Landlord's Rights on Event of Default. On the occurrence of any ------------------------------------- Event of Default, the Landlord may (subject to the operation and effect of the provisions of subsection 13.2) take any or all of the following actions: 13.3.1. re-enter and repossess the Premises and any and all improvements thereon and additions thereto provided such entrance is in a manner consistent with applicable law. 13.3.2. declare the entire balance of the Rent for the remainder of the Term to be due and payable, and collect such balance plus reasonable costs of reletting the Premises and minus the rental income occurring during the Tenant's lease term that Landlord reasonably expects to achieve by reletting the Premises in any manner not inconsistent with applicable law; 13.3.3. terminate this Lease; 13.3.4. relet any or all of the Premises for the Tenant's account for any or all of the remainder of the Term as hereinabove defined, or for a period exceeding such remainder, in which event the Tenant shall pay to the Landlord, at the times and in the manner specified by the provisions of Section 2, the Base Rent and any Additional Rent accruing during such remainder, less any monies received by the Landlord, with respect to such remainder, from such reletting, as well as the cost to the Landlord of any attorneys' fees or of any repairs or other action (including those taken in exercising the Landlord's rights under any provision of this Lease) taken by the Landlord on account of such Event of Default; 13.3.5. cure such Event of Default in any other manner (after giving the Tenant written notice of the Landlord's intention to do so except as provided in paragraph 13.2.3), in which event the Tenant shall reimburse the Landlord for all expenses incurred by the Landlord in doing so, plus interest thereon at a lesser of the rate of twenty percent (20%) per annum or the highest rate then permitted on account thereof by applicable law, which expenses and interest shall be Additional Rent and shall be payable by the Tenant immediately on demand therefor by the Landlord and/or 13.3.6. pursue any combination of such remedies and/or any other remedy available to the Landlord on account of such Event of Default under applicable law.
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Samples: Form 10 K, Lease Agreement (Pc Connection Inc)
Landlord's Rights on Event of Default. 16.3.1. On the occurrence of any ------------------------------------- Event of Default, the Landlord may (subject to the operation and effect of the provisions of subsection 13.2) 16.2 take any or all of the following actions:
13.3.1. re-enter (a) reenter and repossess any or all of the Premises and any and or all improvements thereon and additions thereto provided thereto; and/or
(b) terminate this Lease by giving written notice of such entrance is in a manner consistent with applicable law.
13.3.2. declare termination to the entire balance Tenant, which termination shall be effective as of the Rent for date of such notice or any later date therefor specified by the remainder Landlord therein provided, that without limiting the generality of the Term foregoing provisions of this subparagraph 16.3.1(c), the Landlord shall not be deemed to be due and payable, and collect such balance plus reasonable costs have accepted any abandonment or surrender by the Tenant of reletting any or all of the Premises and minus the rental income occurring during or the Tenant's lease term that leasehold estate under this Lease unless the Landlord reasonably expects to achieve by reletting has so advised the Premises Tenant expressly and in any manner not inconsistent with applicable law;
13.3.3. terminate this Lease;
13.3.4. writing, regardless of whether the Landlord has reentered or relet any or all of the Premises or exercised any or all of the Landlord's other rights under the provisions of this Section or applicable law; and/or
(c) in the Landlord's own name but either (i) as agent for the Tenant, if this Lease has not then been terminated, or (ii) on the Landlord's account own behalf, if this Lease has then been terminated, relet any or all of the Premises with or without any additional premises, for any or all of the remainder of the Term as hereinabove definedor, if this Lease has then been terminated, for any or all of the period which would, but for such termination, have constituted the remainder of the Term or for a period exceeding such remainder, on such terms and subject to such conditions as are acceptable to the Landlord in its sole and absolute discretion including, by way of example rather than of limitation, the alteration of any or all of the Premises in any manner which, in the Landlord's judgment, is necessary or desirable as a condition to or otherwise in connection with such reletting, and the allowance of one or more concessions or "free-rent" or reduced-rent periods, and collect and receive the rents therefor. Anything contained in the provisions of this Lease or applicable law to the contrary notwithstanding, (1) the Landlord shall not have any duty or obligation to relet any or all of the Premises as the result of any Event of Default, or any liability to the Tenant or any other person for any failure to do so or to collect any rent or other sum due from any such reletting; (ii) the Tenant shall have no right in or to any surplus which may be derived by the Landlord from any such reletting, in the event that the proceeds of such reletting exceed any Rent, installment thereof or other sum owed by the Tenant to the Landlord hereunder; and (iii) the Tenant's liability hereunder shall not be diminished or affected by any such failure to relet or the giving of any such initial or other concessions or "free-rent" or reduced rent period in the event of any such reletting. In such event, the Tenant shall pay to the Landlord, at the times and in the manner specified by the provisions of Section 2, both (i) the installments of the Base Rent and any Additional Rent accruing during such remainder or, if this Lease has then been terminated, damages equaling the respective amounts of such installments of the Base Rent and any Additional Rent which would have accrued during such remainder, had this Lease not been terminated, less any monies received by the Landlord, Landlord with respect to such remainder, remainder from such relettingreletting of any or all of the Premises, as well as plus (ii) the cost to the Landlord of any such reletting (including, by way of example rather than of limitation, any attorneys' fees fees, leasing or brokerage commissions, repair or improvement expenses and the expense of any repairs or other action (including those actions taken in exercising connection with such reletting), plus (iii) any other sums for which the Landlord's Tenant is liable under the provisions of paragraph 16.3 and the Tenant hereby waives any and all rights which it may have under any provision applicable law, the exercise of which would be inconsistent with the foregoing provisions of this Leasesubparagraph 16.3.1(d); and/or
(d) taken by the Landlord on account of such Event of Default;
13.3.5. cure such Event of Default in any other manner (after giving the Tenant written notice of the Landlord's intention to do so except as provided in paragraph 13.2.3), in which event the Tenant shall reimburse the Landlord for all expenses incurred by the Landlord in doing so, plus interest thereon at a lesser of the rate of twenty percent (20%) per annum or the highest rate then permitted on account thereof by applicable law, which expenses and interest shall be Additional Rent and shall be payable by the Tenant immediately on demand therefor by the Landlord manner; and/or
13.3.6. (e) pursue any combination of such remedies and/or any other right or remedy available to the Landlord on account of such Event of Default under applicable lawthis Lease and/or at law or in equity.
(f) collect entire amount of rent due for the remainder of the lease term at time of default.
16.3.2. No such expiration or termination of this Lease, or summary proceedings, abandonment or vacancy, shall relieve the Tenant of any of its liabilities and obligations under this Lease (whether or not any or all of the Premises are relet); accordingly, in any such event the Tenant shall pay to the Landlord the Rent and all other charges required to be paid by Tenant up to the time of such event, and thereafter
(a) at any time after the expiration or termination of this Lease pursuant to this Section 16, in lieu of collecting any further monthly installments, as aforesaid, the Landlord shall be entitled to recover from the Tenant, and the Tenant shall pay to the Landlord, on demand, damages computed in the manner set forth in clause (i) of subparagraph 16.3.2(b), minus the amount of any such monthly installments previously recovered from the Tenant; and
(b) in the case of any Event of Default under the provisions of paragraphs 16.1.2 or 16.1.3, the Landlord shall immediately and automatically, without the necessity of notice or other action by the Landlord, become entitled to recover from the Tenant as damages for such breach, in addition to any damages or other payments becoming due from the Tenant under any other provision of this Lease, an amount equaling the difference between the Base Rent and the Additional Rent reserved in this Lease from the date of such breach to the date of the expiration of the Term and the then-fair and reasonable rental value of the Premises for the same period. Such damages shall become due and payable to the Landlord immediately upon the occurrence of such Event of Default and without regard to whether or, if so, how this Lease is terminated.
16.3.3. Each party hereto hereby waives any right which it may otherwise have at law or in equity to a trial by jury in connection with any suit or proceeding at law or in equity brought by the other against the waiving party or which otherwise relates to this Lease, as a result of an Event of Default or otherwise.
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Landlord's Rights on Event of Default. On the occurrence of any ------------------------------------- an Event of Default, the Landlord may (subject to the operation and effect of the provisions of subsection 13.220.2) take any or all of the following actions:
13.3.1. (a) re-enter and repossess the Premises and any and all improvements thereon and additions thereto provided such entrance is in a manner consistent with applicable law.thereto;
13.3.2. (b) declare the entire balance of the Rent including unamortized Tenant Concessions for the remainder of the Term to be due and payable, and collect such balance plus reasonable costs of reletting the Premises and minus the rental income occurring during the Tenant's lease term that Landlord reasonably expects to achieve by reletting the Premises in any manner not inconsistent with applicable law;
13.3.3. (c) terminate this Lease;
13.3.4. (d) enter the Premises and relet the same or any part thereof without terminating this Lease, as Tenant's agent, in the name of Landlord, or all otherwise, for a term shorter or longer than the balance of the Premises for Term, and may grant tenant concessions (including, without limitation, free rent), but Tenant shall remain liable for, and covenants and agrees to pay, any deficiency after Tenant is credited with the rent thereby obtained, less all repairs and expenses (including, but not limited to, the expenses of obtaining possession, brokerage expenses, tenant concessions, tenant work modifications, legal fees and decorating expenses), and less the unamortized Tenant Concessions, first referred to in subsection 2.1(d) hereof which shall be due and payable immediately upon Tenant vacating or abandoning the Premises. Any deficiency shall become due and payable monthly, as it is determined. Landlord shall have no obligation to relet the Premises, and its failure to do so, or failure to collect rent on reletting, shall not affect Tenant's account liability hereunder. In no event shall Tenant be entitled to a credit or repayment for income from reletting which is payable by Tenant hereunder or which covers a period after the original term of this Lease. Tenant hereby expressly waives any right of redemption granted by any present or all future law. Any entry or re-entry by Landlord, whether had or taken under summary proceedings or otherwise, shall not absolve or discharge Tenant from liability hereunder. "Re-enter" and "re-entry" as used in this Lease are not restricted to their technical legal meaning. In the event of a breach or threatened breach of any of the remainder covenants or provisions hereof, Landlord shall have the right of injunction. Landlord may resort to any two or more of such remedies or rights, and adoption of one or more such remedies or rights shall not necessarily prevent the Term as hereinabove defined, enforcement of others concurrently or for a period exceeding such remainder, in which event the thereafter. If Tenant shall pay to the Landlord, at the times and default in the manner specified by the provisions performance of Section 2, the Base Rent and any Additional Rent accruing during such remainder, less any monies received by the Landlord, with respect to such remainder, from such reletting, as well as the cost to the Landlord of any attorneys' fees or of any repairs or other action (including those taken in exercising the Landlord's rights under any provision of this Lease or if Landlord is required to take any action to enforce this Lease or defend the validity or interpretation of this Lease) taken by the , then Landlord on account of such Event of Default;
13.3.5. cure such Event of Default in any other manner (after giving the Tenant written notice of the Landlord's intention shall be entitled to do so except as provided in paragraph 13.2.3), in which event the Tenant shall reimburse the Landlord for recover all costs and expenses incurred by the Landlord in doing so, plus interest thereon at a lesser of the rate of twenty percent (20%) per annum or the highest rate then permitted on account thereof by applicable law, which expenses and interest shall be Additional Rent and shall be payable by the Tenant immediately on demand therefor by the Landlord and/or
13.3.6. pursue any combination of such remedies and/or any other remedy available to the Landlord on account of such Event of Default under applicable law.thereby,
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Landlord's Rights on Event of Default. On the occurrence of any ------------------------------------- Event of Default, the Landlord may (subject to the operation and effect of the provisions of subsection 13.2) take any or all of the following actions:
13.3.1. re-enter and repossess the Premises and any and all improvements thereon and additions thereto provided such entrance is in a manner consistent with applicable law.thereto;
13.3.2. declare the entire balance of the Rent for the remainder of the Term to be due and payable, and collect such balance plus reasonable costs of reletting the Premises and minus the rental income occurring during the Tenant's lease term that Landlord reasonably expects to achieve by reletting the Premises in any manner not inconsistent with applicable law;
13.3.3. terminate this Lease;
13.3.4. relet any or all of the Premises for the Tenant's account for any or all of the remainder of the Term as hereinabove defined, or for a period exceeding such remainder, in which event the Tenant shall pay to the Landlord, at the times and in the manner specified by the provisions of Section 2, the Base Rent and any Additional Rent accruing during such remainder, less any monies received by the Landlord, with respect to such remainder, from such reletting, as well as the cost to the Landlord of any attorneys' fees or of any repairs or other action (including those taken in exercising the Landlord's rights under any provision of this Lease) taken by the Landlord on account of such Event of Default;
13.3.5. cure such Event of Default in any other manner (after giving the Tenant written notice of the Landlord's intention to do so except as provided in paragraph 13.2.3), in which event the Tenant shall reimburse the Landlord for all expenses incurred by the Landlord in doing so, plus interest thereon at a the lesser of the rate of twenty percent (20%33) per annum or the highest rate then permitted on account thereof by applicable law, which expenses and interest shall be Additional Rent and shall be payable by the Tenant immediately on demand therefor by the Landlord and/or
13.3.6. pursue any combination of such remedies Landlord; and/or any other remedy available to the Landlord on account of such Event of Default under applicable law.------------------------------
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Landlord's Rights on Event of Default. On 17.02.1 Upon the occurrence of any ------------------------------------- Event of Default, the Landlord may (subject to the operation and effect of the provisions of subsection 13.2) take exercise any one or all more of the following actionsrights:
13.3.1. (a) Landlord may re-enter and repossess any of all of the Premises and any and or all improvements thereon and additions thereto provided such entrance is in a manner consistent with applicable lawthereto.
13.3.2. (b) Landlord may declare the entire balance of the Base Rent for the remainder of the Term to be due and payablepayable immediately, and collect such balance plus reasonable costs of reletting the Premises and minus the rental income occurring during the Tenant's lease term that Landlord reasonably expects to achieve by reletting the Premises in any manner not inconsistent with applicable law;
13.3.3. terminate this Lease;
13.3.4. ; provided that if Landlord elects to relet any or all of the Premises following such acceleration of Base Rent, the provisions of subsection 17.02.1(d) shall be applicable with respect to the rights of Landlord and Tenant. Accelerated payments payable hereunder shall not constitute a penalty or forfeiture or liquidated damages, but shall merely constitute payment of Base Rent in advance.
(c) Landlord may terminate this Lease by giving written notice of such termination to Tenant, which termination shall be effective as of the date of such notice or any later date therefor specified by Landlord therein (provided, that without limiting the generality of the foregoing provisions of this subsection 17.02.1(c), Landlord shall not be deemed to have accepted any abandonment or surrender by Tenant of any or all of the Premises or Tenant's leasehold estate under this Lease unless Landlord has so advised Tenant expressly and in writing, regardless of whether Landlord has reentered or relet any or all of the Premises or exercised any or all of Landlord's other rights under the provisions of this Section or applicable law).
(d) Landlord may, in Landlord's own name (either (i) as agent for Tenant, if this Lease has not then been terminated, or (ii) for the benefit of Tenant's account , if this Lease has then been terminated), relet any or all of the Premises with or without any additional premises, for any or all of the remainder of the Term as hereinabove defined(or, if this Lease has then been terminated, for any or all of the period which would, but for such termination, have constituted the remainder of the Term) or for a period exceeding such remainder, on such terms and subject to such conditions as are acceptable to Landlord in its sole and absolute discretion (including, by way of example rather than of limitation, the alteration of any or all of the Premises in any manner which, in Landlord's judgment, is necessary or desirable as a condition to or otherwise in connection with such reletting, and the allowance of one or more concessions or "free-rent" or reduced-rent periods), and collect and receive the rents therefor. Anything contained in the provisions of this Lease or applicable law to the contrary notwithstanding, (i) Landlord shall not have any duty or obligation to relet any or all of the Premises as the result of any Event of Default, or any liability to Tenant or any other person for any failure to do so or to collect any rent or other sum due from any such reletting; (ii) Tenant shall have no right in or to any surplus which may be derived by Landlord from any such reletting, in the event that the proceeds of such reletting exceed Rent, or other sum owed by Tenant to Landlord hereunder; and (iii) Tenant's liability hereunder shall not be diminished or affected by any such failure to relet or the giving of any such initial or other concessions or "free-rent" or reduced rent periods in the event of any such reletting. In the event of any such reletting, Tenant shall pay to the Landlord, at the times and in the manner specified by the provisions of Section 2this Lease (unless Landlord has elected to accelerate Rent as provided in subsection 17.02.1(b), in which event Tenant shall be obligated to pay such accelerated amount as provided in subsection 17.02.1(b) above), the installments of the Base Rent and any Additional Rent accruing during the remainder of the Term (or, if this Lease has then been terminated, damages equaling the respective amounts of such installments of the Base Rent and any Additional Rent which would have accrued during such remainder, had this Lease not been terminated), less any monies received by the Landlord, Landlord with respect to such remainder, remainder from such reletting, as well as the cost to the Landlord reletting of any attorneys' fees or all of any repairs or other action the Premises.
(including those taken in exercising the Landlord's rights under any provision of this Leasee) taken by the Landlord on account of such Event of Default;
13.3.5. may cure such Event of Default in any other manner (after giving the Tenant written notice of the Landlord's intention to do so except as manner, provided in paragraph 13.2.3), in which event the Tenant shall reimburse the pay as an item of Additional Rent all costs and expenses which Landlord for all may incur in curing Tenant's default within ten (10) days following delivery of a written demand. The aforesaid costs and expenses incurred by the which Landlord in doing so, plus interest thereon at a lesser of the rate of twenty percent (20%) per annum or the highest rate then permitted on account thereof by applicable law, which expenses and interest shall be Additional Rent entitled to incur on behalf of Tenant in curing any default of Tenant shall include, but shall not be limited to, reasonable materials, architects' fees, engineers' fees, attorneys' fees, contractor's fees, insurance premiums, fines and shall be payable by the Tenant immediately on demand therefor by the penalties.
(f) Landlord and/or
13.3.6. may pursue any combination of such remedies and/or any other right or remedy available to the Landlord on account of such Event of Default under applicable lawthis Lease and/or at law or in equity.
17.02.2 No such expiration or termination of this Lease, or summary dispossession proceedings, abandonment, reletting, bankruptcy, re-entry by Landlord or vacancy, shall relieve Tenant of any of its liabilities and obligations under this Lease (whether or not any or all of the Premises are relet), and Tenant shall remain liable to Landlord for all damages resulting from any Event of Default, including but not limited to, any damage resulting from the breach by Tenant of any of its obligations under this Lease to pay Rent and any other sums which Tenant is obligated to pay hereunder.
17.02.3 If any or all of the Premises are relet by Landlord for any or all of the unexpired Term of this lease, the amount of rent reserved upon such reletting shall be deemed 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.
17.02.4 On the occurrence of an Event of Default, Tenant shall, immediately upon its receipt of a written demand therefor from Landlord, reimburse Landlord, as Additional Rent, for all expenses (including, by way of example rather than of limitation, any and all repossession costs, management expenses, operating expenses, legal expenses and reasonable attorneys' fees) incurred by Landlord (i) in curing or seeking to cure any Event of Default and/or (ii) in exercising or seeking to exercise any of Landlord's rights and remedies under the provisions of this Lease and/or at law or in equity on account of any Event of Default, and/or (iii) otherwise arising out of any Event of Default.
Appears in 1 contract
Samples: Lease Agreement (Tenera Inc)
Landlord's Rights on Event of Default. On the occurrence of any ------------------------------------- Event of Default, the Landlord may (subject to the operation and effect of the provisions of subsection 13.2) take any or all of the following actions:: -------------------------- /13/ three (3) times
13.3.1. re-enter and repossess the Premises and any and all improvements thereon and additions thereto provided such entrance is in a manner consistent with applicable law.thereto;
13.3.2. declare the entire balance of the Rent for the remainder of the Term to be due and payable, and collect such balance plus reasonable costs of reletting the Premises and minus the rental income occurring during the Tenant's lease term that Landlord reasonably expects to achieve by reletting the Premises in any manner not inconsistent with applicable law;
13.3.3. terminate this Lease;
13.3.4. relet any or all of the Premises for the Tenant's account for any or all of the remainder of the Term as hereinabove defined, or for a period exceeding such remainder, in which event the Tenant shall pay to the Landlord, at the times and in the manner specified by the provisions of Section 2, the Base Rent and any Additional Rent accruing during such remainder, less any monies received by the Landlord, with respect to such remainder, from such reletting, as well as the cost to the Landlord of any attorneys' fees or of any repairs or other action (including those taken in exercising the Landlord's rights under any provision of this Lease) taken by the Landlord on account of such Event of Default;
13.3.5. cure such Event of Default in any other manner (after giving the Tenant written notice of the Landlord's intention to do so except as provided in paragraph 13.2.3), in which event the Tenant shall reimburse the Landlord for all expenses incurred by the Landlord in doing so, plus interest thereon at a the lesser of the rate of twenty percent (20%) /14/ per annum or the highest rate then permitted on account thereof by applicable law, which expenses and interest shall be Additional Rent and shall be payable by the Tenant immediately on demand therefor by the Landlord Landlord; and/or
13.3.6. pursue any combination of such remedies and/or any other remedy available to the Landlord on account of such Event of Default under applicable law.
Appears in 1 contract
Landlord's Rights on Event of Default. On the occurrence of any ------------------------------------- Event of Default, the Landlord may (subject to the operation and effect of the provisions of subsection 13.2) take any or all of the following actions:Section 15.2)
13.3.115.3.1. reRe-enter and repossess the Premises Property and any and all improvements thereon and additions thereto provided such entrance is and remove all persons and property therefrom either by summary dispossess proceedings or by a suitable action or proceeding at law or in equity, or by force or otherwise, without being liable for any damage therefor. No re-entry by Landlord shall be deemed an acceptance of a manner consistent with applicable law.surrender of this Lease;
13.3.215.3.2. declare Declare the entire balance of the Rent for the remainder of the Term to be due and payablepayable for which Tenant will immediately pay Landlord the present value and worth of future rentals discounted to the date that would otherwise have been the expiration of the Term at a rate equal to the prime rate announced by Crestar Bank as its primate rate of lending on the date of such declaration by Landlord; and, and collect such balance plus reasonable costs of reletting the Premises and minus the rental income occurring during the Tenant's lease term that Landlord reasonably expects to achieve by reletting the Premises amount in any manner not inconsistent with applicable law;
13.3.315.3.3. terminate Terminate this Lease;
13.3.415.3.4. relet Relet any or all of the Premises Property for the Tenant's account for any or all of the remainder of the Term as hereinabove defined, or for a period exceeding such remainder, in which event the Tenant shall pay to the Landlord, at the times and in the manner specified by the provisions of Section 23, the Base Rent and any Additional Rent accruing during such remainder, less any monies received by the Landlord, with respect to such remainder, from such reletting, as well as the cost to the Landlord of any attorneys' reasonable attorney's fees or of for any repairs or cost of reletting or other action (including those taken in exercising the Landlord's rights under any provision of this Lease) taken by the Landlord on account of such Event of Default;Default but in no event shall Landlord be liable in any respect for failure to relet the Property or in the event of such reletting, for failure to collect the Rent thereunder it being agreed by Tenant that Landlord has no duty to mitigate Tenant's damages and any sums received by Landlord on a reletting in excess of the rent reserved for this Lease shall belong to the Landlord.
13.3.515.3.5. cure Cure such Event of Default in any other reasonable manner (after giving the Tenant written notice of the Landlord's intention to do so except as provided in paragraph 13.2.3the case of emergency), in which event the Tenant shall reimburse the Landlord for all reasonable expenses incurred by the Landlord in doing so, plus interest thereon at a lesser of the rate of twenty twelve percent (2012%) per annum or the highest rate then permitted on account thereof by applicable law, which expenses and interest shall be Additional Rent and shall be payable by the Tenant immediately on demand therefor by the Landlord Landlord; and/or
13.3.615.3.6. pursue Pursue any combination of such remedies and/or any other remedy available to the Landlord on account of such Event of Default under applicable lawat law or in equity.
Appears in 1 contract
Samples: Lease Agreement (Heilig Meyers Co)
Landlord's Rights on Event of Default. On the occurrence of any ------------------------------------- (a) If an Event of DefaultDefault occurs and is continuing (unless waived by Landlord in writing after receipt of notice pursuant to the provisions hereof), the Landlord may (subject to the operation and effect of the provisions of subsection 13.2Section 14.02 above) take any or all of the following actions:
13.3.1. re-enter (i) reenter and repossess any or all of the Premises and any Property pursuant to legal process; and/or
(ii) terminate this Lease by giving written notice of such termination to Tenant, all Investor Limited Partners as designated by Tenant and all improvements thereon Permitted Leasehold Mortgagees as designated by Tenant, which termination shall be effective as of the date of such notice or any later date therefor specified by Landlord therein (provided that, without limiting the generality of the foregoing provisions of this Section 14.03(a)(ii), Landlord shall not be deemed to have accepted any abandonment or surrender by Tenant of all or any part of the Leasehold Estate and/or Property unless Landlord has so advised Tenant and additions thereto provided the Investor Limited Partner and such entrance is Permitted Leasehold Mortgagee expressly and in a manner consistent with writing, regardless of whether Landlord has reentered or relet all or any part of the Property or exercised any or all of Landlord’s other rights under this Section or applicable law.
13.3.2. declare ); and, on the entire balance date specified in such notice, Tenant’s right to possession of the Rent Property will cease and the Leasehold Estate shall revest in Landlord; provided, however, such termination of this Lease and cessation of Tenant’s right to possession and such revesting of the Leasehold Estate and reentry by Landlord shall be subject to and limited by and shall not defeat, render invalid or limit in any way any residential Tenancy Agreements, any provision of LIHTC Housing Requirements and the Affordability Covenants;
(iii) in Landlord’s own name (but either (A) as agent for Tenant, if this Lease has not then been terminated, or (B) for the remainder benefit of the Term to be due and payableTenant, and collect such balance plus reasonable costs of reletting the Premises and minus the rental income occurring during the Tenant's lease term that Landlord reasonably expects to achieve by reletting the Premises in any manner not inconsistent with applicable law;
13.3.3. terminate if this Lease;
13.3.4. Lease has then been terminated), relet any or all of the Premises for the Tenant's account Property, with or without any additional premises, for any or all of the remainder of the Term as hereinabove defined(or, if this Lease has then been terminated, for any or all of the period which would, but for such termination, have constituted the remainder of the Term) or for a period exceeding such remainder, on such terms and subject to such conditions as are acceptable to Landlord in which event the Tenant shall pay its sole discretion (including but not limited to the alteration of any or all of the Property in any manner which, in Landlord’s judgment, at the times and is necessary or desirable as a condition to or otherwise in the manner specified by the provisions of Section 2, the Base Rent and any Additional Rent accruing during such remainder, less any monies received by the Landlord, connection with respect to such remainder, from such reletting, as well as and the cost allowance of one or more concessions or “free-rent” or reduced-rent periods), and collect and receive the rents therefor. Anything in this Lease or Applicable Law to the contrary notwithstanding, (1) Tenant shall have no right in or to any surplus which may be derived by Landlord from any such reletting, if the proceeds of such reletting exceed any Rent, installment thereof or other sum owed by Tenant to Landlord hereunder; and (2) Tenant’s liability hereunder shall not be diminished or affected by any such failure to relet or the giving of any attorneys' fees such initial or other concessions or “free-rent” or reduced rent periods in the event of any repairs or other action (including those taken in exercising the Landlord's rights under any provision of this Lease) taken by the Landlord on account of such Event of Default;
13.3.5reletting. cure such Event of Default in any other manner (after giving the Tenant written notice of the Landlord's intention to do so except as provided in paragraph 13.2.3), in which event the Tenant shall reimburse be obligated to the Landlord for all unpaid expenses and costs during Tenant’s ownership and possession of the Property. Tenant shall not have any liability for the expenses, costs, acts or omissions of any tenant or occupant subsequent to such reletting of the Property. Landlord shall abide by any restrictions, obligations and duties imposed by the LIHTC Housing Requirements and the Affordability Covenants;
(iv) without waiving or limiting any other remedies available to Landlord, upon such default by Tenant (and subject to the notice and cure rights of Tenant), Landlord shall be entitled (but not obligated) to perform or cause such obligations to be so performed on behalf of Tenant, and Tenant shall reimburse Landlord, as additional rent hereunder, for its reasonable third party out-of-pocket costs and expenses incurred by the Landlord in doing so, plus interest thereon at which amount shall be due within thirty (30) days of Tenant’s receipt of a lesser written statement of the rate of twenty percent (20%) per annum or the highest rate then permitted on account thereof costs and expenses so incurred by applicable law, which expenses and interest shall be Additional Rent and shall be payable by the Tenant immediately on demand therefor by the Landlord Landlord; and/or
13.3.6. (v) pursue any combination of such remedies and/or any other right or remedy available to the Landlord on account of such Event of Default under this Lease and/or at law or in equity, including without limitation, an action for specific performance or other injunctive relief. Nothing herein shall limit or prejudice Landlord’s right to prove for 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.
(b) Any such termination of this Lease, or summary dispossession proceedings, abandonment, reletting, bankruptcy, re-entry by Landlord or vacancy, shall not relieve Tenant of any of its liabilities and obligations under this Lease (whether or not any or all of the Property is relet), and Tenant shall remain liable to Landlord for all damages resulting from any Event of Default prior to such termination, abandonment, reletting, bankruptcy, re- entry or vacancy, including but not limited to any damage resulting from the breach by Tenant of any of its obligations under this Lease to pay Rent that is then unpaid and any other sums which Tenant is then obligated to pay hereunder, provided that Tenant shall not be liable for Rent and other sums (except as provided in Section 14.03(d) below) that shall thereafter be due and payable under this Lease.
(c) If any or all of the Property is relet by Landlord to a third party unrelated to Landlord for any or all of the unexpired Term of this Lease, the amount of rent reserved upon such reletting shall be deemed to be the fair and reasonable rental value for the part or the whole of the Property so relet during the term of the reletting.
(d) If an Event of Default occurs that is not cured within the applicable law.notice and cure period, Tenant shall, immediately on its receipt of a written demand therefor from Landlord, reimburse Landlord for (i) all reasonable, out-of-pocket expenses (including but not limited to any and all reasonable repossession costs, management expenses, operating expenses, legal expenses and attorneys’ fees) incurred by Landlord (A) in curing or seeking to cure any Event of Default, and/or (B) in exercising or seeking to exercise any of Landlord’s rights and remedies under this Lease and/or at law or in equity on account of any Event of Default, and/or
Appears in 1 contract
Samples: Ground Lease
Landlord's Rights on Event of Default. 13.3.1. On the occurrence of any ------------------------------------- Event of Default, the Landlord may (subject to the operation and effect of the provisions of subsection Paragraph 13.2):
(a) take re-enter and repossess any or all of the following actions:
13.3.1. re-enter and repossess the Premises and any and or all improvements thereon and additions thereto provided such entrance is in a manner consistent with applicable law.thereto; and/or
13.3.2. (b) declare the entire balance of to be due and payable immediately the Rent due for the remainder of the Term (or which would have become due had this Lease not been terminated, as the case may be), discounted to present value at the rate of four percent (4%) per annum. Accelerated payments payable hereunder shall not constitute a penalty or forfeiture or liquidated damages, but shall merely constitute payment of Rent in advance; and/or
(c) terminate this Lease by giving written notice of such termination to Tenant, which termination shall be due and payableeffective as of the date of such notice or any later date therefor specified by Landlord therein (provided, and collect such balance plus reasonable costs that without limiting the generality of reletting the foregoing provisions of this Subparagraph 13.3.1(c), Landlord shall not be deemed to have accepted any abandonment or surrender by Tenant of any or all of the Premises or Tenant’s leasehold estate under this Lease unless Landlord has so advised Tenant expressly and minus the rental income occurring during the Tenant's lease term that in writing, regardless of whether Landlord reasonably expects to achieve by reletting the Premises in any manner not inconsistent with applicable law;
13.3.3. terminate this Lease;
13.3.4. has reentered or relet any or all of the Premises or exercised any or all of Landlord’s other rights under the provisions of this Section 13 or applicable law); and/or
(d) in Landlord’s own name (but either (i) as agent for Tenant, if this Lease has not then been terminated, or (ii) for the benefit of Tenant's account , if this Lease has then been terminated), relet any or all of the Premises with or without any additional premises, for any or all of the remainder of the Term as hereinabove defined(or, if this Lease has then been terminated, for any or all of the period which would, but for such termination, have constituted the remainder of the Term) or for a period exceeding such remainder, on such terms and subject to such conditions as are acceptable to the Landlord in its sole and absolute discretion (including, by way of example rather than of limitation, the alteration of any or all of the Premises in any manner which, in Landlord’s judgment, is necessary or desirable as a condition to or otherwise in connection with such reletting, and the allowance of one or more concessions or “free-rent” or reduced-rent periods), and collect and receive the rents therefor. Anything contained in the provisions of this Lease or applicable law to the contrary notwithstanding, (i) Landlord shall not have any duty or obligation to relet any or all of the Premises as the result of any Event of Default, or any liability to Tenant or any other person for any failure to do so or to collect any rent or other sum due from any such reletting; (ii) Tenant shall have no right in or to any surplus which may be derived by the Landlord from any such reletting, in the event that the proceeds of such reletting exceed any Rent, installment thereof or other sum owed by the Tenant to Landlord hereunder; and (iii) Tenant’s liability hereunder shall not be diminished or affected by any such failure to relet or the giving of any such initial or other concessions or “free-rent” or reduced rent periods in the event of any such reletting. In the event of any such reletting, Tenant shall pay to the Landlord, at the times and in the manner specified by the provisions of Section 22 (unless Landlord has elected to accelerate the Rent hereunder, in which event Tenant shall be obligated to pay such accelerated amount), (i) the installments of the Base Rent and any Additional Rent accruing during such remainder (or, if this Lease has then been terminated, damages equaling the respective amounts of such installments of the Base Rent and any Additional Rent which would have accrued during such remainder, had this Lease not been terminated), less any monies received by the Landlord, Landlord with respect to such remainder, remainder from such relettingreletting of any or all of the Premises, as well as plus (ii) the cost to the Landlord of any such reletting (including, by way of example rather than limitation, any attorneys' fees ’ fees, leasing or brokerage commissions, repair or improvement expenses and the expense of any repairs or other action (including those actions taken in exercising connection with such reletting), plus (iii) any other sums for which Tenant is liable under the Landlord's provisions of Subparagraph 13.3.4 (and Tenant hereby waives any and all rights which it may have under any provision applicable law, the exercise of which would be inconsistent with the foregoing provisions of this LeaseSubparagraph 13.3.l(d)); and/or
(e) taken by the Landlord on account of such Event of Default;
13.3.5. cure such Event of Default in any other manner (after giving the Tenant written notice of the Landlord's intention to do so except as provided in paragraph 13.2.3), in which event the Tenant shall reimburse the Landlord for all expenses incurred by the Landlord in doing so, plus interest thereon at a lesser of the rate of twenty percent (20%) per annum or the highest rate then permitted on account thereof by applicable law, which expenses and interest shall be Additional Rent and shall be payable by the Tenant immediately on demand therefor by the Landlord manner; and/or
13.3.6. (f) pursue any combination of such remedies and/or any other right or remedy available to the Landlord on account of such Event of Default under applicable this Lease and/or at law or in equity, and nothing herein contained shall limit or prejudice Landlord’s right to prove for and obtain as damages, by reason of any termination or otherwise, 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.
13.3.2. No such expiration or termination of this Lease, or summary dispossession proceedings, abandonment, reletting, bankruptcy, re-entry by the Landlord or vacancy, shall relieve the Tenant of any of its liabilities and obligations under this Lease (whether or not any or all of the Premises are relet), and the Tenant shall remain liable to the Landlord for all damages resulting from any Event of Default, including but not limited to, any damage resulting from the breach by Tenant of any of its obligations under this Lease to pay Rent and any other sums which the Tenant is obligated to pay hereunder.
13.3.3. Landlord may also recover from Tenant to the extent permitted under the laws of Maryland, the unamortized value and cost of all allowances and concessions granted to Tenant under the Lease.
13.3.4. On the occurrence of an Event of Default, Tenant shall, immediately on its receipt of a written demand therefor from Landlord, reimburse Landlord for all expenses (including, by way of example rather than of limitation, any and all repossession costs, management expenses, operating expenses, legal expenses and attorneys’ fees) incurred by Landlord (a) in curing or seeking to cure any Event of Default and/or (b) in exercising or seeking to exercise any of Landlord’s rights and remedies under the provisions of this Lease and/or at law or in equity on account of any Event of Default, and/or (c) otherwise arising out of any Event of Default, and/or (d) (regardless of whether it constitutes an Event of Default) in connection with any action, proceeding, or manner of the types referred to in the provisions of Subparagraphs 13.1.2 and 13.1.3.
13.3.5. 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, and except as is herein otherwise provided, Tenant, for itself and all persons claiming through or under Tenant (including any leasehold mortgagee or other creditors), also waives any and all right of redemption or re-entry or repossession in case Tenant is dispossessed by a judgment or warrant of any court or judge or in case of re-entry or repossession by Landlord or in case of any expiration or termination of this Lease. The terms “enter”, “re-enter”, “entry” or “re-entry” as used in this Lease are not restricted to their technical legal meanings.
Appears in 1 contract
Landlord's Rights on Event of Default. On the occurrence of any ------------------------------------- Event of Default, the Landlord may (subject to the operation and effect of the provisions of subsection 13.2) take any or all of the following actions:
13.3.1. re-enter and repossess the Premises and any and all improvements thereon and additions thereto provided such entrance is in a manner consistent with applicable law.thereto;
13.3.2. declare the entire balance of the Rent for the remainder of the Term to be due and payable, and collect such balance plus reasonable costs of reletting the Premises and minus the rental income occurring during the Tenant's lease term that Landlord reasonably expects to achieve by reletting the Premises in any manner not inconsistent with applicable law;
13.3.3. terminate this Lease;
13.3.4. relet any or all of the Premises for the Tenant's account for any or all of the remainder of the Term as hereinabove defined, or for a period exceeding such remainder, in which event the Tenant shall pay to the Landlord, at the times and in the manner specified by the provisions of Section 2, the Base Rent and any Additional Rent accruing during such remainder, less any monies received by the Landlord, with respect to such remainder, from such reletting, as well as the cost to the Landlord of any any/25/ attorneys' fees or of any repairs or other action (including those taken in exercising the Landlord's rights under any provision of this Lease) taken by the Landlord on account of such Event of Default;
13.3.5. cure such Event of Default in any other manner (after giving the Tenant written notice of the Landlord's intention to do so except as provided in paragraph 13.2.3), in which event the Tenant shall reimburse the Landlord for all expenses incurred by the Landlord in doing so, plus interest thereon at a the lesser of the rate of twenty percent (20%) of/26/ per annum or the highest rate then permitted on account thereof by applicable law, which expenses and interest shall be Additional Rent and shall be payable by the Tenant immediately on demand therefor by the Landlord and/orLandlord; and/or ------------- /25/ reasonable /26/ twelve percent (12%)
13.3.6. pursue any combination of such remedies and/or any other remedy available to the Landlord on account of such Event of Default under applicable law.
Appears in 1 contract
Samples: Lease Agreement (Litronic Inc)
Landlord's Rights on Event of Default. On the occurrence of any ------------------------------------- Event of Default, the Landlord may (subject to the operation and effect of the provisions of subsection 13.2Section 15.2) take any or all of the following actions:143
13.3.115.3.1. reRe-enter and repossess the Premises Property and any and all improvements thereon and additions thereto provided such entrance is and remove all persons and property therefrom either by summary dispossess proceedings or by a suitable action or proceeding at law or in equity, or by force or otherwise, without being liable for any damage therefor. No re-entry by Landlord shall be deemed an acceptance of a manner consistent with applicable law.surrender of this Lease;
13.3.215.3.2. declare Declare the entire balance of the Rent for the remainder of the Term to be due and payablepayable for which Tenant will immediately pay Landlord the present value and worth of future rentals discounted to the date that would otherwise have been the expiration of the Term at a rate equal to the prime rate announced by Crestar Bank as its primate rate of lending on the date of such declaration by Landlord; and, and collect such balance plus reasonable costs of reletting the Premises and minus the rental income occurring during the Tenant's lease term that Landlord reasonably expects to achieve by reletting the Premises amount in any manner not inconsistent with applicable law;
13.3.315.3.3. terminate Terminate this Lease;
13.3.415.3.4. relet Relet any or all of the Premises Property for the Tenant's account for any or all of the remainder of the Term as hereinabove defined, or for a period exceeding such remainder, in which event the Tenant shall pay to the Landlord, at the times and in the manner specified by the provisions of Section 23, the Base Rent and any Additional Rent accruing during such remainder, less any monies received by the Landlord, with respect to such remainder, from such reletting, as well as the cost to the Landlord of any attorneys' reasonable attorney's fees or of for any repairs or cost of reletting or other action (including those taken in exercising the Landlord's rights under any provision of this Lease) taken by the Landlord on account of such Event of Default;Default but in no event shall Landlord be liable in any respect for failure to relet the Property or in the event of such reletting, for failure to collect the Rent thereunder it being agreed by Tenant that Landlord has no duty to mitigate Tenant's damages and any sums received by Landlord on a reletting in excess of the rent reserved for this Lease shall belong to the Landlord.
13.3.515.3.5. cure Cure such Event of Default in any other reasonable manner (after giving the Tenant written notice of the Landlord's intention to do so except as provided in paragraph 13.2.3the case of emergency), in which event the Tenant shall reimburse the Landlord for all reasonable expenses incurred by the Landlord in doing so, plus interest thereon at a lesser of the rate of twenty twelve percent (2012%) per annum or the highest rate then permitted on account thereof by applicable law, which expenses and interest shall be Additional Rent and shall be payable by the Tenant immediately on demand therefor by the Landlord Landlord; and/or
13.3.615.3.6. pursue Pursue any combination of such remedies and/or any other remedy available to the Landlord on account of such Event of Default under applicable lawat law or in equity.
Appears in 1 contract
Samples: Lease Agreement (Heilig Meyers Co)
Landlord's Rights on Event of Default. On the occurrence of any ------------------------------------- 15.3.1 If an Event of DefaultDefault occurs and continues beyond the applicable notice and cure periods, the Landlord may (subject to the operation and effect of the provisions of subsection 13.2Section 15.2 hereof) take any or all of the following actions:
13.3.1. re-enter (a) subject to all Legal Requirements and any residential tenant agreements, reenter and repossess any or all of the Premises and any and or all improvements Improvements thereon and additions thereto provided thereto; and/or
(b) with the consent of all Permitted Leasehold Mortgagees and the Limited Partners, terminate this Lease by giving written notice of such entrance is in a manner consistent with applicable law.
13.3.2. declare termination to the entire balance Tenant, which termination shall be effective as of the Rent for date of such notice or any later date therefor specified by the remainder Landlord therein (provided, that without limiting the generality of the Term foregoing provisions of this subsection 15.3.1(b) hereof, the Landlord shall not be deemed to be due and payable, and collect such balance plus reasonable costs have accepted any abandonment or surrender by the Tenant of reletting any or all of the Premises and minus the rental income occurring during or the Tenant's lease term that ’s Leasehold Estate under this Lease unless the Landlord reasonably expects to achieve by reletting has so advised the Premises Tenant expressly and in any manner not inconsistent with applicable law;
13.3.3. terminate this Lease;
13.3.4. writing, regardless of whether the Landlord has reentered or relet any or all of the Premises or exercised any or all of the Landlord’s other rights under this Article 15 or applicable law); and, on the date specified in such notice, the Tenant’s right to possession of the Property will cease and the Leasehold Estate conveyed by this Lease upon the Tenant shall revest in the Landlord, provided, however, such revesting of the Leasehold Estate and the reentry by the Landlord shall be subject to and limited by and shall not defeat, render invalid or limit in any way the lien of any Permitted Leasehold Mortgage or any provision of LIHTC Housing Requirements; and/or
(c) in the Landlord’s own name (but either (i) as agent for the Tenant's account , if this Lease has not then been terminated, or (ii) for the benefit of the Tenant, if this Lease has then been terminated), relet any or all of the Premises, with or without any additional premises, for any or all of the remainder of the Term as hereinabove defined(or, if this Lease has then been terminated, for any or all of the period which would, but for such termination, have constituted the remainder of the Term) or for a period exceeding such remainder, in which event the Tenant shall pay on such terms and subject to such conditions as are acceptable to the LandlordLandlord in its reasonable discretion , at and if this Lease has then been terminated, damages equaling the times and in the manner specified by the provisions respective amounts of Section 2, the Base such installments of any Rent and any Additional Rent accruing which would have accrued during such remainder, had this Lease not been terminated), less any monies received by the Landlord, Landlord with respect to such remainder, remainder from such relettingreletting of any or all of the Premises, as well as plus (ii) the reasonable cost to the Landlord of any such reletting (including but not limited to any reasonable attorneys' fees ’ fees, leasing or brokerage commissions, repair or improvement expenses and the expense of any repairs or other action (including those actions taken in exercising connection with such reletting), plus (iii) any other sums for which the Landlord's Tenant is liable under subsection 15.3.4 hereof (and the Tenant hereby waives any and all rights which it may have under applicable law, the exercise of which would be inconsistent with this subsection 15.3.1(c) hereof); and/or
(d) enforce any provision one or more of this Leasethe LIHTC Housing Requirements; and/or
(e) taken by cure such Event of Default in any other manner; and/or
(f) with the consent of all Permitted Leasehold Mortgagees, pursue any combination of such remedies and/or any other right or remedy available to the Landlord on account of such Event of Default under this Lease and/or at law or in equity. Nothing herein shall limit or prejudice the Landlord’s right to prove for 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.
15.3.2 No such expiration or termination of this Lease, or summary dispossession proceedings, abandonment, reletting, bankruptcy, re-entry by the Landlord or vacancy, shall relieve the Tenant of any of its liabilities and obligations under this Lease (whether or not any or all of the Premises are relet), and the Tenant shall remain liable to the Landlord for all damages resulting from any Event of Default;, including but not limited to any damage resulting from the breach by the Tenant of any of its obligations under this Lease to pay Rent and any other sums which the Tenant is obligated to pay hereunder.
13.3.5. cure 15.3.3 If any or all of the Premises are relet by the Landlord for any or all of the unexpired Term of this Lease, the amount of rent reserved upon such reletting shall be deemed 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.
15.3.4 If an Event of Default in any other manner (after giving occurs and continues beyond all applicable notice grace and cure periods, the Tenant shall, immediately on its receipt of a written notice of demand therefor from the Landlord's intention to do so except as provided in paragraph 13.2.3), in which event the Tenant shall reimburse the Landlord for (a) all reasonable expenses (including but not limited to any and all reasonable repossession costs, management expenses, operating expenses, legal expenses and reasonable attorneys’ fees) incurred by the Landlord and detailed in doing sosuch written demand (i) in curing or seeking to cure any Event of Default and/or (ii) in exercising or seeking to exercise any of the Landlord’s rights and remedies under this Lease and/or at law or in equity on account of any Event of Default, and/or (iii) otherwise arising out of any Event of Default, plus (b) interest thereon on all such expenses, at a the lesser of the rate of twenty Prime Rate plus four percent (204%) per annum or the highest rate then permitted on account thereof by applicable law, all of which expenses and interest shall be Additional Rent and shall be payable by the Tenant immediately on receipt of demand therefor by the Landlord and/or
13.3.6. pursue any combination of such remedies and/or any other remedy available to the Landlord on account of such Event of Default under applicable lawLandlord.
Appears in 1 contract
Samples: Ground Lease
Landlord's Rights on Event of Default. On the occurrence of any ------------------------------------- (a) If an Event of DefaultDefault occurs and is continuing (unless waived by Landlord in writing after receipt of notice pursuant to the provisions hereof), the Landlord may (subject to the operation and effect of the provisions of subsection 13.2Section 14.02 above) take any or all of the following actions:
13.3.1. re-enter (i) reenter and repossess any or all of the Premises and any Property pursuant to legal process; and/or
(ii) terminate this Lease by giving written notice of such termination to Tenant, all Investor Limited Partners as designated by Tenant and all improvements thereon Permitted Leasehold Mortgagees as designated by Tenant, which termination shall be effective as of the date of such notice or any later date therefor specified by Landlord therein (provided that, without limiting the generality of the foregoing provisions of this Section 14.03(a)(ii), Landlord shall not be deemed to have accepted any abandonment or surrender by Tenant of all or any part of the Leasehold Estate and/or Property unless Landlord has so advised Tenant and additions thereto provided the Investor Limited Partner and such entrance is Permitted Leasehold Mortgagee expressly and in a manner consistent with writing, regardless of whether Landlord has reentered or relet all or any part of the Property or exercised any or all of Landlord’s other rights under this Section or applicable law.
13.3.2. declare ); and, on the entire balance date specified in such notice, Tenant’s right to possession of the Rent Property will cease and the Leasehold Estate shall revest in Landlord; provided, however, such termination of this Lease and cessation of Tenant’s right to possession and such revesting of the Leasehold Estate and reentry by Landlord shall be subject to and limited by and shall not defeat, render invalid or limit in any way any residential Tenancy Agreements, any provision of LIHTC Housing Requirements and the Affordability Covenants;
(iii) in Landlord’s own name (but either (A) as agent for Tenant, if this Lease has not then been terminated, or (B) for the remainder benefit of the Term to be due and payableTenant, and collect such balance plus reasonable costs of reletting the Premises and minus the rental income occurring during the Tenant's lease term that Landlord reasonably expects to achieve by reletting the Premises in any manner not inconsistent with applicable law;
13.3.3. terminate if this Lease;
13.3.4. Lease has then been terminated), relet any or all of the Premises for the Tenant's account Property, with or without any additional premises, for any or all of the remainder of the Term as hereinabove defined(or, if this Lease has then been terminated, for any or all of the period which would, but for such termination, have constituted the remainder of the Term) or for a period exceeding such remainder, on such terms and subject to such conditions as are acceptable to Landlord in which event the Tenant shall pay its sole discretion (including but not limited to the alteration of any or all of the Property in any manner which, in Landlord’s judgment, at the times and is necessary or desirable as a condition to or otherwise in the manner specified by the provisions of Section 2, the Base Rent and any Additional Rent accruing during such remainder, less any monies received by the Landlord, connection with respect to such remainder, from such reletting, as well and the allowance of one or more concessions or “free-rent” or reduced-rent periods), and collect and receive the rents therefor. Anything in this Lease or Applicable Law to the contrary notwithstanding, (1) Landlord shall not have any duty or obligation to relet all or any part of the Property as the cost to the Landlord result of any attorneys' fees or of any repairs or other action (including those taken in exercising the Landlord's rights under any provision of this Lease) taken by the Landlord on account of such Event of Default;
13.3.5. cure such Event of Default in , or any liability to Tenant or any other manner (after giving the Tenant written notice of the Landlord's intention person for any failure to do so except as provided in paragraph 13.2.3), in which event the or to collect any Rent or other sum due from any such reletting; (2) Tenant shall reimburse have no right in or to any surplus which may be derived by Landlord from any such reletting, if the Landlord for all expenses incurred by the Landlord in doing so, plus interest thereon at a lesser of the rate of twenty percent (20%) per annum or the highest rate then permitted on account thereof by applicable law, which expenses and interest shall be Additional Rent and shall be payable by the Tenant immediately on demand therefor by the Landlord and/or
13.3.6. pursue any combination proceeds of such remedies and/or reletting exceed any Rent, installment thereof or other remedy available sum owed by Xxxxxx to the Landlord on account of such Event of Default under applicable law.hereunder; and
Appears in 1 contract
Samples: Ground Lease
Landlord's Rights on Event of Default. On the occurrence of any ------------------------------------- Event of Default, the Landlord may (subject to the operation and effect of the provisions of subsection 13.2) take any or all of the following actions:
13.3.1. re-enter and repossess the Premises and any and all improvements thereon and additions thereto provided such entrance is in a manner consistent with applicable law.thereto;
13.3.2. declare the entire balance of the Rent for the remainder of the Term to be due and payable, and collect such balance plus reasonable costs of reletting the Premises and minus the rental income occurring during the Tenant's lease term that Landlord reasonably expects to achieve by reletting the Premises in any manner not inconsistent with applicable law;
13.3.3. terminate this Lease;
13.3.4. relet any or all of the Premises for the Tenant's account for any or all of the remainder of the Term as hereinabove defined, or for a period exceeding such remainder, in which event the Tenant shall pay to the Landlord, at the times and in the manner specified by the provisions of Section 2, the Base Rent and any Additional Rent accruing during such remainder, less any monies received by the Landlord, with respect to such remainder, from such reletting, as well as the cost to the Landlord of any (47) attorneys' fees or of any repairs or other action (including those taken in exercising the Landlord's rights under any provision of this Lease) taken by the Landlord on account of such Event of Default;
13.3.5. cure such Event of Default in any other manner (after giving the Tenant written notice of the Landlord's intention to do so except as provided in paragraph 13.2.3.), in which event the Tenant shall reimburse the Landlord for all expenses incurred by the Landlord in doing so, plus interest thereon at a the lesser of the rate of twenty percent (20%48) per annum or the highest rate then permitted on account thereof by applicable law, which expenses and interest shall be Additional Rent and shall be payable by the Tenant immediately on demand therefor by the Landlord Landlord; and/or
13.3.6. pursue any combination of such remedies and/or any other remedy available to the Landlord on account of such Event of Default under applicable law.
Appears in 1 contract
Landlord's Rights on Event of Default. On 13.4.1. Upon the occurrence of any ------------------------------------- Event of Default, Landlord shall have the Landlord may (subject option in its sole and exclusive discretion to the operation and effect pursue any one or more of the provisions following remedies, using appropriate legal proceedings, but without any notice (except as expressly prescribed in Section 13.1.1 above) or demand whatsoever (and without limiting the generality of subsection 13.2the foregoing, Tenant hereby specifically waives notice and demand for payment of Rent or other obligations due except as expressly prescribed in Section 13.1.1 above or expressly stated elsewhere in this Lease and waives any and all other notices or demand requirements imposed by applicable law):
(a) take re-enter and repossess any or all of the following actions:
13.3.1. re-enter and repossess the Premises and any and or all improvements thereon and additions thereto provided thereto; and/or
(b) declare to be due and payable immediately the sum of (i) the worth at the time of award of any unpaid Rent that had accrued at the time of such entrance is in a manner consistent with applicable law.
13.3.2. declare termination; plus (ii) an amount (the entire balance "Election Amount") equal the positive difference (if any, and measured at the time of such termination) between (1) the then-present value of the total Rent and other benefits that would have accrued to Landlord under this Lease for the remainder of the Term to be due and payable, and collect such balance plus reasonable costs if Tenant had fully complied with the Lease minus (2) the then-present fair market rental value of reletting the Premises and minus as reasonably determined by Landlord for what would be the rental income occurring during then-unexpired Term if the Lease remained in effect, computed using the discount rate of eight (8) percentage point. Accelerated payments payable hereunder shall not constitute a penalty or forfeiture, but shall merely constitute payment of Rent in advance as liquidated damages; and/or
(c) terminate this Lease by giving written notice of such termination to Tenant's lease term , which termination shall be effective as of the date of such notice or any later date therefor specified by Landlord therein (provided, that without limiting the generality of the foregoing provisions of this Subparagraph 13.4.1(c), Landlord reasonably expects shall not be deemed to achieve have accepted any abandonment or surrender by reletting Tenant of any or all of the Premises or Tenant’s leasehold estate under this Lease unless Landlord has so advised Tenant expressly and in any manner not inconsistent with applicable law;
13.3.3. terminate this Lease;
13.3.4. writing, regardless of whether Landlord has reentered or relet any or all of the Premises or exercised any or all of Landlord’s other rights under the provisions of this Section 13 or applicable law); and/or
(d) in Landlord’s own name (but either (i) as agent for Tenant, if this Lease has not then been terminated, or (ii) for the benefit of Tenant's account , if this Lease has then been terminated), relet any or all of the Premises with or without any additional premises, for any or all of the remainder of the Term as hereinabove defined(or, if this Lease has then been terminated, for any or all of the period which would, but for such termination, have constituted the remainder of the Term) or for a period exceeding such remainder, on such terms and subject to such conditions as are acceptable to the Landlord in its sole and absolute discretion (including, by way of example rather than of limitation, the commercially reasonable alteration of any or all of the Premises in any manner which, in Landlord’s judgment, is necessary or desirable as a condition to or otherwise in connection with such reletting, and the allowance of one or more concessions or “free-rent” or reduced-rent periods), and collect and receive the rents therefor. Anything contained in the provisions of this Lease or applicable law to the contrary notwithstanding, (i) Landlord shall not have any duty or obligation to relet any or all of the Premises as the result of any Event of Default, or any liability to Tenant or any other person for any failure to do so or to collect any rent or other sum due from any such reletting; (ii) Tenant shall have no right in or to any surplus which may be derived by the Landlord from any such reletting, in the event that the proceeds of such reletting exceed any Rent, installment thereof or other sum owed by the Tenant to Landlord hereunder; and (iii) Tenant’s liability hereunder shall not be diminished or affected by any such failure to relet or the giving of any such initial or other commercially reasonable concessions or “free-rent” or reduced rent periods in the event of any such reletting. In the event of any such reletting, Tenant shall pay to the Landlord, at the times and in the manner specified by the provisions of Section 22 (unless Xxxxxxxx has elected to recover the Election Amount hereunder, in which event Tenant shall be obligated to pay such Election Amount), (i) the installments of the Base Rent and any Additional Rent accruing during such remainder (or, if this Lease has then been terminated, damages equaling the respective amounts of such installments of the Base Rent and any Additional Rent which would have accrued during such remainder, had this Lease not been terminated), less any monies received by the Landlord, Landlord with respect to such remainder, remainder from such relettingreletting of any or all of the Premises, as well as plus (ii) the reasonable out of pocket cost to the Landlord of any such reletting (including, by way of example rather than limitation, any reasonable attorneys' fees ’ fees, leasing or brokerage commissions, repair or improvement expenses and the expense of any repairs or other action (including those actions taken in exercising connection with such reletting), plus (iii) any other sums for which Tenant is liable under the Landlord's rights under any provision provisions of this LeaseSubparagraph 13.4.4; and/or
(e) taken by the Landlord on account of such Event of Default;
13.3.5. cure such Event of Default in any other manner (after giving the Tenant written notice of the Landlord's intention to do so except as provided in paragraph 13.2.3), in which event the Tenant shall reimburse the Landlord for all expenses incurred by the Landlord in doing so, plus interest thereon at a lesser of the rate of twenty percent (20%) per annum or the highest rate then permitted on account thereof by applicable law, which expenses and interest shall be Additional Rent and shall be payable by the Tenant immediately on demand therefor by the Landlord manner; and/or
13.3.6. (f) pursue any combination of such remedies and/or any other right or remedy available to the Landlord on account of such Event of Default under applicable this Lease and/or at law or in equity, and nothing herein contained shall limit or prejudice Landlord’s right to prove for and obtain as damages, by reason of any termination or otherwise, 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.
13.4.2. No such expiration or termination of this Lease, or summary dispossession proceedings, abandonment, reletting, bankruptcy, re-entry by the Landlord or vacancy, shall relieve the Tenant of any of its liabilities and obligations under this Lease (whether or not any or all of the Premises are relet), and the Tenant shall remain liable to the Landlord for all damages resulting from any Event of Default, including but not limited to, any damage resulting from the breach by Tenant of any of its obligations under this Lease to pay Rent and any other sums which the Tenant is obligated to pay hereunder.
13.4.3. Landlord may also recover from Tenant to the extent permitted under the laws of Maryland, the unamortized value and cost of all allowances and concessions granted to Tenant under the Lease.
13.4.4. On the occurrence of an Event of Default, Tenant shall, immediately on its receipt of a written demand therefor from Landlord, reimburse Landlord for all expenses (including, by way of example rather than of limitation, any and all reasonable repossession costs, management expenses, operating expenses, legal expenses and attorneys’ fees) incurred by Landlord (a) in curing or seeking to cure any Event of Default and/or (b) in exercising or seeking to exercise any of Landlord’s rights and remedies under the provisions of this Lease and/or at law or in equity on account of any Event of Default, and/or (c) otherwise arising out of any Event of Default, and/or (d) (regardless of whether it constitutes an Event of Default) in connection with any action, proceeding, or manner of the types referred to in the provisions of Subparagraphs 13.1.2 and 13.1.3.
13.4.5. 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, and except as is herein otherwise provided, Tenant, for itself and all persons claiming through or under Tenant (including any leasehold mortgagee or other creditors), also waives any and all right of redemption or re-entry or repossession in case Tenant is dispossessed by a judgment or warrant of any court or judge or in case of re-entry or repossession by Landlord or in case of any expiration or termination of this Lease. The terms “enter”, “re-enter”, “entry” or “re-entry” as used in this Lease are not restricted to their technical legal meanings.
13.4.6. Any amounts due to Landlord hereunder in this Lease shall accrue interest at equal to the lesser of (a) eighteen percent (18%) per annum or (b) the highest rate permitted by Applicable Law (the “Default Rate”).
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