LESSEE'S DEFAULT. (i) If Lessee shall default in the payment of the Fixed Annual Rent, any additional rent or any other sums payable by Lessee herein when due, and such default shall continue for a period of five (5) days after written notice, or (ii) if Lessee shall default in the performance of any nonmonetary covenants or agreements of this Lease and said default shall continue for twenty (20) days after written notice thereof, or in the event that the default be of such a nature as cannot with diligent effort be cured within said twenty (20) day period, if Lessee shall not commence to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate the Premises prior to the expiration of the term of this Lease, then and in addition to any and all other legal remedies and rights available to Lessor at law or in equity, Lessor may: A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable and may collect the same by distress or otherwise; B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises; C. Without terminating this Lease, re-enter and re-let the Premises, or any part thereof, with or without legal process, as the agent and for the account of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease. D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises. E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct. F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity. G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rent.
Appears in 3 contracts
Samples: Office Lease Agreement (Local Matters Inc.), Office Lease Agreement (Local Matters Inc.), Lease (Local Matters Inc.)
LESSEE'S DEFAULT. (i) If In the event Lessee shall default defaults in the payment of any of the Fixed Annual Rentrentals or other sums provided to be paid hereunder which is not remedied within fifteen (15) days after written notice of such default is given by Lessor to Lessee and Lessee’s lenders as set forth in Schedule A; or, if Lessee defaults in the observance or performance of any additional rent other covenant, condition, agreement or provision hereof which is not remedied within thirty (30) days after written notice of such default is given by Lessor to Lessee and Lessee’s lenders as set forth on Schedule A (so long as Lessee’s right hereunder of remediation or cure of said default has not been excluded pursuant to the terms of this Lease); provided, however, that if such default cannot be cured within said thirty (30) day period then such thirty (30) day period shall be extended by such time as is necessary for Lessee to effect such cure as long as (i) Lessee or Lessee’s lenders are diligently prosecuting such cure, and (ii) Lessee or any of Lessee’s lenders deliver a written notice to Lessor prior to the expiration of the initial thirty (30) day period in which Lessee or any of Lessee’s lenders notify Lessor that it cannot cure the default within such thirty (30) day period and Lessee or any of Lessee’s lenders represent to Lessor that they will diligently prosecute to cure such default; or, if Lessee becomes insolvent or bankrupt, conveys substantially all its assets, admits its inability to pay its debts as they mature, or makes an assignment for the benefit of creditors, or applies for or consents to the appointment of a trustee or receiver; or if a bankruptcy, reorganization, arrangement, insolvency, or liquidation proceeding, or other proceedings for relief under the bankruptcy law or similar law for the relief of debtors are instituted by or against Lessee; then, in any such event, Lessor may, at its option, in addition to any other remedy available to Lessor hereunder, or at law or in equity, upon fifteen (15) days written prior notice to Lessee, exercise any one or more of the following remedies without any further notice or demand:
A. Lessor may terminate this Lease, in which event the term of this Lease shall end, and all right, title, and interest of Lessee hereunder shall terminate on the date stated in such notice. In such event, Lessor shall be entitled to recover from Lessee all rentals accrued and unpaid for the period up to and including such termination date, as well as any other sums payable by Lessee as provided herein when duewhich may then be owing and unpaid, and such default shall continue for a period of five (5) days after written noticeall costs and expense, or (ii) if Lessee shall default including court costs and attorney’s fees, incurred by Lessor in the performance enforcement of any nonmonetary covenants or agreements of this Lease its rights and said default shall continue for twenty (20) days after written notice thereofremedies hereunder; and/or
X. Xxxxxx may, or in the event that the default be of such a nature as cannot with diligent effort be cured within said twenty (20) day period, if Lessee shall not commence to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate the Premises prior to the expiration of the term of this Lease, then and in addition to any and all other legal remedies and rights available to Lessor at law or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without without terminating this Lease, re-enter and re-let terminate the Premises, or any part thereof, with or without legal process, as the agent and for the account right of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first Lessee to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations possession of the Premises, reasonable attorneyLeased Premises by giving notice to Lessee that Lessee’s fees, any real estate commissions paid, and thereafter toward payment right of all sums due or possession shall end on the date stated in the notice. In such event Lessee’s right to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess possession of the periodic rental stipulated in this Lease in previous or subsequent rental periodsLeased Premises shall terminate, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Leasetake possession thereof.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rent.
Appears in 2 contracts
Samples: Commercial Lease Agreement (Argyle Security, Inc.), Commercial Lease Agreement (Argyle Security, Inc.)
LESSEE'S DEFAULT. The following events shall constitute events of default:
(i1) If Lessee shall default in the payment any installment of the Fixed Annual Rent, any additional rent or any other sums payable required to be paid by Lessee herein when duehereunder, or any part thereof, shall at any time be in arrears and unpaid for 15 days after due date.
(2) If there be any default on the part of Lessee in the observance or performance of any of the other covenants, agreements or conditions of this lease on the part of Lessee to be kept and performed or any of the Rules or Regulations set forth at the end of this lease, as they may be amended from time to time, and such said default shall continue for a period of five (5) days after written notice, or (ii) if Lessee shall default in the performance of any nonmonetary covenants or agreements of this Lease and said default shall continue for twenty (20) 30 days after written notice thereofthereof from Lessor to Lessee (unless such default cannot reasonably be cured within 30 days and Lessee shall have commenced to cure said default within said 30 days and continue diligently to pursue the curing of same).
(3) If Lessee shall file a petition in bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation or make an assignment for the benefit of creditors, or if any trustee, receiver or liquidator of Lessee or of all or any substantial part of its properties or of the leased premises shall be appointed in any action, suit or proceeding by or against Lessee and such proceeding or action shall not have been dismissed within 30 days after such appointment, or in the event that of any like occurrence which, in the default sole judgment of Mortgagee and/or Lessor, evidences the serious financial insecurity of Lessee.
(4) If the leasehold estate hereby created shall be taken on execution or by other process of such a nature as cannot with diligent effort be cured within said twenty law, except eminent domain.
(205) day period, if If Lessee shall not commence to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereaftervacate, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate the Premises prior to the expiration of the term of this Lease, then and in addition to any and all other legal remedies and rights available to Lessor at law or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, re-enter and re-let the Premisesabandon, or any part thereof, with or without legal process, as fail to use the agent and leased premises for the account of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental period in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment 30 days for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, for which it was leased as stated in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this LeaseParagraph 7(a).
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rent.
Appears in 2 contracts
Samples: Lease Agreement (GeoPharma, Inc.), Warehouse/Office Lease (Dynamic Health Products Inc)
LESSEE'S DEFAULT. Each of the following events shall constitute a default under the Lease:
(ia) If In the event that the Lessee shall be in default in of paying to the payment of Lessor the Fixed Annual Base Gross Rent, any the additional rent rent, or any other sums that are payable by Lessee herein when duein virtue of the Lease, and such default shall continue for a period of three (3) five (5) days after the due date as established by this Lease written noticenotice of such default shall have been given from Lessor to the Lessee;
(b) In the event that the Lessee shall be adjudicated a bankrupt or make any general assignment of its property for the benefit of its creditors, or take or attempt to take the benefit of any insolvency or bankruptcy act; or if a receiver or trustee be appointed to administer the property of the Lessee, in whole or in part, or any execution be issued pursuant to a judgment rendered against the Lessee or pursuant to the Lease, or if in virtue of the law, the estate of the Lessee be devolved upon any other person or corporation; or
(iic) if In the event that the Lessee shall be in default in observing any covenant contained in these presents and/or performing its obligations contained in the Lease (other than a default in the performance payment of the Base Gross Rent, the additional rent, or any nonmonetary covenants other sums) or agreements should any prior claim or legal hypothec be registered against the Premises as a result of this Lease an act or an omission on the part of the Lessee, or should the Lessee or any other person at any time during the Term remove or try to remove, without the prior written consent of the Lessor, any of the moveable property located in the Premises (except during the ordinary course of its activities or when replacement or repair work is being carried out); and said default shall should any such defaults continue for twenty fifteen (2015) days after written notice thereofof such defaults shall have been given to the Lessee by the Lessor, or unless such default is incapable of being remedied within such period of fifteen (15) days, in which case the Lessee shall be entitled to such reasonable extension of time to enable such defaults to be remedied. In the event that of any default under the default be of Lease, the Lessor, without limiting any rights or remedies it may have hereunder or by law, may, upon simple written notice to the Lessee, immediately terminate this Lease. Upon such a nature as cannot with diligent effort be cured within said twenty (20) day periodtermination, if the Lessee shall not commence to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or must immediately vacate the Premises prior and surrender the Premises to the expiration Lessor. The Lessor and its representatives may, whether by summary dispossession proceeding or by any other action or proceeding at law, immediately or at any time after the termination, enter the Premises and dispossess the Lessee and all persons in the Premises, and remove all property located in the Premises. The exercise by the Lessor of any right it may have hereunder or by law shall not preclude the exercise by the Lessor of any other right it may have hereunder or by law. The Lessor may, at the termination of the term Lease following any default under the Lease or at the absence of this Leasesuch termination where the Lessee is dispossessed by or at the instance of the Lessor in any lawful manner, legally recover from the Lessee rent for the then current month and in addition for the next six (6) three (3) months, the whole to immediately become due and payable, and the Lessor may, at its sole discretion, immediately declare the Lease forfeited and terminated, and the Lessor may, without notice or any and all other legal remedies and rights available to Lessor at law or in equityprocess, Lessor may:
A. Declare enter the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereofPremises, and retake take possession of the Premises;
C. Without terminating this Lease, re-enter and re-let remove the property located in the Premises, or any part thereof, with or the whole without legal process, as the agent prejudice to and for the account under reserve of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations all of the Premises, reasonable attorney’s fees, any real estate commissions paid, rights and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess recourses of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives claim any and all claim against losses and damages sustained by the Lessor for loss, destruction and/or damage or injury which may be occasioned by reason of and arising from any default of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the PremisesLessee.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rent.
Appears in 2 contracts
Samples: Lease Agreement (DAVIDsTEA Inc.), Lease Agreement (DAVIDsTEA Inc.)
LESSEE'S DEFAULT. (i) If The following events shall constitute defaults on the part of Lessee shall default in hereunder: the payment failure of the Fixed Annual Rent, Lessee to pay any additional rent installment or any other sums payable by Lessee herein rental when due, : any breach or failure of Lessee to observe or perform any of its other obligations hereunder and the continuance of such default shall continue for a period of five (5) 15 days after written notice, or (ii) if notice in writing to Lessee shall default in of the performance of any nonmonetary covenants or agreements of this Lease and said default shall continue for twenty (20) days after written notice thereof, or in the event that the default be existence of such a nature as cannot with diligent effort be cured within said twenty (20) day period, if Lessee shall not commence to cure within said period default; and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken the institution by or against Lessee of bankruptcy, reorganization, arrangement, assignment for the benefit of creditors, or (iv) if Lessee shall abandon or vacate insolvency proceedings. Upon the Premises prior to occurrence of any such default, Lessor may declare this lease in default and thereupon the expiration equipment and all rights of the term of this Lease, then and in addition Lessee therein shall be surrendered to any and all other legal remedies and rights available to Lessor. Lessor at law or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake take possession of the Premises;
C. Without terminating this Lease, re-enter equipment and re-let all rights of Xxxxxx therein shall be surrendered to Xxxxxx. Lessor may take possession of the Premises, or any part thereofequipment wherever found, with or without legal processprocess of law, as the agent and for this purpose may enter upon any premises of Lessee without liability for suit, action or other proceeding by Xxxxxx and remove the account of Lesseesame. With respect to the equipment repossessed by Lessor, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, Lessorentitled, in addition to the net amounts realized by Lessor through the sale, lease or other rights disposition of the equipment, to all damages sustained, including all sums due and remedies it may have, shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost ofunpaid, and for all sums to become due as rentals to the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any end of the aforesaid actslease term, had it not been terminated by Lessor, less the re-rental or other value thereof. Lessee shallNo delay or omission to exercise any right, upon execution of power or remedy accruing to Lessor pursuant to this Lease and promptly thereafter from time to time, give Lessor notice clause shall be a waiver of any leased personal property brought onto the Premises.
E. No such re-entry breach or taking possession of the Premises default by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty an acquiescence therein, or of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a any similar breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equitydefault thereafter occurring.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rent.
Appears in 2 contracts
Samples: Equipment Lease Agreement, Equipment Lease Agreement
LESSEE'S DEFAULT. The occurrence of any one of the following events (ieach an “Event of Default”) shall constitute a material breach of this Lease by Lessee:
A. Lessee’s failure to pay Base Monthly Rent when due.
B. If Lessee shall default in the payment of the Fixed Annual Rent, any additional rent or fail to pay any other sum (all of which sums payable by Lessee herein when due, and such default shall continue for a period of five (5) days after written notice, or (ii) if Lessee shall default in the performance of any nonmonetary covenants or agreements of this Lease and said default shall continue for twenty (20) days after written notice thereof, or in the event that the default be of such a nature as cannot with diligent effort be cured within said twenty (20) day period, if Lessee shall not commence to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate the Premises prior to the expiration of the term of this Lease, then and in addition to any and all other legal remedies and rights available to Lessor at law or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, re-enter and re-let the Premises, or any part thereof, with or without legal process, as the agent and for the account of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rentRent hereunder) to Lessor.
C. Lessee’s failure to perform any other provisions of this Lease if the failure to perform is not cured within thirty (30) days’ after written notice has been given to Lessee. If the default cannot reasonably be cured within such thirty (30) day period, Lessee shall not be in default of this Lease if Lessee commences to cure the default within the thirty (30) day period and diligently and in good faith continues to cure the default thereafter.
D. If this Lease or any estate of Lessee hereunder shall be levied upon under any attachment or execution and such attachment or execution is not vacated within fifteen (15) days. If within thirty (30) days after the commencement of any proceeding against Lessee seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, such proceeding shall not have been dismissed, or if, within thirty (30) days after the appointment of a receiver or liquidator of Lessee or of any material part of its properties such appointment shall not have been vacated.
E. An event of Default under the Exising Leases or this Lease shall be deemed to be an event of Default under all such leases.
Appears in 2 contracts
Samples: Net Commercial Lease, Net Commercial Lease (Audentes Therapeutics, Inc.)
LESSEE'S DEFAULT. (i) If Lessee shall default in the payment Any of the Fixed Annual Rentfollowing events or occurrences shall constitute a material breach of this Lease by Lessee, and, after the expiration of any additional rent or any other sums payable applicable grace period, shall constitute an event of default:
(a) The failure by Lessee herein to pay any amounts provided for in this Lease, including, but not limited to, insurance in full when due, and such default shall continue due if the failure has continued for a period of five ten (510) days after written noticeLessor demands in writing that Lessee cure the failure;
(b) The failure by Lessee to perform any obligation under this Lease, or which Lessee has no capacity to cure;
(iic) The failure by Lessee to perform any other obligation under this Lease, if Lessee shall default in the performance failure has continued for a period of any nonmonetary covenants or agreements of this Lease and said default shall continue for twenty (20) days after written notice thereofLessor demands in writing that Lessee cure the failure. If the obligation is reasonably and potentially curable, or in the event that the default be of such a nature as but cannot with diligent effort be cured within said twenty (20) day perioddays, if Lessee shall not commence have such additional time to cure within said period and diligently prosecute remedial efforts to completion within a as may be reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if under the circumstances provided that Lessee shall abandon or vacate diligently work to implement the Premises prior to the expiration of the term of this Lease, then and in addition to any and all other legal remedies and rights available to Lessor at law or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable and may collect the same by distress or otherwisecure;
B. Terminate this Lease and any right of renewal thereof, and retake possession (d) A general assignment by Lessee of the Premises, including an assignment for the benefit of Lessee’s creditors;
C. Without terminating this Lease(e) Any voluntary filing, re-enter and re-let the Premisespetition, or application by Lessee under any part thereoflaw relating to insolvency or bankruptcy, with or without legal processincluding, as the agent and for the account of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations a declaration of the Premisesbankruptcy, reasonable attorney’s fees, any real estate commissions paida reorganization, and thereafter toward payment of all sums due or to become due Lessor hereunderan arrangement;
(f) The abandonment, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arisevacation, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession surrender of the Premises by Lessor shall be construed as an election on Lessee without Lessor’s part prior written consent;
(g) The dispossession of Lessee from the Premises by process of law or otherwise;
(h) The appointment of a trustee or receiver to terminate this Lease unless a written notice take possession of such intention is given to all or substantially all of Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry’s assets, or guilty the attachment, execution, or other seizure of trespass all or forcible entry except for damages substantially all of Lessee’s assets located at the Premises or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of Lessee’s interest in this Lease, Lessor shall have unless the right of injunction. Any and all rightsappointment, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver ofattachment, execution, or in derogation ofseizure is discharged within thirty (30) days of its commencement;
(i) The involuntary filing against Lessee of a petition to have Lessee declared bankrupt, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in unless the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rent.filing is dismissed within sixty (60) days; or
Appears in 2 contracts
Samples: Commercial Lease (Lulu's Fashion Lounge Holdings, Inc.), Commercial Lease (Lulu's Fashion Lounge Holdings, Inc.)
LESSEE'S DEFAULT. The occurrence of any one or more of the following events shall constitute a default and breach of this Lease by Lessee.
(ia) If The vacating or abandonment of the Premises by Lessee.
(b) The failure by Lessee shall default in the to make any payment of the Fixed Annual Rent, any additional rent or any other sums payable payment required to be made by Lessee herein hereunder, as and when due, and where such default failure shall continue for a period of five three (5) days after written notice, or (ii) if Lessee shall default in the performance of any nonmonetary covenants or agreements of this Lease and said default shall continue for twenty (203) days after written notice thereof, thereof by Lessor to Lessee.
(c) The failure by Lessee to observe or in the event that the default be of such a nature as cannot with diligent effort be cured within said twenty (20) day period, if Lessee shall not commence to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or perform any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate the Premises prior to the expiration of the term of this Leasecovenants, then and in addition to any and all other legal remedies and rights available to Lessor at law conditions or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term provisions of this Lease to be due and payable and may collect observed or performed by Lessee, other than described in (a) or (b) above, where such failure shall continue for a period of ten (10) days after written notice thereof by Lessor to Lessee; provided, however, that if the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, re-enter and re-let the Premises, or any part thereof, with or without legal process, as the agent and for the account nature of Lessee's default is such that more than ten (10) days are reasonably required for its cure, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum then Lessee shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rentin default if Lessee commences such cure within said ten (10) day period and thereafter diligently prosecutes such cure to completion.
(d) The making by Lessee of any general assignment or general arrangement for the benefit of creditors; or the filing by or against Lessee of a petition to have lessee adjudged a bankrupt, or a petition for reorganization or arrangement under any law relating to bankruptcy (unless, in the case of petition filed against Lessee, the same is dismissed within sixty (60) days); or the appointment of a trustee or a receiver to take possession of substantially all of Lessee's assets located at the Premises or of Lessee's interest in this Lease, there possession is not restored to Lessee within thirty (30) days; or the attachment, execution or other judicial seizure of substantially all of Lessee's assets located at the Premises or of Lessee's interest in this Lease, where such seizure is not discharged in thirty (30) days.
Appears in 2 contracts
Samples: Shopping Center Lease (Futon World Inc), Shopping Center Lease (Futon World Inc)
LESSEE'S DEFAULT. The occurrence of any one or more of the following events shall constitute a default and breach of this Lease by Lessee:
(i1) If The vacating or abandonment of the Premises by Lessee shall default in or the failure of Lessee to keep the Premises continuously open for business to the public as required by this Lease.
(2) Lessee's failure to make any payment of the Fixed Annual Rent, any additional rent or any other sums payable payment required to be made by Lessee herein hereunder, as and when due, and where such default failure shall continue for a period of three (3) days after written notice thereof by Lessor to Lessee.
(3) Except as provided in (1), (2) and (4) of this Section, any failure by Lessee to observe or perform any of the covenants, conditions or provisions of this Lease to be observed or performed by Lessee where such failure shall continue for a period of thirty (30) days after written notice thereof by Lessor to Lessee; provided, however, that if the nature of Lessee's default is such that more than thirty (30) days are reasonably required for its cure, then Lessee shall not be deemed to be in default if Lessee commences such cure within five (5) days after written notice, or Lessor's notice and thereafter diligently prosecutes such cure to completion.
(ii4) if The making by Lessee shall default in the performance of any nonmonetary covenants general assignment or agreements general arrangement for the benefit of this Lease and said default shall continue for twenty (20) days after written notice thereof, creditors; or in the event that the default be of such a nature as cannot with diligent effort be cured within said twenty (20) day period, if Lessee shall not commence to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken filing by or against Lessee of a petition to have Lessee adjudged a bankrupt, of a petition or reorganization or arrangement under any law relating to bankruptcy (ivunless, in the case of a petition filed against Lessee, the same is dismissed within ninety (90) if Lessee shall abandon days); or vacate the appointment of a trustee or a receiver to take possession of substantially all of Lessee's assets located at the Premises prior or of Lessee's interest in this Lease, where possession is not restored to Lessee within ninety (90) days; or the expiration attachment, execution or other judicial seizure of substantially all of Lessee's assets located at the term Premises or of Lessee's interest in this Lease, where such seizure is not discharged in ninety (90) days.
(5) Any assignment or subletting by Lessee in violation of this Lease, then and in addition to any and all other legal remedies and rights available to Lessor at law or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, re-enter and re-let the Premises, or any part thereof, with or without legal process, as the agent and for the account of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rent.
Appears in 2 contracts
Samples: Lease (Infospace Inc), Lease Agreement (Go2net Inc)
LESSEE'S DEFAULT. If (i) If the Lessee shall default defaults in the payment of the Fixed Annual Rent, any additional rent or any other sums payable by Lessee herein when due, amounts due under the Lease and such default shall continue continues for a period of five ten (510) days after the Lessee’s receipt of written noticenotice of such default, or (ii) if the Lessee shall default defaults in the performance or observance of any nonmonetary of its covenants or agreements obligations provided herein other than payment of this Lease rent and said default shall continue for twenty fails to remedy the same within thirty (2030) days after the Lessee’s receipt of written notice thereofof such default, or if such default is of the type that cannot reasonably be cured within thirty (30) days, the Lessee shall not have commenced to cure such default within such thirty (30) day period and diligently proceed to cure the same; then, in any of such events, the Lessor shall be entitled to exercise all rights and remedies afforded the Lessor in the State where the Leased Premises are located arising from such default. Without limiting the foregoing, the Lessor may, at the Lessor’s option, terminate this Lease or may, without such termination, enter into the Leased Premises, remove the Lessee’s property therefrom, and relet the Leased Premises, but in the event that the default be of Lessor’s re-entry, such a nature as cannot with diligent effort be cured within said twenty (20) day period, if Lessee re-entry shall not commence to cure within said period and diligently prosecute remedial efforts to completion within work a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate the Premises prior to the expiration forfeiture of the rents to be paid and the covenants to be performed by the Lessee during the full term of this Lease. The mention herein of any particular remedy shall not preclude the Lessor from any other remedy which the Lessor might have, then and either in addition to any and all other legal remedies and rights available to Lessor at law or in equity, Lessor may:
A. Declare the entire balance nor shall consent to one act which would otherwise be a violation of fixed Annual Rent due hereunder for the remainder of the term a covenant or condition of this Lease to be due prevent a subsequent violation from having all the force and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right effect of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, re-enter and re-let the Premises, or any part thereof, with or without legal process, as the agent and for the account of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Leaseoriginal violation.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rent.
Appears in 1 contract
LESSEE'S DEFAULT. (i) Lessor's Default ----------------------------------- If Lessee shall is in default in the payment of the Fixed Annual Rentany sum or sums, any additional rent whether stated as fixed amount or any as a variable amount or as a pro rata share, and whether payable to Lessor, taxing authority, or other third person named herein, which sum or sums is/are payable by Lessee hereunder, and if such default continues for more than 20 days after written notice from Lessor, or if Lessee is in default with respect to the performance of any other term, covenant or condition required to be kept or performed by Lessee, and if such default continues for more than 30 days after written notice from Lessor (or if such last mentioned default is of such a nature that it cannot with due diligence be cured within such 30-day period, then if Lessee fails to commence the curing thereof forthwith after such notice and thereafter to complete the curing thereof with due diligence): or if Lessee abandons the demised premises; or if Lessee breaches any of its obligations hereunder which cannot be cured; then in any event Lessor shall have the right, at Lessor's option and without limiting Lessor in the exercise of any other remedy which Lessor may have hereunder or by law or equity to which Lessor may resort, either cumulatively or in the alternative, to the following;
(a) To declare this lease at an end and upon giving notice of same, Lessor may re-enter the demised premises and take exclusive possession thereof, and thereupon Lessee shall have no further claim therein or hereunder.
(b) Without terminating this lease, Lessor has the option of continuing this lease in effect for so long as Lessor does not terminate Lessor's right to possession, and Lessor may enforce all of its rights and remedies under this lease, including the right to recover rent as it becomes due under this lease.
(c) To cure any such default or any portion thereof for the account of and at the expense of Lessee either concurrently with, or at any time before or after, the exercise of any other remedy granted herein by law, in which event all costs and expenses paid or incurred by Lessor in connection with the curing of such default shall be due and payable by Lessee to Lessor. Lessor shall have the right at any time subsequent to any such curing, to exercise any right or remedy herein granted to Lessor which may have arisen by reason of the default so cured. Lessor may, at any time after breach of this lease by Lessee, relet the demised premises and Lessor shall be entitled to the difference between the rent received from the new lessee, less the expenses of reletting the premises, and the rent provided for under the terms of this lease agreement. Efforts by Lessor to mitigate the damages caused by Lessee's default shall not be deemed a waiver by Lessor of any of Lessor's options or rights to recover damages under this paragraph. In the event of default, all of the Lessee's fixtures, furniture, equipment, improvements and alterations shall remain on the subject premises and in that event, and continuing during the length of said default, Lessor shall have the right to take the exclusive possession of same and to use same, rent or charge free, until all defaults are cured, or, at its option, upon notice at any time during the term of this lease, to require Lessee to forthwith remove same. If Lessee fails to remove such property within 20 days after such notice, then Lessor may treat such property as having been abandoned and said property will become the property of Lessor and Lessor may use, sell, or otherwise dispose of all such property in such manner as Lessor deems available. Unless otherwise specifically provided herein, any sum payable to Lessor hereunder which is not paid when duedue shall bear interest at the rate of 10% per annum from the date same becomes due until paid.
(d) In the event any proceeding under the Bankruptcy Act or any amendment thereto is commenced by or against Lessee and is not dismissed within 60 days thereafter, or in the event Lessee is adjudged insolvent or makes an assignment for the benefit of its creditors, or if a receiver is appointed in any proceedings or action to which Lessee is a party, with authority to take possession or control of the demised premises or the business conducted therein by Lessee and such receiver is not removed and relieved of authority insofar as the demised premises is concerned within 30 days thereafter, then the occurrence of any such event shall be deemed to constitute and shall be construed as a repudiation by Lessee of its obligations hereunder and a breach of this lease, and thereupon at Lessor's option, exercisable at any time thereafter, this lease shall cease to be an asset of Lessee or Lessee's estate and Lessor shall have the right after the exercise of such option, to forthwith enter and repossess the demised premises and to enjoy any and all of the other rights and remedies granted by this paragraph which accrue to the benefit of Lessor upon a default of Lessee, which default is not cured within the period of time stipulated. In the case of default by Lessor in the performance of any covenant or agreement herein contained, and such default shall continue without Lessor commencing and preceding with due diligence to cure any such default for a period of five (5) 30 days after receipt by Lessor of written noticenotice thereof given by Lessee, its agent or attorneys, then, provided Lessee gives notice to Lessor's lender and an opportunity to commence and cure default as set out in Paragraph 7 above, no rent shall be paid or become payable under this lease for such time as such default shall continue after the expiration of said 30-day period, and Lessee, at its option, may:
(iia) if Lessee shall default Declare the term ended and vacate the leased premises and be relieved from all further obligation under this lease;
(b) Pay any sum necessary to perform any obligation of Lessor hereunder and deduct the cost thereof, with interest in the amount of 10% per annum from the rents thereafter to become due hereunder. Subject to the 30-day notice (50 days as to minor matters which do not interfere with Lessee's reasonable use of the premises and the exercise of the rights granted under this lease) and notice to Lessor's lender, the performance of each and every agreement herein contained on the part of Lessor shall be conditioned precedent to the right of Lessor to collect rent hereunder or to enforce this lease as against Lessee. Notwithstanding anything to the contrary in this lease, Lessor shall not be in default under any nonmonetary covenants or agreements provision of this Lease and said default shall continue for twenty (20) days after lease unless written notice thereof, or in the event that the specifying such default be of such a nature as cannot with diligent effort be cured within said twenty (20) day period, if Lessee shall not commence is mailed to cure within said period Lessor and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate the Premises prior to the expiration of the term of this Lease, then and in addition to any and all other legal remedies and rights available mortgagees and/or trust deed holders of which Lessee has, prior to Lessor at law such notice, been notified in writing. Lessee agrees that any such mortgage or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, re-enter and re-let the Premises, or any part thereof, with or without legal process, as the agent and for the account of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, trust deed holder shall have the right to remove all or any part cure such default on behalf of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account Lessor within 30 calendar days after receipt of such notice. Lessee and the Lessor shall further agrees not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by to invoke any of the aforesaid acts. Lessee shall, upon execution of its remedies under this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entrylease until said 30 days have elapsed, or guilty of trespass during any period that such mortgages or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease trust deed holder is proceeding to Lessor shall be cumulative and in addition to and without waiver ofcure such default with due diligence, or in derogation of, any is taking steps with due diligence to obtain a legal right or remedy given to it under any law now or hereafter in effect or in equityenter the leased premises and cure the default.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rent.
Appears in 1 contract
Samples: Sublease (Focal Communications Corp)
LESSEE'S DEFAULT. The occurrence of any one or more of the following events shall, at Lessor's option, constitute a default and breach of (this Lease by Lessee:
(i) If The vacation or abandonment of the Premises by Lessee shall for a period of ten (10) consecutive days, and Lessee waives any right to notice Lessee may have under applicable law;
(ii) The failure by Lessee to make any payment of Rent or any other payment required hereunder on the date said payment is due;
(iii) The failure by Lessee to observe, perform or comply with any of the conditions, covenants or provisions of this Lease (except default in the payment of the Fixed Annual Rent); provided, any additional rent or any other sums payable by Lessee herein when due, and if such default shall continue is susceptible of cure and Lessee has promptly commenced the cure of such default and is diligently prosecuting such cure to completion, then the same must remain uncured for a period period, unless otherwise noted herein, of five fifteen (515) days after written notice;
(iv) The making of a general assignment by Lessee for the benefit of creditors, the filing of a voluntary petition by Lessee or the filing of an involuntary petition by any of Lessee's creditors seeking the rehabilitation, liquidation, or (ii) if reorganization of Lessee shall default under any law relating to bankruptcy, insolvency or other relief of debtors and, in the performance case of any nonmonetary covenants an involuntary action, the failure to remove or agreements of this Lease and said default shall continue for twenty (20) days after written notice thereof, or in discharge the event that the default be of such a nature as cannot with diligent effort be cured same within said twenty (20) day period, if Lessee shall not commence to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) days of such filing, the appointment of a receiver or other custodian to take possession of substantially all of Lessee's assets or this leasehold, Lessee's insolvency or inability to pay Lessee's debts or failure generally to pay Lessee's debts when due, any court entering a decree or order directing the winding up or liquidation of Lessee or of substantially all of Lessee's assets, Lessee taking any action toward the dissolution or winding up of Lessee's affairs, the cessation or suspension of Lessee's use of the Premises, or the attachment, execution or other judicial seizure of substantially all of Lessee's assets or this leasehold;
(iiiv) if Lessee's use or storage of Hazardous Materials on the Premises other than as permitted by the provisions of Paragraph 29 below;
(vi) The making of any material misrepresentation or omission by Lessee should become bankrupt or insolvent or in any debtor proceedings be taken materials delivered by or against on behalf of Lessee to Lessor pursuant to this Lease; or
(vii) Lessee's default or other breach of any covenant, condition or provision of any lease agreement between Lessee or (iv) if Lessee shall abandon an affiliated entity of Lessee, as the tenant, and Lessor or vacate the Premises prior to the expiration an affiliated entity of the term of this LeaseLessor, then and in addition as landlord, with regard to any and all leased premises other legal remedies and rights available to Lessor at law or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, re-enter and re-let the Premises, or any part thereof, with or without legal process, as the agent and for the account of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from than the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premisesas described herein.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rent.
Appears in 1 contract
Samples: Lease Agreement (Bikers Dream Inc)
LESSEE'S DEFAULT. (ia) If Lessee shall default in the payment Any one or more of the Fixed Annual Rent, any additional rent or any other sums payable by Lessee herein when due, and such events listed in subparagraphs (b) through (f) of this Section 11.1 shall constitute a default shall continue for a period under this Lease (“Event of Default”).
(b) Lessee’s failure to pay Basic Rent within five (5) days after receipt of written noticenotice from the Landlord that the rent has become due and payable in accordance with the terms, or (ii) if Lessee shall default in the performance of any nonmonetary covenants or and agreements of this Lease shall constitute a default under this Lease.
(c) Lessee’s failure to observe or perform or cause to be observed or performed any other term, covenant or agreement under this Lease, and said default shall continue continuation of this failure for twenty a period of thirty (2030) days after Lessor’s written notice thereofto Lessee specifying in reasonable detail the nature of the Lessee’s failure shall constitute a default under this Lease. However, or a failure as described in the event that the default be this subparagraph (c) shall not constitute an Event of such a nature as Default if it is curable but cannot with diligent effort reasonable diligence be cured by Lessee within said twenty a period of thirty (2030) day perioddays, and if Lessee shall not commence commences to cure within said period the failure with reasonable diligence and diligently prosecute remedial efforts to completion within in good faith.
(d) The occurrence of any of the following events at the date of the commencement of this Lease or during the Term shall constitute an Event of Default under this Lease:
(i) Filing of a reasonable time thereafterpetition in bankruptcy or insolvency, not to exceed sixty (60) (iii) if Lessee should become bankrupt for reorganization or insolvent the appointment of a receiver or any debtor proceedings be taken trustee of all or a portion of Lessee’s property, by or against Lessee or (iv) if Lessee shall abandon or vacate the Premises prior in any court pursuant to the expiration any statute either of the term United States or of this Lease, then and in addition to any and all other legal remedies and rights available to Lessor at law or in equity, Lessor may:state days; and
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, re-enter and re-let the Premises, or any part thereof, with or without legal process, as the agent and for the account of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at LessorLessee’s option, failure to secure a dismissal of the entire deficiency, which is subject to ascertainment petition within ninety (90) days after its filing.
(e) Lessee’s assignment of the Leasehold interest under this Lease for the remaining term benefit of this Lease, creditors shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on constitute a re-letting of said Premises in excess of the rent provided in default under this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rent.
Appears in 1 contract
Samples: Lease Agreement (LIVE VENTURES Inc)
LESSEE'S DEFAULT. (i) If Should default be made by Lessee shall default in the payment of the Fixed Annual Rent, ---------------- any additional installment of rent or any other sums payable by Lessee herein when due, and such should a default shall continue for a period of five fifteen (515) days after written notice, or (ii) if Lessee shall notice from Lessor specifying a default in the performance of any nonmonetary covenants other terms, covenants, and conditions herein contained on the part of Lessee to be kept or agreements of this Lease and said default shall continue for twenty (20) days after written notice thereofperformed, Lessor, Lessor's agents, or in attorney, may re-enter and take possession of the event that leased premises, remove all persons and property therefrom, but any re-entry or repossession of the default be of such a nature as cannot with diligent effort be cured within said twenty (20) day period, if Lessee leased premises by Lessor shall not commence operate to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafterrelease Lessee from any obligations under this Lease, not to exceed sixty (60) (iii) if except with the written consent of Lessor. If Lessee should become bankrupt be in default of any condition, covenant, or insolvent agreement herein contained which has not been cured as permitted herein, or any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate the Premises prior said leased premises, besides other remedies or rights which Lessor may have, it shall be optional with Lessor to the expiration of the term of this Lease, then and in addition to any and all other legal remedies and rights available to Lessor at law or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of declare this Lease terminated or to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, re-enter and re-let the Premises, leased premises or any part thereof, with or without legal process, as the agent portion thereof for such rent and for the account of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay realized, after paying the expense of such sums re- letting and other chargescollecting, (i) at Lessor’s optionincluding any and all attorneys' fees, costs and commissions, Lessee shall pay be liable for the deficiency. In the event any suit is brought by Lessor to enforce any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous terms of or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term provisions of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and is agreed that the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, entitled to recover from Lessee reasonable attorneys' fees and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part costs to be performed, Lessor may perform fixed by the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rentcourt in such actions.
Appears in 1 contract
Samples: Lease Agreement (Grand Prix Association of Long Beach Inc)
LESSEE'S DEFAULT. (i) If In the event Lessee shall default in the payment fails to pay all of the Fixed Annual Rent, any additional rent or any other sums payable by Lessee herein hereby reserved when due, and such default shall continue or should Lessee fail for a period of five ten (5) days after written notice, or (ii) if Lessee shall default in the performance of any nonmonetary covenants or agreements of this Lease and said default shall continue for twenty (2010) days after written notice thereofby Lessor to comply with any of the other terms, covenants or conditions of this Lease, or in the event that the default be of such a nature as cannot with diligent effort be cured within said twenty (20) day period, if Lessee shall not commence to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate the Premises or any part thereof before the end of said Term, or if Lessee shall be adjudicated bankrupt or insolvent according to law, or shall make an assignment for the benefit of creditors, or in the event of an involuntary assignment or attachment on or levy on Lessee's interest herein, or in the event Lessee defaults under the Parking Lease herein referred to, then and in any of said cases, Lessor may lawfully enter upon the Premises or any part thereof and repossess the same as of the former estate of Lessor and expel Lessee and those claiming under and through Lessee, and remove Lessee's effects, without being deemed guilty of any manner of trespass, and without prejudice to any remedies which might otherwise be used for arrears of rent or breach of covenants, and upon entry as aforesaid, this Lease shall terminate. Notwithstanding such termination, Lessee shall remain liable for any rent and other expenses for which Lessee is responsible, and damages which may be due or sustained prior thereto, and all reasonable costs, professional fees and expenses incurred by Lessor in leasing the Premises to another tenant (including repair and remodeling of the Premises for such tenant), and the Lessee shall further be liable for liquidated damages equal to the total rent and other expenses for which Lessee is responsible under the terms of this Lease which, but for termination, would have become payable during the unexpired portion of the Term remaining at the time of such termination, less the amount of rent, if any, which Lessor may receive during such period from others to whom the Premises may be rented on such terms and conditions and at such rent as Lessor in Lessor's sole discretion, shall deem proper. If such termination shall take place after the expiration of the term two (2) or more Lease Years of this Lease, then and the Percentage Rent payable hereunder, if any, in addition to any and all other legal remedies and rights available to Lessor at law or in equityeach Lease Year after such termination, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease shall be conclusively presumed to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, re-enter and re-let the Premises, or any part thereof, with or without legal process, as the agent and for the account of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first equal to the expenses average Percentage Rent payable during such expired Lease Years. If such termination shall take place before the expiration of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, two (i2) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term Years of this Lease, then the Percentage Rent payable hereunder, if any, in each Lease Year after such termination shall be conclusively presumed to be equal to twelve (12) times the average monthly amount of Percentage Rent, based upon Gross Sales during each such month. Such liquidated damages shall be payable immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall notupon termination of this Lease under this section, unless Lessor, in any eventits sole discretion, be required elects to pay Lessee any surplus receive such liquidated damages at another time or payable in different intervals, including Lessor's right to demand the continuous payment of any sums received by Lessor such rent monthly on a re-letting the date set forth herein for the payment of said Premises in excess of the rent rent. The remedies provided in this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any those which Lessor might otherwise be entitled either at law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rent.
Appears in 1 contract
Samples: Lease Agreement (Tumbleweed Inc)
LESSEE'S DEFAULT. The occurrence of each of the following events shall be an "Event of Default" hereunder:
(ia) If if (x) during the term of the Master Lease, Lessee shall default in the payment fail to pay any installment of the Fixed Annual any Basic Rent, any additional rent or Impositions, or any other sums part thereof, when due and payable by Lessee herein when due, and such default failure shall continue for a period of five (5) days after written noticenotice that same have not been paid, or (iiy) after the expiration or termination of the Master Lease, Lessee shall fail to pay any installment of any Basic Rent, or Impositions, or any part thereof, when the same shall become due and payable;
(b) if Lessee shall default in the performance fail to make any payment of any nonmonetary Rental (other than the categories of Rental listed in Section 7.1(a)) required to be paid by Lessee hereunder when the same shall become due and payable, and such failure shall continue for a period of fifteen (15) days after notice from Lessor to Lessee to cure such Default;
(c) if Lessee shall fail to deliver to Lessor a certificate or other evidence reasonably satisfactory to Lessor of the existence of any new or renewal insurance policy required under this Lease on or prior to the date the same is required to be delivered to Lessor hereunder;
(d) if Lessee shall be unable to, or shall admit in writing its inability to, pay its debts as such debts become due, or if Lessee shall make an assignment for the benefit of creditors;
(e) if Lessee shall commence or institute any case, proceeding or other action (A) seeking relief on its behalf as debtor, or to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, or (B) seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or any substantial part of its property;
(f) if any case, proceeding or other action shall be commenced or instituted against Lessee (A) seeking to have an order for relief entered against it as debtor or to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, or (B) seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or any substantial part of its property, which in either of such cases is not dismissed or denied within sixty (60) days after such commencement or institution;
(g) if any case, proceeding or other action shall be commenced or instituted against Lessee seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of its property which shall not have been dismissed within sixty (60) days from the commencement thereof;
(h) if a trustee, receiver or other custodian is appointed for any substantial part of the assets of Lessee which appointment is not vacated or stayed within sixty (60) days;
(i) if Lessee shall take any action in furtherance of any action described in Section 7.1(e) or 7.1(f)hereof, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in such Sections;
(j) if this Lease or the estate of Lessee hereunder shall be assigned, subleased or transferred, without compliance with the provisions of this Lease applicable thereto;
(k) if this Lease or the estate of Lessee hereunder shall be mortgaged or encumbered in violation of this Lease; or
(l) if Lessee shall fail to observe or perform one or more of the other terms, conditions, covenants or agreements of this Lease and said default such failure shall continue for twenty a period of thirty (2030) days after written notice thereofthereof by Lessor to Lessee specifying such failure (unless such failure requires work to be performed, acts to be done, or in the event that the default conditions to be of such a nature as removed which cannot with diligent effort by their nature reasonably be cured performed, done or removed, as the case may be, within said twenty such thirty (2030) day period, if Lessee shall not commence to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate the Premises prior to the expiration of the term of this Lease, then and in addition to any and all other legal remedies and rights available to Lessor at law or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, re-enter and re-let the Premises, or any part thereof, with or without legal process, as the agent and for the account of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any case no Event of Default occurs, Lessor, in addition shall be deemed to other rights and remedies it may have, exist as long as Lessee shall have commenced curing the right same within such thirty (30) day period and shall prosecute the same to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on completion with reasonable diligence within ninety (90) days after Lessor’s part to terminate this Lease unless a 's written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconductfailure).
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rent.
Appears in 1 contract
LESSEE'S DEFAULT. The occurrence of any one or more of the following events shall, at Lessor's option, constitute a default and breach of this Lease by Lessee:
(i) If The failure by Lessee shall default in the to make any payment of the Fixed Annual Rent, any additional rent Base Rent or any other sums payable payment required hereunder on the date said payment is due, or the failure by Lessee herein when due, and to make any other payment required hereunder by the later of the date such default shall continue for a period of five payment or ten (510) days after written notice, or provided delivery of the normal monthly billing statements shall, without limitation, be deemed adequate written notice;
(ii) if The failure by Lessee shall default in to observe, perform or comply with any of the performance of any nonmonetary conditions, covenants or agreements provisions of this Lease and said default shall continue for within twenty (20) days after receipt of written notice thereof, or of such failure (except default in the event that payment of Rent); provided, if such default is susceptible of cure and Lessee has promptly commenced the default be cure of such a nature as cannot with diligent effort be cured default within said twenty (20) such twenty-day periodperiod and is diligently prosecuting such cure to completion, if Lessee then the same shall not commence to cure within said be a default unless it remains uncured for a period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed of sixty (60) days after notice;
(iii) if The making of a general assignment by Lessee should become bankrupt or insolvent or any debtor proceedings be taken for the benefit of creditors, the filing of a voluntary petition by or against Lessee or (iv) if the filing of an involuntary petition by any of Lessee's creditors seeking the rehabilitation, liquidation, or reorganization of Lessee shall abandon under any law relating to bankruptcy, insolvency or vacate other relief of debtors and, in the Premises prior case of an involuntary action, the failure to the expiration of the term of this Lease, then and in addition to any and all other legal remedies and rights available to Lessor at law remove or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable and may collect discharge the same by distress within sixty (60) days of such filing, the appointment of a receiver or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake other custodian to take possession of substantially all of Lessee's assets or this leasehold, Lessee's insolvency or inability to pay Lessee's debts or failure generally to pay Lessee's debts when due, any court entering a decree or order directing the Premises;
C. Without terminating this Leasewinding up or liquidation of Lessee or of substantially all of Lessee's assets, re-enter and re-let Lessee taking any action toward the dissolution or winding up of Lessee's affairs, the cessation or suspension of Lessee's use of the Premises, or any part thereofthe attachment, with execution or without legal process, as the agent and for the account other judicial seizure of substantially all of Lessee, upon such terms and conditions 's assets or this leasehold;
(iv) Lessee's use or storage of Hazardous Materials on the Premises other than as Lessor may deem advisable permitted by the provisions of Paragraph 29 below; or
(v) The making of any material misrepresentation or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, omission by Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required materials delivered by or on behalf of Lessee to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in pursuant to this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rent.
Appears in 1 contract
LESSEE'S DEFAULT. (i) If In the event Lessee shall default in the payment of the Fixed Annual Rent, any additional rent or any other sums payable by Lessee herein when duehereunder, and such default shall continue for a period of five (5) days after written notice10 days, or (ii) if Lessee shall default in the performance of any nonmonetary other covenants or agreements of this Lease hereunder, and said such default shall continue for twenty (20) 30 days after written notice thereof, or in the event that the default be of such a nature as cannot with diligent effort be cured within said twenty (20) day period, if Lessee shall not commence to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate the Premises prior to the expiration of the term of this Leaseinsolvent, then then, and in addition to any and all other legal remedies and rights available to Lessor at law or in equityrights, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable and may collect the same by distress or otherwise;
B. (a) Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, re-in which event Lessee shall immediately surrender the Premises to Lessor, and if Lessee fails to do so, Lessor may, without prejudice to any other remedies they may have for possession or arrearages in rent, enter upon and re-let any other person who may be occupying the Premises, Premises or any part thereof, with by force if necessary, without being liable for prosecution for any claim of damages therefore.
(b) Enter upon and take possession of the Premises and expel or remove Lessee and any other person who may be occupying the Premises or any part thereof, by force if necessary, without legal process, as the agent and being liable for the account of Lessee, upon such terms and conditions as Lessor may deem advisable prosecution or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of any claim for damages therefore.
(c) Enter the Premises, reasonable attorney’s feesby force if necessary, without being liable for prosecution of any real estate commissions paidclaim for damages therefore, and thereafter toward payment of all sums due or do whatever Lessee is obligated to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of do under the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term terms of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts Lessee agrees to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by reimburse Lessor on a re-letting of said Premises demand for any expenses, including attorneys' fees, which Lessor may incur in excess of the rent provided in thus effecting compliance with Lessee's obligations under this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and further agrees that Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconductresulting to Lessee from such action.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rent.
Appears in 1 contract
Samples: Lease (Precision Auto Care Inc)
LESSEE'S DEFAULT. (i) If Each of the following events shall be a default by Lessee shall default in the and a breach of this lease:
a. The failure by Lessee to make any payment of the Fixed Annual Rent, any additional rent or any other sums payable payment required to be made by Lessee herein hereunder as and when due, and where such default failure shall continue for a period of five fifteen (5) days after written notice, or (ii) if Lessee shall default in the performance of any nonmonetary covenants or agreements of this Lease and said default shall continue for twenty (2015) days after written notice thereof, or in thereof from Lessor to Lessee. In the event that Lessor serves Lessee with a Notice to Pay Rent or Quit pursuant to applicable Unlawful Detainer statutes such Notice to Pay Rent or Quit shall also constitute the default be of such a nature as cannot with diligent effort be cured within said twenty (20) day period, if notice required by this subparagraph.
b. The failure by Lessee shall not commence to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt observe or insolvent or perform in any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate the Premises prior to the expiration material respect any of the term of this Leasecovenants, then and in addition to any and all other legal remedies and rights available to Lessor at law conditions or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term provisions of this Lease to be due observed or performed by Lessee, other than described in subparagraph (a), where such failure shall continue for a period of thirty (30) days after written notice hereof from Lessor to Lessee: provided, however, that if the nature of Lessee's default is such that more than thirty (30) days are reasonably required tor its cure then Lessee shall not be deemed to be in default if Lessee commences such cure within said 30-day period and payable and may collect thereafter diligently prosecutes such cure to completion.
(i) Lessee becomes a "debtor" as defined in 11 USC Section 101 or any successor statute thereto (unless in the case of a petition filed against Lessee, the same by distress is dismissed with 90 days); (ii) the appointment of a trustee or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake receiver to take possession of substantially all of Lessee's assets located at the Premises;
C. Without terminating Premises or of Lessee's interest in this Lease, re-enter and re-let where possession is not restored to Lessee within sixty (60) days; or (iii) the Premisesattachment, execution or any part thereof, with or without legal process, as the agent and for the account other judicial seizure of substantially all of Lessee, upon such terms and conditions as Lessor may deem advisable 's assets located at the Premises or satisfactory, of Lessee's interest in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lesseewhere such seizure is not discharged within sixty (60) days. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall notProvided, however, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of that any provision of this Lease on Lessee’s part paragraph is contrary to be performedany applicable law, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses such provision shall be deemed to be additional rentof no force or effect.
Appears in 1 contract
LESSEE'S DEFAULT. (i) If The following events shall constitute defaults on the part of Lessee shall default in hereunder: the payment failure of the Fixed Annual Rent, Lessee to pay any additional rent installment or any other sums payable by Lessee herein rental when due, : any breach or failure of Lessee to observe or perform any of its other obligations hereunder and the continuance of such default shall continue for a period of five (5) 15 days after written notice, or (ii) if notice in writing to Lessee shall default in of the performance of any nonmonetary covenants or agreements of this Lease and said default shall continue for twenty (20) days after written notice thereof, or in the event that the default be existence of such a nature as cannot with diligent effort be cured within said twenty (20) day period, if Lessee shall not commence to cure within said period default; and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken the institution by or against Lessee of bankruptcy, reorganization, arrangement, assignment for the benefit of creditors, or (iv) if Lessee shall abandon or vacate insolvency proceedings. Upon the Premises prior to occurrence of any such default, Lessor may declare this lease in default and thereupon the expiration equipment and all rights of the term of this Lease, then and in addition Lessee therein shall be surrendered to any and all other legal remedies and rights available to Lessor. Lessor at law or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake take possession of the Premises;
C. Without terminating this Lease, re-enter equipment and re-let all rights of Lessee therein shall be surrendered to Lessor. Lessor may take possession of the Premises, or any part thereofequipment wherever found, with or without legal processprocess of law, as the agent and for this purpose may enter upon any premises of Lessee without liability for suit, action or other proceeding by Lessee and remove the account of Lesseesame. With respect to the equipment repossessed by Lessor, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, Lessorentitled, in addition to the net amounts realized by Lessor through the sale, lease or other rights disposition of the equipment, to all damages sustained, including all sums due and remedies it may have, shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost ofunpaid, and for all sums to become due as rentals to the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any end of the aforesaid actslease term, had it not been terminated by Lessor, less the re-rental or other value thereof. Lessee shallNo delay or omission to exercise any right, upon execution of power or remedy accruing to Lessor pursuant to this Lease and promptly thereafter from time to time, give Lessor notice clause shall be a waiver of any leased personal property brought onto the Premises.
E. No such re-entry breach or taking possession of the Premises default by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty an acquiescence therein, or of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a any similar breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equitydefault thereafter occurring.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rent.
Appears in 1 contract
Samples: Equipment Lease Agreement
LESSEE'S DEFAULT. The following shall be the "events of default" under this Agreement, and the terms "event of default" or "default" shall mean, whenever used in this Agreement, any one or more of the following events: (i) If the failure by Lessee shall default in to pay or cause to be paid the payment full amount of the Fixed Annual Rent, any additional rent or any other sums payable by Lessee herein charge specified in this Agreement, within three (3) days after the date when due, subject to the notice requirement set forth in subparagraph 21(b); (ii) the insolvency of Lessee, an assignment by Lessee for the benefit of creditors, the filing by Lessee of a voluntary petition of bankruptcy, an adjudication that Lessee is bankrupt, the appointment of a receiver for the properties of Lessee, the filing of an involuntary petition of bankruptcy and such default the failure of Lessee to secure dismissal of the petition within thirty (30) days after filing, or the attachment of or levying of execution upon Lessee's leasehold interest and the failure of Lessee to secure discharge of the attachment or release of the levy or execution within ten (10) days; (iii) any abandonment of the Leased Property by Lessee (which shall continue include any absence of Lessee from the Leased Property for a period of five (5) days after written noticeor more continuous days); or (iv) the failure by Lessee to comply with any term or condition, or (ii) if Lessee shall default in the performance of fulfill any nonmonetary covenants or agreements obligation of this Lease and said default shall continue for twenty Agreement (20other than the payment of rent or other charge) within thirty (30) days after written notice thereof, or in by Lessor specifying the event nature of the default with reasonable particularity and requesting that the default be remedies; if the default is of such a nature as that it cannot with diligent effort be cured completely remedies within said twenty (20) the 30-day period, this provision shall be complied with if Lessee shall not commence to cure begins correction of the default within said the thirty-day period and diligently prosecute remedial efforts thereafter proceeds with reasonable diligence and good faith to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate affect the Premises prior to the expiration of the term of this Lease, then and in addition to any and all other legal remedies and rights available to Lessor at law or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, re-enter and re-let the Premises, or any part thereof, with or without legal process, remedy as the agent and for the account of Lessee, upon such terms and conditions soon as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Leasepossible.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rent.
Appears in 1 contract
Samples: Real Property Lease Agreement With Option to Purchase (Lithia Motors Inc)
LESSEE'S DEFAULT. (ia) If Lessee shall be in default hereunder (an “Event of Lessee Default”) in the payment event Lessee fails to observe or perform any material provision of the Fixed Annual Rent, any additional rent or any other sums payable by Lessee herein when due, and such default shall continue for a period of five this Lease within sixty (560) days after written notice, or (ii) if Lessee shall default in the performance Lessee’s receipt of any nonmonetary covenants or agreements of this Lease and said default shall continue for twenty (20) days after written notice thereof, or in the event from Lessor to Lessee specifying such default and demanding that the same be cured; provided that if such default be of such a nature as cannot with diligent effort due diligence be wholly cured within said twenty such sixty (2060) day period, if Lessee shall not commence have such longer period as is reasonably necessary to cure the default, so long as Lessee proceeds promptly to commence the cure of same within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed such sixty (60) day period and diligently prosecutes the cure to completion.
(iiib) if Upon the occurrence of an Event of Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate the Premises prior to the expiration of the term of this LeaseDefault, then and at Lessor’s option, in addition to any and all other legal remedies and rights available to Lessor which it may have at law and/or in equity except as provided below, and without its actions being deemed an election of remedies or in equitya cure of Lessee’s default, Lessor may:
A. Declare may (i) obtain specific performance, injunction, appointment of a receiver, or other equitable remedy, (ii) cure Lessee’s default and recover from Lessee the entire balance reasonable costs and expenses (including reasonable attorney’s fees actually incurred) of fixed Annual Rent due hereunder doing so, (iii) recover actual damages suffered by Lessor as a direct result of Lessee’s default, and (iv) subject to and conditioned upon a favorable ruling for the remainder of the term of this Lease Lessor pursuant to be due and payable and may collect the same by distress or otherwise;
B. Terminate Section 18, below, terminate this Lease and any Lessee’s right of renewal thereof, and retake possession of the Premises;.
C. Without terminating this Lease(c) Notwithstanding the foregoing or anything herein to the contrary, re-enter and re-let if Lessee reasonably believes that an Event of Lessee Default has not occurred, Lessee may, within the Premisesapplicable cure period, or any part thereof, with or without legal process, as request that the agent and matter be submitted for the account of Lesseedispute resolution mechanisms provided in Section 18, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paidbelow, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any no Event of Lessee Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional renthave occurred unless the same is established pursuant to such dispute resolution procedure.
Appears in 1 contract
Samples: Ground Lease
LESSEE'S DEFAULT. (i) If Lessee shall default in the payment The occurrence of any one of the Fixed Annual Rentfollowing events constitutes a default by the Lessee and a breach of this Lease and its covenants by the Lessee, any additional rent if such default, breach or any other sums payable by Lessee herein when due, non performance is continued and such default shall continue for a period of five not cured within ten (510) days after written noticenotice from Lessor:
(a) The vacating or abandonment of the Properties by Lessee, (b) The failure by Lessee to make any payment of Base Rent and/or Additional Rent Charges and adjustments on or before the due date thereof, (c) The failure by Lessee to perform any covenants herein or the breach by Lessee of any Lease covenants herein, and the further failure by Lessee to cure such covenant breach or non-performance, or to commence to cure and diligently pursue the cure of the covenant breach or non-performance which cannot be fully remedied within ten (ii10) if days, (d) Petition by Lessee for bankruptcy, insolvency, or general assignment for the benefit of its creditors, or receiver appointment for Lessee for the substantial part of its assets and properties and such receiver is not removed with ten (10) days after its appointment, (e) If the Lessee shall default as described herein, or in the performance of any nonmonetary covenants or agreements of this Lease and said default shall continue for twenty (20) days after written notice thereof, or covenant contained in the event that the default be of such a nature as cannot with diligent effort be cured within said twenty (20) day period, if Lessee shall not commence to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate the Premises prior to the expiration of the term of this Lease, then and in addition to if such default is repeated once within the next twelve months then, notwithstanding that such defaults shall have been cured within the period after notice as herein provided, any and all other legal remedies and rights available to Lessor at law or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, re-enter and re-let the Premises, or any part thereof, with or without legal process, as the agent and for the account of Lessee, upon further similar default within such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting twelve month period shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if deemed a sufficient sum shall Lessee Default which cannot be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand thereforcured, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment provisions for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent cure provided in this Lease.
D. If any Event of Default occurs. Upon such default, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible may proceed, with five days notice but no opportunity for the care or safekeeping thereof whether in transportcure, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, to exercise its remedies upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premisesdefault.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rent.
Appears in 1 contract
Samples: Lease Agreement
LESSEE'S DEFAULT. (i) If Lessee shall default in fail to pay the payment of the Fixed Annual Rent, any additional rent Rent or any other sums payable by Lessee herein sum due hereunder when due, and such default shall continue for a period or if Lessee fails to observe, keep or perform any other term, condition or provision of five (5) days after written noticethis Agreement, or (ii) if Lessee shall default in the performance of any nonmonetary covenants or agreements of this Lease and said default shall continue for twenty (20) days after written notice thereofceases doing business as a going concern, or in the event that the default be of such a nature as cannot with diligent effort be cured within said twenty (20) day period, if Lessee shall not commence to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or becomes insolvent or any debtor proceedings be taken makes an assignment for the benefit of creditors, or if a petition is filed by or against Lessee under the Bankruptcy Code or (iv) under any similar statute, including a petition for reorganization, arrangement or extension, or if Lessee shall abandon applies for or vacate the Premises prior consents to the expiration appointment of the term of this Leasea receiver, then and in addition to any and all other legal remedies and rights available to Lessor at law trustee, conservator or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, re-enter and re-let the Premises, or any part thereof, with or without legal process, as the agent and for the account liquidator of Lessee, upon or if such terms and conditions as Lessor may deem advisable receiver, trustee, conservator or satisfactoryliquidator is appointed without the application or consent of Lessee, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized creditor of Lessee or secured to pay such sums and any other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of person or entity attaches or levies execution against the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall ariseProperty, or (ii) at Lessor’s optionif Lessee makes a bulk transfer of its furniture, the entire deficiencyfixtures, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entryfurnishings, or guilty of trespass other equipment or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of this Leaseinventory, Lessor shall have the right to exercise any one or more of injunction. Any the following remedies.
a) To declare all unpaid Rent and other charges immediately due and payable and to recover the balance of the Rent and other charges reserved hereunder, with Lessor retaining title to the Property.
b) To sue for all Rent and other charges due hereunder as same shall accrue;
c) With or without notice, demand or legal process, to retake possession of the Property hereunder (Lessee hereby authorizes and empowers Lessor to enter upon the premises wherever the Property may be found) and (i) retain the Property and all rights, remedies Rent and options given other charges paid hereunder and recover from the Lessee the amount of the unpaid Rent and other charges hereunder for the balance of the stated term; (ii) re-lease the Property and recover from the Lessee the amount by which the balance of Rent and other charges reserved hereunder for the balance of the stated term exceeds the net amount received by Lessor from such re-leasing for the same period; or (iii) sell the Property and recover from the Lessee the amount by which the balance of Rent and other charges reserved hereunder for the balance of the stated term and residual value of the Property exceeds the net amount received by Lessor from such sale. As used in this Lease to Lessor shall be cumulative and in addition to and without waiver ofsub-division, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses residual value shall be deemed to be additional rentthe estimated value of the Property at the end of the stated term of this Agreement. Lessor may specifically enforce this provision which is a material inducement to Lessor in entering this Agreement;
d) With or without notice, demand or legal process, to enter upon the premises wherever the Property may be found and render the same unusable;
e) To recover damages from Lessee. Lessee recognizes that any holding over by Lessee after the time it is required to surrender the Property may cause Lessor to lose or prevent Lessor from obtaining substantial business opportunities, the value of which Lessor cannot presently ascertain. In order to limit Lessee's liability to Lessor therefore, Lessor and Lessee agree that Lessee shall pay Lessor as liquidated damages the sum of one-thirtieth (1/30th) of the monthly rental described in Section 2 of this Agreement plus the sum of Fifty Dollars ($50.00) for each day of holding over by Lessee;
f) To terminate this Agreement and require Lessee to pay Lessor within twenty-four (24) hours after written demand, a sum of money equal to the amount, if any, by which the then cash value of the Rent reserved under this Agreement for the balance of the term exceeds the then cash reasonable rental value of the Property (including applicable taxes) for the balance of the lease term;
g) To terminate this Agreement; and/or
h) To pursue any other remedy at law or in equity. Notwithstanding any repossession or any other action taken by Lessor, Lessee shall be and remain liable for the full performance of all obligations required of Lessee under this Agreement. All remedies of Lessor are cumulative and may be exercised concurrently or separately. Lessor may exercise any or all of the foregoing remedies as to all or any part of the Property. Lessor shall not be deemed to have terminated this Agreement, or the liability of Lessee to pay the Rent thereafter accruing, or waived Lessee's liability for damage, by instituting any proceeding for claim and delivery, by re-leasing the Property or otherwise. Nothing herein contained shall be construed as obligating Lessor to lease the Property. In the event Lessor retakes possession of the Property and re-leases same, Lessee shall have no right or authority to collect Rent from a new lessee occupying the Property.
Appears in 1 contract
LESSEE'S DEFAULT. Each of the following events shall constitute a default hereunder by Lessee and a breach of this Lease.
(ia) If Lessee shall default fail to pay to Lessor any rent when due and payable and shall not make such payment within fifteen (15) days thereafter.
(b) If Lessee or any successor or any assignee of Lessee while in possession shall file a petition in bankruptcy, or if there commences under any law relating to bankruptcy, insolvency, reorganization, or relief of debtors, proceedings for the payment relief of Lessee or if Lessee shall be dissolved or shall make an assignment for the benefit of creditors, and if any such petition or proceedings hereinabove described is not dismissed or withdrawn within thirty (30) days after the filing of the Fixed Annual Rententry into the same.
(c) If involuntary proceedings under any law relating to bankruptcy, any additional rent insolvency, reorganization, or relief of debtors, for the relief of Lessee or for the dissolution of Lessee shall be instituted against Lessee or any other sums payable by successor or assignee, or if a receiver or trustee shall be appointed of all or substantially all of the property of Lessee herein when due, or any successor or assignee and if such default proceedings are not dismissed or withdrawn within thirty (30) days of the filing of or entry into the same.
(d) If Lessee shall violate or fail to perform any of the conditions on Lessee's part to be performed pursuant to this Lease and if such violation or nonperformance shall continue for a period of five ten (5) days after written notice, or (ii) if Lessee shall default in the performance of any nonmonetary covenants or agreements of this Lease and said default shall continue for twenty (20l0) days after written notice thereofthereof by Lessor or Lessee, or in the event that the default be of or, if such a nature as performance cannot with diligent effort be cured fulfilled reasonably within said twenty such ten (20l0) day period, if Lessee shall not commence to cure in good faith have commenced such performance within said such ten (l0) day period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate the Premises prior to the expiration of the term of this Lease, then and in addition to any and all other legal remedies and rights available to Lessor at law or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, re-enter and re-let the Premises, or any part thereof, with or without legal process, as the agent and for the account of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured diligently proceed therewith to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Leasecompletion.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. (e) If Lessee shall default in vacate or abandon the performance Premises for a period of any provision of ten (l0) days or more and if such vacation or abandonment continues for ten (l0) additional days after written notice thereof by Lessor to Lessee.
(f) If this Lease on Lessee’s part to be performed, Lessor may perform or the same for the account interest of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses hereunder shall be deemed to be additional renttransferred or assigned in a manner other than herein permitted.
Appears in 1 contract
LESSEE'S DEFAULT. Section 1. The Lessee, ten (i10) If Lessee days after receipt of written --------- notice, shall be considered in default in of this Lease upon failure to pay when due the payment of the Fixed Annual Rent, any additional rent or any other sums payable sum required by Lessee herein when duethe terms of the Lease. The Lessee, and such default shall continue for a period of five thirty (530) days after receipt of written notice, or (ii) if Lessee shall be considered in default in the performance of any nonmonetary covenants or agreements of this Lease and said default shall continue for twenty (20) days after written notice thereofupon failure to perform any term, covenant or in the event that the default be of such a nature as cannot with diligent effort be cured within said twenty (20) day period, if Lessee shall not commence to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate the Premises prior to the expiration of the term condition of this Lease, then and in addition to ; the commencement of any and all other legal remedies and rights available to Lessor at law action or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder proceeding for the remainder dissolution, liquidation or reorganization under the Bankruptcy Act, of Lessee, or for the appointment of a receiver or trustee of the term Lessee's property; the making of any assignment for the benefit of creditors by Lessee; the suspension of business; or the abandonment of the Leased Premises by the Lessee.
Section 2. In the event of default of this Lease to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, re-enter and re-let the Premises, or any part thereof, with or without legal process, as the agent and for the account of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory--------- then LESSEE SHALL QUIT AND SURRENDER THE PREMISES WITHIN TEN (10) DAYS OF SUCH DEFAULT. IF AFTER THE TEN (10) DAY PERIOD LESSEE HAS NOT QUIT THE PREMISES, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited toTHEN LESSEE SHALL BE RESPONSIBLE FOR ALL DAMAGES AND COSTS OF EVICTION THEREAFTER, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this LeaseINCLUDING REASONABLE ATTORNEY'S FEES.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid actsSection 3. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry reentry or taking possession of the said Leased --------- Premises by Lessor shall be construed as an election on Lessor’s its part to terminate this Lease Lease, unless a written notice of such intention is be given to LesseeLessee or unless the termination thereof be decreed by a court of competent jurisdiction. Notwithstanding any such re-letting reletting without termination. , Lessor may at all times any time thereafter elect to terminate this Lease for such previous breach or act of default. Any Should Lessor at any time terminate this Lease for any breach or act of default, in addition to any other remedy it may have, it may recover from Lessee all damages it may incur by reason of such re-entry shall be allowed by Lessee without hindrancebreach or act of default, including the cost of recovering the Leased Premises, legal fees, and Lessor shall not be liable in damages for any including the worth at the time of such re-entrytermination of the excess, or guilty if any, of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event amount of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any rent and all rights, remedies and options given charges equivalent to rent reserved in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account remainder of Lessee and Lessee shall promptly reimburse Lessor the stated term over the then reasonable rental value of the Leased Premises for any expense incurred therefor, which expenses shall be deemed to be additional rentthe remainder of the stated term.
Appears in 1 contract
Samples: Lease Agreement (Pc Connection Inc)
LESSEE'S DEFAULT. (i) If Lessee shall default in the payment The happening of any one or more of the Fixed Annual Rentfollowing listed events (hereinafter referred to as "Event of Default"), shall constitute a breach of this lease on the part of the Lessee:
A. The failure of the Lessee to regularly and diligently m1d actively operate the business for which the said leased Premises were leased.
B. The failure of the Lessee to pay any rent payable hereunder, including but not limited to any additional rent or any other sums payable by Lessee herein when duepayments of money required hereunder, and such default shall continue the continued failure to pay the same for a period of five ten (5) days after written notice, or (ii) if Lessee shall default in the performance of any nonmonetary covenants or agreements of this Lease and said default shall continue for twenty (2010) days after written notice thereofof default shall be given to the Lessee by Lessor.
C. The failure of the Lessee substantially to perform any material act required of it in the performance of this lease or to otherwise comply with any term or provision hereof after thirty (30) days with notice of such default as hereinafter provided.
D. Upon the happening of any event of default, Lessor may elect to (1) collect each installment of rental hereunder as and when the same matures, or in the event that the default be of such a nature as cannot with diligent effort be cured within said twenty (202) day periodterminate this lease, or, if Lessee shall not commence to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, the Lessor desires not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate terminate this lease, to terminate the right to possession and occupancy and relet the said Premises prior to the expiration of the term of this Lease, then and in addition to any and all other legal remedies and rights available to Lessor at law person, firm or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, re-enter and re-let the Premises, or any part thereof, with or without legal processcorporation, as the agent and of the Lessee or otherwise, for whatever market rent he shall obtain, applying the account avails of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses payment of such re-letting expenses as the Lessor may incur in reletting of same, and collection then to the payment of the rent due hereunder and the fulfillment of the Lessee's covenants, and paying over to the Lessee the balance, if any; and in case of its deficiency, the Lessee shall remain liable therefor. Lessee agrees to pay a reasonable attorney's fees and all costs, if it becomes necessary for Lessor to employ an attorney to collect any of the rent or enforce any of the material provisions of this lease, and of any other reasonable cost of reletting said Premises, including but not limited to, necessary renovation and alterations of to the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment commission for the remaining term of this Lease, shall be immediately due and payable by Lesseebrokerage. Lessor shall agrees to use commercially reasonable efforts diligent effort to re-let the Premises. Lessor shall not, in any event, be required rent and to pay Lessee any surplus of any sums received mitigate damages incurred by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equitysuch default.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rent.
Appears in 1 contract
Samples: Lease Agreement (BMP Holdings Inc.)
LESSEE'S DEFAULT. Section 1. The Lessee, ten (i10) If Lessee days after receipt of written notice, --------- shall be considered in default in of this Lease upon failure to pay when due the payment of the Fixed Annual Rent, any additional rent or any other sums payable sum required by Lessee herein when duethe terms of the Lease. The Lessee, and such default shall continue for a period of five thirty (530) days after receipt of written notice, or (ii) if Lessee shall be considered in default in the performance of any nonmonetary covenants or agreements of this Lease and said default shall continue for twenty (20) days after written notice thereofupon failure to perform any term, covenant or in the event that the default be of such a nature as cannot with diligent effort be cured within said twenty (20) day period, if Lessee shall not commence to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate the Premises prior to the expiration of the term condition of this Lease, then and in addition to ; the commencement of any and all other legal remedies and rights available to Lessor at law action or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder proceeding for the remainder dissolution, liquidation or reorganization under the Bankruptcy Act, of Lessee, or for the appointment of a receiver or trustee of the term Lessee's property; the making of any assignment for the benefit of creditors by Lessee; the suspension of business; or the abandonment of the Leased Premises by the Lessee.
Section 2. In the event of default of this Lease to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, re-enter and re-let the Premises, or any part thereof, with or without legal process, as the agent and for the account of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, then --------- Lessor, in addition to besides other rights and or remedies it may have, shall have the immediate right to of reentry with or without prior notice, and may remove all persons and property from the Leased Premises; such property may be removed and stored in any other place in the building in which the Leased Premises are situated, or in any other place, for the account of, and at the expense and at the risk of Lessee. Lessee hereby waives all claims for damages which may be caused by the reentry of Lessor. Should Lessor elect to reenter, as herein provided, or should it take possession pursuant to legal proceedings or pursuant to any notice provided for by law, it may either terminate this Lease, or it may without terminating this Lease relet said Leased Premises or any part of Lessee’s property from thereof for such term or terms and at such rental or rentals and upon such other terms and conditions as Lessor may deem advisable, with the right to make alterations and repairs to said Leased Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account purpose of rerental. Should such rentals received from such reletting during any month be less than required to be paid by Lessee and the Lessor as defined above, then Lessee shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time immediately pay such deficiency to time, give Lessor notice of any leased personal property brought onto the PremisesLessor.
E. Section 3. No such re-entry reentry or taking possession of the said Leased --------- Premises by Lessor shall be construed as an election on Lessor’s its part to terminate this Lease Lease, unless a written notice of such intention is be given to LesseeLessee or unless the termination thereof be decreed by a court of competent jurisdiction. Notwithstanding any such re-letting reletting without termination. , Lessor may at all times any time thereafter elect to terminate this Lease for such previous breach or act of default. Any Should Lessor at any time terminate this Lease for any breach or act of default, in addition to any other remedy it may have, it may recover from Lessee all damages it may incur by reason of such re-entry shall be allowed by Lessee without hindrancebreach or act of default, including the cost of recovering the Leased Premises, legal fees, and Lessor shall not be liable in damages for any including the worth at the time of such re-entrytermination of the excess, or guilty if any, of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event amount of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any rent and all rights, remedies and options given charges equivalent to rent reserved in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account remainder of Lessee and Lessee shall promptly reimburse Lessor the stated term over the then reasonable rental value of the Leased Premises for any expense incurred therefor, which expenses shall be deemed to be additional rentthe remainder of the stated term.
Appears in 1 contract
LESSEE'S DEFAULT. Lessee shall be in default under this Lease Option Agreement upon the happening of any of the following events:
(i) If Lessee shall default fails to pay rent timely, as set forth in the payment of the Fixed Annual Rent, any additional rent or any other sums payable by Lessee herein when due, and such default shall continue for a period of five (5) days after written notice, or Section 1(b)(iii);
(ii) If Lessee fails to pay additional rents timely, as set forth in Section 1(b)(iv), and in other sections of the Lease;
(iii) if Lessee shall default in is adjudicated bankrupt;
(iv) if a permanent receiver is appointed for Lessee’s property located on the performance of any nonmonetary covenants or agreements of this Lease Leased Premises and said default shall continue for twenty such receivership is not dissolved within sixty (2060) days after written notice from Lessor to Lessee to obtain such dissolution;
(v) if, whether voluntarily or involuntarily, Lessee takes advantage of any debtor relief proceedings under any present or future law whereby the rent, or any part thereof, is, or in the event that the default be of such a nature as cannot with diligent effort be cured within said twenty is proposed to be, reduced or payment thereof deferred;
(20vi) day period, if Lessee shall makes any assignment for the benefit of creditors;
(vii) if Lessee’s property located on the Leased Premises should be levied upon or attached under any process not satisfied or otherwise disposed of within thirty (30) days after such levy or attachment;
(viii) if Lessee, or any of its subsidiaries or affiliates, is in default of any other Lease with Lessor; Lessor Lessee
(ix) if Lessee breaches any other covenant or requirement of this Lease and fails to commence to cure such breach within said period fifteen (15) days after written notice from Lessor specifying the default (and after having commenced such cure, fails to diligently prosecute remedial efforts pursue cure to completion within In a reasonable time thereaftertime); this fifteen (15) day cure period shall not apply to those defaults and breaches set forth in subsections (i) through (viii) above. In the event of default, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings Lessor’s remedies shall be taken by or against Lessee or (iv) if Lessee shall abandon or vacate the Premises prior to the expiration of the term termination of this Lease, then and in addition to together with any and all other legal remedies and rights available to Lessor at law or in equityequity as a result of such, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, re-enter and re-let the Premises, or any part thereof, with or without legal process, as the agent and for the account of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term breach. Upon termination of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor Property shall be construed as an election on returned to Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rent.
Appears in 1 contract
LESSEE'S DEFAULT. (i) If Lessee shall default in the payment The occurrence of any one or more of the Fixed Annual Rent, following events shall constitute a default and breach of this Lease by Lessee.
(a) The failure by Lessee to make any additional rent rental payment or any other sums payable payment required to be made by Lessee herein hereunder, as and when due, and where such default failure shall continue for a period of five thirty (5) days after written notice, or (ii) if Lessee shall default in the performance of any nonmonetary covenants or agreements of this Lease and said default shall continue for twenty (2030) days after written notice thereof, thereof by Lessor to Lessee.
(b) The failure by Lessee to observe or in the event that the default be of such a nature as cannot with diligent effort be cured within said twenty (20) day period, if Lessee shall not commence to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or perform any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate the Premises prior to the expiration of the term covenants, conditions or provisions of this Lease, then other than those described in Sections 11.1(a) and in addition 11.1(b) herein, where such failure shall continue for a period of thirty (30) days after written notice thereof by Lessor to any and all other legal remedies and rights available to Lessor at law or in equityLessee; provided, Lessor may:
A. Declare however, if the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, re-enter and re-let the Premises, or any part thereof, with or without legal process, as the agent and for the account nature of Lessee's default is such that more than thirty (30) days are reasonably required for its cure, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum then Lessee shall not be thus realized or secured deemed to pay be in default if Lessee commences such sums cure within said thirty (30) day period and other chargesthereafter diligently pursues such cure to a prompt completion. If Lessee does not pursue such a cure to a prompt completion, (i) at Lessor’s option, Lessee shall pay then Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove terminate this Lease.
(c) The making by Lessee of any general assignment or general arrangement for the benefit of creditors; or the filing by or against Lessee of a petition to have Lessee adjudged a bankrupt, or a petition for reorganization or arrangement under any law relating to bankruptcy (unless, in the case of a petition filed against Lessee, the same is dismissed within sixty (60) days); or the appointment of a trustee or a receiver to take possession of all or any part substantially all of Lessee’s property from 's assets located at the Premises and or of Lessee's interest in this Lease, where such seizure is not discharged within thirty (30) days.
(d) If Lessee permits, commits, suffers, or maintains any property removed may be stored in any public warehouse unlawful act, nuisance or elsewhere at waste on or about the cost ofPremises, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto materially damages the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rent.
Appears in 1 contract
Samples: Lease Agreement (Advanced Lighting Technologies Inc)
LESSEE'S DEFAULT. (i) If Lessee shall default in the payment The occurrence of any of the Fixed Annual Rent, any additional rent or any other sums payable by Lessee herein when due, following shall constitute an event of default and such default shall continue for a period of five (5) days after written notice, or (ii) if Lessee shall default in the performance of any nonmonetary covenants or agreements breach of this Lease and said default shall continue for twenty by the Lessee:
(20a) days after written notice thereof, The vacation or in abandonment of the event that Leased Premises by the default be of such a nature as cannot with diligent effort be cured within said twenty (20) day period, if Lessee shall not commence to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if the failure of the Lessee shall abandon or vacate the Premises prior to the expiration of continue in its regular business on a day-to-day basis during the term of this Lease, then and in addition subject to any and all other legal remedies and the Lessee's rights available pursuant to Lessor at law or in equity, Lessor may:Paragraph 33(c) below;
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder (b) The failure of the term Lessee to pay, within ten (10) days of the date when due, any installment of rent or any recurring payment of additional rent due hereunder, any other sum required to be paid by the Lessee or any part of any of the foregoing.
(c) The failure of the Lessee to observe or perform any other provisions, covenants or obligations of this Lease to be due observed or performed by the Lessee, where such failure continues for thirty (30) days after the receipt by the Lessee of written notice thereof from the Lessor, unless the Lessee begins promptly after the receipt of written notice thereof from the Lessor to cure any such default and payable proceeds diligently and may collect conscientiously to cure such default; or
(d) The making by the same Lessee of any assignment for the benefit of creditors; the adjudication that the Lessee is bankrupt, insolvent or unable to pay its debts; the filing by distress or otherwise;
B. Terminate this Lease and against the Lessee of a petition to have the Lessee adjudged a bankrupt or a petition for reorganization or arrangement under any right law relating to bankruptcy unless, in the case of renewal a petition filed against the Lessee, such petition is dismissed within sixty (60) days after the filing thereof, and retake ; the appointment of a trustee or receiver to take possession of substantially all of the Premises;
C. Without terminating Lessee's assets located in the Leased Premises or of the Lessee's interest in this Lease, re-enter and re-let unless possession is restored to the PremisesLessee within thirty (30) days after such appointment; or the attachment, execution or levy against, or any part thereofother judicial seizure of, with or without legal process, as the agent and for the account of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations substantially all of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due Lessee's assets located in the Leased Premises or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated Lessee's interest in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Leaseunless discharged within thirty (30) days after issuance thereof.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rent.
Appears in 1 contract
Samples: Lease (Physicians Quality Care Inc)
LESSEE'S DEFAULT. (i) If Lessee shall default in the payment The occurrence of any of the Fixed Annual Rentfollowing shall constitute a default by Lessee:
14.1 Failure to pay rent or taxes when due, any additional rent or any other sums payable by Lessee herein when due, and such default shall continue prepayment or reimbursement required to be paid if the failure continues for a period of five ten (510) days after written noticenotice has been given to Lessee;
14.2 Abandonment and vacation of the Premises (failure to occupy and operate the Premises for thirty (30) consecutive days shall be deemed an abandonment and vacation);
14.3 Insolvency of Lessee, or (ii) if Lessee's transfer in fraud of creditors, or Lessee's assignment for the benefit of creditors;
14.4 Lessee shall default file a petition under any section or chapter of the National Bankruptcy Act, as amended, or under similar laws of the United States or any state thereof; or Lessee becoming adjudged bankrupt or insolvent in proceedings filed against Lessee thereunder;
14.5 A receiver or trustee becoming appointed for all or substantially all of the performance assets of Lessee;
14.6 Violation of or failure to perform any nonmonetary covenants or agreements other provision of this Lease and said default shall continue for if the violation or failure to perform is not cured within twenty (20) days after written notice thereof, or in the event that has been given to Lessee. If the default be of such a nature as cannot with diligent effort reasonably be cured within said twenty (20) days, Lessee shall not be in default of this Lease if Lessee commences to cure the default within the twenty (20) day period, if Lessee shall not commence to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate the Premises prior to the expiration of the term of this Lease, then and in addition good faith continues to any cure the default. Notice as given under this Paragraph shall specify the alleged default and all other legal remedies the applicable Lease provisions, and rights available to Lessor at law or in equity, Lessor may:
A. Declare shall demand that Lessee perform the entire balance of fixed Annual Rent due hereunder for the remainder of the term provisions of this Lease to be due and payable and may collect within the same by distress or otherwise;
B. Terminate this Lease and any right applicable period of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, re-enter and re-let the Premisestime, or any part thereof, with or without legal process, as the agent and for the account of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let quit the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on Such notice may serve both as a re-letting of said Premises in excess notice of the rent provided default under this Paragraph and as any statutory notice required as a condition precedent to an action in this Lease.
D. If any Event of Default occursunlawful detainer or for damages, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage . No such notice shall be deemed a forfeiture or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution a termination of this Lease and promptly thereafter from time to time, give unless Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default so elects in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rentnotice.
Appears in 1 contract
LESSEE'S DEFAULT. Section 1. The Lessee, ten (i10) If Lessee days after receipt of written --------- notice, shall be considered in default in of this Lease upon failure to pay when due the payment of the Fixed Annual Rent, any additional rent or any other sums payable sum required by Lessee herein when duethe terms of the Lease. The Lessee, and such default shall continue for a period of five thirty (530) days after receipt of written notice, or (ii) if Lessee shall be considered in default in the performance of any nonmonetary covenants or agreements of this Lease and said default shall continue for twenty (20) days after written notice thereofupon failure to perform any term, covenant or in the event that the default be of such a nature as cannot with diligent effort be cured within said twenty (20) day period, if Lessee shall not commence to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate the Premises prior to the expiration of the term condition of this Lease, then and in addition to ; the commencement of any and all other legal remedies and rights available to Lessor at law action or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder proceeding for the remainder dissolution, liquidation or reorganization under the Bankruptcy Act, of Lessee, or for the appointment of a receiver or trustee of the term Lessee's property; the making of any assignment for the benefit of creditors by Lessee; the suspension of business; or the abandonment of the Leased Premises by the Lessee.
Section 2. In the event of default of this Lease to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, re-enter and re-let the Premises, or any part thereof, with or without legal process, as the agent and for the account of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, then --------- Lessor, in addition to besides other rights and or remedies it may have, shall have the immediate right to of reentry with or without prior notice, and may remove all persons and property from the Leased Premises; such property may be removed and stored in any other place in the building in which the Leased Premises are situated, or in any other place, for the account of, and at the expense and at the risk of Lessee. Lessee hereby waives all claims for damages which may be caused by the reentry of Lessor. Should Lessor elect to reenter, as herein provided, or should it take possession pursuant to legal proceedings or pursuant to any notice provided for by law, it may either terminate this Lease, or it may without terminating this Lease relet said Leased Premises or any part of Lessee’s property from thereof for such term or terms and at such rental or rentals and upon such other terms and conditions as Lessor may deem advisable, with the right to make alterations and repairs to said Leased Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account purpose of rerental. Should such rentals received from such reletting during any month be less than required to be paid by Lessee and the Lessor as defined above, then Lessee shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time immediately pay such deficiency to time, give Lessor notice of any leased personal property brought onto the PremisesLessor.
E. Section 3. No such re-entry reentry or taking possession of the said Leased --------- Premises by Lessor shall be construed as an election on Lessor’s its part to terminate this Lease Lease, unless a written notice of such intention is be given to LesseeLessee or unless the termination thereof be decreed by a court of competent jurisdiction. Notwithstanding any such re-letting reletting without termination. , Lessor may at all times any time thereafter elect to terminate this Lease for such previous breach or act or default. Any Should Lessor at any time terminate this Lease for any breach or act of default, in addition to any other remedy it may have, it may recover from Lessee all damages it may incur by reason of such re-entry shall be allowed by Lessee without hindrancebreach or act of default, including the cost of recovering the Leased Premises, legal fees, and Lessor shall not be liable in damages for any including the worth at the time of such re-entrytermination of the excess, or guilty if any, of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event amount of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any rent and all rights, remedies and options given charges equivalent to rent reserved in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account remainder of Lessee and Lessee shall promptly reimburse Lessor the stated term over the then reasonable rental value of the Leased Premises for any expense incurred therefor, which expenses shall be deemed to be additional rentthe remainder of the stated term.
Appears in 1 contract
LESSEE'S DEFAULT. (i) The occurrence of any of the following shall be deemed to be a “Lessee Default” under the terms of this Lease:
A. If Lessee shall default breach this Lease by failing to make any payment due from Lessee to Lessor hereunder, which is not paid within fifteen (15) days after Lessor notifies Lessor in writing that such payment is past due and has not been received; or
B. If Lessee shall breach any provision of this Lease other than for the payment of the Fixed Annual Rent, any additional rent or any other sums payable by Lessee herein when due, Rent and such default shall continue for a period of five fail to remedy within sixty (5) days after written notice, or (ii) if Lessee shall default in the performance of any nonmonetary covenants or agreements of this Lease and said default shall continue for twenty (2060) days after written notice thereof, or in the event that the default be of such a nature as cannot with diligent effort be cured within said twenty (20) day period, if Lessee shall not commence to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate the Premises prior to the expiration of the term of this Lease, then and in addition to any and all other legal remedies and rights available to Lessor at law or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;breach; or
C. Without terminating this Lease, re-enter and re-let the Premises, or any part thereof, with or without legal process, as the agent and for the account of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations ’s abandonment of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment other than in the event of a Lessor Default (as defined below); or
D. Either
(a) the appointment of a receiver to take possession of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess substantially all of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall ariseassets of Lessee, or (iib) at Lessor’s option, the entire deficiency, which is subject to ascertainment a general assignment by Lessee for the remaining term benefit of this Leasecreditors, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in or (c) any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all action taken or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed suffered by Lessee without hindrance, and Lessor shall not be liable in damages for under any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. Chapter 7 bankruptcy act. In the event of a breach or threatened breach of any covenant of this LeaseLessee Default, Lessor shall have the right of injunction. Any to re-enter the Premises and all rights, exercise any remedies and options given set forth in this Lease to or available at law. Upon the occurrence of a Lessee Default, Lessor shall be cumulative and may terminate the Lease immediately. Should Lessor at any time terminate this Lease for Lessee Default, in addition to any other remedy it may have, it may recover from Lessee all damages it may incur by reason of such Lessee Default, including the cost of recovering the Premises, reasonable attorneys’ fees and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performedexpenses. In addition, Lessor may perform relet the same Premises for all or any part of the account remainder of the Initial Term or any Renewal Term (as applicable) at such monthly rental as Lessor may with reasonable diligence be able to secure. Should Lessor be unable to relet after reasonable efforts to do so, or should such monthly rental be less than the Rent Lessee and was obligated to pay under this Lease, then Lessee shall promptly reimburse Lessor for any expense incurred thereforpay the amount of such deficiency to Lessor, which expenses shall be deemed in addition to be additional rentthe other damages identified above.
Appears in 1 contract
Samples: Lease Agreement
LESSEE'S DEFAULT. (i) The occurrence of any one or more of the following events shall constitute a default and breach of this Lease by Lessee:
a. If Lessee shall default in abandons or vacates the payment of the Fixed Annual Rent, Premises; or
b. If Lessee falls to pay any additional rent Rent or any other sums payable charges required to be paid by Lessee herein when due, and such default shall continue for a period of five (5) days after written notice, or (ii) if Lessee shall default in the performance of any nonmonetary covenants or agreements of under this Lease and said default shall continue such failure continues for twenty ten (2010) days after written notice thereoffrom the Lessor to the Lessee; or
c. If Lessee fails to promptly and fully perform any other covenant, condition or agreement contained in this Lease and such failure continues for thirty (30) days after written notice thereof from Lessor to Lessee, however if such failure is of a nature which cannot be reasonably cured within the event said thirty (30) days, then such longer period as is reasonably necessary, provided that the default be Lessee is diligently pursuing the cure or correction of such a nature as cannot with diligent effort be cured within said twenty (20) day periodfailure, if and in which event, Lessee shall indemnify and hold Lessor harmless from any claims, including costs and expenses incurred by Lessor arising therefrom; or
d. If a writ of attachment or execution is levied on this Lease or on any of Lessee's Property and if said attachment or execution is not commence to cure vacated within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) days; or
e. If Lessee makes a general assignment for the benefit or creditors, or provides for an arrangement, composition, extension or adjustment with its creditors; or
f. If Lessee files a voluntary petition for relief or if a petition against Lessee in a proceeding under the federal bankruptcy laws or other insolvency laws is filed and not withdrawn or dismissed within forty-five (iii45) days thereafter, or if under the provisions of any law providing for reorganization or winding up of corporations, any court of competent jurisdiction assumes jurisdiction, custody or control of Lessee should become bankrupt or insolvent or any debtor proceedings be taken by substantial part of its property and such unrelinquished, unseated or against Lessee unterminated for a period of forty-five (45) days; or
g. If in any proceeding or (iv) if Lessee shall abandon or vacate the Premises prior to the expiration of the term of this Lease, then and in addition to any and all other legal remedies and rights available to Lessor at law or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, re-enter and re-let the Premises, or any part thereof, with or without legal process, as the agent and for the account of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, action in which event the rents received on such re-letting shall be applied first Lessee is a party, a trustee, receiver, agent or custodian is appointed to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession take charge of the Premises by Lessor shall be construed as an election on Lessor’s part or Lessee's Property (or has the authority to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same do so) for the account purpose of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rent.enforcing a lien against the Premises or Lessee's Property; or
Appears in 1 contract
Samples: Lease Agreement (Uti Corp)
LESSEE'S DEFAULT. The occurrence of any one or more of the following events shall constitute a default and breach of this Lease by Lessee (each, an “Event of Default”): (i) If the abandonment of the Premises by Lessee; (ii) the failure or refusal of Lessee shall default in to take delivery of the Premises pursuant to Section 1.3 hereof; (iii) the failure or refusal of Lessee to make any payment of the Fixed Annual Base Rent, any additional rent Additional Rent or any other sums payable payment required to be made by Lessee herein hereunder, as and when due, and due where such default failure shall continue for a period of five (5) days after written noticenotice thereof from Lessor to Lessee; provided, however, Lessor shall have no obligation to deliver written notice for a failure to pay more than once during any twelve (12) month period; (iv) the failure by Lessee to observe or (ii) if Lessee shall default in perform any of the performance of any nonmonetary covenants other covenants, conditions or agreements provisions of this Lease and said default Lease, including any Exhibit of this Lease, to be observed or performed by Lessee, where such failure shall continue for twenty a period of thirty (2030) days after written notice thereofthereof from Lessor to Lessee; provided, or in however, that if the event nature of the Event of Default is such that the default be of such a nature as cannot with diligent effort be cured within said twenty more than thirty (2030) day perioddays are reasonably required for its cure, if then Lessee shall not commence to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate the Premises prior to the expiration of the term of this Lease, then and in addition to any and all other legal remedies and rights available to Lessor at law or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, re-enter and re-let the Premises, or any part thereof, with or without legal process, as the agent and for the account of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rentin default if Lessee commences such cure within said thirty (30) day period and thereafter diligently prosecutes such cure to completion; (v) Lessee violates the provisions of Section 13 or Section 15; provided, in the case of a violation of Section 13, such violation shall not constitute an Event of Default unless such violation continues for a period of three (3) business days after written notice thereof from Lessor to Lessee; (vi) Lessee's Charter is revoked or terminated, provided that it shall not be an Event of Default if Lessee receives a notice of revocation or probation with respect to its Charter so long as Lessee takes all action necessary to prevent the Charter from being revoked and keeps Lessor continually advised of its progress in causing the notice of revocation or probation to be withdrawn and the Charter to remain in full force and effect; (vii) any representation or warranty made by Lessee herein or in any certificate, financial statement or document furnished pursuant to the provision hereof shall prove to have been false or misleading in any material respect as of the time made or furnished; (viii) if Lessee (a) admits in writing its inability to pay its debts generally as they become due, (b) commences any case, proceeding or other action seeking to have an order for relief entered on its behalf as debtor or to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, liquidation, dissolution or composition of it or its debts under any federal, state or local law relating to bankruptcy, insolvency, reorganization or relief of debtors, (c) makes an assignment for the benefit of its creditors, (d) is generally unable to pay its debts as they mature, (e) seeks or consents to the appointment of a receiver of itself or of the whole or any substantial Part of its property, or (f) files a petition or answer seeking reorganization or arrangement under an order or decree appointing, without the consent of Lessee, a receiver of Lessee of the whole or substantially all of its property, and such case, proceeding or other action is not dismissed or stayed within ninety (90) days after the commencement thereof; or (ix) if the estate or interest of Lessee in the Premises or any of them or any part thereof is levied upon or attached in any proceeding and the same is not vacated or discharged or stayed within the later of ninety (90) days after commencement thereof or thirty (30) days after receipt by Lessee of notice thereof from Lessor (unless Lessee is contesting such lien or attachment in accordance with this Lease). Notwithstanding anything to the contrary contained in this Lease, Lessee's cure period under this Lease shall not exceed Lessor's corresponding cure period under Section 19.4 of this Lease.
Appears in 1 contract
Samples: Charter School Lease
LESSEE'S DEFAULT. The occurrence of any one or more of the following events shall, at Lessor's option, constitute a default and breach of this Lease by Lessee:
(i) If The vacation or abandonment of the Premises by Lessee shall for a period of ten (10) consecutive days, and Lessee waives any right to notice Lessee may have under applicable law;
(ii) The failure by Lessee to make any payment of Rent or any other payment required hereunder on the date said payment is due;
(iii) The failure by Lessee to observe, perform or comply with any of the conditions, covenants or provisions of this Lease (except default in the payment of the Fixed Annual Rent); provided, any additional rent or any other sums payable by Lessee herein when due, and if such default shall continue is susceptible of cure and Lessee has promptly commenced the cure of such default and is diligently prosecuting such cure to completion, the same must remain uncured for a period period, unless otherwise noted herein, of five fifteen (515) days after written notice;
(iv) The making of a general assignment by Lessee for the benefit of creditors, the filing of voluntary petition by Lessee or the filing of an involuntary petition by any of Lessee's creditors seeking the rehabilitation, liquidation, or (ii) if reorganization of Lessee shall default under any law relating to bankruptcy, insolvency or other relief of debtors and, in the performance case of any nonmonetary covenants an involuntary action, the failure to remove or agreements of this Lease and said default shall continue for twenty (20) days after written notice thereof, or in discharge the event that the default be of such a nature as cannot with diligent effort be cured same within said twenty (20) day period, if Lessee shall not commence to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) days of such filing, the appointment of a receiver or other custodian to take possession of substantially all of Lessee's assets or this leasehold, Lessee's insolvency or inability to pay Lessee's debts or failure generally to pay Lessee's debts when due, any court entering a decree or order directing the winding up or liquidation of Lessee or of substantially all of Lessee's assets, Lessee taking any action toward the dissolution or winding up of Lessee's affairs, the cessation or suspension of Lessee's use of the Premises, or the attachment, execution or other judicial seizure of substantially all of Lessee's assets or this leasehold;
(iiiv) if Lessee's use or storage of Hazardous Materials on the Premises other than as permitted by the provisions of Paragraph 29 below;
(vi) The making of any material misrepresentation or omission by Lessee should become bankrupt or insolvent or in any debtor proceedings be taken materials delivered by or against on behalf of Lessee to Lessor pursuant to this Lease; or
(vii) Lessee's default or other breach of any covenant, condition or provision of any lease agreement between Lessee or (iv) if Lessee shall abandon an affiliated entity of Lessee, as the tenant, and Lessor or vacate the Premises prior to the expiration an affiliated entity of the term of this LeaseLessor, then and in addition as landlord, with regard to any and all leased premises other legal remedies and rights available to Lessor at law or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, re-enter and re-let the Premises, or any part thereof, with or without legal process, as the agent and for the account of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from than the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premisesas described herein.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rent.
Appears in 1 contract
Samples: Lease Agreement (Bikers Dream Inc)
LESSEE'S DEFAULT. Each of the following events shall constitute a default under the Lease:
(ia) If In the event that the Lessee shall be in default in of paying to the payment of Lessor the Fixed Annual Base Gross Rent, any the additional rent rent, or any other sums that are payable by Lessee herein when duein virtue of the Lease, and such default shall continue for a period of five three (53) days after written noticethe due date as established by this Lease.
(b) In the event that the Lessee shall be adjudicated a bankrupt or make any general assignment of its property for the benefit of its creditors, or take or attempt to take the benefit of any insolvency or bankruptcy act; or if a receiver or trustee be appointed to administer the property of the Lessee, in whole or in part, or any execution be issued pursuant to a judgement rendered against the Lessee or pursuant to the Lease, or if in virtue of the law, the estate of the Lessee be devolved upon any other person or corporation; or
(iic) if In the event that the Lessee shall be in default in observing any covenant contained in these presents and/or performing its obligations contained in the Lease (other than a default in the performance payment of the Base Gross Rent, the additional rent, or any nonmonetary covenants other sums) or agreements should any prior claim or legal hypothec be registered against the Premises as a result of this Lease an act or an omission on the part of the Lessee, or should the Lessee or any other person at any time during the Term remove or try to remove, without the prior written consent of the Lessor, any of the moveable property located in the Premises (except during the ordinary course of its activities or when replacement or repair work is being carried out); and said default shall should any such defaults continue for twenty fifteen (2015) days after written notice thereofof such defaults shall have been given to the Lessee by the Lessor, or unless such default is incapable of being remedied within such period of fifteen (15) days, in which case the Lessee shall be entitled to such reasonable extension of time to enable such defaults to be remedied. In the event that of any default under the default be of Lease, the Lessor, without limiting any rights or remedies it may have hereunder or by law, may, upon simple written notice to the Lessee, immediately terminate this Lease. Upon such a nature as cannot with diligent effort be cured within said twenty (20) day periodtermination, if the Lessee shall not commence to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or must immediately vacate the Premises prior and surrender the Premises to the Lessor. The Lessor and its representatives may, whether by summary dispossession proceeding or by any other action or proceeding at law, immediately or at any time after the termination, enter the Premises and dispossess the Lessee and all persons in the Premises, and remove all property located in the Premises. The exercise by the Lessor of any right it may have hereunder or by law shall not preclude the exercise by the Lessor of any other right it may have hereunder or by law. The Lessor may, at the termination of the Lease following any default under the Lease or at the absence of such tem1ination where the Lessee is dispossessed by or at the instance of the Lessor in any lawful manner, legally recover from the Lessee rent for the then current month and for the next six (6) months, the whole to immediately become due and payable, and the Lessor may, at its sole discretion, immediately declare the Lease forfeited and terminated, and the Lessor may, without notice or any other legal process, enter the Premises, take possession of the Premises, and remove the property located in the Premises, the whole without prejudice to and under reserve of all of the rights and recourses of the Lessor to claim any and all losses and damages sustained by the Lessor by reason of and arising from any default of the Lessee. If this Lease provides for a postponement of any monthly rental payments, a period of« free » rent or other rent concession, cash allowance, Leasehold Improvements performed by Lessor, such postponed rent or « free » rent or cash allowance or Leasehold Improvements is called the "Abated Rent". Lessee shall be credited with having paid all of the Abated Rent on the expiration of the term Lease Term only if Lessee has fully, faithfully, and punctually performed all of this LeaseLessee's obligations hereunder, then and in addition to any including the payment of all rent (other than the Abated Rent) and all other legal remedies monetary obligations and rights available the surrender of the Property in the physical condition required by this Lease. Lessee acknowledges that its right to Lessor at law or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder receive credit for the remainder Abated Rent is absolutely conditioned upon Lessee's full, faithful and punctual performance of its obligations under this Lease. If Lessee defaults and does not cure within any applicable grace period, the term of this Lease to be Abated Rent shall immediately become due and payable in full and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, re-enter and re-let the Premises, or any part thereof, with or without legal process, as the agent and for the account of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of enforced as if there were no such re-letting and collection including but not limited torent abatement or other rent concession. In such case, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, Abated Rent shall be immediately due and calculated based on the full initial rent payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in under this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rent.
Appears in 1 contract
LESSEE'S DEFAULT. (i) If In the event Lessee shall default defaults in the payment of any of the Fixed Annual Rentrentals or other sums provided to be paid hereunder which is not remedied within fifteen (15) days after written notice of such default is given by Lessor to Lessee and Lessee’s lenders as set forth in Schedule A; or, if Lessee defaults in the observance or performance of any additional rent other covenant, condition, agreement or provision hereof which is not remedied within thirty (30) days after written notice of such default is given by Lessor to Lessee and Lessee’s lenders as set forth on Schedule A (so long as Lessee’s right hereunder of remediation or cure of said default has not been excluded pursuant to the terms of this Lease); provided, however, that if such default cannot be cured within said thirty (30) day period then such thirty (30) day period shall be extended by such time as is necessary for Lessee to effect such cure as long as (i) Lessee or Lessee’s lenders are diligently prosecuting such cure, and (ii) Lessee or any of Lessee’s lenders deliver a written notice to Lessor prior to the expiration of the initial thirty (30) day period in which Lessee or any of Lessee’s lenders notify Lessor that it cannot cure the default within such thirty (30) day period and Lessee or any of Lessee’s lenders represent to Lessor that they will diligently prosecute to cure such default; or, if Lessee becomes insolvent or bankrupt, conveys substantially all its assets, admits its inability to pay its debts as they mature, or makes an assignment for the benefit of creditors, or applies for or consents to the appointment of a trustee or receiver; or if a bankruptcy, reorganization, arrangement, insolvency, or liquidation proceeding, or other proceedings for relief under the bankruptcy law or similar law for the relief of debtors are instituted by or against Lessee; then, in any such event, Lessor may, at its option, upon fifteen (15) days notice to Lessee, in addition to any other remedy available to Lessor hereunder, or at law or in equity, exercise any one or more of the following remedies without any notice or demand:
A. Lessor may terminate this Lease, in which event the term of this Lease shall end, and all right, title, and interest of Lessee hereunder shall terminate on the date stated in such notice. In such event, Lessor shall be entitled to recover from Lessee all rentals accrued and unpaid for the period up to and including such termination date, as well as any other sums payable by Lessee as provided herein when duewhich may then be owing and unpaid, and such default shall continue for a period of five (5) days after written noticeall costs and expense, or (ii) if Lessee shall default including court costs and attorney’s fees, incurred by Lessor in the performance enforcement of any nonmonetary covenants or agreements of this Lease its rights and said default shall continue for twenty (20) days after written notice thereofremedies hereunder; and/or
X. Xxxxxx may, or in the event that the default be of such a nature as cannot with diligent effort be cured within said twenty (20) day period, if Lessee shall not commence to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate the Premises prior to the expiration of the term of this Lease, then and in addition to any and all other legal remedies and rights available to Lessor at law or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without without terminating this Lease, re-enter and re-let terminate the Premises, or any part thereof, with or without legal process, as the agent and for the account right of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first Lessee to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations possession of the Premises, reasonable attorneyLeased Premises by giving notice to Lessee that Lessee’s fees, any real estate commissions paid, and thereafter toward payment right of all sums due or possession shall end on the date stated in the notice. In such event Lessee’s right to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess possession of the periodic rental stipulated in this Lease in previous or subsequent rental periodsLeased Premises shall terminate, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Leasetake possession thereof.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rent.
Appears in 1 contract
LESSEE'S DEFAULT. The occurrence of each of the following events shall be an "Event of Default" hereunder:
(ia) If if Lessee shall default in fail to pay any installment of any Basic Rent, or Impositions, or any part thereof, when the same shall become due and payable;
(b) if Lessee shall fail to make any payment of any Rental (other than the Fixed Annual Rent, any additional rent or any other sums payable categories of Rental listed in Section 7.1(a)) required to be paid by Lessee herein hereunder when duethe same shall become due and payable, and such default failure shall continue for a period of five fifteen (515) days after written notice, or notice from Lessor to Lessee to cure such Default;
(iic) if Lessee shall default in fail to deliver to Lessor a certificate or other evidence reasonably satisfactory to Lessor of the performance existence of any nonmonetary new or renewal insurance policy required under this Lease on or prior to the date the same is required to be delivered to Lessor hereunder;
(d) if Lessee shall be unable to, or shall admit in writing its inability to, pay its debts as such debts become due, or if Lessee shall make an assignment for the benefit of creditors;
(e) if Lessee shall commence or institute any case, proceeding or other action (A) seeking relief on its behalf as debtor, or to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, or (B) seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or any substantial part of its property;
(f) if any case, proceeding or other action shall be commenced or instituted against Lessee (A) seeking to have an order for relief entered against it as debtor or to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, or (B) seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or any substantial part of its property, which in either of such cases is not dismissed or denied within sixty (60) days after such commencement or institution;
(g) if any case, proceeding or other action shall be commenced or instituted against Lessee seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of its property which shall not have been dismissed within sixty (60) days from the commencement thereof;
(h) if a trustee, receiver or other custodian is appointed for any substantial part of the assets of Lessee which appointment is not vacated or stayed within sixty (60) days;
(i) if Lessee shall take any action in furtherance of any action described in Section 7.1(e) or 7.1(f) hereof, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in such Sections;
(j) if this Lease or the estate of Lessee hereunder shall be assigned, subleased or transferred, without compliance with the provisions of this Lease applicable thereto;
(k) if this Lease or the estate of Lessee hereunder shall be mortgaged or encumbered in violation of this Lease;
(l) if Lessee shall fail to observe or perform one or more of the other terms, conditions, covenants or agreements of this Lease and said default such failure shall continue for twenty a period of thirty (2030) days after written notice thereofthereof by Lessor to Lessee specifying such failure (unless such failure requires work to be performed, acts to be done, or in the event that the default conditions to be of such a nature as removed which cannot with diligent effort by their nature reasonably be cured performed, done or removed, as the case may be, within said twenty such thirty (2030) day period, if Lessee shall not commence to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate the Premises prior to the expiration of the term of this Lease, then and in addition to any and all other legal remedies and rights available to Lessor at law or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, re-enter and re-let the Premises, or any part thereof, with or without legal process, as the agent and for the account of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any case no Event of Default occurs, Lessor, in addition shall be deemed to other rights and remedies it may have, exist as long as Lessee shall have commenced curing the right same within such thirty (30) day period and shall prosecute the same to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on completion with reasonable diligence within ninety (90) days after Lessor’s part to terminate this Lease unless a 's written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconductfailure).
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rent.
Appears in 1 contract
Samples: Master Lease Agreement (Steinway Musical Instruments Inc)
LESSEE'S DEFAULT. A default under this Lease by Lessee shall exist if any of the following occurs:
(ia) If Lessee shall default in the payment of the Fixed Annual Rent, any additional fails to pay base monthly rent or any other sums payable by sum required to be paid hereunder when due and Lessee herein when due, and fails to cure such default shall continue for a period of breach within five (5) days after written noticenotice from Lessor; provided, however, that such notice shall be in lieu of, and not in addition to, any notice required under Section 1161 of the California Code of Civil Procedure;
(b) If Lessee fails to perform any term, covenant or (ii) if Lessee shall default in the performance of any nonmonetary covenants or agreements condition of this Lease except those requiring the payment of money, and said default shall continue for Lessee fails to cure such breach within twenty (20) days after written notice thereof, or in the event that the default be of from Lessor where such a nature as cannot with diligent effort breach could reasonably be cured within said such twenty (20) day period; provided, however, that where such failure could not reasonably be cured within the twenty (20) day period, if that Lessee shall not commence to cure be in default if it commences such performance within said the twenty (20) day period and diligently prosecute remedial efforts thereafter prosecutes the same to completion within a reasonable time thereafter, not to exceed sixty completion;
(60c) (iii) if If Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate the Premises prior to the expiration of the term of this Lease, then and in addition to any and all other legal remedies and rights available to Lessor at law or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder assigns its assets for the remainder benefit of the term of this Lease to be due and payable and may collect the same by distress or otherwiseits creditors;
B. Terminate this Lease and (d) If the sequestration or attachment of or execution on any right of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, re-enter and re-let the Premises, or any part thereof, with or without legal process, as the agent and for the account of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any material part of Lessee’s 's property from essential to the conduct of Lessee's business occurs, and Lessee fails to obtain a return or release of such property within thirty (30) days thereafter, or prior to sale pursuant to such sequestration, attachment or levy, whichever is earlier;
(e) If Lessee abandons or vacates the Premises and ceases to pay rent; or
(f) If a court makes or enters any property removed may decree or order other than under the bankruptcy laws of the United States adjudging Lessee to be stored in any public warehouse insolvent; or elsewhere at approving as properly filed a petition seeking reorganization of Lessee; or directing the cost of, and for the account winding up or liquidation of Lessee and the Lessor shall not be responsible for the care such decree or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor order shall have the right continued for a period of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equitythirty (30) days.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rent.
Appears in 1 contract
LESSEE'S DEFAULT. Should any default occur under the Lease, Lender shall have thirty (30) days after receipt of notice from Lessor setting forth the nature of such default, and, if the default is such that possession of the Premises may be necessary to remedy the default, a reasonable time after the expiration of such thirty (30) day period within which to remedy such default, provided that (i) If Lessee Lender shall have fully cured any default in the payment of any monetary obligations of Lessee under the Fixed Annual RentLease, any additional rent or any other sums payable by Lessee herein within such thirty (30) day period and shall continue to pay currently such monetary obligations as and when the same are due, and such default shall continue for a period of five (5) days after written notice, or (ii) if Lessee Lender shall default have given Lessor written notice that Lender intends to take action to acquire Lessee’s leasehold estate, and, subject to the provisions of Section 2(i) below, commenced foreclosure or other appropriate proceedings in the performance of any nonmonetary covenants or agreements of this Lease and said default shall continue for twenty (20) days after written notice thereof, or in the event that the default be of such a nature as cannot with diligent effort be cured within said twenty (20) day period, if Lessee shall not commence to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate the Premises prior to the expiration of the term of this Lease, then and in addition to any and all other legal remedies and rights available to Lessor at law or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, re-enter shall thereafter diligently and re-let the Premises, or any part thereof, with or without legal process, as the agent and for the account of Lessee, upon continuously prosecute such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first proceedings to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lesseecompletion. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor Lender shall not be liable in damages for any such re-entryindemnities set forth in the Lease unless and until Lender assumes the obligations of Lessee thereunder; provided, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In however, that in the event of a breach or threatened breach of the default under the Lease relates to Lessee’s failure to may any covenant of this payment due on an indemnity set forth in the Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease Lender acknowledges that its failure to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall cure such default may result in the performance termination of any provision the Lease and the loss of this Lease on LesseeLender’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rentsecurity.
Appears in 1 contract
Samples: Ground Lease (Vmware, Inc.)
LESSEE'S DEFAULT. (i) If Lessee shall default in the payment A. Any one of the Fixed Annual Rent, any additional rent or any other sums payable following shall constitute an event of default by Lessee herein when duehereunder:
(1) Failure of Lessee to pay in full all delinquent installments of fees, and such default shall continue rent, additional rent, or pro rata portion of Fuel Farm insurance for a period of five thirty (5) days after written notice, or (ii) if Lessee shall default in the performance of any nonmonetary covenants or agreements of this Lease and said default shall continue for twenty (2030) days after written notice thereofand demand therefore are given by Lessor to Lessee.
(2) Failure of Lessee to perform or comply with any obligation, covenant or in agreement of Lessee hereunder, other than the payment of money, for a period of thirty (30) days after written notice specifying such failure is given by Lessee to Lessor.
B. In the case of the event that of default by Lessee, Lessor shall have the default be of such a nature as cannot with diligent effort be cured within said twenty (20) day period, if Lessee shall not commence to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate the Premises prior to the expiration of the term of this Lease, then and following remedies in addition to any and all other legal rights and remedies and rights available to Lessor at provided by law or in equityequity including without limitation, Lessor maydamages and specific performance:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable and may collect the same by distress or otherwise;
B. (1) Terminate this Lease by thirty (30) days prior written notice given to Lessee specifying the date of termination and any right of renewal thereof, Lessee shall within said thirty (30) day period vacate the Leased Premises and retake surrender possession of the Premises;thereof to Lessor.
C. (2) Without terminating this Lease, re-enter retake possession of the Leased Premises and re-let relet the PremisesLeased Premises or any part thereof for such term or terms and upon such other conditions as Lessee in its reasonable judgment shall determine. If the rent, fees and other charges are less than those provided for herein, Lessee shall be responsible and liable for any deficiency between the amount of the rent, fees and charges provided for herein and those received through such reletting. Lessor shall not be responsible or liable for any failure to relet the Leased Premises or any part thereof, with or without legal processfailure to collect any rent, as the agent and for the account of Lessee, fees or other charges due upon such terms reletting. No notices from Lessor hereunder or under a forcible entry and conditions as Lessor may deem advisable detainer statute or satisfactory, in which event the rents received on such re-letting similar law shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring constitute an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received election by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written such notice of such intention is given to Lesseespecifically so states. Notwithstanding Lessor reserves the right following any such re-letting without termination. Lessor may at all times thereafter elect reentry and/or reletting to exercise its right to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable as provided in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct(1) above.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rent.
Appears in 1 contract
Samples: Ground Lease and Operating Agreement
LESSEE'S DEFAULT. (i) If Lessee shall default in the payment The occurrence of any of the Fixed Annual Rent, any additional following shall ---------------- constitute a default by Lessee:
1. Failure to pay rent or any other sums payable by payment required of Lessee herein when due, and such default shall continue if the failure continues for a period of five three (53) days after written notice, or notice has been given to Lessee.
2. Abandonment and vacation of the premises (iifailure to occupy and operate the premises for seven (7) if Lessee consecutive days shall default in the performance of be deemed an abandonment and vacation.)
3. Failure to perform any nonmonetary covenants or agreements other provisions of this Lease if the failure to perform is not cured within ten (10) days after notice has been given to Lessee. If the default cannot reasonably be cured within ten (10) days, Lessee shall not be in default of this Lease if Lessee commences to cure the default within the 10-day period and said default shall continue for twenty (20) diligently and in good faith continues to cure the default.
4. The discovery by Lessor that any financial statement given to Lessor by Lessee, any assignee of Lessee, any subtenant of Lessee, any successor in interest of Lessee or any guarantor of Lessee's obligation hereunder, and any of them was materially false.
5. The filing of a petition in bankruptcy by any guarantor of Lessee's obligations hereunder and the failure within ten days after written notice thereof, or in from Lessor to Lessee to provide the event substitute guarantor of Lessee's obligation hereunder satisfactory to Lessor. Notices given under this paragraph shall specify the alleged default and shall demand that Lessee perform the default be of such a nature as cannot with diligent effort be cured within said twenty (20) day period, if Lessee shall not commence to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate the Premises prior to the expiration of the term of this Lease, then and in addition to any and all other legal remedies and rights available to Lessor at law or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term provisions of this Lease to be due and payable and may collect or pay the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, re-enter and re-let the Premises, or any part thereof, with or without legal processrent that is in arrears, as the agent and for case may be, within the account applicable period of Lesseetime, upon or quit the premises. No such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting notice shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due deemed a forfeiture or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution termination of this Lease and promptly thereafter from time to time, give unless Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default so elects in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rentnotice.
Appears in 1 contract
Samples: Commercial Lease (Astropower Inc)
LESSEE'S DEFAULT. Section 1. The Lessee, ten (i10) If Lessee days after receipt of written notice shall be considered in default in of this Lease upon failure to pay when due the payment of the Fixed Annual Rent, any additional rent or any other sums payable sum required by Lessee herein when duethe terms of the Lease; failure to perform any term, and such default shall continue covenant or condition of this Lease; the commencement of any action or proceeding for a period the dissolution, liquidation or reorganization under the Bankruptcy Act, of five (5) days after written noticeLessee, or (ii) if Lessee shall default in for the performance appointment of a receiver or trustee of the Lessee's property; the making of any nonmonetary covenants assignment for the benefit of creditors by Lessee; the suspension of business; or agreements the abandonment of the Leased Premises by the Lessee. ANY DEFAULTS OTHER THAN NONPAYMENT DEFAULTS SHALL HAVE A THIRTY (30) DAY CURE PERIOD.
Section 2. In the event of default of this Lease and said default shall continue by Lessee, than Lessor MAY PURSUE ANY AND ALL REMEDIES AND RIGHTS AVAILABLE TO THE LESSOR UNDER APPLICABLE OHIO LAW. Should Lessor elect to reenter or should it take possession pursuant to legal proceedings or pursuant to any notice provided for twenty (20) days after written notice thereofby law, or in the event that the default be of such a nature as cannot with diligent effort be cured within said twenty (20) day period, if Lessee shall not commence to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate the Premises prior to the expiration of the term of it may either terminate this Lease, then and in addition to any and all other legal remedies and rights available to Lessor at law or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of it may without terminating this Lease to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, re-enter and re-let the Premises, relet said Leased Premises or any part thereof, with thereof for such term or without legal process, as the agent terms and for the account of Lessee, at such rental or rentals and upon such other terms and conditions as Lessor may deem advisable or satisfactoryadvisable, in which event with the rents right to make alterations and repairs to said Leased Premises for the purpose of rerental. Should such rentals received on from such re-letting reletting during any month be less than required to be paid by Lessee as defined above, then Lessee shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to immediately pay such sums and other charges, (i) deficiency to Lessor. Should Lessor at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in time terminate this Lease in previous for any breach or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term act of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, Lessordefault, in addition to any other rights and remedies remedy it may have, shall have the right to remove it may recover from Lessee all or any part of Lessee’s property from the Premises and any property removed damages it may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned incur by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice reason of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach act of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equitydefault.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rent.
Appears in 1 contract
LESSEE'S DEFAULT. (i) If Lessee shall The following shall, at the election of Manager, constitute events of default in the payment of the Fixed Annual Rent, any additional rent or any other sums payable by Lessee under this Agreement (each such event being referred to herein when due, and such default shall continue as a "Lessee's Default"):
(a) The failure of Lessee to pay any amount to Manager provided for herein for a period of five ten (5) days after written notice, or (ii) if Lessee shall default in the performance of any nonmonetary covenants or agreements of this Lease and said default shall continue for twenty (2010) days after written notice thereof, or in the event that the default be by Manager of such failure to pay.
(b) Failure of Lessee to keep or perform any duty, obligation, covenant or agreement of Lessee under this Agreement (other than the obligation to pay that is the subject of paragraph (a) above) and such failure continues for a nature as period of thirty (30) days after receipt of written notice thereof from Manager; provided, however, if such failure cannot with diligent effort reasonably be cured remedied or corrected within said twenty (20) such 30-day period, if Lessee then such 30-day period shall not commence be extended for such additional period as may be reasonably required to cure within said period such default but only if the Lessee promptly commences to cure such default and diligently prosecute remedial efforts continue thereafter with all due diligence to completion within complete such a reasonable time thereaftercure to the satisfaction of Manager.
(c) The occurrence of a default by Lessee under any of the Other Management Agreements, not to exceed sixty after taking into consideration applicable notice, grace and cure periods.
(60d) The occurrence of a default by the holder of the License under, or termination of the License Agreement or any of the Other License Agreements, after taking into consideration applicable notice, grace and cure periods, if any.
(iiie) if The occurrence of a default under or other termination of the Percentage Lease.
(f) Lessee should become bankrupt or the Partnership is voluntarily or involuntarily dissolved or declared bankrupt, insolvent or commits an act of bankruptcy or enters into liquidation whether compulsory or voluntary, other than for the purpose of amalgamation or reconstruction, or compounds with its creditors, or has a receiver appointed over all or any debtor proceedings be taken by part of its assets, or against Lessee conveys title in lieu of foreclosure.
(g) A "Change in Ownership", as defined in the License Agreement occurs unless the new owner of the Hotel receives a Commitment Agreement (as defined in Section 9.05 below) and enters into an assumption agreement in accordance with Section 9.05 below.
(h) Failure of the Partnership to keep or (iv) if Lessee shall abandon perform any duty, obligation, covenant or vacate agreement of the Premises prior Partnership under any of the "Comfort Letters" from Manager to the expiration Partnership agreed to and accepted by the Partnership (collectively, the "Comfort Letters") relating to the Hotel and each of the term Other Hotels and such failure continues for a period of this Leasethirty (30) days after receipt of written notice thereof from Manager; provided, however, if such failure cannot reasonably be remedied or corrected within such 30-day period, then such 30-day period shall be extended for such additional period as may be reasonably required to cure such default, but only if the Partnership promptly commences to cure such default and continue thereafter with all due diligence to complete such a cure to the satisfaction of Manager. On the occurrence of any Lessee's Default Manager shall have the right to terminate this Agreement by written notice to Lessee, in addition to any and all its rights to seek damages or other legal remedies and rights available to Lessor it at law or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, re-enter and re-let the Premises, or any part thereof, with or without legal process, as the agent and for the account of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rent.
Appears in 1 contract
LESSEE'S DEFAULT. a. All rights and remedies of Lessor herein enumerated shall be cumulative, and none shall exclude any other rights or remedies allowed by law or in equity. The occurrence of any of the
b. following shall constitute an “Event of Default” under this Lease by Lessee: (i) If Lessee shall default in the fail to make payment of the Fixed Annual any monthly installment of Base Rent, any additional rent Additional Rent, or any other sums payable charges hereunder in the amount as herein provided within three (3) days from the date any such payment is due; (ii) Lessee shall violate or fail to perform any of the other terms, covenants or conditions herein made by Lessee herein when dueLessee, and such default violation or failure shall continue for a period of five thirty (5) days after written notice, or (ii) if Lessee shall default in the performance of any nonmonetary covenants or agreements of this Lease and said default shall continue for twenty (2030) days after written notice thereofthereof to Lessee by Lessor or, if such violation or in the event that the default be of such a nature as cannot with diligent effort be cured within said twenty failure shall reasonably require longer than thirty (2030) day perioddays to cure, if Lessee shall not fail to commence to cure same within said period thirty (30) days after receipt of notice thereof and diligently continuously prosecute remedial efforts the curing of the same to completion within a reasonable time thereafter, not to exceed sixty (60) with due diligence; (iii) if Lessee should become bankrupt shall make a general assignment for the benefit of its creditors or insolvent shall file or any debtor proceedings be taken by have filed involuntarily against Lessee, a petition for bankruptcy or against Lessee other reorganization, liquidation, dissolution or similar relief; (iv) if a proceeding is filed against Lessee seeking any relief mentioned in (iii) above and said proceeding is not discharged within forty-five (45) days of the filing thereof; (v) a trustee, receiver or liquidator shall be appointed for Lessee on a substantial part of its property; or (vi) Lessee shall abandon mortgage, assign or vacate the Premises prior to the expiration of the term of otherwise encumber its leasehold interest other than as specifically permitted under this Lease.
c. Notwithstanding the aforementioned, then and Lessor, in addition to its sole discretion, may, at any and all other legal remedies and rights available to Lessor at law time after Lessee’s default or in equityviolation of any term, Lessor maycovenant or condition contained herein:
A. i. Declare the entire balance of fixed Annual all forms of Base Rent and additional rent due hereunder under this Lease for the remainder of the term of this Lease to be due and payable and may collect the then present value of the same (calculated using a discount equal to the yield then obtainable from the United States Treasury Bxxx or Note with a maturity date closest to the date of expiration of the Term) by distress or otherwise;
B. ii. Apply the Deposit against the balance of all forms of Base Rent and Additional Rent due under this Lease;
iii. Terminate Lessee’s right to occupy the Premises;
iv. Enter the Premises and re-let the same or any part of the Premises in the name of Lessor, or otherwise, as Lessee’s agent, for a term shorter or longer than the balance of the term of this Lease, and may grant concessions or free rent in connection therewith, thereby terminating Lessee’s right to possess the Premises, without terminating Lessee’s obligations to pay the entire balance of all forms of Base Rent and Additional Rent for the remainder of the term of this Lease, plus repairs and expenses (including, but not limited to, the expenses of obtaining possession, brokerage expenses, Lessee work modifications, legal fees, and decorating expenses) in connection therewith. Lessor shall have no obligation to re-let the Premises, and its failure to do so, or failure to collect rent on re-letting, shall not affect Lessee’s liability under this Lease. In no event shall Lessee be entitled to a credit or repayment for re-rental income which is payable by Lessee under this Lease or which covers a period after the original term of this Lease; and/or
v. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;.
C. Without terminating d. Any and all property which may be removed from the Premises by Lessor, pursuant to the authority of this LeaseLease or of law, re-enter to which Lessee is or may be entitled, may be handled, removed or stored by Lessor at the sole risk, cost and re-let the Premises, or any part thereof, with or without legal process, as the agent and for the account expense of Lessee, and Lessor shall in no event be responsible for the value, preservation or safekeeping thereof. Lessee shall pay to Lessor, upon demand, any and all expenses incurred in such terms removal and conditions as Lessor may deem advisable all storage charges against such property. Any such property of Lessee not removed from the Premises or satisfactory, in which event retaken from storage by Lessee within thirty (30) days after the rents received on such re-letting shall be applied first end of the term of this Lease or of Lessee’s right to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations possession of the Premises, reasonable attorney’s feeshowever terminated, shall be conclusively deemed to have been forever abandoned by Lessee and may either be retained by Lessor as its property or may be disposed of in such manner as Lessor may see fit in its sole discretion.
e. Lessee agrees, that if it shall at any real estate commissions paidtime, and thereafter toward fail to make any payment of all sums due or perform any other act on its part to become due be made or performed under this Lease, Lessor hereundermay, and if a sufficient sum but shall not be thus realized obligated to, and after reasonable notice or secured demand and without waiving, or releasing Lessee from any obligation under this Lease, make such payment or perform such other act to the extent Lessor, in its sole discretion, may deem desirable, and in connection therewith, to pay expenses and employ counsel. All sums so paid by Lessor and all expenses in connection therewith, together with interest thereon at the highest rate of interest per annum allowed by law from the date of payment, shall be deemed Additional Rent hereunder and payable at the time of the next installment of Rent thereafter becoming due and Lessor shall have the same rights and remedies for the non-payment thereof, or of any other Additional Rent, as in the case of default in the payment of Rent.
f. Notwithstanding anything to the contrary contained herein, if Lessor elects to terminate this Lease as a result of any of the contingencies specified in this Section, Lessor shall forthwith, upon such sums termination, be immediately entitled to recover as damages, and other chargesnot as a penalty, an amount equal to the Base Rent and Additional Rent provided in this Lease for the residue of the term of this Lease (i) at Lessorthe “Term”).
g. If any of Lessee’s optionchecks for Rent are dishonored by Lessee’s bank, the amount due shall be deemed a Late Charge and treated accordingly. In addition thereto, Lessee shall pay to Lessor a service charge covering administrative expenses relating hereto in the amount of One Hundred Dollars ($100.00) per such check. If during the Term more than two (2) of Lessee’s checks are so dishonored by Lessee’s bank, then Lessor, in its sole discretion, may require all future Rent of Lessee to be paid by cashiers check or money order only.
h. In addition to the Late Charge, any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess payments required to be made by Lessee under the provisions of the periodic rental stipulated in this Lease not made by Lessee when and as due shall, from the date when the particular amount became due to the date of payment thereof to Lessor, bear interest at the rate of eighteen percent (18%) per annum or the maximum lawful rate of interest allowed by law (whichever is lower). Notwithstanding anything to the contrary in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall Lessee does not intend or expect to pay, nor does Lessor expect to charge, accept, or collect any Rent, Late Charge or interest which collectively would be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let greater than the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus highest legal rate of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury interest which may be occasioned by any charged under the laws of the aforesaid acts. Lessee shall, upon execution State of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the PremisesFlorida.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. i. In the event of a breach or threatened breach by Lessee of any covenant of the terms, covenants and conditions of this Lease, Lessor shall have the right of injunctioninjunction and the right to invoke any remedy allowed at law or in equity as if re-entry, summary proceedings and other remedies were not herein provided for. Any and all rights, remedies and options given Mention in this Lease to of any particular remedy shall not preclude Lessor shall be cumulative from any other remedy, in law or in equity. Lessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in addition to and without waiver ofthe event of Lessee’s being evicted or dispossessed for any cause, or in derogation ofthe event of Lessor’s obtaining possession of the Premises, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If by reason of the violation by Lessee shall default in the performance of any provision of the terms, covenants or conditions of this Lease on Lesseeor otherwise; and further expressly waives service of any notice of Lessor’s part intention to be performedre-enter. Notwithstanding the aforementioned, Lessor may perform Lessee shall pay all and singular the same for costs, charges, expenses, and attorneys’ fees, reasonably incurred or paid at any time by Lessor, including initial collection efforts and continuing through all litigation, appeals and any post-judgment execution efforts until fully satisfied, because of the account failure of Lessee to perform, comply with and Lessee shall promptly reimburse Lessor for any expense incurred thereforabide by each and every of the terms, which expenses shall be deemed to be additional rentcovenants and conditions of this Lease.
Appears in 1 contract
Samples: Business Lease (Imaging Diagnostic Systems Inc /Fl/)
LESSEE'S DEFAULT. Should any default occur under the Lease, Lender shall have thirty (30) days after receipt of notice from Lessor setting forth the nature of such default, and, if the default is such that possession of the Premises may be necessary to remedy the default, a reasonable time after the expiration of such thirty (30) day period within which to remedy such default, provided that (i) If Lessee Lender shall have fully cured any default in the payment of any monetary obligations of Lessee under the Fixed Annual RentLease, any additional rent or any other sums payable by Lessee herein within such thirty (30) day period and shall continue to pay currently such monetary obligations as and when the same are due, and such default shall continue for a period of five (5) days after written notice, or (ii) if Lessee Lender shall default have given Lessor written notice that Lender intends to take action to acquire Lessee’s leasehold estate, and, subject to the provisions of Section 2(i) below, commenced foreclosure or other appropriate proceedings in the performance of any nonmonetary covenants or agreements of this Lease and said default shall continue for twenty (20) days after written notice thereof, or in the event that the default be of such a nature as cannot with diligent effort be cured within said twenty (20) day period, if Lessee shall not commence to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate the Premises prior to the expiration of the term of this Lease, then and in addition to any and all other legal remedies and rights available to Lessor at law or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, re-enter shall thereafter diligently and re-let the Premises, or any part thereof, with or without legal process, as the agent and for the account of Lessee, upon continuously prosecute such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first proceedings to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lesseecompletion. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor Lender shall not be liable in damages for any such re-entryindemnities set forth in the Lease unless and until Lender assumes the obligations of Lessee thereunder; provided, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In however, that in the event of a breach or threatened breach of the default under the Lease relates to Lessee’s failure to make any covenant of this payment due on an indemnity set forth in the Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease Lender acknowledges that its failure to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall cure such default may result in the performance termination of any provision the Lease and the loss of this Lease on LesseeLender’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rentsecurity.
Appears in 1 contract
Samples: Ground Lease (Vmware, Inc.)
LESSEE'S DEFAULT. (i) If Lessee shall default in Upon the payment occurrence of the Fixed Annual Rent, any additional rent or any other sums payable Event of Default by Lessee herein when duehereunder, and such default shall continue for a period of five (5) days after written noticeLessor, or (ii) if Lessee shall default in the performance of any nonmonetary covenants or agreements of this Lease and said default shall continue for twenty (20) days after at its option upon written notice thereof(or attempted notice) and without any further demand, or in the event that the default be of such a nature as cannot with diligent effort be cured within said twenty (20) day period, if Lessee shall not commence to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate the Premises prior to the expiration of the term of this Lease, then and in addition to any other rights and all other legal remedies and rights available to Lessor at law given hereunder or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, re-enter and re-let the Premises, or any part thereof, with or without legal process, as the agent and for the account of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other chargeslaw, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to treat the occurrence of any one or more of the foregoing Events of Default as a breach of this Lease (provided, no such levy, execution, legal process or petition filed against Lessee shall constitute a breach of this Lease by Lessor) and (ii) with or without terminating this Lease, immediately or at any time thereafter, shall have the right, at its option, to elect any one or more of the following remedies:
(1) Lessor may demand that Lessee vacate the Leased Premises. Lessee shall vacate the Leased Premises within thirty days after receipt of notice to vacate from Lessor, whereupon Lessor shall have the right to re-enter and take possession the Leased Premises. No re-entry shall be considered or construed to be a forcible entry or a termination of this Lease.
(2) In the event the Lessor re-enters the Leased Premises (or upon Lessee's failure to remove all or any part of Lessee’s its personal property from the premises after the expiration of the Lease Term), the Lessor may remove all persons, any and all personal property located in the Leased Premises and any place such property removed may be stored in any a public or private warehouse or elsewhere at the sole cost ofand expense of Lessee, all without service of legal notice or resort to legal process and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or being deemed guilty of trespass or forcible entry except becoming liable for damages conversion or injury caused by intentional misconduct.
F. In the event any loss or damage which may result thereby. Such repossession or removal shall in no way constitute or be deemed an acceptance of a breach or threatened breach of any covenant surrender of this Lease, Lessor . Such warehouser shall have all rights and remedies provided by law against Lessee as the right owner of injunctionsuch property. Any and all rightsIn addition, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If the event that Lessee shall default in not immediately pay the performance cost of any provision storage of this Lease on Lessee’s part to be performed, such property after the same has been stored for a period of 30 days or more. Lessor may perform sell any or all thereof at a public or private sale in such manner and at such times and places as Lessor in its sole discretion may deem proper, without notice to or demand upon Lessee and apply the same proceeds thereof to the costs of removal, storage and sale of the property and any other sums due Lessor from Lessee. Lessee waives all claims for damages that may be caused by Lessor re-entering the account of Lessee Leased Premises and removing, storing and/or selling the property as herein provided, and Lessee shall promptly reimburse indemnify and hold Lessor for free and harmless from and against any expense and all losses, costs and damages incurred thereforby Lessor in re-entering the Leased Premises and removing, which expenses moving storing and selling said property, including without limitation, all costs of court and attorney's fees of Lessor occasioned thereby. Lessee hereby irrevocably appoints Lessor as Lessee's attorney-in-fact with the rights and powers necessary in order to effectuate the provisions of this subparagraph. Such appointment shall be deemed to be additional rentcoupled with an interest.
Appears in 1 contract
Samples: Lease Agreement (Haht Commerce Inc)
LESSEE'S DEFAULT. (i) If This Lease is made upon the condition that Lessee shall default in the payment punctually and faithfully perform all of the Fixed Annual Rentcovenants and agreements by Lessee to be performed as herein set forth, and if any additional of the following events of default shall occur, to-wit:
A. The rent or any other sums payable required to be paid by Lessee herein when duehereunder, or any part thereof, shall at any time be in arrears and unpaid for fourteen (14) days after receipt of written notice of default from Lessor to Lessee; or
B. There be any default in the observance or performance of any of the other covenants, agreements or conditions of this Lease on the part of Lessee to be kept and performed, and such said default shall continue for a period of five thirty (5) days after written notice, or (ii) if Lessee shall default in the performance of any nonmonetary covenants or agreements of this Lease and said default shall continue for twenty (2030) days after written notice thereofthereof from Lessor to Lessee (unless such default cannot be reasonably cured within thirty (30) days and Lessee shall have commenced to cure said default within said thirty (30) days and continues diligently to pursue the curing of the same); or
C. Any proceedings in bankruptcy, insolvency or reorganization shall be instituted against Lessee, and such proceeding is not stayed within 45 days of its commencement, pursuant to any federal or state law, or in the event that the default any receiver or trustee shall be of such a nature as cannot with diligent effort be cured within said twenty (20) day period, if Lessee shall not commence to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent appointed for all or any debtor proceedings be taken by portion of Lessee’s business or property, or any final, non-appealable execution or attachment in excess of $500,000 shall issue against Lessee or (iv) if Lessee’s business or property or against the leasehold estate created under this Lease or Lessee shall abandon be adjudged a bankrupt or vacate insolvent, or Lessee shall make an assignment for the benefit of creditors, or Lessee shall file a voluntary petition in bankruptcy or petitions for (or enters into) an arrangement for reorganization, composition or any other arrangement with Lessee’s creditors under any federal or state law; or
D. The leasehold estate hereby created shall be taken on execution or by other process of law; then, and in any of said cases, Lessor, at Lessor’s option, may terminate this Lease and reenter upon the Premises prior and take possession thereof with full right to xxx for and collect all sums or amounts with respect to which Lessee may then be in default and accrued up to the expiration time of such entry, including damages to Lessor by reason of any breach or default on the part of Lessee, or Lessor may, if Lessor elects so to do, bring suit for the collection of such rents and damages without entering into possession of the term of Premises or voiding this Lease. In addition to, then and but not in addition to limitation of, any and all other legal of the remedies and rights available set forth in this Lease or given to Lessor at by law or in equity, Lessor may:
A. Declare shall also have the entire balance right and option, in the event of fixed Annual Rent due hereunder any default by Lessee under this Lease and the continuance of such default after the period of notice above provided, to retake possession of the Premises from Lessee by summary proceedings or otherwise (and it is agreed that the commencement and prosecution of any action by Lessor in forcible entry and detainer, ejectment or otherwise, or any execution of any judgment or decree obtained in any action to recover possession of the Premises, shall not be construed as an election to terminate this Lease unless Lessor expressly exercises Lessor’s option hereinbefore provided to declare the term hereof ended, whether or not such entry or reentry be had or taken under summary proceedings or otherwise, and shall not be deemed to have absolved or discharged Lessee from any of Lessee’s obligations and liabilities for the remainder of the term of this Lease Lease) and Lessee shall, notwithstanding such entry or reentry, continue to be due liable for the payment of the rents and payable the performance of the other covenants and conditions hereof and shall pay to Lessor all monthly deficits after any such reentry in monthly installments as the amounts of such deficits from time to time are ascertained and if, in the event of any such ouster, Lessor rents or leases the Premises to some other person, firm or corporation (whether for a term greater than, less than or equal to the unexpired portion of the term created hereunder) for an aggregate rent during the portion of such new lease coextensive with the term hereby created which is less than the rent Lessee would pay hereunder for such period, Lessor may collect immediately, upon the same by distress making of such new lease or the creation of such new tenancy, xxx for and recover the difference between the aggregate rental provided for in said new lease or the portion of the term thereof coextensive with the term created hereunder and the rent which Lessee would pay hereunder for such period, together with any expenses to which Lessor may be put for brokerage commission, placing the Premises in tenantable condition or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession . If such new lease or tenancy is made for a shorter term than the balance of the Premises;
C. Without terminating this Lease, re-enter and re-let the Premises, or any part thereof, with or without legal process, as the agent and for the account of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, any such action brought by Lessor to collect the deficit for that period shall be immediately not bar Lessor from thereafter suing for any loss accruing during the balance of the unexpired term of this Lease. In addition to all other sums due and payable by owing from Lessee to Lessor, as the result of Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, ’s default in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided term or condition set forth in this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, Lessee shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transportand shall pay to Lessor all of Lessor’s costs and expenses, storage or otherwiseincluding actual attorneys’ fees, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises incurred by Lessor shall be construed as an election on in enforcing Lessee’s obligations pursuant to this Lease. However, Lessor acknowledges that Lessor has a duty to mitigate Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable damages in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equitydefault by Lessee.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rent.
Appears in 1 contract
LESSEE'S DEFAULT. (i) If Lessee shall default in the payment Any of the Fixed Annual Rentfollowing events or occurrences shall constitute a material breach of this Lease by Lessee, and, after the expiration of any additional rent or any other sums payable applicable grace period, shall constitute an event of default:
(a) The failure by Lessee herein to pay any amounts provided for in this Lease, including, but not limited to, insurance in full when due, and such default shall continue due if the failure has continued for a period of five ten (510) days after written noticeLessor demands in writing that Lessee cure the failure:
(b) The failure by Lessee to perform any obligation under this Lease, or which Lessee has no capacity to cure;
(iic) The failure by Lessee to perform any other obligation under this Lease, if Lessee shall default in the performance failure has continued for a period of any nonmonetary covenants or agreements of this Lease and said default shall continue for twenty (20) days after written notice thereofLessor demands in writing that Lessee cure the failure. If the obligation is reasonably and potentially curable, or in the event that the default be of such a nature as but cannot with diligent effort be cured within said twenty (20) day perioddays, if Lessee shall not commence have such additional time to cure within said period and diligently prosecute remedial efforts to completion within a as may be reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if under the circumstances provided that Lessee shall abandon or vacate diligently work to implement the Premises prior to the expiration of the term of this Lease, then and in addition to any and all other legal remedies and rights available to Lessor at law or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable and may collect the same by distress or otherwisecure.;
B. Terminate this Lease and any right of renewal thereof, and retake possession (d) A general assignment by Lessee of the Premises, including an assignment for the benefit of Lessee’s creditors;
C. Without terminating this Lease(e) Any voluntary filing, re-enter and re-let the Premisespetition, or application by Lessee under any part thereoflaw relating to insolvency or bankruptcy, with or without legal processincluding, as the agent and for the account of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations a declaration of the Premisesbankruptcy, reasonable attorney’s fees, any real estate commissions paida reorganization, and thereafter toward payment of all sums due or to become due Lessor hereunderan arrangement;
(f) The abandonment, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arisevacation, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession surrender of the Premises by Lessor shall be construed as an election on Lessee without Lessor’s part prior written consent;
(g) The dispossession of Lessee from the Premises by process of law or otherwise;
(h) The appointment of a trustee or receiver to terminate this Lease unless a written notice take possession of such intention is given to all or substantially all of Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry’s assets, or guilty the attachment, execution, or other seizure of trespass all or forcible entry except for damages substantially all of Lessee’s assets located at the Premises or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of Lessee’s interest in this Lease, Lessor shall have unless the right of injunction. Any and all rightsappointment, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver ofattachment, execution, or in derogation ofseizure is discharged within thirty (30) days of its commencement;
(i) The involuntary filing against Lessee of a petition to have Lessee declared bankrupt, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in unless the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rent.filing is dismissed within sixty (60) days; or
Appears in 1 contract
Samples: Commercial Lease (Lulu's Fashion Lounge Holdings, Inc.)
LESSEE'S DEFAULT. (i) If Lessee shall default in the payment The occurrence of any one of the Fixed Annual Rentfollowing events constitutes a default by the Lessee and a breach of this Lease and its covenants by the Lessee, any additional rent if such default, breach or any other sums payable by Lessee herein when due, non performance is continued and such default shall continue for a period of five not cured within ten (510) days after written noticenotice from Lessor:
(a) The vacating or abandonment of the Premises by Lessee, or the failure of the Lessee to be open for business and for the conduct of business as described in the Use Clause Article found in this Lease, (iib) if The failure by Lessee to make any payment of Rent, Additional Rent and/or adjustments on or before the due date thereof, (c) The failure by Lessee to perform any covenants herein or the breach by Lessee of any Lease covenants herein, other than those described in this section, and the further failure by Lessee to cure such covenant breach or non-performance, or to commence to cure and diligently pursue the cure of the covenant breach or non-performance which cannot be fully remedied within ten (10) days, (d) Petition by Lessee for bankruptcy, insolvency, or general assignment for the benefit of its creditors, or receiver appointment for Lessee for the substantial part of its assets and properties and such receiver is not removed with ten (10) days after its appointment, (e) If the Lessee shall default as described in this section, or in the performance of any nonmonetary covenants or agreements of this Lease and said default shall continue for twenty (20) days after written notice thereof, or covenant contained in the event that the default be of such a nature as cannot with diligent effort be cured within said twenty (20) day period, if Lessee shall not commence to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate the Premises prior to the expiration of the term of this Lease, then and in addition to if such default is repeated once within the next twelve months then, notwithstanding that such defaults shall have been cured within the period after notice as herein provided, any and all other legal remedies and rights available to Lessor at law or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, re-enter and re-let the Premises, or any part thereof, with or without legal process, as the agent and for the account of Lessee, upon further similar default within such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting twelve month period shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if deemed a sufficient sum shall Lessee Default which cannot be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand thereforcured, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment provisions for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent cure provided in this Lease.
D. If any Event of Default occurs. Upon such default, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transportmay proceed, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rent.with five
Appears in 1 contract
Samples: Lease Agreement
LESSEE'S DEFAULT. (i) The occurrence of any of the following shall be deemed to be a “Lessee Default” under the terms of this Lease:
A. If Lessee shall default breach this Lease by failing to make any payment due from Lessee to Lessor hereunder, which is not paid within fifteen (15) days after Lessor notifies Lessor in writing that such payment is past due and has not been received; or
B. If Lessee shall breach any provision of this Lease other than for the payment of the Fixed Annual Rent, any additional rent or any other sums payable by Lessee herein when due, Rent and such default shall continue for a period of five fail to remedy within sixty (5) days after written notice, or (ii) if Lessee shall default in the performance of any nonmonetary covenants or agreements of this Lease and said default shall continue for twenty (2060) days after written notice thereof, or in the event that the default be of such a nature as cannot with diligent effort be cured within said twenty (20) day period, if Lessee shall not commence to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate the Premises prior to the expiration of the term of this Lease, then and in addition to any and all other legal remedies and rights available to Lessor at law or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;breach; or
C. Without terminating this Lease, re-enter and re-let the Premises, or any part thereof, with or without legal process, as the agent and for the account of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations ’s abandonment of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment other than in the event of a Lessor Default (as defined below); or
D. Either (a) the appointment of a receiver to take possession of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess substantially all of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall ariseassets of Lessee, or (iib) at Lessor’s option, the entire deficiency, which is subject to ascertainment a general assignment by Lessee for the remaining term benefit of this Leasecreditors, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in or (c) any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all action taken or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed suffered by Lessee without hindrance, and Lessor shall not be liable in damages for under any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. Chapter 7 bankruptcy act. In the event of a breach or threatened breach of any covenant of this LeaseLessee Default, Lessor shall have the right of injunction. Any to re-enter the Premises and all rights, exercise any remedies and options given set forth in this Lease to or available at law. Upon the occurrence of a Lessee Default, Lessor shall be cumulative and may terminate the Lease immediately. Should Lessor at any time terminate this Lease for Lessee Default, in addition to any other remedy it may have, it may recover from Lessee all damages it may incur by reason of such Lessee Default, including the cost of recovering the Premises, reasonable attorneys’ fees and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performedexpenses. In addition, Lessor may perform relet the same Premises for all or any part of the account remainder of the Initial Term or any Renewal Term (as applicable) at such monthly rental as Lessor may with reasonable diligence be able to secure. Should Lessor be unable to relet after reasonable efforts to do so, or should such monthly rental be less than the Rent Lessee and was obligated to pay under this Lease, then Lessee shall promptly reimburse Lessor for any expense incurred thereforpay the amount of such deficiency to Lessor, which expenses shall be deemed in addition to be additional rentthe other damages identified above.
Appears in 1 contract
LESSEE'S DEFAULT. (i) If Lessee shall default in the payment The occurrence of any one or more of the Fixed Annual Rent, following events shall constitute a default and breach of this Lease by Lessee.
(a) The failure by Lessee to make any additional rent rental payment or any other sums payable payment required to be made by Lessee herein hereunder, as and when due, and where such default failure shall continue for a period of five thirty (5) days after written notice, or (ii) if Lessee shall default in the performance of any nonmonetary covenants or agreements of this Lease and said default shall continue for twenty (2030) days after written notice thereof, thereof by Lessor to Lessee.
(b) The failure by Lessee to observe or in the event that the default be of such a nature as cannot with diligent effort be cured within said twenty (20) day period, if Lessee shall not commence to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or perform any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate the Premises prior to the expiration of the term covenants, conditions or provisions of this Lease, then and other than those described in addition Section 11.1
(a) herein where such failure shall continue for a period of thirty (30) days after written notice thereof by Lessor to any and all other legal remedies and rights available to Lessor at law or in equityLessee; provided, Lessor may:
A. Declare however, if the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, re-enter and re-let the Premises, or any part thereof, with or without legal process, as the agent and for the account nature of Lessee's default is a non-monetary default that reasonably requires that more than thirty (30) days for its cure, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum then Lessee shall not be thus realized or secured deemed to pay be in default if Lessee commences such sums cure within said thirty (30) day period and other chargesthereafter diligently pursues such cure to a prompt completion. If Lessee does not pursue such a cure to a prompt completion, (i) at Lessor’s option, Lessee shall pay then Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove terminate this Lease.
(c) The making by Lessee of any general assignment or general arrangement for the benefit of creditors; or the filing by or against Lessee of a petition to have Lessee adjudged a bankrupt, or a petition for reorganization or arrangement under any law relating to bankruptcy (unless, in the case of a petition filed against Lessee, the same is dismissed within sixty (60) days); or the appointment of a trustee or a receiver to take possession of all or any part substantially all of Lessee’s property from 's assets located at the Premises and or of Lessee's interest in this Lease, where such seizure is not discharged within thirty (30) days.
(d) If Lessee permits, commits, suffers, or maintains any property removed may be stored in any public warehouse unlawful act, nuisance or elsewhere at waste on or about the cost ofPremises, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto materially damages the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rent.
Appears in 1 contract
LESSEE'S DEFAULT. (i) If Lessee shall default this Lease is terminated in the payment accordance with any of the Fixed Annual Rent, any additional rent or any other sums payable by Lessee terms herein when due, and such default shall continue for a period (with the exception of five (5) days after written noticeParagraph 27), or (ii) if Lessee vacates or abandons the Premises or if Lessee shall default in fail at any time to keep or perform any of the performance of any nonmonetary covenants or agreements conditions of this Lease and said default shall continue lease for twenty thirty (2030) days after written notice thereofdelivered to Lessee for such failure, i.e., specifically the covenant for the payment of monthly rent, then, and in any of such events Lessor may with or without notice or demand, at Lessor's option, and without being deemed guilty of trespass and/or without prejudicing any remedy or remedies which might otherwise be used by Lessor for arrearanges or preceding breach of covenant or condition of this lease, enter into and repossess said Premises and expel the Lessee and all those claiming under Lessee. In such event Lessor may eject and remove from said Premises all goods and effects (forcibly if necessary). This lease is not otherwise terminated may immediately be declared by Lessor as terminated. The termination of this lease pursuant to this Article shall not relieve Lessee of its obligations to make the payments required herein . In the event this lease is terminated pursuant to this Article, or in if Lessor enters the event that Premises without terminating this lease and Lessor relets all or a portion of the default be of such a nature as cannot with diligent effort be cured within said twenty (20) day periodPremises, if Lessee shall not commence be liable to cure within said period Lessor for all the costs of reletting, including necessary renovation and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if alteration of the leased Premises. Lessee shall abandon or vacate the Premises prior remain liable for all unpaid rental which has been earned plus late payment charges pursuant to the expiration of the term of this Lease, then Paragraph 21 and in addition to any and all other legal remedies and rights available to Lessor at law or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease lease for any deficiency between the net amounts received following reletting and the gross amounts due from Lessee, or if Lessor elects, Lessee shall be immediately liable for all rent and additional rent (Paragraph 19) that would be owing to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession end of the Premises;
C. Without terminating this Leaseterm, re-enter and re-let less any rental loss Lessee proves could be reasonably avoided, which amount shall be discounted by the discount rate of the Federal Reserve Bank, situated nearest to the Premises, or any part thereof, with or without legal process, as the agent and for the account of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, plus one percent (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee1%). Lessor shall use commercially reasonable its best efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from lease the Premises and any property removed may be stored in any public warehouse or elsewhere at otherwise mitigate the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises damages suffered by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to from any breach by Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rent.
Appears in 1 contract
Samples: Office Lease (Getty Images Inc)
LESSEE'S DEFAULT. Each of the following shall be an event of default (i“Event of Default”) If hereunder: (A) if Lessee shall default in the payment fail to pay any installment of the Fixed Annual Minimum Rent, any additional rent Additional Rent or any other sums payable by Lessee herein when duepayment due under this Lease, and such default failure shall continue for a period of five (5) business days following Lessor’s written notice of same to Lessee; (B) if Lessee or any guarantor or surety of Lessee’s obligations hereunder shall (i) make a general assignment for the benefit of creditors; (ii) commence any proceeding for relief, or seeking reorganization, arrangement, adjustment, liquidation, dissolution or composition of it or its debts or seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or of any substantial part of its property; (iii) become the subject of any such proceeding which is not dismissed within ninety (90) days after its filing or entry; or (iv) die or suffer a legal disability (if Lessee, guarantor or surety is an individual) or be dissolved or otherwise fail to maintain its legal existence (if Lessee, guarantor or surety is a corporation, partnership or other entity); (C) Lessee shall fail to discharge or bond over any lien placed upon the Demised Premises in violation of this Lease within thirty (30) days after Lessee receives notice that any such lien or encumbrance is filed against the Demised Premises; and (D) if Lessee shall fail to comply with any provision of this Lease, other than those specifically referred to hereinabove and, except as otherwise expressly provided therein, such default shall continue for more than thirty (30) days after Lessor shall have given Lessee written notice of such default, or such longer period if such default cannot be reasonably cured within such thirty (30) day period, provided that Lessee diligently commences the cure within the thirty (30) day period and diligently prosecutes such cure to completion. Upon the occurrence of an Event of Default, defined as aforesaid, then in any such case, notwithstanding any waiver or other indulgence of any prior default, Lessor may terminate this Lease by written notice to Lessee sent at any time thereafter, but before Xxxxxx has cured or removed the cause for such termination. Such termination shall take effect on the later of (i) the last day of the month in which Xxxxxx receives the notice, or (ii) if Lessee shall default in the performance of any nonmonetary covenants or agreements of this Lease and said default shall continue for twenty twenty-one (2021) days after written notice thereofXxxxxx receives the notice, or in the event that the default and shall be of such a nature as cannot with diligent effort be cured within said twenty (20) day period, if Lessee shall not commence to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate the Premises prior to the expiration of the term of this Lease, then and in addition without prejudice to any and all other legal remedies and rights available to remedy Lessor at law or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, re-enter and re-let the Premises, or any part thereof, with or without legal process, as the agent and for the account of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may might otherwise have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened prior breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equitycovenant.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rent.
Appears in 1 contract
LESSEE'S DEFAULT. (i) If Failure on the part of Lessee shall default in to pay any amounts payable under the payment of the Fixed Annual Rent, any additional rent or any other sums payable by Lessee herein when due, and such default shall continue for a period of five (5) days after written notice, or (ii) if Lessee shall default in the performance of any nonmonetary covenants or agreements terms of this Lease Agreement or, failure of Lessee to promptly and said default shall continue faithfully keep and perform every covenant, condition, agreement and obligation of this Agreement for more than twenty (20) days after written notice thereofof such default shall have been given to Lessee, or shall constitute an event of default under the terms of this Agreement. Upon the occurrence of an event of default, Lessor, at its' option may, cause the forfeiture of this Agreement, without, however, releasing Lessee from liability for its' obligations under the terms of this Agreement. Lessor may demand immediate possession of the assets, demised premises and all improvements thereon and Lessee shall deliver the same to Lessor, either (i) as an operating facility, in the event that condition which lessee is required to maintain under the default be terms of such a nature as cannot with diligent effort be cured within said twenty this Agreement, immediately upon receipt of written notice or, (20ii) day period, if the Lessee shall not commence at its' sole expense, complete the closure of the evaporation ponds, in accordance with the Wyoming Department of Environmental Quality requirements and return the assets, demised premises and all improvements thereon to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate the Premises prior to condition required upon the expiration of the term of this original Gxxxxx Lease, then and in addition within ninety (90) days after the receipt of written notice. Thereupon Lessor shall be entitled to any and all other legal remedies and rights available to Lessor at law or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake take immediate possession of the Premises;
C. Without terminating this Leasepremises, re-enter any other notice or demand being hereby waived. Lessee agrees to quit and re-let the Premises, or any part thereof, with or without legal process, as the agent and for the account of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations deliver possession of the Premisesdemised premises to Lessor or Lessor's assigns, reasonable attorney’s feessuccessors or agents, any real estate commissions paid, and thereafter toward payment of all sums due when this Agreement terminates by limitation or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwiseforfeiture, and Lessee hereby waives any agrees that the premises shall be in substantially the same order and all claim against Lessor for lossin as good condition as received, destruction and/or damage or injury which may be occasioned by any of subject to the aforesaid acts. Lessee shallmaintenance, upon execution repair and replacement requirements of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the PremisesAqreement.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rent.
Appears in 1 contract
Samples: Operating Lease (Infinity Inc)
LESSEE'S DEFAULT. (i) If Lessee LESSEE shall default remain liable for any deficiency of rent and agrees to pay the same if it abandons or vacates the Demised Premises before the expiration of the term hereof or in the payment event this Lease is terminated for any breach of this Lease on the part of LESSEE, provided that LESSOR shall make reasonable efforts to re-rent the Demised Premises and all proceeds received therefrom shall be applied toward LESSEE'S obligation. If LESSEE vacates or abandons the Demised Premises or this Lease is terminated prior to the expiration of term hereof. LESSOR may enter to prepare the Demised Premises for the next lessee. Such entry, unless expressly stated in writing to the contrary by LESSOR shall not be deemed acceptance of the Fixed Annual RentDemised Premises as an ultimate surrender so as to release the LESSEE from further liability under the provisions of this Lease and shall be deemed an entry for the purpose of mitigating damages. Newspaper advertising shall not necessarily be required of LESSOR to mitigate damages. Attempts to mitigate damages need not be commenced until after LESSEE actually vacates, any additional whether or not LESSOR has prior notice of LESSEE'S intention to so do. The failure of LESSEE to pay the rent or any other sums payable by Lessee herein when due, and such default shall continue for a period of charge five (5) days after receipt by LESSEE of written notice from LESSOR that such rent or other charge is due is hereafter called a "Rental Default". The failure of LESSEE to comply with any other covenant or rule or regulation which is to be performed or observed by LESSEE, is hereafter called an "Other Default". In the case of a Rental Default. LESSOR may terminate this Lease. In the case of an Other Default, LESSEE shall deliver up possession of the Demised Premises if LESSOR gives LESSEE notice to cure such default or vacate the Demised Premises on or before a date at least fifteen (15) days after the giving of the notice and LESSEE fails to cure such default accordingly. No act of LESSOR in terminating this Lease or recovering possession of the Demised Premises shall discharge LESSEE from payment of any rent reserved in this Lease for the term thereof and LESSEE shall remain liable for all of such rent and all of the damages sustained by LESSOR on account of the breach of this Lease by LESSEE. In case of a Rental Default or an Other Default, LESSOR, may, in addition to terminating this Lease, or in lieu thereof, accelerate all or any part of the rental payments and other charges, discounted at 7% per annum, becoming due under this Lease and/or pursue such other remedy, or combination of remedies, and recover such other damages for breach of tenancy and/or contract as are available at law. If LESSEE fails to comply with an obligation which cannot be cured by the payment of money, LESSOR may, after the service of a 15-day notice, enforce the same by specific performance, mandatory injunction or other equitable relief. After the service of a notice or the commencement of a suit or after final judgment for possession of the Demised Premises, LESSOR may receive and collect any rent due and apply the same as and for use and occupancy, and the payment and receipt thereof shall not waive or affect any such notice, suit or judgment. LESSEE agrees that all of the covenants and agreements on the part of LESSEE in this Lease shall be deemed to be conditions as well as covenants, and if LESSEE causes a Rental Default or Other Default, then LESSOR shall have the right to re-enter and take possession of the Demised Premises and remove or cause LESSEE to be removed from the Demised Premises in such manner as LESSOR may deem advisable. If at any time during the term of this Lease, LESSEE voluntarily or involuntarily (1) deserts or abandons the Demised Premises, (2) is adjudicated as bankrupt or insolvent, or (ii3) if Lessee shall default has a receiver appointed for all or substantially all of its business or assets on the ground of LESSEE'S insolvency, or (4) has a trustee appointed for it after a petition has been filed for LESSEE'S reorganization under the Bankruptcy Act of the United States or any future law of the United States having the same general purpose, or (5) makes a voluntary assignment for the benefit of its creditors (all of which are included in the performance definition herein of "Other Defaults"), then, in any such event, LESSOR shall have the right, at LESSOR'S election, to give LESSEE notice of LESSOR'S intention to immediately terminate this Lease. In case of any nonmonetary covenants breach or agreements of this Lease and said default by LESSEE followed by re-entry by LESSOR, or in case LESSEE shall continue be dispossessed for twenty (20) days after written notice thereof, any cause by LESSOR or in the event that LESSOR shall obtain possession of the Demised Premises in any manner after any breach or default by LESSEE, rent shall be paid up to the time of such re-entry, dispossession or cessation of the term, and thereafter LESSOR shall have the right to call immediately due and payable, discounted at 7% per annum after due and payable, xxx for and recover all rents and other sums due or to become due hereunder, including damages arising out of any default on the part of LESSEE. Alternatively, LESSOR may relet the Demised Premises for a nature as cannot with diligent effort be cured within said twenty (20) day periodterm or terms which may, if Lessee shall not commence to cure within said at LESSOR'S option, exceed the period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate which would otherwise have constituted the Premises prior to the expiration balance of the term of this Lease, then and in such event LESSEE shall also pay to LESSOR any and all deficiency there may be between the rental and all other sums or payments to be paid by LESSEE as provided herein and the net amount of rentals and other sum or sums collected on account of Leases of the Demised Premises (after deducting from the gross receipts the expenses of every kind of LESSOR in connection with letting the Demised Premises, together with all attorney fees and also all other expenses, costs and payments which, in accordance with the terms of this Lease, would have been borne by LESSEE). Notwithstanding the termination of this Lease, the dispossession of LESSEE or the re-entry by LESSOR, the liability of LESSEE hereunder shall continue. LESSOR shall also have the right, without resuming possession of the Demised Premises or terminating this Lease, to call immediately due and payable, xxx for and recover all rents and other sums, including damages, at any time and from time to time accruing hereunder, subject to LESSOR'S obligation to mitigate damages. In addition to any and all other legal remedies remedies, LESSOR may also restrain any threatened breach of any covenant, condition or agreement herein contained. The mention herein of and rights available to Lessor at particular remedy or right shall not preclude LESSOR from any other remedy or right LESSOR might have either in law or in equity, Lessor may:
A. Declare the entire balance or by virtue of fixed Annual Rent due hereunder for the remainder of the term some other provisions of this Lease Lease; nor shall consent to or waiver of one violation or default be due and payable and may collect the same a consent to or a waiver of a subsequent violation or default. Receipt by distress LESSOR of rent or otherwise;
B. Terminate this Lease and other payment from LESSEE or from anyone other than LESSEE shall not be deemed to operate as a waiver of any right of renewal thereof, and retake possession LESSOR to enforce the payment by LESSEE of the Premises;
C. Without terminating this Lease, re-enter and re-let the Premises, any rent or any part thereof, with or without legal process, as the agent and for the account of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward other payment of all sums previously due or to which may thereafter become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting rights of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part LESSOR to terminate this Lease unless a written notice of such intention is given or to Lesseeexercise any remedy or right which might otherwise be available to LESSOR. Notwithstanding any such re-letting without termination. Lessor may at LESSEE agrees to pay all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed costs reasonably incurred by Lessee without hindrance, and Lessor shall not be liable LESSOR in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In enforcing the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision terms of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account including all costs of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rentcollection plus reasonable attorneys' fees.
Appears in 1 contract
Samples: Office Lease (Dovebid Inc)
LESSEE'S DEFAULT. (i) If Lessee The occurrence of any one or more of the following events shall constitute a default in and breach of this Lease by Lessee.
a. Lessee’s abandonment of the Premises.
b. Lessee’s failure to make any payment of the Fixed Annual Rent, any additional rent Rent or any other sums payable by Lessee herein payment required hereunder, as and when due.
c. Lessee’s failure to observe or perform any of the covenants, and conditions or provisions of this Lease to be observed or performed by the Lessee, other than failure to pay Rent, where such default failure shall continue for a period of five Fifteen (5) days after written notice, or (ii) if Lessee shall default in the performance of any nonmonetary covenants or agreements of this Lease and said default shall continue for twenty (2015) days after written notice thereofthereof by Lessor to Lessee; PROVIDED, or in however, that if the event nature of Lessee’s default is such that the default be of such a nature as cannot with diligent effort be cured within said twenty more than Fifteen (2015) day perioddays are reasonably required for its cure, if then Lessee shall not commence be deemed to be in default if Lessee commences such cure within said Fifteen (15) day period and thereafter diligently prosecute remedial efforts pursues such cure to completion within a reasonable time thereaftercompletion.
d. Lessee’s making of any general assignment or general arrangement for the benefit of creditors, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken the filing by or against Lessee of a petition to have Lessee adjudged a bankrupt, or the filing of a petition for reorganization or arrangement under any law relating to bankruptcy, unless, in the case of a petition filed against Lessee, the same is dismissed within Sixty (iv60) if Lessee shall abandon days.
e. The appointment of a trustee or vacate a receiver to take possession of substantially all of Lessee’s assets located at the Premises prior to the expiration or of the term of Lessee’s interest in this Lease, then and where possession is not restored to Lessee within Thirty (30) days.
f. The attachment, execution or other judicial seizure of substantially all of Lessee’s interest in addition to any and all other legal remedies and rights available to Lessor at law or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, re-enter and re-let where such seizure is not discharged within Thirty (30) days.
g. In the Premisescase of Lessee’s insolvency or bankruptcy, or any part thereof, with or without legal process, as the agent and assignment for the account benefit of creditors or the appointment of a receiver for the Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due forfeited and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let be of no further force and effect, and the Premises. Lessor shall notTrustee in Bankruptcy, in any eventReceiver, be required to pay Lessee any surplus or Assignee for the benefit of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, creditors shall have no rights whatsoever in the right to remove all Lease or any part of Lessee’s property from in the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the demised Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rent.
Appears in 1 contract
Samples: Commercial Lease Agreement
LESSEE'S DEFAULT. Each of the following events shall be a default hereunder by Lessee and a breach of this Lease:
(ia) If Lessee shall default file a petition in bankruptcy or insolvency or for reorganization or arrangement under the payment bankruptcy laws of the Fixed Annual Rent, United States or any insolvency act of any state or shall voluntarily take advantage of any such law or act by answer or otherwise or shall be dissolved or shall make an assignment for the benefit of creditors;
(b) If involuntary proceedings under any such bankruptcy law or insolvency act or for the dissolution of a corporation shall be instituted against Lessee or if a receiver or trustee shall be appointed of all or substantially all of the property of Lessee and such proceedings shall not be dismissed or such receivership or trusteeship vacated within thirty (30) days after such institution or appointment;
(c) If Lessee shall fail to pay Lessor any rent or additional rent or any other sums when the same shall become due and payable by Lessee herein when due, and such shall not cure the default shall continue for a period of within five (5) days after written noticenotice of same;
(d) If Lessee shall fail to perform any of the agreements, terms, covenants, or (ii) if Lessee shall default in the conditions hereof on Lessee's part to be performed and such non-performance of any nonmonetary covenants or agreements of this Lease and said default shall continue for twenty the period within which performance is required to be made by specific provision of this Lease, or if no such period is so provided, for a period of thirty (2030) days after written notice thereofthereof by Lessor to Lessee or, or in the event that the default be of if such a nature as performance cannot with diligent effort be cured reasonably had within said twenty such thirty (2030) day period, if Lessee shall not commence to cure in good faith have commenced such performance within said such thirty (30) day period and shall not diligently prosecute remedial efforts proceed therewith to completion within a reasonable time thereafter, not to exceed sixty completion;
(60e) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if If Lessee shall vacate or abandon the Leased Premises; or
(f) If this Lease or vacate the Premises prior estate of Lessee hereunder shall be transferred to or shall pass to or devolve unto any other person or party, except in a manner permitted under Article VII hereof. If this Lease shall be held by a permitted assignee or successor of Lessee, the expiration provisions of the term clauses (a) and (b) of this Lease, then and subsection shall apply only to such assignee or successor while in addition to any and all other legal remedies and rights available to Lessor at law or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, re-enter and re-let the Premises, or any part thereof, with or without legal process, as the agent and for the account of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Leased Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rent.
Appears in 1 contract
LESSEE'S DEFAULT. (i) If Lessee shall default in the payment The occurrence of any of the Fixed Annual Rent, following shall constitute a default by Lessee:
(a) Failure to pay any additional amount of rent (including taxes or any other sums payable by Lessee herein when due, and such default shall continue for a period of five (5which are directed to be paid as rent under the Master Lease) days after written notice, or (ii) if Lessee shall default in the performance of any nonmonetary covenants or agreements of this Lease and said default shall continue for within twenty (20) days after written notice thereof, is given by County or in Lessor (whichever occurs first) to cure the event that default.
(b) Failure to perform any other provision of this Lease if the failure to perform is not cured within 30 days after notice has been given to Lessee. If the default be of such a nature as cancan not with diligent effort reasonably be cured within said twenty (20) day period30 days, if Lessee shall not commence be in default of Lease if Lessee commences to cure the default within said the 30 day period and diligently prosecute remedial efforts and in good faith continues to completion within cure the default.
(c) The appointment of a reasonable time thereafter, not receiver to exceed sixty take possession of the Premises or improvements or of Lessee's interest in the leasehold estate or of Lessee's operations on the Premises for any reason.
(60d) (iii) if An assignment by Lessee should become bankrupt for the benefit of creditors or insolvent the filing of a voluntary or any debtor proceedings be taken involuntary petition by or against Lessee under any law for the purpose of adjudicating Lessee a bankrupt; or (iv) if Lessee shall abandon for extending time for payment, adjustment or vacate satisfaction of Lessee's liabilities; or for reorganization, dissolution or arrangement on account of or to prevent bankruptcy or insolvency, unless the Premises prior to the expiration of the term of this Leaseassignment or proceedings, then and in addition to any and all subsequent orders, adjudications, custodies and supervisions, are dismissed, vacated, or otherwise permanently stayed or terminated within 60 days after the assignment, filing or other legal remedies initial event. Notices given under this paragraph shall specify the alleged default and rights available to Lessor at law or in equitythe applicable Lease provision, Lessor may:
A. Declare and shall demand Lessee perform the entire balance of fixed Annual Rent due hereunder for the remainder of the term provisions of this Lease to be due and payable and may collect or pay the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, re-enter and re-let the Premises, or any part thereof, with or without legal processrent that is in arrears, as the agent and for case may be, within the account applicable period of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arisetime, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let quit the Premises. Lessor No such notice shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on deemed a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all forfeiture or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution a termination of this Lease and promptly thereafter from time to time, give unless Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default so elects in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rentnotice.
Appears in 1 contract
Samples: Lease (Lithia Motors Inc)
LESSEE'S DEFAULT. Lessor shall have the right to terminate this Lease or to terminate Lessee's right of possession without terminating this Lease in the event that any of the following events or conditions occur or exist (each an "Event of Default" and any event or condition that, upon notice, lapse of time or both would constitute an Event of Default being referred to as a "Default"):
(a) any rent payable in accordance with this Lease is not paid (i) If within ten (10) days after the due date thereof, if Lessee and Guarantor (as hereinafter defined) are not wholly owned direct or indirect subsidiaries of OPC or (ii) within the longer of ten (10) days after the due date thereof or two days after Lessor gives Lessee written notice that such rent has not been paid, if Lessee and Guarantor are wholly owned direct or indirect subsidiaries of OPC;
(b) Lessee fails to correct or cure a breach of any covenant or agreement of Lessee contained in this Lease, except with respect to nonpayment of rent, within thirty (30) days after Lessor has notified Lessee in writing of any such breach thereof; provided that, to the extent Lessee has commenced diligent and reasonable efforts to effect a cure of such breach during such thirty day period, such thirty day period shall default be extended for so long as Lessee continues to pursue such cure with reasonable and diligent efforts (but in no event longer than a period of one year from the payment date of such notice); so long as such extension would not cause or result in a material adverse effect or consequence to any portion of the Fixed Annual Rent, Leased Property;
(c) Lessee vacates or abandons any additional rent portion of the Leased Property (unless permitted pursuant to Section 7(e) hereof);
(e) any breach of any representations or any other sums payable warranties made by Lessee herein or Guarantor in the Guaranty or in any certificate or statement delivered pursuant hereto or thereto shall prove to have been false or misleading in any material respect on the date as of which made or deemed made;
(i) a default (as principal or guarantor) by either the Lessee or Guarantor in payment when duedue of any principal or interest under any instrument evidencing indebtedness for borrowed money or of any rental on any lease or a revolving credit agreement (in each case, and such default shall continue for a period of five (5) days after written noticewhether now existing or hereafter created), or (ii) if the occurrence of an event of default (with respect to the Lessee shall default or Guarantor) as defined in the performance of any nonmonetary covenants mortgage, indenture or agreements of this Lease and said default shall continue for twenty (20) days after written notice thereofinstrument under which there may be issued, or in by which there may be secured or evidenced, any indebtedness for borrowed money of, or guaranteed by, the event that Lessee or Guarantor (whether such indebtedness now exists or is hereafter created) and the default be occurrence of such a nature as cannot with diligent effort be cured within said twenty (20) day period, if Lessee shall not commence event of default causes such indebtedness to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate the Premises prior to the expiration of the term of this Lease, then and in addition to any and all other legal remedies and rights available to Lessor at law or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable prior to its stated maturity or due date and may collect the same by distress or otherwise;
B. Terminate has not been duly waived in writing; provided that no default under this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, re-enter and re-let the Premises, or any part thereof, with or without legal process, as the agent and for the account of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, subsection (if) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rent.exist as a result of a default or event of default (as described in clause (i) or clause (ii) above) in respect of any such indebtedness if the principal of and interest on such indebtedness, when added to the principal of and interest on all other such indebtedness then in default or the subject of such an event of default (exclusive of indebtedness under subsection (a)) above, does not exceed $10,000,000;
(g) a decree, judgment, or order by a court of competent jurisdiction is entered adjudging Lessee, any Material Entity (as hereinafter defined) or Guarantor as bankrupt or insolvent, or ordering relief against Lessee, any Material Entity, or Guarantor in response to the commencement of an involuntary bankruptcy case, or approving as properly filed a petition seeking reorganization or liquidation of Lessee, any Material Entity, or Guarantor under any bankruptcy or similar law; or a decree or order of a court of competent jurisdiction over the appointment of a receiver, liquidator, trustee, or assignee in bankruptcy or insolvency of Lessee, any Material Entity, or Guarantor or of the property of Lessee, any Material Entity, or Guarantor, or for the winding up or liquidation of the affairs of any of them is entered;
(h) any of Lessee, any Material Entity, or Guarantor institutes voluntary bankruptcy proceedings, or consents to the filing of a bankruptcy proceeding against it, or files a petition or answer or consent seeking reorganization or liquidation under any bankruptcy or similar law or similar statute, or consents to the filing of any such petition, or consents to the appointment of a custodian, receiver, liquidator, trustee, sequestrator, assignee or similar official in bankruptcy or insolvency of it or any of its assets or property, or makes a general assignment for the benefit of creditors, or admits in writing its inability to pay its debts generally as they become due, or within the meaning of Title 11, U.S. Code, or any similar Federal, state or foreign law for the relief of debtors, becomes insolvent, fails generally to pay its debts as they become due, or takes any corporate action in furtherance of or to facilitate, conditionally or otherwise, any of the foregoing; or
Appears in 1 contract
LESSEE'S DEFAULT. (i) If Lessee shall default It is covenanted and agreed to by both parties that in the payment event that:
(1) LESSEE should fail to timely pay the full amount of the Fixed Annual Rent, any additional rent or any other sums payable by Lessee herein when due, and such default shall continue fees provided for a period of five herein; or
(52) days after written notice, or (ii) if Lessee shall default LESSEE defaults in the performance of any nonmonetary covenants of the covenants, conditions, or agreements provided for herein to be kept and performed by XXXXXX, including, but not limited to, the provisions for carrying Public Liability Insurance; or
(3) LESSEE permits the leased premises to be used for any unauthorized or unlawful business or purpose; or
(4) LESSEE assigns or subleases or otherwise transfers this lease; or
(5) XXXXXX abandons the premises or leaves the premises vacant or unoccupied for thirty (30) consecutive days; Then, and in any event, the LESSOR may, at its option and without waiving any other rights that XXXXXX has under this contract at any time after such default, give notice of this Lease specific default or failure of performance and said demand immediate correction of such default shall continue for twenty or failure of performance by the LESSEE. In the event that XXXXXX fails to remedy the default or to correct the failure of performance within thirty (2030) days after service or such written notice thereofnotice, or in the event that LESSOR shall have the default be of such a nature as cannot with diligent effort be cured within said twenty right to:
(20a) day period, if Lessee shall not commence to cure within said period Terminate the lease and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate re-enter the Premises prior to the expiration of the term of this Lease, then leased premises and in addition to remove all persons and any and all personal property therefrom and XXXXXX hereby agrees to surrender the premises to XXXXXX, without waiving XXXXXX’S right to past and future rents due hereunder. In such event, LESSOR may re-let the premises to other legal remedies and rights available to Lessor at law or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder prospective tenants for the remainder of the term of this Lease to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereoflease, and retake possession of the Premises;
C. Without terminating this Lease, re-enter and re-let the Premises, or LESSEE shall be liable for any part thereof, with or without legal process, as the agent and for the account of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, loss to LESSOR incurred in which event the rents received on such re-letting shall be applied first to for the expenses terms of such re-letting and collection this lease, including but not limited to, necessary renovation and alterations of the Premisesrent, reasonable attorney’s fees, if any; and/or
(b) Remedy the default and deduct the expenses incurred in remedying such default from the security deposit held by LESSOR pursuant to the terms of this lease. Notwithstanding any real estate commissions paidprovision as to notice in this lease contained, if in the LESSOR’S reasonable judgment the continuation of any default by the LESSEE for the full period of the notice otherwise provided for herein will jeopardize the leased area or the rights of XXXXXX, the LESSOR may, without notice, elect to perform those acts in respect to which LESSEE is in default, at LESSEE’S sole cost and expense, and thereafter toward payment LESSEE shall thereupon reimburse the LESSOR within forty five (45) days of all sums due or written request by XXXXXX to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay LESSEE for such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess reimbursement. Failure of the periodic rental stipulated LESSEE to reimburse in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency these circumstances shall arise, or (ii) at Lessor’s option, mean that the entire deficiency, which is subject to ascertainment for LESSOR has the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the immediate right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconductlease.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rent.
Appears in 1 contract
Samples: Lease Agreement
LESSEE'S DEFAULT. (i) If This Lease is made upon the condition that Lessee shall default in the payment punctually and faithfully perform all of the Fixed Annual Rentcovenants and agreements by Lessee to be performed as herein set forth, and if any additional of the following events of default shall occur, to-wit:
A. The rent or any other sums payable required to be paid by Lessee herein when duehereunder, or any part thereof, shall at any time be in arrears and unpaid for fourteen (14) days after receipt of written notice of default from Lessor to Lessee; or
B. There be any default in the observance or performance of any of the other covenants, agreements or conditions of this Lease on the part of Lessee to be kept and performed, and such said default shall continue for a period of five thirty (5) days after written notice, or (ii) if Lessee shall default in the performance of any nonmonetary covenants or agreements of this Lease and said default shall continue for twenty (2030) days after written notice thereofthereof from Lessor to Lessee (unless such default cannot be reasonably cured within thirty (30) days and Lessee shall have commenced to cure said default within said thirty (30) days and continues diligently to pursue the curing of the same); or
C. Any proceedings in bankruptcy, insolvency or reorganization shall be instituted against Lessee, and such proceeding is not stayed within 45 days of its commencement, pursuant to any federal or state law, or in the event that the default any receiver or trustee shall be of such a nature as cannot with diligent effort be cured within said twenty (20) day period, if Lessee shall not commence to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent appointed for all or any debtor proceedings be taken by portion of Lessee’s business or property, or any final, non-appealable execution or attachment in excess of $500,000 shall issue against Lessee or (iv) if Lessee’s business or property or against the leasehold estate created under this Lease or Lessee shall abandon be adjudged a bankrupt or vacate insolvent, or Lessee shall make an assignment for the benefit of creditors, or Lessee shall file a voluntary petition in bankruptcy or petitions for (or enters into) an arrangement for reorganization, composition or any other arrangement with Lessee’s creditors under any federal or state law; or
D. The leasehold estate hereby created shall be taken on execution or by other process of law; then, and in any of said cases, Lessor, at Lessor’s option, may terminate this Lease and reenter upon the Premises prior and take possession thereof with full right to sxx for and collect all sums or amounts with respect to which Lessee may then be in default and accrued up to the expiration time of such entry, including damages to Lessor by reason of any breach or default on the part of Lessee, or Lessor may, if Lessor elects so to do, bring suit for the collection of such rents and damages without entering into possession of the term of Premises or voiding this Lease. In addition to, then and but not in addition to limitation of, any and all other legal of the remedies and rights available set forth in this Lease or given to Lessor at by law or in equity, Lessor may:
A. Declare shall also have the entire balance right and option, in the event of fixed Annual Rent due hereunder any default by Lessee under this Lease and the continuance of such default after the period of notice above provided, to retake possession of the Premises from Lessee by summary proceedings or otherwise (and it is agreed that the commencement and prosecution of any action by Lessor in forcible entry and detainer, ejectment or otherwise, or any execution of any judgment or decree obtained in any action to recover possession of the Premises, shall not be construed as an election to terminate this Lease unless Lessor expressly exercises Lessor’s option hereinbefore provided to declare the term hereof ended, whether or not such entry or reentry be had or taken under summary proceedings or otherwise, and shall not be deemed to have absolved or discharged Lessee from any of Lessee’s obligations and liabilities for the remainder of the term of this Lease Lease) and Lessee shall, notwithstanding such entry or reentry, continue to be due liable for the payment of the rents and payable the performance of the other covenants and conditions hereof and shall pay to Lessor all monthly deficits after any such reentry in monthly installments as the amounts of such deficits from time to time are ascertained and if, in the event of any such ouster, Lessor rents or leases the Premises to some other person, firm or corporation (whether for a term greater than, less than or equal to the unexpired portion of the term created hereunder) for an aggregate rent during the portion of such new lease coextensive with the term hereby created which is less than the rent Lessee would pay hereunder for such period, Lessor may collect immediately, upon the same by distress making of such new lease or the creation of such new tenancy, sxx for and recover the difference between the aggregate rental provided for in said new lease or the portion of the term thereof coextensive with the term created hereunder and the rent which Lessee would pay hereunder for such period, together with any expenses to which Lessor may be put for brokerage commission, placing the Premises in tenantable condition or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession . If such new lease or tenancy is made for a shorter term than the balance of the Premises;
C. Without terminating this Lease, re-enter and re-let the Premises, or any part thereof, with or without legal process, as the agent and for the account of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, any such action brought by Lessor to collect the deficit for that period shall be immediately not bar Lessor from thereafter suing for any loss accruing during the balance of the unexpired term of this Lease. In addition to all other sums due and payable by owing from Lessee to Lessor, as the result of Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, ’s default in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided term or condition set forth in this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, Lessee shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transportand shall pay to Lessor all of Lessor’s costs and expenses, storage or otherwiseincluding actual attorneys’ fees, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises incurred by Lessor shall be construed as an election on in enforcing Lessee’s obligations pursuant to this Lease. However, Lessor acknowledges that Lessor has a duty to mitigate Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable damages in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equitydefault by Lessee.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rent.
Appears in 1 contract
LESSEE'S DEFAULT. (i) If Lessee shall default in the payment of the Fixed Annual Rent, any additional rent or any other sums payable by Lessee herein when due, and such default shall continue for a period of five (5) days after written notice, or (ii) if Lessee shall default in the performance of any nonmonetary covenants or agreements of this Lease and said default shall continue for twenty (20) days after written notice thereof, or in the event that the default be of such a nature as cannot with diligent effort be cured within said twenty (20) day period, if Lessee shall not commence to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate the Premises prior to the expiration of the term of this Lease, then and in addition to any and all other legal remedies and rights available to Lessor at law or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, re-enter and re-let the Premises, or any part thereof, with or without legal process, as the agent and for the account of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all terminate this Lease or any part to terminate Lessee's right of Lessee’s property from possession without terminating this Lease in the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by event that any of the aforesaid acts. Lessee shallfollowing events or conditions occur or exist (each an "Event of Default" and any event or condition that, upon execution notice, lapse of time or both would constitute an Event of Default being referred to as a "Default"):
(a) any rent payable in accordance with this Lease and promptly thereafter from time is not paid within ten (10) days after the due date thereof;
(b) Lessee fails to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry correct or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless cure a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant or agreement of Lessee contained in this Lease, except with respect to nonpayment of rent, within thirty (30) days after Lessor shall have has notified Lessee in writing of any such breach thereof; provided, however, that, to the right extent Lessee
(c) Lessee vacates or abandons any portion of injunction. Any the Leased Property (unless permitted pursuant to Section 7(e) hereof);
(d) If the Guaranty and all rightsAgreement dated December 31, remedies 1996 for the benefit of Lessor (the "MidCon Guaranty") issued by MidCon Corp. ("MidCon Guarantor") is still in effect and options given the MidCon Guarantor fails to correct or cure a breach of any covenant or agreement of MidCon Guarantor contained in this Lease the MidCon Guaranty, within thirty (30) days after Lessor has notified MidCon Guarantor in writing of any such breach thereof; provided, however, that, to Lessor the extent MidCon Guarantor has commenced diligent and reasonable efforts to effect a cure of such breach of any covenant or agreement of MidCon Guarantor, other than a breach of any of the covenants in Sections 10 and 11 of the MidCon Guaranty, during such thirty day period, such thirty day period shall be cumulative extended for so long as MidCon Guarantor continues to pursue such cure with reasonable and diligent efforts so long as such extension would not cause or result in addition a material adverse effect or consequence to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter portion of the Leased Property;
(e) If the Buyer's Guaranty shall be in effect and the Buyer Guarantor fails to correct or in equity.
G. If Lessee shall default cure a breach of any covenant or agreement of the Buyer Guarantor contained in the performance Buyer's Guaranty except with respect to non-payment of the sum of the Agreed Amount (as defined therein) and the Base Amount (as defined therein) within thirty (30) days after Lessor has notified the Buyer Guarantor in writing of any provision such breach thereof; provided, however, that, to the extent Buyer Guarantor has commenced diligent and reasonable efforts to effect a cure of such breach of any covenant or agreement of Buyer Guarantor, other than a breach of any of the Buyer Pipeline Covenants, during such thirty day period, such thirty day period shall be extended for so long as Lessee continues to pursue such cure with reasonable and diligent efforts, so long as such extension would not cause or result in a material adverse effect or consequence to any portion of the Leased Property. For purposes of this Lease on Lessee’s part to be performedSection 17, Lessor may perform (i) "Guarantor" shall mean the same for "MidCon Guarantor" until the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rent.Buyer
Appears in 1 contract
LESSEE'S DEFAULT. (i) If In the event that Lessee shall default in the payment of the Fixed Annual Rent, any additional installment of rent or any other sums payable by Lessee herein when due, due hereunder and such default shall continue for a period of five (5) days after written noticenotice from the Lessor that the same is due hereunder, or (ii) if in the event that Lessee shall default in the performance of any nonmonetary covenants or agreements other covenant of this Lease and said Lessee shall not have cured such default shall continue for twenty within ten (2010) days after the receipt of written notice thereof, or in the event that of the occurrence of any default be by Lessee under any other terms of such the Lease Agreement relating to the Building or the Property, or in the event of the vacating, or abandonment, of the premises by Lessee, or in the event of the filing of a nature as cannot with diligent effort be cured within said twenty (20) day period, if Lessee shall not commence to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken petition by or against Lessee for adjudication as a bankrupt or insolvent, or for Lessee's reorganization or for the appointment of a receiver or trustee of Lessee's property or of Lessee's making an assignment for the benefit of Lessee's creditors, or in the event of the death, dissolution or adjudication of incompetency of the Lessee, Lessor may, at any time thereafter, at Lessor's option, with or without notice or demand and without limiting Lessor in the exercise of any right or remedy which Lessor may have:
(ivi) if Lessee shall abandon or vacate Declare the Premises prior to entire rent for the expiration balance of the term of this Lease, then and in addition to any and all other legal remedies and rights available to Lessor at law or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, re-enter and re-let the Premises, or any part thereof, with or without legal process, as the agent due and for the account of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paidpayable forthwith, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or for the recovery thereof.
(ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Terminate Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the 's right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, lawful means available and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same retake possession thereof for the account of Lessor, in which event Lessee shall immediately surrender possession of the Premises to Lessor and all further liability under this Lease on the part of Lessor and Lessee shall promptly reimburse terminate.
(iii) Maintain Lessee's right to possession, in which event this Lease shall continue in effect. In such event, Lessor for any expense incurred therefor, which expenses shall be deemed entitled to be additional rentrelet the Premises and enforce all of Lessor's rights and remedies under this Lease, including the right to collect rent and any other sums due hereunder as it becomes due.
(iv) Pursue any other remedy now or hereafter available to Lessor under the laws and judicial decisions of the State of Florida.
Appears in 1 contract
Samples: Lease Agreement (Divine Skin Inc.)
LESSEE'S DEFAULT. (i) If The occurrence of any one or more of the following events shall constitute a default and breach of this Lease by Lessee:
a. The vacation or abandonment of the Premises by Lessee.
b. The failure by Lessee shall default in the to make any payment of the Fixed Annual Rent, any additional rent Rent or any other sums payable payment required to be made by Lessee herein hereunder as and when due, and where such default failure shall continue for a period of five (5) days after written noticedue date.
c. Lessee's failure to observe or perform any of the covenants, conditions, or (ii) if Lessee shall default in the performance of any nonmonetary covenants or agreements provisions of this Lease and said default to be observed or performed by Lessee, other than as described in subparagraph b. above, where such failure shall continue for twenty a period of ten (201O) days after written notice thereofthereof by Lessor to Lessee; provided, however, that if the nature of Lessee's default is such that more than ten (1O) days are reasonably required for its cure, then Lessee shall not be deemed to be in default if Lessee commences such a cure within said ten (1O) day period and thereafter diligently prosecutes such cure to completion.
d. The making of Lessee of any general assignment or general arrangement for the benefit of creditors, or the appointment of a trustee or receiver to take possession of substantially all of Lessee's assets located at the Premises or of Lessee's interest in this Lease, where possession is not restored to Lessee within thirty (30) days, or the attachment, execution, or other judicial seizure of substantially all of Lessee's assets located at the Premises or of Lessee's interest in this Lease, where such seizure is not discharged in thirty (30) days.
e. The filing of any voluntary petition in bankruptcy by Lessee, or the filing of any involuntary petition by Lessee's creditors, which involuntary petition remains undischarged for period of thirty (30) days. In the event that under applicable law the default trustee in bankruptcy or Lessee has the right to affirm this Lease and perform the obligations of Lessee hereunder, such trustee or Lessee shall, in such time period as may be permitted by the bankruptcy court having jurisdiction, cure all defaults of such a nature Lessee hereunder outstanding as cannot with diligent effort be cured within said twenty (20) day period, if Lessee shall not commence to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate the Premises prior to the expiration of the term date of the affirmance of this Lease, then and in addition to any and all other legal remedies and rights available provide to Lessor at law or in equity, such adequate assurances as may be necessary to ensure Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, re-enter and re-let the Premises, or any part thereof, with or without legal process, as the agent and for the account continued performance of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in 's obligation under this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rent.
Appears in 1 contract
Samples: Lease (Business Objects Sa)
LESSEE'S DEFAULT. (i) If In the event Lessee shall default in the payment of the Fixed Annual Rent, any additional rent or any other sums payable by Lessee herein when due, and such default shall continue for a period of five (5) days after written notice, or (ii) if Lessee shall default in the performance of any nonmonetary covenants or agreements of this Lease and said default shall continue for twenty (20) days after written notice thereof, or in the event that the default be of such a nature as cannot with diligent effort be cured within said twenty (20) day period, if Lessee shall not commence fail to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate the Premises prior to the expiration of the term of this Lease, then and in addition to any and all other legal remedies and rights available to Lessor at law or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, re-enter and re-let the Premises, or any part thereof, with or without legal process, as the agent and for the account of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by perform any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease provisions contained herein on Lessee’s part to be performedperformed (each, an “Event of Default”), Lessee shall not be deemed to be in breach or default hereunder unless Lessor may perform shall first have given Lessee:
13.1.1 in the same event of non-payment of any sums required to be paid hereunder other than Rent (for the account of Lessee which no notice shall be required) to Lessor or otherwise, not less than twenty-five (25) calendar day’s notice and Lessee shall promptly reimburse Lessor for have twenty-five (25) calendar days within which to remedy or cure any expense incurred thereforsuch alleged Event of Default; or
13.1.2 except as set forth in Section 13.1.1, not less than thirty (30) calendar days’ notice specifying the alleged Event of Default, and Lessee shall have such periods of time within which expenses to remedy or cure any such alleged Event of Default. If any Event of Default, other than non-payment of Rent and other sums payable under this Lease, cannot reasonably be cured within thirty (30) calendar days, the commencement of the cure of such Event of Default within such thirty (30) calendar day period shall be deemed to be additional renta cure of such Event of Default; provided, however, such cure is diligently prosecuted to completion. If any such Event of Default is not cured or remedied within the time limits stated herein, Lessor may give to Lessee a notice of election to terminate this Lease at the expiration of forty-five (45) calendar days from the date of such notice. Upon the expiration of such forty-five (45) calendar day period, this Lease shall terminate and Lessee will quit and surrender the Real Property to Lessor. Lessor shall have all rights and remedies available at law and in equity upon Lessee’s Default.
Appears in 1 contract
Samples: Ground Lease (MTR Gaming Group Inc)
LESSEE'S DEFAULT. SECTION 1. The Lessee, ten (i10) If Lessee days after receipt of written notice, shall be considered in default in of this Lease upon failure to pay when due the payment of the Fixed Annual Rent, any additional rent or any other sums payable sum required by the terms of the Lease. Lessee herein when due, and such shall also be considered in default shall continue for a period of five thirty (530) days after receipt of written noticenotice for failure to perform any term, covenant or condition of this Lease; upon the commencement of any action or proceeding for the dissolution, liquidation or reorganization under the Bankruptcy Act, of Lessee, or (ii) if Lessee shall default in for the performance appointment of a receiver or trustee of the Lessee's property; upon making of any nonmonetary covenants assignment for the benefit of creditors by Lessee; upon suspension of business; or agreements the abandonment of the Leased Premises by the Lessee. Any defaults other than nonpayment defaults shall have a thirty (30) day cure period.
SECTION 2. In the event of default of this Lease and said default shall continue for twenty (20) days after written notice thereof, or in the event that the default be of such a nature as cannot with diligent effort be cured within said twenty (20) day period, if Lessee shall not commence to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate the Premises prior to the expiration of the term of this Leaseeither party, then and in addition to either party may pursue any and all other legal remedies and rights available under applicable Ohio law. Should Lessor elect to Lessor at law reenter, as herein provided, or in equityshould it take possession pursuant to legal proceedings or pursuant to any notice provided for by law, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable and it may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without terminating either terminate this Lease, re-enter and re-let the Premises, or it may without terminating this Lease relet said Leased Premises or any part thereof, with thereof for such term or without legal process, as the agent terms and for the account of Lessee, at such rental or rentals and upon such other terms and conditions as Lessor may deem advisable or satisfactoryadvisable, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have with the right to remove all or any part of Lessee’s property from the make alterations and repairs to said Leased Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of purpose or rerental. Should such rentals received from such reletting during any month be less than required to be paid by Lessee and the Lessor as defined above, then Lessee shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time immediately pay such deficiency to time, give Lessor notice of any leased personal property brought onto the PremisesLessor.
E. SECTION 3. No such re-entry reentry or taking possession of the said Leased Premises by Lessor shall be construed as an election on Lessor’s its part to terminate this Lease Lease, unless a written notice of such intention is be given to LesseeLessee or unless the termination thereof be decreed by a court of competent jurisdiction. Notwithstanding any such re-letting reletting without termination. , Lessor may at all times any time thereafter elect to terminate this Lease for such previous breach or act of default. Any Should Lessor at any time terminate this Lease for any breach or act of default, in addition to any other remedy it may have, it may recover from Lessee all damages it may incur by reason of such re-entry shall be allowed by Lessee without hindrancebreach or act of default, including the cost of recovering the Leased Premises, legal fees, and Lessor shall not be liable in damages for any including the worth at the time of such re-entrytermination of the excess, or guilty if any, of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event amount of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any rent and all rights, remedies and options given charges equivalent to rent reserved in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account remainder of Lessee and Lessee shall promptly reimburse Lessor the stated term over the then reasonable rental value of the Leased Premises for any expense incurred therefor, which expenses shall be deemed to be additional rentthe remainder of the stated term.
Appears in 1 contract
LESSEE'S DEFAULT. (i) If Lessee shall default defaults in the payment of the Fixed Annual Rent, any Base Rent or additional rent or any other sums payable by Lessee herein when due, and such default shall continue for a period of five (5) days after written noticerent, or (ii) if Lessee shall default defaults in the performance of any nonmonetary of the other covenants or agreements and conditions of this Lease and said on its part to be performed Lessor shall give Lessee written notice of such defaults. If Lessee fails to cure any Base Rent or additional rent default shall continue for twenty within ten (2010) days following Lessee’s receipt of such notice or other default within thirty (30) days after written Lessee’s receipt of such notice thereof, (or in the event that the default be if such other default(s) is of such a nature as that it cannot with diligent effort be completely cured within said twenty (20) day such period, if Lessee shall does not commence such curing within such thirty (30) days and thereafter proceed with reasonable diligence to cure within such default), then Lessor may terminate this Lease on not less than two (2) days’ prior written notice to Lessee, in the case of a non monetary default and no additional notice in the case of a monetary default, and on the date specified in said period and diligently prosecute remedial efforts to completion within a reasonable time thereafternotice, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate the Premises prior Lessee’s right to the expiration of the term of this Lease, then and in addition to any and all other legal remedies and rights available to Lessor at law or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, Premises shall cease. Lessor may lawfully re-enter and re-let the Premises, Premises or any part thereof, with and repossess the same as of the former estate of Lessor and expel Lessee and those claiming under and through it and remove its effects, without being deemed guilty of any manner of trespass, and without prejudice to any remedies which might otherwise be used for arrears of rent or without legal processpreceding breach of covenant, and upon entry as the agent aforesaid this Lease shall terminate, and for the account of Lessee, upon such terms and conditions as Lessor may deem advisable or satisfactory, Lessee covenants that in which event the rents received on such re-letting shall be applied first to the expenses case of such re-letting termination it will indemnify Lessor against any and collection including but not limited to, necessary renovation and alterations all loss of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, rent which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let have incurred by reason of such default on the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rent.
Appears in 1 contract
Samples: Lease (TRX Inc/Ga)
LESSEE'S DEFAULT. Section 1. The Lessee, ten (i10) If Lessee days after receipt of written notice, shall be considered in default in of this Lease upon failure to pay when due the payment of the Fixed Annual Rent, any additional rent or any other sums payable sum required by Lessee herein when duethe terms of the Lease; failure to perform any term, and such default shall continue covenant or condition of this Lease; the commencement of any action or proceeding for a period the dissolution, liquidation or reorganization under the Bankruptcy Act, of five (5) days after written noticeLessee, or (ii) if Lessee shall default in for the performance appointment of a receiver or trustee of the Lessee's property; the making of any nonmonetary covenants assignment for the benefit of creditors by Lessee; the suspension of business; or agreements the abandonment of the Leased Premises by the Lessee. ANY DEFAULTS OTHER THAN NONPAYMENT DEFAULTS SHALL HAVE A THIRTY (30) DAY CURE PERIOD.
Section 2. In the event of default of this Lease and said default shall continue for twenty (20) days after written notice thereofby Lessee, then Lessor MAY PURSUE ANY AND ALL REMEDIES AND RIGHTS AVAILABLE TO THE LESSOR UNDER APPLICABLE OHIO LAW. Should Lessor elect to reenter, or in the event that the default be of such a nature as cannot with diligent effort be cured within said twenty (20) day periodshould it take possession pursuant to legal proceedings or pursuant to any notice provided for by law, if Lessee shall not commence to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate the Premises prior to the expiration of the term of it may either terminate this Lease, then and in addition to any and all other legal remedies and rights available to Lessor at law or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of it may without terminating this Lease to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, re-enter and re-let the Premises, relet said Leased Premises or any part thereof, with thereof for such term or without legal process, as the agent terms and for the account of Lessee, at such rental or rentals and upon such other terms and conditions as Lessor may deem advisable or satisfactorydeed advisable, in which event with the rents right to make alterations and repairs to said Leased Premises for the purpose of rerental. Should such rentals received on from such re-letting reletting during any month be less than required to be paid by Lessee as defined above, then Lessee shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to immediately pay such sums and other charges, (i) deficiency to Lessor. Should Lessor at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in time terminate this Lease in previous for any breach or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term act of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, Lessordefault, in addition to any other rights and remedies remedy it may have, shall have the right to remove it may recover from Lessee all or any part of Lessee’s property from the Premises and any property removed damages it may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned incur by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice reason of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach act of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equitydefault.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses shall be deemed to be additional rent.
Appears in 1 contract
LESSEE'S DEFAULT. Provided always, and these presents are on this condition, that in the event that:
(ia) If Lessee shall default in the fail to make any payment of the Fixed Annual Rentrent, any additional rent or any other sums payable payment required by Lessee herein the terms of this Lease when duedue and payable, and such default shall continue the same continues for a period of five (5) business days after written noticenotice from Lessor thereof, or or
(iib) if Lessee shall should default in the performance of any nonmonetary covenants or agreements of this Lease and said default shall continue for twenty (20) days after written notice thereof, or in the event that the default be of such a nature as cannot with diligent effort be cured within said twenty (20) day period, if Lessee shall not commence to cure within said period and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate the Premises prior to the expiration of the term of this Leaseother terms, then and in addition to any and all other legal remedies and rights available to Lessor at law or in equity, Lessor may:
A. Declare the entire balance of fixed Annual Rent due hereunder for the remainder of the term of this Lease to be due and payable and may collect the same by distress or otherwise;
B. Terminate this Lease and any right of renewal thereof, and retake possession of the Premises;
C. Without terminating this Lease, re-enter and re-let the Premises, or any part thereof, with or without legal process, as the agent and for the account of Lessee, upon such terms covenants and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor’s option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Lessee shall, upon execution of this Lease and promptly thereafter from time to time, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performedkept and performed and shall not cure such failure within thirty (30) days after notice from Lessor to Lessee thereof or, if the same cannot be cured within that time, Lessee shall not have within such time commenced to cure and promptly and diligently completes the curing of the same, or
(c) Lessee shall fail to perform or observe some term or condition of this Lease which, because of its character, would immediately jeopardize Lessor’s interest (such as, but without limitation, failure to maintain public liability insurance) and shall not cure such failure within 48 hours after notice from Lessor to Lessee thereof, or
(d) if the estate hereby created shall be taken on execution or by other process of law, or if Lessee or any guarantor of Lessee’s obligations hereunder shall be judicially declared bankrupt or insolvent according to law, or if any assignment shall be made of the property of Lessee for the benefit of creditors, or if a receiver, guardian, conservator, trustee in involuntary bankruptcy or other similar officer shall be appointed to take charge of all or any substantial part of Lessee’s property by a court of competent jurisdiction, or if a petition shall be filed for the reorganization of Lessee under any provisions of the Bankruptcy Act now or hereafter enacted, and such proceeding is not dismissed within one hundred twenty (120) days after it is begun, or if Lessee shall file a petition for such reorganization, or for arrangements under any provisions of the Bankruptcy Code now or hereafter enacted and providing a plan for a debtor to settle, satisfy or extend the time for the payment of debts, or
(e) Lessee assigns or sublets the premises without the prior written consent of Lessor, then, and in any of said cases (notwithstanding any license of any former breach of covenant or waiver of the benefit hereof or consent in a former instance), Lessor lawfully may perform (i) terminate this Lease, immediately or at any time thereafter, and this Lease shall terminate on the same date such notice is given as fully and completely as if such date were originally fixed for the account expiration of Lessee the term hereof, and Lessee shall promptly reimburse then quit and surrender the premises; and/or (ii) at its election, immediately or at any time thereafter, and without demand or notice, enter into and upon the [*] = Portions of this exhibit have been omitted pursuant to a confidential treatment request. An unredacted version of this exhibit has been filed separately with the Securities and Exchange Commission. premises or any part thereof in the name of the whole and repossess the same as of its former estate, and expel Lessee and those claiming through or under it and remove its or their effects (forcibly, if necessary) without being deemed guilty of any manner of trespass, and without prejudice to any remedies which might otherwise be used for arrears of rent or preceding breach of covenant, and upon entry as aforesaid, this Lease shall terminate as fully and completely as if the date of such entry were the date originally fixed for the expiration of the term hereof, and in either of such events, Lessee covenants and agrees, notwithstanding any such entry or termination, to pay and be liable for, on the days originally fixed herein for the payment thereof, amounts equal to the several installments of rent (minimum and additional) and other charges reserved as they would, under the terms of this Lease, become due if this Lease had not been terminated or if Lessor had not entered or reentered, and whether the premises be relet or remain vacant, in whole or in part, or for any expense a period greater or less than the remainder of the term, and for the whole thereof, and Lessee further covenants and agrees to pay Lessor and be liable for all reasonable expenses incurred thereforin reletting the premises (including, which expenses without limitation, attorneys’ fees, remodeling costs, brokerage fees and the like), and in collecting the rent in connection therewith. In the event that the premises be relet by Lessor, Lessee shall be deemed entitled to be a credit in the net amount of rent received by Lessor on account of such reletting, after deduction of all such reasonable expenses. As an alternative, at the election of Lessor, Lessee will, upon such termination, pay to Lessor, as damages, such a sum as at the time of such termination represents the amount of the excess, if any, of the total Base Rent, additional rentrent and other charges which would have accrued to Lessor under this Lease for the remainder of the term of the Lease if its terms had been fully complied with by Lessee over and above the then cash rental value of the premises computed for the balance of the term.
Appears in 1 contract
LESSEE'S DEFAULT. (i) If In case Lessee shall default in the payment fail to pay any installment of the Fixed Annual Rent, any additional rent or any other sums payable by Lessee herein when duetax, and such default shall continue assessment, water rent or sewer rent for a period of five (5) days after written notice, or (ii) if Lessee shall default in the performance of any nonmonetary covenants or agreements of this Lease and said default shall continue for twenty (2010) days after written notice thereoffrom Lessor that the same is due and payable, or to pay any other additional rent or to comply with any of the other terms, covenants, conditions or obligations of this Lease for thirty (30) days after written notice from Lessor or the agent or attorney of Lessor, then Lessor, at the option of Lessor, may cancel and terminate this Lease, as well as all of the right, title and interest of Lessee hereunder, by giving to Lessee not less than five (5) day's notice of such cancellation and termination, and upon the expiration of the time fixed in such notice this Lease and the term hereof, as well as all of the right, title and interest of Lessee hereunder, shall expire in the event same manner and with the same force and effect, except as to Lessee's liability, as if the expiration of the time fixed in such notice of cancellation and termination were the end of the term originally demised; and Lessor may re-enter upon the leased premises either with or without process of law, and remove all persons therefrom. Lessee expressly agrees that the exercise by Lessor of the right to terminate this Lease shall not be a bar to or prejudice in any way any other legal remedies available to Lessor. In the event of any such failure by Lessee to pay or to comply as aforesaid, in which case each such failure shall be a default be hereunder by Lessee and a breach of this Lease, Lessor shall 9 immediately and ipso facto, notwithstanding any other provisions of this Lease to the contrary and without any notice or other action by Lessor, become entitled to recover from Lessee, and Lessee shall pay to Lessor, as liquidated damages for such breach the sum of (a) 25% of Lessor's Cost (as specified in Schedule A hereto) discounted at the rate of 5% per annum from April 30, 2003 to the date of such a nature as cannot with diligent effort be cured within said twenty breach and (20b) day period, if Lessee shall not commence to cure within said period all rent and diligently prosecute remedial efforts to completion within a reasonable time thereafter, not to exceed sixty (60) (iii) if Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against Lessee or (iv) if Lessee shall abandon or vacate the Premises prior other sums payable hereunder due and payable to the date of such breach, together with a sum equal to the amount by which the rent and additional rent reserved hereunder from the date of such breach to the date of expiration of the term of this LeaseLease exceeds the fair and reasonable rental value of the leased premises for the same period, then both discounted to the date of such breach at the rate of five per cent (5%) per annum. Such accrued rent and in addition to any damages shall become due and all other legal remedies and rights available payable to Lessor immediately upon such breach and without regard to whether this Lease be terminated or not, and if this Lease be terminated, without regard to the manner in which it shall be terminated. In determining the fair and reasonable rental value of the leased premises, the rental realized by any reletting, if any reletting be accomplished by Lessor before presentation of proof of such liquidated damages shall be required, shall be deemed prima facie to be the fair and reasonable rental value of the leased premises or the portion thereof so relet, as the case may be. If and so long as the term of this Lease shall continue, the rent reserved herein for the unexpired term of this Lease after any such breach shall be reduced by the amount of such liquidated damages as may be paid to Lessor, such reduction being applied proportionately to each instalment of rent and additional rent thereafter becoming due. During the continuance of this Lease after such a breach and until such damages shall have been paid to Lessor, the whole amount of each instalment of rent and additional rent herein reserved shall be due and payable at law or the time herein specified, and if by reason of the subsequent payment of liquidated damages, and the resulting reduction in equityrental, Lessor may:
A. Declare shall have received a sum in excess of all instalments as so reduced, becoming due after the entire breach and before the collection of such damages, such excess shall be refunded to Lessee upon the receipt of such liquidated damages. If Lessor shall so re-enter, Lessor may repair and alter the leased premises in such manner as to Lessor may seem necessary or advisable, and/or let or relet the leased premises or any parts thereof for the whole or any part of the remainder of the term herein originally leased or for a longer period, in Lessee's name, or as the agent of Lessee, and out of any rent so collected or received Lessor shall: first, pay to itself the cost and expense of retaking, repossessing, repairing and/or altering the leased premises, and the cost and expense of removing all persons and property therefrom; second, pay to itself the cost and expenses sustained in securing any new tenants, and if Lessor shall maintain and operate the leased premises, the cost and expense of operating and maintaining the leased premises; and, third, pay to itself any balance remaining on account of fixed Annual Rent due hereunder the liability of Lessee to Lessor for the sum equal to all rent and additional rent reserved herein and unpaid by Lessee for the remainder of the term of this Lease to be due and payable and may collect the same herein originally leased. Any entry or re-entry by distress Lessor, whether had or taken under summary proceedings or otherwise;
B. Terminate this Lease , shall not absolve or discharge Lessee from liability hereunder. Should any rent so collected by Lessor after the aforementioned payments be insufficient fully to pay to Lessor a sum equal to all such rent and any right of renewal thereofadditional rent reserved herein, and retake possession of the Premises;
C. Without terminating this Leasebalance or deficiency shall be paid by Lessee on the rent days herein specified, re-enter and re-let the Premises, or any part thereof, with or without legal process, as the agent and for the account of Lesseethat is, upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses each of such re-letting and collection including but not limited to, necessary renovation and alterations of the Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, rent days Lessee shall pay to Lessor any deficiency immediately upon demand therefor, notwithstanding Lessor may have received periodic rental in excess the amount of the periodic rental stipulated in this Lease in previous or subsequent rental periodsdeficiency then existing; and Lessee shall be and remain liable for any such deficiency, and the right of Lessor may bring an action therefor as such deficiency shall ariseto recover from Lessee the amount thereof, or (ii) at Lessor’s optiona sum equal to all such rent and additional rent reserved herein, the entire deficiency, which is subject to ascertainment for the remaining term of this Leaseif there shall be no reletting, shall be immediately due and payable by Lessee. Lessor shall use commercially reasonable efforts to re-let survive the Premises. Lessor shall not, in any event, be required to pay Lessee any surplus issuance of any sums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease.
D. If any Event of Default occurs, Lessor, in addition to dispossessory warrant or other rights and remedies it may have, shall have the right to remove all cancellation or any part of Lessee’s property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee and the Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, termination hereof; and Lessee hereby expressly waives any defense that might be predicated upon the issuance of such dispossessory warrant or other cancellation or termination hereof. Suit or suits for the recovery of such deficiency or damages, or for a sum equal to any instalment or instalments of rent and all claim against Lessor for lossadditional rent hereunder, destruction and/or damage or injury which may be occasioned brought by any of the aforesaid acts. Lessee shallLessor, upon execution of this Lease and promptly thereafter from time to timetime at Lessor's election, give Lessor notice of any leased personal property brought onto the Premises.
E. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease unless a written notice of such intention is given to in each case at Lessee. Notwithstanding any such re-letting without termination. Lessor may at all times thereafter elect to terminate this Lease for such previous default. Any such re-entry shall be allowed by Lessee without hindrance's expense (including reasonable attorneys' fees), and Lessor shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry except for damages or injury caused by intentional misconduct.
F. In the event of a breach or threatened breach of any covenant of this Lease, Lessor shall have the right of injunction. Any and all rights, remedies and options given in this Lease to Lessor shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy given to it under any law now or hereafter in effect or in equity.
G. If Lessee shall default in the performance of any provision of this Lease on Lessee’s part to be performed, Lessor may perform the same for the account of Lessee and Lessee shall promptly reimburse Lessor for any expense incurred therefor, which expenses nothing hereing contained shall be deemed to be additional rentrequire Lessor to await the date whereon this Lease or the term hereof would have expired by limitation had there been no such default by Lessee or no such cancellation or termination.
Appears in 1 contract
Samples: Lease Agreement (SFG Capital Corp)
