the balance of the Term, the Landlord may cause to be filed in such action an affidavit setting forth the facts necessary to authorize the entry of judgment. If a true copy of this Lease (and of the truth of the copy, such affidavit shall be sufficient proof) must be filed in such action, it shall not be necessary to file the original, notwithstanding any law, rule of court, custom or practice to the contrary.
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Samples: Office Lease (Creditrust Corp)
Landlord’s Remedies. (a) Upon In case of any such default under Section 21.2, at any time following the occurrence expiration of an Event of Defaultthe respective grace periods above mentioned, Landlord may serve a notice upon Tenant electing to terminate this Lease by notice to Tenant, specifying upon a specified date not less than five seven (57) days after the giving date of serving such notice on which this Lease shall terminate and this Lease shall come to an end then expire on the date so specified therein as fully and completely as if such that date were the date herein had been originally fixed for as the expiration date of the Term herein granted; however, a default under Section 21.2, hereof shall be deemed waived if such default is made good before the date specified for termination in the notice of this Lease, termination served on Tenant. All Base Rent and Additional Rent payable by Tenant will then quit and surrender the Premises to Landlord, but Tenant following Tenant's receipt of a notice of monetary default shall remain liable as hereinafter provided.
(b) If be made by way of certified or bank cashier's check. In case this Lease shall have been be terminated as provided in this Articlehereinbefore provided, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then Landlord may re-enter the Premises, either by summary proceedings, ejectment or otherwise, and remove and dispossess Tenant and all other persons and any and all property from the same, as if this Lease had not been made.
(c) If this Lease shall have been terminated as provided in this Article, Tenant shall pay the Basic Rent, Escalation Charges and other sums payable hereunder up to the time of such termination, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses of preparation for such reletting. Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated.
(d) At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay to Landlord an amount equal to the excess, if any, of the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market rental value of the Premises for the same period.
(e) In case of any Event of Default, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) or its agents may, immediately or any time thereafter, re-let enter and resume possession of the Premises or any such part or parts thereof, and remove all persons and property therefrom, either in the name by summary proceedings or by a suitable action or proceeding at law, without being liable for any damages therefor. No re-entry by Landlord shall be deemed an acceptance of Landlord a surrender of this Lease. In case this Lease shall be terminated as hereinabove provided, or by summary proceedings or otherwise, Landlord may, in its own name and in its own behalf, relet the whole or any portion of the Premises, for a term or terms which may at Landlord’s option be any period equal to or greater or less than or exceed the period which would otherwise have constituted the balance remainder of the Term then current Term, for any sum which it may deem reasonable, to any tenant which it may deem suitable and satisfactory, and for any use and purpose which it may deem appropriate, and in connection with any such lease Landlord may make such changes in the character of this Lease the improvements on the Premises as Landlord may determine to be appropriate or helpful in effecting such lease and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaidrent. Landlord agrees to that it shall use commercially reasonable efforts to relet the Premises, so as to mitigate the damages otherwise payable by Tenant hereunder. 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 after an Event in excess of Defaultthe rent reserved in this Lease. Landlord shall be entitled to recover from Tenant the sum equal to all expenses, provided Tenant has vacated the Premises. Tenant hereby expressly waives any and all rights of redemption granted including reasonable counsel fees, incurred by or under any present or future laws Landlord in the event of Tenant being evicted or dispossessed, or in the event of Landlord obtaining recovering possession of the Premises, by reason the costs of reletting the violation Premises, and the costs and charges for the care of Premises while vacant, which damages shall be due and payable by Tenant of any of the covenants and conditions of this Leaseto Landlord at such time or times as such expenses shall have been incurred by Landlord.
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Landlord’s Remedies. (a) Upon the occurrence of an Event of DefaultIn addition to all other remedies available to Landlord at law or equity, if any Tenant Default under this Lease exists Landlord may at its option, may:
(i) terminate this Lease and all the estate of Tenant in the Premises by giving Tenant fifteen (15) days’ written notice to Tenantof termination, specifying a date not less than five (5) days after the giving of such notice on which this Lease shall terminate and this Lease shall come to an end on and, upon the date specified therein as fully in such notice, the Lease Term and completely the estate hereby granted shall expire and terminate with the same force and effect as if the date set forth in such date notice were the date herein originally before fixed for the expiration of the Term of Lease Term;
(ii) with or without terminating this Lease, reenter and repossess the Premises, or any part thereof, and relet, or attempt to relet, any or all parts of the Premises;
(iii) recover from Tenant, and Tenant will shall pay to Landlord upon demand, an amount equal to the excess, if any, of (a) Annual Fixed Rent and all other sums which would be payable under this Lease for the remainder of the Lease Term from the date of such demand, for what would have been the then quit and surrender unexpired Lease Term in the absence of such expiration, termination or repossession, discounted at the rate of six percent (6%) per annum, over (b) the then fair rental value of the Premises for the same period, discounted at a like rate. If any statute or rule of law shall validly limit the amount of such liquidated final damages to Landlordless than the amount above agreed upon, but Landlord shall be entitled to the maximum amount allowable under such statute or rule of law;
(iv) pay or perform for the account of Tenant any obligation or work to be paid or done by Tenant pursuant to the provisions of this Lease which Tenant has failed to pay or perform, and Landlord may reenter and repossess all or such part of the Premises as may be necessary to perform such work. Tenant shall remain liable pay to Landlord on demand, as hereinafter providedAdditional Rent, the amount reasonably paid or expended by Landlord to do the work or otherwise cure the default by Tenant.
(b) If In the event of any termination of this Lease shall have been terminated as provided in this Article, or if any execution or attachment shall be issued against Tenant repossession of the Premises or any part thereof under this Section by reason of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then Landlord may re-enter the Premises, either by summary proceedings, ejectment or otherwisean occurrence of a Tenant Default, and remove and dispossess Tenant and all other persons and any and all property from the same, as if Landlord has not elected to recover damages pursuant to subsection 15(a)(iii) of this Lease had not been made.
(c) If this Lease shall have been terminated as provided in this ArticleLease, Tenant shall pay to Landlord the Basic Rent, Escalation Charges Annual Fixed Rent and all other sums payable hereunder up required to be paid by Tenant to and including the time date of such terminationtermination or repossession; and, and thereafter Tenantthereafter, Tenant shall, until the end of what would have been the expiration of the Lease Term of this Lease in the absence of such terminationtermination or repossession, and whether or not the Premises or any part thereof shall have been relet, shall be liable to Landlord for, and shall pay to LandlordLandlord as agreed, as liquidated current damages: (x) , the Basic Rent, Escalation Charges Annual Fixed Rent and all other sums that which would be payable hereunder if under this Lease by Tenant in the absence of such termination had not occurredor repossession, less the net proceeds, if any, of any reletting effected for the account of the PremisesTenant pursuant to subsection 15(a)(ii), after deducting from such proceeds all of Landlord’s reasonable expenses in connection with such reletting, reletting (including, without limitation, all reasonable related repossession costs, brokerage commissions, legal expenses, attorneys’ attorney’s fees, advertisingemployees’ expenses, alteration costs and expenses of preparation for of such reletting). Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days on which the Basic Annual Fixed Rent would have been payable hereunder if under this Lease had not been terminated.
(d) At any time after in the absence of such termination or repossession, and Landlord shall be entitled to recover the same from Tenant on each such day. Following such termination of this Lease as provided in this Articleor repossession of the Premises, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay use commercially reasonable efforts to Landlord an amount equal to the excess, if any, of the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market rental value of the Premises for the same period.
(e) In case of any Event of Default, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use on commercially reasonable efforts terms and to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. 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, 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 Leaseotherwise mitigate its damage.
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Landlord’s Remedies. (a) 22.1 Upon the occurrence of an any Event of Default, Landlord shall have the following rights and remedies, in addition to those allowed by law or equity, any one or more of which may be exercised without further notice to or demand upon Tenant and which may be pursued successively or cumulatively as Landlord may elect:
(a) Landlord may, but shall not be obligated to, re-enter the Premises and attempt to cure any default of Tenant, in which event Tenant shall, upon demand, reimburse Landlord as Additional Rent for all reasonable costs and expenses which Landlord incurs to cure such default;
(b) Landlord may terminate this Lease by giving to Tenant notice of Landlord’s election to Tenantdo so, specifying a date not less than five (5) days after in which event the giving Lease Term shall end, and all right, title and interest of such notice on which this Lease Tenant hereunder shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as if stated in such date were notice; and
(c) Landlord may enforce the date herein originally fixed provisions of this Lease by a suit or suits at law or equity for the expiration specific performance of any covenant or agreement contained herein, or for the enforcement of any other appropriate legal or equitable remedy, including recovery of all monies due or to become due from Tenant under any of the Term provisions of this Lease.
22.2 LANDLORD SHALL NOT BE REQUIRED TO SERVE TENANT WITH ANY NOTICES OR DEMANDS AS A PREREQUISITE TO ITS EXERCISE OF ANY OF ITS RIGHTS OR REMEDIES UNDER THIS LEASE, OTHER THAN THOSE NOTICES AND DEMANDS SPECIFICALLY REQUIRED UNDER THIS LEASE. LANDLORD’S NOTICE OF ANY EVENT OF DEFAULT MAY SERVE AS ANY STATUTORY DEMAND OR NOTICE WHICH IS A PREREQUISITE TO LANDLORD’S COMMENCEMENT OF EVICTION PROCEEDINGS AGAINST TENANT, INCLUDING THE DEMANDS AND NOTICES SPECIFIED IN ANY APPLICABLE STATUTE OR CASE LAW, AND NO FURTHER NOTICE SHALL BE REQUIRED. TENANT AGREES THAT IT SHALL NOT INTERPOSE ANY COUNTERCLAIM AND WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY LAWSUIT BROUGHT BY LANDLORD TO RECOVER POSSESSION OF THE PREMISES FOLLOWING LANDLORD’S TERMINATION OF THIS LEASE OR THE RIGHT OF TENANT TO POSSESSION OF THE PREMISES PURSUANT TO THE TERMS, COVENANTS AND CONDITIONS OF THIS LEASE AND ON ANY CLAIM FOR DELINQUENT RENT WHICH LANDLORD MAY JOIN IN ITS LAWSUIT TO RECOVER POSSESSION.
22.3 If Landlord terminates this Lease, Tenant shall surrender possession and Tenant will then quit and surrender vacate the Premises and immediately deliver possession thereof to Landlord, but Tenant shall remain liable as hereinafter provided.
(b) If this Lease shall have been terminated as provided in this Article, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then and Landlord may re-enter the Premises, either by summary proceedings, ejectment or otherwise, and remove take complete and dispossess Tenant and all other persons and any and all property from the same, as if this Lease had not been made.
(c) If this Lease shall have been terminated as provided in this Article, Tenant shall pay the Basic Rent, Escalation Charges and other sums payable hereunder up to the time of such termination, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting peaceful possession of the Premises, after deducting with process of any applicable law, and Landlord may remove all reasonable expenses in connection with occupants and property therefrom, using such reletting, includingforce as may be necessary to the extent allowed by law, without limitationbeing deemed guilty in any manner of trespass, eviction or forcible entry and detainer and without relinquishing Landlord’s right to Rent or any other right given to Landlord hereunder or by operation of law.
22.4 If Landlord terminates this Lease, such termination shall not release Tenant, in whole or in part, from Tenant’s obligation to pay Rent hereunder for the full Lease Term, and Landlord shall be entitled to recover from Tenant all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses of preparation for such reletting. Tenant shall pay Rent accruing as it becomes due under this Lease during the portion period from the date of such current damages referred termination to in clause (x) above to Landlord monthly the stated end of the Lease Term on the days which originally fixed herein for the Basic Rent would have been payable hereunder payment thereof as if this Lease had not been terminated.
(d) At any time after termination of 22.5 If Landlord terminates this Lease as provided in this ArticleLease, whether or not Landlord shall have collected any be entitled to recover from Tenant all Rent accrued and unpaid for the period up to and including such current damagestermination date, as liquidated final damages well as all other additional sums payable by Tenant, or for which Tenant is liable or for which Tenant has agreed to indemnify Landlord, which may be then owing and unpaid, and all reasonable costs and expenses, including court costs and reasonable attorneys’ fees incurred by Landlord in lieu the enforcement of all such current damages beyond its rights and remedies hereunder. In addition, Landlord shall be entitled to recover from Tenant, for loss of the date bargain and not as a penalty, (a) the unamortized portion of any concessions offered by Landlord to Tenant in connection with this Lease, including, without limitation, (i) the cost of Landlord’s Work and Landlord’s contribution to the cost of Tenant’s Work and Alterations, if any (whether installed by Landlord or Tenant), (ii) deferred or abated rent, and (iii) brokerage commissions; (b) the aggregate sum which at the time of such demand, at Landlord’s election Tenant shall pay to Landlord an amount equal to termination represents the excess, if any, of the Basic Rent, Escalation Charges and other sums as hereinbefore provided present value of the aggregate Rent which would be have been payable hereunder from after the termination date of such demand assuming thathad this Lease not been terminated, including, without limitation, the amount projected by Landlord to represent Additional Rent for the purposes remainder of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effectTerm, over the then present value of the then aggregate fair market rental value of the Premises for the same period.
(e) In case of any Event of Default, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance remainder of the Term Lease Term, such present value to be computed in each case on the basis of a ten percent (10%) per annum discount from the respective dates upon which such Rent would have been payable hereunder had this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same not been terminated; and (iic) make such alterationsany damages in addition thereto, repairs including without limitation reasonable attorneys’ fees and decorations in the Premises court costs, which Landlord sustains as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. 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, or in the event of Landlord obtaining possession a result of the Premises, by reason of the violation by Tenant breach of any of the covenants and conditions of this LeaseLease other than for the payment of Rent.
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Landlord’s Remedies. (a) Upon the occurrence of an Event of Defaultany default ------------------- by Tenant under this Lease, Landlord may terminate may, at its sole option, do any one or more of the following:
(a) Terminate this Lease, whereupon Landlord shall have the remedies set forth in Section 18.3 below. -------------
(b) Without having terminated this Lease, enter upon and taken possession of the Leased Premises, whereupon Landlord shall have the remedies set forth in Section 18.4 below. ---------------
(c) Without any further notice to Tenant whatsoever, enter upon the Leased Premises by use of a master key, a duplicate key, or other peaceable means, and change, alter, and/or modify the door locks on all entry doors of the Leased Premises, thereby permanently excluding Tenant and its officers, principal, agents, employees and representatives therefrom. In the event that Landlord has either permanently repossessed the Leased Premises pursuant to Section 18.2(b), or has terminated this Lease by notice reason of Tenant's default as ------------ set forth in Section 18.2(a) above, Landlord shall not thereafter be obligated --------------- to provide Tenant with a key to the Leased Premises at any time, regardless of any amounts subsequently paid by Tenant; provided, specifying a date however, that in any such instance, during Landlord's normal business hours and at the convenience of Landlord, and upon receipt of written request from Tenant accompanied by such written waivers and releases as the Landlord may require, Landlord will (at Landlord's option) either (i) escort Tenant or its authorized personnel to the Leased Premises to retrieve any personal belongings or other property of Tenant not less than five (5) days after subject to the giving of such notice on which this Lease shall terminate Landlord's statutory lien or the lien and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration of the Term security interest described in Section 18.7 of this Lease, or (ii) obtain a list from Tenant of ------------- such personal property as Tenant intends to remove, whereupon, Landlord shall remove such property and make it available to Tenant will then quit at a reasonable time and surrender a reasonable place designated by Landlord. If Landlord elects to exclude Tenant from the Leased Premises without permanently repossessing or terminating pursuant to Landlord, but Tenant shall remain liable as hereinafter provided.
(b) If the foregoing provisions of this Lease shall have been terminated as provided in this Article, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than TenantLease, then Landlord may shall not be obligated to provide Tenant a key to re-enter the Premises, either by summary proceedings, ejectment or otherwise, Leased Premises until such time as all delinquent Rent and remove and dispossess Tenant other amounts due under this Lease have been paid in full and all other persons and any and all property from the same, as if this Lease had not been made.
(c) If this Lease shall have been terminated as provided in this Article, Tenant shall pay the Basic Rent, Escalation Charges and other sums payable hereunder up to the time of such termination, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceedsdefaults, if any, of have been completely cured to Landlord's satisfaction (if such cure occurs prior to any reletting of the Premisesactual permanent repossession or termination), after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses of preparation for such reletting. Tenant shall pay the portion of such current damages referred to in clause (x) above Landlord has been given assurance reasonably satisfactory to Landlord monthly on the days which the Basic Rent would have been payable hereunder if evidencing Tenant's ability to satisfy its remaining obligations under this Lease had not been terminated.
(d) At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected Lease. During any such current damagestemporary period of exclusion, as liquidated final damages Landlord will, during Landlord's normal business hours and in lieu of all such current damages beyond the date of such demand, at Landlord’s election 's convenience, upon receipt of written request from Tenant shall pay to (accompanied by such written waivers and releases as Landlord an amount equal may require) escort Tenant or its authorized personnel to the excesspremises to retrieve personal belongings of Tenant or its employees, if any, and such other property of the Basic Rent, Escalation Charges and other sums Tenant as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market rental value of the Premises for the same period.
(e) In case of any Event of Default, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent is not subject to the extent that Landlord reasonably considers advisable Landlord's statutory lien or the lien and necessary to re-let the same and (ii) make such alterations, repairs and decorations security interest described in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. 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, 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 Section ------- 18.7 of this Lease.. ----
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Landlord’s Remedies. (a) Upon On the occurrence of an Event of Default and at any ------------------- time thereafter during the continuance of such Event of Default, the Landlord may terminate give written notice to the Tenant stating that this Lease by notice to Tenant, specifying a date not less than five (5) days after and the giving of such notice on which this Lease Term shall expire and terminate and this Lease shall come to an end on the date specified therein in such notice, and except as fully otherwise herein provided, this Lease and completely as if such date were the date herein originally fixed for the expiration Lease Term and all rights of the Term Tenant under this Lease shall expire and terminate. Upon any such expiration or termination of this Lease, and the Tenant will then shall quit and peacefully surrender the Demised Premises to the Landlord, but Tenant shall remain liable as hereinafter provided.
(b) If this Lease shall have been terminated as provided in this Articleand the Landlord, upon or if at any execution time after any such expiration or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenanttermination, then Landlord may without further notice, enter upon and re-enter the PremisesDemised Premises and possess and repossess themselves thereof, either by force, summary proceedings, ejectment or otherwise, and may dispossess the Tenant and remove and dispossess the Tenant and all other persons and any and all property from the Demised Premises and may have, hold and enjoy the Demised Premises and the right to receive all rental income of and from the same, as if . No expiration or termination of this Lease had by Landlord as above provided shall relieve Tenant of its liability and obligations under this Lease, and such liability and obligations shall survive any such expiration or termination. In the event of an expiration or termination, whether or not been made.
(c) If this Lease the Demised Premises or any part thereof shall have been terminated as provided in this Articlerelet, Tenant shall pay to the Basic Rent, Escalation Charges Landlord the whole rent and other sums payable hereunder charges required to be paid by Tenant plus expenses of reletting, including fitting up the Demised Premises for a new tenant, any legal fees, brokers' commissions and other costs, but minus any rentals received from such reletting up to the time or expiration or termination of such terminationthis Lease. Thereafter, and thereafter Tenant, until the end of what would have been the Term term of this the Lease in the absence of such expiration or termination, and whether or not the Premises shall have been relet, shall be fully liable to Landlord for, and shall pay to Landlord such damages as may now or hereafter exist at law or in equity or by statute or otherwise in such cases, plus all collection costs incurred by Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all including reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ attorney's fees, advertising, alteration costs and expenses of preparation for such reletting. Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated.
(d) At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay to Landlord an amount equal to the excess, if any, of the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market rental value of the Premises for the same period.
(e) In case of any Event of Default, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially its reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Demised Premises. The Tenant hereby expressly waives any shall be fully liable to Landlord and shall pay to Landlord all rights of redemption granted by or under any present or future laws expenses incurred in enforcing the event of Tenant being evicted or dispossessed, or in the event of Landlord obtaining possession obligations of the Premises, by reason of the violation by Tenant of any of the covenants and conditions of under this Lease, including but not limited to all court costs and reasonable attorneys fees.
Appears in 1 contract
Samples: Lease (Aristotle Corp)
Landlord’s Remedies. (a) Upon the occurrence of an Event of Default, Landlord may terminate this Lease by notice to Tenant, specifying a date not less than five (5) days after the giving of such notice on which If this Lease shall terminate be terminated as provided in Section 13.01, Landlord or Landlord's agents or employees may immediately or at any time thereafter re-enter the Premises and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration of the Term of this Leaseremove therefrom Tenant, its agents, employees, licensees, and Tenant will then quit any subtenants and surrender other persons, firms or corporations, and all or any of its or their property therefrom either by summary dispossess proceedings or by any suitable action or proceeding at law or by force or otherwise, without being liable to indictment, prosecution or damages therefor, and repossess and enjoy the Premises to LandlordPremises, but Tenant shall remain liable as hereinafter providedtogether with all alterations, additions and improvements thereto.
(b) If this Lease shall have been terminated as provided in this ArticleIn case of any such termination, re-entry or if any execution dispossession by summary proceedings or attachment otherwise, the rents and all other charges required to be paid up to the time of such termination, re-entry or dispossession, shall be issued against paid by Tenant, and Tenant shall also pay to Landlord all expenses which Landlord may then or any of Tenant’s property whereupon thereafter incur for legal expenses, attorneys' fees, brokerage commissions and all other costs paid or incurred by Landlord for restoring the Premises shall be taken or occupied by someone other than Tenantto good order and condition and for altering and otherwise preparing the same for reletting thereof. Landlord may, then Landlord may re-enter at any time and from time to time, relet the Premises, in whole or in part, for any rental then obtainable either by summary proceedingsin its own name or as agent of Tenant, ejectment for a term or otherwiseterms which, and remove and dispossess Tenant and all other persons and any and all property from at Landlord's option, may be for the same, as if remainder of the then current term of this Lease had not been madeor for any longer or shorter period.
(c) If this Lease shall have been be terminated as provided in this Articleaforesaid, Tenant shall pay the Basic Rentnevertheless covenants and agrees, Escalation Charges and other sums payable hereunder up to the time of such notwithstanding any entry or re-entry by Landlord, whether by summary proceedings, termination, or otherwise, to pay and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses of preparation for such reletting. Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which originally fixed herein for the Basic payment thereof, amounts equal to the several installments of Fixed Monthly Rent, Additional Rent would have been payable hereunder and other charges as they would, under the terms of this Lease, become due if this Lease had not been terminatedterminated or if Landlord had not entered or re-entered as aforesaid, whether the Premises be relet or remain vacant in whole or in part for a period less than the remainder of the term or for the whole thereof, but in the event the Premises be relet by Landlord, Tenant shall be entitled to a credit (but not in excess of the Fixed Monthly Rent, and Additional Rent reserved under the terms of this Lease) in the net amount of rent received by Landlord in reletting the Premises after deduction of all expenses and costs incurred or paid as aforesaid in reletting the Premises and in collecting the rent in connection therewith. As an alternative, at the election of Landlord, Tenant shall pay to Landlord as damages, such a sum as at the time of such termination represents: (i) the unamortized costs of Landlord's leasehold improvements (including, but not limited to, any costs of design materials and construction) within the Premises and any brokerage and/or other fees paid by Landlord in connection with this Lease, as such costs shall have been amortized over the term of the Lease at an interest rate of ten percent (10%), and (ii) the amount of the then present value of the total Fixed Monthly Rent and Additional Rent and other benefits which would have accrued to Landlord under this Lease for the remainder of the term (including all renewal terms whether or not Tenant had elected to renew) if the Lease terms had been fully complied with by Tenant.
(d) At any time after termination of this Lease Tenant hereby expressly waives, so far as provided in this Articlepermitted by law, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay to Landlord an amount equal to the excess, if any, of the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market rental value of the Premises for the same period.
(e) In case service of any Event notice of Default, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary intention to re-let enter provided for in any statute, or of the same institution of legal proceedings to that end, and (ii) make such alterationsTenant, repairs for and decorations in the Premises as Landlord considers advisable on behalf of itself and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate all persons claiming through or be construed to release under Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. Tenant hereby expressly also waives any and all rights of redemption granted by or re-entry or repossession under any present or future laws laws, including specifically but without limitation, Section 761 of the New York Real Property Actions and Proceeding Law including any amendments hereafter made thereto, and Tenant further waives any and all rights to restore the operation of this Lease and further waives any right under Article 63 of the Civil Practice Law and Rules. 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, Landlord and Tenant, so far as permitted by law, waive and will waive trial by jury in any action, proceeding or counterclaim brought by either of the parties hereto against the other on any matters whatsoever arising out of or in any way connected with this Lease, the relationship of Landlord and Tenant, Tenant's use or occupancy of said Premises, or any claim of injury or damage. The terms "enter," "entry," or "re-entry" as used in this lease are not restricted to their technical legal meaning.
(e) No failure by Landlord to insist upon the strict performance of any covenant, agreement, term or condition of this Lease 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 or of such covenant, agreement, term or condition. No waiver of any breach shall affect or alter this Lease, but each and every covenant, agreement, term and condition of this Lease shall continue in full force and effect with respect to any other then existing or subsequent breach thereof. No payment by Tenant or receipt by Landlord of a lesser amount than the monthly installments of rent or Additional Rent stipulated in 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 letter accompanying a check for payment of rent be deemed any 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 by this Lease.
(f) In the event of Tenant being evicted any breach or dispossessed, or in the event of Landlord obtaining possession of the Premises, by reason of the violation threatened breach by Tenant of any of the covenants and covenants, agreements, terms or conditions of contained in this Lease, Landlord shall be entitled to enjoin such breach or threatened breach and shall have the right to invoke any right or remedy allowed at law or in equity or by statute or otherwise.
(g) Each right or remedy of Landlord 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.
Appears in 1 contract
Samples: Office Space Lease (Paetec Corp)
Landlord’s Remedies. (aA) Upon In the occurrence of an Event of Default, Landlord may terminate event that this Lease by notice to Tenant, specifying a date not less than five (5) days after the giving of such notice on which this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration of the Term of this Lease, and Tenant will then quit and surrender the Premises to Landlord, but Tenant shall remain liable as hereinafter provided.
(b) If this Lease shall have been terminated as provided in this Article, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then Landlord may re-enter the Premises, either by summary proceedings, ejectment or otherwise, and remove and dispossess Tenant and all other persons and any and all property from the same, as if this Lease had not been made.
(c) If this Lease shall have been terminated as provided in this Article, Tenant shall pay the Basic Rent, Escalation Charges and other sums payable hereunder up to the time of such termination, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such terminationis terminated, and whether or not the Premises shall have been be relet, Landlord shall be liable entitled to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceedsretain all monies, if any, paid by Tenant to Landlord, whether as advance rent or otherwise, but such monies shall be credited by Landlord against any Rent due at the time of such termination, or at Landlord’s option, against any damages payable by Tenant, and Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord the following:
(i) All Rent to the date upon which this Lease and the Term shall have terminated, and
(ii) All expenses reasonably incurred by Landlord in recovering possession of the Premises (including summary proceedings), restoring the Premises to good order and condition, maintaining the Premises in good order and condition while vacant, altering or otherwise preparing the same for reletting, and in reletting the Premises (including brokerage commissions and legal expenses), the same to be paid by Tenant to Landlord on demand, and
(iii) The amount by which the Rent which, but for the termination of this Lease, would have been payable under this Lease from the date of termination to the Expiration Date exceeds the rental and other income, if any, collected by Landlord in respect of the Premises, after deducting all reasonable expenses or any part thereof, said amount to be due and payable by Tenant to Landlord on the dates on which the Rent reserved in connection with this Lease would have become due and payable for the period which otherwise would have constituted the unexpired portion of the Term (that is to say, upon each of such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses of preparation for such reletting. dates Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminatedamount of deficiency then existing).
(dB) At any time after termination of this Lease as provided in this Article, whether Whether or not Landlord shall have collected any such current monthly deficiencies under Section 15.03(A), Landlord shall be entitled to recover from Tenant on demand, as and for liquidated damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay to Landlord an amount a lump sum payment equal to the excess, if any, amount by which the Base Rent and Additional Rent payable hereunder for the period which otherwise would have constituted the unexpired portion of the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from Term (conclusively presuming the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would Additional Rent to be the same as the payments required was payable for the year immediately preceding Operating such termination or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over re-entry and thereafter increasing by five (5%) percent per annum) exceeds the then fair market rental value of the Premises for the same period.
(e) In case period both discounted to present value at a rate equal to then applicable rate of any Event U.S. Treasury securities having a term that is closest to the unexpired Term of Default, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let this Lease to present value. If the Premises or any part thereof be relet by Landlord for the unexpired portion of the Term, or parts any part thereof, either in before presentation of proof of such liquidated damages to any court, commission or tribunal, the name amount of rent reserved upon such reletting shall be deemed prima facie to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting. Nothing herein contained shall limit or prejudice the right of the Landlord or otherwise, to prove for a term or terms which may at Landlord’s option be and obtain as damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved, whether or not such amount be greater or less than or exceed the period which would otherwise have constituted the balance amount of liquidated damages referred to above.
(C) In no event shall Tenant be entitled to receive any excess of the Term rents and other income collected by Landlord in respect of the Premises over the sums payable by Tenant to Landlord hereunder. In no event shall Tenant be entitled in any suit for the collection of damages pursuant to this Lease Section 15.02 to a credit in respect of any such rents and may grant concessions or free rent other income, except to the extent that such rents and other income is allocable to the portion of the Term in respect of which such suit is brought and is actually received by Landlord reasonably considers advisable and necessary prior to re-let the same and entry of judgment in such suit.
(iiD) make such alterations, repairs and decorations in the Premises as Separate actions may be maintained by Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release against Tenant from liability hereunder as aforesaid. time to time to recover any damages which, at the commencement of any such action, have then or theretofore become due and payable to Landlord agrees to use commercially reasonable efforts to relet under this Section 15.03, without waiting until the Premises after an Event of Default, provided Tenant has vacated the Premises. 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, or in the event of Landlord obtaining possession end of the Premises, by reason of the violation by Tenant of any of the covenants Term and conditions of this Leasewithout prejudice to Landlord’s right to collect damages thereafter.
Appears in 1 contract
Landlord’s Remedies. (a) Upon the occurrence of If an Event of DefaultDefault hereunder shall have happened and be continuing, Landlord may terminate may, at its option:
(i) declare due and payable and xxx for and recover, all unpaid Fixed Rent for the unexpired period of the Lease Term (and also all Additional Rent as the amounts(s) of same can be determined or reasonably estimated) as if by the terms of this Lease the same were payable in advance, together with all legal fees and other expenses incurred by Landlord in connection with the enforcement of any of Landlord's rights and remedies hereunder, such sum to be discounted at the prevailing yield to maturity on United States Treasury Notes having the closest maturity to the expiration date of the Lease Term; provided, however, that the remedies set forth in this subparagraph (i) shall only be available to Landlord in the event Tenant defaults by failing to pay any installment of Fixed Rent or Operating Expense Estimate or Operating Expense Adjustment in accordance with Section 26 above, and/or
(ii) collect or bring action for such Fixed Rent and Additional Rent as being rent in arrears, or may enter judgment therefor in an amicable action as herein elsewhere provided for in case of rent in arrears, or may file a Proof of Claim in any bankruptcy or insolvency proceeding for such Fixed Rent and Additional Rent, or institute any other proceedings, whether similar or dissimilar to the foregoing, to enforce payment thereof, and/or
(iii) terminate the Lease Term by giving written notice thereof to TenantTenant and, specifying a date not less than five (5) days after upon the giving of such notice on which this notice, the Lease Term and the estate hereby granted shall expire and terminate with the same force and this Lease shall come to an end on effect as though the date specified therein as fully and completely as if of such date were notice was the date herein originally hereinbefore fixed for the expiration of the Term of this LeaseLease Term, and all rights of Tenant will then quit hereunder shall expire and surrender the Premises to Landlordterminate, but Tenant shall remain liable as hereinafter provided, and/or
(iv) exercise any other rights and remedies available to Landlord at law or in equity.
(b) If this Lease any Event of Default shall have happened and be continuing, Landlord may, whether or not the Lease Term has been terminated as provided in this Articleherein provided, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then Landlord may re-enter and repossess the Premises, either Leased Premises or any part thereof by summary proceedings, ejectment or otherwise, otherwise and Landlord shall have the right to remove and dispossess Tenant and all other persons and property therefrom. Landlord shall be under no liability for or by reason of any such entry, repossession or removal; and all property from no such re-entry or taking of possession of the same, Leased Premises by Landlord shall be construed as if an election on Landlord's part to terminate the Lease Term unless a written notice of such intention be given to Tenant pursuant to Section 26(a)(ii) or unless the termination of this Lease had not been madebe decreed by a court of competent jurisdiction.
(c) If this At any time or from time to time after the repossession of the Leased Premises or any part thereof pursuant to Section 26(b), whether or not the Lease Term shall have been terminated pursuant to Section 26(a)(ii), Landlord will attempt to relet all or any part of the Leased Premises for the account of Tenant for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the Lease Term) and on such conditions (which may include concessions or free rent) and 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; provided that Landlord shall not be obligated to relet the Leased Premises so long as Landlord has other comparable space available for lease in the Building. Landlord shall not be required to accept any tenant offered by Tenant or observe any instruction given by Tenant about such reletting, or do any act or exercise any care or diligence with respect to such reletting or to the mitigation of damages. For the purpose of such reletting, Landlord may decorate or make repairs, changes, alterations or additions in or to the Leased Premises or any part thereof to the extent deemed by Landlord desirable or convenient, and the cost of such decoration, repairs, changes, alterations or additions shall be charged to and be payable by Tenant as Additional Rent hereunder, as well as any reasonable brokerage and legal fees expended by Landlord.
(d) No expiration or termination of the Lease Term pursuant to Section 26(a)(ii), by operation of law or otherwise, and no repossession of the Leased Premises or any part thereof pursuant to Section 26(b), or otherwise, and no reletting of the Leased Premises or any part thereof pursuant to Section 26(c) shall relieve Tenant of its liabilities and obligations hereunder, all of which shall survive such expiration, termination, repossession or reletting.
(e) In the event of any expiration or termination of this ArticleLease or repossession of the Leased Premises or any part thereof by reason of an occurrence of an Event of Default, and Landlord has not elected to accelerate rent pursuant to Section 27(a)(i), Tenant shall pay to Landlord the Basic Fixed Rent, Escalation Charges Additional Rent and other sums payable hereunder up required to be paid by Tenant to and including the time date of such terminationexpiration, and thereafter Tenanttermination or repossession; and, thereafter, Tenant shall, until the end of what would have been the expiration of the Lease Term of this Lease in the absence of such terminationexpiration, termination or repossession, and whether or not the Leased Premises or any part thereof shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated and agreed current damages: (x) , the Basic Fixed Rent, Escalation Charges Additional Rent and other sums that which would be payable hereunder if under this Lease by Tenant in the absence of such expiration, termination had not occurredor repossession, less the net proceeds, if any, of any reletting effected for the account of the PremisesTenant pursuant to Section 26(c), after deducting from such proceeds all of Landlord's reasonable expenses in connection with such reletting, reletting (including, without limitation, all related reasonable repossession costs, brokerage commissions, legal expenses, attorneys’ ' fees, advertisingemployees' expenses, alteration costs and expenses of preparation for such reletting). Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days on which the Basic Fixed Rent would have been payable hereunder if under this Lease had not been terminatedin the absence of such expiration, termination or repossession, and Landlord shall be entitled to recover the same from Tenant on each such day.
(df) At any time after such expiration or termination of this Lease as provided in this Articleor repossession of the Leased Premises or any part thereof by reason of the occurrence of an Event of Default, whether or not Landlord shall have collected any such current damagesdamages pursuant to Section 26(e), Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord on demand, unless Tenant has paid the whole of accelerated rent pursuant to Section 27(a)(i), as and for liquidated and agreed final damages for Tenant's default and in lieu of all such current damages beyond the date of such demanddemand (it being agreed that it would be impracticable or extremely difficult to fix the actual damages), at Landlord’s election Tenant shall pay to Landlord an amount equal to the excess, if any, of the Basic Fixed Rent, Escalation Charges Additional Rent and other sums as hereinbefore provided which would be payable hereunder under this Lease for the remainder of the Lease Term from the date of such demand assuming that(or, for if it be earlier, the purposes of this paragraph, annual payments by date to which Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year shall have satisfied in full its obligations under Section 26(e) to pay current damages) for what would be have been the then unexpired Term term of this Lease if in the same remained in effectabsence of such expiration, termination or repossession, discounted at the prevailing yield to maturity on United States Treasury Notes having the closest maturity to the expiration date of the Lease Term, over the then fair market rental value of the Leased Premises for the same period, 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 entitled to the maximum amount allowable under such statute or rule of law.
(eg) Tenant, in consideration for the execution of this Lease by Landlord and for the covenants and agreements on the part of Landlord herein contained, and fully comprehending the relinquishment of certain rights including rights of pre-judgment notice and hearing, hereby expressly authorizes any attorney of any Court of Record to accept service of process for, to appear for, and to confess judgment against Tenant in any and all actions brought hereunder by Landlord against Tenant to recover possession from time to time of the Leased Premises in accordance with the terms hereof (and Tenant agrees that upon the entry of each judgment for said possession a Writ of Possession or other appropriate process may issue forthwith).
(h) In case any action for ejectment or for distraint, Landlord shall first cause to be filed in such action an affidavit made by it or someone acting for it setting forth the facts necessary to authorize the entry of judgment, of which facts such affidavit shall be conclusive evidence, and if a true copy of this Lease be filed in such action, it shall not be necessary to file the original as a warrant of attorney, any rule of court, custom or practice to the contrary notwithstanding. The authority to confess judgment against Tenant hereunder shall not be exhausted by one (1) exercise thereof, but judgment may be confessed as provided herein from time to time as often as any Event of DefaultDefault occurs under this Lease, re-entry, and such authority may be exercised as well after the expiration and dispossession by summary proceedings of the Lease Term and/or during or otherwise, Landlord may after the expiration of any extended or renewal term.
(i) No right or remedy herein conferred upon or reserved to either party is intended to be exclusive of any other right or remedy herein by law provided, but each shall be cumulative and in addition to every right or remedy given herein or now or hereafter existing at law or in equity or by statute.
(j) No waiver by either party of any breach by the other of any of the other's obligations, agreements or covenants herein shall be a waiver of any subsequent breach or of any obligation, agreement or covenant, nor shall any forbearance by either party to seek a remedy for any breach by the other be a waiver by either party or any rights and remedies with respect to such or any subsequent breach.
(k) In the event of a breach or threatened breach by either party of any of the covenants or provisions hereof, the other shall have the right of injunction and right to invoke any remedy allowed at law or in equity as if re-let the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term of this Lease entry summary proceedings and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same and other remedies were not herein provided for.
(iil) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. 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 dispossesseddispossessed for any cause, or in the event of Landlord obtaining possession of the Leased Premises, by reason of the violation by Tenant of any of the covenants and conditions of this Lease, or otherwise.
Appears in 1 contract
Landlord’s Remedies. If a default occurs under this Lease, the Landlord shall have the following rights and remedies, in addition to all other remedies at law or equity, and none of the following, whether or not exercised by Landlord, shall preclude the exercise of any other right or remedy whether herein set forth or existing at law or equity:
(a) Upon Landlord shall have the occurrence of an Event of Default, Landlord may right to terminate this Lease by giving the Tenant notice to Tenantin writing of the termination date of this Lease, specifying a date not less than five (5) days after and upon the giving of such notice on which notice, this Lease as well as all the right, title and interest of the Tenant under this Lease shall terminate and this Lease shall come to an end wholly cease on the termination date specified therein as fully and completely set forth in the notice as if such date were the expiration date herein originally fixed for the expiration of the Term term of this Lease, and without the necessity of re-entry or any other act on the Landlord’s part. Upon such termination of this Lease, the Tenant will then shall quit and surrender the Premises to the Landlord, but Tenant shall remain liable as hereinafter provided.;
(b) If this Lease Landlord shall have been terminated the right to accelerate the whole or any part of the rent for the entire unexpired balance of the term, and any rent if so accelerated shall, in addition to any and all installments of Rent already due and payable and in arrears, be deemed due and payable as if, by the terms and provisions of this Lease, such accelerated Rent was on that date payable in advance (and, for such purposes, all items of Rent due hereunder, which are not then capable of precise determination, shall be estimated by Xxxxxxxx, in Landlord's reasonable judgment, for the balance of the then current Term);
(c) The Landlord may, without demand or notice, reenter and take possession of the Premises or any part thereof, and repossess the same as of the Landlord’s former estate in the manner prescribed by the Connecticut statute relating to summary process and expel the Tenant and those claiming through or under the Tenant, and remove the effects of any and all such persons without prejudice to any remedies for arrears of rent or the Tenant’s preceding breach of covenants. Should the Landlord elect to reenter as provided in this Articleparagraph or should the Landlord take possession pursuant to legal proceedings or pursuant to any notice provided for by law, the Landlord may, from time to time, without terminating this Lease, relet the Premises or if any execution part thereof for such terms and at such rental, and upon such other conditions as the Landlord may deem advisable, with the right to make alterations and repairs to the Premises. To the extent permitted by law, Landlord shall, however, be under not duty to relet the Premises or attachment to collect any rent in connection with a reletting. No such re-entry or repossession of the Premises by the Landlord shall be issued against construed as an election on the Landlord’s part to terminate this Lease unless a written notice of termination is given to the Tenant by the Landlord. No such re-entry or any repossession of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenantrelieve the Tenant of its liability and obligation under this Lease, then Landlord may all of which shall survive such re-enter entry or repossession. Upon the Premisesoccurrence of such re-entry or repossession, either by summary proceedingsthe Landlord shall be entitled to liquidated damages in the amount of the Rent, ejectment or otherwiseAdditional Rent, taxes, fees, charges, assessments, and remove and dispossess Tenant and all other persons and any and all property from the samesums, as if this Lease had not been made.
(c) If this Lease shall have been terminated as provided in this Article, Tenant shall pay the Basic Rent, Escalation Charges and other sums payable hereunder up to the time of such termination, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that which would be payable hereunder if such termination re-entry or repossession had not occurred, less the net proceeds, if any, of any reletting relating of the Premises, Premises after deducting all reasonable the Landlord’s expenses in connection with such relettingrelating, including, but without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertisingexpenses of employees, alteration costs costs, and expenses of preparation for such reletting. The Tenant shall pay such liquidated damages to the portion of such current damages referred to in clause (x) above to Landlord monthly on the days on which the Basic Rent Rent, Additional Rent, or any other sums due hereunder would have been payable hereunder if this Lease possession had not been terminated.
(d) At retaken. Notwithstanding any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay to Landlord an amount equal to the excess, if any, of the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market rental value of the Premises for the same period.
(e) In case of any Event of Default, re-entry, expiration and dispossession by summary proceedings or otherwiseentry without termination, Landlord may (i) re-let elect to terminate the Premises or Lease at any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord reasonably considers advisable and necessary to re-let the same and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. 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, 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 Leasetime thereafter.
Appears in 1 contract
Samples: Lease Agreement
Landlord’s Remedies. (a) Upon the occurrence of an Event of Default, If Tenant defaults Landlord may terminate pursue any one or more of the following remedies:
A. If Tenant defaults in fulfilling any of the covenants of this Lease lease other than the covenants for the payment of rent or additional rent, or if premises become vacant or deserted or are damaged by notice to reason of negligence or carelessness of Tenant, specifying its agents, employees or invitees, then upon Landlord serving a date not less than five written thirty (530) days after notice upon Tenant specifying the giving nature of the default and upon the expiration of the thirty (30) days notice, if Tenant shall have failed to comply with or remedy such default, or if the default or omission complained of shall be of a nature that it cannot be completely cured or remedied within the thirty (30) day period, and if Tenant shall not have diligently commenced curing the default within the thirty (30) day -10- period, and shall not thereafter with reasonable diligence and in good faith proceed to remedy or cure the default, then Landlord may serve a written three (3) days notice on which of cancellation of this Lease lease upon Tenant, and upon the expiration of the three (3) days, this lease and the term thereunder shall terminate end and this Lease shall come to an end on the date specified therein expire as fully and completely as if such date were the date herein originally fixed for the expiration of the Term of three (3) day period were the day definitely fixed in this Leaselease for its end and expiration, and Tenant will shall then quit and surrender the Premises premises to Landlord, Landlord but Tenant shall remain liable as hereinafter provided.
(b) B. If this Lease the notice provided for in paragraph 20A herein shall have been terminated given, and the term expires as provided in this Article, aforesaid; or if any execution Tenant shall default in the payment of rent or attachment additional rent; or if Tenant shall fail to move into or take possession of the premises within fifteen (15) days after the commencement of the term of the lease, of which fact Landlord shall be issued against Tenant or the sole judge; then and in any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant, then such events Landlord may re-enter without notice reenter the Premises, premises either by summary proceedings, ejectment force or otherwise, and remove and dispossess Tenant (and all the legal representative of Tenant or other persons and any and all property from the same, as if this Lease had not been made.
(coccupant of premises) If this Lease shall have been terminated as provided in this Article, Tenant shall pay the Basic Rent, Escalation Charges and other sums payable hereunder up to the time of such termination, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: (x) the Basic Rent, Escalation Charges and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, alteration costs and expenses of preparation for such reletting. Tenant shall pay the portion of such current damages referred to in clause (x) above to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated.
(d) At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay to Landlord an amount equal to the excess, if any, of the Basic Rent, Escalation Charges and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair market rental value of the Premises for the same period.
(e) In case of any Event of Default, re-entry, expiration and dispossession by summary proceedings or otherwise, and remove their effects and hold the premises as if the lease had not been made. If Tenant shall default prior to the date fixed as the commencement of any renewal or extension of this lease, Landlord may cancel and terminate the renewal or extension by written notice at least sixty (60) days prior to cancellation.
C. In the event of a termination and removal as set forth herein, Landlord may:
i) re-let relet the Premises or premises and receive rent therefore Tenant shall pay to Landlord on demand any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term of deficiency between rent under this Lease and may grant concessions or free rent the reletting. If Landlord relets the premises at a greater rental, such excess shall be the sole property of Landlord, and Tenant hereby waives any claim to the extent that Landlord reasonably considers advisable and necessary to re-let the same and (such relet excess rent; and
ii) make such alterations, repairs and decorations in perform Tenant's obligations under the Premises as Landlord considers advisable and necessary for the purpose terms of reletting the Premises; and the making of such reasonable alterations, repairs and decorations shall not operate or be construed to release this Lease. Tenant from liability hereunder as aforesaid. Landlord agrees to use commercially reasonable efforts to relet the Premises after an Event of Default, provided Tenant has vacated the Premises. Tenant hereby expressly waives reimburse Landlord on demand for any and all rights of redemption granted by or under any present or future laws expenses which Landlord incurs in the event of Tenant being evicted or dispossessed, or in the event of Landlord obtaining possession of the Premises, by reason of the violation by Tenant fulfilling Tenant's obligations.
D. Exercise of any of the covenants and conditions remedies set forth herein or otherwise provided by law shall not constitute a forfeiture or waiver of this Leaseany rent or other payments due to Landlord, or of any damages accruing to Landlord; nor shall any act of Landlord hereunder be deemed an acceptance of surrender of premises. Only a writing signed by Landlord shall constitute a valid acceptance of surrender of premises.
E. Landlord's acceptance of any rent or other payments hereunder after a default by Tenant shall not be deemed a waiver of such default unless Landlord so notifies Tenant in writing. Forbearance by Landlord to enforce a remedy shall not be a waiver of default or of Landlord's right to enforce any remedy with respect to that default or any later default.
Appears in 1 contract
Samples: Lease Agreement (Mapinfo Corp)
