Lessor’s Remedies. Upon Lessee's default, Lessee shall be liable for, and shall pay Lessor upon demand, the 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 would have paid had the Lease gone to full term (less a deduction for the time value of such payments computed in accordance with the simple interest method); plus (3) the Residual Value as set forth in the Schedule(s) (less a deduction for the time value of such payments computed in accordance with the simple interest method); plus (4) an amount equal to one monthly Lease payment; plus (5) any and all commissions, fees or other amounts paid by Lessor as consideration for the assignment of this Lease (collectively, the "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 be extinguished upon Lessee's default. If Lessor obtains possession of the Equipment following Lessee's default, Lessor shall dispose of the Equipment by public or private sale in the wholesale or retail market, and such disposition may be with or without notice to Lessee. Lessor may advertise and 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 in conformity with reasonable commercial practice among dealers of the type 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 assess, and Lessee will be liable for, interest on the total amounts Lessee may owe to Lessor from time to time by reason of 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 in favor of Lessor upon default shall not be exclusive, but shall be cumulative and in addition to any other remedies available to Lessor, whether existing in law, equity or bankruptcy. Further, upon any event of default, Lessee authorizes Lessor to notify anyone using the Equipment to pay Lessor directly for any of Lessee's obligations. 13.
Appears in 1 contract
Samples: Lease Agreement (Covenant Transportation Group Inc)
Lessor’s Remedies. Upon If any Event of Default occurs, Lessor shall have the right, at the option of Lessor, to terminate this Lease upon three (3) days written notice to Lessee, and thereupon to re-enter and take possession of the Premises. If any Event of Default occurs, Lessor shall further have the right, at its option, from time to time, without terminating this Lease, to re-enter and relet the 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 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 defaultoption, Lessee shall be liable forpay Lessor any deficiency immediately upon demand therefor, and Lessor may bring an action therefor as such deficiency shall pay Lessor upon demandarise, or (ii) at Lessor's option, the sum present value of the following as liquidated damages: (1) any Lease payments or other amounts 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 owing as 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 xxxx of default; plus (2) the balance Premises in excess of the Lease payments Lessee would Rent provided in this Lease. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have paid had the Lease gone to full term (less a deduction for the time value of such payments computed in accordance with the simple interest method); plus (3) the Residual Value as set forth in the Schedule(s) (less a deduction for the time value of such payments computed in accordance with the simple interest method); plus (4) an amount equal to one monthly Lease payment; plus (5) any and all commissions, fees or other amounts paid by Lessor as consideration for the assignment of this Lease (collectively, the "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, right in accordance with applicable law. Lessee further agrees that law to remove all or any and all rights or interests Lessee may have in the Equipment shall be extinguished upon Lessee's default. If Lessor obtains possession of the Equipment following Lessee's default, Lessor shall dispose of the Equipment by public or private sale in the wholesale or retail market, and such disposition may be with or without notice to Lessee. Lessor may advertise and 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 in conformity with reasonable commercial practice among dealers of the type 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 assess, and Lessee will be liable for, interest on the total amounts Lessee may owe to Lessor from time to time by reason part of Lessee's default property from the Premises and any property removed may be stored in any public warehouse or elsewhere at the rate of eighteen percent (18%) per annumcost of, unless a lower rate is required by applicable lawand for the account of, in which case that rate shall applyLessee, both before and after judgment. Lessee understands and agrees that the remedies provided under this Lease in favor of Lessor upon default shall not be exclusive, but shall be cumulative and in addition to any other remedies available to Lessor, whether existing in law, equity or bankruptcy. Further, upon any event of default, Lessee authorizes Lessor to notify anyone using the Equipment to pay Lessor directly for any of Lessee's obligations. 13.responsible for
Appears in 1 contract
Samples: Lease (Metrika Systems Corp)
Lessor’s Remedies. Upon Lessee's defaultIf a default by Lessee occurs, Lessee Lessor shall be liable for, and shall pay Lessor upon demand, the sum entitled to do any one or more of the following as liquidated damagesat Lessor's option: (1a) terminate this Lease, in which event Lessee shall immediately surrender possession of the Premises to Lessor, or without terminating this Lease, terminate Lessee's right to possession of the Premises, and in either case, reenter, take possession of, and change the locks on the doors of the Premises (and 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 (and in that event Lessee shall reimburse Lessor on demand for any Lease payments or other amounts due expenditures by Lessor in effecting compliance with Lessee's obligations under this Lease); (c) if Lessor has terminated this Lease, recover all rent owing and owing unpaid as of the xxxx date of default; termination plus (2) damages measured by the difference in the rental value of the Premises if this Lease had been fully performed for the balance of the Lease payments Lessee would have paid had term and the Lease gone to full term (less a deduction for the time rental value of such payments computed in accordance with the simple interest methodPremises following the default (taking into account probable remodeling, lease commission, allowance, inducement, and other costs of reletting); plus (3d) the Residual Value as set forth in the Schedule(s) (less a deduction for the time value of such payments computed in accordance with the simple interest method); plus (4) an amount equal to one monthly Lease payment; plus (5) any and all commissions, fees or other amounts paid by if Lessor as consideration for the assignment of has not terminated this Lease (collectively, the "Default Liability"). In the event of whether or not Lessor has terminated Lessee's default, Lessee agrees right 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 foundPremises or actually retaken possession), whether on Lessee's premises recover (in one or elsewhere, in accordance with applicable law. Lessee further agrees that any and all rights or interests Lessee may have in the Equipment shall be extinguished upon Lessee's default. If Lessor obtains possession of the Equipment following Lessee's default, Lessor shall dispose of the Equipment by public or private sale in the wholesale or retail market, and such disposition may be with or without notice to Lessee. Lessor may advertise and 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 in conformity with reasonable commercial practice among dealers of the type 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 assess, and Lessee will be liable for, interest on the total amounts Lessee may owe to Lessor more suits from time to time by reason 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 damages incidental to Lessee's default; (f) terminate all of 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 in favor of Lessor upon default shall not be exclusive, but shall be cumulative and in addition rights to any other remedies available to Lessorallowances or under any renewal, whether existing in lawextension, equity or bankruptcy. Furtherexpansion, upon any event of default, Lessee authorizes Lessor to notify anyone using the Equipment to pay Lessor directly for any of Lessee's obligations. 13.refusal,
Appears in 1 contract
Samples: Office Lease Agreement (Zix Corp)
Lessor’s Remedies. Upon Lessee's default, Lessee shall be liable for, and shall pay Lessor upon demand, the 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 would have paid had the Lease gone to full term (less a deduction for the time value of such payments computed in accordance with the simple interest method); plus (3) the Residual Value as set forth in the Schedule(s) (less a deduction for the time value of such payments computed in accordance with the simple interest method); plus (4) an amount equal to one monthly Lease payment; plus (5) any and all commissions, fees or other amounts paid by Lessor as consideration for the assignment of this Lease (collectively, the "Default Liability"). In the event of Lessee Default, including Lessee's default’s abandonment or vacating the Premises, Lessee agrees Lessor shall have the right, in addition to surrender all other rights and remedies provided by the Equipment law, to Lessor at such location as Lessor may designateterminate this Lease, and/or to re-enter and agrees that Lessor may lake take possession of the Equipment wherever Premises, peaceably or by force, and/or to change the same may be foundlocks thereto and to remove any property and merchandise therein, whether on without liability to Lessee for damage arising therefrom and without obligation to Lessee to store any merchandise and property. Any costs of removal and storage of Lessee's premises fixtures, inventory, equipment or elsewhereany other personal property shall be the expense of Lessee and shall be added to all sums owed by Lessee to Lessor. Further, Lessor is under no obligation to Lessee, after default or abandonment, to relet the Premises in the name of Lessee or for the benefit of the Lessor. Lessor may, at its option and without subsequent notice to Lessee, re-let the Premises for such term and on such covenants and purposes as Lessor, in accordance with applicable lawits sole discretion, may determine are in the best interest of the Lessor. Lessor may collect and receive all rents derived therefrom and apply the same, after deduction of appropriate expenses, to the payment of the rent overdue and payable hereunder from the Lessee in default. Lessee further agrees that in default shall remain liable for any and all rights deficiency. Further, Lessor shall not be responsible for or interests Lessee may have in liable for any failure to re-let the Equipment shall be extinguished upon Lessee's defaultPremises or any part hereof, or for any failure to collect any rent connected therewith. If Lessor obtains The Lessor’s recovery of possession of the Equipment following Lessee's default, Lessor Premises by any means shall dispose not relieve the Lessee of its obligation to pay rent and adjustments through the term of the Equipment by public or private sale Lease, including any extensions in the wholesale or retail market, and such disposition may be with or without notice to Lessee. Lessor may advertise and 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 in conformity with reasonable commercial practice among dealers of the type 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 assess, and Lessee will be liable for, interest on the total amounts Lessee may owe to Lessor from time to time by reason of Lessee's default effect at the rate time of eighteen percent (18%) per annum, unless a lower rate is required by applicable law, in default under which case that rate shall apply, both before and after judgment. Lessee understands and agrees that then occupies the remedies provided under this Lease in favor of Lessor upon default shall not be exclusive, but shall be cumulative and in addition to any other remedies available to Lessor, whether existing in law, equity or bankruptcy. Further, upon any event of default, Lessee authorizes Lessor to notify anyone using the Equipment to pay Lessor directly for any of Lessee's obligations. 13Premises.
Appears in 1 contract
Samples: Lease Agreement
Lessor’s Remedies. Upon default by the Lessee's default, Lessee shall be liable for, and shall pay Lessor upon demand, the sum each 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 would have paid had the Lease gone to full term (less a deduction for the time value of such payments computed in accordance with the simple interest method); plus (3) the Residual Value as set forth in the Schedule(s) (less a deduction for the time value of such payments computed in accordance with the simple interest method); plus (4) an amount equal to one monthly Lease payment; plus (5) any and all commissions, fees or other amounts paid by Lessor as consideration for the assignment of this Lease (collectively, the "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 remedies shall be extinguished upon Lessee's default. If Lessor obtains possession of the Equipment following Lessee's default, Lessor shall dispose of the Equipment by public or private sale in the wholesale or retail market, and such disposition may be with or without notice to Lessee. Lessor may advertise and sell repossessed Equipment through xxx.xxxxxxxxxxxxxxxxxx.xxx or other internet websites through which equipment or motor vehicles similar accrue immediately to the Equipment is sold and such disposition shall be deemed in conformity with reasonable commercial practice among dealers of the type of property that was the subject of the disposition. Following any such saleLessor, 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 assess, and Lessee will be liable for, interest on the total amounts Lessee may owe to Lessor from time to time by reason of 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 in favor of Lessor upon default shall not be exclusive, but shall be cumulative and 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. 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 xxx the Lessee to recover any unpaid amounts payable hereunder but other remedies shall not merge in any judgment obtained, whether existing in law, equity or bankruptcyRepossession - If requested to do so by the Lessor. Further, upon any event The Lessee shall surrender possession of default, Lessee authorizes Lessor to notify anyone using the Equipment to the Lessor and if the Lessee fails to do so the Lessor may recover possession of the Equipment by process of [YOUR COUNTRY LAW]. The Lessee hereby releases the 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 that effect, Sale or Re-lease - After repossessing the Equipment, the Lessor may sell or re-lease the Equipment publicly or privately to such person, in such manner and upon such terms as the Lessor deems in the best interest of [COMPANY NAME]. Redemption - The Lessee may cure its default at any tie prior to 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 (hereby expressly authorized), all reasonable legal costs and 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 payable forthwith by the Lessee to the Lessor. If the Lessee does not pay such deficiency, the Lessor directly may xxx for any of Lessee's obligations. 13its.
Appears in 1 contract
Samples: Equipment Lease Agreement
Lessor’s Remedies. Upon If any event set forth in Section 10.2 hereof shall occur, Lessor, in addition to any other rights or remedies it may have by statute or otherwise, including the right to take no action other than to sue for damages or rental in default, shall have the 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 and for the account of 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 or may attempt to relet the Leased Premises or any part thereof, including any buildings, improvements or personal property of Lessee located thereon, for the account of Lessee for such term or terms (which may be for a term extending beyond the term of this Lease) and at such rental or rentals 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 defaultexpense 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, for and shall pay Lessor upon demandto Lessor, the 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 would have paid had the Lease gone to full term (less a deduction for the time value of such payments computed in accordance with the simple interest method); plus (3) the Residual Value as set forth in the Schedule(s) (less a deduction for the time value of such payments computed in accordance with the simple interest method); plus (4) an amount equal to one monthly Lease payment; plus (5) any and all commissions, fees or other amounts paid by Lessor as consideration for the assignment of this Lease (collectively, the "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 be extinguished upon Lessee's default. If Lessor obtains possession of the Equipment following Lessee's default, Lessor shall dispose of the Equipment by public or private sale in the wholesale or retail market, and such disposition may be with or without notice to Lessee. Lessor may advertise and 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 in conformity with reasonable commercial practice among dealers of the type 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 assess, and Lessee will be liable for, interest on the total amounts Lessee may owe to Lessor from time to time by reason of 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 in favor of Lessor upon default shall not be exclusive, but shall be cumulative additional rent and in addition to any other remedies available 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 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 (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 Lessor may incur by reason of such default, including the cost of recovering the Leased Premises (including attorney's fees, court costs, and storage charges), the amount of rental payments then in 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 remainder of the stated term over the then reasonable rental value of the Leased Premises for the remainder of the stated term, and any other amount necessary to compensate Lessor for all the detriment proximately caused by Lessee's failure to perform his obligations under this Lease or which in the ordinary course of events would be likely to result therefrom, all of which amounts shall be immediately due and payable from 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, whether existing for any deficiency in lawrent received by Lessor upon reletting, equity or bankruptcyfor 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. Further, upon any event of defaultIn addition, Lessee authorizes shall be liable for all charges incurred or to be incurred by Lessor during such period for all costs and expenses required to notify anyone using be borne by Lessee hereunder, which charges may be estimated by Lessor on the Equipment to pay Lessor directly for 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 obligationsactual 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. 13Such 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. Upon Lessee's the occurrence of any one or more of such events of default, Lessor may terminate this Lease. Upon termination of this Lease, 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 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 recover as liquidated damages and not as a penalty a sum of money equal to the value of the rent and other sums provided herein to be paid by Lessee to Lessor for the remainder of the Lease term. Upon the happening of any one or more of the above-mentioned 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 all or any 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 may decorate or make any repairs, changes, alterations or additions in or to the Leased Premises that may be necessary or convenient If Lessor does not relet the Leased Premises, Lessee shall not be liable forobligated to pay any further amounts to Lessor, and and, as its sole remedy, Lessor shall pay Lessor upon demand, the sum of the following as liquidated damages: (1) be entitled to retain any Lease payments or other amounts due and owing as of the xxxx of default; plus (2) the balance of the Lease payments Lessee would have paid had the Lease gone to full term (less a deduction for the time value of such payments computed in accordance with the simple interest method); plus (3) the Residual Value as set forth in the Schedule(s) (less a deduction for the time value of such payments computed in accordance with the simple interest method); plus (4) an amount equal to one monthly Lease payment; plus (5) any and all commissions, fees rent or other amounts paid by Lessor in advance as consideration for liquidated damages if the assignment default occurs during the initial term of this Lease (collectivelyLease. If the default occurs during any holdover period, rent shall continue to be due and payable pursuant to Section 18.3. If the "Default Liability"). In the event of Lessee's defaultLeased Premises are relet, Lessee agrees to surrender the Equipment to Lessor at then any sums realized from such location as Lessor may designatereletting, and agrees that Lessor may lake possession after paying all of the Equipment wherever reasonable expenses of such reletting and the same may be foundcollection of the rent accruing therefrom (including, whether on Lessee's premises or elsewherebut not by way of limitation, in accordance with applicable law. Lessee further agrees that any redecorations, repairs, changes, alterations, additions, attorneys' fees and all rights or interests Lessee may have in brokers' commissions), up to the Equipment amount of prepaid rent held by Lessor, shall be extinguished upon Lessee's default. If Lessor obtains possession of the Equipment following Lessee's default, Lessor shall dispose of the Equipment by public or private sale in the wholesale or retail market, and such disposition may be with or without notice paid to Lessee. Lessor may advertise If default shall be made in any covenant, agreement, condition or undertaking herein contained to be kept, observed and sell repossessed Equipment through xxx.xxxxxxxxxxxxxxxxxx.xxx or performed by Lessee, other internet websites through than the making of any payments as herein provided which equipment or motor vehicles similar cannot with due diligence be cured within a period of thirty (30) days, and if notice thereof in writing shall have been given to Lessee, and if Lessee, prior to the Equipment is sold expiration of thirty (30) days from and after the giving of such disposition shall be deemed in conformity notice, commences to eliminate the cause of such default and proceeds diligently and with reasonable commercial practice among dealers of the type of property that was the subject of the disposition. Following any dispatch to take all steps and do all work required to cure such saledefault and does so cure such default, then Lessor shall deduct from not have the Default Liability right to declare 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 assess, and Lessee will be liable for, interest on the total amounts Lessee may owe to Lessor from time to time term ended by reason of Lessee's such default at or to repossess without terminating the rate of eighteen percent (18%) per annumLease, 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 provided that the remedies provided under this Lease curing of any default in favor of Lessor upon default such manner shall not be exclusiveconstrued to limit or restrict the right of Lessor to declare the term ended or to repossess without terminating the Lease, but shall be cumulative and in addition to enforce all of its rights and remedies hereunder for any other remedies available to Lessor, whether existing in law, equity or bankruptcy. Further, upon any event of default, Lessee authorizes Lessor to notify anyone using the Equipment to pay Lessor directly for any of Lessee's obligations. 13default not so cured.
Appears in 1 contract
Samples: Non Competition Agreement (Diagnostic Retrieval Systems Inc)
Lessor’s Remedies. Upon Lessee's default, Lessee shall be liable for, and shall pay Lessor upon demand, the 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 would have paid had the Lease gone to full term (less a deduction for the time value of such payments computed in accordance with the simple interest method); plus (3) the Residual Value as set forth in the Schedule(s) (less a deduction for the time value of such payments computed in accordance with the simple interest method); plus (4) an amount equal to one monthly Lease payment; plus (5) any and all commissions, fees or other amounts paid by Lessor as consideration for the assignment of this Lease (collectively, the "Default Liability"). In the event of Lessee's defaultsuch default described above, Lessor shall have no further obligation to lease vehicles to Lessee and, at the option of Lessor, all rights of Lessee hereunder and in and to the Vehicles shall forthwith terminate. Upon such termination Lessee agrees that Lessor may, without notice to surrender the Equipment Lessee, either take possession of any or all Vehicles (with or without legal process) or require Lessee to return all Vehicles forthwith to Lessor at such location as Lessor may shall designate, . Lessee authorizes Lessor and agrees that Lessor may lake possession of Lessor's agents to enter any premises where the Equipment wherever the same Vehicles 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 found for the Equipment shall be extinguished upon Lessee's defaultpurpose of repossessing the same. If Lessor obtains retakes possession of any of the Equipment following Vehicles and at the time of such retaking there shall be in, upon, or attached to the Vehicles any property, goods, or things of value belonging to Lessee or in the custody or control of Lessee's default, Lessor shall dispose is hereby authorized to take possession of the Equipment by public or private sale in the wholesale or retail marketsuch property, goods, and things of value and hold the same for Lessee or to place such disposition may be with property, goods, or without notice to things of value in public storage for the account of, and the expense of, Lessee. Lessor may advertise at its option (i) sell any or all of the Vehicles which are returned or repossessed pursuant to this Section and sell repossessed Equipment through xxx.xxxxxxxxxxxxxxxxxx.xxx hold Lessee liable for Adjusted Rental as provided in Section 9, or (ii) lease any or all of the Vehicles to a person other internet websites through which equipment or motor vehicles similar than Lessee for such term and such rental as Lessor may elect in its sole discretion, and apply the proceeds of such lease, after first deducting all costs and expenses relating to the Equipment is sold termination of this Lease and such disposition shall be deemed in conformity with reasonable commercial practice among dealers the retaking of the type Vehicles, to Lessee's obligations hereunder; provided, however, that Lessee shall pay to Lessor immediately upon demand, as liquidated damages for loss of property that was bargain and not as a penalty, a sum with respect to each such Vehicle which represents the subject excess of the disposition. Following any present value at the time of termination of all Monthly Rentals which would otherwise have accrued hereunder to the end of the Maximum Term for such saleVehicle over the present value of the aggregate of the rentals to be paid for such Vehicle by such third party for such period (such present values to be computed in each case on the basis of a discount factor equal to the Prime Rate in effect on the date this Lease is terminated by Lessor, Lessor shall deduct from the Default Liability respective dates upon which such Monthly Rentals would have been payable hereunder had this Lease not been terminated). In addition to the other remedies set forth herein, if any Vehicle is not returned to Lessor, or if Lessor is prevented from taking possession thereof, Lessee shall pay to Lessor immediately upon demand Adjusted Rental as provided in Section 9, as if such Vehicle had been sold on the date this Lease was terminated, and the amount of any net sale proceeds obtained upon disposition of therefor were zero. As used herein, the Equipment, less any costs or expenses incurred by Lessor in connection with Prime Rate shall mean the repossession, storage, restoration and/or disposition of the Equipment. Lessor may assess, and Lessee will be liable for, interest on the total amounts Lessee may owe to Lessor Prime Rate as published from time to time in the Money Rates section of The Wall Street Journal as the base rate on corporate loans. If more that one Prime Rate or a range of rates is published, the Prime Rate will be the highest of the published rates. In the event the Prime Rate as published in The Wall Street Journal ceases to exist or The Wall Street Journal ceases publishing a Prime Rate, CITICAPITAL will substitute a comparable index which is outside the control of CITICAPITAL. In the event of an error by reason The Wall Street Journal, the Prime Rate will be based upon the Prime Rate as corrected. Lessor may sell any Vehicle without giving any warranties as to the Vehicle. Lessor may disclaim any warranties of Lessee's default at title, possession, quiet enjoyment, or 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 judgmentlike. Lessee understands and agrees that the remedies provided under this Lease in favor of Lessor upon default shall This procedure will not be exclusive, but shall be cumulative and in addition considered to adversely affect the commercial reasonableness of any other remedies available to Lessor, whether existing in law, equity or bankruptcy. Further, upon any event sale of default, Lessee authorizes Lessor to notify anyone using the Equipment to pay Lessor directly for any of Lessee's obligations. 13Vehicle.
Appears in 1 contract
Lessor’s Remedies. Upon Lessee's default, Lessee shall be liable for, and shall pay Lessor upon demand, the 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 would have paid had the Lease gone to full term (less a deduction for the time value of such payments computed in accordance with the simple interest method); plus (3) the Residual Value as set forth in the Schedule(s) (less a deduction for the time value of such payments computed in accordance with the simple interest method); plus (4) an amount equal to one monthly Lease payment; plus (5) any and all commissions, fees or other amounts paid by Lessor as consideration for the assignment of this Lease (collectively, the "Default Liability"). In the event of Lessee's ’s default, Lessee agrees including Lessee’s abandonment or vacating the Properties, Lessor shall have the right, in addition to surrender all other rights and remedies provided by the Equipment law, to Lessor at such location as Lessor may designateterminate this Lease, and/or to re-enter and agrees that Lessor may lake take possession of the Equipment wherever the same may be foundProperties, whether on peaceably or by force, without liability to Lessee for damage arising therefrom and without obligation to Lessee to store any property. Any costs of removal and storage of Lessee's premises fixtures, inventory, equipment or elsewhereany other personal property shall be the expense of Lessee and shall be added to all sums owed by Lessee to Lessor. Further, Lessor is under no obligation to Lessee, after default or abandonment, to relet the Properties in the name of Lessee or for the benefit of the Lessor. Lessor may, at its option and without subsequent notice to Lessee, re-let the Properties for such term and on such covenants and purposes as Lessor, in accordance with applicable lawits sole discretion, may determine are in the best interest of the Lessor. Lessor may collect and receive all rents derived therefrom and apply the same, after deduction of appropriate expenses, to the payment of the rent overdue and payable hereunder from the Lessee in default. The Lessee in default shall remain liable for any deficiency. Further, Lessor shall not be responsible for or liable for any failure to re-let the Properties or any part hereof, or for any failure to collect any rent connected therewith. The Lessor’s recovery of possession of the Properties by any means shall not relieve the Lessee of its obligation to pay Base Rent, Additional Rent or Additional Rent Adjustments through the term of the Lease, including any extensions in effect at the time of default under which Lessee then occupies the Properties. Acceptance by Lessor of delinquent rent from Lessee after Lessee default shall not cure such default or entitle Lessee to possession of the Properties. Lessee further agrees that hereby expressly waives any and all rights of redemption, if any, granted by and under any present or interests Lessee may have future law, in the Equipment event that Lessee shall be extinguished upon Lessee's default. If evicted or dispossessed for any cause in default or in the event that the Lessor obtains possession of the Equipment following Lessee's default, Lessor shall dispose Properties by virtue of the Equipment remedies outlined in this Lease, or otherwise. The receipt by public Lessor or private sale in its agents of rent with knowledge of the wholesale or retail marketbreach of any covenant hereof shall not be deemed a waiver of such breach, and such disposition may be with or without notice to Lessee. no waiver by Lessor may advertise and 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 of any covenant hereof shall be deemed in conformity with reasonable commercial practice among dealers to have been agreed upon, unless explicitly reduced to written agreement and signed by Lessor and Lessee. All remedies of the type 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 assess, and Lessee will be liable for, interest on the total amounts Lessee may owe to Lessor from time to time by reason of 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 in favor of Lessor upon default shall not be exclusive, but shall be cumulative and in addition to any other remedies available to Lessor, whether existing in law, equity or bankruptcy. Further, upon any event of default, Lessee authorizes Lessor to notify anyone using the Equipment to pay Lessor directly for any of Lessee's obligations. 13cumulative.
Appears in 1 contract
Samples: Lease Agreement
Lessor’s Remedies. Upon Lessee's default, Lessee shall be liable for, and shall pay Lessor upon demand, the sum Subject to any conflicting provisions of the following as liquidated damages: (1) any Lease payments or other amounts due and owing as DBOF Agreement relating to the rights of the xxxx of default; plus (2) Matanuska-Susitna Borough with respect to the balance of Facility, which provisions, if any, shall take precedence with respect to the Lease payments Lessee would have paid had the Lease gone to full term (less a deduction for the time value of such payments computed in accordance with the simple interest method); plus (3) the Residual Value as set forth in the Schedule(s) (less a deduction for the time value of such payments computed in accordance with the simple interest method); plus (4) an amount equal to one monthly Lease payment; plus (5) any and all commissions, fees or other amounts paid by Lessor as consideration for the assignment of this Lease (collectively, the "Default Liability"). Facility: In the event of any default under this Lease by Lessee's default, Lessor, in addition to the other rights or remedies it may have, shall have the immediate right of 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 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 or it may from time to time, without terminating this Lease, re-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 Lease) and at such rental or rentals and on such other terms and conditions as Lessor, in its sole discretion, may deem advisable, including the right to make alterations and repairs to the Premises. On each re-letting, (a) Lessee shall be immediately liable 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, and the amount, if any, by which the rent reserved in this Lease for the period of re-letting (up to but not beyond the term of this lease) exceeds the 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 indebtedness, other than rent due under this Lease from Lessee to Lessor; second, to the payment of any expenses of re-letting and of making alterations and repairs; third, to the payment of rent due and unpaid under this Lease, and the residue, if any, shall be held by Lessor and applied in payment 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 (b), above, during any month is less than that to be paid during that month by Lessee under this Lease, Lessee agrees shall pay any deficiency to surrender the Equipment to Lessor at such location as Lessor may designate, Lessor. The deficiency shall be calculated and agrees that Lessor may lake paid monthly. No re-entry or taking 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 Premises by Lessor shall be extinguished upon Lessee's defaultconstrued as an election: on the part of Lessor to terminate this Lease unless 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. If Lessor obtains possession In spite of the Equipment following Lessee's defaultany re-letting without termination, Lessor shall dispose of the Equipment by public or private sale in the wholesale or retail market, and such disposition may be with or without notice at any time thereafter elect to Lessee. Lessor may advertise and 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 in conformity with reasonable commercial practice among dealers of the type 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 assess, and Lessee will be liable for, interest on the total amounts Lessee may owe to Lessor from time to time by reason of 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 terminate this Lease in favor of for such previous breach. Should Lessor upon default shall not be exclusiveat any time terminate this Lease for any breach, but shall be cumulative and in addition to any other remedies available remedy 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 Lessorrent 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, whether existing in law, equity or bankruptcy. Further, upon any event all of default, which amounts shall be immediately due and payable from Lessee authorizes to Lessor to notify anyone using the Equipment to pay Lessor directly for any of Lessee's obligations. 13.
Appears in 1 contract
Samples: Ground Lease
Lessor’s Remedies. Upon the occurrence of any one or more of such events of default, Lessor may terminate this Lease or Lessee's default’s right to possession. Upon termination of this Lease or Lessee’s right to possession, Lessor may re-enter the leased Premises, with or without process of law, and remove all fixtures 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 recover as liquidated damages and not as a penalty a sum of money equal to the value of the rent and other sums provided herein to be paid by Lessee to Lessor for the remainder of the Lease term. Upon the happening of any one or more of the above-mentioned 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 all or any 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 may decorate or make any repairs, changes, alterations, or additions in or to the leased Premises that may be necessary or convenient. If Lessor does not relet the leased Premises, Lessee shall be liable for, pay to Lessor on demand as liquidated damages and shall pay Lessor upon demand, not as a penalty a sum equal to the sum amount of the following as liquidated damages: (1) any Lease payments or rent and other amounts due and owing as of sums provided herein to be paid by Lessee for the xxxx of default; plus (2) the balance remainder of the Lease payments Lessee would have 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 (including, but not by way of limitation, attorney fees and broker commissions) to satisfy the rent herein provided to be paid had for the remainder of the Lease gone to full term (less a deduction for the time value of such payments computed in accordance with the simple interest method); plus (3) the Residual Value as set forth in the Schedule(s) (less a deduction for the time value of such payments computed in accordance with the simple interest method); plus (4) an amount equal to one monthly Lease payment; plus (5) any and all commissions, fees or other amounts paid by Lessor as consideration for the assignment of this Lease (collectively, the "Default Liability"). In the event of Lessee's defaultterm, Lessee agrees to surrender the Equipment shall pay to Lessor at such location as Lessor may designate, on demand any deficiency and Lessee agrees that Lessor may lake possession file suit to recover any sums falling due under the terms 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 be extinguished upon Lessee's default. If Lessor obtains possession of the Equipment following Lessee's default, Lessor shall dispose of the Equipment by public or private sale in the wholesale or retail market, and such disposition may be with or without notice to Lessee. Lessor may advertise and 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 in conformity with reasonable commercial practice among dealers of the type 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 assess, and Lessee will be liable for, interest on the total amounts Lessee may owe to Lessor this Article from time to time by reason of 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 judgmenttime. Lessee understands and agrees that the remedies provided under this Lease in favor of Lessor upon default shall not be exclusive, but shall be cumulative and in addition to any other remedies available to Lessor, whether existing in law, equity or bankruptcypg. Further, upon any event of default, Lessee authorizes Lessor to notify anyone using the Equipment to pay Lessor directly for any of Lessee's obligations. 13.50
Appears in 1 contract
