Common use of LESSEE’S DEFAULT, REMEDIES Clause in Contracts

LESSEE’S DEFAULT, REMEDIES. 16.1. The happening of either one of the following events (an “Event of Default”), shall constitute a breach of this Lease on the part of Lessee: (a) The failure of Lessee to pay any Rent due hereunder and the continued failure to pay the same for seven (7) days or more after the due date thereof; and (b) Default by Lessee in the performance of any non-monetary obligation hereunder, and the continuance of such default for thirty (30) days after Lessor shall have given Lessee a notice specifying the nature of the same, provided, however, that if the curing of any such default cannot reasonably be completed within such thirty (30) day period, no Event of Default shall be deemed to have occurred if Lessee promptly commences to cure and correct such default and thereafter cures the same within a reasonable time, taking into account all relevant circumstances. 16.2. Upon the happening of any Event of Default (a) Lessor, if Lessor shall so elect, may collect such installment of Rent hereunder as and when the same becomes due, or (b) Lessor or any other person by Lessor’s order may re-enter the Premises without process of law and may either elect to terminate this Lease, or not to terminate this Lease but terminate Lessee’s right to possession and occupancy, and relet the Premises, or part or parts thereof, to any person, firm or corporation, as the agent of Lessee, for whatever rent Lessor shall obtain, applying the monies obtained from such re-letting first to the payment of such reasonable expenses as Lessor may incur in the re-entering and re-letting of the Premises, or part or parts thereof, including (but not limited to) all necessary repair work, repossession costs, brokerage commissions, legal expenses, attorneys fees and the collection of rent therefrom, and then to the payment of the Rent due hereunder and the fulfillment of all other covenants of Lessee. In the event of a surplus, Lessor shall pay such surplus monies to Lessee. In the case of a deficiency, Lessee shall pay to Lessor an amount equal to such deficiency each month, upon demand therefor. 16.3. After an Event of Default, the acceptance of Rent or failure to re-enter by Lessor shall not be held to be a waiver of Lessor’s right to terminate this Lease, and Lessor may re-enter and take possession of the Premises as if no Rent had been accepted after an Event of Default. All of the remedies given to Lessor in this Lease pursuant to an Event of Default by Lessor are in addition to all other rights or remedies to which Lessor may be entitled at law or in equity. All remedies shall be deemed cumulative and the election of one shall not be deemed a waiver of any other or further rights or remedies. 16.4. Notwithstanding any of the foregoing, it is agreed and understood that Lessor shall use commercially reasonable efforts to re-let the Premises to one or more tenants upon vacation thereof by Lessee, following an Event of Default, in order to mitigate damages. Any such re-letting shall be on commercially reasonable terms and conditions, but Lessor shall have full right and authority to offer such rent-free periods or other such inducements as Lessor may reasonably consider necessary or desirable. 16.5. Without prejudice to any of Lessor’s rights and remedies following an Event of Default, as herein contained, or at law, in the event that Lessee shall neglect or fail to perform or observe any of the non-monetary covenants on the part of Lessee herein contained, or if Lessee shall fail to continue to conclusion the action necessary to remedy such an Event of Default, with diligence or dispatch, Lessor, at Lessor’s option may perform the same for the account of Lessee and all reasonable costs and expenses paid by Lessor for such purpose shall be paid by lessee within ten (10) Business Days after demand therefor by Lessor, as Additional Rent hereunder. 16.6. In the event that any installment of Fixed Rent or any sum of Additional Rent due hereunder is not paid by Lessee to Lessor upon the due date therefor (taking into account any applicable grace period herein provided for) then without prejudice to any and all of Lessor’s rights and remedies following such default (whether herein contained or existing at law or in equity) it is agreed, stipulated and understood that as Additional Rent hereunder, Lessee shall pay to Lessor a penalty in the amount of five (5%) percent of the overdue amount, such sum to be payable together with the overdue Fixed Rent or Additional Rent in question.

LESSEE’S DEFAULT, REMEDIES. 16.1. The happening of either one of the following events (an “"Event of Default”"), shall constitute a breach of this Lease on the part of Lessee: (a) The failure of Lessee to pay any Rent due hereunder and the continued failure to pay the same for seven (7) days or more after the due date thereof; and (b) Default by Lessee in the performance of any non-monetary obligation hereunder, and the continuance of such default for thirty (30) days after Lessor shall have given Lessee a notice specifying the nature of the same, provided, however, that if the curing of any such default cannot reasonably be completed within such thirty (30) day period, no Event of Default shall be deemed to have occurred if Lessee promptly commences to cure and correct such default and thereafter cures the same within a reasonable time, taking into account all relevant circumstances. 16.2. Upon the happening of any Event of Default (a) Lessor, if Lessor shall so elect, may collect such installment of Rent hereunder as and when the same becomes due, or (b) Lessor or any other person by Lessor’s 's order may re-enter the Premises without process of law and may either elect to terminate this Lease, or not to terminate this Lease but terminate Lessee’s 's right to possession and occupancy, and relet the Premises, or part or parts thereof, to any person, firm or corporation, as the agent of Lessee, for whatever rent Lessor shall obtain, applying the monies obtained from such re-letting first to the payment of such reasonable expenses as Lessor may incur in the re-entering and re-letting of the Premises, or part or parts thereof, including (but not limited to) all necessary repair work, repossession costs, brokerage commissions, legal expenses, attorneys fees and the collection of rent therefrom, and then to the payment of the Rent due hereunder and the fulfillment of all other covenants of Lessee. In the event of a surplus, Lessor shall pay such surplus monies to Lessee. In the case of a deficiency, Lessee shall pay to Lessor an amount equal to such deficiency each month, upon demand therefor. 16.3. After an Event of Default, the acceptance of Rent or failure to re-enter by Lessor shall not be held to be a waiver of Lessor’s right to terminate this Lease, and Lessor may re-enter and take possession of the Premises as if no Rent had been accepted after an Event of Default. All of the remedies given to Lessor in this Lease pursuant to an Event of Default by Lessor are in addition to all other rights or remedies to which Lessor may be entitled at law or in equity. All remedies shall be deemed cumulative and the election of one shall not be deemed a waiver of any other or further rights or remedies. 16.4. Notwithstanding any of the foregoing, it is agreed and understood that Lessor shall use commercially reasonable efforts to re-let the Premises to one or more tenants upon vacation thereof by Lessee, following an Event of Default, in order to mitigate damages. Any such re-letting shall be on commercially reasonable terms and conditions, but Lessor shall have full right and authority to offer such rent-free periods or other such inducements as Lessor may reasonably consider necessary or desirable. 16.5. Without prejudice to any of Lessor’s rights and remedies following an Event of Default, as herein contained, or at law, in the event that Lessee shall neglect or fail to perform or observe any of the non-monetary covenants on the part of Lessee herein contained, or if Lessee shall fail to continue to conclusion the action necessary to remedy such an Event of Default, with diligence or dispatch, Lessor, at Lessor’s option may perform the same for the account of Lessee and all reasonable costs and expenses paid by Lessor for such purpose shall be paid by lessee within ten (10) Business Days after demand therefor by Lessor, as Additional Rent hereunder. 16.6. In the event that any installment of Fixed Rent or any sum of Additional Rent due hereunder is not paid by Lessee to Lessor upon the due date therefor (taking into account any applicable grace period herein provided for) then without prejudice to any and all of Lessor’s rights and remedies following such default (whether herein contained or existing at law or in equity) it is agreed, stipulated and understood that as Additional Rent hereunder, Lessee shall pay to Lessor a penalty in the amount of five (5%) percent of the overdue amount, such sum to be payable together with the overdue Fixed Rent or Additional Rent in question.

LESSEE’S DEFAULT, REMEDIES. 16.1. The happening If LESSEE fails to pay any rent or other sum set out herein when due, or if LESSEE fails to perform any other provision of either one of this Lease, and such failure is not cured within 5 calendar days after written notice by LESSOR to cure such failure or surrender the following events (an “Event of Default”)leased premises, then LESSEE shall constitute a breach be in default of this Lease on the part of Lessee: (a) The failure of Lessee to pay any Rent due hereunder and the continued failure to pay the same for seven (7) days or more after the due date thereof; and (b) Default by Lessee in the performance of any non-monetary obligation hereunderLESSOR may, at its option, and the continuance of such default for thirty (30) days after Lessor shall in addition to any other remedies afforded LESSOR by law, declare this Lease terminated and have given Lessee a notice specifying the nature of the same, provided, however, that if the curing of any such default cannot reasonably be completed within such thirty (30) day period, no Event of Default shall be deemed LESSEE removed according to have occurred if Lessee promptly commences to cure and correct such default and thereafter cures the same within a reasonable time, taking into account all relevant circumstances. 16.2. Upon the happening of any Event of Default (a) Lessor, if Lessor shall so elect, may collect such installment of Rent hereunder as and when the same becomes duelaw, or (b) Lessor or any other person by Lessor’s order may re-enter the Premises premises without process of law and may either elect to terminate this Lease, or not to terminate terminating this Lease but terminate Lessee’s right to possession and occupancyhold LESSEE liable for any and all unpaid rent reserved herein, and relet the Premises, or part or parts thereof, to less any person, firm or corporation, as the agent of Lessee, for whatever rent Lessor shall obtain, applying the monies obtained from such received on re-letting first renting the leased premises to another. In addition to the payment of such reasonable expenses as Lessor may incur conditions in the re-entering and re-letting preceding paragraph, LESSEE shall be in default under this lease upon the occurrence of any of the Premises, or part or parts thereof, including (but not limited tofollowing additional events: a) all necessary repair work, repossession costs, brokerage commissions, legal expenses, attorneys fees and the collection of rent therefrom, and then to the payment Abandonment of the Rent due hereunder and premises or failure to actively operate the fulfillment business for which the premises were leased; b) The filing by or on behalf of all LESSEE of any petition or pleading to declare LESSEE bankrupt; c) The appointment by any Court of any receiver, trustee or custodian of the property or business of LESSEE; d) The assignment of any of LESSEE'S property for the benefit of creditors; e) The levy of execution, attachment or other covenants taking of Lesseeproperty of LESSEE in satisfaction of any judgment or claim. In the event of a surplusany default by LESSEE, Lessor shall pay such surplus monies to Lessee. In LESSOR may exercise any of the case of a deficiency, Lessee shall pay to Lessor an amount equal to such deficiency each month, upon demand therefor.following remedies: 16.3. After an Event of Default, the acceptance of Rent or failure to re-enter by Lessor shall not be held to be a waiver of Lessor’s right to a) To terminate this Lease, lease and Lessor may re-enter and take retake possession with or without process of law; b) To retake possession of the Premises premises for the account of LESSOR as if no Rent had been accepted after an Event of Default. All LESSOR'S agent for the remainder of the term or for such shorter period as shall be sufficient in LESSOR'S judgment to cure the default, thereupon to reinstate LESSEE upon such conditions as LESSOR shall determine to be sufficient to preclude further default; c) Without terminating this lease, to demand immediate payment of the entire unpaid balance of the rent; d) To retake the premises and to bring an action for damages caused by LESSEE'S default; e) To exercise all the foregoing remedies given to Lessor in this Lease pursuant to an Event of Default by Lessor are in addition to cumulatively with each other and with all other rights or and remedies to which Lessor LESSOR may be entitled at have in law or in equity. All remedies shall be deemed cumulative and the election of one shall not be deemed a waiver of any other or further rights or remedies. 16.4. Notwithstanding any of the foregoing, it is agreed and understood that Lessor shall use commercially reasonable efforts to re-let the Premises to one or more tenants upon vacation thereof by Lessee, following an Event of Default, in order to mitigate damages. Any such re-letting shall be on commercially reasonable terms and conditions, but Lessor shall have full right and authority to offer such rent-free periods or other such inducements as Lessor may reasonably consider necessary or desirable. 16.5. Without prejudice to any of Lessor’s rights and remedies following an Event of Default, as herein contained, or at law, in the event that Lessee shall neglect or fail to perform or observe any of the non-monetary covenants on the part of Lessee herein contained, or if Lessee shall fail to continue to conclusion the action necessary to remedy such an Event of Default, with diligence or dispatch, Lessor, at Lessor’s option may perform the same for the account of Lessee and all reasonable costs and expenses paid by Lessor for such purpose shall be paid by lessee within ten (10) Business Days after demand therefor by Lessor, as Additional Rent hereunder. 16.6. In the event that any installment of Fixed Rent or any sum of Additional Rent due hereunder is not paid by Lessee to Lessor upon the due date therefor (taking into account any applicable grace period herein provided for) then without prejudice to any and all of Lessor’s rights and remedies following such default (whether herein contained or existing at law or in equity) it is agreed, stipulated and understood that as Additional Rent hereunder, Lessee shall pay to Lessor a penalty in the amount of five (5%) percent of the overdue amount, such sum to be payable together with the overdue Fixed Rent or Additional Rent in question.

LESSEE’S DEFAULT, REMEDIES. 16.1. The happening If LESSEE fails to pay any rent or other sum set out herein when due, or if LESSEE fails to perform any other provision of either one of this Lease, and such failure is not cured within 5 calendar days after written notice by LESSOR to cure such failure or surrender the following events (an “Event of Default”)leased premises, then LESSEE shall constitute a breach be in default of this Lease on the part of Lessee: (a) The failure of Lessee to pay any Rent due hereunder and the continued failure to pay the same for seven (7) days or more after the due date thereof; and (b) Default by Lessee in the performance of any non-monetary obligation hereunderLESSOR may, at its option, and the continuance of such default for thirty (30) days after Lessor shall in addition to any other remedies afforded LESSOR by law, declare this Lease terminated and have given Lessee a notice specifying the nature of the same, provided, however, that if the curing of any such default cannot reasonably be completed within such thirty (30) day period, no Event of Default shall be deemed LESSEE removed according to have occurred if Lessee promptly commences to cure and correct such default and thereafter cures the same within a reasonable time, taking into account all relevant circumstances. 16.2. Upon the happening of any Event of Default (a) Lessor, if Lessor shall so elect, may collect such installment of Rent hereunder as and when the same becomes duelaw, or (b) Lessor or any other person by Lessor’s order may re-enter the Premises premises without terminating this Lease and hold LESSEE liable for any and all unpaid rent reserved herein, less any rent received on re-renting the leased premises to another. In addition to the conditions in the preceding paragraph, LESSEE shall be in default under this lease upon the occurrence of any of the following additional events: a) Abandonment of the premises or failure to actively operate the business for which the premises were leased; b) The filing by or on behalf of LESSEE of any petition or pleading to declare LESSEE bankrupt; c) The appointment by any Court of any receiver, trustee or custodian of the property or business of LESSEE; d) The assignment of any of LESSEE'S property for the benefit of creditors; e) The levy of execution, attachment or other taking of property of LESSEE in satisfaction of any judgment or claim. a) To terminate this lease and retake possession with or without process of law and may either elect law; b) To retake possession of the premises for the account of LESSOR as LESSOR'S agent for the remainder of the term or for such shorter period as shall be sufficient in LESSOR'S judgment to terminate cure the default, thereupon to reinstate LESSEE upon such conditions as LESSOR shall determine to be sufficient to preclude further default; c) Without terminating this Lease, or not to terminate this Lease but terminate Lessee’s right to possession and occupancy, and relet the Premises, or part or parts thereoflease, to any person, firm or corporation, as the agent of Lessee, for whatever rent Lessor shall obtain, applying the monies obtained from such re-letting first to the payment of such reasonable expenses as Lessor may incur in the re-entering and re-letting of the Premises, or part or parts thereof, including (but not limited to) all necessary repair work, repossession costs, brokerage commissions, legal expenses, attorneys fees and the collection of rent therefrom, and then to the demand immediate payment of the Rent due hereunder and the fulfillment of all other covenants of Lessee. In the event of a surplus, Lessor shall pay such surplus monies to Lessee. In the case of a deficiency, Lessee shall pay to Lessor an amount equal to such deficiency each month, upon demand therefor. 16.3. After an Event of Default, the acceptance of Rent or failure to re-enter by Lessor shall not be held to be a waiver of Lessor’s right to terminate this Lease, and Lessor may re-enter and take possession entire unpaid balance of the Premises as if no Rent had been accepted after rent; d) To retake the premises and to bring an Event of Default. All of action for damages caused by LESSEE'S default; e) To exercise all the foregoing remedies given to Lessor in this Lease pursuant to an Event of Default by Lessor are in addition to cumulatively with each other and with all other rights or and remedies to which Lessor LESSOR may be entitled at have in law or in equity. All remedies shall be deemed cumulative and the election of one shall not be deemed a waiver of any other or further rights or remedies. 16.4. Notwithstanding any of the foregoing, it is agreed and understood that Lessor shall use commercially reasonable efforts to re-let the Premises to one or more tenants upon vacation thereof by Lessee, following an Event of Default, in order to mitigate damages. Any such re-letting shall be on commercially reasonable terms and conditions, but Lessor shall have full right and authority to offer such rent-free periods or other such inducements as Lessor may reasonably consider necessary or desirable. 16.5. Without prejudice to any of Lessor’s rights and remedies following an Event of Default, as herein contained, or at law, in the event that Lessee shall neglect or fail to perform or observe any of the non-monetary covenants on the part of Lessee herein contained, or if Lessee shall fail to continue to conclusion the action necessary to remedy such an Event of Default, with diligence or dispatch, Lessor, at Lessor’s option may perform the same for the account of Lessee and all reasonable costs and expenses paid by Lessor for such purpose shall be paid by lessee within ten (10) Business Days after demand therefor by Lessor, as Additional Rent hereunder. 16.6. In the event that any installment of Fixed Rent or any sum of Additional Rent due hereunder is not paid by Lessee to Lessor upon the due date therefor (taking into account any applicable grace period herein provided for) then without prejudice to any and all of Lessor’s rights and remedies following such default (whether herein contained or existing at law or in equity) it is agreed, stipulated and understood that as Additional Rent hereunder, Lessee shall pay to Lessor a penalty in the amount of five (5%) percent of the overdue amount, such sum to be payable together with the overdue Fixed Rent or Additional Rent in question.

LESSEE’S DEFAULT, REMEDIES. 16.1. The happening of either one of the following events (an “Event of Default”), shall constitute a breach of this Lease on the part of Lessee: (a) The failure of Lessee to pay any Rent due hereunder and the continued failure to pay the same for seven (7) days or more after the due date thereof; and (b) Default by Lessee in the performance of any non-monetary obligation hereunder, and the continuance of such default for thirty (30) days after Lessor shall have given Lessee a notice specifying the nature of the same, provided, however, that if the curing of any such default cannot reasonably be completed within such thirty (30) day period, no Event of Default shall be deemed to have occurred if Lessee promptly commences to cure and correct such default and thereafter cures the same within a reasonable time, taking into account all relevant circumstances. 16.2. Upon the happening of any Event of Default (a) Lessor, if Lessor shall so elect, may collect such installment of Rent hereunder as and when the same becomes due, or (b) Lessor or any other person by Lessor’s order may re-enter the Premises without process of law and may either elect to terminate this Lease, or not to terminate this Lease but terminate Lessee’s right to possession and occupancy, and relet the Premises, or part or parts thereof, to any person, firm or corporation, as the agent of Lessee, for whatever rent Lessor shall obtain, applying the monies obtained from such re-letting first to the payment of such reasonable expenses as Lessor may incur in the re-entering and re-letting of the Premises, or part or parts thereof, including (but not limited to) all necessary repair work, repossession costs, brokerage commissions, legal expenses, attorneys fees and the collection of rent therefrom, and then to the payment of the Rent due hereunder and the fulfillment of all other covenants of Lessee. In the event of a surplus, Lessor shall pay such surplus monies to Lessee. In the case of a deficiency, Lessee shall pay to Lessor an amount equal to such deficiency each month, upon demand therefor. 16.3. After an Event of Default, the acceptance of Rent or failure to re-enter by Lessor shall not be held to be a waiver of Lessor’s right to terminate this Lease, and Lessor may re-enter and take possession of the Premises as if no Rent had been accepted after an Event of Default. All of the remedies given to Lessor in this Lease pursuant to an Event of Default by Lessor are in addition to all other rights or remedies to which Lessor may be entitled at law or in equity. All remedies shall be deemed cumulative and the election of one shall not be deemed a waiver of any other or further rights or remedies. 16.4. Notwithstanding any of the foregoing, it is agreed and understood that Lessor shall use commercially reasonable efforts to re-let the Premises to one or more tenants upon vacation thereof by Lessee, following an Event of Default, in order to mitigate damages. Any such re-letting shall be on commercially reasonable terms and conditions, but Lessor shall have full right and authority to offer such rent-free periods or other such inducements as Lessor may reasonably consider necessary or desirable. 16.5. Without prejudice to any of Lessor’s rights and remedies following an Event of Default, as herein contained, or at law, in the event that Lessee shall neglect or fail to perform or observe any of the non-monetary covenants on the part of Lessee herein contained, or if Lessee shall fail to continue to conclusion the action necessary to remedy such an Event of Default, with diligence or dispatch, Lessor, at Lessor’s option may perform the same for the account of Lessee and all reasonable costs and expenses paid by Lessor for such purpose shall be paid by lessee Lessee within ten (10) Business Days after demand therefor by Lessor, as Additional Rent hereunder. 16.6. In the event that any installment of Fixed Rent or any sum of Additional Rent due hereunder is not paid by Lessee to Lessor upon the due date therefor (taking into account any applicable grace period herein provided for) then without prejudice to any and all of Lessor’s rights and remedies following such default (whether herein contained or existing at law or in equity) it is agreed, stipulated and understood that as Additional Rent hereunder, Lessee shall pay to Lessor a penalty in the amount of five (5%) percent of the overdue amount, such sum to be payable together with the overdue Fixed Rent or Additional Rent in question.

LESSEE’S DEFAULT, REMEDIES. 16.1. The happening of either one of the following events (an “Event of Default”), shall constitute a breach of this Lease on the part of Lessee: (ai) The failure of Lessee to pay any Rent due hereunder within five (5) days of the due date thereof, and the continued failure to pay the same for seven five (75) days or more after the due date thereof; anddelivery by Lessor to Lessee of written notice of such failure; (bii) Default by Lessee in the performance of any non-monetary obligation hereunder, and the continuance of such default for thirty (30) days after Lessor shall have given Lessee a notice specifying the nature of the same, provided, however, that if the curing of any such default cannot reasonably be completed within such thirty (30) day period, no Event of Default shall be deemed to have occurred if Lessee promptly commences to cure and correct such default and thereafter cures the same within a reasonable time, taking into account all relevant circumstances. 16.2. Upon the happening of any Event of Default (ai) Lessor, if Lessor shall so elect, may collect such each installment of Rent hereunder as and when the same becomes due, or (bii) Lessor or any other person by Lessor’s order may re-enter the Premises without process of law and may either elect to terminate this Lease, or not to terminate this Lease but terminate Lessee’s right to possession and occupancy, and relet the Premisespremises, or part or parts thereof, to any person, firm or corporation, as the agent of Lessee, for whatever rent Lessor shall obtain, applying the monies obtained from such re-letting first to the payment of such reasonable expenses as Lessor may incur in the re-entering and re-letting of the Premises, or part or parts thereof, including (but not limited to) all reasonable and necessary repair work, repossession costs, brokerage commissions, legal expenses, attorneys fees and the collection of rent therefrom, and then to the payment of the Rent due hereunder and the fulfillment of all other covenants of Lessee. In the event of a surplus, Lessor shall pay such surplus monies to Lessee. In the case of a deficiency, Lessee shall pay to Lessor an amount equal to such deficiency each month, upon demand therefor. 16.3. After an Event of Default, the acceptance of Rent or failure to re-enter by Lessor shall not be held to be a waiver of Lessor’s right to terminate this Lease, and Lessor may re-enter and take possession of the Premises premises as if no Rent had been accepted after an Event of Default. All of the remedies given to Lessor in this Lease pursuant to an Event of Default by Lessor are in addition to all other rights or remedies to which Lessor may be entitled at law or in equity. All remedies shall be deemed cumulative and the election of one shall not be deemed a waiver of any other or further rights or remedies. 16.4. Notwithstanding any of the foregoing, it is agreed and understood that Lessor shall use commercially reasonable efforts to re-let the Premises to one or more tenants upon vacation thereof by Lessee, following an Event of Default, in order to mitigate damages. Any , and that any such re-letting shall be on commercially reasonable terms and conditions, but Lessor shall have full right and authority to offer such rent-free periods or other such inducements as Lessor may reasonably consider necessary or desirable. 16.5. Without prejudice to any of Lessor’s rights and remedies following an Event of Default, as herein contained, or at law, in the event that Lessee shall neglect or fail to perform or observe any of the non-monetary covenants on the part of Lessee herein contained, or if Lessee shall fail to continue to conclusion the action necessary to remedy such an Event of Default, with diligence or dispatch, Lessor, at Lessor’s option may may, following prior notice thereof to Lessee, perform the same for the account of Lessee and all reasonable costs and expenses paid by Lessor for such purpose shall be paid by lessee Lessee within ten (10) Business Days after demand therefor by Lessor, as Additional Rent hereunder. 16.6. In the event that any installment of Fixed Rent or any sum of Additional Rent due hereunder is not paid by Lessee to Lessor upon the due date therefor (taking into account any applicable grace period herein provided for) then without prejudice to any and all of Lessor’s rights and remedies following such default (whether herein contained or existing at law or in equity) it is agreed, stipulated and understood that as Additional Rent hereunder, Lessee shall pay to Lessor a penalty in the amount of five (5%) percent of the overdue amount, such sum to be payable together with the overdue Fixed Rent or Additional Rent in question.