Lessee Default. There shall be a "Lessee Default" under this Lease by Lessee if at any time during the Lease Term: (i) Lessee shall fail to pay any Rent when due, or any other sum of money whatsoever which Lessee shall be obligated to pay under the provisions of this Lease, within fifteen (15) days after the date such sum is required to be paid hereunder with respect to any such sum the date of payment for which is fixed or set hereunder, or, if no such date of payment is so fixed or set, within fifteen (15) days after written notice and demand by Lessor therefor; (ii) Lessee shall assign, mortgage or encumber this Lease, or sublet the whole or any part of the Premises, otherwise than as expressly permitted hereunder, or if this Lease or the estate of Lessee hereunder shall be transferred, or passed to, or devolve upon, any person or entity other than Lessee herein named by operation of law or otherwise, except in the manner permitted hereunder; (iii) Lessee shall default in the performance or observance of any of the other terms, covenants, conditions, or agreements of this Lease (other than as described in clauses (i), (ii), (iv), (v), (vi), (vii), (viii), or (ix) hereof) for thirty (30) days after written notice and demand, or if such default shall be of such a nature that the same cannot practicably be cured within such thirty (30) day period and Lessee shall not within such thirty (30) day period commence and continue with due diligence and dispatch, the curing and performance of such defaulted term, covenant, condition or agreement, or if Lessee shall within such thirty (30) day period commence with due diligence and dispatch to cure and perform such defaulted term, covenant, condition or agreement and shall thereafter fail or neglect to prosecute and complete with due diligence and dispatch, the curing and performance of such defaulted term, covenant, condition or agreement; (iv) there shall be filed by or against Lessee in any court or other tribunal pursuant to any statute or other rule of law, either of the United States or of any State or of any other authority now or hereafter exercising jurisdiction, a petition in bankruptcy or insolvency proceedings or for the reorganization or for the appointment of a receiver or trustee of all or substantially all of Lessee’s property, or for any other form of debtor relief, unless such petition be filed against Lessee and if in good faith Lessee shall promptly thereafter commence and diligently prosecute any and all proceedings appropriate to secure the dismissal of such petition and shall secure such dismissal within ninety (90) days after the date of filing or the commencement of such proceedings; (v) if Lessee makes an assignment for the benefit of creditors; (vi) if Lessee fails to pay when due any assessments, charges, or insurance premiums or similar amounts to be paid by Lessee under this Lease and such failure continues for a period of ten (10) days after written notice that such amount remains unpaid; provided if Lessee disputes that payment is due, Lessee may file an appropriate protest or challenge to such payment; (vii) if Lessee shall permit the Premises or any portion thereof to be subject to any lien or encumbrance not otherwise permitted hereunder (including, without limitation, any involuntary lien) and fails to remove or provide a release bond or similar security within twenty (20) days after receiving written notice of the existence of such lien; (viii) if Lessee shall vacate, abandon, fail to farm, or fail to market the crops grown on the Premises in accordance with the terms of this Lease or in accordance with the terms of any Crop Contracts; or (ix) if Lessee shall default under the terms and conditions of any crop loan, secured by a lien on the crops growing on the Premises, obtained by Lessee pursuant to Section 24 hereof. For purposes of this Section 23.1, failure to maintain Improvements that results in: (i) the permanent impairment of the value of such Improvements; and (ii) the inability to cure such impairment without the removal and replacement, shall constitute a default and Lessor shall have the rights set forth in Section 23.2 below. Lessor may provide a copy of any required notices pursuant to this Section 23.1 to Lessee’s crop lender, if any.
Appears in 2 contracts
Samples: Agricultural Lease (Farmland Partners Inc.), Agricultural Lease (Farmland Partners Inc.)
Lessee Default. There Lessee shall be a "Lessee Default" in default of its obligations under this Lease if any of the following events occurs (an “Event of Default”):
(a) To the extent permitted by Lessee if at any time during applicable “Laws” (as defined in Section 14 of the Lease Term:Original Lease, as amended by Section 10 of the Sixth Amendment)
(i) the appointment of a trustee or receiver to take possession of all or substantially all of the assets of Lessee, unless possession is restored to Lessee shall fail or such guarantor within thirty (30) days; (ii) a general assignment by Lessee or any guarantor of this Lease for the benefit of creditors; (iii) any execution or other judicially authorized seizure of all or substantially all of Lessee’s assets located upon the Premises or of Lessee’s interest in this Lease, unless such seizure is discharged within thirty (30) days; or (iv) any action taken or suffered by Lessee under any insolvency or bankruptcy act, or the taking of any corporate action in furtherance of bankruptcy or dissolution whether or not there exists any proceeding under any insolvency or bankruptcy Laws, unless in the case of an involuntary proceeding filed against Lessee or any guarantor the same is dismissed within sixty (60) days, or
(b) Any failure by Lessee to pay any (i) Base Rent when duedue as herein provided within five (5) business days after delivery of notice from Lessor to Lessee of such past due Base Rent payment; provided, however, that no such notice shall be required after Lessee has been delinquent on two (2) payments of Base Rent after notice from Lessor in any twelve (12) month period, in which case Lessee’s failure to make such payment of Base Rent within five (5) business days of the due date shall be an Event of Default, or (ii) any additional or other charge or sum of money whatsoever which Lessee shall be obligated to pay under the provisions of this Lease, within fifteen (15) days after the date such sum is required to be paid hereunder under this Lease when due, unless such failure is cured within five (5) business days after delivery of notice from Lessor to Lessee of such past due amount, or
(c) Except with respect to any such sum the date of payment for which is fixed defaults pursuant to Section 13.1(a), Section 13.1(b) and Section 13.1(d), any failure by Lessee to observe or set hereunderperform any provision, or, if no such date of payment is so fixed or set, within fifteen (15) days after written notice and demand by Lessor therefor; (ii) Lessee shall assign, mortgage or encumber this Leasecovenant, or sublet the whole condition herein provided to be kept or any part of the Premises, otherwise than as expressly permitted hereunder, or if this Lease or the estate of performed by Lessee hereunder shall be transferred, or passed to, or devolve upon, any person or entity other than Lessee herein named by operation of law or otherwise, except in the manner permitted hereunder; (iii) Lessee shall default in the performance or observance of any of the other terms, covenants, conditions, or agreements of this Lease (other than as described in clauses (i), (ii), (iv), (v), (vi), (vii), (viii), or (ix) hereof) where such failure continues for thirty (30) days after written notice and demand, or thereof from Lessor to Lessee; provided that if the nature of such default shall be of is such a nature that the same cannot practicably reasonably be cured within such a thirty (30) day period and period, Lessee shall not be deemed to be in default if it diligently commences such cure within such thirty period and thereafter diligently proceeds to rectify and cure such default, or
(30d) day period commence and continue with due diligence and dispatch, the curing and performance of such defaulted term, covenant, condition or agreement, or if Lessee shall within such thirty have failed to deliver (30or provide comments to) day period commence with due diligence and dispatch to cure and perform such defaulted term, covenant, condition or agreement and shall thereafter fail or neglect to prosecute and complete with due diligence and dispatch, the curing and performance documents in the time periods required of such defaulted term, covenant, condition or agreement; (iv) there shall be filed by or against Lessee in any court or other tribunal it pursuant to any statute Section 15 or other rule of law, either Section 20 of the United States or of any State or of any other authority now or hereafter exercising jurisdictionOriginal Lease, a petition in bankruptcy or insolvency proceedings or for the reorganization or for the appointment of a receiver or trustee of all or substantially all of Lessee’s propertyas amended, or for any other form of debtor relief, unless such petition be filed against Lessee and if in good faith Lessee shall promptly thereafter commence and diligently prosecute any and all proceedings appropriate to secure the dismissal of such petition and shall secure such dismissal within ninety an additional five (905) days after the date of filing or the commencement of such proceedings; (v) if Lessee makes an assignment for the benefit of creditors; (vi) if Lessee fails to pay when due any assessments, charges, or insurance premiums or similar amounts to be paid by Lessee under this Lease and such failure continues for a period of ten (10) business days after written notice that such amount remains unpaid; provided if Lessee disputes that payment is due, Lessee may file an appropriate protest or challenge to such payment; (vii) if Lessee shall permit the Premises or any portion thereof to be subject to any lien or encumbrance not otherwise permitted hereunder (including, without limitation, any involuntary lien) and fails to remove or provide a release bond or similar security within twenty (20) days after receiving written notice from Lessor of the existence of such lien; (viii) if Lessee shall vacate, abandon, fail to farm, or fail to market the crops grown on the Premises in accordance with the terms of this Lease or in accordance with the terms of any Crop Contracts; or (ix) if Lessee shall default under the terms and conditions of any crop loan, secured by a lien on the crops growing on the Premises, obtained by Lessee pursuant to Section 24 hereof. For purposes of this Section 23.1, Lessee’s failure to maintain Improvements that results in: (i) comply within the permanent impairment of the value of such Improvements; and (ii) the inability to cure such impairment without the removal and replacement, shall constitute a default and Lessor shall have the rights set forth in Section 23.2 below. Lessor may provide a copy of any required notices pursuant to this Section 23.1 to Lessee’s crop lender, if anyreferenced time periods.”
Appears in 1 contract
Samples: Lease (Blue Apron Holdings, Inc.)
Lessee Default. There shall be The occurrence of any one or more of the following events is deemed a "“Lessee Default" under this Lease by Lessee if at any time during the Lease Term:”
(ia) If the Lessee shall fail to pay defaults in the due and punctual payment of any installment of Minimum Base Rent, Percentage Rent when due, or any other sum of money whatsoever which Lessee shall be obligated to pay under the provisions of this Lease, within fifteen (15) days after the date such sum is sums required to be paid hereunder as Additional Rent, as and when due and payable in accordance with this Lease, and such default continues for more than (10) ten days after the sum is due;
(b) Except with respect to any such sum an event of Force Majeure, in the date event Lessee shall cease to operate its business, unless permitted by Lessor in connection with alterations or renovations, for a period of payment for which is fixed or set hereunder, or, if no such date of payment is so fixed or set, within fifteen (15) consecutive days;
(c) In the event a petition in bankruptcy under any present or future bankruptcy laws (including but not limited to reorganization proceedings or voluntary insolvency filing) be filed by or against Xxxxxx and such petition is not dismissed within Thirty (30) days after written notice and demand by Lessor therefor; (ii) Lessee shall assign, mortgage or encumber this Leasefrom the filing thereof, or sublet in the whole event Lessee is adjudged a bankrupt;
(d) In the event an Assignment for the benefit of creditors is made by Xxxxxx;
(e) In the event of an appointment by any court of a receiver or any part other court officer of Xxxxxx's Property and such receivership is not dismissed within thirty (30) days from the Premisesdate of such appointment;
(f) In the event Lessee removes, otherwise than as expressly permitted hereunderattempts to remove, or if this Lease or permits to be removed from the estate of Lessee hereunder shall be transferred, or passed to, or devolve upon, any person or entity other than Lessee herein named by operation of law or otherwiseProperty, except in the manner permitted hereunderusual course of trade, the Leasehold Improvements (furnishings, fixtures, and equipment) installed or placed upon the Property by the Lessee during the Lease Term;
(g) In the event Lessee, before the expiration of the term of this Lease, and without the written consent of Lessor, vacates the Property or abandons the possession thereof, or uses the same for purposes other than the purposes for which the same are hereby leased, or ceases to use the Property for the purposes herein contained;
(h) In the event Lessee does not accept the adjusted Minimum Base Rent and Percentage Rent rates determined by the independent appraiser.
(i) In the event an execution or other legal process is levied upon the goods, furniture, effects or other personal property of Xxxxxx brought on the Property, or upon the interest of Lessee in this Lease, and the same is not satisfied, dismissed or bonded within thirty (30) days from such levy; or
(iiij) In the event Lessee shall default defaults in the due performance or observance of any of the other termslease covenant or condition or provision, covenants, conditions, or agreements of this Lease and such default continues for more than for more than sixty (other than as described in clauses (i), (ii), (iv), (v), (vi), (vii), (viii), or (ix) hereof) for thirty (3060) days (“Cure Period”) after written notice and demand, or if such default shall be of such a nature that the same cannot practicably be cured within such thirty (30) day period and Lessee shall not within such thirty (30) day period commence and continue with due diligence and dispatch, the curing and performance of such defaulted term, covenant, condition or agreement, or if Lessee shall within such thirty (30) day period commence with due diligence and dispatch to cure and perform such defaulted term, covenant, condition or agreement and shall thereafter fail or neglect to prosecute and complete with due diligence and dispatch, the curing and performance of such defaulted term, covenant, condition or agreement; (iv) there shall be filed by or against Lessee in any court or other tribunal pursuant to any statute or other rule of law, either of the United States or of any State or of any other authority now or hereafter exercising jurisdiction, a petition in bankruptcy or insolvency proceedings or for the reorganization or for the appointment of a receiver or trustee of all or substantially all of Lessee’s property, or for any other form of debtor relief, unless such petition be filed against Lessee and if in good faith Lessee shall promptly thereafter commence and diligently prosecute any and all proceedings appropriate to secure the dismissal of such petition and shall secure such dismissal within ninety (90) days after the date of filing or the commencement of such proceedings; (v) if Lessee makes an assignment for the benefit of creditors; (vi) if Lessee fails to pay when due any assessments, charges, or insurance premiums or similar amounts to be paid by Lessee under this Lease and such failure continues for a period of ten (10) days after written notice that such amount remains unpaid; provided if Lessee disputes that payment is due, Lessee may file an appropriate protest or challenge to such payment; (vii) if Lessee shall permit the Premises or any portion thereof to be subject to any lien or encumbrance not otherwise permitted hereunder (including, without limitation, any involuntary lien) and fails to remove or provide a release bond or similar security within twenty (20) days after receiving written notice of the existence of default from the Lessor to the Lessee, unless such lien; default be one which cannot be cured within sixty (viii60) if days and the Lessee within such sixty (60) day period shall vacate, abandon, fail have commenced and thereafter shall continue to farm, or fail to market the crops grown on the Premises in accordance with the terms of this Lease or in accordance with the terms of any Crop Contracts; or (ix) if Lessee shall default under the terms and conditions of any crop loan, secured by a lien on the crops growing on the Premises, obtained by Lessee pursuant to Section 24 hereof. For purposes of this Section 23.1, failure to maintain Improvements that results in: (i) the permanent impairment of the value of such Improvements; and (ii) the inability diligently prosecute all actions necessary to cure such impairment without the removal and replacementdefaults, such failure shall constitute a default and Lessor shall have the rights set forth in Section 23.2 below. Lessor may provide a copy an “Event of any required notices pursuant to this Section 23.1 to Lessee’s crop lender, if anyDefault.”
Appears in 1 contract
Samples: Lease Agreement
Lessee Default. There The occurrence of any one or more of the following events shall be constitute a "default by Lessee Default" under this Lease by Lessee if at any time during and, subject to the Lease Termrights to cure set forth below shall be deemed an “Event of Default” hereunder:
(i) A. Lessee shall fail to pay defaults in the payment of any Rent when due, or any other sum when due, and such default shall continue for a period of money whatsoever which Lessee shall be obligated to pay under the provisions of this Lease, within fifteen twenty (1520) days after the date such sum is required to be paid hereunder with respect to any such sum the date of payment for which is fixed or set hereunder, or, if no such date of payment is so fixed or set, within fifteen (15) days after Xxxxxx’s written notice and demand by Lessor therefor; (ii) thereof to Lessee;
B. Lessee shall assign, mortgage or encumber this Lease, or sublet the whole or any part of the Premises, otherwise than as expressly permitted hereunder, or if this Lease or the estate of Lessee hereunder shall be transferred, or passed to, or devolve upon, any person or entity other than Lessee herein named by operation of law or otherwise, except in the manner permitted hereunder; (iii) Lessee shall default defaults in the performance or observance of any of the other termscovenant, covenantsobligation, conditionscondition or agreement hereunder to be kept, observed or agreements of this Lease (other than as described in clauses (i)performed by Xxxxxx, (ii), (iv), (v), (vi), (vii), (viii), or (ix) hereof) and such default shall continue for thirty (30) days after written notice and demandthereof in writing to Lessee, or if unless such default shall be of such a nature that the same cannot practicably be cured within such thirty (30) day period and Lessee shall not within such period, if the Lessee, prior to the expiration of thirty (30) day days from and after the giving of such notice, commences to eliminate the cause of such default and proceeds diligently and with reasonable dispatch to take all steps and do all work required to cure such default, the time within such failure may be cured shall be extended for such period commence and continue as may be reasonably necessary to complete the curing of same with due diligence and dispatchdoes so cure such default; provided, however, that the curing and performance of such defaulted term, covenant, condition or agreement, or if Lessee shall within such thirty (30) day period commence with due diligence and dispatch to cure and perform such defaulted term, covenant, condition or agreement and shall thereafter fail or neglect to prosecute and complete with due diligence and dispatch, the curing and performance of such defaulted term, covenant, condition or agreement; (iv) there shall be filed by or against Lessee in any court or other tribunal pursuant to any statute or other rule of law, either of the United States or of any State default in such manner shall not be construed to limit or restrict the right of any other authority now or hereafter exercising jurisdiction, a petition in bankruptcy or insolvency proceedings or for Lessor to declare the reorganization or for the appointment of a receiver or trustee of all or substantially said term ended and to enforce all of Lessee’s property, or its right and remedies hereunder for any other form of debtor relief, unless such petition be filed against Lessee and if in good faith Lessee shall promptly thereafter commence and diligently prosecute any and all proceedings appropriate to secure the dismissal of such petition and shall secure such dismissal within ninety (90) days after the date of filing or the commencement of such proceedings; (v) if Lessee default not so cured;
X. Xxxxxx makes an assignment for the benefit of creditors; creditors or shall file a petition in bankruptcy or shall be adjudged a bankrupt, and such adjudication be not stayed or vacated within ninety (vi90) if Lessee fails to pay when due any assessments, charges, days thereof or insurance premiums or similar amounts to be paid by the interest of Lessee under this Lease agreement shall be levied upon and sold upon execution or shall, by operation of law, become vested in another person, firm or corporation because of the insolvency of Lessee, or in the event that a receiver or trustee shall be appointed for Lessee for the interests of Lessee under this agreement, and such failure continues appointment has not been vacated within ninety (90) days thereafter; or
X. Xxxxxx vacates, abandons and permits to remain vacant and unoccupied the Premises for a period of ten (10) 60 consecutive days after written notice that such amount remains unpaid; provided if Lessee disputes that payment is due, Lessee may file an appropriate protest or challenge to such payment; (vii) if Lessee shall permit the Premises or any portion thereof to be subject to any lien or encumbrance not otherwise permitted hereunder (including, without limitation, any involuntary lien) and fails to remove or provide a release bond or similar security within twenty (20) days after receiving written notice of the existence of such lien; (viii) if Lessee shall vacate, abandon, fail to farm, or fail to market the crops grown on the Premises in accordance with the terms of this Lease or in accordance with the terms of any Crop Contracts; or (ix) if Lessee shall default under the terms and conditions of any crop loan, secured by a lien on the crops growing on the Premises, obtained by Lessee pursuant to Section 24 hereof. For purposes of this Section 23.1, failure to maintain Improvements that results in: (i) the permanent impairment of the value of such Improvements; and (ii) the inability to cure such impairment without the removal and replacement, shall constitute a default and Lessor shall have the rights set forth in Section 23.2 below. Lessor may provide a copy prior written consent of any required notices pursuant to this Section 23.1 to Lessee’s crop lender, if anyXxxxxx.
Appears in 1 contract
Samples: Building Lease
Lessee Default. There shall be The occurrence of any one or more of the following events is deemed a "“Lessee Default" under this Lease by Lessee if at any time during the Lease Term”:
(ia) If the Lessee shall fail to pay defaults in the due and punctual payment of any installment of Minimum Base Rent, Minimum Percentage Rent when due, or any other sum of money whatsoever which Lessee shall be obligated to pay under the provisions of this Lease, within fifteen (15) days after the date such sum is sums required to be paid hereunder as Additional Rent, as and when due and payable in accordance with this Lease, and such default continues for more than ten (10) days after the sum is due;
(b) Except with respect to an event of Force Majeure, in the event Lessee shall cease to operate its business, unless permitted by Lessor in connection with alterations or renovations, for a period of fifteen (15) consecutive days;
(c) In the event a petition in bankruptcy under any present or future bankruptcy laws (including but not limited to reorganization proceedings or voluntary insolvency filing) be filed by or against Lessee and such sum petition is not dismissed within thirty (30) days from the filing thereof, or in the event Lessee is adjudged a bankrupt;
(d) In the event an assignment for the benefit of creditors is made by Lessee;
(e) In the event of an appointment by any court of a receiver or other court officer of Lessee's Lease Area and such receivership is not dismissed within thirty (30) days from the date of payment such appointment;
(f) In the event Lessee removes, attempts to remove, or permits to be removed from the Lease Area, except in the usual course of trade, the Leasehold Improvements (furnishings, fixtures, and equipment) installed or placed upon the Lease Area by the Lessee during the Lease Term;
(g) In the event Lessee, before the expiration of the term of this Lease, and without the written consent of Lessor, vacates the Lease Area or abandons the possession thereof, or uses the same for purposes other than the purposes for which the same are hereby leased, or ceases to use the Lease Area for the purposes herein contained;
(h) In the event Lessee does not accept the adjusted Minimum Base Rent and Minimum Percentage Rent rates determined by the independent appraiser.
(i) In the event an execution or other legal process is fixed levied upon the goods, furniture, effects or set hereunderother personal property of Lessee brought on the Lease Area, or upon the interest of Lessee in this Lease, and the same is not satisfied or dismissed within thirty (30) days from such levy; or
(j) In the event Lessee defaults in the due performance or observance of any lease covenant or condition or provision, if no other than the payment of Rent, and such date of payment is so fixed or set, within default continues for more than fifteen (15) days after written notice and demand by of the default from the Lessor therefor; (ii) Lessee shall assign, mortgage or encumber this Leaseto the Lessee, or sublet the whole or any part of the Premises, otherwise than such longer period as expressly permitted hereunder, or if this Lease or the estate of Lessee hereunder shall be transferred, or passed to, or devolve upon, any person or entity other than Lessee herein named by operation of law or otherwise, except in the manner permitted hereunder; (iii) Lessee shall default in the performance or observance of any of the other terms, covenants, conditions, or agreements of this Lease (other than as described in clauses (i), (ii), (iv), (v), (vi), (vii), (viii), or (ix) hereof) for thirty (30) days after written notice and demand, or if such default shall be of such a nature that the same cannot practicably be cured within such thirty (30) day period and Lessee shall not within such thirty (30) day period commence and continue with due diligence and dispatch, the curing and performance of such defaulted term, covenant, condition or agreement, or if Lessee shall within such thirty (30) day period commence with due diligence and dispatch is reasonably necessary to cure and perform such defaulted term, covenant, condition or agreement and shall thereafter fail or neglect to prosecute and complete with due diligence and dispatch, the curing and performance of such defaulted term, covenant, condition or agreement; (iv) there shall be filed by or against Lessee in any court or other tribunal pursuant to any statute or other rule of law, either of the United States or of any State or of any other authority now or hereafter exercising jurisdiction, a petition in bankruptcy or insolvency proceedings or for the reorganization or for the appointment of a receiver or trustee of all or substantially all of Lessee’s property, or for any other form of debtor relief, unless such petition be filed against Lessee and if in good faith Lessee shall promptly thereafter commence and diligently prosecute any and all proceedings appropriate to secure the dismissal of such petition and shall secure such dismissal within ninety (90) days after the date of filing or the commencement of such proceedings; (v) if Lessee makes an assignment for the benefit of creditors; (vi) if Lessee fails to pay when due any assessments, charges, or insurance premiums or similar amounts to be paid by Lessee under this Lease and such failure continues for a period of ten (10) days after written notice that such amount remains unpaid; provided if Lessee disputes that payment is due, Lessee may file an appropriate protest or challenge to such payment; (vii) if Lessee shall permit the Premises or any portion thereof to be subject to any lien or encumbrance not otherwise permitted hereunder (including, without limitation, any involuntary lien) and fails to remove or provide a release bond or similar security within twenty (20) days after receiving written notice of the existence of such lien; (viii) if Lessee shall vacate, abandon, fail to farm, or fail to market the crops grown on the Premises in accordance with the terms of this Lease or in accordance with the terms of any Crop Contracts; or (ix) if Lessee shall default under the terms and conditions of any crop loan, secured by a lien on the crops growing on the Premises, obtained by Lessee pursuant to Section 24 hereof. For purposes of this Section 23.1, failure to maintain Improvements that results in: (i) the permanent impairment of the value of such Improvements; and (ii) the inability to cure such impairment without the removal and replacement, shall constitute a default and Lessor shall have the rights set forth in Section 23.2 below. Lessor may provide a copy of any required notices pursuant to this Section 23.1 to Lessee’s crop lender, if anydefault.
Appears in 1 contract
Samples: Lease Agreement
Lessee Default. There For purposes of this Sublease, each of the following shall be deemed a "“Lessee Event of Default" under this Lease by ”: (a) the failure of Lessee if at any time during the Lease Term:
(i) Lessee shall fail to timely pay rent or to pay any Rent when dueother amount duly owing under the Lease, or any other sum of money whatsoever which Lessee shall be obligated provided that such failure was not attributable to Sublessee’s failure to pay under the provisions its share of this Lease, within fifteen any such payment and such failure continues for seven (157) days after the date such sum is required to be paid hereunder with respect to any such sum the date Lessee’s receipt of payment for which is fixed or set hereunder, or, if no such date of payment is so fixed or set, within fifteen (15) days after written notice and demand by Lessor thereforof such failure from Lessor; (iib) Lessee shall assign, mortgage or encumber this Lease, or sublet the whole or any part of the Premises, otherwise than as expressly permitted hereunder, or if this Lease or the estate failure of Lessee hereunder shall be transferred, or passed to, or devolve upon, to timely pay any person or entity other than Lessee herein named by operation of law or otherwise, except in the manner permitted hereunderamounts owed to Sublessee under this Sublease; (iiic) Lessee shall default in the performance or observance a breach of any of the Express Warranties; and (d) the failure of Lessee to perform any other terms, covenants, conditions, or agreements obligation required of Lessee by the terms of this Lease (other than as described in clauses (i), (ii), (iv), (v), (vi), (vii), (viii), or (ix) hereof) Sublease not caused by a default by Sublessee and such failure continues uncured for a period of thirty (30) days after receipt of written notice from Sublessee, unless (i) such failure, by its nature, is not capable of being cured within such period, (ii) within such period, Sublessee commences to cure such failure and demandthereafter diligently prosecutes the cure thereof, or if and (iii) Sublessee causes such default shall be of such a nature that the same cannot practicably failure to be cured within a reasonable period of time thereafter. Upon the occurrence of a Lessee Event of Default, Sublessee shall have all of the remedies that are described in Section 7.3 of the Lease. Without limiting the foregoing, Sublessee shall have the right to cure such thirty (30) day period Lessee Event of Default, and Lessee agrees that Sublessee shall not within be liable for any such thirty (30) day period commence damages resulting from such action other than gross negligence or willful misconduct, and continue with due diligence and dispatch, the curing and performance of Lessee agrees that all sums expended or expenses incurred by Sublessee in performing such defaulted term, covenant, condition or agreement, or if Lessee shall within such thirty (30) day period commence with due diligence and dispatch to cure and perform such defaulted term, covenant, condition or agreement and shall thereafter fail or neglect to prosecute and complete with due diligence and dispatch, the curing and performance of such defaulted term, covenant, condition or agreement; (iv) there duty shall be filed by or against Lessee in any court or other tribunal pursuant due and payable to any statute or other rule of law, either of the United States or of any State or of any other authority now or hereafter exercising jurisdiction, a petition in bankruptcy or insolvency proceedings or for the reorganization or for the appointment of a receiver or trustee of all or substantially all of Lessee’s property, or for any other form of debtor relief, unless such petition be filed against Lessee and if in good faith Lessee shall promptly thereafter commence and diligently prosecute any and all proceedings appropriate to secure the dismissal of such petition and shall secure such dismissal Sublessee within ninety (90) days after the date of filing or the commencement of such proceedings; (v) if Lessee makes an assignment for the benefit of creditors; (vi) if Lessee fails to pay when due any assessments, charges, or insurance premiums or similar amounts to be paid by Lessee under this Lease and such failure continues for a period of ten (10) days after written notice that such amount remains unpaid; provided if Lessee disputes that payment is duedemand from Sublessee. Further, Lessee may file an appropriate protest or challenge to such payment; (vii) if Lessee shall permit the Premises or any portion thereof to be subject to any lien or encumbrance not otherwise permitted hereunder (including, without limitation, any involuntary lien) and fails to remove or provide a release bond or similar security within twenty (20) days after receiving written notice of the existence of such lien; (viii) if Lessee shall vacate, abandon, fail to farm, or fail to market the crops grown on the Premises in accordance with the terms of this Lease or in accordance with the terms of any Crop Contracts; or (ix) if Lessee shall default under the terms and conditions of any crop loan, secured by a lien on the crops growing on the Premises, obtained by Lessee pursuant to Section 24 hereof. For purposes of this Section 23.1, failure to maintain Improvements that results in: (i) the permanent impairment of the value of such Improvements; and (ii) the inability to cure such impairment without the removal and replacement, shall constitute a default and Lessor Sublessee shall have the rights set forth in right to deduct any past due amounts payable by Lessee to Sublessee under this Sublease from future Rent under Section 23.2 below. Lessor may provide a copy 5 of any required notices pursuant to this Section 23.1 to Lessee’s crop lender, if anySublease until such amounts are fully paid.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Standex International Corp/De/)
Lessee Default. There shall be The occurrence of any one or more of the following events is deemed a "“Lessee Default" under this Lease by Lessee if at any time during the Lease Term:”
(ia) If the Lessee shall fail to pay defaults in the due and punctual payment of any installment of Minimum Base Rent, Percentage Rent when due, or any other sum of money whatsoever which Lessee shall be obligated to pay under the provisions of this Lease, within fifteen (15) days after the date such sum is sums required to be paid hereunder as Additional Rent, as and when due and payable in accordance with this Lease, and such default continues for more than (10) ten days after the sum is due;
(b) Except with respect to any such sum an event of Force Majeure, in the date event Lessee shall cease to operate its business, unless permitted by Lessor in connection with alterations or renovations, for a period of payment for which is fixed or set hereunder, or, if no such date of payment is so fixed or set, within fifteen (15) days after written notice and demand by Lessor therefor; consecutive days;
(iic) Lessee shall assign, mortgage In the event a petition in bankruptcy under any present or encumber this Lease, future bankruptcy laws (including but not limited to reorganization proceedings or sublet the whole or any part of the Premises, otherwise than as expressly permitted hereunder, or if this Lease or the estate of Lessee hereunder shall be transferred, or passed to, or devolve upon, any person or entity other than Lessee herein named by operation of law or otherwise, except in the manner permitted hereunder; (iiivoluntary insolvency filing) Lessee shall default in the performance or observance of any of the other terms, covenants, conditions, or agreements of this Lease (other than as described in clauses (i), (ii), (iv), (v), (vi), (vii), (viii), or (ix) hereof) for thirty (30) days after written notice and demand, or if such default shall be of such a nature that the same cannot practicably be cured within such thirty (30) day period and Lessee shall not within such thirty (30) day period commence and continue with due diligence and dispatch, the curing and performance of such defaulted term, covenant, condition or agreement, or if Lessee shall within such thirty (30) day period commence with due diligence and dispatch to cure and perform such defaulted term, covenant, condition or agreement and shall thereafter fail or neglect to prosecute and complete with due diligence and dispatch, the curing and performance of such defaulted term, covenant, condition or agreement; (iv) there shall be filed by or against Lessee and such petition is not dismissed within Thirty (30) days from the filing thereof, or in the event Lessee is adjudged a bankrupt;
(d) In the event an Assignment for the benefit of creditors is made by Lessee;
(e) In the event of an appointment by any court or other tribunal pursuant to any statute or other rule of law, either of the United States or of any State or of any other authority now or hereafter exercising jurisdiction, a petition in bankruptcy or insolvency proceedings or for the reorganization or for the appointment of a receiver or trustee of all or substantially all other court officer of Lessee’s property, or for any other form of debtor relief, unless 's Property and such petition be filed against Lessee and if in good faith Lessee shall promptly thereafter commence and diligently prosecute any and all proceedings appropriate to secure the dismissal of such petition and shall secure such dismissal receivership is not dismissed within ninety thirty (9030) days after from the date of filing such appointment;
(f) In the event Lessee removes, attempts to remove, or permits to be removed from the commencement Property, except in the usual course of such proceedings; trade, the Leasehold Improvements (vfurnishings, fixtures, and equipment) if installed or placed upon the Property by the Lessee makes an assignment during the Lease Term;
(g) In the event Lessee, before the expiration of the term of this Lease, and without the written consent of Lessor, vacates the Property or abandons the possession thereof, or uses the same for purposes other than the purposes for which the same are hereby leased, or ceases to use the Property for the benefit purposes herein contained;
(h) In the event Lessee does not accept the adjusted Minimum Base Rent and Percentage Rent rates determined by the independent appraiser established for the Renewal Term.
(i) In the event an execution or other legal process is levied upon the goods, furniture, effects or other personal property of creditors; (vi) if Lessee fails to pay when due any assessments, chargesbrought on the Property, or insurance premiums upon the interest of Lessee in this Lease, and the same is not satisfied, dismissed or similar amounts to be paid by bonded within thirty (30) days from such levy; or
(j) In the event Lessee under this Lease defaults in the due performance or observance of any lease covenant, condition or provision or any RFP covenant, condition or provision, and such failure default continues for a period of ten more than for more than sixty (1060) days (“Cure Period”) after written notice that such amount remains unpaid; provided if Lessee disputes that payment is due, Lessee may file an appropriate protest or challenge to such payment; (vii) if Lessee shall permit the Premises or any portion thereof to be subject to any lien or encumbrance not otherwise permitted hereunder (including, without limitation, any involuntary lien) and fails to remove or provide a release bond or similar security within twenty (20) days after receiving written notice of the existence of default from the Lessor to the Lessee, unless such lien; default be one which cannot be cured within sixty (viii60) if days and the Lessee within such sixty (60) day period shall vacate, abandon, fail have commenced and thereafter shall continue to farm, or fail to market the crops grown on the Premises in accordance with the terms of this Lease or in accordance with the terms of any Crop Contracts; or (ix) if Lessee shall default under the terms and conditions of any crop loan, secured by a lien on the crops growing on the Premises, obtained by Lessee pursuant to Section 24 hereof. For purposes of this Section 23.1, failure to maintain Improvements that results in: (i) the permanent impairment of the value of such Improvements; and (ii) the inability diligently prosecute all actions necessary to cure such impairment without the removal and replacementdefaults, such failure shall constitute a default and Lessor shall have the rights set forth in Section 23.2 below. Lessor may provide a copy an “Event of any required notices pursuant to this Section 23.1 to Lessee’s crop lender, if anyLessee‟s Default.”
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Samples: Lease Agreement