Lessor’s Remedies. In the event Lessee is in default pursuant to the conditions set forth in Section 15.01 above, Lessor, during the continuation of such default, shall have the option of pursuing either of the following remedies: (a) Lessor may terminate this Lease Agreement, in which event Lessee immediately shall surrender possession of the Demised Premises. All obligations of Lessee under the Lease Agreement, including Lessee’s obligation to pay rent under the Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation to pay rent due and outstanding as of the date of termination. (b) Lessor, without terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demand, Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreement. (c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for all damages sustained by Lessor, including but not limited to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition). (d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreement, or from pursuing any other remedy available to Lessor at law or in equity.
Appears in 4 contracts
Samples: Lease Agreement (Benefitfocus,Inc.), Lease Agreement (Benefitfocus,Inc.), Lease Agreement (Benefitfocus,Inc.)
Lessor’s Remedies. In a. Tenant hereby agrees that, upon the occurrence of an event Lessee is in default pursuant to the conditions set forth in Section 15.01 above, Lessor, during the continuation of such default, then, in addition to all other rights and remedies available to Lessor by law or by other Provisions of this Lease, Lessor shall have the option of pursuing either to pursue any one or more of the following remedies:remedies set forth herein without any notice or demand.
(a1) The Lessor may, but shall not be required to, make the payment and/or perform the duty or obligation of Tenant hereunder giving rise to such event of default and to enter the Premises as appropriate in connection therewith without being deemed in any manner guilty of trespass, eviction or forcible entry and detainer and without incurring any liability for any damage resulting therefrom, and Tenant agrees to pay to Lessor as additional rent due hereunder, the amount of any costs and expenses incurred by Lessor in thus effecting compliance with Tenant’s obligations under this Lease plus 15% for overhead incurred by Lessor in connection therewith, together with interest thereon, from the date paid by Lessor, at the lesser of 18% per annum or the highest rate permitted by law; but the making of such payment or the performance of such duty or obligation by Lessor shall not, unless reimbursed by Tenant in accordance with this Lease, operate to cure such default or to estop Lessor from the pursuit of any remedy which Lessor would otherwise be entitled.
(2) Lessor may may, at its sole option, terminate this Lease Agreement, in which event Lessee immediately shall surrender possession by giving written notice of termination to Tenant. Neither the passage of time after the occurrence of the Demised Premises. All obligations event of Lessee under the default nor exercise by Lessor of any other remedy with regard to such event of default shall limit Lessor’s rights to terminate this Lease Agreement, including Lessee’s obligation to pay rent under the Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation to pay rent due and outstanding as of the date of terminationprovided herein.
(b3) LessorWhether or not Lessor elects to terminate this Lease, without terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter upon and repossess the Premises (said repossession being hereinafter referred to as “Repossession”) by picking or changing locks, force, summary proceedings, ejectment or otherwise, and may (i) expel or remove Tenant and any other person or entity who may be occupying all or any part of the Premises, and (ii) remove any and all property therefrom, in each case without being deemed in any manner guilty of trespass, eviction or forcible entry or detainer, and without incurring any liability for any damage resulting therefrom, Tenant hereby waiving any right to claim damage for such Repossession so long as Lessor complies with applicable law in connection with the Repossession. From time to time after Repossession of the Premises, whether or not this Lease has been terminated, Lessor may, but shall not be obligated to, attempt to relet all or any part of the premises Premises for the account of Tenant in the name of Lessor or otherwise, for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the Lease Term) and on such terms and conditions (which may include concessions or free rent) and for such uses as Lessor, in its reasonable discretion, may determine, and may collect and receive the rent therefor. Any rent received shall be applied against Tenant’s obligations hereunder, but Lessor shall not be responsible or liable for any failure to minimize Lessor’s damagescollect any rent due upon any such reletting. No termination of this Lease or Repossession of the Premises pursuant to this Section or otherwise shall relieve Tenant of its liabilities and obligations under this Lease, including, but not limited to, its liabilities and obligations for Rent and other sums and charges due and payable and to become due and payable hereunder, all of which liabilities and obligations shall survive any such termination or Repossession. In the event Lessee of any such termination or Repossession, whether or not the Premises shall fail have been relet, Tenant shall pay to remove all property within thirty (30) days after said demand, Lessor shall the Rent and other sums and charges to be entitled paid by Tenant up to remove Lessee’s property to a storage facilitythe time of such termination or Repossession, and all reasonable costs thereafter Tenant, until the end of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for all damages sustained by Lessor, including but not limited to any deficiency in Rent for the duration of the Lease Term (or for the period of time which what would have remained in been the Lease Term in the absence of such termination or Repossession, shall pay to Lessor, as and for liquidated and agreed current damages for Tenant’s default, the equivalent of the amount of the Rent and such other sums and charges which would be payable under this Lease by Tenant if this Lease were still in effect, less the net proceeds actually collected, if any, of any terminationreletting effected pursuant to the provisions of this Section after deducting all of Lessor’s expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage fees, management and leasing feescommissions, advertisement expenses, operating expenses, legal expenses, attorneys’ fees, other marketing alteration costs, remodeling and collection repair costs and all expenses of placing preparation for such reletting. Tenant shall pay such current damages to Lessor monthly on the Common Improvements days on which the Base Rent, Additional Rent and other sums and charges would have been payable under this Lease if this Lease were still in first class rentable condition).
(d) Nothing contained herein diminishes effect, and Lessor shall be entitled to recover the same from Tenant on each such day. At the election of Lessor any right time after such termination or Repossession, whether or not Lessor may shall have collected any current damages as aforesaid, Lessor shall be entitled to recover from Tenant, and Tenant shall pay to Lessor on demand, as and for liquidated and agreed final damages for Tenant’s default, an amount equal to the then present value of the excess of the Base Rent, Additional Rent and other sums or charges reserved under South Carolina law this Lease from the date of such termination or Repossession and for what would be the then unexpired Lease Term if the same had remained in effect plus the amount which Lessor estimates in its reasonable judgment to xxx Lessee be the cost of any reletting, less the amount of rent which Lessor estimates in its reasonable judgment that Lessor will in all likelihood actually collect for damages the Premises for the same period, said present value to be arrived at on the basis of a discount rate equal to the “Prime Rate” published in the Wall Street Journal on the date of such election by Lessor. Notwithstanding any other remedy set forth in this Lease, in the event Lessor has made rent concessions of any default by Lessee type or character, or waived any Base Rent, and Tenant fails to take possession of the Premises on the commencement or completion date or otherwise defaults at any time during the term of this Lease, the rent concessions, including any waived Base Rent, shall be canceled and the amount of the Base Rent or other rent concessions shall be due and payable immediately as if no rent concessions or waiver of any Base Rent had ever been granted. A rent concession or waiver of the Base Rent shall not relieve Tenant of any obligation to pay any Additional Rent or other charge due and payable under this Lease Agreement, or from pursuing any other remedy available to Lessor at law or in equityLease.
Appears in 3 contracts
Samples: Lease Agreement (ConversionPoint Holdings, Inc.), Lease Agreement (ConversionPoint Holdings, Inc.), Lease Agreement (ConversionPoint Holdings, Inc.)
Lessor’s Remedies. In If an Event of Default shall occur, Lessor shall have the event following remedies. These remedies are not exclusive; they are cumulative in addition to any remedies now or later allowed by law.
A. Lessor may continue this Lease in full force and effect, and this Lease will continue in effect as long as Lessor does not terminate Lessee’s right to possession, and Lessor shall have the right to collect rent when due. During the period Lessee is in default pursuant default, Lessor may enter the Premises and relet them, or any part of them, to third parties for Lessee’s account. Lessee shall be liable immediately to Lessor for all costs Lessor incurs in reletting the Premises, including, without limitation, brokers’ commissions, expenses of remodeling the Premises required by the reletting, and like costs. Reletting can be for a period shorter or longer than the remaining term of this Lease or any extension thereof. Lessee shall pay to Lessor the rent due under this Lease on the dates the rent is due, less the rent Lessor receives from any reletting. No act by Lessor allowed by this subparagraph A shall terminate this Lease unless Lessor notifies Lessee that Lessor elects to terminate this Lease.
X. Xxxxxx may terminate Lessee’s right to possession of the Premises at any time by giving a written termination notice to Lessee, and on the date specified in such notice (which shall be not less than three days after the giving of such notice) Lessee’s right to possession shall terminate and this Lease shall terminate, unless on or before such date all arrears of rent and all other sums payable by Lessee under this Lease and all costs and expenses incurred by or on behalf of Lessor and chargeable to Lessee hereunder shall have been paid by Lessee and all other breaches of this Lease by Lessee at the time existing shall have been fully remedied to the conditions set forth reasonable satisfaction of Lessor. No act by Lessor other than giving notice to Lessee shall terminate this Lease. Acts of maintenance, efforts to relet the Premises, or the appointment of a receiver on Lessor’s initiative to protect Lessor’s interest under this Lease shall not constitute a termination of Lessee’s right to possession. On termination, Lessor has the right to recover from Lessee:
i. The worth, at the time of the award, of the unpaid rent that had been earned at the time of termination of this Lease;
ii. The worth, at the time of the award, of the amount by which the unpaid rent that would have been earned after the date of termination of this Lease until the time of award exceeds the amount of the loss of rent that Lessee proves could have been reasonably avoided;
iii. The worth, at the time of the award, of the amount by which the unpaid rent for the balance of the term after the time of award exceeds the amount of the loss of rent that Lessee proves could have been reasonably avoided; and
iv. Any other amount, and court costs, necessary to compensate Lessor for all detriment proximately caused by Lessee’s default. “The worth, at the time of the award” as used in Section 15.01 above(i) and (ii) of this subparagraph B is to be computed by allowing interest at the rate of ten percent (10%) per annum. “The worth, Lessorat the time of award,” as referred to in (iii) of this subparagraph is to be computed by discounting the amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of the award, during the continuation plus one percent (1%).
X. Xxxxxx, at any time after an Event of such Default, may cure said default at Lessee’s cost. If Lessor at any time, by reason of Lessee’s default, pays any sum or does any act that requires the payment of any sum, the sum paid by Lessor shall be due on demand from Lessee to Lessor at the time the sum is paid, and if paid at a later date shall bear interest at the rate of ten percent (10%) per annum from the date the sum is paid by Lessor until Lessor is reimbursed by Lessee. The sum, together with interest on it, shall be deemed to be additional rent.
X. Xxxxxx shall have the option of pursuing either of the following additional remedies:
(a1) Lessor may terminate this Lease AgreementIn the event that a late charge is payable hereunder, in which event whether or not collected, for the late payment of three (3) installments of Base Monthly Rent or if Lessee immediately shall surrender possession of the Demised Premises. All obligations fails to pay any other monetary obligation of Lessee under this Lease (except the Lease Agreement, including payment of Lessee’s obligation Percentage Share of Common Area Maintenance and Expense Costs), Lessee shall pay to pay rent Lessor, if Lessor shall so request, in addition to any other payments required under this Lease, a monthly advance installment, payable at the same time as the Base Monthly Rent, as estimated by Lessor, for real property tax and insurance premium expenses on the Premises which are payable by Lessee under the Lease Agreementterms of this Lease. Such fund shall be established to insure payment when due, shall cease upon the date before delinquency, of termination except for Lessee’s obligation to pay rent due and outstanding as Percentage Share of the date real property taxes and insurance premiums. All moneys paid to Lessor under this paragraph may be intermingled with other moneys of terminationLessor and shall not bear interest. If Events of Default occur which remain uncured, any balance remaining from funds paid to Lessor under the provisions of this paragraph way, at the option of Lessor, be applied to the payment of any monetary default of Lessee in lieu of being applied to the payment of real property taxes and insurance premiums.
(b2) Lessor, without terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damages. In the event that a late charge is payable hereunder, whether or not collected, for three (3) installments of Base Monthly Rent in any one calendar year, Lessor may demand and Lessee shall fail pay to remove all property within thirty (30) days after said demand, Lessor shall an amount equal to the amount of Base Monthly Rent due in the month in which the third late payment of Base Monthly Rent occurred as an addition to the Security Deposit to be entitled held pursuant to remove Lessee’s property to a storage facility, and all reasonable costs the terms of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all paragraph 6 of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease AgreementLease.
(c3) If this Lease Agreement is terminated Upon the eleventh Event of Default as set forth, Lessor may relet defined in paragraph 20.A and 20.B (with the exception of the payment of Lessee’s Percentage Share of Common Improvements (or any portion thereof) for such rent Area Maintenance and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer termRepair Costs), and Lessee shall pay to Lessor Base Monthly Rent in advance on a quarterly basis (i.e., for three months) on or before the first day of each Quarter as defined in this paragraph. The term “Quarter” shall mean each three calendar month period commencing with the first day of the calendar month following the month in which the eleventh Event of Default occurred. Except as modified by this paragraph, all such payments of Base Monthly Rent shall be liable for all damages sustained subject to the provisions of paragraph 3 hereof.
E. Lessee hereby waives its rights to demand a trial by Lessorjury in any action between the parties, including but not limited to any deficiency in Rent proceeding for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition)unlawful detainer filed by Lessor.
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreement, or from pursuing any other remedy available to Lessor at law or in equity.
Appears in 2 contracts
Samples: Sublease (Audentes Therapeutics, Inc.), Sublease (Audentes Therapeutics, Inc.)
Lessor’s Remedies. In the event Lessee is in default pursuant If an Event of Default by lessee occurs, Lessor shall be entitled then or at any time thereafter to the conditions set forth in Section 15.01 above, Lessor, during the continuation of such default, shall have the option of pursuing either avail itself or one or more of the following remediesat Lessor’s option:
(a) Enter the leased premises if need be, and take whatever curative actions are necessary to rectify Lessee's noncompliance with this lease; and in that event Lessee shall reimburse Lessor may terminate on written demand for any expenditures by Lessor to effect compliance with Lessee's obligations under this Lease Agreementlease.
(b) Terminate this lease, in which event Lessee shall immediately shall surrender possession of the Demised Premises. All obligations of Lessee under the Lease Agreementleased premises to Lessor or without terminating this lease, including terminate Lessee’s obligation right to pay rent under the Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation to pay rent due and outstanding as possession of the date of termination.
(b) Lessor, without terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the leased premises to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demand, Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreementthrough judicial proceedings.
(c) If Lessor has not terminated this Lease Agreement is lease (whether or not Lessor has terminated as set forthLessee's right to possession of the leased premises or actually retaken possession), recover (in one or more suits from time to time or at any time before or after the end of the term) all Minimum Rent, Additional Rent, and other sums then or thereafter owing and unpaid under this lease, together with all costs, if any, incurred in reletting the leased premises (including remodeling, lease commission, allowance, inducement, and other costs), less all rent, if any, actually received from any reletting of the leased premises during the remainder of the term. Lessor may shall have the right following an Event of Default by Lessee to relet the Common Improvements (or leased premises on Lessee's account without terminating the Lease, any portion thereof) for such rent and upon reletting to be on such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for all damages sustained by Lessor, including but not limited to any deficiency in Rent for considers reasonable under the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition)circumstances.
(d) Nothing contained herein diminishes Recover all costs of retaking possession of the leased premises and any right other damages incidental to the Event of Default by Lessee.
(e) Terminate all of Lessee's rights to any allowances or under any renewal, extension, expansion, refusal, or other options granted to Lessee by this lease.
(f) If Lessor deems it necessary to institute legal proceedings against Lessee to enforce Lessee’s obligations to Lessor hereunder, including eviction, non-payment of rent and any expenses incurred by Lessor in leasing the leased premises to others due to Lessee’s default hereunder, Lessor may have under South Carolina law recover reasonable attorneys’ fees against Lessee not exceeding five percent (5%) of and in addition to xxx other amounts recovered by Lessor against Lessee for damages in such proceedings, pursuant to N.C.G.S. §6-21.2 or other state law. If Lessor elects to retake possession of the event leased premises without terminating this lease, it may nonetheless at any subsequent time elect to terminate this lease and exercise the remedies provided above on termination of the lease. Nothing done by Lessor or its agents shall be considered an acceptance of any default attempted surrender of the leased premises unless Lessor specifically so agrees in writing. No re-entry or taking of possession of the leased premises by Lessor, nor any reletting of the leased premises, shall be considered an election by Lessor to terminate this lease unless Lessor gives Lessee under this Lease Agreement, or from pursuing any other remedy available to Lessor at law or in equitywritten notice of termination.
Appears in 2 contracts
Samples: Lease Agreement (Homeland Integrated Security Systems, Inc.), Lease Agreement (Homeland Integrated Security Systems, Inc.)
Lessor’s Remedies. In addition to other remedies available to Lessor, the Parties intend for Lessor to have the remedy described in California Civil Code Section 1951.4 (which provides that a lessor may continue the lease in effect after the lessee’s breach and abandonment and recover rent as it becomes due, if the lessee has the right to sublet or assign subject only to reasonable limitations). The Parties further specifically agree that in the event of Lessee is in default pursuant to the conditions set forth in Section 15.01 above, Lessor, during the continuation of such default, shall have the option of pursuing either of the following remediesDefault under this Lease:
(a) Lessor may terminate continue this Lease Agreement, in which event Lessee immediately shall surrender possession of the Demised Premises. All obligations of Lessee under the Lease Agreement, including effect until such time as Lessor elects to terminate Lessee’s obligation right to pay rent under the Lease Agreementpossession, shall cease upon the date of termination except for Lessee’s obligation to pay rent due and outstanding as of the date of termination.
(b) Lessor, without terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damages. In the event Lessee shall fail remain liable to remove perform all property within thirty (30) days after said demand, Lessor shall be entitled to remove Lessee’s property to a storage facility, of its obligations under this Lease and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its Lessor’s rights and remedies under this Lease Agreementremedies, including the right to recover the rent Rent as it becomes due hereunder, provided that falls due. Lessor shall have an affirmative obligation the right to use do all things necessary or appropriate to manage and farm the Premises, and may do all things appropriate to a subletting of the Premises for the account of Lessee, and none of such acts shall be deemed to terminate Lessee’s right of possession, unless and until Lessor elects to terminate the same by written notice to Lessee. Lessee agrees to reimburse Lessor on demand for all amounts reasonably expended by Lessor in managing and farming the Premises and for Lessor’s best efforts reasonable attorneys’ fees and costs, together with interest on the amounts expended from time to re-let time at the Common Improvements and to mitigate its damages under the Lease Agreementrate specified in Section 32 below.
(cb) Lessor may terminate Lessee’s possession of the Premises. If Lessee’s right to possession of the Premises is terminated by, then this Lease Agreement is terminated as set forthshall terminate. Upon such termination, Lessor may relet recover from Lessee:
(i) The worth at the Common Improvements time of award of the unpaid Rent which had been earned at the time of termination.
(or any portion thereofii) for The worth at the time of award of the amount by which the unpaid Rent which would have been earned after termination until the time of award exceeds the amount of such rent and upon such terms as Lessor is able to obtain rental loss that Lessee proves could be reasonably avoided.
(iii) The worth at the time of award of the amount by which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for all damages sustained by Lessor, including but not limited to any deficiency in the unpaid Rent for the duration balance of the Lease Term (or after the time of award exceeds the amount of such rental loss for the such period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition)that Lessee proves could be reasonably avoided.
(div) Nothing contained herein diminishes any right Any other amount necessary to compensate Lessor may have for all the detriment proximately caused by Lessee’s failure to perform its obligation under South Carolina law to xxx Lessee for damages the Lease or which in the event ordinary course of any default by Lessee under this Lease Agreement, or from pursuing any other remedy available things would be likely to Lessor at law or in equityresult therefrom.
Appears in 2 contracts
Samples: Agricultural Lease (Farmland Partners Inc.), Agricultural Lease (Farmland Partners Inc.)
Lessor’s Remedies. In the event Lessee is in default pursuant to the conditions set forth in Section 15.01 aboveIf any Event of Default occurs, Lessor, during the continuation of such default, Lessor shall have the right, at the option of pursuing either of the following remedies:
(a) Lessor may Lessor, to terminate this Lease Agreementupon three (3) days written notice to Lessee, in which event Lessee immediately shall surrender and thereupon to re-enter and take possession of the Demised Premises. All obligations If any Event of Lessee under Default occurs, Lessor shall further have the Lease Agreementright, including Lessee’s obligation at its option, from time to pay rent under the Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation to pay rent due and outstanding as of the date of termination.
(b) Lessortime, without terminating the Lease Agreementthis Lease, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises Premises, or any part thereof, 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 minimize the expenses of such re-letting and collection including, but not limited to, necessary renovation and alterations of the Premises, reasonable attorneys' fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due to 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 damages. In the event 's option, Lessee shall fail pay Lessor any deficiency immediately upon demand therefor, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor's option, the present value of the entire deficiency, which is subject to ascertainment for the remaining Term of this Lease, less the amount Lessee proves could have been reasonably avoided by Lessor, shall be immediately due and payable by Lessee. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of the Premises in excess of the Rent provided in this Lease. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right in accordance with applicable law to remove all or any part of Lessee's property within thirty (30) days after said demandfrom 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 Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claims against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. No such re-entry or taking possession of the Premises by Lessor shall be entitled construed as an election on Lessor's part to remove Lessee’s property to terminate this Lease unless a storage facility, and all reasonable costs written notice of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee intention is responsible for paymentgiven to Lessee. Notwithstanding any such re-letting without termination, Lessor may enforce at all of its rights and remedies under times thereafter elect to terminate this Lease Agreementfor such previous Event of Default. Notwithstanding anything to the contrary contained herein, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation agrees to use Lessor’s best reasonable efforts to re-let the Common Improvements and to mitigate its damages under following the Lease Agreementoccurrence of an Event of Default.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for all damages sustained by Lessor, including but not limited to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreement, or from pursuing any other remedy available to Lessor at law or in equity.
Appears in 2 contracts
Lessor’s Remedies. a. In the event Lessee is in default pursuant to the conditions set forth in Section 15.01 aboveof any breach of this Lease by lessee, then Lessor, during the continuation of such defaultbesides other rights or remedies he may have, shall have the option immediate right to reenter and may remove all persons and property from the premises; such property may be removed and stored in any other place in the building in which the demised premises are situated, or in any other place, for the account of, and at the expense and at the risk of pursuing either Lessee.
b. Lessee hereby waives all claims for damages which may be caused by the reentry of Lessor and taking possession of the following remedies:demised premises or removing or storing the furniture and property as herein provided, and will save Lessor harmless from any loss, costs or damages occasioned Lessee thereby, and no such reentry shall be considered or construed to be a forcible entry.
(a) c. Should Lessor elect to reenter, as herein provided, or should he take possession pursuant to legal proceedings or pursuant to any notice provided for by law, he may either terminate this Lease Agreementor he may from time to time, without terminating this Lease, relet said premises or any part thereof for such term or terms and at such rental or rentals and upon such other terms and conditions as Lessor in which event his sole discretion may deem advisable, with the right to make alterations and repairs to said premises.
d. Rentals received by Lessor from such reletting shall be applied: first, to the payment of any indebtedness, other than rent, due hereunder from Lessee immediately shall surrender possession to Lessor; second, to the payment of the Demised Premises. All obligations of Lessee under the Lease Agreement, including Lessee’s obligation to pay rent under the Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation to pay rent due and outstanding as unpaid hereunder; third, to the payment of any cost of such reletting; fourth, to the payment of the date cost of terminationany alterations and repairs to the premises; and the residue, if any, shall be held by Lessor and applied in payment of future rent as the same may become due and payable hereunder. Should such rentals received from such reletting during any month be less than that agreed to be paid that month by Lessee hereunder, then Lessee shall pay such deficiency to Lessor. Such deficiency shall be calculated and paid monthly.
(b) Lessor, without terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the e. No such reentry or taking possession of said premises to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demand, by Lessor shall be entitled construed as an election on his part to remove Lessee’s property terminate this Lease unless a written notice of such intention be given to Lessee or unless the termination thereof be decreed by a storage facilitycourt of competent jurisdiction. Notwithstanding any such reletting without termination, Lessor may at any time thereafter elect to terminate this Lease for such previous breach.
f. Should Lessor at any time terminate this Lease for any breach, in addition to any other remedy he may have, he may recover from Lessee all damages he may incur by reason of such breach, including the cost of recovering the premises, and all reasonable costs including the worth, at the time of such removal termination, of the excess, if any, of the amount of rent and storage charges equivalent to rent reserved in this Lease for the remainder of the stated term over the then reasonable rental value of the premises for the remainder of the stated term.
g. The voluntary or other surrender of this Lease by Lessee, or a mutual cancellation thereof, shall not work a merger, and shall, at the option of Lessor, terminate all or any existing subleases or subtenancies, or may, at the option of Lessor, operate as an assignment to him of any or all such subleases or subtenancies.
h. In case suit shall be brought for an unlawful detainer of the said premises, for the recovery of any rent due under the provisions of this Lease, or because of the breach of any other covenant herein contained, on the part of Lessee to be kept or performed, Lessee shall pay to Lessor a reasonable attorney’s fee which shall be fixed by the court, and such attorney’s fee shall be deemed additional rent under to have accrued on the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all commencement of its rights such action and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for all damages sustained by Lessor, including but paid whether or not limited such action is prosecuted to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition)judgment.
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreement, or from pursuing any other remedy available to Lessor at law or in equity.
Appears in 2 contracts
Samples: Commercial Lease (Manitex International, Inc.), Commercial Lease (Manitex International, Inc.)
Lessor’s Remedies. In Upon the event Lessee is in default pursuant to the conditions set forth in Section 15.01 above, Lessor, during the continuation occurrence of any of such defaultevents of default described in Paragraph 8.1 hereof, Lessor shall have the option of pursuing either to pursue any one or more of the following remediesremedies without any notice or demand whatsoever except as required by law:
(a) Lessor may terminate a. Terminate this Lease AgreementLease, in which event Lessee shall immediately shall surrender the Demised Premises to Lessor, and if Lessee fails so to do, Lessor may, without prejudice to any other remedy which it may have for possession or arrearages in rent, enter upon and take possession of the Demised PremisesPremises and expel or remove Lessee and any other person who may be occupying such Demised Premises or any part thereof. All obligations of Lessee under the Lease Agreement, including Lessee’s obligation agrees to pay rent under Lessor on demand the Lease Agreementamount of all loss and damage which Lessor may suffer by reason of such termination, shall cease whether through inability to relet the Demised Premises on satisfactory terms or otherwise.
b. Enter upon the date of termination except for Lessee’s obligation to pay rent due and outstanding as take possession of the date of termination.
(b) LessorDemised Premises and expel or remove Lessee and any other person who may be occupying such Demised Premises or any part thereof, without terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises Demised Premises for such terms ending before, on or after the expiration date of the Lease Term at such rental and upon such other conditions as are reasonable, and receive the rent therefor, and Lessee agrees to minimize Lessor’s damagespay to the Lessor on demand any deficiency that may arise by reason of such reletting. In the event Lessor is successful in reletting the Demised Premises at a rental in excess of that agreed to be paid by Lessee pursuant to the terms of this Lease, Lessor and Lessee each mutually agree that Lessee shall fail not be entitled under any circumstances to remove all property within thirty such excess rental, and Lessee does hereby specifically waive any claim to such excess rental.
c. Enter upon the Demised Premises, and do whatever Lessee is obligated to do under the terms of this Lease, and Lessee agrees to reimburse Lessor on demand for any expenses which Lessor may incur in thus effecting compliance with Lessee's obligations under this Lease, together with interest thereon at the rate of twelve percent (3012%) days after said demandper annum.
d. Whether or not Lessor retakes possession or relets the Demised Premises, Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including have the right to recover unpaid rent and all damages caused by Lessee's default, including attorney's fees. Damage shall include, without limitation: all rentals lost, all legal expenses and other related costs incurred by Lessor following Lessee's default, all costs incurred by Lessor in restoring the rent as it becomes due hereunderDemised Premises to good order and condition, provided that or in remodeling, renovating or otherwise preparing the Demised Premises for reletting, and all brokerage commissions incurred by Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let in reletting the Common Improvements and to mitigate its damages under the Lease AgreementDemised Premises.
e. In the event Lessee fails to pay any installment of rent, additional rent or other charges hereunder within ten (c10) If this Lease Agreement days after such installment is terminated as set forthdue, to help defray the additional cost to Lessor may relet for processing such late payments, Lessee shall pay to Lessor on demand a late charge of five (5%) percent of the Common Improvements (or any portion thereof) Base Monthly Rental. The provision for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee late charge shall be liable for in addition to all of Lessor's other rights and remedies hereunder or at law and shall not be construed as liquidated damages sustained by or as limiting Lessor's remedies in any manner. However, including but not the first time annually that the rental is paid late, the late charge shall be limited to any deficiency in Rent for the duration of the Lease Term two hundred fifty dollars (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition$250.00).
(d) Nothing f. Pursuit of any of the foregoing remedies shall not preclude pursuit of any of the other remedies herein provided or any other remedies provided by law, such remedies being cumulative and non-exclusive, nor shall pursuit of any remedy herein provided constitute a forfeiture or waiver of any rent due to Lessor hereunder or of any damages accruing to Lessor by reason of the violation of any other terms, provisions and covenants herein contained. No act or thing done by the Lessor during the Lease term hereby granted shall be deemed a termination of this Lease or an acceptance of the surrender of the Demised Premises and no agreement to terminate this Lease or accept surrender of said Demised Premises shall be valid unless in writing signed by the parties hereto. No waiver by Lessor of any violation or breach of any of the terms, provisions and covenants herein contained shall be deemed or construed to constitute a waiver of any other violation or breach of any of the terms, provisions and covenants herein diminishes any right contained. Forbearance by Lessor may have under South Carolina law to xxx Lessee for damages in enforce one or more of the remedies herein provided upon an event of default shall not be deemed or construed to constitute a waiver of such default or of Lessor's right to enforce any such remedies with respect to such default or any subsequent default. If, on account of any breach or default by Lessee in Lessee's obligations under the terms and conditions of this Lease AgreementLease, or from pursuing it shall become necessary for Lessor to employ an attorney to send a notice of default and pursue other default remedies, Lessee agrees to pay any other remedy available to Lessor at law or in equityreasonable attorneys fees so incurred.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement (Esterline Technologies Corp)
Lessor’s Remedies. In the event Lessee is in default pursuant to the conditions set forth in Section 15.01 above, Lessor, during the continuation of such default, shall have the option of pursuing either of the following remedies:
(a) Lessor may terminate this Lease Agreement, in which event Lessee immediately shall surrender possession of the Demised Premises. All obligations of Lessee under the Lease Agreement, including Lessee’s obligation to pay rent under the Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation to pay rent due and outstanding as of the date of termination.
(b) Lessor, without terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements Demised Premises within thirty (30) days so that Lessor may re-enter and relet re-let the premises to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demand, Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements Demised Premises and to mitigate its damages under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet re-let the Common Improvements Demised Premises (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for all damages sustained by Lessor, including but not limited to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements Demised Premises in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreement, or from pursuing any other remedy available to Lessor at law or in equity.
Appears in 2 contracts
Samples: Lease Agreement (Benefitfocus,Inc.), Lease Agreement (Benefitfocus,Inc.)
Lessor’s Remedies. In the event If an Event of Default by Lessee is in default pursuant occurs, Lessor shall be entitled then or at any time thereafter to the conditions set forth in Section 15.01 above, Lessor, during the continuation of such default, shall have the option of pursuing either do any one or more of the following remediesat Lessor’s option:
(a) Lessor may terminate Enter the Premises if need be, and take whatever curative actions are reasonably necessary to rectify Lxxxxx’s noncompliance with this Lease Agreement, Lease; and in which that event Lessee immediately shall surrender possession of the Demised Premises. All reimburse Lessor on written demand for any expenditures by Lessor to effect compliance with Lxxxxx’s obligations of Lessee under the Lease Agreement, including Lessee’s obligation to pay rent under the Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation to pay rent due and outstanding as of the date of terminationthis Lease.
(b) Terminate this Lease, in which event Lxxxxx shall immediately surrender possession of the Premises to Lessor, or without terminating this Lease, terminate Lxxxxx’s right to possession of the Lease AgreementPremises; and in either case, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet take possession of the premises to minimize Lessor’s damages. In the event Premises, evict Lessee shall fail to remove all property within thirty (30) days after said demand, Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreementparties then in occupancy or possession.
(c) If Lessor has terminated this Lease, recover all Minimum Rent and other sums owing and unpaid under this Lease Agreement is terminated as set forth, Lessor may relet of the Common Improvements (or any portion thereof) for such rent and upon such terms date of termination plus damages measured by the difference in the rental value of the Premises as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for all damages sustained by Lessor, including but not limited to any deficiency in Rent if this Lease had been fully performed for the duration balance of the Lease Term (or for term and the period rental value of time which would have remained in the Lease Term in Premises following the absence Event of any termination, leasing fees, attorneys’ fees, other marketing Default by Lessee. Retain all payments and collection costs and all expenses of placing the Common Improvements in first class rentable condition)deposits as rent.
(d) Nothing contained herein diminishes If Lessor has not terminated this Lease (whether or not Lessor has terminated Lxxxxx’s right to possession of the Premises or actually retaken possession), recover (in one or more suits from time to time or at any right Lessor may have under South Carolina law to xxx Lessee for damages in time before or after the event end of any default by Lessee the term) all Minimum Rent and other sums then or thereafter owing and unpaid under this Lease AgreementLease, together with all reasonable costs, if any, incurred in reletting the Premises (including remodeling, lease commission, allowance, inducement, and other costs), less all rent, if any, actually received from any reletting of the Premises during the remainder of the term. Lessor shall have the right following an Event of Default by Lxxxxx to relet the Premises without terminating the Lease, any such reletting to be on such commercially reasonable terms as Lessor considers reasonable under the circumstances.
(e) Recover all costs of retaking possession of the Premises and any other damages incidental to the Event of Default by Lxxxxx.
(f) Terminate all of Lessee’s rights to any allowances or under any renewal, extension, expansion, refusal, or from pursuing other options granted to Lessee by this Lease.
(g) Exercise any and all other remedy remedies available to Lessor at law or in equity, including injunctive relief of all varieties. If Lessor elects to retake possession of the Premises without terminating this Lease, it may nonetheless at any subsequent time elect to terminate this Lease and exercise the remedies provided above on termination of the Lease. Nothing done by Lessor or its agents shall be considered an acceptance of any attempted surrender of the Premises unless Lxxxxx specifically so agrees in writing. No re-entry or taking of possession of the Premises by Lxxxxx, nor any reletting of the Premises, shall be considered an election by Lessor to terminate this Lease unless Lessor gives Lessee written notice of termination; but any such action or expenditure by Lessor shall not be deemed to waive or release the default of Lessee or the right of Lessor to take any action as may be otherwise permissible hereunder in the case of any default. If Lessor exercises its right to terminate the Lease pursuant to this Section of the Lease, Lessee may nullify such termination by exercising its Option to Purchase the Premises under Section 35 within thirty (30) days after receipt of notice of Lessor’s election to terminate, in which case all default proceedings shall toll pending Lessee’s completion of the Option to Purchase.
Appears in 1 contract
Samples: Commercial Lease Agreement (Twin Vee PowerCats, Co.)
Lessor’s Remedies. In the event Lessee is in If any one or more events of default pursuant to the conditions set forth in Section 15.01 aboveabove occurs, LessorLESSOR may, during the continuation of such default, shall have the option of pursuing either of the following remediesat its election:
(ai) Lessor may Give LESSEE written notice of LESSOR’S intention to terminate this Lease Agreementon the earliest date permitted by law or on any later date specified in such notice, in which case LESSEE’S right to possession of the Premises will cease and this Lease will be terminated, except as to LESSEE’S liability, as if the expiration of the term fixed in such notice were the end of the Term;
(ii) Without further demand or notice, and without terminating this Lease, reenter and take possession of the Premises or any part of the Premises, repossess the same, expel LESSEE and those claiming through or under LESSEE and remove the effects of both or either, using such force for such purposes as may be necessary, without being liable for prosecution, without being deemed guilty of any matter of trespass, and without prejudice to any remedies for arrears of Monthly Rent or other amounts payable under this Lease or as a result of any preceding breach of covenants or conditions; or
(iii) Without further demand or notice to cure any event of default and charge LESSEE for the cost of effecting such cure, including without limitation reasonable attorneys’ fees and interest on the amount of 18 percent per annum, provided that LESSOR will have no obligation to cure any such event of default of LESSEE. If LESSOR elects to reenter as provided in subsection (ii) or if LESSOR takes possession pursuant to legal proceedings or pursuant to any notice provided by law, LESSOR may, from time to time, without terminating this Lease, relet the Premises or any part of the Premises in LESSOR’S or LESSEE’S name, but for the account of LESSEE, for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the Term) and on such conditions and upon such other terms (which may include concessions of free rent and alteration and repair of the Premises) as LESSOR, in its reasonable discretion, may determine, and LESSOR may collect and receive the rents from such reletting. LESSOR will in no way be responsible or liable for any failure to relet the Premises, or any part of the Premises, or for any failure to collect any rent due upon such reletting. No such reentry or taking possession of the Premises by LESSOR will be construed as an election on LESSOR’S part to terminate this Lease unless a written notice of such intention is given to LESSEE. No written notice from LESSOR under this Section or under a forcible or unlawful entry and detainer statute or similar law will constitute an election by LESSOR to terminate this Lease unless such notice specifically so states. LESSOR reserves the right following any such reentry or reletting to exercise its right to terminate this Lease by giving LESSEE such written notice, in which event Lessee immediately this Lease will terminate as specified in such notice.
20. NOTICE Any Notice from the LESSOR to the LESSEE relating to the Premises or to the occupancy thereof, shall surrender possession be in writing and be deemed duly served, if mailed to the Notice Address in Section 1 of this Lease, registered or certified mail, return receipt requested, postage prepaid or by overnight carrier, addressed to the LESSEE. Any Notice from the LESSEE to the LESSOR relating to the Premises or to the occupancy thereof, shall be deemed duly served, if mailed to the LESSOR by registered or certified mail, return receipt requested, postage prepaid or by overnight carrier, addressed to the LESSOR at the address in Section 1 of this Lease or such other address as the LESSOR may from time to time advise in writing. All rent notices shall be paid and sent to the LESSOR at its notice address or such other address as may be designated by LESSOR.
21. SURRENDER The LESSEE shall at the expiration or other termination of this Lease remove all LESSEE’S goods and effects from the Premises, (including, without hereby limiting the generality of the Demised foregoing, all signs and lettering affixed or painted by the LESSEE, either inside or outside the Premises). All obligations of Lessee under LESSEE shall deliver to the Lease AgreementLESSOR the Premises and all keys, including Lessee’s obligation locks thereto, and other fixtures connected therewith and all alterations and additions made to pay rent under the Lease Agreement, shall cease or upon the date of termination except for Lessee’s obligation to pay rent due and outstanding as of the date of termination.
(b) LessorPremises, without terminating the Lease Agreementin good condition, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damagesdamage by fire or other casualty only excepted. In the event Lessee shall fail of the LESSEE’S failure to remove all any of LESSEE’S property within thirty (30) days after said demandfrom the Premises, Lessor shall be entitled LESSOR is hereby authorized, without liability to LESSEE for loss or damage thereto, and at the sole risk of LESSEE, to remove Lessee’s and store any of the property at LESSEE’S expense, or to a storage facilityretain same under LESSOR’S control or to sell at public or private sale, without notice any or all of the property not so removed and all reasonable costs to apply the net proceeds of such removal and storage shall be deemed additional rent under sale to the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all payment of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes any sum due hereunder, provided that Lessor or to destroy such property. The LESSEE shall restore all damage, reasonable wear and tear excepted, to the Premises which may have an affirmative obligation occurred during the use of Premises or while vacating the Premises. Any items which the LESSEE installs, which replace items on the Premises when LESSEE took occupancy are deemed to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreementbe LESSOR’S property.
(c) If 22. BROKERAGE LESSEE warrants and represents that LESSEE has dealt with no broker other than the broker listed in Section 1 of this lease in connection with the consummation of this Lease Agreement is terminated as set forthand, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for all damages sustained by Lessor, including but not limited to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreementbrokerage claims against LESSOR predicated upon prior dealings with LESSEE, or from pursuing LESSEE agrees to defend the same and indemnify LESSOR against any other remedy available to Lessor at law or in equitysuch claim.
Appears in 1 contract
Samples: Commercial Lease (Glycogenesys Inc)
Lessor’s Remedies. If any default of Lessee shall continue following a notice of default and the applicable cure period, Lessor shall have the right to exercise any one or more of the rights or remedies available to a Lessor under the laws of the State of California, consecutively or concurrently, including, without limitation, the right:
A. To terminate this Lease and Lessee’s right to possession hereunder, immediately or at any time after such default or breach and without prior notice, and recover from Lessee (i) the worth at the time of award of the unpaid rent which had been earned at the time of termination, plus interest (ii) the worth at the time of the award of the amount by which the unpaid rent which would have been earned after termination until the time of award exceeds the amount of such rental loss for the same period that Lessee proves could have been reasonably avoided, plus interest, (iii) the worth at the time of award of the amount by which the unpaid rent for the balance of the term after the time of award exceeds the amount of such rental loss for the same period that Lessee proves could be reasonably avoided, said excess to be discounted by a rate equal to the discount rate of the Federal Reserve Bank of San Francisco at the time of award plus one percent, and (iv) any other amount necessary to compensate Lessor for all the detriment proximately caused by Lessee’s failure to perform Lessee’s obligations under this Lease or which in the ordinary course of things would be likely to result therefrom, including cost of litigation and attorneys’ fees. In the event Lessee is in default pursuant to the conditions set forth in Section 15.01 aboveof termination, Lessor, during the continuation of such default, Lessor shall have the option option, without notice or demand, to enter upon and repossess the premises and remove any personal property of pursuing either Lessee from the premises and store it in any public warehouse at the risk and expense of Lessee. Lessee hereby waives all claims for damages which may be caused by the following remedies:
(a) re-entry of Lessor may terminate this Lease Agreement, in which event Lessee immediately shall surrender and taking possession of the Demised Premises. All obligations premises or removing or storing the personal property of Lessee under the as herein provided, and will save Lessor thereby, and no such re-entry shall be considered or construed to be a forcible entry;
B. To continue this Lease Agreementin full force and effect, including Lessee’s obligation right to pay rent under the Lease Agreementpossession, shall cease upon the date of termination except for Lessee’s obligation to pay rent due and outstanding as of the date of termination.
(b) Lessor, without terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damages. In the event Lessee shall fail right to remove all property within thirty (30) days after said demand, Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreementand to collect rent and all other sums payable by Lessee hereunder as the same become due. The Parties agree that acts of maintenance or preservation or efforts to relet the premises, including or the appointment of a receiver upon the initiative of Lessor to protect its interest under this Lease shall not constitute a termination of Lessee’s right to recover possession for the purposes of this subparagraph (b) unless accompanied by a written notice from Lessor to Lessee of Lessor’s election to so terminate;
C. To seek such other equitable and/or legal relief as may be available to Lessor under the laws of the State of California; and
D. If Lessee is in default in the payment of rent and other sums due under this Lease and Lessor collects sub-rents from sublessees at the premises as it becomes due hereunderprovided in Section 5.2, provided that Lessor shall have an affirmative obligation apply such sub-rents to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for all damages sustained by Lessor, including but not limited to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained following in the Lease Term in the absence of any termination, leasing feesfollowing order:
1. costs without limitation, attorneys’ fees, other marketing and collection court costs and all other litigation and related expenses;
2. costs and expenses of placing incurred in leasing or releasing the Common Improvements in first class rentable condition).premises, or parts thereof, including, without limitation, commissions, alteration and fixturing costs, and the like; and
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee 3. rent and other sums due under this Lease AgreementLease. If there remain any sums after the foregoing application of sub-rents received, or from pursuing Lessor shall remit any other remedy available such remaining sums to Lessor at law or in equityLessee.
Appears in 1 contract
Lessor’s Remedies. In If any default by Lessee shall continue ----------------- uncured, following notice of default as required by the event Lessee is in default pursuant Lease, for the period applicable to the conditions set forth in Section 15.01 abovedefault under the Lease, Lessor, during the continuation of such default, Lessor shall have the option of pursuing either of following remedies in addition to all Xxxxx Xxx Convalescent Lease other rights and remedies provided by law or equity, to which Lessor may resort cumulatively or in the following remediesalternative:
(a) Lessor may may, at Lessor's election, terminate this Lease Agreementby giving Lessee notice of termination. On the giving of the notice, all Lessee's rights in which event the Premises and in all improvements, furniture and equipment shall terminate. Promptly after notice of termination, Lessee immediately shall surrender and vacate the Premises and all improvements, furniture and equipment in broom clean condition, and Lessor may reenter and take possession of the Demised Premises and all remaining improvements, furniture and equipment and eject all parties in possession or eject some and not others or eject none. Termination under this Paragraph shall not relieve Lessee for the payment of any sums then due to Lessor for any claim or damages previously accrued or then accruing against Lessee.
(b) Lessor may, at Lessor's election, reenter the Premises, and, without terminating this Lease, and at any time and from time to time relet the Premises or improvements, furniture or equipment or any part or parts of them for the account and in the name of Lessee. All obligations Lessor may, at Lessor's election eject all persons or eject some and not others or eject none. Lessor shall apply all rents from reletting as in the provision on assignment of subrents hereinbelow set forth. Any reletting may be for the remainder of the Lease Term or for a longer or shorter period. Lessor may execute any leases made under this provision in Lessee's name and shall be entitled to all rents from the use, operation, or occupancy of the Premises or improvements, furniture or equipment or both. Lessee shall nevertheless pay to Lessor on the due date specified in this Lease the equivalent of all sums required of Lessee under this Lease, plus Lessor's expenses, less the avails of any reletting or attornment. No act by or on behalf of Lessor under this provision shall constitute a termination of this Lease Agreement, including Lessee’s obligation to pay rent under the Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation to pay rent due and outstanding as of the date unless Lessor gives Lessee notice of termination.
(bc) Lessor may, at Lessor's election use Lessee's personal property and trade fixtures or any of such property and fixtures, if any, without terminating the Lease Agreementcompensation and without liability for use or damage, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demand, Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for all damages sustained by Lessor, including but not limited to any deficiency in Rent store them for the duration account and at the cost of the Lease Term (Lessee. The election of one remedy for any one item shall not foreclose an election of any other remedy for another item or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition)same item at a later time.
(d) Nothing contained herein diminishes Lessor, which is hereby granted the remedy provided by Civil Code ss.1951.4, shall be entitled at Lessor's election to each installment of rent or to any combination of any installments for any period before termination, plus interest at the then maximum rate of interest permitted by law per year from the due date of each installment. Lessor shall make reasonable efforts to mitigate Lessee's liability under this provision.
(e) In the event that Lessor terminates Lessee's right to possession because of a breach of this Lease, this Lease shall thereupon terminate and upon such termination, Lessor may recover from Lessee: Xxxxx Xxx Convalescent Lease
(i) the worth at the time of award of the unpaid rent (including charges equivalent to rent) which had been earned at the time of termination,
(ii) the worth at the time of award of the amount by which the unpaid rent (including charges equivalent to rent) which would have been earned after termination until the time of award exceeds the amount of such rental loss that Lessee proves could have been reasonably avoided,
(iii) the worth at the time of the award of the amount by which the unpaid rent (including charges equivalent to rent) for the balance of the Term after the time of award exceeds the amount of such rental loss that Lessee proves could be reasonably avoided,
(iv) any other amount necessary to compensate Lessor for all the detriment proximately caused by Lessee's failure to perform his obligations under South Carolina the Lease or which in the ordinary course of things would be likely to result therefrom, including, but not limited to, the cost of recovering possession of the Premises, expenses of reletting, including necessary renovation and alteration of the Premises or any part thereof, reasonable attorney's fees and any real estate commission actually paid or incurred. The "worth at the time of award" of the amounts referred to in (i) and (ii) above shall include interest at the maximum rate an individual is permitted by law to xxx charge. The "worth at the time of award" of the amount referred to in (iii) above shall be computed by discounting such amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of award plus one percent (1 %). Nothing in this paragraph shall affect the right of Lessor to indemnification for liability arising prior to the termination of the Lease for personal injuries or property damage as provided in this Lease. Nothing herein provided shall affect Lessor's rights under Chapter 4 (commencing with Section 1159) of Title 3 of Part 3 of the Code of Civil Procedure relating to actions for unlawful detainer, forcible entry and forcible detainer.
(f) Lessee for damages assigns to Lessor all subrents and other sums falling due from subtenant and licensees (herein called subtenants) during any period in which Lessor has the event of any default by Lessee right under this Lease AgreementLease, whether exercised or not, to reenter the Premises for Lessee's default, and Lessee shall not have any rights to such sums during that period. Lessor may, at Lessor's election, either as attorney in fact of Lessee, or through a receiver appointed on Lessor's application, reenter the Premises and improvements with or without process of law, without terminating this Lease and either or both collect these sums or bring action for the recovery of the sums directly from pursuing any other remedy available such obligors. Lessor shall receive and collect all subrents and avails from reletting, applying them: first, to the payment of reasonable expenses (including attorney's fees or broker's commissions or both) paid or incurred by or on behalf of Lessor at law in recovering possession, placing the Premises and improvements, furniture and equipment in good condition, and repairing or in equity.altering the Premises or improvements, furniture and equipment for reletting; second, to the reasonable expense of securing new Lessees; third, to the fulfillment of Lessee's covenants to the end of the Term; and fourth, to Xxxxx Xxx Convalescent Lease
Appears in 1 contract
Samples: Lease Agreement (Sycamore Park Convalescent Hospital)
Lessor’s Remedies. In the event Lessee is of any material default or breach by XXXXXX, LESSOR may at any time thereafter, without limiting LESSOR in default pursuant to the conditions set forth exercise of any right of remedy at law or in Section 15.01 above, Lessor, during the continuation equity that LESSOR may have by reason of such default, shall have the option of pursuing either of the following remedies:default or breach
(a) Lessor may terminate this Lease AgreementTerminate LESSEE'S right to possession by any lawful means, in which event Lessee case this Lease shall immediately terminate and XXXXXX shall immediately surrender possession of the Demised Premises. All obligations of Lessee under the Lease Agreement, including Lessee’s obligation to pay rent under the Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation to pay rent due and outstanding as of the date of termination.
(b) Lessor, without terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damagesLESSOR. In the such event Lessee shall fail to remove all property within thirty (30) days after said demand, Lessor LESSOR shall be entitled to remove Lessee’s property to a storage facilityrecover from LESSEE all damages incurred by XXXXXX by reason of LESSEE's default including, and all reasonable costs but not limited to, the following:
(i) the worth at the time of award of any unpaid lease payment which had been earned at the time of such removal termination; plus
(ii) the worth at the time of award of the amount by which the unpaid lease payment which would have been earned after termination until the time of award exceeds the amount of such rental loss that is proved could have been reasonably avoided; plus
(iii) the worth at the time of award of the amount by which the unpaid lease payment for the balance of the term after the time of award exceeds the amount of such rental loss that is proved could be reasonably avoided; plus,
(iv) any other amount necessary to compensate LESSOR for all the detriment proximately caused by XXXXXX's failure to perform its obligations under this Lease or which in the ordinary course of events would be likely to result therefrom; plus
(v) at LESSOR's election, such other amounts in addition to or in lieu of the foregoing as may be permitted from time to time by applicable State law. Upon any such re-entry LESSOR shall have the right to make any reasonable repairs, alterations or modifications to the premises, which LESSOR in its sole discretion deems reasonable and storage necessary. As used in subparagraphs (i) and (ii), above, the "worth at the time of award" is computed by including interest on the principal sum at a rate one percent (1%) above the discount rate of the Federal Reserve Bank of San Francisco from the date of default. As used in subparagraph (iii), above, the "worth at the time of award" is computed by discounting such amount at a rate one percent (1%) above the discount rate of the Federal Reserve Bank of San Francisco at the time of award. The term "lease rate" as used in this Article shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements be and to mitigate its damages under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able mean lease rate to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for all damages sustained by Lessor, including but not limited paid pursuant to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs Article 4 and all expenses other monetary sums required to be paid by LESSEE pursuant to the terms of placing the Common Improvements in first class rentable condition)this Lease.
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreement, or from pursuing any other remedy available to Lessor at law or in equity.
Appears in 1 contract
Samples: Lease Agreement
Lessor’s Remedies. In the event Lessee is in default pursuant Notwithstanding anything to the conditions set forth contrary in Section 15.01 abovethis Lease, Lessor, during Lessor shall not exercise any remedy that would dispossess either the continuation of such default, shall have the option of pursuing either of the following remedies:
(a) Lessor may terminate this Lease Agreement, in which event Lessee immediately shall surrender tenant-in-possession of the Demised Premises. All obligations of Property or Lessee under without the Lease Agreement, including Lessee’s obligation to pay rent under the Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation to pay rent due and outstanding as prior written consent of the date Lessee and in the event of termination.
Lessee's default, Lessor shall not pursue any remedy which would result in termination of this Lease unless such event of default has continued uncured for a period of ninety (b90) Lessordays. If Lessee commits a default under any loan which is secured against the Property, without terminating and such default is not fully cured within the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that day period provided for in Section 10.2.2, above, Lessor may re-enter shall have the right (but not the obligation) to cure such default (by payment of money or otherwise) as necessary to reinstate such loan, in order to protect Lessor's interest in the Property. All sums incurred by Lessor in connection with curing such loan default of Lessee (including attorneys' fees and relet other professional costs) shall be paid or reimbursed to Lessor upon Lessor's demand, as additional Rent under this Lease. Subject to the premises to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demandterms of this Section 10.3, Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its Lessor's rights and remedies now or hereafter available in equity and at law for Lessee's default under this Lease Agreementprovided that the subtenant is not dispossessed thereby, including without limitation, the right remedies described in the Statutes of the State of Colorado to recover the Rent as it becomes due (lessor may continue the lease in effect after lessee's breach and abandonment and recover rent as it becomes due hereunderdue, provided that Lessor shall have an affirmative obligation if lessee has the right to use sublet or assign, subject only to reasonable limitations). Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee 's remedies shall be liable for all damages sustained by Lessor, including but not limited to any deficiency in Rent for cumulative and the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence exercise of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreement, one or more shall not prevent it from pursuing exercising any other right or remedy available to Lessor at law or in equityfor Lessee's default.
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Lessor’s Remedies. In the event Lessee is in default pursuant to the conditions set forth in Section 15.01 above, Lessor, during the continuation of such default, shall have the option of pursuing either of the following remedies:
(a) a. Lessor may terminate this Lease AgreementLease, in which event Lessee immediately shall surrender possession of the Demised Premises. All obligations of Lessee under the Lease AgreementLease, including Lessee’s 's obligation to pay rent Rent under the Lease AgreementLease, shall cease upon the date of termination except for Lessee’s 's obligation to pay rent Rent due and outstanding as of the date of termination.
(b) Lessorb. Xxxxxx, without terminating the Lease AgreementLease, may require Lessee to remove all property from the Common Improvements Premises within thirty (30) days so that Lessor may re-enter and relet the premises Premises to minimize Lessor’s 's damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demand, Lessor shall be entitled to remove Lessee’s 's property to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for paymentAdditional Rent. Lessor may enforce all of its rights and remedies under this Lease AgreementLease, including the right to recover the rent Rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best commercially reasonable efforts to re-let the Common Improvements Premises and to mitigate its damages under the Lease AgreementLease.
(c) c. Xxxxxx may accelerate and declare the entire remaining unpaid Rent for the remainder of the term to be immediately due and payable forthwith and may, at once, take legal action to recover and collect the same, such amount being discounted to present value using the prime rate published by a national bank acceptable to Lessee and Lessor and such amount reduced by the amount of rent Lessor will receive by reletting Premises for the remainder of the term or portion thereof.
d. If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements Premises (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for all damages sustained by Lessor, including but not limited to any deficiency in Rent rent for the duration of the Lease Base Term and/ or Renewal Terms (or for the period of time which would have remained in the Lease Base Term and/or Renewal Term in the absence of any termination, leasing fees, attorneys’ ' fees, other marketing and collection costs costs, tenant concessions or allowances, and all expenses of placing the Common Improvements Premises in first class rentable condition).
(d) e. Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx sxx Lessee for damages in the event of any default by Lessee under this Lease AgreementLease, or from pursuing any other remedy available to Lessor at law or in equity.
Appears in 1 contract
Samples: Triple Net Lease Agreement (Kona Gold Solutions, Inc.)
Lessor’s Remedies. In the event Lessee is in default pursuant to the conditions set forth in Section 15.01 above, Lessor, during the continuation of such default, shall have the option of pursuing either of the following remedies:
(a) Lessor may terminate this Lease Agreement, in which event Lessee immediately shall surrender possession of the Demised Premises. All obligations of Lessee under the Lease Agreement, including Lessee’s obligation to pay rent under the Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation to pay rent due and outstanding as of the date of termination.
(b) Lessor, without terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damages. In the event If Lessee shall fail to remove all property observe or perform any of its obligations under this Lease, and shall fail to cure such default within thirty (30) days after said demandwritten notice form Lessor giving notice of such default, or if Lessee shall be adjudicated bankrupt, become insolvent or make an assignment for the benefit of creditors, then in any of such cases Lessor may, at its option and upon thirty (30) days written notice to Lessee, terminate this Lease. In the event of such termination, Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including have the right to recover enter immediately upon the rent as it becomes due hereunder, provided that Premises and take full and exclusive possession of the Premises. The Lessor shall have an affirmative obligation the right, at its option, without declaring the Lease void, to use Lessor’s best sublet the Premises and collect the rents. Should Lessor be unable to relet the Premises after reasonable efforts to re-let do so, or should such monthly rental after relet be less than the Common Improvements and rental Lessee was obligated to mitigate its damages pay under this lease, then Lessee shall pay the Lease Agreement.
amount of such rental deficiency to Lessor. A partial receipt for rent in arrears shall not operate as a waiver of any forfeiture which may have occurred before that time. The thirty (c30) If this Lease Agreement is terminated as set forth, day cure period will be extended by Lessor may relet the Common Improvements (or any portion thereof) for such rent time as is necessary to cure the default so long as Lessee promptly commences efforts to cure the default and upon continues such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and efforts with reasonable diligence. Lessee shall also be liable for all damages sustained by Lessorresponsible to pay to Lessor its reasonable costs and expenses, including but not limited to any deficiency reasonable attorney's fees, in Rent for retaking or reletting the duration Premises. Any installment of rent or additional rent herein required to be paid by Lessee which is received after the 25th day of the Lease Term month by Lessor will include an additional late payment equal to ten percent (10%) of the rent or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition)additional rent due.
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreement, or from pursuing any other remedy available to Lessor at law or in equity.
Appears in 1 contract
Samples: Lease Agreement (DHB Industries Inc)
Lessor’s Remedies. In Upon the event Lessee is in default pursuant to the conditions set forth in Section 15.01 occurrence of any Event of Default ----------------- enumerated above, LessorLessor may, during the continuation of such defaultat its option, shall have the option of pursuing either in addition to any and all other rights or remedies available to it hereunder or at law or in equity, do any one or more of the following remediesfollowing:
(a1) Lessor may terminate Terminate this Lease AgreementLease, in which event Lessee shall immediately shall surrender possession of the Demised Premises. All obligations of Lessee under the Lease Agreement, including Lessee’s obligation Leased Premises to pay rent under the Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation to pay rent due and outstanding as of the date of terminationLessor.
(b2) LessorEnter upon and take possession of the Leased Premises and expel or remove Lessee and any other occupant therefrom, with or without terminating this Lease.
(3) Alter locks and other security devices at the Lease AgreementLeased Premises, may require after repossessing the Leased Premises.
(4) Remove and store any or all of the office equipment and furniture situated in the Leased Premises, after repossessing the Leased Premises.
(5) Enter upon the Leased Premises and do whatever Lessee is obligated to remove all property from do under the Common Improvements within thirty (30) days so that terms of this Lease; and Lessee agrees to reimburse Lessor on demand for any expenses which Lessor may re-enter and relet the premises to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demand, Lessor shall be entitled to remove incur in effecting compliance with Lessee’s property to a storage facility's obligations under this Lease, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided further agrees that Lessor shall have an affirmative obligation not be liable for any damages resulting to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease AgreementLessee from such action.
(c6) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for Exercise all damages sustained by Lessor, including but not limited to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreement, or from pursuing any other remedy remedies available to Lessor at law or in equity, including injunctive relief. Exercise by Lessor of any one or more remedies herein granted or otherwise available shall not be deemed to be an acceptance or surrender of the Leased Premises, whether by agreement or by operation of law, it being understood that such surrender can be effected only by the written agreement of Lessor and Lessee. In the event Lessor elects to re-enter or take possession of the Leased Premises after Lessee's default, Lessee hereby waives notice of such re-entry or repossession. In the event Lessor elects to terminate this Lease by reason of the occurrence of an Event of Default, then notwithstanding any such termination, Lessee shall be liable for and shall pay to Lessor the Base Rent and other indebtedness accrued to the date of such termination, plus, as damages, an amount of money equal to the excess (if any) of the total Base Rent and all other payments due for the balance of the term of this Lease over the fair market value of the Leased Premises for the balance of the term of this Lease (subject to Lessor's duty to mitigate its damages). Upon the occurrence of an Event of Default, Lessee shall also be liable for and shall pay to Lessor upon demand, in addition to any other sums to be paid hereunder: all reasonable broker's fees incurred by Lessor in connection with the reletting of all or any portion of the Leased Premises; the costs of removing and storing Lessee's or other occupant's property found in the Leased Premises; the Lessor's reasonable costs of repairing, altering, remodeling or otherwise putting the Leased Premises into a condition acceptable to a new lessee; and all reasonable expenses incurred by Lessor in enforcing Lessor's remedies, including reasonable attorney's fees. In the event of termination or repossession of the Leased Premises upon the occurrence of an Event of Default, Lessor shall use reasonable efforts to relet the Leased Premises, or any portion thereof, on such terms as Landlord in its discretion may require. In the event of any such reletting, Lessor may relet the whole or any portion of the Leased Premises for any period, to any lessee, for any rental and for any use and purpose.
Appears in 1 contract
Lessor’s Remedies. In Lessor shall have the event following remedies if Lessee commits a default. These remedies are not exclusive; they are cumulative in addition to any remedies now or later allowed by law.
A. Lessor can continue this Lease in full force and effect, and the lease will continue in effect as long as Lessor does not terminate Lessee's right to possession, and Lessor shall have the right to collect rent when due. During the period Lessee is in default pursuant to the conditions set forth in Section 15.01 above, Lessor, during the continuation of such default, Lessor can enter the Premises and relet them, or any part of them, to third parties for Lessee's account. Lessee shall have be liable immediately to Lessor for all reasonable costs Lessor incurs in reletting the option Premises, including, without limitation, broker's commissions, expenses of pursuing either remodeling the Premises required by the reletting, and like costs. Reletting can be for a period shorter or longer than the remaining term of this Lease. Lessee shall pay to Lessor the following remedies:
(a) rent due under this Lease on the dates the rent is due, less the rent Lessor may receives from any reletting. No act by Lessor allowed by this paragraph shall terminate this Lease Agreementunless Lessor notifies Lessee that Lessor elects to terminate this Lease. If Lessor elects to relet the premises as provided in the paragraph, rent that Lessor receives from reletting shall be applied to the payment of: First, any indebtedness from Lessee to Lessor other than rent due from Lessee; Second, all reasonable costs, including for maintenance, incurred by Lessor in reletting; Third, rent due and unpaid under this Lease. After deducting the payments referred to in this paragraph, any sum remaining from the rent Lessor receives from reletting shall be held by Lessor and applied in payment of future rent as rent becomes due under this Lease. In no event shall Lessee be entitled to any excess rent received by Lessor. If, on the date rent is due under this lease, the rent received from the reletting is less than the rent due on that date, Lessee shall pay to Lessor, in which event Lessee immediately shall surrender addition to the remaining rent due all costs, including for maintenance, Lessor incurred in reletting that remain after applying the rent received from the reletting as provided in this Section.
B. Lxxxxx xxx terminate Lessee's right to possession of the Demised premises at any time. No act by Lessor other than giving notice to Lessee shall terminate this Lease. Acts of maintenance, efforts to relet the Premises, or the appointment of a receiver on Lessor's initiative to protect Lessor's interest under this Lease shall not constitute a termination of Lessee's right to possession. All obligations On termination, Lessor has the right to recover from Lessee:
1. The worth, at the time of Lessee under the Lease Agreementaward of the unpaid rent that had been earned at the time of termination of this Lease.
2. The worth, including Lessee’s obligation to pay at the time of the award of the amount by which the unpaid rent under the Lease Agreement, shall cease upon that would have been earned after the date of termination except for Lessee’s obligation to pay rent due and outstanding as of this Lease until the time of award exceeds the amount of the date loss of termination.rent that Lessee proves could have been reasonably avoided;
(b) Lessor3. The worth, without terminating at the Lease Agreement, may require Lessee to remove all property from time of the Common Improvements within thirty (30) days so that Lessor may re-enter and relet award of the premises to minimize Lessor’s damages. In amount by which the event Lessee shall fail to remove all property within thirty (30) days after said demand, Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional unpaid rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for all damages sustained by Lessor, including but not limited to any deficiency in Rent for the duration balance of the Lease Term (or for term after the period time of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreement, or from pursuing any other remedy available to Lessor at law or in equity.award exceeds the
Appears in 1 contract
Lessor’s Remedies. In the event Upon any Lessee is Event of Default, Lessor may, in default pursuant addition to the conditions set forth in Section 15.01 aboveall other rights and remedies afforded Lessor hereunder or by law or equity, Lessor, during the continuation of such default, shall have the option of pursuing either take any of the following remediesactions:
(a) Lessor may terminate a. Terminate this Lease Agreementby giving Lessee written notice thereof, in which event, Lessee shall pay to Lessor the sum of (i) all rent accrued hereunder through the date of termination, (ii) all amounts due under Section 11.3, and (iii) an amount equal to (A) the total rent that Lessee would have been required to pay for the remainder of the term discounted to present value at a per annum rate equal to the “Prime Rate” as published (on the date this Lease is terminated) by The Wall Street Journal, Southwest Edition, in its listing of “Money Rates”, minus (B) the then present fair rental value of the Leased Premises for such period, similarly discounted; or
b. Terminate Lessee’s right to possession of the Leased Premises without terminating this Lease by giving written notice thereof to Lessee, in which event Lessee immediately shall surrender possession of the Demised Premises. All obligations of Lessee under the Lease Agreement, including Lessee’s obligation pay to pay Lessor (i) all rent under the Lease Agreement, shall cease upon the and other amounts accrued hereunder to tine date of termination except for Lessee’s obligation of possession, (ii) all amounts due from time to pay time under Section 11.3., and (iii) all rent due and outstanding as other sums required hereunder to be paid by Lessee during the remainder of the date of termination.
term, reduced by any net sums thereafter received by Lessor through reletting the Leased Premises during such period. Lessor shall use reasonable efforts to relet the Leased Premises on such terms and conditions as Lessor in its sole discretion may determine (b) Lessor, without terminating the Lease Agreement, may require Lessee to remove all property including a term different from the Common Improvements within thirty (30) days so that Lessor may re-enter term, rental concessions, and relet alterations to, and improvement of, the premises to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demandLeased Premises); however, Lessor shall not be obligated to relet the Leased Premises before leasing other portions of the Building. Lessor shall not be liable for, nor shall Lessee’s obligations hereunder be diminished because of, Lessor’s failure to relet the Leased Premises or to collect rent due for such reletting. Lessee shall not be entitled to remove the excess of any consideration obtained by reletting over the rent due hereunder. Re-entry by Lessor in the Leased Premises shall not affect Lessee’s property obligations hereunder for the unexpired term; rather, Lessor may, from time to a storage facilitytime, and bring action against Lessee to collect amounts due by Lessee, without the necessity of Lessor’s waiting until the expiration of the term. Unless Lessor delivers written notice to Lessee expressly stating that it has elected to terminate this Lease, all reasonable costs actions taken by Lessor to exclude or dispossess Lessee of such removal and storage the Leased Premises shall be deemed additional rent to be taken under the this Section 11.2b. If Lessor elects to proceed under this Section 11.2b., it may at any time elect to terminate this Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of under Section 11.2a; or
c. In addition to its rights under 11.2 a and remedies under this Lease Agreementb above, including Lessor may, without notice, alter locks or other security devices at the right Leased Premises to recover the rent as it becomes due hereunderdeprive Lessee of access thereto, provided that and Lessor shall have an affirmative obligation not be required to use Lessor’s best efforts provide a new key or right of access to re-let the Common Improvements and to mitigate its damages under the Lease AgreementLessee so long as any Event of Default exists.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for all damages sustained by Lessor, including but not limited to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreement, or from pursuing any other remedy available to Lessor at law or in equity.
Appears in 1 contract
Lessor’s Remedies. In the Upon occurrence of an event Lessee is in default pursuant to the conditions set forth in Section 15.01 above, Lessor, during the continuation of such default, shall have the option of pursuing either Lessor may pursue any one or more of the following remedies:
a. REMEDIES, TENANT REMAINING IN POSSESSION: Upon the occurrence of any event of default enumerated in paragraph 21 hereof, Lessor shall have the option of (i) terminating the lease, by written notice thereof to Lessee, (ii) continuing this lease in full force and effect, or (iii) curing such default on behalf of Lessee
(1) In the event Lessor shall terminate this lease, the following shall occur. Upon written notice to Lessee, this lease shall be ended to Lessee and all persons holding under Lessee, and all of Lessee's rights shall be forfeited and lapsed, as if this lease had expired by lapse of time and there shall immediately become due and payable the amount by which (i) the total of the rent and the benefits which would have accrued to Lessor under this Lease for the remainder of the term if the terms and provisions of this lease had been fully complied with by Lessee exceeds (ii) the then- fair-market rental value of the premises for the balance of the term (it being the intention of both parties hereto that Lessor shall receive the benefit of its bargain); and the Lessee shall immediately surrender the Leased Premises to Lessor. If Lessee shall fail to do so Lessor may without notice and prejudice to any other remedy available enter and take possession of the Leased Premises and remove Lessee and or anyone occupying the Leased Premises and its effects without being liable to prosecution or any claim for damages, in addition to the sum immediately due from Lessee under the foregoing provision, there shall be recoverable from Lessee:
(a) Lessor may terminate the cost of restoring said Leased Premises to good condition, normal wear and tear excepted;
(b) all accrued sums, plus interest at the rate of ten percent (10%) per annum and late charges, if in arrears, under the terms of this Lease Agreement, in which event Lessee immediately shall surrender lease up to the date of termination:
(c) Lessor's cost of recovering possession of the Demised Leased Premises. All obligations of Lessee under the Lease Agreement, including Lessee’s obligation ; and
(d) rent and sums accruing subsequent to pay rent under the Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation pursuant to pay rent due and outstanding as the holdover provisions of the date of terminationparagraph 8.
(b2) Lessor, without terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demand, Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation elect to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreement.
(c) If continue this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent in full force and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), effect and Lessee shall continue to be liable for all damages sustained by Lessorrents, including but not limited to Lessor shall nevertheless have all the rights of re-entry upon said Leased Premises without becoming liable for damages, or guilty of a trespass and Lessor after re-entry may relet the Leased Premises or any deficiency in Rent part thereof, for the duration of the Lease Term (or for the a period of time which would have remained equal to or lesser or greater than the remainder of the term on whatever terms and conditions Lessor, at Lessor's sole discretion, deems advisable. Against the rents and sums due from Lessee to Lessor during the remainder of the term, credit shall be given Lessee in the Lease Term net amount of rent received from the new tenant after deduction by Lessor for: (i) the cost incurred by Lessor in reletting the absence Leased Premises (including, without limitation, remodeling costs, brokerage fees and the like; (ii) the accrued sums, plus interest and late charges if in arrears, under the terms of this lease; (iii) Lessor's cost of recovering possession of the Leased Premises; and (iv) the cost of storing any of Lessee's property left the Leased Premises after re-entry. Notwithstanding any provision in this paragraph 23 to the contrary, upon the default of any terminationsubstitute tenant or upon the expiration of the lease term of such substitute tenant before the expiration of the term hereof, leasing feesLessor may, attorneys’ feesat Lessor's election, other marketing either relet to still another substitute tenant, or terminate this lease and collection costs and all expenses of placing the Common Improvements in first class rentable condition)exercise its rights under this paragraph 22.
(d3) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in In the event Lessor shall elect to cure the default of any default by Lessee under this Lease Agreementat Lessor's expense, or from pursuing any other remedy available to Lessor the cost of such cure plus interest thereon at law or in equitythe rate of ten percent (10%) per annum shall become additional rent and shall become due immediately.
Appears in 1 contract
Samples: Commercial Lease Agreement (Lanstar Semiconductor Inc)
Lessor’s Remedies. In Upon any default by Lessee, the event Lessee is Lessor shall have the following rights and remedies, in default pursuant addition to the conditions set forth any other remedy or right by law or in Section 15.01 above, Lessor, during the continuation equity by reason of such default, shall have the option of pursuing either of the following remedies:
(a) Lessor may a. The right to terminate this Lease Agreement, in which event case the Lessee shall immediately shall surrender possession of the Demised Premises. All obligations of Premises to the Lessor and pay to the Lessor all rental payments and other amounts payable by Lessee under the Lease Agreement, including Lessee’s obligation to pay rent under the Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation Lessor to pay rent due and outstanding as of the date of termination.
(b) Lessor, without terminating b. To enter upon and take possession of the Lease Agreement, may require Premises and remove Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may Premises, with or without having terminated this Agreement and to alter and change any locks or other security devices at the Premises. No such re-enter and relet entry by the premises Lessor shall be considered to minimize Lessor’s damages. be a forcible entry of the Premises.
c. In the event Lessee shall fail the Lessor elects to remove all property within thirty (30) days after said demand, Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs obtain possession of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under Premises without terminating this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for and shall pay to the Lessor all damages sustained rent and other amounts due to the date of such repossession, together with all rent required to be paid by the Lessee to the Lessor during the remainder of the lease term, less any amounts received by the Lessor.
d. In the event the Lessor elects to terminate this Agreement by reason of default, Lessee shall be liable for and shall pay to Lessor after the date of termination the then present value of the rent for the remaining portion of the lease term had this Agreement not been terminated by Lessor, including but not limited to less the rent collected from any deficiency in Rent succeeding tenant of the Premises for the duration remaining portion of the Lease Term (lease term; provided that Lessor shall use commercially reasonable efforts to re- let the Premises.
e. In addition, Lessee shall be liable for and shall pay to Lessor any broker’s fees or for rental fees incurred by Lessor in connection with the period re-leasing of time which would have remained in the Lease Term in Premises, the absence costs of any terminationremoving and storing Lessee’s or other occupant’s property from the Premises, leasing fees, attorneys’ fees, other marketing and collection costs and all reasonable expenses incurred by Lessor in enforcing the remedies of placing the Common Improvements in first class rentable condition)Lessor, including reasonable attorney’s fees.
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreement, or from pursuing any other remedy available to Lessor at law or in equity.
Appears in 1 contract
Samples: Residential Lease Agreement
Lessor’s Remedies. In the event If an Event of Default by Lessee is in default pursuant to the conditions set forth in Section 15.01 aboveshall have occurred, Lessor, during the continuation of such default, Lessor shall have the option right, at its election, then or at any time thereafter while such Event of pursuing either Default shall continue, to pursue any one or more of the following remedies, without any notice or demand whatsoever:
(a) Lessor may terminate Terminate this Lease AgreementLease, without any liability whatsoever, in which event event, Lessee shall immediately shall surrender the Leased Premises to Lessor, and if Lessee fails to do so, Lessor may, without prejudice to any other remedy which it may have for possession or arrearages in Rent, enter upon or take possession of the Demised Premises. All obligations Leased Premises and expel or remove Lessee and any other person who may be occupying the Leased Premises or any part thereof without being liable for prosecution or any claim for damages therefor, and Lessee agrees to pay to Lessor, on demand, the amount of Lessee under the Lease Agreementall loss and damage, including Lessee’s obligation to pay rent under the Lease Agreementattorneys' fees, shall cease upon the date which Lessor may suffer by reason of termination except for Lessee’s obligation to pay rent due and outstanding as of the date of such termination.;
(b) Enter upon the Leased Premises without being liable for prosecution or any claim for damages therefor, correct such default and, upon demand, recover from Lessee all reasonable amounts expended, as Rent; or otherwise do whatever Lessee is obligated to do under the terms of this Lease; and Lessee agrees to reimburse Lessor, without terminating the Lease Agreementon demand, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that for any expenses, including attorneys' fees, which Lessor may re-enter and relet the premises incur in connection with its attempts to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demand, Lessor shall be entitled to remove effect compliance with Lessee’s property to a storage facility's obligations under this Lease, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided further agrees that Lessor shall have an affirmative obligation not be liable for any damages resulting to Lessee from such action, except to the extent caused by the gross negligence or willful misconduct of Lessor; or
(c) Enter upon and take custodial possession of the Leased Premises, and use Lessor’s best reasonable efforts to re-let the Common Improvements and Leased Premises for a use comparable to mitigate its damages under that of Lessee for the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet balance of the Common Improvements (then current term without thereby causing a termination or anticipatory breach of the Lease. Pursuit of the foregoing remedies shall not preclude pursuit of any other remedies herein provided or any portion thereof) for such rent and other remedies provided by law or equity, nor shall pursuit herein provided constitute a forfeiture or waiver of any Rent due to Lessor hereunder or any damages accruing to Lessor by reason of the violation of any of the terms, provisions or covenants herein contained. Failure by Lessor to enforce one or more of the remedies provided herein upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and an Event of Default by Lessee shall not be liable for all damages sustained by Lessordeemed or construed to constitute a waiver of such default, including but not limited to or any deficiency in Rent for the duration other violation or breach of any of the Lease Term (terms, provisions or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition)covenants herein contained.
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreement, or from pursuing any other remedy available to Lessor at law or in equity.
Appears in 1 contract
Samples: Asset Purchase Agreement (Triquint Semiconductor Inc)
Lessor’s Remedies. In Upon any default by Xxxxxx, the event Lessee is Lessor shall have the following rights and remedies, in default pursuant addition to the conditions set forth any other remedy or right by law or in Section 15.01 above, Lessor, during the continuation equity by reason of such default, shall have the option of pursuing either of the following remedies:
(a) Lessor may a. The right to terminate this Lease Agreement, in which event case the Lessee shall immediately shall surrender possession of the Demised Premises. All obligations of Premises to the Lessor and pay to the Lessor all rental payments and other amounts payable by Lessee under the Lease Agreement, including Lessee’s obligation to pay rent under the Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation Lessor to pay rent due and outstanding as of the date of termination.
(b) Lessor, without terminating b. To enter upon and take possession of the Lease Agreement, may require Lessee to Premises and remove all property Xxxxxx from the Common Improvements within thirty (30) days so that Lessor may Premises, with or without having terminated this Agreement and to alter and change any locks or other security devices at the Premises. No such re-enter and relet entry by the premises Lessor shall be considered to minimize Lessor’s damages. be a forcible entry of the Premises.
c. In the event the Lessor elects to obtain possession of the Premises without terminating this Agreement, the Lessee shall fail be liable for and shall pay to remove the Lessor all property within thirty (30) days after said demandrent and other amounts due to the date of such repossession, together with all rent required to be paid by the Lessee to the Lessor during the remainder of the lease term, less any amounts received by the Lessor.
d. In the event the Lessor elects to terminate this Agreement by reason of default, Lessee shall be entitled liable for and shall pay to remove Lessee’s property to a storage facility, and all reasonable costs Lessor after the date of such removal and storage shall be deemed additional rent under termination the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all then present value of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunderfor the remaining portion of the lease term had this Agreement not been terminated by Lessor, less the rent collected from any succeeding tenant of the Premises for the remaining portion of the lease term; provided that Lessor shall have an affirmative obligation to use Lessor’s best commercially reasonable efforts to re-let the Common Improvements and to mitigate its damages under the Lease AgreementPremises.
(c) If this Lease Agreement is terminated as set forthe. In addition, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for and shall pay to Lessor any broker’s fees or rental fees incurred by Lessor in connection with the re-leasing of the Premises, the costs of removing and storing Lessee’s or other occupant’s property from the Premises, and all damages sustained reasonable expenses incurred by Lessor in enforcing the remedies of Lessor, including but not limited to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing reasonable attorney’s fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreement, or from pursuing any other remedy available to Lessor at law or in equity.
Appears in 1 contract
Samples: Residential Lease Agreement
Lessor’s Remedies. In the event Lessee is in default pursuant to the conditions set forth in Section 15.01 above, Lessor, during the continuation of such default, Lessor shall have the option of pursuing either of the following remediesremedies if Lessee commits a default. These remedies are not exclusive; they are cumulative and in addition to any remedies now or later allowed by law:
(a) Lessor may terminate this Lease Agreement, in which event Lessee immediately shall surrender Lessee's right to possession of the Demised PremisesPremises at any time. All obligations No act by Lessor other than giving notice of termination to Lessee shall terminate this Lease. Acts of maintenance, efforts to relet the Premises or the appointment of a receiver on Lessor's initiative to protect Lessor's interest under this Lease shall not constitute a termination of Lessee's right to possession. On termination, Lessor shall have the Lease Agreement, including right to recover from Lessee’s obligation to pay :
(i) The worth at the time of the award of the unpaid rent under that had been earned at the Lease Agreement, shall cease upon time of termination of this Lease.
(ii) The worth at the time of the award of the amount by which the unpaid rent that would have been earned after the date of termination except for Lessee’s obligation to pay rent due and outstanding as of this Lease until the time of award exceeds the amount of the date loss of terminationrent that Lessee proves could have been reasonably avoided.
(iii) The worth at the time of the award of the amount by which unpaid rent for the balance of the Term after the time of award exceeds the amount of the loss of rent that Lessee proves could have been reasonably avoided.
(iv) Any other amount, including court costs, necessary to compensate Lessor for all detriment proximately caused by Lessee's default. The phrase “worth at the time of the award” as used in clauses (a) and (b) above is to be computed by allowing interest at the rate of ten percent (10%) per annum, but not to exceed the then legal rate of interest. The same phrase as used in clause (c) above is to be computed by discounting the amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of the award, plus one percent (1%).
(b) Lessor, without terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet exercise the premises to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demandremedy provided in California Civil Code '1951.4, i.e., Lessor shall be entitled to remove Lessee’s property to a storage facilitymay continue this Lease in full force and effect, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the collect rent as it becomes due hereunderdue, so long as Lessor does not terminate Lessee's right to possession. After Lessee's default and for so long as Lessor does not terminate Lessee's right to possession of the Premises, if Lessee obtains Lessor's consent (which shall not be unreasonably withheld during any such period of Lessee default), Lessee shall have the right to assign or sublet its interest in this Lease, but Lessee shall not be released from liability. If Lessor elects to relet the Premises as provided in this Section, rent that Lessor receives from reletting shall have an affirmative obligation be applied to use Lessor’s best efforts the payment of: (i) first, any indebtedness from Lessee to re-let the Common Improvements Lessor other than rent due from Lessee; (ii) second, all costs, including for maintenance, incurred by Lessor in reletting; and to mitigate its damages (iii) third, rent due and unpaid under the Lease AgreementLease. After deducting the payments referred to in this Section, any sum remaining from the rent Lessor receives from reletting shall be held by Lessor and applied in payment of future rent as rent becomes due under this Lease. If, on the date rent is due under this Lease, the rent received from the reletting is less than the rent due on that date, Lessee shall pay to Lessor, in addition to the remaining rent due, all costs, including for maintenance, Lessor incurred in reletting which remain after applying the rent received from the reletting.
(c) If Lessor may, at any time after Lessee commits an event of default, seek appointment of a receiver to collect rent. Neither the filing of a petition for appointment of a receiver nor the appointment itself shall constitute an election by Lessor to terminate this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for all damages sustained by Lessor, including but not limited to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition)Lease.
(d) Nothing contained herein diminishes Lessor may, after expiration of Lessee's cure period in Section, unless there is an emergency, correct or remedy any right failure of Lessee not timely cured. The reasonable cost paid by Lessor may have under South Carolina law to xxx Lessee for damages in the event of correct or remedy any such default by Lessee under this Lease Agreement, or from pursuing any other remedy available shall immediately become due and payable to Lessor at law or in equityas additional rent.
Appears in 1 contract
Samples: Lease Agreement
Lessor’s Remedies. In Upon the event Lessee is in default pursuant to the conditions set forth in Section 15.01 aboveoccurrence of an Event of Default, Lessor, during the continuation of such default, Lessor shall have the option of pursuing either of the following rights and remedies:
(a) Lessor may The right to terminate this Lease AgreementLease, in which event Lessee shall immediately shall surrender possession of the Demised Premises. All obligations of Premises in accordance with Article 27, and pay to Lessor all Rent and other charges and amounts due from Lessee under the Lease Agreement, including Lessee’s obligation hereunder to pay rent under the Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation to pay rent due and outstanding as of the date of termination.
(b) LessorThe rights and remedies upon termination described in California Civil Code Section 1951.2, including without limitation, the right to recover the worth at the time of award of the amount by which the Rent and other charges payable hereunder for the balance of the Term after the time of award exceed the amount of such rental loss for the same period that Lessee proves could be reasonably avoided, as computed pursuant to subdivision (b) of said Section 1951.2, and the right to recover any amount necessary to compensate Lessor for all the detriment proximately caused by Lessee’s failure to perform its obligations under this Lease or which in the ordinary course of things would be likely to result therefrom which, without terminating limiting the Lease Agreementgenerality of the foregoing, may require Lessee to remove all property from includes unpaid taxes and assessments, any costs or expenses incurred by Lessor in recovering possession of the Common Improvements within thirty (30) days so that Lessor may re-enter and relet Premises, maintaining or preserving the premises to minimize Lessor’s damages. In Premises after such default, preparing the event Lessee shall fail to remove all property within thirty (30) days after said demand, Lessor shall be entitled to remove Lessee’s property Premises for reletting to a storage facilitynew lessee, any repairs or alterations to the Premises for such reletting, leasing fees and all reasonable any other costs necessary or appropriate either to adapt them to another beneficial use by Lessor and such amounts in addition to or in lieu of such removal the foregoing as may be permitted from time to time by applicable California law.
(c) The rights and storage shall be deemed additional rent under the remedies described in California Civil Code Section 1951.4 that allow Lessor to continue this Lease Agreement for which Lessee is responsible for payment. Lessor may in effect and to enforce all of its rights and remedies under this Lease AgreementLease, including the right to recover the rent Rent as it becomes due hereunderdue, provided that for so long as Lessor shall have an affirmative obligation does not terminate Lessee’s right to use possession. Acts of maintenance or preservation, efforts to relet the Premises or the appointment of a receiver upon Lessor’s best efforts initiative to re-let the Common Improvements and to mitigate protect its damages interest under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able shall not constitute a termination of Lessee’s right to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for all damages sustained by Lessor, including but not limited to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition)possession.
(d) Nothing contained herein diminishes any The right to have a receiver appointed upon application by Lessor may have under South Carolina law to xxx Lessee for damages in take possession of the event of any default by Lessee under this Lease AgreementPremises and to collect the rents or profits therefrom and to exercise all other rights and remedies pursuant to Section 25.2(d).
(e) The right to enjoin, or from pursuing and any other remedy or right now or hereafter available to a lessor against a defaulting lessee under the laws of the State of California or the equitable powers of its courts, and not otherwise specifically reserved herein.
(f) Whether or not this Lease is terminated, the right to recover actual damages incurred by Lessor at law arising out of the Event of Default, or in equitydue to Lessee’s failure to indemnify Lessor pursuant to Section 20.1.
Appears in 1 contract
Samples: Ground Lease (Tibco Software Inc)
Lessor’s Remedies. In Upon the event Lessee is in default pursuant to the conditions set forth in Section 15.01 above, Lessor, during the continuation occurrence of any one or more of such events of default, shall have the option of pursuing either of the following remedies:
(a) Lessor may terminate this Lease AgreementLease. Upon termination of this Lease, in which event Lessee immediately Lessor may reenter the Leased Premises, with or without process of law and using such force as may be necessary, and remove all persons, fixtures, and chattels therefrom and Lessor shall surrender possession not be liable for any damages resulting therefrom. Such re-entry and repossession shall not work a forfeiture of the Demised Premisesrents to be paid and the covenants to be performed by Lessee during the full term of this Lease. All obligations of Lessee under the Lease Agreement, including Lessee’s obligation to pay rent under the Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation to pay rent due and outstanding as Upon such repossession of the date of termination.
(b) Lessor, without terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demandLeased Premises, Lessor shall be entitled to remove Lessee’s property recover as liquidated damages and not as a penalty a sum of money equal to a storage facility, the value of the rent and all reasonable costs other sums provided herein to be paid by Lessee to Lessor for the remainder of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for paymentterm. Lessor may enforce all Upon the happening of its rights and remedies under this Lease Agreement, including any one or more of the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to reabove-let the Common Improvements and to mitigate its damages under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forthmentioned events, Lessor may repossess the Leased Premises by forcible entry or detainer suit, or otherwise, without demand or notice of any kind to Lessee (except as hereinabove expressly provided for) and without terminating this Lease, in which event Lessor may, but shall be under no obligation so to do, relet the Common Improvements (all or any portion thereof) part of the Leased Premises for such rent and upon such terms as shall be satisfactory to Lessor, including the right to relet the Leased Premises for a term greater or lesser than that remaining under the Lease term, and the right to relet the Leased Premises as part of a larger area, and the right to change the character or use made of the Leased Premises. For the purpose of such reletting, Lessor is able may decorate or make any repairs, changes, alterations or additions in or to obtain (which the Leased Premises that may be for lower necessary or higher rentconvenient If Lessor does not relet the Leased Premises, Lessee shall not be obligated to pay any further amounts to Lessor, and, as its sole remedy, Lessor shall be entitled to retain any rent or other amounts paid in advance as liquidated damages if the default occurs during the initial term of this Lease. If the default occurs during any holdover period, rent shall continue to be due and for a shorter or longer termpayable pursuant to Section 18.3. If the Leased Premises are relet, then any sums realized from such reletting, after paying all of the reasonable expenses of such reletting and the collection of the rent accruing therefrom (including, but not by way of limitation, redecorations, repairs, changes, alterations, additions, attorneys' fees and brokers' commissions), and Lessee shall be liable for all damages sustained up to the amount of prepaid rent held by Lessor, including but shall be paid to Lessee. If default shall be made in any covenant, agreement, condition or undertaking herein contained to be kept, observed and performed by Lessee, other than the making of any payments as herein provided which cannot limited to any deficiency in Rent for the duration of the Lease Term (or for the with due diligence be cured within a period of time which would thirty (30) days, and if notice thereof in writing shall have remained in been given to Lessee, and if Lessee, prior to the Lease Term in expiration of thirty (30) days from and after the absence giving of any terminationsuch notice, leasing feescommences to eliminate the cause of such default and proceeds diligently and with reasonable dispatch to take all steps and do all work required to cure such default and does so cure such default, attorneys’ feesthen Lessor shall not have the right to declare the term ended by reason of such default or to repossess without terminating the Lease, other marketing and collection costs and all expenses of placing provided that the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event curing of any default by Lessee under this Lease Agreementin such manner shall not be construed to limit or restrict the right of Lessor to declare the term ended or to repossess without terminating the Lease, or from pursuing and to enforce all of its rights and remedies hereunder for any other remedy available to Lessor at law or in equitydefault not so cured.
Appears in 1 contract
Samples: Asset Purchase Agreement (Diagnostic Retrieval Systems Inc)
Lessor’s Remedies. In the event Lessee is in default pursuant to the conditions set forth in Section 15.01 14.01 above, Lessor, during the continuation of such default, shall have the option of pursuing either of the following remedies:
(a) Lessor may terminate this Lease AgreementLease, in which event Lessee immediately shall surrender possession of the Demised Leased Premises. All obligations of Lessee under the Lease AgreementLease, including Lessee’s 's obligation to pay rent under the Lease AgreementLease, shall cease upon the date of termination except for Lessee’s 's obligation to pay rent due and outstanding as of the date of termination.
(b) Lessor, without terminating the Lease AgreementLease, may require Lessee to remove all property from the Common Improvements Leased Premises within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s 's damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demand, Lessor shall be entitled to remove Lessee’s 's property to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease AgreementLease, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s 's best efforts to re-let the Common Improvements Leased Premises and to mitigate its damages under the Lease AgreementLease.
(c) Lessor may accelerate and declare the entire remaining unpaid rent for the balance of this Lease to be immediately due and payable forthwith and may, at
(d) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements Leased Premises (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for all damages sustained by Lessor, including but not limited to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ ' fees, other marketing and collection costs and all expenses of placing the Common Improvements Leased Premises in first class rentable condition).
(de) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under this Lease AgreementLease, or from pursuing any other remedy available to Lessor at law or in equity.
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Lessor’s Remedies. In the event Lessee of a default hereunder which is in default pursuant to not cured within 30 days after the conditions set forth in Section 15.01 above, Lessor, during the continuation occurrence of such default, Lessor shall have the option of pursuing either right to exercise any one or more of the following remedies:
(a) Lessor may terminate a. Terminate this Lease AgreementLease, by giving Lessee notice of termination, in which event this Lease shall end and all right, title and interest of Lessee immediately in the Equipment shall surrender expire and terminate.
b. Terminate the right of Lessor to the Equipment without terminating this Lease by giving notice to Lessee that Lessee's right of possession shall end as of the Demised Premises. All obligations date stated in the termination notice.
c. Enforce the provisions of this Lease and protect the rights of Lessor hereunder by action in law or equity.
d. Seek any other relief, whether available at law or in equity.
e. If Lessor terminates the right of Lessee under the Lease Agreementto possession without terminating this Lease, including such termination shall not release Lessee’s , in whole or in part, from Lessee's obligation to pay rent under the Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation to pay rent or any other amounts due and outstanding as of the date of termination.
(b) Lessor, without terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damageshereunder. In the event Lessee shall fail of the termination of this Lease, together with Lessor's termination of Lessee's right to remove all property within thirty (30) days after said demandpossession, Lessor shall be entitled to remove Lessee’s property recover all rent due as of the time of termination, all expenses required to a storage facilitybe paid by Lessee through the date of termination, plus any and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. damages Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreementincur.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for all damages sustained by Lessor, including but not limited to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in f. In the event of any default by Lessee under this Lease AgreementLease, or from pursuing Lessee shall pay Lessor's costs, charges and expenses, including reasonable costs and attorney's fees, and any other remedy available costs of court, including expert's fees and accounting fees. In the event of any default hereunder, Lessor shall have the right to Lessor at law or in equityenter Lessee's premises and reclaim possession of the Equipment.
Appears in 1 contract
Samples: Master Equipment Lease Agreement (Knight Transportation Inc)
Lessor’s Remedies. In the event Lessee is in default pursuant to the conditions set forth in Section 15.01 Paragraph 27.01 above, Lessor, during the continuation of such default, shall have the option of pursuing either of the following remedies:
(a) a. Lessor may terminate this Lease Agreement, in which event Lessee immediately shall surrender possession of the Demised Leased Premises. All obligations of Lessee under the Lease Agreement, including Lessee’s 's obligation to pay rent Rent under the Lease Agreement, shall cease upon the date of termination except for Lessee’s 's obligation to pay rent Rent due and outstanding as of the date of termination.
(b) Lessorb. Xxxxxx, without xxthout terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements Leased Premises within thirty (30) days so that Lessor may re-enter and relet the premises Leased Premises to minimize Lessor’s 's damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demand, Lessor shall be entitled to remove Lessee’s 's property to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional rent Additional Rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent Rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s 's best efforts to re-let the Common Improvements Leased Premises and to mitigate its damages under the Lease Agreement.
(c) If c. Xxxxxx xxx accelerate and declare the entire remaining unpaid Rent for the balance of this Lease Agreement is terminated as set forthto be immediately due and payable forthwith and may, at once, take legal action to recover and collect the same, such amount being discounted to present value using the prime rate published by a national bank acceptable to Lessee and Lessor may relet and such amount reduced by the Common Improvements (amount of rent Lessor will receive by reletting the Leased Premises for the remainder of the Term or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for all damages sustained by Lessor, including but not limited to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreement, or from pursuing any other remedy available to Lessor at law or in equity.
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Lessor’s Remedies. Upon Lessee’s default and the expiration of any applicable notice, grace and cure periods, Lessor may, at Lessor’s option, take any one or more of the following actions without further notice or demand.
a. Terminate the Lease and declare all Base Rent, additional rent and other charges for the entire remaining portion of the term immediately due and payable as damages in accordance with Section 18(c) hereof.
b. Bring an action against Lessee to collect all Base Rent and other sums due and owing Lessor, or to enforce any other term or provision of this Lease.
c. Terminate this Lease by three (3) days’ written notice to Lessee and in accordance with applicable laws. In the event of termination, Lessee is in default pursuant agrees to the conditions set forth in Section 15.01 above, Lessor, during the continuation of such default, shall have the option of pursuing either of the following remedies:
(a) Lessor may terminate this Lease Agreement, in which event Lessee immediately shall surrender possession of the Demised Premises. All obligations If Lessor terminates this Lease, Lessor may recover from Lessee all damages Lessor incurs by reason of Lessee’s default, including damages equal to the present value (discounted at the rate of five percent (5%) per annum) of the difference between the Base Rent due for the remainder of the Lease Term and the market value rent rate for the remainder of the Lease Term, and all Lessor’s costs, expenses and reasonable attorneys’ fees.
d. Xxxxxx may pay or perform, or cause to be paid or performed, any obligation of Lessee under the Lease Agreementthis Lease, including Lessee’s obligation to pay rent under the Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation to pay rent due and outstanding as of the date of termination.
(b) Lessor, without terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demand, Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term)account, and Lessee shall be liable promptly reimburse Lessor, upon demand, for all damages sustained Lessor’s costs, expenses and attorneys’ fees so incurred.
e. Relet the Demised Premises for Lessee’s account without terminating this Lease. All sums received by Lessor from reletting shall be applied first to Lessor’s reasonable costs and expenses incurred in reletting, including but not limited to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any terminationincluding, leasing feeswithout limitation, Lessor’s attorneys’ fees, other marketing advertising costs, brokerage commissions and collection costs of alterations, improvements and repairs to the Demised Premises expended or incurred by Lessor in order to effect such reletting, then to the payment of all expenses of placing the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee sums due under this Lease AgreementLease. Upon Lessor’s demand, or from pursuing Lessee shall pay any deficiency to Lessor as it arises. Lessor’s remedies in this Section 18 are cumulative and in addition to any other remedy remedies available to Lessor at law or in equity.
Appears in 1 contract
Samples: Lease Agreement (HeartWare LTD)
Lessor’s Remedies. In Upon Lessee's default and the event Lessee is expiration of any applicable grace period, Lessor may (at Lessor's option and in default pursuant addition to the conditions set forth all other rights provided in Section 15.01 abovethis Lease, Lessor, during the continuation of such default, shall have the option of pursuing either at law or in equity) take any one or more of the following remedies:actions without further notice or demand.
(a) Lessor may terminate a. Terminate this Lease Agreement, in which event Lessee shall immediately surrender the demised premises to Lessor. If Lessee fails to do so, Lessor may, without further notice and without prejudice to any other remedy Lessor may have, enter upon the demised premises without the requirement of resorting to the dispossessory procedures set forth by applicable law, if any, and expel or remove Lessee and Lessee's effects without being liable for any claim for trespass or damages therefor. Upon any such termination, Lessee shall surrender remain liable to Lessor for damages, due and payable monthly on the day rent would have been payable hereunder, in an amount equal to the rent and any other amounts which would have been owing by Lessee for the balance of the term had this Lease not been terminated, less the net proceeds, if any, of any reletting of the demised premises by Lessor, plus the aggregate amount of all of Lessor's expenses of reletting (including, without limitation, rental concessions to new tenants, repairs, alterations, advertising expenses, legal fees, brokerage commissions and other professional fees) and any other costs incurred in connection with the termination of this Lease, eviction of Lessee and such reletting, and all other damages to which Lessor is entitled under law.
b. Enter the demised premises as the agent of Lessee without terminating the Lease and without being liable for any claim for trespass or damages therefor, and, in connection therewith, re-key the demised premises, remove Lessee's improvements, signs, personal property, equipment and other evidences of tenancy, and store or dispose of them, at Lessee's expense or as Lessor may see fit without being liable for any damage thereto, and relet the demised premises without advertisement, by private negotiations, for any term Lessor deems proper, and receive the rent therefor. If Lessor elects to take possession only without terminating this Lease, such entry and possession shall not terminate the Lease or release Lessee, in whole or in part, from the obligation to pay the rent and other charges payable under this Lease for the full term or from any other obligation under this Lease. Notwithstanding any such re-letting without termination, Lessor may at any time thereafter elect to terminate this Lease for such previous breach.
c. Demand immediate repayment by Lessee, in addition to but not in lieu of or in limitation of any other right or remedy provided to Lessor under the terms of this Lease, of all sums expended by Lessor and not repaid by Lessee in connection with preparing or improving the demised premises to Lessee's specifications and all costs and expenses incurred in reasonably renovating or altering the demised premises to make it suitable for re-letting.
d. Declare the entire amount of the rent and other sums which would have become due and payable during the remainder of the term of the Lease to be due and payable immediately without notice to Lessee and thereafter terminate this Lease and Lessee's right of possession of the Demised Premisesdemised premises.
e. Pursue any other remedy, at law or in equity, now or hereafter available to Lessor under the laws or judicial decisions of the state wherein the demised premises are located. All Lessor's reentry, demand for possession, notice that the tenancy hereby created will be terminated on the date therein named, institution of an action of unlawful detainer or ejectment or the entering of a judgment for possession in such action or any other act or acts resulting in the termination of Lessee's right to possession of the demised premises shall not relieve Lessee from Lessee's obligation to pay all sums due hereunder during the balance of the term, except as expressly provided herein. Unpaid installments of rent and other unpaid monetary obligations of Lessee under the terms of this Lease Agreementshall bear interest from the date due at the lesser of eighteen percent (18%) per annum or the maximum rate then allowable by law as provided in Section 17 of this Lease.
f. This Lease shall not be deemed to be terminated by Lessor's entry on the demised premises or by any other act unless Lessor specifically expresses its intent to terminate this Lease.
g. For purposes of any reletting by Lessor described in this Section 18, including Lessor is authorized to redecorate, repair, alter and improve the demised premises to the extent necessary in Lessor's sole but reasonable discretion. Upon such reletting, all rentals received by Lessor from such re-letting shall be applied first, to the payment of any indebtedness other than the rent due hereunder from Lessee to Lessor; second, to the payment of any costs and expenses of such reletting or eviction of Lessee’s obligation , including, without limitation, brokerage fees and attorneys' fees and the costs of such alterations and repairs as may be necessary relative to pay rent such re-letting; third, to the payment of the rents then due and unpaid under the Lease AgreementLease; and the residue, if any, shall cease upon the date be held by Lessor and applied in payment of termination except for Lessee’s obligation to pay rent future rents as same may become due and outstanding as payable hereunder. Lessee shall pay Lessor on demand any deficiency that may arise by reason of the date of terminationsuch reletting, but Lessee shall not be entitled to any surplus so arising.
x. Xxxxxx, in addition to but not in lieu of or in limitation of any other right or remedy provided to Lessor under the terms of this Lease or otherwise (b) Lessor, without terminating but only to the Lease Agreement, may require extent such sum is not reimbursed to Lessor in conjunction with any other payment made by Lessee to remove Lessor), shall have the right to be immediately repaid by Lessee the unamortized portion of all property from sums expended by Lessor and not repaid by Lessee in connection with preparing or improving the Common Improvements within thirty (30) days so demised premises to Lessee's specifications and any and all costs and expenses incurred in renovating or altering the demised premises to make it suitable for reletting. Lessee agrees that Lessor may re-enter file suit to recover any sums due Lessor under this Paragraph 18 from time to time and relet that such suit or recovery of any amount due Lessor shall not be a defense to any subsequent action brought for any amount not previously reduced to judgment in favor of Lessor.
i. All rights and remedies of Lessor created or otherwise existing at law or in equity are cumulative and the premises exercise of one or more rights or remedies shall not be taken to minimize Lessor’s damages. exclude or waive the right to exercise any other
j. In the event Lessor commences any proceedings for nonpayment of rent or other sums due hereunder, Lessee will not interpose any counterclaim of whatever nature or description which is not directly related to the Lease in any such proceeding, as construed by a court having proper jurisdiction. This shall not, however, be construed as a waiver of Lessee's right to assert such claims in any separate action or actions brought by Lessee.
k. Notwithstanding anything in this Lease to the contrary, Lessee shall fail have no claim and hereby waives the right to remove all property within thirty (30) days after said demandany claim, against Lessor for money damages by reason of any refusal, withholding or delaying by Lessor of any consent, approval or statement of satisfaction, and in such event, Lessee's only remedies therefor shall be an action for specific performance or injunction to enforce any such requirements. If the results of any such action or arbitration shall be adverse to Lessor, Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for all damages sustained by Lessor, including but not limited to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, Lessee's reasonable expenses and attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition)' fees thereby incurred.
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreement, or from pursuing any other remedy available to Lessor at law or in equity.
Appears in 1 contract
Samples: Lease Agreement (Emtec Inc/Nj)
Lessor’s Remedies. In the event Lessee is in of any default pursuant to the conditions set forth in Section 15.01 above, 17 hereof. Lessor, during the continuation of such defaultmay, shall have the option of pursuing either at its option, exercise any and all of the following remedies, in addition to those that may be available to Lessor, at law:
(a) Lessor may terminate may, without terminating this Lease AgreementLease, enter upon the Leased Premises, without being liable for prosecution or any claim for damages therefore, and do whatever Lessee is obligated to do under the terms of this Lease, in which event Lessee immediately shall surrender reimburse Lessor on demand for any expenses which Lessor may incur thus effecting compliance with Lessee’s obligation under this Lease and Lessor shall not be liable for any damages resulting to Lessee from such action;
(b) Lessor may, if it elects to do so, bring suit for the collection of Rent and/or any damages resulting from Lessee’s default without entering into possession of the Demised Premises. All obligations of Leased Premises or voiding this Lease;
(c) Lessor may terminate this Lease after 15 days’ written notice to Lessee, whereupon Lessee under shall quit and surrender the Lease AgreementLeased Premises by said date, including Lessee’s obligation to pay rent under the Lease Agreementfailing which, shall cease Lessor may enter upon the date Leased Premises forthwith or at any subsequent time without additional notice or demand, (which additional notice or demand is hereby expressly waived by Lessee), without being liable for prosecution of termination except any claim for Lessee’s obligation damages therefore, and expel Lessee and those claiming under is and remove their effects without being guilty of any manner of trespass, whereupon, Lessor may: (i) accelerate and declare the entire remaining unpaid Rent and any and all other monies payable under this Lease for the balance of the term hereof to pay rent be immediately due and outstanding payable; or (ii) collect from Lessee, as of liquidated damages, all past due Rent and other amounts due Lessor up to the date of termination, plus the difference between Rent provided for herein and the proceeds from any re-letting of the Leased Premises, payable in monthly installments over the period that would otherwise have constituted the remaining term, of this Lease, plus all expenscs in connection with such re-letting including without limitation all costs, fees and expenses of repossession, brokers, advertising, attorneys, courts, repairing, cleaning, repainting and remodeling the Leased Premises for re-letting, less the proceeds of any re-letting or the value of Lessor’s use of the Leased Premises.
(bd) LessorWithout waiving its rights to terminate at any time as provided above, without terminating Lessor may retake possession of the Leased Premises, it being agreed that any such retaking or the commencement and prosecution of any action by Lessor in eviction, forcible entry and detainer, ejectment or otherwise, or any execution of any judgment or decree obtained in any action to recover possession of the Leased Premises shall not be construed as an election to terminate this Lease Agreementunless Lessor expressly exercises its option hereinbefore provided to declare the term hereof ended, may require 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 to remove from any of its obligations and liabilities, for the remainder of the current term of the Lease; rather, this Lease shall continue in effect for the remainder of the then current term, and Lessee shall remain liable and obligated under all property from of the Common Improvements within thirty (30) days so that covenants and conditions hereof during the said period and shall pay as and when due the Rent and other amount, payable hereunder as if Lessee had not defaulted. Lessor may re-enter lease the Leased Premises for the account of Lessee, crediting the Rent received on such re-leasing first to the costs of such re-leasing and relet then to any other amounts owing by Lessee hereunder—Such continuance of this in case shall not constitute any waiver or consent by lessor of or to said default or any subsequent default. Lessee: Lessor: No remedy herein or otherwise conferred upon or reserved to Lessor shall be considered exclusive of any other remedy, but the premises same shall be cumulative and shall be in addition to minimize every other remedy given hereunder or now or hereafter existing at law or in equity or by statute, and every power and remedy given by the Lease to Lessor may be exercised from time to time and as often as the occasion may rise or may be deemed expedient. In addition to the foregoing remedies and regardless of which remedies Lessor pursues. Lessee covenants that it will indemnify Lessor from and against any reasonable loss and damage directly or indirectly sustained by reason of any termination resulting from any event of default as provided above or the enforcement or declaration of any rights and remedies of Lessor or obligations of Lessee, whether arising under this lease or granted, permitted or imposed by law or otherwise. Lessor’s damagesdamages hereunder shall include, but shall not be limited to. any loss of Rent prior to or after re-leasing the Leased Premises, brokers/salespersons commissions, advertising costs, reasonable costs of repairing, and remodeling, the Leased Premises for re-leasing, moving and storage charges incurred by Lessor in moving Lessees property and effects and legal costs and reasonable Attorney’s fees incurred by Lessor in any proceedings resulting from Lessee’s default, collecting any damages hereunder, obtaining possession of the Leased Premises by summary process or otherwise or re-leasing the Leased Premises, or the enforcement or declaration of any of the rights or remedies of Lessor or obligations of Lessee, whether arising under this Lease or granted, permitted or imposed by law or otherwise In the event Lessee that any court or governmental authority shall fail limit any amount, which Lessor may be entitled to remove all property within thirty (30) days after said demand, recover under this paragraph. Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs of such removal and storage recover the maximum amount permitted under law . Nothing in this paragraph shall be deemed additional rent to limit Lessor’s recovery from Lessee of the maximum amount permitted under the Lease Agreement for law or of any other sums or damages which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including be entitled to so recover in addition to the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for all damages sustained by Lessor, including but not limited to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreement, or from pursuing any other remedy available to Lessor at law or in equity.forth herein
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Lessor’s Remedies. In the event Lessee is in default pursuant to the conditions set forth in Section 15.01 aboveIf an Event of Default shall occur, Lessor, during the continuation of such default, Lessor shall have the option right at its election, then or at any time thereafter so long as such Event of pursuing either Default is continuing, to pursue any one or more of the following remedies, in addition to any remedies which may be permitted by law or by other provisions of this Lease, without further notice or demand, except as hereinafter provided:
(a) Subject to Section 15.2(d), Lessor shall use reasonable efforts to relet but shall have no absolute obligation to relet. If Lessor does, at its sole discretion, elect to relet the Leased Property, such action by Lxxxxx shall not be deemed as an acceptance of Lxxxxx's surrender of the Leased Property unless Lxxxxx expressly notifies Lessee of such acceptance in writing, Lessee hereby acknowledging that Lessor shall otherwise be reletting as Lxxxxx's agent. It is further agreed in this regard that upon the occurrence of any Event of Default described in this Article 15, Lessor shall have the right, but not the obligation, to enter upon the Leased Property and do whatever Lessee is obligated to do under the terms of this Lease; and Lxxxxx agrees to reimburse Lessor on demand for any reasonable expenses which Lessor may incur in thus effecting compliance with Lessee's obligations under this Lease, and further agrees that Lessor shall not be liable for any damages resulting to Lessee from such action; provided that Lessor is not negligent in performing any of Lxxxxx's obligations hereunder.
(b) Subject to Section 15.2(d), Lessor may terminate this Lease Agreementby written notice to Lessee, in which event Lessee shall immediately shall surrender the Leased Property to Lessor, and if Lxxxxx fails to do so, Lessor may, without prejudice to any other remedy which Lessor may have for possession or arrearage in the Rent, enter upon and take possession of the Demised PremisesLeased Property and expel or remove Lxxxxx and any other person who may be occupying said premises or any part thereof in accordance with all Legal Requirements. All obligations In addition, Lxxxxx agrees to pay to Lessor within 30 days after demand the amount of Lessee all loss and damage which Lessor may suffer by reason of any termination pursuant to this subsection (b), said loss and damage to be determined, at Lxxxxx's option, by either of the following alternative measures of damages:
(i) Although Lessor shall be under the Lease Agreement, including Lessee’s no absolute obligation to attempt and shall be obligated only to use reasonable efforts, to relet the Leased Property, until the Leased Property is relet Lessee shall pay rent under to Lessor on or before the Lease Agreement, shall cease upon first day of each calendar month the date of termination except for Lessee’s obligation to pay rent due monthly rentals and outstanding as of other charges provided in this Lease. After the date of termination.
(b) Leased Property has been relet by Lessor, without terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damages. In the event Lessee shall fail pay to remove all property within thirty (30) days after said demandLessor on the 10th day of each calendar month the difference between the monthly rentals and other charges provided in this Lease for the preceding calendar month and that actually collected by Lessor for such month; provided that such collections are less than the rental and other charges due under this Lease. If it is necessary for Lessor to bring suit in order to collect any deficiency, Lessor shall have a right to allow such deficiencies to accumulate and to bring an action on several or all of the accrued deficiencies at one time. Any such suit shall not prejudice in any way the right of Lessor to bring a similar action for any subsequent deficiency or deficiencies. Any amount collected by Lessor from subsequent tenants for any calendar month in excess of the monthly rentals and other charges provided in this Lease shall be entitled credited to remove Lessee in reduction of Lessee’s property 's obligations for any calendar month for which the amount collected by Lessor will be less than the monthly rentals and other charges provided in this Lease; but Lessee shall have no right to such excess other than the above described credit; or
(ii) When Lessor desires, Lessor may demand a storage facility, and all reasonable costs final settlement not to exceed the Minimum Purchase Price at the time of such removal and storage shall be deemed additional rent under the Lease Agreement final settlement. Upon demand for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreementa final settlement, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation a right to, and Lxxxxx hereby agrees to use Lessor’s best efforts pay, the difference between the total of all monthly rentals and other charges provided in this Lease for the remainder of the Term and the reasonable rental value of the Leased Property for such period (including a reasonable time to re-let relet the Common Improvements Leased Property), as determined pursuant to the provisions of Article 28 hereof, such difference to be discounted to present value at a rate equal to the lowest rate of capitalization (highest present worth) reasonably consistent with industry standards at the time of such determination and to mitigate its damages under the Lease Agreementallowed by applicable law.
(c) If The rights and remedies of Lessor under subsections (a) and (b) of this Section 15.2 are cumulative, and except as expressly provided otherwise in Section 15.2(d) and Section 15.2(e) below, pursuit of any of the above remedies shall not preclude pursuit of any other remedies prescribed in other sections of this Lease Agreement is terminated as set forth, and any other remedies provided by law or equity. Forbearance by Lessor may relet the Common Improvements (to enforce one or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for all damages sustained by Lessor, including but not limited to any deficiency in Rent for the duration more of the Lease Term (remedies herein provided upon an Event of Default shall not be deemed or for the period construed to constitute a waiver of time which would have remained in the Lease Term in the absence such Event of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition)Default.
(d) Nothing contained herein diminishes Notwithstanding anything to the contrary set forth in this Section 15.2 or elsewhere in this Lease, the remedies available to Lessor pursuant to Section 15.2(b) above shall only be available upon the occurrence of a Special Default Event (as defined below). The parties specifically agree that Lessor shall not be entitled to terminate this Lease if any right Event of Default other than a Special Default Event shall have occurred and be continuing. The parties further agree that notwithstanding anything to the contrary set forth in this Section 15.2 or elsewhere in this Lease, if an Event of Default under Section 15.1(f) has occurred and is continuing, the sole and exclusive remedy of Lessor may have under South Carolina law shall be to xxx collect from Lessee for all actual damages in incurred by Lessor as a result of such Event of Default. As used herein, the event term “Special Default Event” means, individually and collectively, (i) the occurrence of an Event of Default pursuant to Section 15.1 arising out of a default or breach of a Payment Obligation (as defined below) by Lxxxxx, or (ii) the failure of Lessee or Guarantor to satisfy any default final, unsecured and unappealable judgment arising out of this Lease or the Guaranty which is rendered by a court of competent jurisdiction. As used herein, the term “Payment Obligation” means any obligation from time to time owing by Lessee under this Lease AgreementLease, which obligation can be satisfied with the payment of money, including any Rent, fees, costs or from pursuing charges that would accrue but for the provisions of U.S. Bankruptcy Code, after any other remedy available to Lessor at law bankruptcy or in equityinsolvency petition is filed thereunder.
Appears in 1 contract
Samples: Assignment and Assumption of Lease (Global Medical REIT Inc.)
Lessor’s Remedies. In Upon the event Lessee is in default pursuant to the conditions set forth in Section 15.01 above, Lessor, during the continuation occurrence of any one or more of such events of default, shall have the option of pursuing either of the following remedies:
(a) Lessor may terminate this Lease Agreement, in which event Lessee immediately shall surrender possession of the Demised Premises. All obligations of Lessee under the Lease Agreement, including or Lessee’s obligation right to pay rent under the possession. Upon termination of this Lease Agreement, shall cease upon the date of termination except for or Lessee’s obligation right to pay rent due and outstanding as of the date of termination.
(b) Lessorpossession, without terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter the leased Premises, with or without process of law, and relet the premises to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demandfixtures and chattels therefrom and Lessor shall not be liable for any damages resulting therefrom. Such re-entry and repossession shall not work a forfeiture of the rents to be paid and the covenants to be performed by Lessee during the full term of this Lease. Upon such repossession of the leased Premises, Lessor shall be entitled to remove Lessee’s property recover as liquidated damages and not as a penalty a sum of money equal to a storage facility, the value of the rent and all reasonable costs other sums provided herein to be paid by Lessee to Lessor for the remainder of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for paymentterm. Lessor may enforce all Upon the happening of its rights and remedies under this Lease Agreement, including any one or more of the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to reabove-let the Common Improvements and to mitigate its damages under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forthmentioned events, Lessor may also choose to repossess the leased Premises by forcible entry or detainer suit, or otherwise, without demand or notice of any kind to Lessee (except as hereinabove expressly provided for) and without terminating this Lease, in which event Lessor may, but shall be under no obligation so to do, relet the Common Improvements (all or any portion thereof) part of the leased Premises for such rent and upon such terms as shall be satisfactory to Lessor is able including the right to obtain (which relet the leased Premises for a term greater or lesser than that remaining under the Lease term, and the right to relet the leased Premises as part of a larger area, and the right to change the character or use made of the leased Premises. For the purpose of such reletting, Lessor may decorate or make any repairs, changes, alterations, or additions in or to the leased Premises that may be for lower necessary or higher rentconvenient. If Lessor does not relet the leased Premises, and for a shorter or longer term), and Lessee shall pay to Lessor on demand as liquidated damages and not as a penalty a sum equal to the amount of the rent and other sums provided herein to be liable for all damages sustained paid by Lessor, including but not limited to any deficiency in Rent Lessee for the duration remainder of the Lease Term term. If the leased Premises are relet and a sufficient sum shall not be realized from such reletting after paying all of the expenses of such decorations, repairs, changes, alterations, and additions, the expenses of such reletting and the collection of the rent accruing therefrom (or including, but not by way of limitation, attorney fees and broker commissions) to satisfy the rent herein provided to be paid for the period remainder of time which would have remained in the Lease Term in the absence of term, Lessee shall pay to Lessor on demand any termination, leasing fees, attorneys’ fees, other marketing deficiency and collection costs and all expenses of placing the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessee agrees that Lessor may have file suit to recover any sums falling due under South Carolina law the terms of this Article from time to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreement, or from pursuing any other remedy available to Lessor at law or in equitytime.
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Lessor’s Remedies. In the event Lessee is in default pursuant to the conditions set forth in Section 15.01 Paragraph 26.1 above, Lessor, during the continuation of such default, shall have the option of pursuing either of the following remedies:
(a) a. Lessor may terminate this Lease AgreementLease, in which event Lessee immediately shall surrender possession of the Demised Premisesdemised premises. All obligations of Lessee under the Lease AgreementLease, including Lessee’s 's obligation to pay rent under the Lease AgreementLease, shall cease upon the date of termination except for Lessee’s 's obligation to pay rent due and outstanding as of the date of termination.
(b) Lessorb. Lxxxxx, without xxthout terminating the Lease AgreementLease, may require Lessee to remove all property from the Common Improvements demised premises within thirty (30) days so that the Lessor may re-enter and relet the premises to minimize Lessor’s 's damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demand, Lessor shall be entitled to remove Lessee’s 's property to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease AgreementLease, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for all damages sustained by Lessor, including but not limited to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreement, or from pursuing any other remedy available to Lessor at law or in equity.,
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Lessor’s Remedies. In Upon the event Lessee is in default pursuant to the conditions set forth in Section 15.01 above, Lessor, during the continuation occurrence of any of such defaultEvents of Default after the expiration of any applicable notice and cure period, LESSOR shall have the option of pursuing either to pursue any one or more of the following remediesremedies without any notice or demand whatsoever:
(a) Lessor may terminate A. Terminate this Lease by giving LESSEE written notice thereof, whereupon LESSOR may alter the locks or other security devises at the Premises and may peaceably remove all persons and property therefrom as allowed by law, for this purpose without being guilty in any manner of trespass or otherwise; and any such termination or re-entry on the part of LESSOR shall be without prejudice to and remedy available to LESSOR for arrears of rent and charges owed LESSOR by LESSEE, breach of contract, damages or otherwise. Termination pursuant hereto shall not relieve LESSEE’s obligation for damages suffered by LESSOR as a result of LESSEE’s breach.
B. Without terminating this Agreement, enter upon the Premises without disturbing the peace, by changing the locks and other security devices at the Premises or such other peaceable method as LESSOR may desire, and without being guilty in which event Lessee immediately shall surrender possession any manner of the Demised Premises. All obligations of Lessee trespass or otherwise, and do or perform whatever LESSEE is obligated hereunder to do or perform under the Lease Agreementterms of this Lease; and the LESSEE shall reimburse the LESSOR on demand for any expenses or other sums which LESSOR may reasonably incur or expend, including Lessee’s thus effecting compliance with the terms and provisions of this Lease; provided, however, nothing in this subsection shall be deemed an obligation or undertaking by LESSOR to pay rent under the Lease Agreement, shall cease upon the date remedy any such defaults of termination except for Lessee’s obligation to pay rent due and outstanding as of the date of termination.
(b) Lessor, without terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damagesLESSEE. In the event Lessee LESSOR elects to re-enter without terminating this Agreement pursuant to this subsection, LESSOR shall fail have the right, but not the obligation, to remove all property within thirty (30) days after said demandrelet the LESSEE’s right to the Premises upon such terms, Lessor conditions and covenants as are deemed proper by LESSOR for the account of LESSEE and in such event, LESSEE shall be entitled pay to remove Lessee’s property to a storage facility, and LESSOR all reasonable costs of renovating and altering the Premises for a new Lessee or Lessees, in addition to all brokerage fees, if any, incurred in connection therewith, together with the difference between the rent recovered by LESSOR from such removal reletting and storage that owed by LESSEE.
C. Pursuit of any of the foregoing remedies by LESSOR shall not preclude pursuit of any other remedies herein provided LESSOR or any other remedies provided by law, nor shall pursuit of any of the other remedies herein provided constitute a forfeiture or waiver of any fee or charge due LESSOR hereunder or of any damages accruing to LESSOR by reason of the violation of any of the terms, provisions and covenants herein contained. Forbearance by either party hereto to enforce one or more of the remedies herein provided upon a default of the other shall not be deemed or construed to constitute a waiver of such default. No re-entry or taking possession of the Premises by LESSOR shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under considered as an election on LESSOR’s part to terminate this Lease Agreementunless written notice of such termination is given to LESSEE. Notwithstanding any reletting without termination subsequent to LESSEE’s default, including LESSOR may at any time thereafter elect to terminate this Lease for the right previous breach. If LESSEE is in default beyond any applicable cure periods, LESSOR shall not be obligated to recover continue any utilities, which are furnished or paid for by LESSOR. If LESSEE is more than ten (10) days delinquent in rent payments, LESSEE’s failure to pay rent in full within five (5) days after written demand therefore shall entitle LESSOR to change or modify door locks on the rent as it becomes due hereunderPremises, provided that Lessor LESSOR leaves a written notice on the door informing LESSEE where a new key can be picked up by LESSEE, during reasonable business hours, if and only if, the delinquency in rent payments along with all other damages (late fees, locksmith, etc.) are paid in full. Such modification of the locks shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its not in any way be considered constructive eviction. LESSOR may report unpaid rentals or unpaid damages under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for all damages sustained by Lessor, including but not limited to any deficiency credit bureau for permanent recordation in Rent for the duration of the Lease Term (or for the period of time which would have remained LESSEE’s credit record, only in the Lease Term in the absence case of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under this Lease AgreementLESSEE beyond applicable cure periods, or from pursuing any other remedy available to Lessor at law or as defined in equityParagraph 20. “Default by LESSEE”.
Appears in 1 contract
Samples: Lease Agreement (Cryolife Inc)
Lessor’s Remedies. In the event If this lease is terminated as provided in Article XV, Lessee is in default pursuant shall forthwith pay to the conditions set forth in Section 15.01 above, Lessor, during the continuation of such default, shall have the option of pursuing either of the following remedies:
(a) Lessor may terminate this Lease Agreement, in all sums which event Lessee immediately shall surrender possession of the Demised Premises. All obligations of Lessee under the Lease Agreement, including Lessee’s obligation were due prior to pay rent under the Lease Agreement, shall cease upon the date of such termination except and Lessee shall pay on the days originally fixed herein for Lessee’s obligation the payment thereof amounts equal to the several installments of rent, adjusted rent, additional rent and any and all other charges as they would have become due if this lease had not been terminated. As a second alternative, at the election of Lessor, Lessee will, at the time of such termination, pay rent due and outstanding to Lessor, as liquidated damages, the amount of the date excess, if any, of termination.
the present value at the time of termination of the total rent and other benefits which would have accrued to Lessor under this lease over and above the fair market rental value (bin advance) Lessorof the Premises for the balance of the term. For the purpose of this paragraph, the total rent shall be computed by assuming that Lessee's Share of real estate taxes and other charges would be the amount thereof (if any) for the immediately preceding year of the term. In addition to the foregoing, Lessee agrees (i) to indemnify and save Lessor harmless from and against all expenses together with interest at the rate of 1.5% per month which Lessor may incur in collecting such amount or in obtaining possession of, or in re-letting the Premises, or in defending any action arising as a result of or in connection with a default, including, without terminating limitation, legal expenses, attorneys' fees, brokerage fees (all of the Lease Agreementaforesaid to be in reasonable amounts), may require Lessee to remove all property from and the Common Improvements within thirty reasonable cost of putting the Premises in good order or preparing the same for rental; (30ii) days so that Lessor may re-enter let the Premises or any part or parts thereof, either in the name of Lessor or otherwise for a term or terms which may, at Lessor's option, be less than or exceed the period which would otherwise have constituted the balance of the term and relet the premises to minimize Lessor’s damagesmay grant concessions or free rent for a reasonable time. In the event Lessee shall fail to remove all property within thirty (30) days after said demand, The failure of Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and Premises or any part thereof shall not release or affect Lessee's liability for damage. Any suit brought to mitigate its damages under collect the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, amount of deficiency for any month shall not prejudice the right of Lessor to collect the deficiency for any subsequent month by a similar proceeding. Lessor may relet make such alterations, repairs, replacements and decorations on the Common Improvements (Premises which in Lessor's reasonable judgement are advisable or any portion thereof) necessary for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rentthe purpose of re-letting the Premises, and for a shorter the making of such alterations or longer term)decorations shall not release Lessee from any liability. In the event the Premises are re-let by Lessor, and Lessee shall be liable for all damages sustained entitled to a credit in the net amount of rent received by Lessor, including but after deduction of all reasonable expenses incurred in connection with Lessee's default, re-letting the Premises and in collecting the rent. Lessee further agrees that, if on the Expiration Date or other termination date, Lessee does not limited surrender the Premises or fails to remove any of its property from the Premises and Lessor obtains an order of eviction then Lessor may enter the Premises for the purpose of removing Lessee's goods and effects, without prejudice to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any terminationother remedies, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law remove and store such goods and effects at Lessee's expense, Lessee hereby granting Lessor an irrevocable power of attorney to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreement, or from pursuing any other remedy available to Lessor at law or in equityaccomplish same.
Appears in 1 contract
Samples: Lease (Healthdrive Corp)
Lessor’s Remedies. In the event Lessee is in of any default pursuant to the conditions set forth in Section 15.01 above17 hereof, Lessor, during the continuation of such defaultmay, shall have the option of pursuing either at its option, exercise any and all of the following remedies, in addition to those that may be available to Lessor, at law:
(a) a. Lessor may, without terminating this Lease, enter upon the Leased Premises, without being liable for prosecution or any claim for damages therefore, and do whatever Lessee is obligated to do under the terms of this Lease, in which event. Lessee shall reimburse Lessor on demand for any expense which Lessor may incur this effecting compliance with Lessee’s obligation under this Lease and Lessor shall not be liable for any damages resulting to Lessee from such action;
b. Xxxxxx may, if it elects to do so, bring suit for the collection of Rent or any damages resulting from Lessee’s default without entering into possession of the Leased Premises or void this Lease;
c. Xxxxxx may terminate this Lease Agreementafter 15 days written notice to Lessee, in whereupon Lessee shall quit and surrender the Leased Premises by said date, failing which event Lessor may enter upon the Leased Premises forthwith or at any subsequent time without additional notice or demand, (which additional notice or demand is hereby expressly waived by Lessee), without being liable for prosecution of any claim for damages therefore, and expel Lessee immediately shall surrender possession and those claiming under it and remove their effects without being guilty of any manner or trespass whereupon. Lessor may: (i) accelerate and declare the entire remain unpaid Rent and any and all other monies payable under this Lease for the balance of the Demised Premises. All obligations of Lessee under the Lease Agreement, including Lessee’s obligation loan hereof is to pay rent under the Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation to pay rent be immediately due and outstanding payable; or (ii) collect from Lessee as of liquidated damages, all past due Rent and other totals due Lessor up to the date of termination, please the difference between Rent provided for herein and the proceeds from any releasing of the Leased Premises, payable in monthly installments over the period that would otherwise have constituted the remaining term of this Lease plus all expense in connection with such releasing including without limitation all costs, fees and expenses of repossession, brokers, advertising, attorneys, counts, repairing, cleaning, repainting and remodeling the Leased Premises for releasing, less the proceeds of any releasing or the value of Lessor’s use of the Leased Premises.
(b) Lessord. Without waiving its rights to terminate at any time as provided above, without terminating Lessor make retake possession of the Leased Premises, it being agreed that any such retaking of the commencement and prosecution of any action by Lessor in eviction, forcible entry and detain, ejectment or otherwise, or any execution of any judgement or decree obtained in any action to recover possession of the Leased Premises shall not be construed as an ejection in terminate this Lease unless Lessor expressly exercises its option hereinbefore provided to declare the term hereof ended, whether or not such entry or reentry be, had or taken under summary proceeding or otherwise, and shall not be deemed to have absolved or discharged Lessee from any of its obligations and liabilities for the remainder of the current term of the Lease; rather, this Lease shall continue in effect for the remained of the own current term and Lessee shall remain liable and obligated under all of the covenants and conditions hereof during the said period and shall pay as and when due the Rent and other amounts payable hereunder as if Lessee had not defaulted. Lessor may release the Leased Premises for the account of Lessee, crediting the Rent received on such releasing first to the costs of such releasing and then to any other amounts owing by Lessee hereunder – Such continuance of this Lease shall not constitute any wavier or consent by Lessor of or to send default or any subsequent fault. No remedy herein or otherwise conferred upon or reserved to lessor shall be considered exclusive or any other remedy, but the same shall be cumulative and shall be in addition to ever other remedy given hereunder or not or hereafter existing at law or in equity or by statute, and every power and remedy given by the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may be exercised from time to time and as often as the occasion may rise or may be deemed expedient. In addition to the foregoing remedies and regardless of which remedies Lessor pursues. Lessee covenants that it will indemnify Lessor from and against any reasonable loss and damage directly or indirectly sustained by reason of any termination resulting from any event of default as provided above or the enforcement or declaration of any rights and remedies of Lessor or obligations of Lessee, whether arising under this Lease or granted, permitted, or imposed by law or otherwise. Lessor’s damages hereunder shall include, but shall not be limited to, any loss of Rent prior to or after releasing the Leased Premises, brokers/salesperson, commissions, advertising costs, reasonable costs of repairing, and remodeling, the Leased Premises for releasing, moving and storage charges incurred by Lessor in moving Lessees property and effects and legal costs and reasonable Attorney’s fees, incurred by Lessor in any proceedings resulting from Lessee’s default, collecting any damages hereunder, obtaining possession of the Leased Premises by summary process or otherwise or re-enter and relet leasing the premises to minimize Lessor’s damagesLeased Premises, or the enforcement or declaration of any of the rights or remedies of Lessor or obligations of Lessee, whether arising under this Lease or granted, permitted or imposed by law or otherwise. In the event Lessee that any court or governmental authority under law shall fail limit any amount, which Lessor may be entitled to remove all property within thirty (30) days after said demand, recover under this paragraph. Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs of such removal and storage recover the maximum amount permitted under law. Nothing in this paragraph shall be deemed additional rent to limit Lessee’s recovery from Lessee of the maximum amount permitted under the Lease Agreement for law or of any other suits or damages which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including be entitled to so recover in additional to the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreementset forth herein.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for all damages sustained by Lessor, including but not limited to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreement, or from pursuing any other remedy available to Lessor at law or in equity.
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Lessor’s Remedies. In If an Event of Default shall occur, Lessor shall have the event following remedies. These remedies are not exclusive; they are cumulative in addition to any remedies now or later allowed by law.
A. Lessor may continue this Lease in full force and effect, and this Lease will continue in effect as long as Lessor does not terminate Lessee’s right to possession, and Lessor shall have the right to collect rent when due. During the period Lessee is in default pursuant to the conditions set forth in Section 15.01 above, Lessor, during the continuation of such default, shall have the option of pursuing either of the following remedies:
(a) Lessor may terminate this Lease Agreemententer the Premises and relet them, in which event Lessee immediately shall surrender possession or any part of the Demised Premises. All obligations of Lessee under the Lease Agreementthem, including Lessee’s obligation to pay rent under the Lease Agreement, shall cease upon the date of termination except third parties for Lessee’s obligation to pay rent due and outstanding as of the date of termination.
(b) Lessor, without terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damagesaccount. In the event Lessee shall fail to remove all property within thirty (30) days after said demand, Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable immediately to Lessor for all damages sustained costs Lessor incurs in reletting the Premises, including, without limitation, brokers commissions, expenses of remodeling the Premises required by Lessorthe reletting, including but not limited and like costs. Reletting can be for a period shorter or longer than the remaining term of this Lease or any extension thereof, except that Lessee shall only be responsible for brokers commissions up until the remaining term of this Lease has expired. Lessee shall pay to Lessor the rent due under this Lease on the dates the rent is due, less the rent Lessor receives from any deficiency in Rent for the duration reletting. No act by Lessor allowed by this subparagraph shall terminate this Lease unless Lessor notifies Lessee that Lessor elects to terminate this Lease.
X. Xxxxxx may terminate Lessee’s right to possession of the Premises at any time by giving a written termination notice to Lessee, and on the date specified in such notice (which shall be not less than five (5) days after the giving of such notice) Lessee’s right to possession shall terminate and this Lease Term (shall terminate, unless on or for the period before such date all arrears of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs rent and all expenses of placing the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default other sums payable by Lessee under this Lease Agreementand all costs and expenses incurred by or on behalf of Lessor hereunder shall have been paid by Lessee and all other breaches of this Lease by Lessee at the time existing shall have been fully remedied to the satisfaction of Lessor. No act by Lessor other than giving notice to Lessee shall terminate this Lease. Acts of maintenance, efforts to relet the Premises, or the appointment of a receiver on Lessor’s initiative to protect Lessor’s interest under this Lease shall not constitute a termination of Lessee’s right to possession. On termination, Lessor has the right to recover from pursuing Lessee:
(1) The worth, at the time of the award, of the unpaid rent that had been earned at the time of termination of this Lease;
(2) The worth, at the time of the award, of the amount by which the unpaid rent that would have been earned after the date of termination of this Lease until the time of award exceeds the amount of the loss of rent that Lessee proves could have been reasonably avoided;
(3) The worth, at the time of the award, of the amount by which the unpaid rent for the balance of the term after the time of award exceeds the amount of the loss of rent that Lessee proves could have been reasonably avoided; and
(4) Any other amount, and court costs, necessary to compensate Lessor for all detriment proximately caused by Lessee’s default. “The worth, at the time of the award” as used in (i) and (ii) of this subparagraph is to be computed by allowing interest at the rate of ten percent (10%) per annum. “The worth, at the time of award” as referred to in (iii) of this subparagraph is to be computed by discounting the amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of the award, plus one percent (1%).
X. Xxxxxx, at any other remedy available time after an Event of Default, may cure said default at Lessee’s cost. If Lessor at any time, by reason of Lessee’s default, pays any sum or does any act that requires the payment of any sum, the sum paid by Lessor shall be due immediately from Lessee to Lessor at law the time the sum is paid, and if paid at a later date shall bear interest at the rate of ten percent (10%) per annum from the date the sum is paid by Lessor until Lessor is reimbursed by Lessee. The sum, together with interest on it, shall be deemed to be additional rent.
X. Xxxxxx shall have the following additional remedies:
(1) In the event that a late charge is payable hereunder, whether or not collected, for three (3) installments of Base Monthly Rent or if Lessee fails to pay any other monetary obligation of Lessee under this Lease, Lessee shall pay to Lessor, if Lessor shall so request, in equityaddition to any other payments required under this Lease, a monthly advance installment, payable at the same time as the Base Monthly Rent, as estimated by Lessor, for Lessee’s Percentage Share of Real Property Tax and insurance premium expenses which are payable by Lessee under the terms of this Lease. Such fund shall be established to insure payment when due, before delinquency, of Lessee's Percentage Share of Real Property Tax and insurance premiums. All moneys paid to Lessor under this subparagraph may be intermingled with other moneys of Lessor and shall not bear interest. In the event of a default in the obligations of Lessee under this Lease, then any balance remaining from funds paid to Lessor under the provisions of this subparagraph may, at the option of Lessor, be applied to the payment of any monetary default of Lessee in lieu of being applied to the payment of real property taxes and insurance premiums.
(2) In the event that a late charge is payable hereunder, whether or not collected, for three (3) installments of Base Monthly Rent in any twelve month period, Lessor may demand and Lessee shall pay to Lessor an amount equal to two months of Base Monthly Rent, in the amount of Base Monthly Rent then due, as an addition to the Security Deposit to be held pursuant to the terms of paragraph 5 of this Lease. Lessee hereby waives its rights to demand a trial by jury in any action for unlawful detainer filed by Lessor.
E. Lessee hereby waives its rights to demand a trial by jury in any action for unlawful detainer by Lessor.
F. Any monetary judgment or award against Lessee under this Lease shall bear interest at the rate of ten percent (10%) per annum regardless of the Court entering or enforcing such judgment or award.
Appears in 1 contract
Lessor’s Remedies. In On the event Lessee is occurrence of any default by Lessee, Lessor may, at any time thereafter, with or without notice or demand and without limiting Lessor in default pursuant to the conditions set forth in Section 15.01 above, Lessor, during the continuation exercise of such default, shall have the option of pursuing either of the following remediesany right or remedy which Lessor may have:
(a) Lessor may terminate this Lease AgreementTerminate Lessee's right to possession of the Leased Premises, in which event case Lessee shall immediately shall surrender possession of the Demised Premises. All obligations of Lessee under the Lease Agreement, including Lessee’s obligation Leased Premises to pay rent under the Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation to pay rent due and outstanding as of the date of termination.
(b) Lessor, without terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demandsuch event, Lessor shall be entitled to remove recover from Lessee all damages incurred by Lessor by reason of Lessee’s property 's default, including (a) the worth at the time of the court award of the unpaid Base Rent, Additional Rent and other charges which had been earned at the time of the termination; (b) the worth at the time of the court award of the amount by which the unpaid Base Rent, Additional Rent and other charges which would have been earned after termination until the time of the award exceeds the amount of such rental loss that Lessee proves could have been reasonably avoided; (c) the worth at the time of the court award of the amount by which the unpaid Base Rent, Additional Rent and other charges which would have been paid for the balance of the Term after the time of award exceeds the amount of such rental loss that Lessee proves could have been reasonably avoided; and (d) such other amounts as are necessary to a storage facilitycompensate Lessor for the detriment caused by Lessee's failure to perform its obligations under this Lease, including, but not limited to, the cost of recovering possession of the Leased Premises, expenses of reletting, including necessary renovation or alteration of the Leased Premises, Lessor's reasonable attorneys' fees incurred in connection therewith, and all reasonable costs any real estate commission paid or payable. As used above, the "worth at the time of the court award" is computed by allowing interest on unpaid amounts at the rate of twelve (12%) per annum, or such removal and storage lesser amount as may then be the maximum lawful rate;
(b) Maintain Lessee's right to possession, in which case this Lease shall continue in effect whether or not Lessee shall have abandoned the Leased Premises. In such event, Lessor shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may entitled to enforce all of its Lessor's rights and remedies under this Lease AgreementLease, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreement.
(c) If Pursue any other remedy now or hereafter available to Lessor under the laws or judicial decisions of the state in which the Leased Premises is located. Lessor's exercise of any right or remedy shall not prevent it from exercising any other right or remedy. No action taken by or on behalf of Lessor under this Section shall be construed to be an acceptance of a surrender of this Lease. No termination of this Lease Agreement is terminated as set forthshall affect Lessor's rights to collect Base Rent, Lessor may relet the Common Improvements (Additional Rent or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for all damages sustained by Lessor, including but not limited to any deficiency in Rent for the duration of the Lease Term (or other amounts due for the period of time which would have remained in prior to termination. In the Lease Term in the absence event of any termination, leasing feesin addition to any other remedies set forth above, attorneys’ feesLessor shall have the right to recover from Lessee upon such termination an amount equal to the excess of the Base Rent, Additional Rent and other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law amounts to xxx Lessee for damages in the event of any default be paid by Lessee under during the remaining Term of this Lease Agreementover the then reasonable rental value of the Leased Premises for the remaining Term of this Lease, or from pursuing any other remedy available discounted to Lessor at law or in equitypresent value using a reasonable discount rate.
Appears in 1 contract
Samples: Office Lease (Netpliance Inc)
Lessor’s Remedies. In Upon the event Lessee is in default pursuant to the conditions occurrence of any Event of Default as set forth in Section 15.01 aboveParagraph 15 of this Lease Agreement, Lessor, during the continuation of such default, Lessor shall have the option of pursuing either to pursue any one or more of the following remediesremedies without any notice whatsoever:
(a) Lessor may terminate Terminate this Lease Agreement and declare immediately due and payable the balance of rent for the remaining term of the Lease Agreement, in which event Lessee shall immediately surrender the Leased Premises to Lessor, and if Lessee shall surrender fail so to do, Lessor may without prejudice to any other remedy which it may have for possession or arrearages in rent, enter upon and take possession of the Demised Premises. All obligations Leased Premises and expel or remove Lessee and any other person who may be occupying the Leased Premises or any part thereof, without being liable for any claim or damages therefor and Lessee agrees to pay Lessor on demand the amount of all loss, damage, costs and expenses which Lessor may incur by reason of the Event of Default, including attorneys' fees, costs and expenses, and Lessee further agrees that Lessor shall not be liable for any damages to Lessee's property or business operations resulting to the Lessee from such action, whether caused by the negligence of Lessor or otherwise.
b) Enter upon and take possession of the Leased Premises and expel or remove Lessee and any other person who may be occupying the Leased Premises or any part thereof, and do or cause to be done whatever Lessee is obligated to do under the Lease Agreement, including Lessee’s obligation to pay rent under the Lease Agreement, shall cease upon the date terms of termination except for Lessee’s obligation to pay rent due and outstanding as of the date of termination.
(b) Lessor, without terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demand, Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided except that Lessor shall have an affirmative obligation not use Lessee's trade name, signs or business identity in connection therewith, without being liable for any claim or damages therefor and Lessee agrees to use Lessor’s best efforts to re-let pay Lessor on demand the Common Improvements amount of all loss, damage, costs and to mitigate its damages under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, expenses which Lessor may relet incur by reason of the Common Improvements (or any portion thereof) for such rent Event of Default, including reasonable attorneys' fees, costs and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term)expenses, and Lessee further agrees that Lessor shall not be liable for all any damages sustained to Lessee's property or business operations resulting to the Lessee from such action, whether caused by Lessor, including but not limited to the negligence of Lessor or otherwise. Pursuit of any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence foregoing remedies shall not preclude pursuit of any terminationother remedies herein provided or any other remedy provided by law or in equity, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing nor shall the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event pursuit of any default remedy herein provided constitute a forfeiture or waiver of any rent due to Lessor hereunder or of any damages accruing to Lessor by Lessee reason of the violation of any of the terms, provisions or conditions contained in this Lease Agreement. Failure by Lessor to enforce one or more of the remedies herein provided upon an Event of Default shall not be deemed or construed to constitute a waiver of such default, or of any other violation or breach of any of the terms, provisions or conditions herein contained. If any action shall be taken by Lessor to recover any rent or other charges or payments under this Lease Agreement, or for or on account of any breach of or to enforce any of the terms, provisions or conditions of this Lease Agreement or for the recovery of possession of the Leased Premises, the Lessor shall be entitled to recover from pursuing any other remedy available the Lessee as a part of such costs Lessor's attorneys' fees and court costs and all expenses related to Lessor at law or in equitysuch actions, regardless of whether suit is filed.
Appears in 1 contract
Lessor’s Remedies. In On the event Lessee is occurrence of any default by Lessee, Lessor may, at any xxxx thereafter, with or without notice or demand and without limiting Lessor in default pursuant to the conditions set forth in Section 15.01 above, Lessor, during the continuation exercise of such default, shall have the option of pursuing either of the following remediesany right or remedy which Lessor may have:
(a) Lessor may terminate this Lease Agreementa. Terminate Lessee's right to possessixx xx the Premises by any lawful means, in which event case this Lease shall terminate and Lessee shall immediately shall surrender sxxxxxxer possession of the Demised Premises. All obligations of Lessee under the Lease Agreement, including Lessee’s obligation Premises to pay rent under the Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation to pay rent due and outstanding as of the date of termination.
(b) Lessor, without terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demandsuch event, Lessor shall be entitled to remove recover from Lessee all damages incurred by Lessor by reason of Lessee’s property to a storage facility's default, includinx (x) the worth at the time of the award of the unpaid Base Rent, additional rent and all reasonable costs other charges which had been earned at the time of the termination; (ii) the worth at the time of the award of the amount by which the unpaid Base Rent, additional rent and other charges which would have been earned after termination until the time of the award exceeds the amount of such removal and storage shall be deemed rental loss that Lessor proves could not have been reasonably avoided; (iii) the worth at the time of the award of the amount by which the unpaid Base Rent, additional rent and other charges which would have been paid for by the balance of the term after the time of award exceeds the amount of such rental loss that Lessor proves could not have been reasonably avoided; and (iv) any other amount necessary to compensate Lessor for all the detriment proximately caused by Lessee's failure to perforx xxx obligations under the Lease Agreement for or which Lessee is responsible for payment. Lessor may enforce all in the ordinary course of its rights and remedies under this Lease Agreementthings would be likely to result therefrom, including the right to recover the rent as it becomes due hereunderincluding, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for all damages sustained by Lessor, including but not limited to to, any deficiency costs or expenses incurred by Lessor in Rent for maintaining or preserving the duration Premises after such default, the cost of recovering possession of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any terminationPremises, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing reletting, including necessary renovation or alteration of the Common Improvements Premises, Lessor's reasonable attorneys' fees incurred in first class rentable conditionconnection therewith, and any real estate commission paid or payable. As used in subparts "(i).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreement, or from pursuing any other remedy available to Lessor at law or in equity." and "
Appears in 1 contract
Samples: Lease Agreement (Casinovations Inc)
Lessor’s Remedies. In Upon the event Lessee is in default pursuant to the conditions set forth in Section 15.01 aboveoccurrence of an Event of Default, LessorLessor may, during the continuation of such default, shall have the option of pursuing either of the following remediesat its option:
(a) Lessor may terminate this Lease Agreement, in which event Lessee immediately shall surrender Retake possession of the Demised Premises. All Leased Premises without terminating this Lease.
(b) Terminate this Lease by written notice to the Lessee, without terminating Xxxxxx’s and Xxxxxxxxx's obligations of Lessee under the Lease Agreementhereunder, including but not limited to the Lessee’s obligation to pay Rent;
(c) Relet the Leased Premises or any part thereof following repossession of the Leased Premises by Lessor, whether or not this Lease has been terminated, for such term or terms, which extend beyond the Term and any Additional Terms, at such rental or rentals and upon such other terms and conditions, as Lessor in its sole discretion shall determine, and making such alterations and repairs to the Leased Premises as Lessor may reasonably determine to be necessary in connection therewith, provided that the net amount, if any, realized by Xxxxxx from such reletting shall be credited against the amounts owed by Xxxxxx and Sublessee under this Lease;
(d) Following termination of this Lease, recover from Xxxxxx and Sublessee all rent and other amounts due and unpaid under the terms of this Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation to pay rent due and outstanding as of the date of termination., together with such other amounts as may be recoverable under applicable law to compensate Lessor for all damages proximately caused by Xxxxxx’s and Xxxxxxxxx's failure to perform their obligations under this Lease;
(be) Lessor, without terminating Exercise or seek any other right or remedy allowed at law or in equity under the Lease Agreement, may require Lessee to remove all property from statutes or common law of the Common Improvements within thirty (30) days so that Lessor may re-enter and relet state in which the premises to minimize Lessor’s damagesLeased Premises is located. In connection with any of the event Lessee shall fail to remove all property within thirty (30) days after said demandforegoing, Lessor shall be entitled to remove Lessee’s property to a storage facilityrecover from Lessee and Sublessee, promptly upon demand, any and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for all damages sustained expenses incurred by Lessor, including but not limited to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, reasonable attorneys’ feesfees and costs of reletting, other marketing including but not limited to restoration and collection costs repairs to the Leased Premises, marketing, and all expenses leasing commissions, following any such Event of placing the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default Default by Lessee or Sublessee. Lessee and Sublessee, jointly and severally, also shall be liable for and agree to pay to Lessor interest at a rate of 10.5% per annum, or the maximum legal rate, whichever is less, with respect to the following: (1) all Rent under this Lease Agreementremaining unpaid for thirty (30) days after the due date, from the due day until paid; (2) all costs and expenses incurred by Lessor following any Event of Default, from the date paid or incurred by Xxxxxx until reimbursed; and (3) all other amounts at any time becoming due and payable hereunder, from pursuing any other remedy available to Lessor at law or in equitythe date due and payable until paid.
Appears in 1 contract
Samples: Lease Agreement
Lessor’s Remedies. In the event Lessee is in default pursuant to of any breach of this Agreement or the conditions set forth in Section 15.01 aboveTechnical Prospectus by Xxxxxx, Lessor, during in addition to the continuation of such defaultother rights or remedies it may have, shall have the option immediate right of pursuing either re-entry and may remove all persons and property from the Premises. The property may be removed and stored in a public warehouse or elsewhere at the cost and for the account of the following remedies:
(a) Lessee. Should Lessor elect to re-enter, as provided in this Agreement, or should it take possession pursuant to legal proceedings or pursuant to any notice provided for by law, Lessor may either terminate this Lease Agreement, in which event Lessee immediately shall surrender possession of the Demised Premises. All obligations of Lessee under the Lease Agreement, including Lessee’s obligation Agreement or it may from time to pay rent under the Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation to pay rent due and outstanding as of the date of termination.
(b) Lessortime, without terminating the Lease this Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter let the Premises or any part of the Premises for such term or terms (which may be for a term extending beyond the term of this Agreement) and relet the premises to minimize at such rental or rentals and on such other terms and conditions as Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demand, Lessor shall be entitled to remove Lessee’s property to a storage facilityin its sole discretion, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreementdeem advisable, including the right to recover make alterations and repairs to the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to Premises. On each re-let the Common Improvements and to mitigate its damages under the Lease Agreement.
letting, (ca) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be immediately liable for all damages sustained to pay to Lessor, in addition to any indebtedness other than rent due under this Agreement, the expenses of re- letting and of making such alterations and repairs, incurred by Lessor, including but not limited to any deficiency and the amount, if any, by which the rent reserved in Rent for the duration of the Lease Term (or this Agreement for the period of time which would have remained in re-letting (up to but not beyond the Lease Term in term of this lease) exceeds the absence amount agreed to be paid as rent for the Premises for the period on re-letting; and (b) at the option of Lessor, rents received by Lessor from re-letting shall be applied, first, to the payment of any termination, leasing fees, attorneys’ feesindebtedness, other marketing and collection costs and all than rent due under this Agreement from Lessee to Lessor; second, to the payment of any expenses of placing re-letting and of making alterations and repairs; third, to the Common Improvements payment of rent due and unpaid under this Agreement, and the residue, if any, shall be held by Lessor and applied in first class rentable conditionpayment of future rent as it may become due and payable under this Agreement. If Xxxxxx has been credited with any rent to be received by re-letting under (a).
, above, and the rent was not promptly paid to Lessor by the new tenant, or if the rentals received from the re-letting under (d) Nothing contained herein diminishes b), above, during any right Lessor may have under South Carolina law month is less than that to xxx Lessee for damages in the event of any default be paid during that month by Lessee under this Lease Agreement, Lessee shall pay any deficiency to Lessor. The deficiency shall be calculated and paid monthly. No re-entry or from pursuing taking possession of the Premises by Lessor shall be construed as an election on the part of Lessor to terminate this Agreement unless a written notice of such intention is given to Lessee or unless the termination of this Agreement is decreed by a court of competent jurisdiction. In spite of any re-letting without termination, Lessor may at any time thereafter elect to terminate this Agreement for such previous breach. Should Lessor at any time terminate this Agreement for any breach, in addition to any other remedy available it may have, Lessor may recover from Lessee all damages incurred by reason of the breach, including the cost of recovering the Premises, and including the worth at the time of termination of the excess, if any, of the amount of rent and charges equivalent to Lessor at law or rent reserved in equitythis lease for the remainder of the stated term over the then reasonable rental value of the Premises for the remainder of the stated term, all of which amounts shall be immediately due and payable from Lessee to Lessor.
Appears in 1 contract
Samples: Lease and Operations Agreement
Lessor’s Remedies. In the Upon occurrence of an event Lessee is in default pursuant to the conditions set forth in Section 15.01 above, Lessor, during the continuation of such default, shall have the option of pursuing either Lessor may pursue any one or more of the following remedies:
a. REMEDIES, TENANT REMAINING IN POSSESSION: Upon the occurrence of any event of default enumerated in paragraph 21 hereof, Lessor shall have the option of (i) terminating the Lease by written notice thereof to Lessee, (ii) continuing this lease in full force and effect, or (iii) curing such default on behalf of Lessee
(1) In the event Lessor shall terminate this Lease, the following shall occur. Upon written notice to Lessee, this Lease shall be ended to Lessee and all persons holding under Lessee, and all of Lessee's rights shall be forfeited and lapsed, as fully as if this Lease had expired by lapse of time and there shall immediately become due and payable the amount by which
(i) the total of the rent and the benefits which would have accrued to Lessor under this Lease for the remainder of the term if the terms and provisions of this Lease had been fully complied with by Lessee exceeds (ii) the then-fair- market rental value of the premises for the balance of the term (it being the intention of both parties hereto that Lessor shall receive the benefit of its bargain); and the Lessee shall immediately surrender the Leased Premises to Lessor. If Lessee shall fail to do so Lessor may without notice and prejudice to any other remedy available enter and take possession of the Leased Premises and remove Lessee and or anyone occupying the Leased Premises and its effects without being liable to prosecution or any claim for damages, in addition to the sum immediately due from Lessee under the foregoing provision, there shall be recoverable from Lessee:
(a) Lessor may terminate the cost of restoring said Leased Premises to good condition, normal wear and tear excepted;
(b) all accrued sums, plus interest at the rate of ten percent (10%) per annum and late charges, if in arrears, under the terms of this Lease Agreement, in which event Lessee immediately shall surrender up to the date of termination:
(c) Lessor's cost of covering possession of the Demised Leased Premises. All obligations of Lessee under the Lease Agreement, including Lessee’s obligation ; and
(d) rent and sums accruing subsequent to pay rent under the Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation pursuant to pay rent due and outstanding as the holdover provisions of the date of terminationparagraph 8.
(b2) Lessor, without terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demand, Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation elect to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreement.
(c) If continue this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent in full force and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), effect and Lessee shall continue to be liable for all damages sustained by rents, Lessor shall nevertheless have all the rights of re-entry upon said Leased Premises without becoming liable for damages, or guilty of a trespass and Lessor after re-entry may relet the Leased Premises or any part thereof, for a period of time equal to or lesser of greater than the remainder of the term on whatever terms and conditions Lessor, including but not limited at Lessor's sole discretion, deems advisable. Against the rents and sums due from Lessee to Lessor during the remainder of the term, credit shall be given Lessee in the net amount of rent received from the new tenant after deduction by Lessor for: (i) the cost incurred by Lessor in reletting the Leased Premises (including, without limitation, remodeling costs, brokerage fees and the like; (ii) the accrued sums, plus interest and late charges if in arrears, under the terms of this lease; (iii) Lessor's cost of recovering possession of the Leased Premises; and (iv) the cost of storing any deficiency of Lessee's property left on the Leased Premises after re-entry. Notwithstanding any provision in Rent for this paragraph 23 to the duration contrary, upon the default of any substitute tenant or upon the expiration of the Lease Term (term of such substitute tenant before the expiration of the term hereof, Lessor may, at Lessor's election, either relet to still another substitute tenant, or for the period of time which would have remained in the terminate this Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition)exercise its rights under this paragraph 22.
(d3) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in In the event Lessor shall elect to cure the default of any default by Lessee under this Lease Agreementat Lessor's expense, or from pursuing any other remedy available to Lessor the cost of such cure plus interest thereon at law or in equitythe rate of ten percent (10%) per annum shall become additional rent and shall become due immediately.
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Lessor’s Remedies. Lessor may elect, in its sole discretion, to do one or more of the following upon the occurrence of an Event of Default, and at any time thereafter:
(i) Upon written notice to Lessee terminate this Lease as to any or all of the Schedules then in effect;
(ii) Subject to compliance with West Virginia law applicable to gaming equipment, demand that Lessee return the Equipment to Lessor whereupon Lessee shall promptly deliver the Equipment to Lessor to the place or places designated by Lessor. If Lessee does not so deliver the Equipment, Lessee shall make the Equipment available for retaking and authorizes Lessor, its employees and agents to enter Lessee's premises and any other premises (insofar as Lessee can permit) for the purpose of retaking. In the event Lessee is in default pursuant of retaking, except to the conditions set forth in Section 15.01 above, Lessor, during extent that such injuries are caused by the continuation of such default, shall have the option of pursuing either gross negligence or willful misconduct of the following remedies:Lessor. Lessee expressly waives all rights to possession and all claims for injuries to persons or property suffered through or loss caused by retaking. Any repossession accomplished under this paragraph 24(a) shall not release Lessee from liability for damages of Lessor sustained by reason of Lessee's default hereunder.
(aiii) Lessor may terminate revoke Lessee's privilege of paying Rent in installments causing acceleration of all remaining Rents through the remaining term of the Lease, and, upon Lessor's demand, as liquidated damages, and not as a penalty, Lessee shall promptly pay to Lessor the aggregate of
(1) all Rent accrued and unpaid prior to the date of such Event of Default,
(2) all future Rent due through the end of the basic term or through the end of the current renewal term, as the case may be,
(3) all costs and expenses incurred by Lessor in the repossession, recovery, storage, repair, inspection, appraisal, refurbishing, sale, release or other disposition of the Equipment,
(4) reasonable attorney's fees and costs, including any fees or costs incurred by Lessor in defending any action relating to this Lease Agreementor participating in any bankruptcy or insolvency proceeding to which Lessee is a party, or otherwise incurred due to Lessee's default,
(5) the estimated residual value of the Equipment as of the end of the current term of the Lease, and
(6) any claim for indemnity, if any, in which event favor of Lessor hereunder. The calculation of damages hereunder as a result of a default by Lessee immediately shall surrender possession of with regard to sums payable in the Demised Premises. All obligations of Lessee future under the Lease Agreement, including Lessee’s obligation must be discounted to pay rent under present value; the Lease Agreement, discount rate to be applied shall cease upon equal the date discount rate of termination except for Lessee’s obligation to pay rent due and outstanding as the Federal Reserve Bank of Cleveland then in effect on the earlier of the date of terminationentry of judgment on such claim or the date of payment of such sum by Lessee.
(biv) Lessor, without terminating the Lease Agreement, may require Lessee In its sole discretion and subject to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises West Virginia law applicable to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demand, Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forthgaming equipment, Lessor may relet sell or release the Common Improvements (Equipment or any portion part thereof) for , at public auction or by private sale or lease at such rent time or times and upon such terms as Lessor may determine, free and clear of any rights of Lessee and, if notice thereof is able required by law, any notice in writing of such sale or lease by Lessor to obtain Lessee given not less than ten (which may 10) days prior to the date thereof shall constitute reasonable notice thereof to Lessee. All proceeds of the sale or releasing, or both, less
(1) all expenses incurred in retaking the Equipment, making necessary repairs to the Equipment and enforcing this Lease,
(2) all damages that Lessor shall have sustained by reason of Lessee's default, and
(3) reasonable attorney's fees and expenses shall be for lower or higher rent, credited against Lessee's liability hereunder as and for a shorter or longer term), and when received by Lessor. Sums in excess of Lessee's liability shall belong to Lessor. Lessee shall be liable for all damages sustained by Lessor, including but not limited to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition)deficiency.
(dv) Nothing contained herein diminishes any The provisions of this paragraph 24 shall not prejudice Lessor's right Lessor may have under South Carolina law to xxx Lessee recover or prove damages for damages in the event of any default by Lessee under this Lease Agreementunpaid Rent accrued prior to default, or from pursuing bar an action for a deficiency as herein provided, and the bringing of an action with an entry of judgment against Lessee shall not bar Lessor's right to repossess any or all of the Equipment.
(vi) Lessor's remedies shall be available to Lessor's successors and assigns, shall be in addition to all other remedies provided to it under the UCC (specifically, the remedies set forth in West Virginia Statutes 46-2A-523(a), (b) and (c) or by any other remedy available to Lessor at law applicable law, and may be exercised concurrently or in equityconsecutively.
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Lessor’s Remedies. In 14.1 If an Event of Default by the event Lessee is LESSEE occurs, the LESSOR has the right, then or at any time thereafter, to pursue any remedies, legal or equitable, to which the LESSOR may be entitled, whether or not such remedies are mentioned in default pursuant to the conditions set forth in Section 15.01 abovethis Lease, Lessorand which remedies shall include, during the continuation of such defaultbut are not limited to, shall have the option of pursuing either one or more of the following remediesfollowing:
(a) Lessor The LESSOR may terminate this Lease Agreement, by written notice to the LESSEE in which the event Lessee immediately shall surrender possession of the Demised Premises. All obligations of Lessee under the Lease Agreement, including Lessee’s obligation to pay rent under the Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation to pay rent due and outstanding as of the date of terminationa default.
(b) LessorThe LESSEE shall pay to the LESSOR on demand the amount of all loss and damage which the LESSOR may suffer by reason of this termination, without terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demand, Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts whether through inability to re-let the Common Improvements Leased Premises on satisfactory terms or otherwise, specifically including, but not limited to (i) all reasonable expenses necessary to re-let the Leased Premises which shall include the cost of renovating, repairing and altering the Leased Premises for a new tenant or lessee, advertisements and brokerage fees; (ii) any increase in insurance premiums caused by the vacancy of the Leased Premises; (iii) unpaid Rent that was due and owing at the time of such termination; and (iv) the amount of the unpaid Rent that would have been earned during the balance of the term had the early termination not occurred. Nothing contained in this Lease shall limit or prejudice the right of the LESSOR to mitigate its prove for and obtain in proceedings for bankruptcy or insolvency by reason of the termination of this Lease an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, the damages under are to be proved, whether or not the Lease Agreementamount be greater, equal to, or less than the amount of the loss or damages referred to above. In the event of an early termination of this Lease, the LESSOR is in no way obligated to re-let the Leased Premises.
(c) If this Lease Agreement is terminated as set forthThe LESSOR may re-let, Lessor may relet at its election, the Common Improvements (Leased Premises or any portion thereof) part thereof for such rent and upon such the account of the LESSEE, in the name of the LESSEE or the LESSOR or otherwise, without notice to the LESSEE for a term or terms as Lessor is able to obtain (which may be greater or less than the period which would otherwise have constituted the balance of the applicable term of this Lease) and on terms and conditions (which may include concessions or free rent) as the LESSOR in its absolute discretion may determine and the LESSOR may collect and receive any rents payable by reason of such re-letting; and the LESSEE shall pay the LESSOR on demand all reasonable expenses necessary to re-let the Leased Premises which shall include the cost of renovating, repairing and altering the Leased Premises for lower a new tenant or higher renttenants, advertisements and brokerage fees, and for a shorter or longer term)the LESSEE shall also pay the LESSOR on demand any deficiency that may arise by reason of the re-letting. The LESSOR is not obligated to re-let the Leased Premises, and Lessee shall not be responsible or liable for any failure to re-let the Leased Premises or any part thereof or for any failure to collect any Rent due upon any re-letting. Unless otherwise stated in this Lease, no re- entry or taking of possession of the Leased Premises by the LESSOR shall be liable for all damages sustained by Lessor, including but not limited an election on the LESSOR’s part to any deficiency in Rent for terminate this Lease unless a notice of termination is given to the duration of the Lease Term LESSEE pursuant to Subsection 14.1 (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition)a) hereof.
(d) Nothing contained herein diminishes The LESSOR may enter upon the Leased Premises in a peaceable manner pursuant to Section 16 of this Lease or otherwise under legal process of taking possession thereof and do whatever the LESSEE is obligated to do under the terms of this Lease, and the LESSEE shall reimburse the LESSOR on demand for any right Lessor expenses which the LESSOR may have incur in thus effecting compliance with the LESSEE’s obligations under South Carolina law to xxx Lessee for damages in this Lease.
14.2 In the event of a termination of this Lease due to an Event of Default by the LESSEE, the LESSEE shall have no claim against the LESSOR for the value of the unexpired term of the Lease.
14.3 No repossession or re-entering of the Leased Premises or any default by Lessee part thereof, or re-letting of the Leased Premises or any part thereof, shall relieve the LESSEE or any Guarantor of its liabilities and obligations under this Lease, all of which survive repossession or re-entering.
14.4 No right or remedy conferred upon or reserved to the LESSOR is intended to be exclusive of any other right or remedy, and each and every right and remedy is cumulative and in addition to any other right or remedy given under this Lease Agreementor now or hereafter existing at law or in equity. In addition to other remedies provided in this Lease, the LESSOR is entitled, to the extent permitted by applicable law, to injunctive relief in case of the violation, or from pursuing attempted or threatened violation, of any of the covenants, agreements, conditions or provisions of this Lease, or to a decree compelling performance of any of the covenants, agreements, conditions or provisions of this Lease and any other remedy available allowed to Lessor the LESSOR at law or in equity.
14.5 The failure of the LESSOR to insist upon the performance of any term, covenant or condition of this Lease or the waiver of any default or breach of any term, covenant or condition of this Lease, shall not be construed as thereafter waiving any such term, covenant or condition, but the same shall continue and remain in full force and effect as if no such forbearance or waiver had occurred. The waiver of or redress for any violation of any term, covenant, or condition contained in this Lease or contained in the rules and regulations of the LESSOR (as may be hereafter amended or supplemented) shall not prevent a subsequent act, which would have originally constituted a violation, from having all the force and effect of an original violation. No express waiver shall affect any term, covenant or condition other than the one specified in the waiver and that one only for the time and in the manner specifically stated. A receipt by the LESSOR of any Rent with knowledge of an Event of Default shall not be a waiver of the breach, and no waiver by the LESSOR of any provision of this Lease shall be effective unless expressed in writing and signed by the LESSOR. No payment by the LESSEE or receipt by the LESSOR of a lesser amount than the monthly installment of Rent due under this Lease shall be other than on account of the earliest Rent due under this Lease, nor shall any endorsement or statement on any check or any letter accompanying any check or payment as Rent be an accord and satisfaction, and the LESSOR may accept any check or payment without prejudice to the LESSOR’s right to recover the balance of the rent or pursue any other remedy provided in this Lease. Furthermore, a failure by the LESSOR to give the notices mentioned in this Lease or in connection with any breach hereof by the LESSEE or the LESSOR’s settlement with, or acceptance of compensation, including Rent, from the LESSEE after breach or default on the LESSEE’s part shall not be considered a waiver by the LESSOR of any breach or default by the LESSEE or any of the terms or provisions of this Lease.
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Samples: Lease Agreement
Lessor’s Remedies. In Upon the event Lessee is in default pursuant to the conditions occurrence of any Event of Default as set forth in Section 15.01 aboveParagraph 15 of this Lease Agreement, Lessor, during the continuation of such default, Lessor shall have the option of pursuing either to pursue any one or more of the following remediesremedies without any notice whatsoever:
(a) Lessor may terminate Terminate this Lease Agreement and declare immediately due and payable the balance of rent for the remaining term of the Lease Agreement, in which event Lessee shall immediately surrender the Leased Premises to Lessor, and if Lessee shall surrender fail so to do, Lessor may without prejudice to any other remedy which it may have for possession or arreerages in rent, enter upon and take possession of the Demised Premises. All obligations Leased Premises and expel or remove Lessee and any other person who may be occupying the Leased Premises or any part thereof, without being liable for any claim or damages therefor and Lessee agrees to pay Lessor on demand the amount of all loss, damage, costs and expenses which Lessor may incur by reason of the Event of Default, including attorneys' fees, costs and expenses, and Lessee further agrees that Lessor shall not be liable for any damages to Lessee's property or business operations resulting to the Lessee from such action, whether caused by the negligence of Lessor or otherwise.
b) Enter upon and take possession of the Leased Premises and expel or remove Lessee and any other person who may be occupying the Leased Premises or any part thereof, and do or cause to be done whatever Lessee is obligated to do under the Lease Agreement, including Lessee’s obligation to pay rent under the Lease Agreement, shall cease upon the date terms of termination except for Lessee’s obligation to pay rent due and outstanding as of the date of termination.
(b) Lessor, without terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demand, Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided except that Lessor shall have an affirmative obligation not use Lessee's trade | name, signs or business identity in connection therewith, without being liable for any claim or damages therefor and Lessee agrees to use Lessor’s best efforts to re-let pay Lessor on demand the Common Improvements amount of all loss, damage, costs and to mitigate its damages under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, expenses which Lessor may relet incur by reason of the Common Improvements (or any portion thereof) for such rent Event of Default, including reasonable attorneys' fees, costs and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term)expenses, and Lessee further agrees that Lessor shall not be liable for all any damages sustained to Lessee's property or business operations resulting to the Lessee from such action, whether caused by Lessor, including but not limited to the negligence of Lessor or otherwise. Pursuit of any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence foregoing remedies shall not preclude pursuit of any terminationother remedies herein provided or any other remedy provided by law or in equity, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing nor shall the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event pursuit of any default remedy herein provided constitute a forfeiture or waiver of any rent due to Lessor hereunder or of any damages accruing to Lessor by Lessee reason of the violation of any of the terms, provisions or conditions contained in this Lease Agreement. Failure by Lessor to enforce one or more of the remedies herein provided upon an Event of Default shall not be deemed or construed to constitute a waiver of such default, or of any other violation or breach of any of the terms, provisions or conditions herein contained. If any action shall be taken by Lessor to recover any rent or other charges or payments under this Lease Agreement, or for or on account of any breach of or to enforce any of the terms, provisions or conditions of this Lease Agreement or for the recovery of possession of the Leased Premises, the Lessor shall be entitled to recover from pursuing any other remedy available the Lessee as a part of such costs Lessor's attorneys' fees and court costs and all expenses related to Lessor at law or in equitysuch actions, regardless of whether suit is filed.
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Lessor’s Remedies. In Lessor shall have the event following remedies if Lessee ----------------- commits a default. These remedies are not exclusive; they are cumulative in addition to any remedies now or later allowed by law.
1. Lessor can continue this Lease in full force and effect, and the Lease will continue in effect as long as Lessor does not terminate Lessee's right to possession, and Lessor shall have the right to collect rent when due. During the period Lessee is in default pursuant to the conditions set forth in Section 15.01 above, Lessor, during the continuation of such default, Lessor can enter the premises and relet them, or any part of them, to third parties for Lessee's account. Lessee shall be liable immediately to Lessor for all costs Lessor incurs in reletting the premises, including without limitations, broker's commissions, expense of remodeling the premises required by the reletting, and like cost. Reletting can be for a period shorter or longer than the remaining term of this Lease. Lessee shall pay to Lessor the rent due under this Lease on the dates the rent is due, less the rent Lessor receives from any reletting. No act by Lessor allowed by this paragraph shall terminate this Lease unless Lessor notifies Lessee that Lessor elects to terminate this Lease. After Lessee's default and for as long as Lessor does not terminate Lessee's right to possession of the premises, if Lessee obtains Lessor's consent, Lessee shall have the option of pursuing either right to assign or sublet its interest in this Lease, but Lessee shall not be released from liability. Lessor's consent to a proposed assignment or subletting shall not be unreasonably withheld.
2. Lessor can terminate Lessee's right to possession of the following remediespremises at any time. No act by Lessor other than giving notice to Lessee shall terminate this Lease. Acts of maintenance, efforts to relet the premises, or the appointment of a receiver on Lessor's initiative to protect Lessor's interest under this Lease shall not constitute a termination of Lessee's right to possession. On termination, Lessor has the right to recover from Lessee:
(ai) Lessor may terminate this Lease AgreementThe worth, in which event Lessee immediately shall surrender possession at the time of the Demised Premises. All obligations award, of Lessee under the Lease Agreementunpaid rent that had been earned at the time of termination of this Lease;
(ii) The worth, including Lessee’s obligation to pay at the time of the award, of the amount by which the unpaid rent under the Lease Agreement, shall cease upon that would have been earned after the date of termination except for Lessee’s obligation to pay rent due and outstanding as of this Lease until the time of award exceeds the amount of the date loss of terminationrent that Lessee proves could have been reasonably avoided.
(biii) Lessor, without terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demand, Lessor shall be entitled to remove Lessee’s property to a storage facilityAny other amount, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. court costs, necessary to compensate Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for all damages sustained detriment proximately caused by LessorLessee's default. "The worth, including but not limited to any deficiency in Rent for at the duration time of the Lease Term award," as used in (or for the period i) and (ii) of time which would have remained in the Lease Term in the absence of any terminationthis paragraph, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina is to be computed by allowing interest at a maximum rate an individual is permitted by law to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreement, or from pursuing any other remedy available to Lessor at law or in equitycharge.
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Samples: Commercial Lease (Astropower Inc)
Lessor’s Remedies. In the event Lessee is in default pursuant to the conditions set forth in Section 15.01 aboveIf an Event of Default shall occur, Lessor, during the continuation of such default, Lessor shall have the option of pursuing either of the following remedies:. These remedies are not exclusive; they are cumulative in addition to any remedies now or later allowed by law.
(a) A. Lessor may terminate continue this Lease Agreementin full force and effect, and this Lease will continue in which event Lessee immediately shall surrender possession of the Demised Premises. All obligations of Lessee under the Lease Agreement, including effect as long as Lessor does not terminate Lessee’s obligation right to pay rent under possession, and Lessor shall have the Lease Agreementright to collect Rent when due. During an Event of Default, shall cease upon Lessor may enter the date Premises and relet them, or any part of termination except them, to third parties for Lessee’s obligation to pay rent due and outstanding as of the date of termination.
(b) Lessor, without terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damagesaccount. In the event Lessee shall fail to remove all property within thirty (30) days after said demand, Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable immediately to Lessor for all damages sustained costs Lessor incurs in reletting the Premises, including, without limitation, broker’s commissions, expenses of remodeling the Premises required by Lessorthe reletting, including but not limited and like costs. Reletting can be for a period shorter or longer than the remaining term of this Lease or any extension thereof, except that Lessee shall only be responsible for brokers commission up until the remaining term of this Lease has expired. Lessee shall pay to Lessor the Rent due under this Lease on the dates the Rent is due, less the Rent Lessor received from any deficiency in Rent for the duration reletting. No act by Lessor allowed under this subparagraph shall terminate this Lease unless Lessor notifies Lessee that Lessor elects to terminate this Lease.
X. Xxxxxx may terminate Lessee’s right to possession of the Premises at any time by giving a written termination notice to Lessee, and on the date specified in such notice (which shall be not less than five (5) days after the giving of such notice) Lessee’s right to possession shall terminate and this Lease Term (shall terminate, unless on or for the period before such date all arrears of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs Rent and all expenses of placing the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default other sums payable by Lessee under this Lease Agreementand all costs and expenses incurred by or on behalf of Lessor hereunder shall have been paid by Lessee and all other breaches of this Lease by Lessee at the time existing shall have been fully remedied to the satisfaction of Lessor. No act by Lessor other than giving notice to Lessee shall terminate this Lease. Acts of maintenance, efforts to relet the Premises, or the appointment of a receiver on Lessor’s initiative to protect Lessor’s interest under this Lease shall not constitute a termination of Lessee’s right to possession. On termination, Lessor has the right to recover from pursuing Lessee:
(1) The worth, at the time of the award, of the unpaid Rent that had been earned at the time of termination of this Lease;
(2) The worth, at the time of the award, of the amount by which the unpaid Rent that would have been earned after the date of termination of this Lease until the time of award exceeds the amount of the loss of Rent that Lessee proves could have been reasonably avoided;
(3) The worth, at the time of the award, of the amount by which the unpaid Rent for the balance of the term after the time of award exceeds the amount of the loss of Rent that Lessee proves could have been reasonably avoided; and
(4) Any other amount, and court costs, necessary to compensate Lessor for all detriment proximately caused by Lessee’s default. “The worth, at the time of the award” as used in (1) and (2) of this subparagraph is to be computed by allowing interest at the rate of ten percent (10%) per annum. “The worth, at the time of award,” as referred to in (3) of this subparagraph is to be computed by discounting the amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of the award, plus one percent (1%).
X. Xxxxxx, at any time after an Event of Default, may cure said default at Lessee’s cost. If Lessor at any time, by reason of Lessee’s default, pays any sum or does any act that requires the payment of any sum, the sum paid by Lessor shall be due following five (5) business days’ written notice, and if paid at a later date shall bear interest at the rate of ten percent (10%) per annum from the date of such written notice until Lessor is reimbursed by Lessee. The sum, together with interest on it, shall be deemed to be additional Rent.
X. Xxxxxx shall have the following additional remedies:
(1) In the event that a late charge is payable hereunder, whether or not collected, for three (3) installments of Base Monthly Rent or if Lessee fails to pay any other remedy available monetary obligation of Lessee under this Lease within the applicable cure or grace period, Lessee shall pay to Lessor, if Lessor shall so request in writing, in addition to any other payments required under this Lease, a monthly advance installment, payable at the same time as the Base Monthly Rent, as reasonably estimated by Lessor, for Lessee’s Percentage Share of Real Property Tax and insurance premium expenses which are payable by Lessee under the terms of this Lease. Such fund shall be established to insure payment when due, before delinquency, of Lessee's Percentage Share of Real Property Tax and insurance premiums. All moneys paid to Lessor under this subparagraph may be intermingled with other moneys of Lessor and shall not bear interest. In the event of a default in the obligations of Lessee under this Lease, then any balance remaining from funds paid to Lessor under the provisions of this subparagraph may, at law the option of Lessor, be applied to the payment of any monetary default of Lessee in lieu of being applied to the payment of real property taxes and insurance premiums.
(2) In the event that a late charge is payable hereunder, whether or not collected, for three (3) installments of Base Monthly Rent in equityany twelve (12) month period, Lessor may demand and Lessee shall pay to Lessor an amount equal to two (2) months of Base Monthly Rent, in the amount of the Base Monthly Rent then due, as an addition to the Security Deposit to be held pursuant to the terms of Paragraph 5 of this Lease.
E. To the extent permitted by law, Lessee hereby waives its rights to demand a trial by jury in any action for unlawful detainer filed by Lessor.
F. Any monetary judgment or award against Lessee under this Lease shall bear interest at the rate of ten percent (10%) per annum regardless of the Court entering or enforcing such judgment or award.
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Lessor’s Remedies. In the event Lessee is in default pursuant to the conditions set forth in Section 15.01 above, Lessor, during the continuation of such default, Lessor shall have the option of pursuing either of the following remedies:remedies if Lessee commits a default. These remedies are not exclusive, but are cumulative and in addition to any other remedies now or later allowed by law.
(a) Lessor may shall have the right to continue this Lease in fall force and effect, and this Lease shall continue in effect so long as Lessor does not terminate this Lease Agreementin an express written notice to Lessee, and until such time Lessor shall have the right to collect rent when due. During any period Lessee shall be in default Lessor shall have the right to enter the Premises without notice to vacate (any right to which event Lessee immediately shall surrender possession is hereby waived by Lessee) and relet them, without prior notice or demand, changing any or all of the Demised locks on the Premises, all without being liable for forcible entry, trespass or other tort. All obligations of No act by Lessor allowed by this paragraph shall terminate this Lease unless Lessor notifies Lessee under the Lease Agreement, including Lessee’s obligation in an express writing that Lessor elects to pay rent under the Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation to pay rent due and outstanding as of the date of termination.terminate this Lease
(b) LessorLessor shall have the right to terminate this Lease without notice to vacate (any right to which is hereby waived by Lessee) and to terminate Lessee's rights to possession of the Premises at any time, without terminating and reenter the Lease Agreement, may require Lessee Premises as described in paragraph (a) herein above. No act by Lessor other than the giving of express written notice of termination to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demandterminate this Lease. Upon termination, Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including have the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate pursue its damages under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for all damages sustained by Lessor, including but not limited to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreement, or from pursuing any other remedy available to Lessor remedies at law or in equity.equity to recover from Lessee all amounts of rent then due or thereafter accruing and such other damages as are caused by Lessees default. 161
Appears in 1 contract
Samples: Lease Agreement (Magicinc Com)
Lessor’s Remedies. In Upon the occurrence of any event Lessee is of default as described in default pursuant to the conditions set forth in Section 15.01 above, Lessor, during the continuation of such default, shall have the option of pursuing either of the following remediesParagraph 18:
(a) The Lessor may terminate this Lease Agreement, in which event Lessee immediately shall surrender possession perform for the account of the Demised Premises. All Lessee any obligation with respect to which the Lessee is in default and immediately recover as additional rent any expenditures made and the amount of any obligations of Lessee under incurred in connection therewith plus interest at the Lease Agreement, including Lessee’s obligation to pay rent under the Lease Agreement, shall cease upon Prime Rate published in The Wall Street Journal plus three (3%) percent per annum for such expenditures from the date of termination except any such expenditures, together with a late charge for Lessee’s obligation to pay payments of rent past due and outstanding as at the same rate of the date of termination.interest;
(b) The Lessor may accelerate all rent and additional rent due for the balance of the term of this Lease and declare all such rent to be immediately due and payable;
(c) The Lessor, without terminating the Lease Agreementat its option, may require serve notice upon the Lessee that this Lease and the then unexpired term hereof shall cease and expire and become absolutely void on the date specified in such notice, which shall be not less than five (5) days after the date of such notice without any right on the part of the Lessee to remove all property from save forfeiture by payment of any sum due or by the Common Improvements within thirty (30) days so that performance of any term, provision, covenant, agreement or condition broken. This Lease and the term hereof, as well as the right, title and interest of the Lessee hereunder shall, upon the effective date of such notice, wholly cease and expire and become void in the same manner and with the same force and effect, except as to the Lessee's liability, as if the date fixed in such notice were the date provided herein for the expiration of the term of this Lease. Thereupon the Lessee shall immediately quit and surrender to the Lessor the Leased Premises and in any event, the Lessor may forcefully remove the property of the Lessee without being liable either in damages or in a criminal prosecution. No such expiration or termination of this Lease shall relieve the Lessee of its liability and obligations under this Lease, whether or not the Leased Premises shall be relet. If the Lessee fails to remove any equipment, furniture, trade fixtures or other property prior to any such repossession by the Lessor such equipment, furniture, fixtures and other property shall be deemed abandoned by the Lessee and shall become the property of the Lessor;
(d) The Lessor may, at any time after written notice of the occurrence of any event of default and the expiration of any applicable cure and/or notice periods, re-enter and repossess the Leased Premises or any part thereof and attempt, in its own name as agent for the Lessee if this Lease has not been terminated or on its own behalf if this Lease has been terminated, to relet the premises to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demand, Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs or any part of such removal and storage shall be deemed additional rent under the Lease Agreement Leased Premises for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms and to such persons, firm or corporation and for such period or periods as the Lessor, in its sole discretion, shall determine, including a term beyond the termination of this Lease. The Lessor shall not be required to accept any tenant offered by the Lessee or observe any instruction given by the Lessee with respect to such reletting. The cost of reasonable brokerage and legal fees expended by the Lessor in connection with the reletting of the Leased Premises as well as the reasonable cost of repairing or restoring the Leased Premises arising out of damage caused by the Lessee or improvements made by the Lessee to the Leased Premises that the Lessee is able required to obtain (which may remove pursuant to this Lease and failed to remove shall be for lower or higher rentcharged to and be payable by the Lessee as additional rent hereunder, and any sums collected by the Lessor from any new tenant shall be credited against the balance of the rent due hereunder for a shorter or longer term)the remainder of the term of this Lease. The Lessee shall pay to the Lessor monthly, on the date when the rent would have been payable under this Lease, the amount of rent and additional rent due hereunder less the amount obtained by the Lessor from any such new tenant; and
(e) The rights and remedies given to the Lessor in this Lease are distinct, separate and cumulative remedies, and Lessee no one of them, whether or not exercised by the Lessor, shall be liable for all damages sustained by Lessor, including but not limited to deemed in exclusion of any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition)others.
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreement, or from pursuing any other remedy available to Lessor at law or in equity.
Appears in 1 contract
Samples: Lease (Physicians Quality Care Inc)
Lessor’s Remedies. In Upon the event Lessee is in default pursuant to the conditions occurrence of any Event of Default as set forth in Section 15.01 aboveParagraph 15 of this Lease Agreement, Lessor, during the continuation of such default, Lessor shall have the option of pursuing either to pursue any one or more of the following remediesremedies without any notice whatsoever:
(a) Lessor may terminate Terminate this Lease Agreement and declare immediately due and payable the balance of rent for the remaining term of the Lease Agreement, in which event Lessee shall immediately surrender the Leased Premises to Lessor, and if Lessee shall surrender fail so to do, Lessor may without prejudice to any other remedy which it may have for possession or arrearages in rent, enter upon and take possession of the Demised Premises. All obligations Leased Premises and expel or remove Lessee and any other person who may be occupying the Leased Premises or any part thereof, without being liable for any claim or damages therefore and Lessee agrees to pay Lessor on demand the amount of Lessee under all loss, damage, costs and expenses which Lessor may incur by reason of the Lease AgreementEvent of Default, including Lessee’s obligation to pay rent under the Lease Agreementattorneys’ fees, shall cease upon the date of termination except for Lessee’s obligation to pay rent due costs and outstanding as of the date of termination.
(b) Lessorexpenses, without terminating the Lease Agreement, may require and Lessee to remove all property from the Common Improvements within thirty (30) days so further agrees that Lessor may re-enter and relet the premises shall not be liable for any damages to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demand, Lessor shall be entitled to remove Lessee’s property or business operations resulting to a storage facilitythe Lessee from such action, whether caused by the negligence of Lessor or otherwise.
b) Enter upon and take possession of the Leased Premises and expel or remove Lessee and any other person who may be occupying the Leased Premises or any part thereof, and all reasonable costs of such removal and storage shall do or cause to be deemed additional rent done whatever Lessee is obligated to do under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all terms of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided except that Lessor shall have an affirmative obligation not use Lessee’s trade name, signs or business identity in connection therewith, without being liable for any claim or damages therefore and Lessee agrees to use Lessor’s best efforts to re-let pay Lessor on demand the Common Improvements amount of all loss, damage, costs and to mitigate its damages under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, expenses which Lessor may relet incur by reason of the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for all damages sustained by LessorEvent of Default, including but not limited to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, reasonable attorneys’ fees, other marketing and collection costs and all expenses expenses, and Lessee further agrees that Lessor shall not be liable for any damages to Lessee’s property or business operations resulting to the Lessee from such action, whether caused by the negligence of placing the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event or otherwise. Pursuit of any default of the foregoing remedies shall not preclude pursuit of any other remedies herein provided or any other remedy provided by Lessee law or in equity, nor shall the pursuit of any remedy herein provided constitute a forfeiture or waiver of any rent due to Lessor hereunder or of any damages accruing to Lessor by reason of the violation of any of the terms, provisions or conditions contained in this Lease Agreement. Failure by Lessor to enforce one or more of the remedies herein provided upon an Event of Default shall not be deemed or construed to constitute a waiver of such default, or of any other violation or breach of any of the terms, provisions or conditions herein contained. If any action shall be taken by Lessor to recover any rent or other charges or payments under this Lease Agreement, or for or on account of any breach of or to enforce any of the terms, provisions or conditions of this Lease Agreement or for the recovery of possession of the Leased Premises, the Lessor shall be entitled to recover from pursuing any other remedy available the Lessee as a part of such costs Lessor’s attorneys’ fees and court costs and all expenses related to Lessor at law or in equitysuch actions, regardless of whether suit is filed.
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Lessor’s Remedies. In the event Lessee is in default pursuant to of the conditions set forth in Section 15.01 aboveoccurrence of an Event of Lessee's Default, Lessor, during the continuation of such default, Lessor shall have the option of pursuing either right to exercise any one or more of the following rights and remedies:
(a) Lessor may 6.2.1 To terminate this Lease Agreement, in which event effective immediately upon delivery of notice to Lessee and Lessee shall immediately shall surrender possession of the Demised PremisesPremises upon receipt of such notice. All obligations Notwithstanding such termination, Lessee shall remain liable for damages in an amount equal to all rent and other sums that would have become payable by Lessee under this Lease during the balance of the Term if this Lease had not been terminated, less the net proceeds, if any, of any reletting of the Premises subsequent to such termination, after deducting all of Lessor's expenses incurred in connection with such reletting. Lessor shall have the right to receive such damages from Lessee on the dates that such rent and other sums would have become payable under the Lease Agreement, including Lessee’s obligation to pay rent under had the Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation to pay rent due and outstanding as of the date of termination.
(b) Lessor, without terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damagesnot been terminated. In the event Lessee shall fail to remove all property within thirty (30) days after said demandAlternatively, Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including have the right to recover from Lessee (i) the worth at the time of award (defined below) of the unpaid rent as it becomes due hereunderwhich accrued at the time of termination; (ii) the worth at the time of award of the amount by which the unpaid rent which would have been earned after termination until the time of award exceeds the amount of such rent loss that Lessee proves could reasonably have been avoided; (iii) the worth at the time of award of the amount by which the unpaid rent for the balance of the Term, had the Lease not been terminated, after the time of award exceeds the amount of such rent loss that Lessee proves could reasonably be avoided; and (iv) any other amount necessary to compensate Lessor for all the detriment proximately caused by Lessee's failure to perform its obligations under this Lease or which in the ordinary course of events would be likely to result from such failure. The "worth at the time of award" of the amounts referred to in Subsections (i) and (ii) shall be computed by accruing Default Interest on the unpaid amounts and with respect to Subsection (iii) shall be computed by discounting such amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of award;
6.2.2 To immediately reenter and remove all persons and property from the Premises, without liability for damages sustained by reason of such reentry and removal. Such property may be stored in a public warehouse or elsewhere at Lessee's expense. If Lessor elects to reenter or take possession pursuant to legal proceedings or any notice provided that by law, Lessor shall have an affirmative obligation the right to use Lessor’s best efforts terminate this Lease, or without terminating this Lease, to re-let the Common Improvements and to mitigate its damages under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (Premises or any portion thereof) part thereof for such rent and upon such terms as Lessor is able to obtain term (which may be for lower or higher a term in excess of the applicable Term) and upon such conditions as Lessor, in its sole discretion, may deem advisable (which may include concessions of free rent, alterations or repairs). If Lessor elects to relet the Premises, the rents received thereafter shall be applied first to the payment of any indebtedness other than rent due hereunder from Lessee to Lessor; second, to the payment of any costs of such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, employees expenses, alteration, remodeling and repair costs and expenses of preparing for a shorter or longer term)such reletting; third, to the payment of rent due and unpaid hereunder; and the residue, if any, shall be held by Lessor and applied to payment of future rent as the same becomes due. If the rent to be received from such reletting will be less than the total of all rental and other payments that Lessee would have been obligated to make during the balance of the Term, Lessee shall immediately pay any such deficiency in full to Lessor. No such reentry or taking possession of the Premises and/or Improvements by Lessor shall be liable construed as an election to terminate this Lease unless a written notice of such intention is given to Lessee or unless termination is decreed by a court. Notwithstanding any such reletting without termination, Lessor may, at any time thereafter, elect to terminate this Lease for all damages sustained by such previous breach, upon delivery of notice to Lessee. Lessor, including but not limited ’s rights and remedies pursuant to this Section shall be in addition to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor remedies it may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreement, or from pursuing any other remedy available to Lessor at law or in equityequity (including, but not limited to, specific performance and consequential damages), or elsewhere in this Lease.
Appears in 1 contract
Samples: Lease Agreement
Lessor’s Remedies. In If any default by Lessee shall continue uncured, following notice of default as required by the event Lessee is in default pursuant lease, for the period applicable to the conditions set forth in Section 15.01 abovedefault under the lease, Lessor, during the continuation of such default, Lessor shall have the option following remedies in addition to all other rights and remedies provided by law or equity, to which Lessor may resort cumulatively or in the alternative; all subject to the limitation, however, that no person or entity granted interests in the Project or Premises by Lessee in accordance with the provisions of pursuing either this Lease shall be disturbed or their rights to any part of the following remedies:Project or the Premises in any way affected.
(a) Lessor may at Lessor's election, terminate this Lease Agreementlease by giving Lessee notice of termination. On the giving of the notice, all Lessee's rights in which event the Premises and in the Project shall terminate. Promptly after notice of termination, Lessee immediately shall surrender possession and vacate the Premises and all improvements in good condition, and Lessor may reenter and take possesion of the Demised PremisesPremises and all remaining improvements and eject all parties in possession or eject some and not others or eject none. All obligations Termination under this Paragraph shall not relieve Lessee from the payment of Lessee under the Lease Agreement, including any sums then due to Lessor from any claim or damages previously accrued or then accruing against Lessee’s obligation to pay rent under the Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation to pay rent due and outstanding as of the date of termination.
(b) Lessor may, at Lessor's election, reenter the Premises, and, without terminating this lease, and at any time and from time to time relet the Premises or improvements or any part or parts of them for the account and in the name of Lessee or otherwise. Lessor may at Lessor's election reject all persons or eject some and not others or eject none provided that no subtenant qualifying under nondisturbance provisions of this lease shall be ejected. Lessor shall apply all rents from reletting as in the provision on assignment of subrents hereinafter set forth. Any reletting may be for the remainder of the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Term or for a longer or shorter period. Lessor may re-enter execute any leases made under this provision either in Lessor's name or in Lessee's name and relet the premises to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demand, Lessor shall be entitled to remove Lessee’s property all rents from the use, operation, or occupancy of the Premises or improvements or both. Lessee shall nevertheless pay to Lessor on the due date specified in this lease the equivalent of all sums required of Lessee under this lease, plus Lessor's expenses, less the avails of any reletting or attornment. No act by or on behalf of Lessor under this provision shall constitute a storage facility, and all reasonable costs termination of such removal and storage shall be deemed additional rent under the Lease Agreement for which this lease unless Lessor gives Lessee is responsible for paymentnotice of termination. Lessor may enforce at Lessor's election use Lessee's personal property and trade fixtures or any of such property and fixtures located on the Premises without compensation and without liability for use or damage, or store them for the account and at the cost of Lessee. The election of one remedy for any one item shall not foreclose an election of any other remedy for another item or for the same item at a later time. Lessor may, at Lessor's sole election, require Lessee to demolish and remove any improvements constructed upon the Premises, all of its rights and remedies under this Lease Agreement, including at Lessee's sole expense. Should Lessee fail or refuse to so remove any improvements constructed upon the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forthPremises, Lessor may relet the Common Improvements (or any portion thereof) arrange for such rent demolition and upon removal at the expense of Lessee. Lessee covenants and agrees to pay any amount incurred by Lessor for such terms as Lessor demolition and removal within ten (10) days of receipt of written demand therefore from Lessor. Such removal shall include, but is able to obtain (which may be for lower or higher rentnot limited to, removal of all wind turbines, guy wires, guy wire anchors, tower foundations, transmission collection system, control panel cabinets, and for a shorter or longer term)control cabinet foundations, fencing and structures. Additionally, Lessee shall restore the site to its original general appearance. Lessee may leave in place all foundations, roads, rights of way, trails, pads, guy wire anchors, and any underground improvements with no obligation to Lessor provided that any foundations, pads or guy wire anchors are backfilled to a depth of 18 inches. In removing improvements, Lessee shall be liable for all damages sustained by comply with Lessor, including but not limited to any deficiency in Rent for 's reasonable requirements regarding the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition)resultant appearance.
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreement, or from pursuing any other remedy available to Lessor at law or in equity.
Appears in 1 contract
Samples: Ground Lease (Zond Windsystem Partners LTD Series 85 C)
Lessor’s Remedies. In Upon the event Lessee is in default pursuant to the conditions set forth in Section 15.01 above, Lessor, during the continuation occurrence of any of such defaultevents of default described in Paragraph 14 hereof, Lessor shall have the option of pursuing either to pursue any one or more of the following remediesremedies without any notice or demand whatsoever:
(a) 15.1 Lessor may terminate accelerate all rent payments due hereunder which shall then become immediately due and payable.
15.2 Terminate this Lease AgreementLease, in which event Lessee shall immediately shall surrender the Premises to Lessor, and if Lessee fails so to do, Lessor may, enter and take possession of the Demised Premises. All obligations of Premises pursuant to legal proceedings or pursuant to any notice or remedy provided for by law, and Lessee under the Lease Agreement, including Lessee’s obligation agrees to pay rent under to Lessor on demand the Lease Agreementamount of all loss and damage which Lessor may suffer by reason of such termination, shall cease upon whether through inability to relet the date of termination except for Lessee’s obligation to pay rent due and outstanding as of the date of terminationPremises on satisfactory terms or otherwise.
(b) Lessor, without terminating 15.3 Whether or not Lessor retakes possession or relets the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demandPremises, Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including have the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such unpaid rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for all damages sustained caused by Lessee's default, including attorney's fees. Damage shall include, without limitation: all rentals lost, all legal expenses and other related costs incurred by Lessor following Lessee's default, all costs incurred by Lessor in restoring the Premises to good order and condition, all costs (including without limitation any brokerage commissions and the value of Lessor's time) incurred by Lessor, including but plus interest thereon from the date of expenditure until fully repaid at the rate of eighteen percent (18%) per annum.
15.4 Pursuit of any of the foregoing remedies shall not limited preclude pursuit of any of the other remedies herein provided or any other remedies provided by law, such remedies being cumulative and non-exclusive, nor shall pursuit of any remedy herein provided constitute a forfeiture or waiver of any rent due to Lessor hereunder or of any deficiency in Rent for damages accruing to Lessor by reason of the duration violation of any of the terms, provisions, and covenants herein contained. No act or thing done by the Lessor or its agents during the Lease Term (hereby granted shall be deemed a termination of this Lease or for an acceptance of the period surrender of time which would have remained the Premises, and no agreement to terminate this Lease or accept a surrender of said Premises shall be valid unless in the Lease Term in the absence writing signed by Lessor. No waiver by Lessor of any terminationviolation or breach of any of the terms, leasing feesprovisions, attorneys’ feesand covenants herein contained shall be deemed or construed to constitute a waiver of any other violation or breach of any of the terms, provisions, and covenants herein contained. Lessor's acceptance of the payment of rental or other marketing and collection costs and all expenses payments hereunder after the occurrence of placing the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the an event of default shall not be construed as a waiver of such default, unless Lessor so notifies Lessee in writing. Forbearance by Lessor to enforce one or more of the remedies herein provided upon an event of default shall not be deemed or construed to constitute a waiver of such default or of Lessor right to enforce any such remedies with respect to such default or any subsequent default. If, on account of any breach or default by Lessee in Lessee's obligations under the terms and conditions of this Lease AgreementLease, it shall become necessary or from pursuing appropriate for Lessor to employ or consult with an attorney concerning or to enforce or defend any other remedy available of Lessor's rights or remedies hereunder, Lessee agrees to Lessor at law or in equitypay any reasonable attorney's fees so incurred.
Appears in 1 contract
Lessor’s Remedies. In the event Lessee is in If any one or more events of default pursuant to the conditions set forth in Section 15.01 aboveabove occurs, LessorLESSOR may, during the continuation of such default, shall have the option of pursuing either of the following remediesat its election:
(ai) Lessor may Give LESSEE written notice of LESSOR'S intention to terminate this Lease Agreementon the earliest date permitted by law or on any later date specified in such notice, in which case LESSEE'S right to possession of the Premises will cease and this Lease will be terminated, except as to LESSEE'S liability, as if the expiration of the term fixed in such notice were the end of the Term;
(ii) Without further demand or notice, and without terminating this Lease, reenter and take possession of the Premises or any part of the Premises, repossess the same, expel LESSEE and those claiming through or under LESSEE and remove the effects of both or either, using such force for such purposes as may be necessary, without being liable for prosecution, without being deemed guilty of any matter of trespass, and without prejudice to any remedies for arrears of Monthly Rent or other amounts payable under this Lease or as a result of any preceding breach of covenants or conditions; or
(iii) Without further demand or notice to cure any event of default and charge LESSEE for the cost of effecting such cure, including without limitation reasonable attorneys' fees and interest on the amount of 18 percent per annum, provided that LESSOR will have no obligation to cure any such event of default of LESSEE. If LESSOR elects to reenter as provided in subsection (ii) or if LESSOR takes possession pursuant to legal proceedings or pursuant to any notice provided by law, LESSOR may, from time to time, without terminating this Lease, relet the Premises or any part of the Premises in LESSOR'S or LESSEE'S name, but for the account of LESSEE, for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the Term) and on such conditions and upon such other terms (which may include concessions of free rent and alteration and repair of the Premises) as LESSOR, an its reasonable discretion, may determine, and LESSOR may collect and receive the rents from such reletting. LESSOR will in no way be responsible or liable for any failure to relet the Premises, or any part of the Premises, or for any failure to collect any rent due upon such reletting. No such reentry or taking possession of the Premises by LESSOR will be construed as an election on LESSOR'S part to terminate this Lease unless a written notice of such intention is given to LESSEE. No written notice from LESSOR under this Section or under a forcible or unlawful entry and detainer statute or similar law will constitute an election by LESSOR to terminate this Lease unless such notice specifically so states. LESSOR reserves the right following any such reentry or reletting to exercise its right to terminate this Lease by giving LESSEE such written notice, in which event Lessee immediately shall surrender possession of the Demised Premises. All obligations of Lessee under the Lease Agreement, including Lessee’s obligation to pay rent under the Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation to pay rent due and outstanding as of the date of termination.
(b) Lessor, without terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demand, Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent will terminate as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreementspecified in such notice.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for all damages sustained by Lessor, including but not limited to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreement, or from pursuing any other remedy available to Lessor at law or in equity.
Appears in 1 contract
Samples: Assignment and Assumption of Lease (Sonicsave Com Corp)
Lessor’s Remedies. In Upon the event Lessee is in default pursuant to the conditions set forth in Section 15.01 aboveoccurrence of any Event of Default, Lessor, during the continuation of such default, shall have the option of pursuing either Lessor may exercise any one or more of the following remediesremedies or any other remedy available under applicable law:
(aA) Lessor or Lessor's agents and employees may terminate this Lease Agreementimmediately or at any time thereafter re-enter the Demised Premises or any part thereof, in which event Lessee immediately shall surrender possession of by any suitable action or proceeding at law, or by force or otherwise, without being liable for indictment, prosecution, trespass, or damages, and may repossess the Demised Premises, and may remove any person or property therefrom and may lock Demised Premises, to the end that Lessor may have, hold, and enjoy the Demised Premises. All obligations Lessee hereby waives service of Lessee under any notice of intention to terminate this Lease or to retake the Lease Agreement, including Lessee’s obligation to pay Demised Premises and waives any requirement of service of demand for payment of rent under the Lease Agreement, shall cease upon the date or for possession and of termination except any and every other notice or demand prescribed by law and hereby waives any claim for Lessee’s obligation to pay rent due and outstanding as damages by reason of the date of terminationany repossession by Lessor.
(bB) Lessor, without terminating the Lease Agreementat his sole option, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises whole or any part of the Demised Premises from time to minimize Lessor’s damages. In time, either in the event Lessee shall fail name of the Lessor or otherwise, to remove all property within thirty (30) days such tenants, for such terms ending before, on, or after said demandthe expiration of the Term, Lessor shall be entitled to remove Lessee’s property to a storage facilityat such rentals, and all reasonable costs of upon such removal conditions (including concessions and storage shall free rent periods) as Lessor, in its sole discretion, may determine to be deemed additional rent under the Lease Agreement for which Lessee is responsible for paymentappropriate. Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative no obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (Premises or any portion part thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall not be liable for all damages sustained by Lessorrefusal to relet the Demised Premises, including but not limited to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any terminationor, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by such reletting, for refusal or failure to collect any rent due upon such reletting; and no such refusal or failure shall operate to relieve Lessee of any liability under this Lease Agreementor otherwise affect any such liability. Lessor at its option may make such physical changes to the Demised Premises as Lessor, in its sole discretion, considers advisable or necessary in connection with any such reletting or proposed reletting, without relieving Lessee of any liability under this Lease or otherwise affecting Lessee's liability.
(C) Whether or not Lessor retakes possession of or relets the Demised Premises, Lessor shall have the right to recover unpaid rent and all damages caused by the default, including attorneys' fees. Damages shall include, without limitation, all rent lost; all legal expenses and other related costs incurred by Lessor following Lessee's default; that portion of any leasing commission and improvement costs paid by Lessor as a result of this Lease which is attributable to the unexpired portion of this Lease; storage costs; all costs incurred by Lessor in restoring the Demised Premises to good order and condition or in remodeling, renovating, or from pursuing otherwise preparing the Demised Premises for reletting; and all costs incurred by Lessor in reletting the Demised Premises, including, without limitation, any other remedy available advertising costs, brokerage commissions and the value of Lessor's time.
(D) To the extent permitted under Oregon law, Lessor may sue xxxiodically for damages as they accrue without barring a later action for further damages. Lessor may in one action recover accrued damages plus damages attributable to Lessor at law or the remaining term equal to the difference between the rent reserved in equity.this Lease for the balance of the term after the time of award, and the fair rental value of the Demised Premises for the
Appears in 1 contract
Samples: Lease (Webtrends Corp)
Lessor’s Remedies. In A. Upon the occurrence of any event Lessee is of default specified in default pursuant to the conditions set forth in Section 15.01 above14.01, Lessor, during the continuation of such default, Lessor shall have the option of pursuing either to pursue any one or more of the following remedies:
(a1) Lessor may terminate this Lease AgreementLease, in which event Lessee shall immediately shall surrender the premises to Lessor, and if Lessee fails to do so, Lessor may, without prejudice to any other remedy that it may have for possession or arrearages in rent, enter upon and take possession and expel or remove Lessee and any other person who may be occupying the premises or any part thereof. Lessee agrees to pay Lessor on demand the amount of all loss and damage that Lessor suffers by reason of such termination, whether through inability to relet the premises on satisfactory terms or otherwise.
(2) Lessor may enter upon and take possession of the Demised Premises. All obligations premises and expel or remove Lessee and any other person who may be occupying the premises or any part of Lessee under the Lease Agreementthem, including Lessee’s obligation to pay rent under the Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation to pay rent due and outstanding as of the date of termination.
(b) Lessor, without terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demand, Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon on such terms as Lessor is able to obtain (which may be for lower or higher rentdeems advisable, and receive the rent for a shorter or longer term)the reletting. Lessee agrees to pay Lessor on demand any deficiency that may arise by reason of such reletting.
(3) Lessor may enter upon the premises, and do whatever Lessee is obligated to do under the terms of this Lease to correct the default. Lessee agrees to reimburse Lessor on demand for any expenses that Lessor may incur in effecting compliance with Lessee's obligations under this lease in this manner, and Lessee further agrees that Lessor shall not be liable for all any damages sustained by Lessor, including but not limited resulting to any deficiency in Rent for the duration Lessee from such action.
B. No reentry or taking possession of the Lease Term (premises by Lessor shall be construed as an election on its part to terminate this lease, unless a written notice of such intention be given to Lessee. Notwithstanding any such reletting or reentry or taking possession, Lessor may at any time thereafter elect to terminate this lease for a previous default. The loss or damage that Lessor may suffer by reason of termination of this lease, or the period of time which would have remained in deficiency from may reletting as provided for above, shall include the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition)repossession.
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreement, or from pursuing any other remedy available to Lessor at law or in equity.
Appears in 1 contract
Lessor’s Remedies. In the event Lessee is in If any one or more events of default pursuant to the conditions set forth in Section 15.01 aboveabove occurs, LessorLESSOR may, during the continuation of such default, shall have the option of pursuing either of the following remediesat its election:
(ai) Lessor may Give LESSEE written notice of LESSOR'S intention to terminate this Lease Agreementon the earliest date permitted by law or on any later date specified in such notice, in which case LESSEE'S right to possession of the Premises will cease and this Lease will be terminated, except as to LESSEE'S liability, as if the expiration of the term fixed in such notice were the end of the Term;
(ii) Without further demand or notice, and without terminating this Lease, reenter and take possession of the Premises or any part of the Premises, repossess the same, expel LESSEE and those claiming through or under LESSEE and remove the effects of both or either, using such force for such purposes as may be necessary, without being liable for prosecution, without being deemed guilty of any matter of trespass, and without prejudice to any remedies for arrears of Monthly Rent or other amounts payable under this Lease or as a result of any preceding breach of covenants or conditions; or
(iii) Without further demand or notice to cure any event of default and charge LESSEE for the cost of effecting such cure, including without limitation reasonable attorneys' fees and interest on the amount of 18 percent per annum, provided that LESSOR will have no obligation to cure any such event of default of LESSEE. If LESSOR elects to reenter as provided in subsection (ii) or if LESSOR takes possession pursuant to legal proceedings or pursuant to any notice provided by law, LESSOR may, from time to time, without terminating this Lease, relet the Premises or any part of the Premises in LESSOR'S or LESSEE'S name, but for the account of LESSEE, for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the Term) and on such conditions and upon such other terms (which may include concessions of free rent and alteration and repair of the Premises) as LESSOR, in its reasonable discretion, may determine, and LESSOR may collect and receive the rents from such reletting. LESSOR will in no way be responsible or liable for any failure to relet the Premises, or any part of the Premises, or for any failure to collect any rent due upon such reletting. No such reentry or taking possession of the Premises by LESSOR will be construed as an election on LESSOR'S part to terminate this Lease unless a written notice of such intention is given to LESSEE. No written notice from LESSOR under this Section or under a forcible or unlawful entry and detainer statute or similar law will constitute an election by LESSOR to terminate this Lease unless such notice specifically so states. LESSOR reserves the right following any such reentry or reletting to exercise its right to terminate this Lease by giving LESSEE such written notice, in which event Lessee immediately this Lease will terminate as specified in such notice. LESSOR shall surrender possession use reasonable efforts to relet the Premises.
20. NOTICE Any Notice from the LESSOR to the LESSEE relating to the Premises or to the occupancy thereof, shall be in writing and be deemed duly served, if mailed to the Notice Address in Section 1 of this Lease, or other such address as LESSEE may, from time to time, advise in writing, registered or certified mail, return receipt requested, postage prepaid or by overnight carrier, addressed to the LESSEE. Any Notice from the LESSEE to the LESSOR relating to the Premises or to the occupancy thereof, shall be deemed duly served, if mailed to the LESSOR by registered or certified mail, return receipt requested, postage prepaid or by overnight carrier, addressed to the LESSOR at the address in Section 1 of this Lease or such other address as the LESSOR may from time to time advise in writing. All rent notices shall be paid and sent to the LESSOR at its notice address or such other address as may be designated by LESSOR. All notices shall be effective when received or refused.
21. SURRENDER The LESSEE shall at the expiration or other termination of this Lease remove all LESSEE'S goods and effects from the Premises, (including, without hereby limiting the generality of the Demised foregoing, all signs and lettering affixed or painted by the LESSEE, either inside or outside the Premises). All obligations of Lessee under LESSEE shall deliver to the Lease AgreementLESSOR the Premises and all keys, including Lessee’s obligation locks thereto, and other fixtures connected therewith and all alterations and additions made to pay rent under the Lease Agreement, shall cease or upon the date of termination except for Lessee’s obligation to pay rent due Premises, in good condition, reasonable wear and outstanding as of the date of termination.
(b) Lessortear and, without terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damagesdamage by fire or other casualty only excepted. In the event Lessee shall fail of the LESSEE'S failure to remove all any of LESSEE'S property within thirty (30) days after said demandfrom the Premises, Lessor shall be entitled LESSOR is hereby authorized, without liability to LESSEE for loss or damage thereto, and at the sole risk of LESSEE, to remove Lessee’s and store any of the property at LESSEE'S expense, or to a storage facilityretain same under LESSOR'S control or to sell at public or private sale, without notice any or all of the property not so removed and all reasonable costs to apply the net proceeds of such removal and storage shall be deemed additional rent under sale to the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all payment of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes any sum due hereunder, provided that Lessor or to destroy such property. The LESSEE shall have an affirmative obligation restore all damage to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (Premises which may have occurred during the use of Premises or while vacating the Premises. Any items which the LESSEE installs, which replace items on the Premises when LESSEE took occupancy are deemed to be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for all damages sustained by Lessor, including but not limited to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition)LESSOR'S property.
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreement, or from pursuing any other remedy available to Lessor at law or in equity.
Appears in 1 contract
Lessor’s Remedies. In On the event Lessee is occurrence of any default by Lessee, Lessor may, at any time thereafter, with or without notice or demand and without limiting Lessor in default pursuant the exercise of any right or remedy which Lessor may have:
a. Terminate Lessee's right to the conditions set forth in Section 15.01 above, Lessor, during the continuation of such default, shall have the option of pursuing either possession of the following remedies:
(a) Lessor may terminate this Lease AgreementPremises by any lawful means, in which event case this Lease shall terminate and Lessee shall immediately shall surrender possession of the Demised Premises. All obligations of Lessee under the Lease Agreement, including Lessee’s obligation Premises to pay rent under the Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation to pay rent due and outstanding as of the date of termination.
(b) Lessor, without terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demandsuch event, Lessor shall be entitled to remove recover from Lessee all damages incurred by Lessor by reason of Lessee’s property to a storage facility's default, including (i) the worth at the time of the award of the unpaid Base Rent, additional rent and all reasonable costs other charges which had been earned at the time of the termination; (ii) the worth at the time of the award of the amount by which the unpaid Base Rent, additional rent and other charges which would have been earned after termination until the time of the award exceeds the amount of such removal and storage shall be deemed rental loss that Lessor proves could not have been reasonably avoided; (iii) the worth at the time of the award of the amount by which the unpaid Base Rent, additional rent and other charges which would have been paid for by the balance of the term after the time of award exceeds the amount of such rental loss that Lessor proves could not have been reasonably avoided; and (iv) any other amount necessary to compensate Lessor for all the detriment proximately caused by Lessee's failure to perform its obligations under the Lease Agreement for or which Lessee is responsible for payment. Lessor may enforce all in the ordinary course of its rights and remedies under this Lease Agreementthings would be likely to result therefrom, including the right to recover the rent as it becomes due hereunderincluding, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for all damages sustained by Lessor, including but not limited to to, any deficiency costs or expenses incurred by Lessor in Rent for maintaining or preserving the duration Premises after such default, the cost of recovering possession of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any terminationPremises, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing reletting, including necessary renovation or alteration of the Common Improvements Premises, Lessor's reasonable attorneys' fees incurred in first class rentable conditionconnection therewith, and any real estate commission paid or payable. As used in subparts "(i).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreement, or from pursuing any other remedy available to Lessor at law or in equity." and "
Appears in 1 contract
Lessor’s Remedies. In the event Lessee is in default pursuant to the conditions set forth in Section 15.01 aboveAll rights and remedies of LESSOR herein ----------------- enumerated shall be cumulative, Lessor, during the continuation of such default, and none shall have the option of pursuing either of the following remedies:exclude any other right or remedy allowed by law.
(a) Lessor may terminate If any involuntary action or proceeding under any sections or sections of any bankruptcy or debtor relief act in any court or tribunal shall adjudge or declare LESSEE insolvent or unable to pay LESSEE's debts, or if any voluntary petition or similar proceeding under any section or sections of any bankruptcy or debtor relief act shall be filed by LESSEE in any court or tribunal to declare LESSEE insolvent or unable to pay LESSEE's debts, then any such event shall be deemed to constitute and shall be construed as a repudiation by LESSEE of LESSEE's obligations hereunder and shall cause this Lease Agreementto be automatically cancelled and terminated without thereby releasing LESSEE; and upon such termination LESSOR shall have the immediate right to re-enter the Premises and to remove all persons and property therefrom and this Lease shall not be treated as an asset of LESSEE's estate and neither LESSEE nor anyone claiming by, in which event Lessee immediately through or under LESSEE by virtue of any law or any order of any court shall surrender be entitled to the possession of the Demised PremisesPremises or to remain in the possession thereof. All obligations Upon such termination of Lessee this Lease, and notwithstanding any other provisions of this Lease, LESSOR shall forthwith be entitled to recover damages in the maximum amount provided by law. To the extent this subsection is restricted or void under any law, LESSOR and LESSEE agree that it shall be enforceable to the Lease Agreement, including Lessee’s obligation to pay rent under the Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation to pay rent due and outstanding as of the date of terminationmaximum extent permitted by law.
(b) Lessor, without terminating All rent shall be paid in advance on or before the first day of each month of the Lease AgreementTerm. All rent shall be paid without demand and without any set-off, may require Lessee counterclaim or deduction whatsoever. If LESSEE fails to remove all property from pay the Common Improvements rent as specified above within ten (10) days, LESSEE shall be considered in default. If LESSEE defaults in the payment of rent, and LESSEE does not cure the default within five (5) days upon receipt of written demand for payment of the rent, or If LESSEE defaults in the prompt and full performance of any other provisions of this Lease and LESSEE does not cure the default within thirty (30) days so that Lessor may re-enter and relet upon receipt of written notice (unless the premises to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demanddefault involves a hazardous condition, Lessor which shall be entitled cured forthwith if reasonably possible), or if the leasehold interest of LESSEE is levied upon under execution or is attached by process of law, or if LESSEE makes an assignment for the benefit of creditors or admits its inability to remove Lessee’s property pay its debts, the LESSOR may pursue any or all remedies as may be available to a storage facilityit under this Lease, with or without process of law, or in law or at equity for any such default and all reasonable costs of such removal and storage LESSEE shall be deemed additional rent under the Lease Agreement liable for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreementany damage resulting from such default.
(c) If In the event that the LESSEE's business operations conducted on the Premises are hazardous or disruptive to the business operations conducted by LESSOR on the Premises to the extent that LESSOR is unable to conduct its business on the Premises, the LESSEE shall have 30 days in which to cure such hazard or disruption to the reasonable satisfaction of LESSOR. LESSEE's failure to eliminate the hazard or disruption within 30 days shall be deemed a material breach of this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rentlease, and LESSOR shall have the right to terminate same on 30 days written notice, except that, notwithstanding anything in this Section to the contrary, LESSOR shall have the right to seek immediate equitable relief to restrain and enjoin the LESSEE from any activities which are classified as hazardous for a shorter or longer term), and Lessee shall be liable for all damages sustained by Lessor, including but not limited to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence purposes of any terminationfederal, leasing feesstate or local environmental law, attorneys’ fees, other marketing and collection costs and all expenses of placing regulation or judicial decree or which jeopardize the Common Improvements in first class rentable condition)telecommunications switching operations conducted by LESSOR.
(d) Nothing contained herein diminishes Upon any termination of this Lease, whether by lapse of time or otherwise, LESSEE shall surrender possession and vacate the Premises immediately, and deliver possession to LESSOR.
(e) If LESSOR elects to terminate LESSEE's right Lessor of possession only, without terminating this Lease, LESSOR may have under South Carolina law take and hold possession of the Premises as provided in Subsection (c) of this Section, and such entry and possession shall not terminate this Lease or release LESSEE, in whole or in part, from LESSEE's obligation to xxx Lessee pay the rent for the full Lease Term or any renewal term, as applicable.
(f) If, upon LESSEE's default, LESSOR elects to terminate this Lease and LESSEE's right to possession of the Premises, LESSOR shall be entitled to recover all damages provided at law.
(g) Any and all property which may be removed from the Premises by LESSOR pursuant to the authority of this Lease or of law, to which LESSEE is or may be entitled, may be handled, removed or stored by LESSOR at the risk, cost and 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 the removal and all storage charges against property so long as the same shall be in LESSOR's possession or under LESSOR's control.
(h) In the event LESSOR prevails in any legal action to enforce the terms of this Lease, LESSEE shall pay upon demand all of the LESSOR's costs, charges and expenses, including attorneys' fees, plus interest. In the event LESSEE prevails in any default by Lessee under legal action to enforce the terms of this Lease AgreementLease, or from pursuing any other remedy available to Lessor at law or in equityLESSOR shall pay upon demand all of LESSEE's costs, charges and expenses, including attorneys' fees, plus interest.
Appears in 1 contract
Samples: Lease Agreement (Metavante Corp)
Lessor’s Remedies. In the If any event Lessee is in default pursuant to the conditions set forth in Section 15.01 above10.2 hereof shall occur, Lessor, during in addition to any other rights or remedies it may have by statute or otherwise, including the continuation of such right to take no action other than to sue for damages or rental in default, shall have the option immediate right xx re-entry and may remove all persons and property from the Leased Premises. Such property may, but need not, be removed and stored in a public warehouse or elsewhere at the cost of pursuing either and for the account of the following remedies:
(a) Lessee. Should Lessor elect to re-enter by giving notice of such intention to Lessee, as herein provided, or should Lessor actually take possession by physical act or pursuant to legal proceedings or any notice provided for by law, Lessor may either terminate this Lease Agreementor may attempt to relet the Leased Premises or any part thereof, in which event Lessee immediately shall surrender possession of the Demised Premises. All obligations including any buildings, improvements or personal property of Lessee under located thereon, for the Lease Agreement, including Lessee’s obligation to pay rent under the Lease Agreement, shall cease upon the date account of termination except for Lessee’s obligation to pay rent due and outstanding as of the date of termination.
(b) Lessor, without terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demand, Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such term or terms as Lessor is able to obtain (which may be for lower a term extending beyond the term of this Lease) and at such rental or higher rentrentals payable to Lessor and upon such other terms and conditions as Lessor in the exercise of Lessor's sole discretion may deem advisable, with the right to make alterations and repairs to said Leased Premises at Lessee's expense for the purposes of such reletting. If Lessor elects to re-enter and attempt to relet the Leased Premises, Lessee shall remain fully liable for all obligations of Lessee under this Lease. Lessor shall give notice of any reletting without termination to Lessee and upon each such reletting (a) Lessee shall be immediately liable for and shall pay to Lessor, as additional rent and in addition to any other sums due hereunder, the costs and expenses of such reletting (including advertising costs, brokerage fees, any reasonable attorney's fees incurred and the cost of any alterations and repairs incurred by Lessor), and shall also become immediately liable for a shorter and shall pay to Lessor the amount, if any, by which the rent reserved in this Lease for the period of such reletting (up to but not beyond the term of this Lease) exceeds the amount agreed in such reletting to be paid as minimum rent for the Leased Premises for said period; or longer term(b) at the option of Lessor given in such notice of reletting, rents received by Lessor from such reletting shall be applied first to the payment of any indebtedness other than rent due hereunder from Lessee to Lessor; second, to the payment of the costs and expenses of such reletting (including advertising costs, brokerage fees, any reasonable attorney's fees incurred and the costs incurred for alterations and repairs); third, to the payment of rent and other charges due and unpaid hereunder; and the residue, if any, shall be held without interest to Lessee by Lessor and applied in payment of future rent as the same may become due and payable hereunder. If Lessee has been credited with any rent to be received by reletting under option (a) and such rents shall not be promptly paid to Lessor by the new tenant, or if rent received from such reletting under option (b) during any month be less than that to be paid during that month by Lessee hereunder, Lessee shall pay any deficiency to Lessor. Such deficiency shall be calculated and paid upon demand by Lessor; if any such monthly payments are not made upon demand, Lessor may at any time undertake legal proceedings to recover all such payments, whether one or more payments are past due, and Lessee shall be liable for all attorney's fees of Lessor in connection with attempts to recover said payments, whether or not legal proceedings are commenced. No re-entry or taking possession of the Leased Premises by Lessor shall be construed as an election on Lessor's part to terminate this Lease unless a written notice of such intention be given to Lessee or unless the termination thereof be decreed by a court of competent jurisdiction. Notwithstanding any reletting or attempted reletting without termination, Lessor may at any time thereafter elect to terminate this Lease for such previous default. Should Lessor at any time terminate this Lease for any default, in addition to any other remedy Lessor may have, Lessor may recover from Lessee all damages sustained Lessor may incur by Lessorreason of such default, including but not limited to any deficiency the cost of recovering the Leased Premises (including attorney's fees, court costs, and storage charges), the amount of rental payments then in Rent default, the worth at the time of such termination of the excess, if any, of the amount of rent and additional rent reserved in this Lease for the duration remainder of the Lease Term (or stated term over the then reasonable rental value of the Leased Premises for the period remainder of time which would have remained in the Lease Term in stated term, and any other amount necessary to compensate Lessor for all the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law detriment proximately caused by Lessee's failure to xxx Lessee for damages in the event of any default by Lessee perform his obligations under this Lease Agreementor which in the ordinary course of events would be likely to result therefrom, or all of which amounts shall be immediately due and payable from pursuing any other remedy available Lessee to Lessor upon demand. The "worth at the time of termination" of any amounts referred to above shall be computed by discounting such amounts in effect at the time of the termination of this Lease. No compensation, damage or allowance shall be made to Lessee upon such termination for any buildings or other improvements located on the Leased Premises, and all right, title and interest of Lessee in or to the Leased Premises and said buildings and other improvements, whether in law or in equity, shall immediately cease and terminate, all with the same force and effect as if the term of this Lease had duly expired. Whenever under this Section Lessee shall be liable for the payment of additional rent to Lessor, for any deficiency in rent received by Lessor upon reletting, or for damages measured by rent, and the amount of the additional percentage rent which would have accrued for a specific period is not known, rent shall include the minimum rent for that period plus a sum for additional percentage rent for the period based upon the average annual percentage rental required to be paid by Lessee during the two annual periods immediately preceding the date of default (or if two full annual periods during which minimum monthly rent payable hereunder have not elapsed, then the period between the date upon which payment of minimum monthly rent under this Lease commenced and the date of such default) with proportionate adjustment for partial annual periods. In addition, Lessee shall be liable for all charges incurred or to be incurred by Lessor during such period for all costs and expenses required to be borne by Lessee hereunder, which charges may be estimated by Lessor on the basis of past charges. If this Lease continues in effect after any payment of rent calculated on the basis of estimates or averages as above provided, including additional percentage rent, Lessee's actual liability for such charges shall be adjusted as any rent from tenants to whom the Leased Premises are relet is received or as the actual amount of additional rent due from Lessee becomes known. Such adjustments shall be made periodically as Lessor deems appropriate, but not less often than yearly, and Lessor shall give Lessee notice of such adjustments and of any amounts due from Lessee to Lessor, which amounts shall be payable on demand.
Appears in 1 contract
Lessor’s Remedies. In the event If a default by Lessee is in default pursuant to the conditions set forth in Section 15.01 above, Lessor, during the continuation of such default, shall have the option of pursuing either of the following remedies:
(a) Lessor may terminate this Lease Agreement, in which event Lessee immediately shall surrender possession of the Demised Premises. All obligations of Lessee under the Lease Agreement, including Lessee’s obligation to pay rent under the Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation to pay rent due and outstanding as of the date of termination.
(b) Lessor, without terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demandoccurs, Lessor shall be entitled to remove do any one or more of the following at Lessor's option: (a) terminate this Lease, in which event Lessee shall immediately surrender possession of the Premises to Lessor, or without terminating this Lease, terminate Lessee’s property 's right to a storage facilitypossession of the Premises, and all reasonable costs in either case, reenter, take possession of, and change the locks on the doors of such removal the Premises (and storage shall be deemed additional rent Lessor need not make keys to the changed locks available to Lessee); (b) enter the Premises if need be, and/or do whatever Lessee is obligated to do under the terms of this Lease Agreement (and in that event Lessee shall reimburse Lessor on demand for which Lessee is responsible for payment. any expenditures by Lessor may enforce all of its rights and remedies in effecting compliance with Lessee's obligations under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreement.
Lease); (c) If if Lessor has terminated this Lease, recover all rent owing and unpaid as of the date of termination plus damages measured by the difference in the rental value of the Premises if this Lease Agreement is terminated as set forthhad been fully performed for the balance of the term and the rental value of the Premises following the default (taking into account probable remodeling, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rentlease commission, allowance, inducement, and for a shorter or longer termother costs of reletting), and Lessee shall be liable for all damages sustained by Lessor, including but not limited to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition).
; (d) Nothing contained herein diminishes any right if Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under has not terminated this Lease Agreement(whether or not Lessor has terminated Lessee's right to possession of the Premises or actually retaken possession), recover (in one or more suits from pursuing time to time or at any time before or after the end of the term) all rent owing and unpaid and all costs, if any, incurred in reletting the Premises (including remodeling, lease commission, allowance, inducement, and other costs) less all rent, if any, actually received from any reletting of the Premises; (e) recover all costs of retaking possession of the Premises and any other remedy available damages incidental to Lessor at law Lessee's default; (f) terminate all of Lessee's rights to any allowances or in equity.under any renewal, extension, expansion, refusal,
Appears in 1 contract
Samples: Office Lease Agreement (Zix Corp)
Lessor’s Remedies. In the event Lessee is of any default by Lessee, Lessor may at any time thereafter, with or without limiting Lessor in default pursuant to the conditions set forth exercise of any right or remedy at law or in Section 15.01 above, Lessor, during the continuation equity which Lessor may have by reason of such default, shall have the option of pursuing either of the following remedies:
(a) Lessor may terminate this Lease Agreement, in which event Lessee immediately shall surrender possession of the Demised Premises. All obligations of Lessee under Maintain the Lease Agreement, including Lessee’s obligation to pay rent under in full force and effect and recover the Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation to pay rent due Rent and outstanding other monetary charges as of the date of termination.
(b) Lessorsuch amounts become due, without terminating Lessee's right to possession, irrespective of whether Lessee shall have abandoned the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damagesPremises. In the event Lessee Lessor elects not to terminate the Lease, Lessor shall fail have the right to remove attempt to relet the Premises at such Rent, upon such conditions and for such a term, and to do all acts necessary to maintain or preserve the Premises, as Lessor deems reasonable and necessary without being deemed elected to terminate the Lease, including removal of all persons and property within thirty (30) days after said demandfrom the Premises. In the event any such reletting occurs, the Lease shall terminate automatically upon the new tenant taking possession of the Premises. In the event of such termination, Lessor shall be entitled to remove recover from Lessee all damages incurred by Lessor by reason of Lessee’s property 's as default specified in the following paragraph.
(b) Terminate Lessee's right to a storage facilitypossession by any lawful means, in which case the Lease shall terminate and Lessee shall immediately surrender possession of the Premises to Lessor. In such event, Lessor shall be entitled to recover from Lessee all reasonable costs damages incurred by Lessor by reason of Lessee's default including, without limitation, the following: (i) the worth at the time of the award of any unpaid Rent which had been earned at the time of such removal and storage shall termination; plus (ii) the worth at the time of award of the amount by which the unpaid Rent which would have been earned after termination until the time of award exceeds the amount of such rental loss that Lessee proves could have been reasonably avoided; plus (iii) the worth at the time of award of the amount by which the unpaid Rent for the balance of the Term after the time of award exceeds the amount of such rental loss that Lessee proves could be deemed additional rent reasonably avoided; plus (iv) any other amount necessary to compensate Lessor for all the detriment proximately caused by Lessee's failure to perform Lessee's obligations under the Lease Agreement for or which Lessee is responsible for paymentin the ordinary course of things would be likely to result therefrom. Upon any reentry, Lessor may enforce all of its rights and remedies under this Lease Agreement, including shall have the right to recover make any reasonable repairs, alterations or modifications to the rent as it becomes due hereunderPremises which Lessor deems reasonable and necessary. As used in this paragraph, provided that the "worth at the time of award" shall be computed by discounting such amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of award plus one percent (1%). In addition to the foregoing remedies, Lessor shall have an affirmative obligation have, so long as the Lease is not terminated, the right to use Lessor’s best efforts to re-let the Common Improvements remedy any default of Lessee and to mitigate its damages under cause a receiver to be appointed to administer the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, Premises and new or existing subleases. Each right and remedy of Lessor may relet the Common Improvements (or any portion thereof) provided for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for all damages sustained by Lessor, including but not limited to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term shall be cumulative and shall be in addition to every right or remedy provided for in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreement, or from pursuing any other remedy available to Lessor now or hereafter existing at law or in equityequity or by statute or otherwise. The exercise of any one or more of the rights and remedies provided for in the Lease, or now or hereafter existing at law or in equity or by statute or otherwise, shall not preclude the simultaneous or later exercise by Lessor of any or all other rights or remedies provided for in the Lease or now or hereafter existing at law or in equity by statute or otherwise. The failure of Lessor to insist upon the strict performance of any term in the Lease or to exercise any right or remedy contingent upon a default thereof, and the acceptance of full or partial payment of Rent during the continuance of any such default, shall not constitute a waiver of such default or of any such terms. Efforts by Lessor to mitigate the damages caused by Lessee's breach of the Lease shall not be construed to be a waiver of Lessor's right to recover damages under the Lease. 18A. LESSOR'S DEFAULT Lessor's failure to perform or observe any of its Lease obligations after a period of thirty (30) business days or the additional time, if any, that is reasonably necessary to promptly and diligently cure the failure after receiving notice from Lessee shall be a Lessor Default. The notice shall be given in reasonable detail, the nature and extent of the failure and identigy the Lease provision(s) containing the obligation(s). After Lessee receives notice of a mortgagee or other lien xxxxxx'x xxxe and address, Lessee shall, if so directed by Lessor or such mortgagee or other lien holder, provide notice as otherwise provided in this Section to such party of any Lessor Default. Lessee shall have the remedies provided at law for such Lessor Default, subject to the limitations and requirements of this Lease, provided that in no event will Lessee have the right to self help at Lessor's expense nor will it have the right to withhold or offset any rent, additional rent or any other payment due under this Lease.
Appears in 1 contract
Samples: Lease (Marketwatch Com Inc)
Lessor’s Remedies. In If this Lease and the event Lessee is demised Term shall expire and come to an end as provided in default pursuant to this Article XIX or by or under any summary proceeding or any other action or proceeding, or if Lessor shall re-enter the conditions set forth in Section 15.01 Demised Premises as provided above, Lessoror by or under any summary proceeding or any other action or proceeding, during the continuation then, in any of such default, shall have the option of pursuing either of the following remediessaid events:
(a) Lessee shall pay to Lessor may terminate all Rent and other charges payable under this Lease Agreement, in by Lessee to Lessor to the date upon which event Lessee immediately this Lease and the demised Term shall surrender possession of the Demised Premises. All obligations of Lessee under the Lease Agreement, including Lessee’s obligation have expired and come to pay rent under the Lease Agreement, shall cease upon an end or to the date of termination except for Lessee’s obligation to pay rent due and outstanding re-entry upon the Demised Premises by Lessor, as of the date of termination.case may be; and
(b) Lessee shall also be liable for and shall pay to Lessor, without terminating as damages, any deficiency (referred to as “Deficiency”) between the Net Rent and other amounts payable by Lessee under this Lease Agreementfor the period which otherwise would have constituted the unexpired portion of the demised Term and the net amount, may require Lessee if any, of rents collected under any reletting effected pursuant to remove all property the provisions of Section 19.03 above, for any part of such period (first deducting from the Common Improvements within thirty (30) days so that Lessor may rents collected under any such reletting all of Lessor’s expenses in connection with the termination of this Lease or Lessor’s re-enter entry upon the Demised Premises and relet the premises Improvements and with such reletting as follows: costs in repossessing the Demised Premises (including legal and court expenses and reasonable attorneys’ fees, brokerage commissions, and expenses incurred making repairs to minimize the Demised Premises which are Lessee’s responsibility under this Lease. Any such Deficiency shall be paid in monthly installments by Lessee on the days specified in this Lease for payment of installments of Net Rent. Lessor shall be entitled to recover from Lessee each monthly Deficiency as the same shall arise, and no suit to collect the amount of Deficiency for any month shall prejudice Lessor’s damages. In right to collect the event Lessee Deficiency for any subsequent month by a similar proceeding; and
(c) At any time after the demised Term shall fail have expired and come to remove all property within thirty (30) days after said demandan end or Lessor shall have re-entered upon the Demised Premises and the Improvements, as the case may be, whether or not Lessor shall have collected any monthly Deficiency as aforesaid, Lessor shall be entitled to remove recover from Lessee’s property to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for all damages sustained by pay to Lessor, including but not limited on demand, as and for liquidated and agreed final damages, a sum equal to any deficiency in the amount by which the Net Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, and other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default amounts payable by Lessee under this Lease Agreementfor the period which otherwise would have constituted the unexpired portion of the demised Term exceeds the then fair and reasonable rental value of the Demised Premises and the Improvements for the same period, both discounted to present worth at the rate of four (4%) percent per annum, less the aggregate amount of Deficiency theretofore collected by Lessor pursuant to the provisions of subsection (b) of this Section 19.07 for the same period. If, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Demised Premises, the Improvements or any part thereof, shall have been relet by Lessor for the period which otherwise would have constituted the unexpired portion of the demised Term, or from pursuing any other remedy available part thereof, the amount of rent reserved upon such reletting shall be deemed, prime facie, to Lessor at law be the fair and reasonable rental value for the part or in equitywhole of the Demised Premises and the Improvements so relet during the term of reletting.
Appears in 1 contract
Samples: Lease (P&f Industries Inc)
Lessor’s Remedies. In Upon Lessee's default and the event Lessee expiration of any applicable grace period, Lessor may (at Lessor's option and in addition to all other rights provided in this Lease, at law or in equity) take any one or more of the following actions without further notice or demand.
a. Terminate this Lease and Lessee's right of possession of the demised premises, and recover all damages to which Lessor is in default pursuant entitled under law, specifically including, but without limitation, all of Lessor's expenses of reletting (including, without limitation, rental concessions to new tenants, repairs, alterations, legal fees and brokerage commissions for the period on or prior to the conditions expiration date of this Lease set forth in Section 15.01 aboveparagraph 2 of this Lease). If Lessor elects to terminate this Lease, Lessor, during the continuation of such default, shall have the option of pursuing either every obligation of the following remedies:
(a) Lessor may terminate this Lease Agreement, in which event Lessee immediately shall surrender possession of the Demised Premises. All obligations of Lessee under the Lease Agreement, including Lessee’s obligation to pay rent under the Lease Agreement, parties shall cease upon as of the date of termination such termination, except that Lessee shall remain liable for Lessee’s obligation payment of rent and performance of all other terms and conditions of this Lease to pay rent due and outstanding as of the date of termination.
(b) Lessor, b. Terminate Lessee's right of possession of the demised premises without terminating the Lease Agreementthis Lease, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that in which event Lessor may re-enter and may, but shall not be obligated to, relet the premises to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demanddemised premises, Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion part thereof) , for the account of Lessee, for such rent and term and upon such terms other conditions as are acceptable to Lessor. For purposes of such reletting, Lessor is able authorized to obtain (which may be for lower or higher rentredecorate, repair, alter and for a shorter or longer term)improve the demised premises to the extent necessary in Lessor's sole discretion. Until Lessor relets the demised premises, and Lessee shall be liable for remain obligated to pay rent to Lessor as provided in this Lease. If and when the demised premises are relet and if a sufficient sum is not realized from such reletting after payment of all damages sustained by Lessor, including but not limited to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all 's expenses of placing reletting (including, without limitation, rental concessions to new tenants, repairs, alterations, legal fees and brokerage commissions) to satisfy the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event payment of any default by Lessee rent due under this Lease Agreementfor any month, Lessee shall pay Lessor any such deficiency upon demand. Lessee agrees that Lessor may file suit to recover any sums due Lessor under this paragraph 18b from time to time and that such suit or recovery of any amount due Lessor shall not be any defense to any subsequent action brought for any amount not previously reduced to judgment in favor of Lessor.
c. Terminate this Lease and Lessee's right of possession of the demised premises, and recover from pursuing Lessee the net present value of the rent due from the date of termination until the stated expiration date, discounted at the lesser of the prime rate of Citibank, N.A. as of the date of termination or five (5%) percent per annum.
d. Re-enter and repossess the demised premises and remove all persons and effects therefrom, by summary proceeding, ejectment or other legal action. Lessor shall have no liability by reason of any other remedy available to Lessor at law such re-entry, repossession or in equityremoval.
Appears in 1 contract
Lessor’s Remedies. In 1. Lessor can continue this lease in full force and effect, and the event lease will continue in effect as long as Lessor does not terminate Lessee's right to possession, and Lessor shall have the right to collect rent when due. During the period Lessee is in default pursuant default, Lessor can enter the premises and relet them, or any part of them, to third parties for Lessee's account. Lessee shall be liable immediately to Lessor for all costs Lessor incurs in reletting the conditions set forth in Section 15.01 abovepremises; including, without limitation, brokers' commissions, expenses of remodeling the premises required by the reletting, and like costs. Reletting can be for a period shorter or longer than the remaining term of this lease. Lessee shall pay to Lessor the rent due under this lease on the dates the rent is due, less the rent Lessor receives from any reletting. No act by Lessor, during allowed by this Section, shall terminate this lease unless Lessor notifies Lessee that Lessor elects to terminate this lease; after Lessee's default and for as long as Lessor elects to terminate this lease. After Lessee's default and for as long as Lessor does not terminate Lessee's right to possession of the continuation of such defaultpremises, if Lessee obtains Lessor's written consent, Lessee shall have the option right to assign or sublet Lessee's interest in this lease, but Lessee shall not be released from liability. Lessor's consent to a proposed assignment or subletting shall not be unreasonably withheld.
2. If Lessor elects to relet the premises as provided in this Section, rent that Lessor receives from reletting shall be applied to the payment of:
A. The worth, at the time of pursuing either award, of the following remedies:unpaid minimum monthly rent and/or percentage rent that had been earned at the time of termination of lease.
(a) Lessor may terminate this Lease AgreementB. The worth, in which event Lessee immediately shall surrender possession at the time of the Demised Premises. All obligations award, of Lessee under the Lease Agreement, including Lessee’s obligation to pay amount by which the unpaid rent under the Lease Agreement, shall cease upon that would have been earned after the date of termination except for Lessee’s obligation to pay of this lease until the time of award exceeds the amount of loss of rent due and outstanding as that Lessee proves could have been reasonably avoided.
C. The worth of the date amounts that would have fallen due as percentage rent based upon the monthly average of terminationthe preceding twelve (12) months, between the time of termination of this lease and the time of the judgment or other award, plus interest, less the amount Lessee proves could reasonably have been avoided.
(b) LessorD. The worth, without terminating at the Lease Agreementtime of the award, may require of the amount by which the unpaid rent for the balance of the term after the time of award exceeds the amount of the loss of rent that Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demand, Lessor shall be entitled to remove Lessee’s property to a storage facilityproves could have been reasonably avoided.
E. Any other amount, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. court costs, necessary to compensate Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for all damages sustained detriment proximately caused by Lessor, including but not limited to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition)Lessee's default.
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreement, or from pursuing any other remedy available to Lessor at law or in equity.
Appears in 1 contract
Lessor’s Remedies. In If an Event of Default shall occur, Lessor shall have the event following remedies. These remedies are not exclusive; they are cumulative in addition to any remedies now or later allowed by law.
A. Lessor may continue this Lease in full force and effect, and this Lease will continue in effect as long as Lessor does not terminate Lessee's right to possession, and Lessor shall have the right to collect rent when due. During the period Lessee is in default pursuant to the conditions set forth in Section 15.01 above, Lessor, during the continuation of such default, shall have the option of pursuing either of the following remedies:
(a) Lessor may enter the Premises and relet them, or any part of them, to third parties for Lessee's account. Lessee shall be liable immediately to Lessor for all costs Lessor incurs in re-letting the Premises, including, without limitation, brokers’ commissions, expenses of remodeling the Premises required by the re-letting, and like costs. Re-letting can be for a period shorter or longer than the remaining term of this Lease or any extension thereof, except that Lessee shall only be responsible for brokers’ commissions until the remaining term of this Lease has expired. Lessee shall pay to Lessor the rent due under this Lease on the dates the rent is due, less the rent Lessor receives from any re-letting. No act by Lessor allowed by this subparagraph shall terminate this Lease Agreement, in which event unless Lessor notifies Lessee immediately shall surrender that Lessor elects to terminate this Lease.
B. Xxxxxx may terminate Lessee's right to possession of the Demised Premises. All obligations of Lessee under the Lease AgreementPremises at any time by giving a written termination notice to Lessee, including Lessee’s obligation to pay rent under the Lease Agreement, shall cease upon and on the date of termination except for Lessee’s obligation to pay rent due and outstanding as of the date of termination.
specified in such notice (b) Lessor, without terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty which shall be not less than five (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (305) days after said demandthe giving of such notice) Lessee's right to possession shall terminate and this Lease shall terminate, Lessor shall be entitled to remove Lessee’s property to a storage facility, unless on or before such date all arrears of rent and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which other sums payable by Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided that and all costs and expenses incurred by or on behalf of Lessor hereunder shall have an affirmative obligation been paid by Lessee and all other breaches of this Lease by Lessee at the time existing shall have been fully remedied to use the satisfaction of Lessor’s best . No act by Lessor other than giving notice to Lessee shall terminate this Lease. Acts of maintenance, efforts to re-let the Common Improvements Premises or the appointment of a receiver on Lessor's initiative to protect Lessor's interest under this Lease shall not constitute a termination of Lessee's right to possession. On termination, Lessor has the right to recover from Lessee:
(1) The worth, at the time of the award, of the unpaid rent that had been earned at the time of termination of this Lease;
(2) The worth, at the time of the award, of the amount by which the unpaid rent that would have been earned after the date of termination of this Lease until the time of award exceeds the amount of the loss of rent that Lessee proves could have been reasonably avoided;
(3) The worth, at the time of the award, of the amount by which the unpaid rent for the balance of the term after the time of award exceeds the amount of the loss of rent that Lessee proves could have been reasonably avoided; and
(4) Any other amount, and court costs, necessary to mitigate its damages compensate Lessor for all detriment proximately caused by Lessee's default. “The worth, at the time of the award” as used in (i) and (ii) of this subparagraph is to be computed by allowing interest at the rate of ten percent (10%) per annum. “The worth, at the time of award,” as referred to in (iii) of this subparagraph is to be computed by discounting the amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of the award, plus one percent (1%).
C. Xxxxxx, at any time after an Event of Default, may cure said default at Lessee's cost. lx Xxxxxx at any time, by reason of Lessee's default, pays any sum or does any act that requires the payment of any sum, the sum paid by Lessor shall be due immediately from Lessee to Lessor at the time the sum is paid, and if paid at a later date shall bear interest at the rate of ten percent (10%) per annum from the date the sum is paid by Lessor until Lessor is reimbursed by Lessee. The sum, together with interest on it, shall be deemed to be additional rent.
D. Xxxxxx shall have the following additional remedies:
(1) In the event that a late charge is payable hereunder, whether or not collected, for three (3) installments of Base Monthly Rent or if Lessee fails to pay any other monetary obligation of Lessee under this Lease, Lessee shall pay to Lessor, if Lessor shall so request, in addition to any other payments required under this Lease, a monthly advance installment, payable at the same time as the Base Monthly Rent, as estimated by Lessor, for Lessee’s Percentage Share of Real Property Tax and insurance premium expenses on the Premises which are payable by Lessee under the Lease Agreementterms of this Lease. Such fund shall be established to insure payment when due, before delinquency, of Lessee's Percentage Share of Real Property Taxes and insurance premiums. All moneys paid to Lessor under this subparagraph may be intermingled with other moneys of Lessor and shall not bear interest. In the event of a default in the obligations of Lessee under this Lease, then any balance remaining from funds paid to Lessor under the provisions of this subparagraph may, at the option of Lessor, be applied to the payment of any monetary default of Lessee in lieu of being applied to the payment of real property taxes and insurance premiums.
(c2) If this Lease Agreement In the event that a late charge is terminated as set forthpayable hereunder, whether or not collected, for three (3) installments of Base Monthly Rent in any twelve month period, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), demand and Lessee shall pay to Lessor an amount equal to the amount of Base Monthly Rent due in the month in which the third late payment of Base Monthly Rent occurred as an addition to the Security Deposit to be liable held pursuant to the terms of Paragraph 5 of this Lease.
E. Lessee hereby waives its rights to demand a trial by jury in any action for all damages sustained unlawful detainer filed by Lessor, including but not limited to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreement, or from pursuing any other remedy available to Lessor at law or in equity.
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Lessor’s Remedies. In (a) Upon the event Lessee is occurrence of any Event of Default, Lessor may, at its option, exercise any or all remedies available at law or in default pursuant to the conditions set forth in Section 15.01 aboveequity, Lessorincluding, during the continuation of such defaultwithout limitation, shall have the option of pursuing either any or all of the following remedies, as Lessor in its sole discretion shall elect:
(ai) Lessor may By notice in writing cancel or terminate this Lease AgreementLease, in which event Lessee immediately whereupon all rights of Lessees to the use of the Aircraft or any part thereof shall surrender absolutely cease and terminate but Lessees shall remain liable as hereinafter provided; and thereupon Lessees, if so requested by Lessor, shall at Lessees’ expense promptly return the Aircraft to Lessor as required by Section 6, or Lessor, at its option, may enter upon the premises where the Aircraft is located and take immediate possession of and remove the Demised PremisesAircraft by summary proceedings or otherwise. All obligations Lessees specifically authorize Lessor’s entry upon any premises where the Aircraft may be located for the purpose of Lessee a peaceful retaking of the Aircraft, and Lessees shall waive any cause of action Lessees may have arising therefrom and shall forthwith pay to Lessor an amount equal to the total accrued and unpaid Fixed Rentals and all other accrued and unpaid amounts due hereunder, plus any and all losses and damages incurred or sustained by Lessor by reason of any default by Lessees under the Lease Agreementthis Lease.
(ii) Perform or cause to be performed any obligation, including Lessee’s obligation covenant or agreement of Lessees hereunder. Lessees agree to pay rent under the Lease Agreement, all costs and expenses incurred by Lessor for such performance as additional Fixed Rental hereunder and acknowledge that such performance by Lessor shall cease upon the date not be deemed to cure said Event of termination except for Lessee’s obligation to pay rent due and outstanding as of the date of terminationDefault.
(b) LessorLessees shall be liable for all costs, without terminating charges and expenses, including reasonable attorneys’ fees and disbursements, incurred by Lessor by reason of the Lease Agreement, may require Lessee to remove all property from occurrence of any Event of Default or the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize exercise of Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demand, Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreementwith respect thereto.
(c) If this Lease Agreement No remedy referred to herein is terminated as set forthintended to be exclusive, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee but each shall be liable for all damages sustained by Lessor, including but not limited cumulative and in addition to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreement, or from pursuing any other remedy referred to above or otherwise available to Lessor at law or in equity. No express or implied waiver by Lessor of any default or Event of Default hereunder shall in any way be, or be construed to be, a waiver of any future or subsequent default or Event of Default. The failure or delay of Lessor in exercising any rights granted to it hereunder upon any occurrence of any of the contingencies set forth herein shall not constitute a waiver of any such right upon the continuation or recurrence of any such contingencies or similar contingencies and any single or partial exercise of any particular right by Lessor shall not exhaust the same or constitute a waiver of any other right provided herein.
Appears in 1 contract
Samples: Aircraft Dry Lease (Moelis & Co)
Lessor’s Remedies. (a) In the event Lessee is in default pursuant of an Event of Default and Lessee's failure to cure the conditions set forth in Section 15.01 aboveEvent of Default within the applicable cure period, Lessor, during the continuation of such default, Lessor shall have the option right at its election to give Lessee ten (10) days' written notice of pursuing either Lessor's intention to terminate the term of this Lease on a date specified in such notice. Thereupon, the term of this Lease and the estate hereby granted shall terminate on such date as completely and with the same effect as if such date were the date fixed herein for the expiration of the following remedies:
(a) Lessor may terminate term of this Lease AgreementLease, in which event Lessee immediately shall surrender possession of the Demised Premises. All obligations and all rights of Lessee under the Lease Agreementhereunder shall terminate, including Lessee’s obligation to pay rent under the Lease Agreement, but Lessee shall cease upon the date of termination except for Lessee’s obligation to pay rent due and outstanding remain liable as of the date of terminationprovided herein.
(b) LessorIn the event of an Event of Default and Lessee's failure to cure the Event of Default within the applicable cure period, without terminating Lessor shall have the immediate right, whether or not the term of this Lease Agreementshall have been terminated, may require Lessee to remove all property from the Common Improvements within thirty (30i) days so that Lessor may re-enter and repossess the Aircraft or any part thereof by force, summary proceedings, ejection or otherwise, and (ii) remove all persons and property therefrom, Lessee hereby expressly waiving any and all notices to quit, cure or vacate provided by current or any future law. Lessor shall be under no liability by reason of any such re-entry, repossession or removal. No such re-entry or taking of possession of the Aircraft by Lessor shall be construed as an election on Lessor's part to terminate the term of this Lease unless a written notice of such intention to be given to Lessee.
(c) At any time or from time to time after the repossession of the Aircraft or any part thereof, whether or not the term of this Lease shall have been terminated, Lessor may (but shall be under no obligation to) relet the premises Aircraft or any part thereof for the account of Lessee, in the name of Lessee or Lessor or otherwise, without notice to minimize Lessor’s damagesLessee, for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the term of this Lease) and on such reasonable conditions (which may include concessions or free rent) and for such uses as Lessor may reasonably determine, and Lessor may collect and receive any rents payable by reason of such reletting. Lessor shall not be responsible or liable for any failure to relet the Aircraft or any part thereof or for any failure to collect any rent due upon any such reletting.
(d) No termination of the term of this Lease, by operation of law or otherwise, and no repossession of the Aircraft or any part thereof, and no reletting of the Aircraft or any part thereof, shall relieve Lessee of its liabilities and obligations hereunder, all of which shall survive such expiration, termination, repossession or reletting.
(e) In the event of any such termination or repossession, Lessee will pay to Lessor the Basic Rent, Additional Rent and other sums required to be paid by Lessee to and including the date of such termination or repossession (together with interest at the Interest Rate on past due amounts); and, thereafter, Lessee shall, until the end of what would have been the term of this Lease in the absence of such termination or repossession, and whether or not the Aircraft or any part thereof shall fail have been relet, be liable to remove Lessor for, and shall pay to Lessor, as liquidated and agreed current damages: (i) the Basic Rent, Additional Rent and other sums which would be payable under this Lease by Lessee in the absence of such termination or repossession, less (ii) the net proceeds, if any, of any reletting effected for the account of Lessee, after deducting from such proceeds all property within thirty of Lessor's reasonable out-of-pocket expenses incurred in connection with such reletting (30including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys' fees, employees' expenses, and expenses of preparation for such reletting). Lessee will pay such current damages on the days on which the Basic Rent would have been payable under this Lease in the absence of such termination or repossession, and Lessor shall be entitled to recover the same from Lessee on each such day.
(f) days At any time after said demandsuch termination or repossession by reason of the occurrence of any Event of Default, whether or not Lessor shall have collected any current damages, Lessor shall be entitled to remove recover from Lessee’s property to a storage facility, and Lessee will pay to Lessor on demand, as and for liquidated and agreed final damages for Lessee's default and in lieu of all reasonable costs current damages beyond the date of such removal and storage shall demand (it being agreed that it would be deemed additional impracticable or extremely difficult to fix the actual damages), an amount equal to the present value of all rent payable under the Lease Agreement beyond the date of such demand over the then present value of the then fair market rental for the Aircraft, at the date of such demand for what would be the unexpired term of the Lease, which present value shall in each case be determined by the application of a discount factor of ten percent (10%) per annum. If any law, shall be construed to limit the amount of such liquidated final damages to less than the amount above agreed upon, Lessor shall be entitled to the maximum amount allowable under such statute or rule of law.
(g) Notwithstanding anything to the contrary stated herein, if an Event of Default shall have happened and be continuing, whether or not Lessee is responsible shall have abandoned the Aircraft, Lessor may elect to continue this Lease in effect for payment. so long as the Lessor does not terminate Lessee's right to possession of the Aircraft and Lessor may enforce all of its rights and remedies under this Lease Agreementhereunder including, including without limitation, the right to recover all Basic Rent, Additional Rent and other sums payable hereunder as the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreementsame become due.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for all damages sustained by Lessor, including but not limited to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreement, or from pursuing any other remedy available to Lessor at law or in equity.
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Lessor’s Remedies. In 18.1 If default shall be made in the event payment of any money to be paid by Lessee under this Lease: Provided THAT same is not cured within thirty (30) day's of receipt of written notice to Lessee from Lessor, or default shall be made in the performance of any of the other covenants or conditions which Lessee is in default pursuant required to observe and perform, or if the conditions set forth in Section 15.01 above, Lessor, during the continuation of such default, shall have the option of pursuing either of the following remedies:
(a) Lessor may terminate this Lease Agreement, in which event Lessee immediately shall surrender possession of the Demised Premises. All obligations interest of Lessee under this Lease shall be levied on under execution or other legal process, or if any petition shall be filed by or against Lessee to declare Lessee a bankrupt or to delay, reduce or modify Lessee's debts or obligations, or if any petition shall be filed or other action taken to reorganize or modify Lessee's capital structure if Lessee be a corporation or other entity, or if Lessee be declared insolvent according to law, or if any assignment of Lessee's property shall be made for the Lease Agreementbenefit of creditors or if a receiver or trustee is appointed for Lessee or its property, including Lessee’s obligation to pay rent under or if Lessee shall abandon the Lease AgreementPremises during the term of this Lease, shall cease upon then Lessor may treat the date occurrence of termination except for Lessee’s obligation to pay rent due and outstanding as any one or more of the date foregoing events as a breach of termination.
this Lease (b) Lessorprovided that no such levy, without terminating execution, legal process or petition filed against Lessee shall constitute a breach of this Lease if Lessee shall vigorously contest the Lease Agreement, may require Lessee to same by appropriate proceedings and shall remove all property from or vacate the Common Improvements same within thirty (30) days so that from the date of its creation, service or filing) and thereupon, at its option, may, without notice or demand of any kind to Lessee or any other person, have anyone or more of the following described remedies in addition to all other rights and remedies provided at law or in equity:
18.1.1 Lessor may re-enter terminate this Lease and relet forthwith repossess the premises to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demand, Lessor shall Premises and be entitled to remove recover forthwith as damages a sum of money equal to the balance of the Term Rent then remaining unpaid hereunder, less the fair rental value of the Premises for said period and any other sum of money and damages owed by Lessee to Lessor.
18.1.2 Lessor may terminate Lessee’s property 's right of possession and may repossess the Premises by forcible entry or detainer suit or otherwise, without demand or notice of any kind to a storage facilityLessee and without terminating this Lease, and all reasonable costs of such removal and storage in which event Lessor may, but shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreementno obligation so to do, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under same for the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) account of Lessee for such rent and upon such terms as shall be satisfactory to Lessor. For the purpose of such re-letting Lessor is able authorized to obtain (which decorate or make any reasonable repairs, changes, alterations or additions in or to the Premises that may be necessary or convenient and if Lessor shall fail or refuse to re-let the Premises, or if the same are re-let and a sufficient sum shall not be realized from such re-letting after paying all of the costs and expenses of such decorations, repairs, changes, alterations and additions and the expense of such re-letting and of the collection of the rent accruing there-from to satisfy the rent provided for lower in this Lease to be paid, then Lessee shall pay to Lessor as damages a sum equal to the amount of the rental reserved in this Lease for such period or higher rentperiods, or if the Premises have been relet the Lessee shall satisfy and pay any such deficiency upon demand therefore from time to time and Lessee agrees that Lessor may file suit to recover any sums falling due hereunder from time to time, and for a shorter that no delivery or longer term), and Lessee recovery of any portion due Lessor hereunder shall be liable for all damages sustained by Lessor, including but not limited any defense to any deficiency subsequent action brought for any amount not therefore reduced to judgment in Rent for the duration favor of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition)Lessor.
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreement, or from pursuing any other remedy available to Lessor at law or in equity.
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Lessor’s Remedies. In the Upon occurrence of an event Lessee is in default pursuant to the conditions set forth in Section 15.01 above, Lessor, during the continuation of such default, shall have the option of pursuing either Lessor may pursue any one or more of the following remedies:
a. REMEDIES, TENANT REMAINING IN POSSESSION: Upon the occurrence of any event of default enumerated in paragraph 21 hereof, Lessor shall have the option of (i) terminating the Lease by written notice thereof to Lessee, (ii) continuing this Lease in full force and effect, or (iii) curing such default on behalf of Lessee.
(1) In the event Lessor shall terminate this Lease, the following shall occur. Upon written notice to Lessee, this Lease shall be ended to Lessee and all persons holding under Lessee, and all of Lessee's rights shall be forfeited and lapsed, as fully as if this Lease had expired by lapse of time and there shall immediately become due and payable the amount by which (i) the total of the rent and the benefits which would have accrued to Lessor under this Lease for the remainder of the term if the terms and provisions of this Lease had been fully complied with by Lessee exceeds (ii) the then-fair-market rental value of the premises for the balance of the term (it being the intention of both parties hereto that Lessor shall receive the benefit of its bargain); and the Lessee shall immediately surrender the Leased Premises to Lessor. If Lessee shall fail to do so, Lessor may without notice and prejudice to any other remedy available enter and take possession of the Leased Premises and remove Lessee and/or anyone occupying the Leased Premises and its effects without being liable to prosecution or any claim for damages, in addition to the sum immediately due from Lessee under the foregoing provision, there shall be recoverable from Lessee:
(a) Lessor may terminate the cost of restoring said Leased Premises to good condition, normal wear and tear excepted;
(b) all accrued sums, plus interest at the rate of ten percent (10%) per annum and charges, if in arrears, under the terms of this Lease Agreement, in which event Lessee immediately shall surrender up to the date of termination;
(c) Lessor's cost of recovering possession of the Demised Leased Premises. All obligations of Lessee under the Lease Agreement, including Lessee’s obligation ; and
(d) Rent and sums accruing subsequent to pay rent under the Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation pursuant to pay rent due and outstanding as the holdover provisions of the date of terminationparagraph 8.
(b2) Lessor, without terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demand, Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation elect to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreement.
(c) If continue this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent in full force and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), effect and Lessee shall continue to be liable for all damages sustained by Lessorrents, including but not limited to Lessor shall nevertheless have all the rights of re-entry upon said Leased Premises without becoming liable for damages, or guilty of a trespass and Lessor after re-entry may relet the Leased Premises or any deficiency in Rent part thereof, for the duration of the Lease Term (or for the a period of time which would have remained equal to or lesser or greater than the remainder of the term on whatever terms and conditions Lessor, at Lessor's sole discretion, deems advisable. Against the rents and sums due from Lessee to Lessor during the remainder of the term, credit shall be given Lessee in the Lease Term net amount of rent received from the new tenant after deduction by Lessor for: (i) the cost incurred by Lessor in reletting the absence Leased Premises (including, without limitation, remodeling costs, brokerage fees and the like; (ii) the accrued sums, plus interest and late charges if in arrears, under the terms of this Lease; (iii) Lessor's cost of recovering possession of the Leased Premises; and (iv) the cost of storing any of Lessee's property left on the Leased Premises after re- entry. Notwithstanding any provision in this paragraph 23 to the contrary, upon the default of any terminationsubstitute tenant or upon the expiration of the lease term of such substitute tenant before the expiration of the term hereof, leasing feesLessor may, attorneys’ feesat Lessor's election, other marketing either relet to still another substitute tenant, or terminate this Lease and collection costs and all expenses of placing the Common Improvements in first class rentable condition)exercise its rights under this paragraph 22.
(d3) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in In the event Lessor shall elect to cure the default of any default by Lessee under this Lease Agreementat Lessor's expense, or from pursuing any other remedy available to Lessor the cost of such cure plus interest thereon at law or in equitythe rate of ten percent (10%) per annum shall become additional rent and shall become due immediately.
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Lessor’s Remedies. In Upon the event Lessee is in default pursuant to the conditions set forth in Section 15.01 aboveoccurrence of an Event of Default, LessorLessor may, during the continuation of such default, shall have the option of pursuing either of the following remediesat its option:
(a) Lessor may terminate Without terminating this Lease Agreement, in which event Lessee immediately shall surrender possession of the Demised Premises. All or Xxxxxx’s obligations of Lessee under the Lease Agreementhereunder, including but not limited to the Lessee’s obligation to pay rent under rents, and with or without legal process, with advance written notice of at least 10 business days to Lessee and Sublessee, peaceably re-enter and retake possession of the Leased Premises, and remove Xxxxxx’s and Sublessee’s property therefrom and store or dispose of such property at the expense of the Lessee and Sublesee, all without liability to Lessor or other persons for any such property so removed at the time of re-entry, except if caused solely by the willful act or gross negligence of Lessor or its agents;
(b) Terminate this Lease Agreementby written notice to the Lessee, shall cease upon without terminating Xxxxxx’s and Xxxxxxxxx's obligations hereunder, including but not limited to the date of termination except for Lessee’s obligation to pay Rent;
(c) Relet the Leased Premises or any part thereof following repossession of the Leased Premises by Lessor, whether or not this Lease has been terminated, for such term or terms, which extend beyond the Term, at such rental or rentals and upon such other terms and conditions, as Lessor in its sole discretion shall determine, and making such alterations and repairs to the Leased Premises as Lessor may reasonably determine to be necessary in connection therewith, provided that the net amount, if any, realized by Lessor from such reletting shall be credited against the amounts owed by Xxxxxx and Sublessee under this Lease;
(d) Following termination of this Lease, recover from Xxxxxx and Sublessee all rent and other amounts due and outstanding unpaid under the terms of this Lease as of the date of termination.
(b) Lessor, without terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demand, Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs of together with such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent other amounts as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable recoverable under applicable law to compensate Lessor for all damages sustained proximately caused by Lessor, including but not limited Xxxxxx’s and Sublessee's failure to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition).perform their
(de) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreement, Exercise or from pursuing seek any other right or remedy available to Lessor allowed at law or in equityequity under the statutes or common law of the state in which the Land is located.
Appears in 1 contract
Samples: Lease Agreement
Lessor’s Remedies. In (a) Upon the event Lessee is in occurrence of any default or Event of Default under this Lease which has not been cured as permitted pursuant to the conditions set forth in Section 15.01 above13.1, Lessor, during the continuation of such default, Lessor shall have the option right (without an election of pursuing either remedies and without in any way limiting Lessor in the exercise of any right or remedy which Lessor may have by reason of such default or Event of Default) to do any one or more of the following remediesfollowing: exercise all remedies available at law or equity including, without limitation, the bringing of an action for damages or an injunction on account of such default or Event of Default or for specific performance of this Lease, or:
(a1) With or without terminating this Lease, may take any reasonable action to remedy any failure of Lessee to comply with or perform this Lease, and may enter the Premises as necessary notwithstanding the foregoing notice requirement described in Section 13.1, in the event of an emergency, to provide Lessee with such notice as is reasonable thereof. Lessee shall reimburse Lessor may terminate on written demand for all costs so incurred, plus a reasonable charge to compensate Lessor for the additional administrative burden.
(2) Terminate this Lease AgreementLease, in which event Lessee shall immediately shall surrender the Premises to Lessor, and if Lessee fails to do so, Lessor may, without prejudice to any other remedy which it may have for possession or arrearages in rent, enter upon (as applicable) and take possession of the Demised Premises. All obligations Premises and expel or remove Lessee and any other person who may be occupying the Premises or any part thereof, by force if necessary (and Lessee hereby waives any claim for loss or damage by reason of such reentry, repossession, or removal), in which event Lessee shall pay to Lessor upon demand the sum of (i) all Rent and other amounts accrued hereunder to the date of termination, (ii) all amounts due under Section 13.2(b) below and (iii) damages in an amount equal to the Lease Agreement, including total Rent that Lessee would have been required to pay for the remainder of the Term discounted to present value at a discount rate reasonably designated by Lessor diminished by any net sums thereafter received by Lessor through reletting the Premises during said period; or
(3) Terminate Lessee’s obligation right of possession (but not this Lease), enter and repossess the Premises without further demand or notice of any kind to Lessee and without terminating this Lease, and remove all persons or property therefrom using such lawful force as may be necessary (and Lessee hereby waives any claim for loss or damage by reason of such reentry, repossession, or removal), in which event Lessee shall pay rent under the Lease Agreement, shall cease to Lessor upon demand (i) all Rent and other amounts accrued hereunder to the date of termination except for Lessee’s obligation of possession, (ii) all amounts due from time to pay rent due time under Section 13.2(b) below, and outstanding as (iii) all Rent and other sums required hereunder to be paid by Lessee during the remainder of the date Term as they become due, diminished by any net sums thereafter received by Lessor through reletting the Premises during said period. Reentry by Lessor in the Premises will not affect the obligations of Lessee hereunder for the unexpired Term. Lessor may bring action against Lessee to collect amounts due by Lessee on one or more occasions, without the necessity of Lessor’s waiting until expiration of the Term. Notwithstanding any such reletting without termination, Lessor may at any time thereafter elect in writing to terminate this Lease for such previous breach.
(b) Upon any Event of Default (after the expiration of any applicable notice and cure period), Lessee shall also pay to Lessor all necessary and reasonable costs and expenses incurred by Lessor, without terminating including court costs and reasonable attorneys’ fees, in (i) retaking or otherwise obtaining possession of the Lease AgreementPremises, may require Lessee to remove all property from the Common Improvements within thirty (30ii) days so that Lessor may re-enter removing and relet the premises to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demand, Lessor shall be entitled to remove storing Lessee’s property or any other occupant’s property, (iii) repairing, restoring, altering, remodeling or otherwise returning the Premises into its original condition (normal wear and tear and casualty excepted), (iv) reletting all or any part of the Premises, (v) paying or performing the underlying obligation which Lessee failed to a storage facilitypay or perform, and all reasonable costs (vi) enforcing any of such removal and storage shall be deemed additional rent under Lessor ‘s rights or remedies arising as a consequence of the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all Event of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease AgreementDefault.
(c) If Any self-help option granted to Lessor hereunder shall not release Lessee from its obligation to perform the terms, provisions, covenants and conditions set forth in this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able required to obtain (which may be for lower or higher rent, and for a shorter or longer term), and performed by Lessee shall be liable for all damages sustained by Lessor, including but not limited to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition)hereunder.
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law The rights, remedies and recourses hereunder upon an Event of Default shall be cumulative and no right, remedy or recourse, whether or not exercised, shall be deemed to xxx Lessee for damages be in the event exclusion of any default by Lessee under this Lease Agreementother right, remedy, or recourse.
(e) As described in Section 4.2 hereof, if Lessee fails to pay any amount due hereunder, as and when due, the amount due and unpaid shall bear interest at the Interest Rate from pursuing any other remedy available to Lessor at law or in equitythe date due until paid.
Appears in 1 contract
Lessor’s Remedies. In Upon the event Lessee is in default pursuant to occurrence of the conditions set forth in Section 15.01 aboveLessee’s Default, Lessor, during the continuation of such default, Lessor shall have the option of pursuing either to perform any one or more of the following remedies:
cumulative actions, and not in limitation of, any other remedy or right permitted by law or in equity: (a1) the Lessor may terminate this Lease Agreement, in which event Lessee immediately shall surrender possession of the Demised Premises. All obligations of Lessee under the Lease Agreement, including Lessee’s obligation to pay rent under the Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation to pay rent due and outstanding as of the date of termination.
(b) Lessorat once or any time thereafter, without terminating notice to the Lease AgreementLessee or any other person, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and repossess the Property an remove all persons and effects therefrom, using such forces as may be needed without being deemed guilty of trespass or forcible entry of detainer; (2) Lessor may at once or any time thereafter, without notice to the Lessee or any other person, re-enter the Property and cure, correct, or repair any condition which shall constitute a failure on the Lessee’s behalf to keep, observe, perform, satisfy or abide by any term, condition, covenant of this Lease or any alteration, amendment, change, or addition thereto, and the Lessee shall fully reimburse and compensate the Lessor upon demand for any costs and expenses incurred in connection with such cure, correction, or repair which sums shall be deemed to be Rent hereunder; (3) the Lessor may at once or any time thereafter either declare this Lease to be terminated without any and all rights which the Lessor may have against the Lessee for rents, damages or breach of this Lease or attempt to relet the premises to minimize Lessor’s damagesProperty on such terms as the Lessor shall determine. In the event Lessor relets the Property, such reletting shall not be considered as a surrender or acceptance back of the Property or a termination of the lease, and the Lessee shall fail pay the Lessor any deficiency between the amount received, if any, from such reletting after such amount is applied first to remove all property within thirty (30) days after said demandLessor’s expenses in connection with re-entry, taking possession and reletting, including brokerage fees and commissions, alterations and redecorating as the Lessor shall be entitled may deem appropriate to remove Lessee’s property to a storage facilityprepare the Property for reletting, and all reasonable costs the amount of such removal Rent and storage shall be deemed additional rent under other fees payable by the Lease Agreement for which Lessee. Lessee is responsible for payment. Lessor may enforce all hereby waives the service of its rights and remedies under any notice of intent to terminate this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts or to re-let enter the Common Improvements Property and to mitigate its damages under waive the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for all damages sustained by Lessor, including but not limited to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence service of any termination, leasing fees, attorneys’ fees, other marketing and collection costs demand for payment of rent or repossession. The Lessee further waives any and all expenses rights of placing the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes redemption granted by or under any right Lessor may have under South Carolina law to xxx Lessee for damages present or future laws in the event of the tenant being evicted or dispossessed for any default by Lessee under this Lease Agreementcause, or from pursuing in the event Lessor obtaining possession of the Property by reason of the violation by the Lessee of any other remedy available to Lessor at law of the covenants and conditions of this Agreement or in equityotherwise.
Appears in 1 contract
Samples: Ground Lease Agreement
Lessor’s Remedies. Upon Lessee's default and the expiration of any applicable grace period, Lessor may, at Lessor's option, take any one or more of the following actions without further notice or demand.
a. Declare all base rent, additional rent and other charges for the entire remaining portion of the term immediately due and payable.
b. Bring an action against Lessee to collect all base rent and other sums due and owing Lessor, or to enforce any other term or provision of this Lease.
c. Terminate this Lease by three (3) days' written notice to Lessee. In the event of termination, Lessee is in default pursuant agrees to the conditions set forth in Section 15.01 above, Lessor, during the continuation of such default, shall have the option of pursuing either of the following remedies:
(a) Lessor may terminate this Lease Agreement, in which event Lessee immediately shall surrender possession of the Demised Premisesdemised premises. All obligations If Lessor terminates this Lease, Lessor may recover from Lessee all damages Lessor incurs by reason of Lessee's default, including damages equal to the present value of the difference between the base rent due for the remainder of the term and the market value rent rate for the remainder of the term, and all Lessor's costs, expenses and attorneys' fees.
d. Lxxxxx xxx pay or perform, or cause to be paid or performed, any obligation of Lessee under the Lease Agreementthis Lease, including Lessee’s obligation to pay rent under the Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation to pay rent due and outstanding as of the date of termination.
(b) Lessor, without terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demand, Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term)'s account, and Lessee shall be liable promptly reimburse Lessor, upon demand, for all damages sustained Lessor's costs, expenses and attorneys' fees so incurred.
e. Relet the demised premises for Lessee's account without terminating this Lease. All sums received by Lessor from reletting shall be applied first to Lessor's reasonable costs and expenses incurred in reletting, including but not limited including, without limitation, Lessor's attorneys' fees, advertising costs, brokerage commissions and costs of alterations, improvements and repairs to the demised premises expended or incurred by Lessor in order to effect such reletting, then to the payment of all sums due under this Lease. Upon Lessor's demand, Lessee shall pay any deficiency to Lessor as it arises. Lessor's remedies in this paragraph 18 are cumulative and in addition to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreement, or from pursuing any other remedy remedies available to Lessor at law or in equity.
Appears in 1 contract
Samples: Lease Addendum (Satx Inc)
Lessor’s Remedies. In Upon Lessee's default and the event Lessee is expiration of any applicable grace period, Lessor may (at Lessor's option and in default pursuant addition to the conditions set forth all other rights provided in Section 15.01 abovethis Lease, Lessor, during the continuation of such default, shall have the option of pursuing either at law or in equity) take any one or more of the following remedies:actions without further notice or demand.
(a) Lessor may terminate a. Terminate this Lease Agreement, in which event Lessee immediately shall surrender and Lessee's right of possession of the Demised Premisesdemised premises, and recover all damages to which Lessor is entitled under law, specifically including, but without limitation, all of Lessor's expenses of reletting (including, without limitation, rental concessions to new tenants, repairs, alterations, legal fees and brokerage commissions), unless Lessee cures its default within ten (10) days after Lessor's written notice of Lessor's intent to exercise this action as described in this Paragraph 18(a). All obligations If Lessor elects to terminate this Lease, every obligation of Lessee under the Lease Agreement, including Lessee’s obligation to pay rent under the Lease Agreement, parties shall cease upon as of the date of termination such termination, except that Lessees shall remain liable for Lessee’s obligation payment of rent and performance of all other terms and conditions of this Lease to pay rent due and outstanding as of the date of termination.
(b) Lessor, b. Terminate Lessee's right of possession of the demised premises without terminating the Lease Agreementthis Lease, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that in which event Lessor may re-enter and may, but shall not be obligated to, relet the premises to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demanddemised premises, Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion part thereof) , for the account of Lessee, for such rent and term and upon such terms other conditions as are acceptable to Lessor unless Lessee cures its default within ten (10) days after Lessor's written notice of Lessor's intent to exercise this action as described in this Paragraph 18(b). For purposes of such reletting, Lessor is able authorized to obtain (which may be for lower or higher rentredecorate, repair, alter and for a shorter or longer term), and improve the demised premises to the extent necessary to Lessor's sole discretion. Until Lessor relets the demised premises. Lessee shall be liable for remain obligated to pay rent to Lessor as provided in this Lease. If and when the demised premises are relet and if a sufficient sum is not realized from such reletting after payment of all damages sustained by Lessor, including but not limited to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all 's expenses of placing reletting (including, without limitation, rental concessions to new tenants, repairs, alterations, legal fees and brokerage commissions) to satisfy the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event payment of any default by Lessee rent due under this Lease Agreementfor any month, Lessee shall pay Lessor any such deficiency upon demand. Lessee agrees that Lessor may file suit to recover any sums due Lessor under this paragraph 18b from time to time and that such suit or recovery of any amount due Lessor shall not be any defense to any subsequent action brought for any amount not previously reduced to judgment in favor of Lessor.
c. Terminate this Lease and Lessee's right of possession of the demised premises, and recover from pursuing any other remedy available Lessee the net present value of the rent due from the date of termination until the stated expiration date, discounted at the lesser of the prime rate of Citibank, N.A. as of the date of termination of five (5%) percent per annum, unless Lessee cures its default within ten (10) days after Lessor's written notice of Lessor's intent to Lessor at law or exercise this action as described in equitythis Paragraph 18(c).
Appears in 1 contract
Samples: Lease Agreement (Dunn Computer Corp)
Lessor’s Remedies. In (a) Upon the event Lessee is in occurrence of any default or Event of Default under this Lease which has not been cured as permitted pursuant to Section 13.1, Lessor shall have the conditions set forth right (without an election of remedies and without in Section 15.01 above, Lessor, during any way limiting Lessor in the continuation exercise of any right or remedy which Lessor may have by reason of such default, shall have the option of pursuing either of the following remedies:
(a1) With or without terminating this Lease, may take any reasonable action to remedy any failure of Lessee to comply with or perform this Lease, and may enter the Premises as necessary notwithstanding the foregoing notice requirement described in Section 13.1, in the event of an emergency, to provide Lessee with such notice as is reasonable thereof. Lessee shall reimburse Lessor may terminate on written demand for all costs so incurred, plus a reasonable charge to compensate Lessor for the additional administrative burden.
(2) Terminate this Lease AgreementLease, in which event Lessee shall immediately shall surrender the Premises to Lessor, and if Lessee fails to do so, Lessor may, without prejudice to any other remedy which it may have for possession or arrearages in rent, enter upon (as applicable) and take possession of the Demised Premises. All obligations Premises and expel or remove Lessee and any other person who may be occupying the Premises or any part thereof, by force if necessary (and Lessee hereby waives any claim for loss or damage by reason of such reentry, repossession, or removal), in which event Lessee shall pay to Lessor upon demand the sum of (i) all Rent and other amounts accrued hereunder to the date of termination, (ii) all amounts due under Section 13.2(b) below and (iii) damages in an amount equal to the Lease Agreement, including total Rent that Lessee would have been required to pay for the remainder of the Term discounted to present value at a discount rate reasonably designated by Lessor; or
(3) Terminate Lessee’s obligation right of possession (but not this Lease), enter and repossess the Premises without further demand or notice of any kind to Lessee and without terminating this Lease, and remove all persons or property therefrom using such lawful force as may be necessary (and Lessee hereby waives any claim for loss or damage by reason of such reentry, repossession, or removal), in which event Lessee shall pay rent under the Lease Agreement, shall cease to Lessor upon demand (i) all Rent and other amounts accrued hereunder to the date of termination except for Lessee’s obligation of possession, (ii) all amounts due from time to pay rent due time under Section 13.2(b) below, and outstanding as (iii) all Rent and other sums required hereunder to be paid by Lessee during the remainder of the date Term, diminished by any net sums thereafter received by Lessor through reletting the Leased Premises during said period. Reentry by Lessor in the Leased Premises will not affect the obligations of Lessee hereunder for the unexpired Term. Lessor may bring action against Lessee to collect amounts due by Lessee on one or more occasions, without the necessity of Lessor’s waiting until expiration of the Term. Notwithstanding any such reletting without termination., Lessor may
(b) Upon any Event of Default (after the expiration of any applicable notice and cure period), Lessee shall also pay to Lessor all necessary and reasonable costs and expenses incurred by Lessor, without terminating including court costs and reasonable attorneys’ fees, in (i) retaking or otherwise obtaining possession of the Lease AgreementPremises, may require (ii) removing and storing Lessee’s or any other occupant’s property, (iii) repairing, restoring, altering, remodeling or otherwise returning the Premises into its original condition (normal wear and tear and casualty excepted), (iv) reletting all or any part of the Premises, (v) paying or performing the underlying obligation which Lessee failed to remove all property from the Common Improvements within thirty pay or perform, and (30vi) days so that Lessor may re-enter and relet the premises to minimize enforcing any of Lessor’s damages. In rights or remedies arising as a consequence of the event Lessee shall fail to remove all property within thirty (30) days after said demand, Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs Event of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease AgreementDefault.
(c) If Any self-help option granted to Lessor hereunder shall not release Lessee from its obligation to perform the terms, provisions, covenants and conditions set forth in this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able required to obtain (which may be for lower or higher rent, and for a shorter or longer term), and performed by Lessee shall be liable for all damages sustained by Lessor, including but not limited to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition)hereunder.
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law The rights, remedies and recourses hereunder upon an Event of Default shall be cumulative and no right, remedy or recourse, whether or not exercised, shall be deemed to xxx Lessee for damages be in the event exclusion of any default by Lessee under this Lease Agreementother right, remedy, or recourse.
(e) As described in Section 4.3 hereof, if Lessee fails to pay any amount due hereunder, as and when due, the amount due and unpaid shall bear interest at the Interest Rate from pursuing any other remedy available to Lessor at law or in equitythe date due until paid.
Appears in 1 contract
Samples: Ground Lease Agreement
Lessor’s Remedies. In Upon the event Lessee is in default pursuant to the conditions set forth in Section 15.01 aboveoccurrence of an Event of Default, Lessor, during the continuation of such default, Lessor shall have the option of pursuing either of the following rights and remedies:
(a) Lessor may The right to terminate this Lease AgreementLease, in which event Lessee shall immediately shall surrender possession of the Demised Premises. All obligations of Premises in accordance with Article 30, and pay to Lessor all Base Monthly Rental, Additional Rental and other charges and amounts due from Lessee under the Lease Agreement, including Lessee’s obligation hereunder to pay rent under the Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation to pay rent due and outstanding as of the date of termination.
(b) LessorThe rights and remedies described in California Civil Code Section 1951.2, including without limitation, the right to recover the worth at the time of award of the amount by which the Base Monthly Rental, Additional Rental and other charges payable hereunder for the balance of the Term after the time of award exceed the amount of such rental loss for the same period that Lessee proves could be reasonably avoided, as computed pursuant to subdivision (b) of said Section 1951.2, and the right to recover any amount necessary to compensate Lessor for all the detriment proximately caused by Lessee's failure to perform its obligations under this Lease or which in the ordinary course of things would be likely to result therefrom which, without terminating limiting the Lease Agreementgenerality of the foregoing, may require Lessee includes unpaid taxes and assessments, any costs or expenses incurred by Lessor in recovering possession of the Premises, maintaining or preserving the Premises after such default, preparing the Premises for reletting to remove all property from a new lessee, any repairs or alterations to the Common Improvements within thirty (30) days so that Lessor may re-enter Premises for such reletting, leasing commissions, architect's fees and any other costs necessary or appropriate either to relet the premises Premises or to minimize Lessor’s damages. In adapt them to another beneficial use by Lessor and such amounts in addition to or in lieu of the event Lessee shall fail foregoing as may be permitted from time to remove all property within thirty time by applicable California law.
(30c) days after said demand, The rights and remedies described in California Civil Code Section 1951.4 that allow Lessor shall be entitled to remove Lessee’s property continue this Lease in effect and to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease AgreementLease, including the right to recover the rent Base Monthly Rental, and Additional Rental as it becomes due hereunderthey become due, provided that for so long as Lessor shall have an affirmative obligation does not terminate Lessee's right to use Lessor’s best possession. Acts of maintenance or preservation, efforts to re-let relet the Common Improvements and Premises or the appointment of a receiver upon Lessor's initiative to mitigate protect its damages interest under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able shall not constitute a termination of Lessee's right to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for all damages sustained by Lessor, including but not limited to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition)possession.
(d) Nothing contained herein diminishes The right and power to enter and to sublet the Premises, to collect rents from all subtenants and to provide or arrange for the provision of all services and fulfill all obligations of Lessee under the subleases and Lessor is hereby authorized on behalf of Lessee, but shall have absolutely no obligation, to provide such services and fulfill such obligations and to incur all such expenses and costs as Lessor deems necessary in connection therewith. Lessee shall be liable immediately to Lessor for all costs and expenses Lessor incurs in collecting such rents and arranging for or providing such services or fulfilling such obligations. Lessor is hereby authorized, but not obligated, to relet the Premises or any part thereof on behalf of Lessee, to incur such expenses as may be necessary to effect a relet and make said relet for such term or terms, upon such conditions and at such rental as Lessor in its sole discretion may deem proper. Lessee shall be liable immediately to Lessor for all reasonable costs Lessor incurs in reletting the Premises including, without limitation, brokers' commissions, expenses of remodeling the Premises required by the reletting, and other costs. If Lessor relets the Premises or any portion thereof, such reletting shall not relieve Lessee of any obligation hereunder, except that Lessor shall apply the rent or other proceeds actually collected by it as a result of such reletting against any amounts due from Lessee hereunder to the extent that such rent or other proceeds compensate Lessor for the nonperformance of any obligation of Lessee hereunder. Such payments by Lessee shall be due at such times as are provided elsewhere in this Lease, and Lessor need not wait until the termination of this Lease, by expiration of the Term hereof or otherwise, to recover them by legal action or in any other manner. Lessor may execute any lease made pursuant hereto in its own name, and the lessee thereunder shall be under no obligation to see to the application by Lessor of any rent or other proceeds, nor shall Lessee have any right to collect any such rent or other proceeds. Lessor may shall not by any reentry or other act be deemed to have under South Carolina law accepted any surrender by Lessee of the Premises or Lessee's interest therein, or be deemed to xxx have otherwise terminated this Lease, or to have relieved Lessee for damages in the event of any default obligation hereunder, unless Lessor shall have given Lessee express written notice of Lessor's election to do so as set forth herein.
(e) The right to have a receiver appointed upon application by Lessee under this Lease AgreementLessor to take possession of the Premises and to collect the rents or profits therefrom and to exercise all other rights and remedies pursuant to Section 28.2(d).
(f) The right to enjoin, or from pursuing and any other remedy or right now or hereafter available to Lessor at law a lessor against a defaulting lessee under the laws of the State of California or in equitythe equitable powers of its courts, and not otherwise specifically reserved herein.
Appears in 1 contract
Lessor’s Remedies. All rights and remedies of the Lessor herein enumerated shall be cumulative, and none shall exclude any other right or remedy allowed by law or in equity. In the event Lessee is in default pursuant addition to the other remedies provided in this Lease, the Lessor shall be entitled to the restraint by injunction without bond of the violation or attempted violation of any of the covenants, agreements or conditions set forth of this Lease.
(a) If the Lessee shall: (i) apply for or consent to the appointment of a receiver or trustee of the Lessee or of all or a substantial part of its assets; (ii) file a voluntary petition in Section 15.01 abovebankruptcy or admit in writing its inability to pay its debts as they come due; (iii) make a general assignment for the benefit of creditors; (iv) file a petition or an answer seeking reorganization or arrangement with creditors or to take advantage of any insolvency law; or (v) file an answer admitting the material allegations of a petition filed against the Lessee in any bankruptcy, reorganization or insolvency proceeding, or if an order, judgment or decree shall be entered by any court of competent jurisdiction adjudicating the Lessee a bankrupt or insolvent or approving a petition seeking reorganization of the Lessee or appointing a receiver or trustee of the Lessee or of all or a substantial part of its assets, then in any of such events, the Lessor may give to the Lessee a notice of intention to end the term of this Lease specifying a day not earlier than ten (10) days thereafter, and upon the giving of such notice the term of this Lease and all right, title and interest of the Lessee hereunder shall expire as fully and completely on the day so specified as if that day were the date herein specifically fixed for the expiration of the term.
(b) If Lessee fails to pay any installment of Base Rent and/or Additional Rent within five days after the same is due, Lessee shall pay Lessor a charge of $250.00 to defer Lessor's additional administrative costs associated with the same. Lessee shall pay in addition to the $250.00 charge described in the immediately preceding sentence, during interest on the continuation unpaid installment(s) of Base Rent and/or Additional Rent at 4% over the Prime Rate of Interest as described within the WALL STREET JOURNAL or the maximum amount allowed by law (if such a limitation does so exist), whichever is less, (the "Default Rate") from the date such installment(s) was due. If Lessee fails to pay Base Rent and/or Additional Rent on the date the same is due, and if such default continues for a period of twenty (20) days after receipt of written notice of such default, or in the event Lessee fails to cure any other default in this Lease within 30 days after receipt of notice to cure the same, or in the event Lessee shall have default under Adjacent Property Lease and fail to cure such default as provided within the option of pursuing either of the following remedies:
(a) Adjacent Property Lease, then Lessor may terminate this Lease Agreementor terminate Lessee's possession under the Lease without terminating the Lease and endeavor to relet the same. Nothing herein shall relieve Lessee of its obligation to pay Base Rent and Additional Rent.
(c) Upon termination of this Lease, in which event Lessee immediately shall surrender the Premises and deliver possession thereof to Lessor. If Lessee fails to vacate the Premises, Lessor may obtain possession of the Demised Premises. All obligations of Lessee under Premises in the Lease Agreement, including Lessee’s obligation to pay rent under the Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation to pay rent due and outstanding as of the date of terminationmanner provided or allowed by law.
(bd) LessorIf the Lessor elects, without terminating the Lease, to endeavor to relet the Premises, the Lessor may, at the Lessor's option, enter into the Premises, remove the Lessee's signs and other evidence of tenancy, and take and hold possession thereof as provided in paragraph (c) of this Section provided, without such entry and possession terminating the Lease Agreementor releasing the Lessee in whole or in part, from the Lessee's obligation to pay the Base Rent and/or Additional Rent hereunder for the full term as hereinafter provided. Upon and after entry into possession without termination of the Lease, the Lessor may require relet the Premises or any part thereof for the account of the Lessee at the fair market rents for which there shall exist for the purpose of establishing the same a rebuttable presumption that the rents as agreed to by Lessor upon such re-rental of the Premises are, in fact, fair market rents (it being the intent of the later portion of this sentence to place the burden on the defaulting Lessee to remove all establish that the rents as agreed to by the non-defaulting Lessor are not fair market rentals, rather than placing the burden on the non-defaulting Lessor to establish that the same are fair market rents). If the rents collected by Lessor upon such reletting are not sufficient to pay monthly the full amount of the Base Rent and Additional Rent due hereunder plus the costs of reletting the same, including advertising, leasing commissions, attorney fees and the costs of retrofitting the tenant improvements, Lessee shall pay to Lessor the amount of the deficiency in full on demand as the same accrue. To this end, it is agreed that the Lessor can collect immediately any costs of reletting once such costs are incurred, including advertising, leasing commissions, attorney fees, and the costs of retrofitting the tenant improvements; the Lessor will not be required to defer collection of the same after such expenses are incurred.
(e) Any property of Lessee not removed from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damages. In the event Lessee shall fail to remove all property Premises within thirty (30) days after said demand, Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs of such removal and storage the Premises are vacated by Lessee shall be deemed additional rent under the Lease Agreement for which abandoned by Lessee is responsible for payment. and may be retained by Lessor as its property or disposed of in such manner as Lessor may enforce see fit. Any and all property removed by Lessor by authority of its rights and remedies under this Lease Agreement, including or law which belongs to Lessee shall be removed and/or stored at the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements risk and to mitigate its damages under the Lease Agreementexpense of Lessee.
(cf) If this Lease Agreement is terminated as set forthIn the event of a default by Lessee, and the expiration of any cure period provided for herein, in addition to any other remedies provided herein, Lessor may relet require Lessee to remove the Common Improvements (or any portion thereof) for such rent Walkway and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for all damages sustained by Lessor, including but not limited to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreementfails to remove the same, or from pursuing any other remedy available to Lessor may remove such Common Walkway at law or in equityLessee's sole cost and expense.
Appears in 1 contract
Lessor’s Remedies. In (a) Upon the event Lessee is occurrence of any Event of Default, Lessor may, at its option, exercise any or all remedies available at law or in default pursuant to the conditions set forth in Section 15.01 aboveequity, Lessorincluding, during the continuation of such defaultwithout limitation, shall have the option of pursuing either any or all of the following remedies, as Lessor in its sole discretion shall elect:
(ai) Lessor may By notice in writing cancel or terminate this Lease AgreementLease, in which event Lessee immediately whereupon all rights of Lessees to the use of the Aircraft or any part thereof shall surrender absolutely cease and terminate but Lessees shall remain liable as hereinafter provided; and thereupon Lessees, if so requested by Lessor, shall at Lessees’ expense promptly return the Aircraft to Lessor as required by Section 5, or Lessor, at its option, may enter upon the premises where the Aircraft is located and take immediate possession of and remove the Demised PremisesAircraft by summary proceedings or otherwise. All obligations Lessees specifically authorize Lessor’s entry upon any premises where the Aircraft may be located for the purpose of Lessee a peaceful retaking of the Aircraft, and Lessees shall waive any cause of action Lessees may have arising therefrom and shall forthwith pay to Lessor an amount equal to the total accrued and unpaid Fixed Rentals and all other accrued and unpaid amounts due hereunder, plus any and all losses and damages incurred or sustained by Lessor by reason of any default by Lessees under the Lease Agreementthis Lease.
(ii) Perform or cause to be performed any obligation, including Lessee’s obligation covenant or agreement of Lessees hereunder. Lessees agree to pay rent under the Lease Agreement, all costs and expenses incurred by Lessor for such performance as additional Fixed Rental hereunder and acknowledge that such performance by Lessor shall cease upon the date not be deemed to cure said Event of termination except for Lessee’s obligation to pay rent due and outstanding as of the date of terminationDefault.
(b) LessorLessees shall be liable for all costs, without terminating charges and expenses, including reasonable attorneys’ fees and disbursements, incurred by Lessor by reason of the Lease Agreement, may require Lessee to remove all property from occurrence of any Event of Default or the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize exercise of Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demand, Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreementwith respect thereto.
(c) If this Lease Agreement No remedy referred to herein is terminated as set forthintended to be exclusive, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee but each shall be liable for all damages sustained by Lessor, including but not limited cumulative and in addition to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreement, or from pursuing any other remedy referred to above or otherwise available to Lessor at law or in equity. No express or implied waiver by Lessor of any default or Event of Default hereunder shall in any way be, or be construed to be, a waiver of any future or subsequent default or Event of Default. The failure or delay of Lessor in exercising any rights granted to it hereunder upon any occurrence of any of the contingencies set forth herein shall not constitute a waiver of any such right upon the continuation or recurrence of any such contingencies or similar contingencies and any single or partial exercise of any particular right by Lessor shall not exhaust the same or constitute a waiver of any other right provided herein.
Appears in 1 contract
Lessor’s Remedies. In Upon default by the event Lessee is in default pursuant to the conditions set forth in Section 15.01 aboveLessee, Lessor, during the continuation of such default, shall have the option of pursuing either each of the following remedies shall accrue immediately to the Lessor, in addition to any other remedies available to it by law. All such remedies are cumulative and not alternative nor exclusive one of the other. The exercise of one or more remedies shall not operate to prevent the Lessor from exercising other remedies:
(a) . The Lessor’s omission to enforce any of its rights or remedies or any of the Lessor’s obligations shall not be a waiver thereof and not affect the Lessor’s rights and the Lessee’s obligations thereafter. The Lessor’s remedies shall only expire and the Lessee’s obligations shall only be satisfied when the Lessor receives in cash all moneys payable hereunder Action - The Lessor may terminate this Lease Agreementxxx the Lessee to recover any unpaid amounts payable hereunder but other remedies shall not merge in any judgment obtained, in which event Repossession - If requested to do so by the Lessor. The Lessee immediately shall surrender possession of the Demised Premises. All obligations of Equipment to the Lessor and if the Lessee under fails to do so the Lease Agreement, including Lessee’s obligation to pay rent under the Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation to pay rent due and outstanding as Lessor may recover possession of the date Equipment by process of termination.
(b) Lessor, without terminating [YOUR COUNTRY LAW]. The Lessee hereby releases the Lease Agreement, may require Lessor from all liability for damage from so doing and indemnifies and covenants to same the Lessor harmless from and against all claims for such damage. Any taking of possession pursuant hereto shall not constitute a termination of this lease as to any or all items of Equipment unless the Lessor expressly notifies the Lessee to remove all property from that effect, Sale or Re-lease - After repossessing the Common Improvements within thirty (30) days so that Equipment, the Lessor may sell or re-enter and relet lease the premises Equipment publicly or privately to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demandsuch person, Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs of in such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent manner and upon such terms as the Lessor is able deems in the best interest of [COMPANY NAME]. Redemption - The Lessee may cure its default at any tie prior to obtain the sale or re-lease upon tendering to the Lessor the total of all amounts due and to fall due hereunder plus all the Lessor’s reasonable expenses in repossession, repair and proceeding for sale or re-lease including legal costs and fees on a solicitor-and-his-client basis, Proceeds of Sale or Re-Lease - Proceeds of any sale or re-sale shall, as and when received by the Lessor, be applied first to the expense of the Lessor to repossess, repair and sell or re-lease, a reasonable commission for sale or re-release, if incurred (which may be for lower or higher rent, and for a shorter or longer termhereby expressly authorized), all reasonable legal costs and Lessee fees, accrued over due interest then to the rentals payable hereunder, Any Surplus - Of the net proceeds or any sale or re-lease shall belong to the Lessor and any deficiency of the net proceeds after a sale or re-lease shall be liable for all damages sustained payable forthwith by the Lessee to the Lessor. If the Lessee does not pay such deficiency, including but not limited to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreement, or from pursuing any other remedy available to Lessor at law or in equityits.
Appears in 1 contract
Samples: Equipment Lease Agreement
Lessor’s Remedies. In the event Lessee is in If any one or more events of default pursuant to the conditions set forth in Section 15.01 aboveabove occurs, LessorLESSOR may, during the continuation of such default, shall have the option of pursuing either of the following remediesat its election:
(ai) Lessor may Give LESSEE written notice of LESSOR'S intention to terminate this Lease Agreementon the earliest date permitted by law or on any later date specified in such notice, in which case LESSEE'S right to possession of the Premises will cease and this Lease will be terminated, except as to LESSEE's liability, as if the expiration of the term fixed in such notice were the end of the Term;
(ii) Without further demand or notice, and without terminating this Lease, reenter and take possession of the Premises or any part of the Premises, repossess the same, expel LESSEE and those claiming through or under LESSEE and remove the effects of both or either, using such force for such purposes as may be necessary, without being liable for prosecution, without being deemed guilty of any matter of trespass, and without prejudice to any remedies for arrears of Monthly Rent or other amounts payable under this Lease or as a result of any preceding breach of covenants or conditions; or
(iii) Without further demand or notice to cure any event of default and charge LESSEE for the cost of effecting such cure, including without limitation reasonable attorneys' fees and interest on the amount of 18 percent per annum, provided that LESSOR will have no obligation to cure any such event of default of LESSEE. If LESSOR elects to reenter as provided in subsection (ii) or if LESSOR takes possession pursuant to legal proceedings or pursuant to any notice provided by law, LESSOR may, from time to time, without terminating this Lease, relet the Premises or any part of the Premises in LESSOR'S or LESSEE'S name, but for the account of LESSEE, for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the Term) and on such conditions and upon such other terms (which may include concessions of free rent and alteration and repair of the Premises) as LESSOR, in its reasonable discretion, may determine, and LESSOR may collect and receive the rents from such reletting. LESSOR will in no way be responsible or liable for any failure to relet the Premises, or any part of the Premises, or for any failure to collect any rent due upon such reletting. No such reentry or taking possession of the Premises by LESSOR will be construed as an election on LESSOR'S part to terminate this Lease unless a written notice of such intention is given to LESSEE. No written notice from LESSOR under this Section or under a forcible or unlawful entry and detainer statue or similar law will constitute an election by LESSOR to terminate this Lease unless such notice specifically so states. LESSOR reserves the right following any such reentry or reletting to exercise its right to terminate this Lease by giving LESSEE such written notice, in which event Lessee immediately shall surrender possession of the Demised Premises. All obligations of Lessee under the Lease Agreement, including Lessee’s obligation to pay rent under the Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation to pay rent due and outstanding as of the date of termination.
(b) Lessor, without terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demand, Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent will terminate as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreementspecified in such notice.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for all damages sustained by Lessor, including but not limited to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreement, or from pursuing any other remedy available to Lessor at law or in equity.
Appears in 1 contract
Samples: Commercial Lease (Inso Corp)
Lessor’s Remedies. In At any time after the event Lessee is in default pursuant to the conditions set forth in Section 15.01 aboveoccurrence of an Event of Default, Lessorwith or without additional notice or demand, during the continuation of such default, shall have the option of pursuing either Lessor may do one or more of the following remediesfollowing:
(a) Lessor may terminate this Lease Agreement, in which event Lessee immediately shall surrender Lessee's right to possession of the Demised PremisesProperty and repossess the Property by any lawful means without terminating this Agreement. All obligations In that event Lessor shall use good faith and reasonable efforts under the circumstances to re-let the Property for the account of Lessee under on such terms and conditions as Lessor in its sole discretion may determine to be appropriate (including a term different than the Lease AgreementTerm, including Lessee’s obligation to pay rent under the Lease Agreementrental concessions, shall cease upon the date of termination except for Lessee’s obligation to pay rent due alterations and outstanding as repair of the date of termination.
(b) Lessor, without terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demand, Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for paymentProperty). Lessor may enforce all of its rights reserves the right, however, (i) to lease any other comparable space available in any other building Lessor owns prior to offering the Property for lease and remedies under this Lease Agreement, including (ii) to refuse to lease the right Property to recover any potential lessee that does not meet Lessor's standards and criteria for leasing space in the rent as it becomes due hereunder, provided that Park. Except where Lessor shall have an affirmative obligation fails to use Lessor’s best good faith and reasonable efforts to re-let the Common Improvements Property, as required above, Lessor will not be liable for, and Lessee's obligation under this Agreement will not be diminished because of, Lessor's failure to mitigate its relet the Property or collect rental due in respect of a reletting. For the purposes of that re-letting, Lessor may repair, remodel or alter the Property. If Lessor fails to re-let the Property, Lessee shall pay to Lessor the Lease Payment reserved in this Agreement for the balance of the Term as those amounts become due in accordance with the terms of this Agreement. If Lessor re-lets the Property, but fails to realize a sufficient sum for the re-letting to pay the full amount of Lease Payments and additional rent reserved in this Agreement for the balance of the Term as those amounts become due in accordance with the terms of this Agreement, after paying all of the costs and expenses of all decoration, repairs, remodeling, alterations and additions and the expenses of the reletting and of the collection of the rent accruing from the reletting, Lessee shall pay to Lessor the amount of any deficiency upon Lessor's demand from time to time made;
(b) terminate this Agreement and repossess the Property by any lawful means. In that event Lessor may recover from Lessee as damages (i) all Lease Payments that became due prior to the termination and that remain unpaid, plus interest accruing in respect of the delinquent sums at the Delinquency Rate, as defined in Article 4(g), (ii) the discounted presented value (determined based on the Amortization Rate) of the amount, if any, by which (A) the Base Rent due under the Lease Agreement.terms of this Agreement for the balance of the Term that remained as of the effective date of the termination exceeds (B) the fair market rental value for the Property (including both base and additional rent components) for the balance of the Term after deduction of all anticipated reasonable expenses of re-letting for that period (such as the cost of preparation of the Leased Property, leasing commissions and reasonable attorneys' fees associated with occupancy by a new Lessee), (iii) the cost of recovering the Property (including reasonable attorneys' fees and costs of suit), (iv) all reasonable costs and expenses Lessor reasonably incurs in connection with the enforcement of Lessee's obligation to pay those damages, including, without limitation, reasonable attorneys' fees, and (v) any other sum of money and damages Lessee owes to Lessor. If the amount described in division (B) above exceeds the amount described in division (A) above, Lessor has no obligation to pay Lessee any part of the excess or to credit any part of the excess against any other sums or damages for which Lessee may be liable to Lessor at the time of the termination; or
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for all damages sustained by Lessor, including but not limited to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreement, or from pursuing pursue any other remedy available to Lessor under the laws of the jurisdiction in which the Property is located. For purposes of computing the additional rent that would have accrued and become payable under the terms of this Agreement, the parties will assume that the additional rental for the calendar year in which the Event of Default occurs and each future calendar year for the balance of the Term that remained as of the effective date of the termination equals Lessee's additional rent for the calendar year prior to the year in which the Event of Default occurs compounded at law a rate equal to the mean average rate of inflation for the three (3) calendar years preceding the calendar year in which the Event of Default occurs, as determined by using the United States Department of Labor, Bureau of Labor Statistics Consumer Price Index (All Urban Consumers, all items, 1982-84 equals 100) for the Dallas, Texas metropolitan area. If that Index is discontinued or revised during the term of this Agreement, all parties will use such other government index or computation with which it is replaced in equityorder to obtain substantially the same result as would be obtained if the Index had not been discontinued or revised. If no replacement Index exists, Lessor may select as a replacement index an index that, in Lessor's reasonable opinion, is generally recognized as the successor index. If Lessor repossesses the Property in accordance with the terms of this Agreement, Lessor has the right to keep in place and use, or to remove and store, at Lessee's expense, all of the furniture, fixtures and equipment at the Property, including that which is owned by or leased to Lessee at all times prior to any foreclosure or repossession by any lessor or security interest holder having an interest in that furniture, fixtures or equipment (a "Claimant"). Lessor also has the right to relinquish possession of all or any portion of the furniture, fixtures, equipment and other property to any Claimant who presents to Lessor a copy of any instrument that the Claimant represents to have been executed by Lessee (or any predecessor of Lessee) granting Claimant the right under various circumstances to take possession of the furniture, fixtures, equipment or other property, without the necessity on the part of Lessor to inquire into the authenticity or legality of the instrument. At Lessor's sole option and without prejudice to, or waiver of any rights it may have, Lessor may i) escort Lessee to the Property to retrieve any personal belongings of Lessee and its employees not covered by a lien in favor of Lessor, or ii) obtain a list from Lessee of the personal property of Lessee and its employees that is not covered by a lien in favor of Lessor, and make that property available to Lessee or Lessee's employees, provided that Lessee first pays in cash all costs and estimated expenses to be incurred in connection with the removal of the property. Any property that Lessee does not remove within five days after Lessor's demand will be conclusively presumed to have been abandoned by Lessee, and Lessor may take over possession of that property and declare it to be Lessor's property written notice to Lessee. Lessee stipulates that the rights granted Lessor in this Article are commercially reasonable.
Appears in 1 contract
Samples: Lease Agreement (Pemstar Inc)
Lessor’s Remedies. In If an Event of Default shall occur, Lessor shall have the event following remedies. These remedies are not exclusive; they are cumulative in addition to any·remedies now or later allowed by law.
A. Lessor may continue this Lease in full force and effect, and this Lease will continue in effect as long as Lessor does not terminate Lessee’s right to possession, and Lessor shall have the right to collect rent when due. During the period Lessee is in default pursuant to the conditions set forth in Section 15.01 above, Lessor, during the continuation of such default, shall have the option of pursuing either of the following remedies:
(a) Lessor may terminate this Lease Agreemententer the Premises and relet them, in which event Lessee immediately shall surrender possession or any part of the Demised Premises. All obligations of Lessee under the Lease Agreementthem, including Lessee’s obligation to pay rent under the Lease Agreement, shall cease upon the date of termination except third parties for Lessee’s obligation to pay rent due and outstanding as of the date of termination.
(b) Lessor, without terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damagesaccount. In the event Lessee shall fail to remove all property within thirty (30) days after said demand, Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable immediately to Lessor for all damages sustained costs Lessor incurs in reletting the Premises, including, without limitation, brokers commissions, expenses of remodeling the Premises required by Lessorthe reletting, including but not limited and like costs. Reletting can be for a period shorter or longer than the remaining term of this Lease or any extension thereof, except that Lessee shall only be responsible for brokers commissions up until the remaining term of this Lease has expired. Lessee shall pay to Lessor the rent due under this Lease on the dates the rent is due, less the rent Lessor receives from any deficiency in Rent for the duration reletting. No act by Lessor allowed by this subparagraph shall terminate this Lease unless Lessor notifies Lessee that Lessor elects to terminate this Lease.
X. Xxxxxx may terminate Lessee’s right to possession of the Premises at any time by giving a written termination notice to Lessee, and on the date specified in such notice (which shall be not less than five (5) days after the giving of such notice) Lessee’s right to possession shall terminate and this Lease Term (shall terminate, unless on or for the period before such date all arrears of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs rent and all expenses of placing the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default other sums payable by Lessee under this Lease Agreementand all costs and expenses incurred by or on behalf of Lessor hereunder shall have been paid by Lessee and all other breaches of this Lease by Lessee at the time existing shall have been fully remedied to the satisfaction of Lessor. No act by Lessor other than giving notice to Lessee shall terminate this Lease. Acts of maintenance, efforts to relet the Premises, or the appointment of a receiver on Lessor’s initiative to protect Lessor’s interest under this Lease shall not constitute a termination of Lessee’s right to possession. On termination, Lessor has the right to recover from pursuing Lessee:
(1) The worth, at the time of the award, of the unpaid rent that had been earned at the time of termination of this Lease;
(2) The worth, at the time of the award, of the amount by which the unpaid rent that would have been earned after the date of termination of this Lease until the time of award exceeds the amount of the loss of rent that Lessee proves could have been reasonably avoided;
(3) The worth, at the time of the award, of the amount by which the unpaid rent for the balance of the term after the time of award exceeds the amount of the loss of rent that Lessee proves could have been reasonably avoided; and
(4) Any other amount, and court costs, necessary to compensate Lessor for all detriment proximately caused by Lessee’s default. “The worth, at the time of the award” as used in (i) and (ii) of this subparagraph is to be computed by allowing interest at the rate of ten percent (10%) per annum. “The worth, at the time of award, “ as referred to in (iii) of this subparagraph is to be computed by discounting the amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of the award, plus one percent (1%).
X. Xxxxxx, at any other remedy available time after an Event of Default, may cure said default at Lessee’s cost. If Lessor at any time, by reason of Lessee’s default, pays any sum or does any act that requires the payment of any sum, the sum paid by Lessor shall be due immediately from Lessee to Lessor at law the time the sum is paid, and if paid at a later date shall bear interest at the rate of ten percent (10%) per annum from the date the sum is paid by Lessor until Lessor is reimbursed by Lessee. The sum, together with interest on it, shall be deemed to be additional rent.
X. Xxxxxx shall have the following additional remedies:
(1) In the event that a late charge is payable hereunder, whether or not collected, for three (3) installments of Base Monthly Rent or if Lessee fails to pay any other monetary obligation of Lessee under this Lease, Lessee shall pay to Lessor, if Lessor shall so request, in equityaddition to any other payments required under this Lease, a monthly advance installment, payable at the same time as the Base Monthly Rent, as estimated by Lessor, for Lessee’s Percentage Share of Real Property Tax and insurance premium expenses which are payable by Lessee under the terms of this Lease. Such fund shall be established to insure payment when due, before delinquency, of Lessee’s Percentage Share of Real Property Tax and insurance premiums. All moneys paid to Lessor under this subparagraph may be intermingled with other moneys of Lessor and shall not bear interest. In the event of a default in the obligations of Lessee under this Lease, then any balance remaining from funds paid to Lessor under the provisions of this subparagraph may, at the option of Lessor, be applied to the payment of any monetary default of Lessee in lieu of being applied to the payment of real property taxes and insurance premiums.
(2) In the event that a late charge is payable hereunder, whether or not collected, for three (3) installments of Base Monthly Rent in any twelve month period, Lessor may demand and Lessee shall pay to Lessor an amount equal to two months of Base Monthly Rent, in the amount of Base Monthly Rent then due, as an addition to the Security Deposit to be held pursuant to the terms of paragraph 5 of this Lease. Lessee hereby waives its rights to demand a trial by jury in any action for unlawful detainer filed by Lessor.
F. Any monetary judgment or award against Lessee under this Lease shall bear interest at the rate of ten percent (10%) per annum regardless of the Court entering or enforcing such judgment or award.
Appears in 1 contract
Lessor’s Remedies. In 14.1 If an Event of Default by the event Lessee is LESSEE occurs, the LESSOR has the right, then or at any time thereafter, to pursue any remedies, legal or equitable, to which the LESSOR may be entitled, whether or not such remedies are mentioned in default pursuant to the conditions set forth in Section 15.01 abovethis Lease, Lessorand which remedies shall include, during the continuation of such defaultbut are not limited to, shall have the option of pursuing either one or more of the following remediesfollowing:
(a) Lessor The LESSOR may terminate this Lease Agreement, by written notice to the LESSEE in which the event Lessee immediately shall surrender possession of the Demised Premises. All obligations of Lessee under the Lease Agreement, including Lessee’s obligation to pay rent under the Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation to pay rent due and outstanding as of the date of terminationa default.
(b) LessorThe LESSEE shall pay to the LESSOR on demand the amount of all loss and damage which the LESSOR may suffer by reason of this termination, without terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demand, Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts whether through inability to re-let the Common Improvements Leased Premises on satisfactory terms or otherwise, specifically including, but not limited to (i) all reasonable expenses necessary to re-let the Leased Premises which shall include the cost of renovating, repairing and altering the Leased Premises for a new tenant or lessee, advertisements and brokerage fees; (ii) any increase in insurance premiums caused by the vacancy of the Leased Premises; (iii) unpaid Rent that was due and owing at the time of such termination; and (iv) the amount of the unpaid Rent that would have been earned during the balance of the term had the early termination not occurred. Nothing contained in this Lease shall limit or prejudice the right of the LESSOR to mitigate its prove for and obtain in proceedings for bankruptcy or insolvency by reason of the termination of this Lease an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, the damages under are to be proved, whether or not the Lease Agreementamount be greater, equal to, or less than the amount of the loss or damages referred to above. In the event of an early termination of this Lease, the LESSOR is in no way obligated to re-let the Leased Premises.
(c) If this Lease Agreement is terminated as set forthThe LESSOR may re-let, Lessor may relet at its election, the Common Improvements (Leased Premises or any portion thereof) part thereof for such rent and upon such the account of the LESSEE, in the name of the LESSEE or the LESSOR or otherwise, without notice to the LESSEE for a term or terms as Lessor is able to obtain (which may be greater or less than the period which would otherwise have constituted the balance of the applicable term of this Lease) and on terms and conditions (which may include concessions or free rent) as the LESSOR in its absolute discretion may determine and the LESSOR may collect and receive any rents payable by reason of such re-letting; and the LESSEE shall pay the LESSOR on demand all reasonable expenses necessary to re-let the Leased Premises which shall include the cost of renovating, repairing and altering the Leased Premises for lower a new tenant or higher renttenants, advertisements and brokerage fees, and for a shorter or longer term)the LESSEE shall also pay the LESSOR on demand any deficiency that may arise by reason of the re-letting. The LESSOR is not obligated to re-let the Leased Premises, and Lessee shall not be responsible or liable for any failure to re-let the Leased Premises or any part thereof or for any failure to collect any Rent due upon any re-letting. Unless otherwise stated in this Lease, no re-entry or taking of possession of the Leased Premises by the LESSOR shall be liable for all damages sustained by Lessor, including but not limited an election on the LESSOR’s part to any deficiency in Rent for terminate this Lease unless a notice of termination is given to the duration of the Lease Term LESSEE pursuant to Subsection 14.1 (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition)a) hereof.
(d) Nothing contained herein diminishes The LESSOR may enter upon the Leased Premises in a peaceable manner pursuant to Section 16 of this Lease or otherwise under legal process of taking possession thereof and do whatever the LESSEE is obligated to do under the terms of this Lease, and the LESSEE shall reimburse the LESSOR on demand for any right Lessor expenses which the LESSOR may have incur in thus effecting compliance with the LESSEE’s obligations under South Carolina law to xxx Lessee for damages in this Lease.
14.2 In the event of a termination of this Lease due to an Event of Default by the LESSEE, the LESSEE shall have no claim against the LESSOR for the value of the unexpired term of the Lease. No repossession or re-entering of the Leased Premises or any default by Lessee part thereof, or re-letting of the Leased Premises or any part thereof, shall relieve the LESSEE or any Guarantor of its liabilities and obligations under this Lease, all of which survive repossession or re-entering. No right or remedy conferred upon or reserved to the LESSOR is intended to be exclusive of any other right or remedy, and each and every right and remedy is cumulative and in addition to any other right or remedy given under this Lease Agreementor now or hereafter existing at law or in equity. In addition to other remedies provided in this Lease, the LESSOR is entitled, to the extent permitted by applicable law, to injunctive relief in case of the violation, or from pursuing attempted or threatened violation, of any of the covenants, agreements, conditions or provisions of this Lease, or to a decree compelling performance of any of the covenants, agreements, conditions or provisions of this Lease and any other remedy available allowed to Lessor the LESSOR at law or in equity.
Appears in 1 contract
Samples: Lease Agreement
Lessor’s Remedies. In the event Lessee is in default pursuant to the conditions set forth in Section 15.01 above, Lessor, during the continuation of such default, shall have the option of pursuing either of the following remedies:
(a) Lessor may terminate this Lease Agreement, in which event Lessee immediately shall surrender possession of the Demised Premises. All obligations of Lessee under the Lease Agreement, including Lessee’s obligation to pay rent under the Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation to pay rent due and outstanding as of the date of termination.
(b) Lessor, without terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damages. In the event If Lessee shall fail to remove all property observe or perform any of its obligations under this Lease, and shall fail to cure such default within thirty (30) days after said demandwritten notice from Lessor giving notice of such default, or if Lessee shall be adjudicated bankrupt, become insolvent or make an assignment for the benefit of creditors, then in any of such cases Lessor may, at its option and upon thirty (30) days written notice to Lessee, terminate this Lease. In the event of such termination, Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including have the right to recover enter immediately upon the rent as it becomes due hereunder, provided that Premises and take full and exclusive possession of the Premises. The Lessor shall have an affirmative obligation the right, at its option, without declaring the Lease void, to use Lessor’s best sublet the Premises and collect the rents. Should Lessor be unable to relet the Premises after reasonable efforts to re-let do so, or should such monthly rental after relet be less than the Common Improvements and rental Lessee was obligated to mitigate its damages pay under this Lease, then Lessee shall pay the Lease Agreement.
amount of such rental deficiency to Lessor. A partial receipt for rent in arrears shall not operate as a waiver of any forfeiture which may have occurred before that time. The thirty (c30) If this Lease Agreement is terminated as set forth, day cure period will be extended by Lessor may relet the Common Improvements (or any portion thereof) for such rent time as is necessary to cure the default so long as Lessee promptly commences efforts to cure the default and upon continues such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and efforts with reasonable diligence. Lessee shall also be liable for all damages sustained by Lessorresponsible to pay to Lessor its reasonable costs and expenses, including but not limited to any deficiency reasonable attorneys fees, in Rent for retaking or reletting the duration Premises. Any installment of rent or additional rent herein required to be paid by Lessee which is received after the 10th day of the Lease Term month by Lessor will include an additional late payment equal to ten percent (10%) of the rent or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition)additional rent due.
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreement, or from pursuing any other remedy available to Lessor at law or in equity.
Appears in 1 contract
Lessor’s Remedies. In the event Lessee is in default pursuant to the conditions set forth in Section 15.01 aboveIf an Event of Default shall occur, Lessor, during the continuation of such default, Lessor shall have the option of pursuing either of the following remedies:. These remedies are not exclusive; they are cumulative in addition to any remedies now or later allowed by law.
(a) A. Lessor may terminate continue this Lease Agreementin full force and effect, and this Lease will continue in which event Lessee immediately shall surrender possession of the Demised Premises. All obligations of Lessee under the Lease Agreement, including effect as long as Lessor does not terminate Lessee’s obligation right to pay rent under possession, and Lessor shall have the Lease Agreementright to collect Rent when due. During an Event of Default, shall cease upon Lessor may enter the date Premises and relet them, or any part of termination except them, to third parties for Lessee’s obligation to pay rent due and outstanding as of the date of termination.
(b) Lessor, without terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damagesaccount. In the event Lessee shall fail to remove all property within thirty (30) days after said demand, Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable immediately to Lessor for all damages sustained costs Lessor incurs in reletting the Premises, including, without limitation, broker’s commissions, expenses of remodeling the Premises required by Lessorthe reletting, including but not limited and like costs. Reletting can be for a period shorter or longer than the remaining term of this Lease or any extension thereof, except that Lessee shall only be responsible for brokers commission up until the remaining term of this Lease has expired. Lessee shall pay to Lessor the Rent due under this Lease on the dates the Rent is due, less the Rent Lessor received from any deficiency in Rent for the duration reletting. No act by Lessor allowed under this subparagraph shall terminate this Lease unless Lessor notifies Lessee that Lessor elects to terminate this Lease.
X. Xxxxxx may terminate Lessee’s right to possession of the Premises at any time by giving a written termination notice to Lessee, and on the date specified in such notice (which shall be not less than five (5) days after the giving of such notice) Lessee’s right to possession shall terminate and this Lease Term (shall terminate, unless on or for the period before such date all arrears of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs Rent and all expenses of placing the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default other sums payable by Lessee under this Lease Agreementand all costs and expenses incurred by or on behalf of Lessor hereunder shall have been paid by Lessee and all other breaches of this Lease by Lessee at the time existing shall have been fully remedied to the satisfaction of Lessor. No act by Lessor other than giving notice to Lessee shall terminate this Lease. Acts of maintenance, efforts to relet the Premises, or the appointment of a receiver on Lessor’s initiative to protect Lessor’s interest under this Lease shall not constitute a termination of Lessee’s right to possession. On termination, Lessor has the right to recover from pursuing Lessee:
(1) The worth, at the time of the award, of the unpaid Rent that had been earned at the time of termination of this Lease;
(2) The worth, at the time of the award, of the amount by which the unpaid Rent that would have been earned after the date of termination of this Lease until the time of award exceeds the amount of the loss of Rent that Lessee proves could have been reasonably avoided;
(3) The worth, at the time of the award, of the amount by which the unpaid Rent for the balance of the term after the time of award exceeds the amount of the loss of Rent that Lessee proves could have been reasonably avoided; and
(4) Any other amount, and court costs, necessary to compensate Lessor for all detriment proximately caused by Lessee’s default. “The worth, at the time of the award” as used in (1) and (2) of this subparagraph is to be computed by allowing interest at the rate of ten percent (10%) per annum. “The worth, at the time of award,” as referred to in (3) of this subparagraph is to be computed by discounting the amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of the award, plus one percent (1%).
X. Xxxxxx, at any time after an Event of Default, may cure said default at Lessee’s cost. If Lessor at any time, by reason of Lessee’s default, pays any sum or does any act that requires the payment of any sum, the sum paid by Lessor shall be due following five (5) business days’ written notice, and if paid at a later date shall bear interest at the rate of ten percent (10%) per annum from the date of such written notice until Lessor is reimbursed by Lessee. The sum, together with interest on it, shall be deemed to be additional Rent.
X. Xxxxxx shall have the following additional remedies:
(1) In the event that a late charge is payable hereunder, whether or not collected, for three (3) installments of Base Monthly Rent or if Lessee fails to pay any other remedy available monetary obligation of Lessee under this Lease within the applicable cure or grace period, Lessee shall pay to Lessor, if Lessor shall so request in writing, in addition to any other payments required under this Lease, a monthly advance installment, payable at the same time as the Base Monthly Rent, as reasonably estimated by Lessor, for Lessee’s Percentage Share of Real Property Tax and insurance premium expenses which are payable by Lessee under the terms of this Lease. Such fund shall be established to insure payment when due, before delinquency, of Lessee's Percentage Share of Real Property Tax and insurance premiums. All moneys paid to Lessor under this subparagraph may be intermingled with other moneys of Lessor and shall not bear interest. In the event of a default in the obligations of Lessee under this Lease, then any balance remaining from funds paid to Lessor under the provisions of this subparagraph may, at law the option of Lessor, be applied to the payment of any monetary default of Lessee in lieu of being applied to the payment of real property taxes and insurance premiums.
(2) In the event that a late charge is payable hereunder, whether or not collected, for three (3) installments of Base Monthly Rent in equityany twelve (12) month period, Lessor may demand and Lessee shall pay to Lessor an amount equal to two (2) months of Base Monthly Rent, in the amount of the Base Monthly Rent then due, as an addition to the Security Deposit to be held pursuant to the terms of Paragraph 5 of this Lease.
X. Xx the extent permitted by law, Lessee hereby waives its rights to demand a trial by jury in any action for unlawful detainer filed by Lessor.
F. Any monetary judgment or award against Lessee under this Lease shall bear interest at the rate of ten percent (10%) per annum regardless of the Court entering or enforcing such judgment or award.
Appears in 1 contract
Samples: Net Commercial Lease
Lessor’s Remedies. In If and in the event the Lessee is shall be in default pursuant to the conditions set forth of any of its obligations hereunder as more fully defined in Section 15.01 above18 hereof, Lessor, during the continuation of such default, Lessor shall have the option of pursuing either to do one or all of the following remediesto the extent that they are not inconsistent:
(a) Lessor a. declare such occurrence as a breach of the Lease and thereupon at its option declare the Lease terminated and retake possession of the Demised Premises;
b. terminate any right to renew or extend the Lease as may otherwise have been herein agreed;
c. immediately re-enter and remove all persons and property from the Demised Premises, storing said property in a public warehouse or elsewhere at Lessee's expense without liability on the part of Lessor;
d. collect by suit or otherwise the balance of the rent due during the residue of the term specified herein, or any other sum that has become due; or enforce by suit or otherwise any covenant or condition or term of the Lease required to be performed by Lessee;
e. terminate this the Lease Agreement, in which event Lessee agrees to immediately shall surrender possession of the Demised Premises. All obligations of Lessee under the Lease Agreement, including Lessee’s obligation Premises and to pay rent under Lessor all damages Lessor may incur THIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST. REDACTED MATERIAL IS BRACKETED AND HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. by reason of Lessee's default including the Lease Agreement, shall cease upon the date cost of termination except for Lessee’s obligation to pay rent due and outstanding as recovering possession of the date of termination.Demised Premises;
(b) Lessor, without terminating the Lease Agreement, may require Lessee f. should Lessor elect to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet 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 the premises to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demandLease, Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and Demised Premises, or any part thereof, for the account of Lessee either in Lessee's name or otherwise, after using its best efforts to mitigate its damages under damages, upon terms and conditions and for such period (whether longer than the balance of the term hereof or not) as Lessor may deem advisable, with or without any equipment or fixtures that may be situated thereon or therein, in which event, the rents received on any such reletting during the balance of the term of the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for part thereof shall be applied first to the expenses of re-letting and collecting, including necessary renovation and alteration of the Demised Premises and a reasonable attorney's fee and any real estate commission actually paid, and, thereafter, toward payment of all sums due or to become due to Lessor hereunder, and if a sufficient sum shall not be thus realized to pay such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rentother charges, and for a shorter or longer term), and Lessee shall pay to Lessor monthly any deficiency; such monthly deficiencies shall be liable paid punctually when due, as herein provided, but allowing credit for all damages sustained by Lessor, including but not limited to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right rental that Lessor may have under South Carolina law received in excess of the monthly rental herein stipulated in previous months. No re-entry or taking possession of the Demised Premises shall terminate the Lease unless written notice of such intention is given to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreement, or from pursuing any other remedy available to Lessor at law or in equityLessee. THIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST. REDACTED MATERIAL IS BRACKETED AND HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.
Appears in 1 contract
Samples: Lease Agreement (Aquapenn Spring Water Company Inc)
Lessor’s Remedies. In A. If an Event of Default by Lessee shall occur, the event Lessee is in default pursuant to the conditions set forth in Section 15.01 above, Lessor, during the continuation of such default, Lessor shall have the option of pursuing either of the following remediesnon exclusive rights:
(a) Lessor may terminate this Lease Agreement, in which event Lessee immediately shall surrender possession of the Demised Premises. All obligations of Lessee under the Lease Agreement, including Lessee’s obligation to pay rent under the Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation to pay rent due and outstanding as of the date of termination.
(b) Lessor, without terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damages. i. In the event Lessee shall fail to remove all property within thirty (30) days after said demand, Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for all damages sustained by Lessor, including but not limited to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under breach of this Lease Agreementby Lessee, Lessor may, at its option and without notice or from pursuing any demand to Lessee and in addition to all other remedy available to Lessor rights and remedies provided in this Lease at law or in equity, terminate this Lease or Lessee’s right of possession of the Premises, and recover all damages to which Lessor is entitled under law, specifically including, without limitation, all Rent for the balance of the Term.
ii. Lessee shall pay upon demand, all costs and expenses, including reasonable attorneys’ fees, incurred by Lessor in enforcing the observance and performance by Lessee of all covenants, conditions and provisions of this Lease to be observed and performed by Lessee, or resulting from Lessee’s default under this Lease. All references in this Lease to Lessor’s attorneys’ fees shall be deemed to include all legal assistants’ and paralegals’ fees and shall include all fees incurred through all post-judgment and appellate levels and in connection with bankruptcy proceedings.
iii. Lessor at its option may, but shall not be obligated to, make any payment required of Lessee herein or comply with any agreement, term, covenant or condition, required hereby to be performed by Lessee and the amount so paid, together with interest thereon at the Lease Interest Rate from the date of such payment by Lessor, shall be deemed to be additional rent hereunder payable by Lessee and collectible as such by Lessor with the next succeeding monthly installment of rent.
iv. Lessor shall have the right to enter the Premises for the purpose of correcting or remedying any such default but neither any such expenditure nor any such performance by Lessor shall be deemed to waive or release Lessee’s default or the right of Lessor to take such action as may be otherwise permissible hereunder in the case of such default.
B. In the event of cancellation or termination of this Lease either by operation of law or by service of notice of cancellation or termination as herein provided, or upon the occurrence of an Event of Default by Lessee, Lessor may re enter and repossess the Premises, and Lessee shall nevertheless remain and continue to be liable to Lessor in a sum equal to all rent and additional rent reserved herein for the remainder of the Lease Term, provided, however, that Lessor shall have a duty to mitigate its damages for any such event of cancellation or termination.
C. If any rent so collected by Lessor after the aforementioned payments be insufficient to fully pay to Lessor a sum equal to all rent and additional rent herein reserved, the balance or deficiency shall be paid by Lessee on the rent days herein specified, that is, upon each of such rent days Lessee shall pay to the Lessor the amount of the deficiency then existing.
Appears in 1 contract
Samples: Building and Ground Lease (Phoenix Container, Inc.)
Lessor’s Remedies. In Upon Lessee's default, Lessee shall be liable for, and shall pay Lessor upon demand, the event sum of the following as liquidated damages:
(1) any Lease payments or other amounts due and owing as of the xxxx of default; plus (2) the balance of the Lease payments Lessee is would have paid had the Lease gone to full term (less a deduction for the time value of such payments computed in default pursuant to accordance with the conditions simple interest method); plus (3) the Residual Value as set forth in Section 15.01 above, Lessor, during the continuation Schedule(s) (less a deduction for the time value of such defaultpayments computed in accordance with the simple interest method); plus (4) an amount equal to one monthly Lease payment; plus (5) any and all commissions, shall have fees or other amounts paid by Lessor as consideration for the option assignment of pursuing either of the following remedies:
(a) Lessor may terminate this Lease Agreement(collectively, in which event Lessee immediately shall surrender possession of the Demised Premises. All obligations of Lessee under the Lease Agreement, including Lessee’s obligation to pay rent under the Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation to pay rent due and outstanding as of the date of termination.
(b) Lessor, without terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damages"Default Liability"). In the event of Lessee's default, Lessee agrees to surrender the Equipment to Lessor at such location as Lessor may designate, and agrees that Lessor may lake possession of the Equipment wherever the same may be found, whether on Lessee's premises or elsewhere, in accordance with applicable law. Lessee further agrees that any and all rights or interests Lessee may have in the Equipment shall fail to remove all property within thirty (30) days after said demandbe extinguished upon Lessee's default. If Lessor obtains possession of the Equipment following Lessee's default, Lessor shall be entitled to remove Lessee’s property to a storage facilitydispose of the Equipment by public or private sale in the wholesale or retail market, and all reasonable costs of such removal disposition may be with or without notice to Lessee. Lessor may advertise and storage sell repossessed Equipment through xxx.xxxxxxxxxxxxxxxxxx.xxx or other internet websites through which equipment or motor vehicles similar to the Equipment is sold and such disposition shall be deemed additional rent under in conformity with reasonable commercial practice among dealers of the Lease Agreement for which Lessee is responsible for paymenttype of property that was the subject of the disposition. Following any such sale, Lessor shall deduct from the Default Liability the amount of any proceeds obtained upon disposition of the Equipment, less any costs or expenses incurred by Lessor in connection with the repossession, storage, restoration and/or disposition of the Equipment. Lessor may enforce all assess, and Lessee will be liable for, interest on the total amounts Lessee may owe to Lessor from time to time by reason of its rights Lessee's default at the rate of eighteen percent (18%) per annum, unless a lower rate is required by applicable law, in which case that rate shall apply, both before and after judgment. Lessee understands and agrees that the remedies provided under this Lease Agreementin favor of Lessor upon default shall not be exclusive, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee but shall be liable for all damages sustained by cumulative and in addition to any other remedies available to Lessor, including but not limited to whether existing in law, equity or bankruptcy. Further, upon any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of default, Lessee authorizes Lessor to notify anyone using the Equipment to pay Lessor directly for any default by Lessee under this Lease Agreement, or from pursuing any other remedy available to Lessor at law or in equityof Lessee's obligations.
Appears in 1 contract
Samples: Lease Agreement (Covenant Transportation Group Inc)
Lessor’s Remedies. In On the event Lessee is occurrence of any material default by Lessee, Lessor may, at any time thereafter, with or without notice or demand and without limiting Lessor in default pursuant the exercise of any right or remedy which Lessor may have:
a. Terminate Lessee's right to the conditions set forth in Section 15.01 above, Lessor, during the continuation of such default, shall have the option of pursuing either possession of the following remedies:
(a) Lessor may terminate this Lease AgreementPremises by any lawful means, in which event case this Lease shall terminate and Lessee shall immediately shall surrender possession of the Demised Premises. All obligations of Lessee under the Lease Agreement, including Lessee’s obligation to pay rent under the Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation to pay rent due and outstanding as of the date of termination.
(b) Lessor, without terminating the Lease Agreement, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demandsuch event, Lessor shall be entitled to remove recover from Lessee all damages incurred by Lessor by reason of Lessee’s property to a storage facility's default, including (i) the worth at the time of the award of the unpaid Base Rent, additional rent and all reasonable costs other charges which had been earned at the time of the termination; (ii) the worth at the time of the award of the amount by which the unpaid Base Rent, additional rent and other charges which would have been earned after termination until the time of the award exceeds the amount of such removal and storage shall be deemed rental loss that Lessee proves could have been reasonably avoided; (iii) the worth at the time of the award of the amount by which the unpaid Base Rent, additional rent and other charges which would have been paid for by the balance of the term after the time of award exceeds the amount of such rental loss that Lessee proves could have been reasonably avoided; and (iv) any other amount necessary to compensate Lessor for all the detriment proximately caused by Lessee's failure to perform its obligations under the Lease Agreement for or which Lessee is responsible for payment. Lessor may enforce all in the ordinary course of its rights and remedies under this Lease Agreementthings would be likely to result therefrom, including the right to recover the rent as it becomes due hereunderincluding, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be liable for all damages sustained by Lessor, including but not limited to to, any deficiency costs or expenses incurred by Lessor in Rent for maintaining or preserving the duration Premises after such default, the cost of recovering possession of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any terminationPremises, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing reletting, including necessary renovation or alteration of the Common Improvements Premises, Lessor's reasonable attorneys' fees incurred in first class rentable conditionconnection therewith, and any real estate commission paid or payable. As used in subparts "(i).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreement, or from pursuing any other remedy available to Lessor at law or in equity." and "
Appears in 1 contract
Lessor’s Remedies. Subject to any conflicting provisions of the DBOF Agreement relating to the rights of the Matanuska-Susitna Borough with respect to the Facility, which provisions, if any, shall take precedence with respect to the Facility: In the event Lessee is in of any default pursuant to the conditions set forth in Section 15.01 aboveunder this Lease by Lessee, Lessor, during in addition to the continuation of such defaultother rights or remedies it may have, shall have the option immediate right of pursuing either re-entry and may remove all persons and property from the Premises. The property may be removed and stored in a public warehouse or elsewhere at the cost and for the account of the following remedies:
(a) Lessee. Should Lessor elect to re-enter, as provided in this Lease, or should it take possession pursuant to legal proceedings or pursuant to any notice provided for by law, Lessor may either terminate this Lease Agreement, in which event Lessee immediately shall surrender possession of the Demised Premises. All obligations of Lessee under the Lease Agreement, including Lessee’s obligation or it may from time to pay rent under the Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation to pay rent due and outstanding as of the date of termination.
(b) Lessortime, without terminating this Lease, re-let the Lease AgreementPremises or any part of the Premises for such term or terms (which may be for a term extending beyond the term of this Lease) and at such rental or rentals and on such other terms and conditions as Lessor, in its sole discretion, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises to minimize Lessor’s damages. In the event Lessee shall fail to remove all property within thirty (30) days after said demand, Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreementdeem advisable, including the right to recover make alterations and repairs to the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to Premises. On each re-let the Common Improvements and to mitigate its damages under the Lease Agreement.
letting, (ca) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent and upon such terms as Lessor is able to obtain (which may be for lower or higher rent, and for a shorter or longer term), and Lessee shall be immediately liable for all damages sustained to pay to Lessor, in addition to any indebtedness other than rent due under this Lease, the expenses of re-letting and of making such alterations and repairs, incurred by Lessor, including but not limited to any deficiency and the amount, if any, by which the rent reserved in Rent for the duration of the this Lease Term (or for the period of time which would have remained in re-letting (up to but not beyond the Lease Term in term of this lease) exceeds the absence amount agreed to be paid as rent for the Premises for the period on re-letting; and (b) at the option of Lessor, rents received by Lessor from re-letting shall be applied, first, to the payment of any termination, leasing fees, attorneys’ feesindebtedness, other marketing and collection costs and all than rent due under this Lease from Lessee to Lessor; second, to the payment of any expenses of placing re-letting and of making alterations and repairs; third, to the Common Improvements payment of rent due and unpaid under this Lease, and the residue, if any, shall be held by Lessor and applied in first class rentable conditionpayment of future rent as it may become due and payable under this Lease. If Lessee has been credited with any rent to be received by re-letting under (a).
, above , and the rent was not promptly paid to Lessor by the new tenant, or if the rentals received from the re-letting under (d) Nothing contained herein diminishes b), above, during any right Lessor may have under South Carolina law month is less than that to xxx Lessee for damages in the event of any default be paid during that month by Lessee under this Lease, Lessee shall pay any deficiency to Lessor. The deficiency shall be calculated and paid monthly. No re-entry or taking possession of the Premises by Lessor shall be construed as an election: on the part of Lessor to terminate this Lease Agreementunless a written notice of such intention is given to Lessee or unless the termination of this Lease is decreed by a court of competent jurisdiction. In spite of any re-letting without termination, or from pursuing Lessor may at any time thereafter elect to terminate this Lease for such previous breach. Should Lessor at any time terminate this Lease for any breach, in addition to any other remedy available it may have, Lessor may recover from Lessee all damages incurred by reason of the breach, including the cost of recovering the Premises, and including the worth at the time of termination of the excess, if any, of the amount of rent and charges equivalent to rent reserved in this lease for the remainder of the stated term over the then reasonable rental value of the Premises for the remainder of the stated term, all of which amounts shall be immediately due and payable from Lessee to Lessor at law or in equity.
Appears in 1 contract
Samples: Ground Lease
Lessor’s Remedies. In the event Lessee is in default pursuant to the conditions set forth in Section 15.01 aboveIf any Event of Default occurs, Lessor, during the continuation of such default, Lessor shall have the right, at the option of pursuing either of the following remedies:
(a) Lessor may Lessor, to terminate this Lease Agreementupon three (3) days written notice to Lessee, in which event Lessee immediately shall surrender and thereupon to re-enter and take possession of the Demised Premises. All obligations If any Event of Lessee under Default occurs, Lessor shall further have the Lease Agreementright, including Lessee’s obligation at its option, from time to pay rent under the Lease Agreement, shall cease upon the date of termination except for Lessee’s obligation to pay rent due and outstanding as of the date of termination.
(b) Lessortime, without terminating the Lease Agreementthis Lease, may require Lessee to remove all property from the Common Improvements within thirty (30) days so that Lessor may re-enter and relet the premises Premises, or any part thereof, 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 minimize the expenses of such re-letting and collection including, but not limited to, necessary renovation and alterations of the Premises, reasonable attorneys' fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due to 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 damages. In the event 's option, Lessee shall fail pay Lessor any deficiency immediately upon demand therefor, and Lessor may bring an action therefor as such deficiency shall arise, or (ii) at Lessor's option, the present value of the entire deficiency, which is subject to ascertainment for the remaining Term of this Lease, less the amount Lessee proves could have been reasonably avoided by Lessor, shall be immediately due and payable by Lessee. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of the Premises in excess of the Rent provided in this Lease. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right in accordance with applicable law to remove all property within thirty (30) days after said demand, Lessor shall be entitled to remove Lessee’s property to a storage facility, and all reasonable costs of such removal and storage shall be deemed additional rent under the Lease Agreement for which Lessee is responsible for payment. Lessor may enforce all of its rights and remedies under this Lease Agreement, including the right to recover the rent as it becomes due hereunder, provided that Lessor shall have an affirmative obligation to use Lessor’s best efforts to re-let the Common Improvements and to mitigate its damages under the Lease Agreement.
(c) If this Lease Agreement is terminated as set forth, Lessor may relet the Common Improvements (or any portion thereof) for such rent part of Lessee's property from the Premises and upon such terms as Lessor is able to obtain (which any property removed may be for lower stored in any public warehouse or higher rentelsewhere at the cost of, and for a shorter or longer term)the account of, Lessee, and Lessee Lessor shall not be liable for all damages sustained by Lessor, including but not limited to any deficiency in Rent for the duration of the Lease Term (or for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys’ fees, other marketing and collection costs and all expenses of placing the Common Improvements in first class rentable condition).
(d) Nothing contained herein diminishes any right Lessor may have under South Carolina law to xxx Lessee for damages in the event of any default by Lessee under this Lease Agreement, or from pursuing any other remedy available to Lessor at law or in equity.responsible for
Appears in 1 contract
Samples: Lease (Metrika Systems Corp)