Mitigation of Damages. (i) In the event of a default under the Lease, Landlord and Tenant shall each use commercially reasonable efforts to mitigate any damages resulting from a default of the other party under this Lease. (ii) Landlord’s obligation to mitigate damages after a default by Tenant shall be satisfied in full if Landlord undertakes to lease the Premises to another tenant (a “Substitute Tenant”) in accordance with the following criteria: (A) Landlord shall have no obligation to solicit or entertain negotiations with any other prospective tenant for the Premises until Landlord obtains full and complete possession of the Premises including, without limitation, the final and unappealable legal right to relet the Premises free of any claim of Tenant. (B) Landlord shall not be obligated to offer the Premises to a Substitute Tenant when other premises in the Project suitable for that prospective tenant’s use are (or soon will be) available. (C) Landlord shall not be obligated to lease the Premises to a Substitute Tenant for a rental less than the current fair market rental then prevailing for similar space, nor shall Landlord be obligated to enter into a new lease under other terms and conditions that are unacceptable to Landlord under Landlord’s then current leasing policies for comparable space. (D) Landlord shall not be obligated to enter into a lease with any proposed tenant whose use would: a. Disrupt the tenant mix or balance of the Project; b. Violate any restriction, covenant, or requirement contained in the lease of another tenant of the Project; c. Adversely affect the reputation of the Project; or d. Be incompatible with the operation of the Project. (E) Landlord shall not be obligated to enter into a lease with any proposed Substitute Tenant (a “Substitute Lease”) which does not have, in Landlord’s reasonable opinion, sufficient financial resources or operating experience to operate the Premises in a first-class manner. (F) Landlord shall not be required to expend any amount of money to alter, remodel, or otherwise make the Premises suitable for use by a proposed Substitute Tenant unless: a. Tenant pays any such sum to Landlord in advance of Landlord’s execution of a Substitute Lease with such Substitute Tenant (which payment shall not be in lieu of any damages or other sums to which Landlord may be entitled as a result of Tenant’s default under this Lease); or b. Landlord, in Landlord’s sole discretion, determines that any such expenditure is financially justified in connection with entering into any such Substitute Lease. (iii) Upon compliance with the above criteria regarding the releasing of the Premises after a default by Tenant, Landlord shall be deemed to have fully satisfied Landlord’s obligation to mitigate damages under this Lease and under any law or judicial ruling in effect on the date of this Lease or at the time of Tenant’s default, and Tenant waives and releases, to the fullest extent legally permissible, any right to assert in any action by Landlord to enforce the terms of this Lease, any defense, counterclaim, or rights of setoff or recoupment respecting the mitigation of damages by Landlord, unless and to the extent Landlord maliciously or in bad faith fails to act in accordance with the requirements of this Paragraph 12(c). (iv) Tenant’s right to seek damages from Landlord as a result of a default by Landlord under this Lease shall be conditioned on Tenant taking all actions reasonably required, under the circumstances, to minimize any loss or damage to Tenant’s property or business, or to any of Tenant’s officers, employees, agents, invitees, or other third parties that may be caused by any such default of Landlord.
Appears in 3 contracts
Samples: Office Lease (Health Catalyst, Inc.), Office Lease (Health Catalyst, Inc.), Office Lease (CIPHERLOC Corp)
Mitigation of Damages. (i) In the event of a default under the Lease, A. Landlord and Tenant shall each use commercially reasonable efforts Xxxxxx agree to mitigate any damages resulting from a default the following criteria in connection with Landlord's mitigation of the other party under this Lease.
(ii) Landlord’s obligation to mitigate damages after a default by Tenant shall be satisfied in full if Landlord undertakes to lease Xxxxxx and abandonment of the Premises by Tenant under this Lease (such mitigation, being by means of marketing the Premises for lease, to another tenant commence not more than sixty (a “Substitute Tenant”60) in accordance with days after Tenant physically vacates the following criteria:Premises and to continue until the Premises have been relet):
(A) 1. Landlord shall will have no obligation to solicit or entertain negotiations with any other prospective tenant for of the Premises until and unless Landlord obtains full and complete possession of the Premises includingPremises, including without limitation, the final and unappealable non-appealable legal right to relet the Premises free of any claim of Tenant.
(B) 2. Landlord shall will not be obligated to offer the Premises to a Substitute Tenant prospective tenant when other premises in the Project suitable for that prospective tenant’s 's use are (or soon will be) availableavailable in any other premises located at Addison Airport.
(C) 3. Landlord shall will not be obligated have any obligation to lease the Premises to a Substitute Tenant for a any rental less than the current rate then prevailing for similar space at Addison Airport (or if no similar space is available, the current fair market rental then prevailing for similar space, space in comparable buildings in the same market area as the Premises) nor shall Landlord be obligated to enter into a new lease under other any terms and or conditions that are unacceptable to Landlord under Landlord’s then current leasing policies for comparable space.
(D) 4. Landlord shall will not be obligated to enter into any lease with any prospective tenant whose reputation is not acceptable to Landlord, in Xxxxxxxx's sole judgment and opinion.
5. Landlord will not be obligated to enter into a lease with any proposed tenant whose use would:
a. Disrupt the tenant mix or balance of the Project;
b. Violate any restriction, covenant, or requirement contained in the lease of another tenant of the Project;
c. Adversely affect the reputation of the Project; or
d. Be incompatible with the operation of the Project.
prospective tenant: (E) Landlord shall not be obligated to enter into a lease with any proposed Substitute Tenant (a “Substitute Lease”i) which does not have, in Landlord’s reasonable 's sole judgment and opinion, sufficient financial resources or and operating experience to occupy and operate the Premises in a first-first class mannermanner and meet its financial obligations; or (ii) whose proposed use of the Premises is not a permitted use under the terms of this Lease.
(F) 6. Landlord shall will not be required to expend any amount of money to alter, remodel, remodel or otherwise make the Premises suitable for use by a proposed Substitute Tenant unless:
a. Tenant pays any such sum to prospective tenant. If Landlord in advance of Landlord’s execution of a Substitute Lease with such Substitute Tenant (which payment shall not be in lieu of any damages or other sums to which Landlord may be entitled as a result of Tenant’s default under this Lease); or
b. Landlord, in Landlord’s sole discretion, determines that any such expenditure is financially justified in connection with entering into any such Substitute Lease.
(iii) Upon compliance with the above criteria regarding the releasing of makes the Premises after a default by Tenantavailable for reletting under the criteria set forth hereinabove, Landlord shall will be deemed to have fully satisfied Landlord’s 's obligation to mitigate damages under this Lease and under any law Law or judicial ruling in effect on the date of this Lease or at the time of Tenant’s 's default, and Tenant hereby waives and releases, to the fullest extent legally permissible, any right to assert assert, in any action by Landlord to enforce the terms of this Lease, any defense, counterclaim, or rights of setoff or recoupment respecting the mitigation of damages by LandlordLandlord (or alleged failure by Landlord to adequately mitigate its damages), unless and to the extent Landlord maliciously or in bad faith fails to act in accordance with the requirements of this Paragraph. No rent collected from a substitute tenant for any month in excess of the Rent due under the Lease for that month will be credited or offset against unpaid Rent for any other month or any other Breach Damages. Tenant stipulates that the mitigation requirements expressed in this Paragraph 12(c)are objectively reasonable. To the fullest extent permitted by law, Tenant waives any other obligation by Landlord to mitigate its damages after Tenant vacates or abandons the Premises.
(iv) B. Tenant’s 's right to seek damages from Landlord as a result of a default by Landlord under this Lease shall be conditioned on Tenant taking all actions reasonably required, under the circumstances, to minimize any loss or damage to Tenant’s 's property or business, or to any of Tenant’s 's officials, officers, employees, agents, invitees, or other third parties that may be caused by any such default of Landlord.
Appears in 1 contract
Samples: Conventional Hangar Lease
Mitigation of Damages. (i) In the event of a default under the Lease, Both Landlord and Tenant shall each use commercially reasonable efforts to mitigate any damages resulting from a default of the other party under this Lease.
(ii) ; provided that any failure by Landlord to mitigate damages in accordance with the foregoing shall not give rise to any liability of Landlord for breach of this Lease, but shall only serve to reduce the recovery by Landlord by the amount of damages that Tenant proves could reasonably have been avoided. Subject to the foregoing, Landlord’s obligation to mitigate damages after a default by Tenant Default shall be satisfied in full if Landlord undertakes to lease the Premises to another tenant (a “Substitute Tenant”) in accordance with the following criteria:
(A) 20.9.1 Landlord shall have no obligation to solicit or entertain negotiations with any other prospective tenant for the Premises Substitute Tenant until Landlord obtains full and complete possession of the Premises including, without limitation, the final and unappealable legal right to relet the Premises free of any claim of TenantTenant for possession.
(B) 20.9.2 Landlord shall not be obligated to offer the Premises to a Substitute Tenant when other premises in the Project suitable for that prospective tenant’s use are (or soon will be) available.
(C) 20.9.3 Landlord shall not be obligated to lease the Premises to a Substitute Tenant for a rental amount less than the current fair market rental then prevailing for similar spaceuses in comparable buildings in the same market area as the Project, nor shall Landlord be obligated to enter into a new lease under other terms and conditions that are unacceptable to Landlord under Landlord’s then current leasing policies for comparable spacespace in the Project.
(D) 20.9.4 Landlord shall not be obligated to enter into a lease with any proposed tenant Substitute Tenant whose use would:
a. : 1 Disrupt the tenant mix or balance of the Project;
b. Violate any restriction, covenant, or requirement contained in the lease of another tenant of the Project;
c. Adversely affect the reputation of the Project; or
d. Be incompatible with the operation of the Project.
(E) Landlord shall not be obligated to enter into a lease with any proposed Substitute Tenant (a “Substitute Lease”) which does not have, in Landlord’s reasonable opinion, sufficient financial resources or operating experience to operate the Premises in a first-class manner.
(F) Landlord shall not be required to expend any amount of money to alter, remodel, or otherwise make the Premises suitable for use by a proposed Substitute Tenant unless:
a. Tenant pays any such sum to Landlord in advance of Landlord’s execution of a Substitute Lease with such Substitute Tenant (which payment shall not be in lieu of any damages or other sums to which Landlord may be entitled as a result of Tenant’s default under this Lease); or
b. Landlord, in Landlord’s sole discretion, determines that any such expenditure is financially justified in connection with entering into any such Substitute Lease.
(iii) Upon compliance with the above criteria regarding the releasing of the Premises after a default by Tenant, Landlord shall be deemed to have fully satisfied Landlord’s obligation to mitigate damages under this Lease and under any law or judicial ruling in effect on the date of this Lease or at the time of Tenant’s default, and Tenant waives and releases, to the fullest extent legally permissible, any right to assert in any action by Landlord to enforce the terms of this Lease, any defense, counterclaim, or rights of setoff or recoupment respecting the mitigation of damages by Landlord, unless and to the extent Landlord maliciously or in bad faith fails to act in accordance with the requirements of this Paragraph 12(c).
(iv) Tenant’s right to seek damages from Landlord as a result of a default by Landlord under this Lease shall be conditioned on Tenant taking all actions reasonably required, under the circumstances, to minimize any loss or damage to Tenant’s property or business, or to any of Tenant’s officers, employees, agents, invitees, or other third parties that may be caused by any such default of Landlord.
Appears in 1 contract
Mitigation of Damages. (i) In the event of a default under the Lease, Landlord and Tenant shall each use commercially reasonable efforts to mitigate any damages resulting from a default of the other party under this Lease.
(ii) Landlord’s obligation to mitigate damages after a default by Tenant shall be satisfied in full agrees that if Landlord undertakes to lease the Premises to another tenant (a “Substitute Tenant”) in accordance with the following criteria:
(A) Landlord shall have no obligation to solicit or entertain negotiations with any other prospective tenant for the Premises until Landlord obtains full and complete possession of the Premises including, without limitation, the final and unappealable legal right to relet the Premises free of any claim of Tenant.
(B) Landlord shall not be obligated to offer the Premises to a Substitute Tenant when other premises in the Project suitable for that prospective tenant’s use are (or soon will be) available.
(C) Landlord shall not be obligated to lease the Premises to a Substitute Tenant for a rental less than the current fair market rental then prevailing for similar space, nor shall Landlord be obligated to enter into a new lease under other terms and conditions that are unacceptable to Landlord under Landlord’s then current leasing policies for comparable space.
(D) Landlord shall not be obligated to enter into a lease with any proposed tenant whose use would:
a. Disrupt the tenant mix or balance of the Project;
b. Violate any restriction, covenant, or requirement contained in the lease of another tenant of the Project;
c. Adversely affect the reputation of the Project; or
d. Be incompatible with the operation of the Project.
(E) Landlord shall not be obligated to enter into a lease with any proposed Substitute Tenant (a “Substitute Lease”) which does not have, in Landlord’s reasonable opinion, sufficient financial resources or operating experience to operate markets the Premises in a first-class manner.
(F) Landlord shall not be required manner substantially similar to expend any amount of money to alter, remodel, or otherwise make the Premises suitable for use by a proposed Substitute Tenant unless:
a. Tenant pays any such sum to Landlord manner in advance of Landlord’s execution of a Substitute Lease with such Substitute Tenant (which payment shall not be in lieu of any damages or other sums to which Landlord may be entitled as a result of Tenant’s default under this Lease); or
b. Landlordmarkets other space in the Building, in Landlord’s sole discretion, determines that any such expenditure is financially justified in connection with entering into any such Substitute Lease.
(iii) Upon compliance with the above criteria regarding the releasing of the Premises after a default by Tenant, then Landlord shall be deemed to have fully satisfied Landlord’s obligation used commercially reasonable efforts to mitigate damages under this Lease and under any law damages. Tenant shall continue to be liable for all Rent (whether accruing prior to, on or judicial ruling in effect on after the date of termination of this Lease or at the time Tenant's right of Tenant’s default, and Tenant waives and releases, possession and/or pursuant to the fullest extent legally permissibleholdover provisions of Article XX above) and Damages, any right to assert in any action by Landlord to enforce the terms of this Lease, any defense, counterclaim, or rights of setoff or recoupment respecting the mitigation of damages by Landlord, unless and except to the extent that Tenant receives any credit against unpaid Rent under Section 21.2(b) or pleads and proves by clear and convincing evidence that Landlord maliciously or in bad faith fails to act exercise commercially reasonable efforts to mitigate damages to the extent required under this Section 21.3 and that Landlord's failure caused an avoidable and quantifiable increase in accordance with Landlord's damages for unpaid Rent. Without limitation to the requirements foregoing, Landlord shall not be deemed to have failed to mitigate damages, or use efforts required by law to do so, because: (i) Landlord leases other space in the Building which is vacant prior to re-letting the Premises; (ii) Landlord refuses to relet the Premises to any Related Entity of this Paragraph 12(c).
Tenant, or any principal of Tenant, or any Related Entity of such principal; (iii) Landlord refuses to relet the Premises to any person or entity whose creditworthiness is not the same or better than Tenant; (iv) Tenant’s right Landlord refuses to seek damages from Landlord as a result relet the Premises to any person or entity because the use proposed to be made of the Premises by such prospective tenant is not warehouse or general business office use of a default by Landlord type and nature consistent with that of the other tenants in the portions of the Building leased or held for lease for warehouse and general business office purposes as of the date Tenant defaults under this Lease shall be conditioned on Tenant taking all actions reasonably required(by way of illustration, under the circumstancesbut not limitation, to minimize any loss manufacturing facilities, government offices, consular offices, doctor's offices or damage to Tenant’s property medical or businessdental clinics or laboratories, or to any schools would not be uses consistent with that of Tenant’s officers, employees, agents, inviteesother tenants in the Building), or other third parties that may be caused by any such default of use would, in Landlord.'s reasonable judgment, impose unreasonable or excessive demands upon the Building systems, equipment or facilities;
Appears in 1 contract
Mitigation of Damages. Notwithstanding the foregoing, to the extent (ibut no further) In Landlord is required by applicable law to mitigate damages, or is required by law to use efforts to do so, and such requirement cannot be lawfully and effectively waived (it being the event intention of a default under the Lease, Landlord and Tenant shall each use commercially reasonable efforts that Tenant waive and Tenant hereby waives such requirements to mitigate any damages resulting from a default of the other party under this Lease.
(ii) Landlord’s obligation to mitigate damages after a default maximum extent permitted by applicable law), Tenant shall be satisfied in full agrees that if Landlord undertakes to lease the Premises to another tenant (a “Substitute Tenant”) in accordance with the following criteria:
(A) Landlord shall have no obligation to solicit or entertain negotiations with any other prospective tenant for the Premises until Landlord obtains full and complete possession of the Premises including, without limitation, the final and unappealable legal right to relet the Premises free of any claim of Tenant.
(B) Landlord shall not be obligated to offer the Premises to a Substitute Tenant when other premises in the Project suitable for that prospective tenant’s use are (or soon will be) available.
(C) Landlord shall not be obligated to lease the Premises to a Substitute Tenant for a rental less than the current fair market rental then prevailing for similar space, nor shall Landlord be obligated to enter into a new lease under other terms and conditions that are unacceptable to Landlord under Landlord’s then current leasing policies for comparable space.
(D) Landlord shall not be obligated to enter into a lease with any proposed tenant whose use would:
a. Disrupt the tenant mix or balance of the Project;
b. Violate any restriction, covenant, or requirement contained in the lease of another tenant of the Project;
c. Adversely affect the reputation of the Project; or
d. Be incompatible with the operation of the Project.
(E) Landlord shall not be obligated to enter into a lease with any proposed Substitute Tenant (a “Substitute Lease”) which does not have, in Landlord’s reasonable opinion, sufficient financial resources or operating experience to operate markets the Premises in a first-class manner.
(F) Landlord shall not be required manner substantially similar to expend any amount of money to alter, remodel, or otherwise make the Premises suitable for use by a proposed Substitute Tenant unless:
a. Tenant pays any such sum to Landlord manner in advance of Landlord’s execution of a Substitute Lease with such Substitute Tenant (which payment shall not be in lieu of any damages or other sums to which Landlord may be entitled as a result of Tenant’s default under this Lease); or
b. Landlordmarkets other space in the Buildings, in Landlord’s sole discretion, determines that any such expenditure is financially justified in connection with entering into any such Substitute Lease.
(iii) Upon compliance with the above criteria regarding the releasing of the Premises after a default by Tenant, then Landlord shall be deemed to have fully satisfied Landlord’s obligation used commercially reasonable efforts to mitigate damages under this Lease and under any law damages. Tenant shall continue to be liable for all Rent (whether accruing prior to, on or judicial ruling in effect on after the date of termination of this Lease or at the time of Tenant’s default, and Tenant waives and releases, right of possession and/or pursuant to the fullest extent legally permissibleholdover provisions of Section 8.8 below) and Damages, any right to assert in any action by Landlord to enforce the terms of this Lease, any defense, counterclaim, or rights of setoff or recoupment respecting the mitigation of damages by Landlord, unless and except to the extent that Tenant receives any credit against unpaid Rent under Section 8.3(b) or pleads and proves that Landlord maliciously or in bad faith fails to act exercise commercially reasonable efforts to mitigate damages to the extent required under this Section 8.4 and that Landlord’s failure caused an increase in accordance with Landlord’s damages for unpaid Rent. Without limitation to the requirements foregoing, Landlord shall not be deemed to have failed to mitigate damages, or to have failed to use efforts required by law to do so, because: (i) Landlord leases other space in the Buildings which is vacant prior to re-letting the Premises; (ii) Landlord refuses to relet the Premises to any Affiliate of this Paragraph 12(c).
Tenant, or any principal of Tenant, or any Affiliate of such principal; (iii) Landlord refuses to relet the Premises to any person or entity whose creditworthiness is not acceptable to Landlord in the exercise of its reasonable discretion; (iv) TenantLandlord refuses to relet the Premises to any person or entity because the use proposed to be made of the Premises by such prospective tenant would, in Landlord’s right reasonable judgment, impose unreasonable or excessive demands upon the Building systems, equipment or facilities; (v) Landlord refuses to seek damages from Landlord as a result of a default by Landlord under this Lease shall be conditioned on Tenant taking all actions reasonably required, under relet the circumstances, Premises to minimize any loss person or damage to Tenant’s property or businessentity, or to any Affiliate of such person or entity, who has been engaged in litigation with Landlord or any of Tenant’s officersits Affiliates; or (vi) Landlord refuses to relet the Premises because the tenant, employees, agents, inviteesthe proposed use of the Premises by the tenant, or other third parties that may be caused the terms and provisions of the proposed lease are not approved by the holders of any such default of Landlordliens or security interests in the Buildings.
Appears in 1 contract
Samples: Lease Agreement (Bandwidth Inc.)
Mitigation of Damages. (i) In the event of a default under the Lease, Both Landlord and Tenant shall each use commercially reasonable efforts to mitigate any damages resulting from a default of the other party under this Lease.
(ii) ; provided that any failure by Landlord to mitigate damages in accordance with the foregoing shall not give rise to any liability of Landlord for breach of this Lease, but shall only serve to reduce the recovery by Landlord by the amount of damages that Tenant proves could reasonably have been avoided. Subject to the foregoing, Landlord’s obligation to mitigate damages after a default by Tenant Default shall be satisfied in full if Landlord undertakes to lease the Premises to another tenant (a “Substitute Tenant”) in accordance with the following criteria:
(A) 20.9.1. Landlord shall have no obligation to solicit or entertain negotiations with any other prospective tenant for the Premises Substitute Tenant until Landlord obtains full and complete possession of the Premises including, without limitation, the final and unappealable legal right to relet the Premises free of any claim of Tenant.
(B) 20.9.2. Landlord shall not be obligated to offer the Premises to a Substitute Tenant when other premises in the Project suitable for that prospective tenant’s use are (or soon will be) available.
(C) 20.9.3. Landlord shall not be obligated to lease the Premises to a Substitute Tenant for a rental amount less than the greater of (a) the current fair market rental then prevailing for similar spaceuses in comparable buildings in the same market area as the Project, and (b) the rental rate payable under this Lease, nor shall Landlord be obligated to enter into a new lease under other terms and conditions that are unacceptable to Landlord under Landlord’s then current leasing policies for comparable spacespace in the Project.
(D) 20.9.4. Landlord shall not be obligated to enter into a lease with any proposed tenant Substitute Tenant whose use would:
a. Disrupt the tenant mix or balance of the Project;
b. 1. Violate any restriction, covenant, or requirement contained in the lease of another tenant of the ProjectProject or any other agreement to which Landlord is a party;
c. Adversely affect the reputation of the Project; or
d. 2. Be incompatible with the operation of the ProjectProject as a first-class project.
(E) 20.9.5. Landlord shall not be obligated to enter into a lease with any proposed Substitute Tenant (a “Substitute Lease”) which that does not have, in Landlord’s reasonable opinion, sufficient financial resources or operating experience to operate the Premises in a first-class manner.
(F) 20.9.6. Landlord shall not be required to expend any amount of money to alter, remodel, or otherwise make the Premises suitable for use by a proposed Substitute Tenant unless:
a. 1. Tenant pays any such sum to Landlord in advance of Landlord’s execution of a Substitute Lease lease with such Substitute Tenant (which payment shall not be in lieu of any damages or other sums to which Landlord may be entitled as a result of Tenant’s default under this LeaseDefault); or
b. Landlord, in Landlord’s sole discretion, 2. Landlord determines that any such expenditure is financially justified in connection with entering into any such Substitute Leaselease.
(iii) Upon compliance with the above criteria regarding the releasing of the Premises after a default by Tenant, Landlord shall be deemed to have fully satisfied Landlord’s obligation to mitigate damages under this Lease and under any law or judicial ruling in effect on the date of this Lease or at the time of Tenant’s default, and Tenant waives and releases, to the fullest extent legally permissible, any right to assert in any action by Landlord to enforce the terms of this Lease, any defense, counterclaim, or rights of setoff or recoupment respecting the mitigation of damages by Landlord, unless and to the extent Landlord maliciously or in bad faith fails to act in accordance with the requirements of this Paragraph 12(c).
(iv) Tenant’s right to seek damages from Landlord as a result of a default by Landlord under this Lease shall be conditioned on Tenant taking all actions reasonably required, under the circumstances, to minimize any loss or damage to Tenant’s property or business, or to any of Tenant’s officers, employees, agents, invitees, or other third parties that may be caused by any such default of Landlord.
Appears in 1 contract
Mitigation of Damages. (i) In the event of a default under the Lease, Landlord and Tenant shall each use commercially reasonable efforts to mitigate any damages resulting from a default of the other party under this Lease. In the event of an event of default by Tenant, Landlord agrees to exert commercially reasonable efforts to relet the Premises on reasonable terms and conditions as soon as reasonably practicable given market conditions, including without limitation commencing the following measures within thirty (30) days after taking possession of the Premises and thereafter diligently pursuing with dispatch to completion: (A) placing "For Lease” signs with Landlord’s broker’s contact information in easily visible locations on or about the Premises; (B) listing the Premises as part of Landlord's inventory of available space in all standard media locations (including on-line postings) with an appropriate description, photographs and basic lease terms; (C) actively soliciting prospective tenants and showing the Premises within a reasonable time to prospective tenants who request a site visit; and (D) undertaking such other commercially reasonable efforts to lease the Premises as are customary in the local market in which the Premises are located.
(ii) Landlord’s obligation to mitigate damages after a default by Tenant shall be satisfied in full if Landlord undertakes to lease the Premises to another tenant (a “Substitute Tenant”) in accordance with the following criteria:
(A) Landlord shall have no obligation to solicit or entertain negotiations with any other prospective tenant for the Premises until Landlord obtains full and complete terminates this Lease or Tenant’s right of possession of the Premises including, without limitation, the final and unappealable legal right to relet the Premises free of any claim of Tenant(whether or not terminating this Lease) as contemplated above.
(B) Landlord shall not be obligated to offer the Premises to a Substitute Tenant when other premises in the Project suitable for that prospective tenant’s use are (or soon will be) available.
(C) Landlord shall not be obligated to lease the Premises to a Substitute Tenant for a rental less than ninety (90%) of the current fair market rental then prevailing for similar space, nor shall Landlord be obligated to enter into a new lease under other terms and conditions that are unacceptable to Landlord under Landlord’s then current leasing policies for comparable space.
(D) Landlord shall not be obligated to enter into a lease with any proposed tenant whose use would:
a. Disrupt the tenant mix or balance of the Project;
b. Violate any restriction, covenant, or requirement contained in the lease of another tenant of the Project;
c. Adversely affect the reputation of the Project; or
d. Be incompatible with the operation of the Project.
(E) Landlord shall not be obligated to enter into a lease with any proposed Substitute Tenant (a “Substitute Lease”) which does not have, in Landlordhave a tangible net worth which is at least equal to Tenant’s reasonable opinion, sufficient financial resources or operating experience to operate tangible net worth at the Premises in a first-class mannerdate of this Lease.
(F) Landlord shall not be required to expend any amount of money to alter, remodel, or otherwise make the Premises suitable for use by a proposed Substitute Tenant unless:
a. unless Tenant pays any such sum to Landlord in advance of Landlord’s execution of a Substitute Lease with such Substitute Tenant the portion of any such sum derived by multiplying same by a fraction, the numerator of which is the number of months remaining in the then-current Lease Term hereof and the denominator of which is the full period of time to which such expenses relate (which payment shall not be in lieu of any damages or other sums to which Landlord may be entitled as a result of Tenant’s default under this Lease); or
b. Landlord, in Landlord’s sole discretion, determines that any such expenditure is financially justified in connection with entering into any such Substitute Lease.
(iii) Upon compliance with the above criteria regarding the releasing of the Premises after a default by Tenant, Landlord shall be deemed to have fully satisfied Landlord’s obligation to mitigate damages under this Lease and under any law or judicial ruling in effect on the date of this Lease or at the time of Tenant’s default, and Tenant waives and releases, to the fullest extent legally permissible, any right to assert in any action by Landlord to enforce the terms of this Lease, any defense, counterclaim, or rights of setoff or recoupment respecting the mitigation of damages by Landlord, unless and to the extent Landlord maliciously or in bad faith fails to act in accordance with the requirements of this Paragraph 12(c).
(iv) Tenant’s right to seek damages from Landlord as a result of a default by Landlord under this Lease shall be conditioned on Tenant taking all actions reasonably required, under the circumstances, to minimize any loss or damage to Tenant’s property or business, or to any of Tenant’s officers, employees, agents, invitees, or other third parties that may be caused by any such default of Landlord.
Appears in 1 contract
Mitigation of Damages. (i) In the event of a default under the Lease, Landlord and Tenant shall each use commercially reasonable efforts to mitigate any damages resulting from a default of the other party under this Lease.
(ii) Landlord’s obligation to mitigate damages after a default by Tenant shall be satisfied in full if Landlord undertakes to lease the Premises to another tenant (a “Substitute Tenant”) in accordance with the following criteria:
(A) Landlord shall have no obligation to solicit or entertain negotiations with any other prospective tenant for the Premises until Landlord obtains full and complete possession of the Premises including, without limitation, the final and unappealable legal right to relet the Premises free of any claim of Tenant.
(B) Landlord shall not be obligated to offer the Premises to a Substitute Tenant when other premises in the Project suitable for that prospective tenant’s use are (or soon will be) available.
(C) Landlord shall not be obligated to lease the Premises to a Substitute Tenant for a rental less than the current fair market rental then prevailing for similar space, nor shall Landlord be obligated to enter into a new lease under other terms and conditions that are unacceptable to Landlord under Landlord’s then current leasing policies for comparable space.
(D) Landlord shall not be obligated to enter into a lease with any proposed tenant whose use would:
a. (a) Disrupt the tenant mix or balance of the Project;
b. (b) Violate any restriction, covenant, or requirement contained in the lease of another tenant of the Project;
c. (c) Adversely affect the reputation of the Project; or
d. (d) Be incompatible with the operation of the Project.
(E) Landlord shall not be obligated to enter into a lease with any proposed Substitute Tenant (a “Substitute Lease”) which does not have, in Landlord’s reasonable opinion, sufficient financial resources or operating experience to operate the Premises in a first-class manner.
(F) Landlord shall not be required to expend any amount of money to alter, remodel, or otherwise make the Premises suitable for use by a proposed Substitute Tenant unless:
a. (a) Tenant pays any such sum to Landlord in advance of Landlord’s execution of a Substitute Lease with such Substitute Tenant (which payment shall not be in lieu of any damages or other sums to which Landlord may be entitled as a result of Tenant’s default under this Lease); or
b. (b) Landlord, in Landlord’s sole discretion, determines that any such expenditure is financially justified in connection with entering into any such Substitute Lease.
(iii) Upon compliance with the above criteria regarding the releasing of the Premises after a default by Tenant, Landlord shall be deemed to have fully satisfied Landlord’s obligation to mitigate damages under this Lease and under any law or judicial ruling in effect on the date of this Lease or at the time of Tenant’s default, and Tenant waives and releases, to the fullest extent legally permissible, any right to assert in any action by Landlord to enforce the terms of this Lease, any defense, counterclaim, or rights of setoff or recoupment respecting the mitigation of damages by Landlord, unless and to the extent Landlord maliciously or in bad faith fails to act in accordance with the requirements of this Paragraph 12(cSection 21(d).
(iv) Tenant’s right to seek damages from Landlord as a result of a default by Landlord under this Lease shall be conditioned on Tenant taking all actions reasonably required, under the circumstances, to minimize any loss or damage to Tenant’s property or business, or to any of Tenant’s officers, employees, agents, invitees, or other third parties that may be caused by any such default of Landlord.
Appears in 1 contract
Mitigation of Damages. (i) In the event of a default under the Lease, Both Landlord and Tenant shall each use commercially reasonable efforts to mitigate any damages resulting from a default of the other party under this Lease.
(ii) Landlord’s obligation to mitigate damages after a default by Tenant under this Lease shall be satisfied in full if Landlord undertakes to lease the Demised Premises to another tenant (a “Substitute Tenant”) in accordance with the following criteria:
: (Aa) Landlord shall have no obligation to solicit or entertain negotiations with any other prospective tenant tenants for the Demised Premises until Landlord obtains full and complete possession of the Demised Premises including, without limitation, the final and unappealable legal right to relet the Demised Premises free of any claim of Tenant.
; (Bb) Landlord shall not be obligated to offer the Demised Premises to a Substitute Tenant prospective tenant when other premises Demised Premises in the Project Building suitable for that prospective tenant’s use are (or soon will be) available.
; (Cc) Landlord shall not be obligated to lease the Demised Premises to a Substitute Tenant for a rental less than the current fair market rental then prevailing for similar spaceoffice uses in comparable buildings in the same market area as the Building, nor shall Landlord be obligated to enter into a new lease under other terms and conditions that are unacceptable to Landlord under Landlord’s then current leasing policies for comparable space.
space in the Building; (Dd) Landlord shall not be obligated to enter into a lease with any proposed tenant whose use would:
a. Disrupt the tenant mix or balance of the Project;
b. Violate : (1) violate any restriction, covenant, covenant or requirement contained in the lease of another tenant of the Project;
c. Adversely Building; (2) adversely affect the reputation of the ProjectBuilding; or
d. Be or (3) be incompatible with the operation of the Project.
Building as a first class building; (Ee) Landlord shall not be obligated to enter into a lease with any proposed Substitute Tenant (a “Substitute Lease”) which does not have, in Landlord’s reasonable opinion, sufficient financial resources or operating experience to operate the Demised Premises in a first-first class manner.
; (Ff) Landlord shall not be required to expend any amount of money to alter, remodel, remodel or otherwise make the Demised Premises suitable for use by a proposed Substitute Tenant unless:
a. : (1) Tenant pays any such sum to Landlord in advance of Landlord’s execution of a Substitute Lease substitute lease with such Substitute Tenant tenant (which payment shall not be in lieu of any damages or other sums to which Landlord may be entitled as a result of Tenant’s default Event of Default under this Lease); or
b. or (2) Landlord, in Landlord’s sole discretion, determines that any such expenditure is financially justified in connection with entering into any such Substitute Leasesubstitute lease.
(iii) Upon compliance with the above criteria regarding the releasing of the Demised Premises after a default an Event of Default by Tenant, Landlord shall be deemed to have fully satisfied Landlord’s obligation to mitigate damages under this Lease and under any law or judicial ruling in effect on the date of this Lease or at the time of Tenant’s defaultEvent of Default, and Tenant waives and releases, to the fullest extent legally permissible, any right to assert in any action by Landlord to enforce the terms of this Lease, any defense, counterclaim, or rights of setoff or recoupment respecting the mitigation of damages by Landlord, unless and to the extent Landlord maliciously or in bad faith fails to act in accordance with the requirements of this Paragraph 12(cSection 22(h).
(iv) Tenant’s right to seek damages from Landlord as a result of a default by Landlord under this the Lease shall be conditioned on Tenant taking all actions reasonably required, under the circumstances, to minimize any loss or damage to Tenant’s property or business, or to any of Tenant’s officers, employees, agents, invitees, Representatives or other third parties that may be caused by any such default of Landlord.
Appears in 1 contract
Samples: Deed of Lease (Cvent Inc)
Mitigation of Damages. (i) In the event of a default under the this Lease, Landlord and Tenant shall each use commercially reasonable efforts to mitigate any damages resulting from a default of the other party under this Lease.
(ii) Landlord’s obligation to mitigate damages after a default by Tenant shall be satisfied in full if Landlord undertakes to lease the Premises to another tenant (a “Substitute Tenant”) in accordance with the following criteria:
(A) Landlord shall have no obligation to solicit or entertain negotiations with any other prospective tenant for the Premises until Landlord obtains full and complete possession of the Premises including, without limitation, the final and unappealable legal right to relet the Premises free of any claim of Tenant.
(B) Landlord shall not be obligated to offer the Premises to a Substitute Tenant when other premises in the Project Property suitable for that prospective tenant’s use are (or soon will be) available.
(C) Landlord shall not be obligated to lease the Premises to a Substitute Tenant for a rental less than the current fair market rental then prevailing for similar space, nor shall Landlord be obligated to enter into a new lease under other terms and conditions that are unacceptable to Landlord under LandlordXxxxxxxx’s then current leasing policies for comparable space.
(D) Landlord shall not be obligated to enter into a lease with any proposed tenant whose use would:
a. (1) Disrupt the tenant mix or balance of the ProjectProperty;
b. (2) Violate any restriction, covenant, or requirement contained in the lease of another tenant of the ProjectProperty;
c. (3) Adversely affect the reputation of the ProjectProperty; or
d. (4) Be incompatible with the operation of the ProjectProperty.
(E) Landlord shall not be obligated to enter into a lease with any proposed Substitute Tenant (a “Substitute Lease”) which does not have, in Landlord’s reasonable opinion, sufficient financial resources or operating experience to operate the Premises in a first-class manner.
(F) Landlord shall not be required to expend any amount of money to alter, remodel, or otherwise make the Premises suitable for use by a proposed Substitute Tenant unless:
a. (1) Tenant pays any such sum to Landlord in advance of Landlord’s execution of a Substitute Lease with such Substitute Tenant (which payment shall not be in lieu of any damages or other sums to which Landlord may be entitled as a result of Tenant’s default under this Lease); or
b. (2) Landlord, in LandlordXxxxxxxx’s sole discretion, determines that any such expenditure is financially justified in connection with entering into any such Substitute Lease.
(iii) Upon compliance with the above criteria regarding the releasing of the Premises after a default by Tenant, Landlord shall be deemed to have fully satisfied Landlord’s obligation to mitigate damages under this Lease and under any law or judicial ruling in effect on the date of this Lease or at the time of Tenant’s default, and Tenant waives and releases, to the fullest extent legally permissible, any right to assert in any action by Landlord to enforce the terms of this Lease, any defense, counterclaim, or rights of setoff or recoupment respecting the mitigation of damages by Landlord, unless and to the extent Landlord maliciously or in bad faith fails to act in accordance with the requirements of this Paragraph 12(c14(c).
(iv) Tenant’s right to seek damages from Landlord as a result of a default by Landlord under this Lease shall be conditioned on Tenant taking all actions reasonably required, under the circumstances, to minimize any loss or damage to Tenant’s property or business, or to any of Tenant’s officers, employees, agents, invitees, or other third parties that may be caused by any such default of Landlord.
Appears in 1 contract
Samples: Industrial Lease (Sow Good Inc.)
Mitigation of Damages. (i) In the event of a default under the Lease, Both Landlord and Tenant shall each use commercially reasonable efforts to mitigate any damages resulting from a default of the other party under this Lease.
(ii) Landlord. Xxxxxxxx’s obligation to mitigate damages after a default by Tenant Default shall be satisfied in full if Landlord undertakes to lease the Premises to another tenant (a “Substitute Tenant”) in accordance with the following criteria:
(A) 20.9.1 Landlord shall have no obligation to solicit or entertain negotiations with any other prospective tenant for the Premises Substitute Tenant until Landlord obtains full and complete possession of the Premises including, without limitation, the final and unappealable legal right to relet the Premises free of any claim of Tenant.
(B) 20.9.2 Landlord shall not be obligated to offer the Premises to a Substitute Tenant when other premises in the Project suitable for that prospective tenant’s use are (or soon will be) available.
(C) 20.9.3 Landlord shall not be obligated to lease the Premises to a Substitute Tenant for a rental amount less than the greater of (a) the current fair market rental then prevailing for similar spaceuses in comparable buildings in the same market area as the Project, and (b) the rental rate payable under this Lease, nor shall Landlord be obligated to enter into a new lease under other terms and conditions that are unacceptable to Landlord under Landlord’s then current leasing policies for comparable spacespace in the Project.
(D) 20.9.4 Landlord shall not be obligated to enter into a lease with any proposed tenant Substitute Tenant whose use would:
a. 1. Disrupt the tenant mix or balance of the Project;
b. Violate any restriction, covenant, or requirement contained in the lease of another tenant of the Project;
c. Adversely affect the reputation of the Project; or
d. Be incompatible with the operation of the Project.
(E) Landlord shall not be obligated to enter into a lease with any proposed Substitute Tenant (a “Substitute Lease”) which does not have, in Landlord’s reasonable opinion, sufficient financial resources or operating experience to operate the Premises in a first-class manner.
(F) Landlord shall not be required to expend any amount of money to alter, remodel, or otherwise make the Premises suitable for use by a proposed Substitute Tenant unless:
a. Tenant pays any such sum to Landlord in advance of Landlord’s execution of a Substitute Lease with such Substitute Tenant (which payment shall not be in lieu of any damages or other sums to which Landlord may be entitled as a result of Tenant’s default under this Lease); or
b. Landlord, in Landlord’s sole discretion, determines that any such expenditure is financially justified in connection with entering into any such Substitute Lease.
(iii) Upon compliance with the above criteria regarding the releasing of the Premises after a default by Tenant, Landlord shall be deemed to have fully satisfied Landlord’s obligation to mitigate damages under this Lease and under any law or judicial ruling in effect on the date of this Lease or at the time of Tenant’s default, and Tenant waives and releases, to the fullest extent legally permissible, any right to assert in any action by Landlord to enforce the terms of this Lease, any defense, counterclaim, or rights of setoff or recoupment respecting the mitigation of damages by Landlord, unless and to the extent Landlord maliciously or in bad faith fails to act in accordance with the requirements of this Paragraph 12(c).
(iv) Tenant’s right to seek damages from Landlord as a result of a default by Landlord under this Lease shall be conditioned on Tenant taking all actions reasonably required, under the circumstances, to minimize any loss or damage to Tenant’s property or business, or to any of Tenant’s officers, employees, agents, invitees, or other third parties that may be caused by any such default of Landlord.
Appears in 1 contract
Samples: Office Lease (Eargo, Inc.)
Mitigation of Damages. Notwithstanding the foregoing, to the extent (ibut no further) In Landlord is required by applicable law to mitigate damages, or is required by law to use efforts to do so, and such requirement cannot be lawfully and effectively waived (it being the event intention of a default under the Lease, Landlord and Tenant shall each use commercially reasonable efforts that Tenant waive and Tenant hereby waives such requirements to mitigate any damages resulting from a default of the other party under this Lease.
(ii) Landlord’s obligation to mitigate damages after a default maximum extent permitted by applicable law), Tenant shall be satisfied in full agrees that if Landlord undertakes to lease the Premises to another tenant (a “Substitute Tenant”) in accordance with the following criteria:
(A) Landlord shall have no obligation to solicit or entertain negotiations with any other prospective tenant for the Premises until Landlord obtains full and complete possession of the Premises including, without limitation, the final and unappealable legal right to relet the Premises free of any claim of Tenant.
(B) Landlord shall not be obligated to offer the Premises to a Substitute Tenant when other premises in the Project suitable for that prospective tenant’s use are (or soon will be) available.
(C) Landlord shall not be obligated to lease the Premises to a Substitute Tenant for a rental less than the current fair market rental then prevailing for similar space, nor shall Landlord be obligated to enter into a new lease under other terms and conditions that are unacceptable to Landlord under Landlord’s then current leasing policies for comparable space.
(D) Landlord shall not be obligated to enter into a lease with any proposed tenant whose use would:
a. Disrupt the tenant mix or balance of the Project;
b. Violate any restriction, covenant, or requirement contained in the lease of another tenant of the Project;
c. Adversely affect the reputation of the Project; or
d. Be incompatible with the operation of the Project.
(E) Landlord shall not be obligated to enter into a lease with any proposed Substitute Tenant (a “Substitute Lease”) which does not have, in Landlord’s reasonable opinion, sufficient financial resources or operating experience to operate markets the Premises in a first-class manner.
(F) Landlord shall not be required manner substantially similar to expend any amount of money to alter, remodel, or otherwise make the Premises suitable for use by a proposed Substitute Tenant unless:
a. Tenant pays any such sum to Landlord manner in advance of Landlord’s execution of a Substitute Lease with such Substitute Tenant (which payment shall not be in lieu of any damages or other sums to which Landlord may be entitled as a result of Tenant’s default under this Lease); or
b. Landlordand its affiliates market other space in the Project, in Landlord’s sole discretion, determines that any such expenditure is financially justified in connection with entering into any such Substitute Lease.
(iii) Upon compliance with the above criteria regarding the releasing of the Premises after a default by Tenant, then Landlord shall be deemed to have fully satisfied Landlord’s obligation used commercially reasonable efforts to mitigate damages under this Lease and under any law damages. Tenant shall continue to be liable for all Rent (whether accruing prior to, on or judicial ruling in effect on after the date of termination of this Lease or at the time of Tenant’s default, and Tenant waives and releases, right of possession and/or pursuant to the fullest extent legally permissibleholdover provisions of Section 22.2 below) and Damages, any right to assert in any action by Landlord to enforce the terms of this Lease, any defense, counterclaim, or rights of setoff or recoupment respecting the mitigation of damages by Landlord, unless and except to the extent that Tenant pleads and proves by clear and convincing evidence that Landlord maliciously or in bad faith fails to act exercise commercially reasonable efforts to mitigate damages to the extent required under this Section 20.3 and that Landlord’s failure caused an avoidable and quantifiable increase in accordance with Landlord’s damages for unpaid Rent. Without limitation to the requirements foregoing, Landlord shall not be deemed to have failed to mitigate damages, or to have failed to use efforts required by law to do so, because: (i) Landlord leases other space in the Project which is vacant prior to re-letting the Premises; (ii) Landlord refuses to relet the Premises to any Related Entity of this Paragraph 12(c).
Tenant, or any principal of Tenant, or any Related Entity of such principal; (iii) Landlord refuses to relet the Premises to any person or entity whose creditworthiness is not acceptable to Landlord in the exercise of its reasonable discretion; (iv) Tenant’s right Landlord refuses to seek damages from Landlord as a result relet the Premises to any person or entity because the use proposed to be made of the Premises by such prospective tenant is not general office use of a default by Landlord type and nature consistent with that of the other tenants in the portions of the Project leased or held for lease for general office purposes as of the date Tenant defaults under this Lease shall (by way of illustration, but not limitation, call center or other high-density use, government offices, consular offices, doctor’s offices or medical or dental clinics or laboratories, or schools would not be conditioned on Tenant taking all actions reasonably requireduses consistent with that of other tenants in the Project), under or such use would, in Landlord’s reasonable judgment, impose unreasonable or excessive demands upon the circumstancesBuilding systems, equipment or facilities; (v) Landlord refuses to minimize relet the Premises to any loss person or damage entity, or any affiliate of such person or entity, who has been engaged in litigation with Landlord or any of its affiliates; (vi) Landlord refuses to Tenant’s property relet the Premises because the tenant or businessthe terms and provisions of the proposed lease are not approved by the holders of any liens or security interests in the Building, or would cause Landlord to be in default of, or to be unable to perform any of Tenantits covenants or obligations under, any agreements between Landlord and any third party; (vii) Landlord refuses to relet the Premises because the proposed tenant is unwilling to execute and deliver Landlord’s officers, employees, agents, inviteesstandard lease form or such tenant requires improvements to the Premises to be paid at Landlord’s cost and expense; (viii) Landlord refuses to relet the Premises to a person or entity whose character or reputation, or the nature of such prospective tenant’s business, would not be acceptable to Landlord in its reasonable discretion; and (ix) Landlord refuses to expend any material sums of money to market the Premises in excess of the sums Landlord typically expends in connection with the marketing of other third parties space in the Project. As used in this Section 20.3, an “affiliate” means a person or entity that may be caused by any such default of Landlordcontrols, is controlled by, or is under common control with another person or entity.
Appears in 1 contract
Samples: Office Lease (McAfee Corp.)
Mitigation of Damages. (i) In the event of Landlord shall make a default under the Lease, Landlord and Tenant shall each use commercially reasonable efforts good faith effort to mitigate any damages resulting from a default of the other party under this Lease.
(ii) Landlord’s obligation to mitigate damages after a default by Tenant shall be satisfied in full if Landlord undertakes to lease relet the Premises following a termination of this Lease due to another tenant (a “Substitute Default of Tenant”) , but subject to and in accordance with the following criteria:
(Ai) Landlord shall have no obligation to solicit or entertain negotiations with any other prospective tenant tenants for the Premises until Landlord obtains full and complete Tenant shall have surrendered possession of the Premises including, without limitation, in the final and unappealable legal right to relet the Premises free of any claim of Tenant.condition required by Section 6.1.9 hereof;
(Bii) Landlord shall not be obligated have no obligation to offer the Premises to a Substitute Tenant when any prospective tenant so long as other premises in the Project Building suitable for that prospective tenant’s use tenant are currently available, or are reasonably expected to be available within the next six (or soon will be6) available.months;
(Ciii) Landlord shall not be obligated to lease the Premises to a Substitute Tenant for a rental less than the current fair market rental then prevailing for similar space, nor shall Landlord be obligated have no obligation to enter into a new lease of less than all of the Premises;
(iv) Landlord shall have no obligation to enter into a lease under other terms and conditions that are unacceptable to Landlord under inconsistent with Landlord’s then current leasing policies for comparable spacespace in the Building.
(Dv) Landlord shall not be obligated have no obligation to enter into a lease with any proposed tenant whose use would:
a. Disrupt the tenant mix or balance of the Project;
b. Violate any restriction, covenant, or requirement contained in the lease of another tenant of the Project;
c. Adversely affect the reputation of the Project; or
d. Be incompatible with the operation of the Project.
(E) Landlord shall not be obligated to enter into a lease with any proposed Substitute Tenant (a “Substitute Lease”) which that does not have, in Landlord’s reasonable opinion, sufficient financial resources or and operating experience to operate the Premises in a first-class manner.experience;
(Fvi) Landlord shall not be required to expend any amount of money to alter, remodel, or otherwise make the Premises or the Building suitable for use by a proposed Substitute Tenant unless:
a. prospective tenant unless either (1) Tenant pays any such sum to Landlord in advance of Landlord’s execution of a Substitute Lease lease with such Substitute Tenant prospective tenant (which payment shall not be in lieu of addition to any other damages or other sums amounts to which Landlord may be entitled to as a result of Tenant’s default under this Lease); or
b. or (2) Landlord, in Landlord’s sole discretion, determines that any such expenditure is financially justified in connection with entering into any lease with such Substitute Lease.prospective tenant; and
(iiivii) Upon compliance Landlord shall have no obligation to enter into a lease with any prospective tenant whose use would, in Landlord’s judgment: (1) violate any title restriction or covenant, or requirement contained in the lease of another tenant of the Building; (2) be incompatible with the above criteria regarding the releasing operation of the Premises after Building as a default by Tenant, Landlord shall be deemed to have fully satisfied Landlord’s obligation to mitigate damages under this Lease and under first-class building; or (3) require any law or judicial ruling in effect on the date of this Lease or at the time of Tenant’s default, and Tenant waives and releases, alterations to the fullest extent legally permissible, any right to assert in any action by Landlord to enforce the terms of this Lease, any defense, counterclaim, or rights of setoff or recoupment respecting the mitigation of damages by Landlord, unless and to the extent Landlord maliciously or in bad faith fails to act in accordance with the requirements of this Paragraph 12(c)Building.
(iv) Tenant’s right to seek damages from Landlord as a result of a default by Landlord under this Lease shall be conditioned on Tenant taking all actions reasonably required, under the circumstances, to minimize any loss or damage to Tenant’s property or business, or to any of Tenant’s officers, employees, agents, invitees, or other third parties that may be caused by any such default of Landlord.
Appears in 1 contract
Samples: Lease (Curis Inc)
Mitigation of Damages. (i) In the event of a default under the Lease, Both Landlord and Tenant shall each use commercially reasonable efforts to mitigate any damages resulting from a default of the other party under this Lease.
(ii) ; provided that any failure by Landlord to mitigate damages in accordance with the foregoing shall not give rise to any liability of Landlord for breach of this Lease, but shall only serve to reduce the recovery by Landlord by the amount of damages that Tenant proves could reasonably have been avoided. Subject to the foregoing, Landlord’s obligation to mitigate damages after a default by Tenant Default shall be satisfied in full if Landlord undertakes to lease the Premises to another tenant (a “Substitute Tenant”) in accordance with the following criteria:
(A) 20.9.1. Landlord shall have no obligation to solicit or entertain negotiations with any other prospective tenant for the Premises Substitute Tenant until Landlord obtains full and complete possession of the Premises including, without limitation, the final and unappealable legal right to relet the Premises free of any claim of Tenant.
(B) 20.9.2. Landlord shall not be obligated to offer the Premises to a Substitute Tenant when other premises in the Project suitable for that prospective tenant’s use are (or soon will be) available.
(C) 20.9.3. Landlord shall not be obligated to lease the Premises to a Substitute Tenant for a rental amount less than the current fair market rental then prevailing for similar spaceuses in comparable buildings in the same market area as the Project, nor shall Landlord be obligated to enter into a new lease under other terms and conditions that are unacceptable to Landlord under Landlord’s then current leasing policies for comparable spacespace in the Project.
(D) 20.9.4. Landlord shall not be obligated to enter into a lease with any proposed tenant Substitute Tenant whose use would:
a. 1. Disrupt the tenant mix or balance of the Project;
b. Violate any restriction, covenant, or requirement contained in the lease of another tenant of the Project;
c. Adversely affect the reputation of the Project; or
d. Be incompatible with the operation of the Project.
(E) Landlord shall not be obligated to enter into a lease with any proposed Substitute Tenant (a “Substitute Lease”) which does not have, in Landlord’s reasonable opinion, sufficient financial resources or operating experience to operate the Premises in a first-class manner.
(F) Landlord shall not be required to expend any amount of money to alter, remodel, or otherwise make the Premises suitable for use by a proposed Substitute Tenant unless:
a. Tenant pays any such sum to Landlord in advance of Landlord’s execution of a Substitute Lease with such Substitute Tenant (which payment shall not be in lieu of any damages or other sums to which Landlord may be entitled as a result of Tenant’s default under this Lease); or
b. Landlord, in Landlord’s sole discretion, determines that any such expenditure is financially justified in connection with entering into any such Substitute Lease.
(iii) Upon compliance with the above criteria regarding the releasing of the Premises after a default by Tenant, Landlord shall be deemed to have fully satisfied Landlord’s obligation to mitigate damages under this Lease and under any law or judicial ruling in effect on the date of this Lease or at the time of Tenant’s default, and Tenant waives and releases, to the fullest extent legally permissible, any right to assert in any action by Landlord to enforce the terms of this Lease, any defense, counterclaim, or rights of setoff or recoupment respecting the mitigation of damages by Landlord, unless and to the extent Landlord maliciously or in bad faith fails to act in accordance with the requirements of this Paragraph 12(c).
(iv) Tenant’s right to seek damages from Landlord as a result of a default by Landlord under this Lease shall be conditioned on Tenant taking all actions reasonably required, under the circumstances, to minimize any loss or damage to Tenant’s property or business, or to any of Tenant’s officers, employees, agents, invitees, or other third parties that may be caused by any such default of Landlord.
Appears in 1 contract
Samples: Office Lease (Net)
Mitigation of Damages. (i) In the event of If, after a default under the Leaseby Tenant, Landlord and Tenant shall each use commercially reasonable efforts terminates this Lease or Tenant’s right to mitigate any damages resulting from a default possession of the other party under Premises, Landlord will mitigate its damages in accordance with this Lease.
(ii) Article, and Landlord’s obligation to mitigate damages after a default by Tenant shall be satisfied in full if Landlord undertakes to lease seek another tenant for the Premises to another tenant (a “Substitute Tenant”) in accordance with the following criteria:
(A1) Landlord shall have no obligation to solicit or entertain negotiations with any other prospective tenant tenants for the Premises until Landlord obtains full and complete possession of the Premises including, without limitation, the final and unappealable legal right to relet re-let the Premises free of any claim of Tenant.
(B2) Landlord shall not be obligated to offer the Premises to a Substitute Tenant prospective tenant when other premises in the Project Building suitable for that prospective tenant’s use are (or soon will be) available.
(C3) Landlord shall not be obligated to lease the Premises to a Substitute Tenant for a rental less than the current fair market rental then prevailing for similar spaceoffice uses in comparable office buildings in the same market area as the Building, nor shall Landlord be obligated to enter into a new lease under other terms and conditions that which are unacceptable to Landlord under Landlord’s then current leasing policies for comparable spacespace in the Building.
(D4) Landlord shall not be obligated to enter into a lease with any proposed tenant whose use would:
a. Disrupt the tenant mix or balance of the Project;
b. Violate would (i) violate any restriction, covenant, covenant or requirement contained in the lease of another tenant of the Project;
c. Adversely Building, (iii) adversely affect the reputation of the Project; or
d. Be Building, or (iv) be incompatible with the operation of the ProjectBuilding as a first class office building.
(E5) Landlord shall not be obligated to enter into a lease with any proposed Substitute Tenant (a “Substitute Lease”) which does not have, in Landlord’s reasonable opinion, sufficient financial resources or operating experience to operate the Premises in a first-first class manner.
(F6) Landlord shall not be required to expend any amount of money to alter, remodel, remodel or otherwise make the Premises suitable for use by a proposed Substitute Tenant unless:
a. unless (i) Tenant pays any such sum to Landlord in advance of Landlord’s execution of a Substitute Lease with such Substitute Tenant tenant (which payment shall not be in lieu of any damages or other sums to which Landlord may be entitled as a result of Tenant’s default under this Lease); or
b. , or (ii) Landlord, in Landlord’s sole discretion, determines that any such expenditure is financially justified in connection with entering into any such Substitute Lease.
(iii) . Upon compliance with the above criteria regarding respecting the releasing re-leasing of the Premises after a default by Tenant, Landlord shall be deemed to have fully satisfied Landlord’s obligation to mitigate damages under this Lease and under any law or judicial ruling in effect on the date of this Lease or at the time of Tenant’s default, and Tenant waives and releases, to the fullest extent legally permissible, any right to assert in any action by Landlord to enforce the terms of this Lease, any defense, counterclaim, counter claim or rights of setoff or recoupment respecting the mitigation of damages by Landlord, unless and to the extent Landlord maliciously or in bad faith fails to act in accordance with the requirements of this Paragraph 12(c).
(iv) Article 16. Tenant’s right to seek damages from Landlord as a result of a default by Landlord under this Lease shall be conditioned on Tenant taking all actions reasonably required, under the circumstances, to minimize any loss or damage to Tenant’s property or business, or to any of Tenant’s officers, employees, agents, invitees, invitees or other third parties that which may be caused by any such default of Landlord.
Appears in 1 contract
Mitigation of Damages. (i) In the event of a default under the Lease, Both Landlord and Tenant shall each use commercially reasonable efforts to mitigate any damages resulting from a default of the other party under this Lease.
(ii) Landlord; provided that any failure by Landlord to mitigate damages in accordance with the foregoing shall not give rise to any liability of Landlord for breach of this Lease, but shall only serve to reduce the recovery by Landlord by the amount of damages that Tenant proves could reasonably have been avoided. Subject to the foregoing, Xxxxxxxx’s obligation to mitigate damages after a default by Tenant Default shall be satisfied in full if Landlord undertakes to lease the Premises to another tenant (a “Substitute Tenant”) in accordance with the following criteria:
(A) 20.9.1. Landlord shall have no obligation to solicit or entertain negotiations with any other prospective tenant for the Premises Substitute Tenant until Landlord obtains full and complete possession of the Premises including, without limitation, the final and unappealable legal right to relet the Premises free of any claim of Tenant.
(B) 20.9.2. Landlord shall not be obligated to offer the Premises to a Substitute Tenant when other premises in the Project suitable for that prospective tenant’s use are (or soon will be) available.
(C) 20.9.3. Landlord shall not be obligated to lease the Premises to a Substitute Tenant for a rental amount less than the current fair market rental then prevailing for similar spaceuses in comparable buildings in the same market area as the Project, nor shall Landlord be obligated to enter into a new lease under other terms and conditions that are unacceptable to Landlord under Landlord’s then current leasing policies for comparable spacespace in the Project.
(D) 20.9.4. Landlord shall not be obligated to enter into a lease with any proposed tenant Substitute Tenant whose use would:
a. 1. Disrupt the tenant mix or balance of the Project;
b. Violate any restriction, covenant, or requirement contained in the lease of another tenant of the Project;
c. Adversely affect the reputation of the Project; or
d. Be incompatible with the operation of the Project.
(E) Landlord shall not be obligated to enter into a lease with any proposed Substitute Tenant (a “Substitute Lease”) which does not have, in Landlord’s reasonable opinion, sufficient financial resources or operating experience to operate the Premises in a first-class manner.
(F) Landlord shall not be required to expend any amount of money to alter, remodel, or otherwise make the Premises suitable for use by a proposed Substitute Tenant unless:
a. Tenant pays any such sum to Landlord in advance of Landlord’s execution of a Substitute Lease with such Substitute Tenant (which payment shall not be in lieu of any damages or other sums to which Landlord may be entitled as a result of Tenant’s default under this Lease); or
b. Landlord, in Landlord’s sole discretion, determines that any such expenditure is financially justified in connection with entering into any such Substitute Lease.
(iii) Upon compliance with the above criteria regarding the releasing of the Premises after a default by Tenant, Landlord shall be deemed to have fully satisfied Landlord’s obligation to mitigate damages under this Lease and under any law or judicial ruling in effect on the date of this Lease or at the time of Tenant’s default, and Tenant waives and releases, to the fullest extent legally permissible, any right to assert in any action by Landlord to enforce the terms of this Lease, any defense, counterclaim, or rights of setoff or recoupment respecting the mitigation of damages by Landlord, unless and to the extent Landlord maliciously or in bad faith fails to act in accordance with the requirements of this Paragraph 12(c).
(iv) Tenant’s right to seek damages from Landlord as a result of a default by Landlord under this Lease shall be conditioned on Tenant taking all actions reasonably required, under the circumstances, to minimize any loss or damage to Tenant’s property or business, or to any of Tenant’s officers, employees, agents, invitees, or other third parties that may be caused by any such default of Landlord.
Appears in 1 contract
Samples: Office Lease
Mitigation of Damages. (i) In the event of Landlord will use commercially reasonable efforts to mitigate any damages resulting from a default Default under the Lease, Landlord Lease and Tenant shall each will use commercially reasonable efforts to mitigate any damages resulting from a default of the other party by Landlord under this Lease.
(ii) Landlord; provided that any failure by Landlord to mitigate damages in accordance with the foregoing will not give rise to any liability of Landlord for breach of this Lease, but will only serve to reduce the recovery by Landlord by the amount of damages that Tenant proves could reasonably have been avoided. Subject to the foregoing, Xxxxxxxx’s obligation to mitigate damages after a default by Tenant shall Default will be satisfied in full if Landlord undertakes to lease the Premises to another tenant (a “Substitute Tenant”) in accordance with the following criteria:
(A) 19.9.1 Landlord shall will have no obligation to solicit or entertain negotiations with any other prospective tenant for the Premises Substitute Tenant until Landlord obtains full and complete possession of the Premises including, without limitation, the final and unappealable legal right to relet the Premises free of any claim of Tenant.
(B) 19.9.2 Landlord shall will not be obligated to offer the Premises to a Substitute Tenant when other premises in the Project suitable for that prospective tenant’s use are (or soon will be) available.
(C) 19.9.3 Landlord shall will not be obligated to lease the Premises to a Substitute Tenant for a rental amount less than the greater of (a) the current fair market rental then prevailing for similar spaceuses in comparable buildings in the same market area as the Project, and (b) the rental rate payable under this Lease, nor shall will Landlord be obligated to enter into a new lease under other terms and conditions that are unacceptable to Landlord under LandlordXxxxxxxx’s then current leasing policies for comparable spacespace in the Project.
(D) 19.9.4 Landlord shall will not be obligated to enter into a lease with any proposed tenant Substitute Tenant whose use would:
a. Disrupt the tenant mix or balance of the Project;
b. 1. Violate any restriction, covenant, or requirement contained in the lease of another tenant of the ProjectProject or any other agreement to which Landlord is a party;
c. Adversely affect the reputation of the Project; or
d. 2. Be incompatible with the operation of the ProjectProject as a first-class project.
(E) 19.9.5 Landlord shall will not be obligated to enter into a lease with any proposed Substitute Tenant (a “Substitute Lease”) which that does not have, in Landlord’s reasonable opinion, sufficient financial resources or operating experience to operate the Premises in a first-class manner.
(F) 19.9.6 Landlord shall will not be required to expend any amount of money to alter, remodel, or otherwise make the Premises suitable for use by a proposed Substitute Tenant unless:
a. 1. Tenant pays any such sum to Landlord in advance of Landlord’s execution of a Substitute Lease lease with such Substitute Tenant (which payment shall will not be in lieu of any damages or other sums to which Landlord may be entitled as a result of TenantXxxxxx’s default under this LeaseDefault); or
b. Landlord, in Landlord’s sole discretion, 2. Landlord determines that any such expenditure is financially justified in connection with entering into any such Substitute Leaselease.
(iii) 19.9.7 Upon compliance with the above criteria regarding the releasing of the Premises after a default by TenantDefault, Landlord shall will be deemed to have fully satisfied Landlord’s obligation to mitigate damages under this Lease and under any law or judicial ruling in effect on the date of this Lease or at the time of Tenant’s defaultLaw, and Tenant waives and releases, to the fullest extent legally permissible, any right to assert in any action by Landlord to enforce the terms of this Lease, any defense, counterclaim, or rights of setoff or recoupment respecting the mitigation of damages by Landlord, unless and to the extent Landlord maliciously or in bad faith fails to act in accordance with the requirements of this Paragraph 12(c).
(iv) Tenant’s right Section. Until Landlord is able, through such efforts, to seek damages from relet the Premises, Tenant must pay to Landlord, on or before the first day of each calendar month, the monthly Rent and any other charges provided in this Lease. No such reletting will be construed as an election on the part of Landlord as a result of a default by Landlord under to terminate this Lease shall be conditioned on unless Landlord gives Tenant taking all actions reasonably required, under the circumstances, to minimize any loss or damage to Tenant’s property or business, or to any a notice of Tenant’s officers, employees, agents, invitees, or other third parties that may be caused by such intention. Notwithstanding any such default of Landlordreletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach.
Appears in 1 contract
Samples: Office Full Service Gross Lease (YanGuFang International Group Co., LTD)
Mitigation of Damages. (ia) In the event of a default under the Lease, Both Landlord and Tenant shall each use commercially reasonable reasonably efforts to mitigate any damages resulting from a default of the other party under this Lease.
(iib) Landlord and Tenant agree to the following criteria in connection with Landlord’s obligation to mitigate damages after a default by Tenant shall be satisfied in full if Landlord undertakes to lease the Premises to another tenant (a “Substitute Tenant”) in accordance with the following criteriaunder this Lease:
(A1) Landlord shall will have no obligation to solicit enter into contracts or entertain negotiations leases with any other prospective tenant for tenants of the Leased Premises until and unless Landlord obtains full and complete possession of the Premises includingLeased Premises, including without limitation, the final and unappealable legal right to relet the Leased Premises free of any claim of Tenant.
(B2) Landlord shall will not be obligated to offer the Leased Premises to a Substitute Tenant prospective tenant when other premises in the Project suitable for that prospective tenant’s use are (or soon will be) availableavailable in the Building or in any other building which is located in the vicinity of the Building and which is owned by Landlord.
(C3) Landlord shall will not be obligated have any obligation to lease the Leased Premises to a Substitute Tenant for a any rental which is unreasonably less than the current rate then prevailing for similar space in the Building (or if no similar space is available in the Building, the current fair market rental then prevailing for similar space, space in comparable buildings in the same market area as the Building) nor shall Landlord be obligated to enter into a new lease under other any terms and or conditions that are unreasonably unacceptable to Landlord under Landlord’s then current leasing policies for comparable spacespace in the Building.
(D4) Landlord shall will not be obligated to enter into any lease with any prospective tenant whose presence or operations in the Building would: (i) unreasonably disrupt the tenant mix or balance of the Building; (ii) violate any restriction, covenant or requirement contained in the lease of another tenant in the Building; (iii) adversely and unreasonably affect the reputation of the Building; or (iv) be incompatible with the operation of the Building as a first class office building.
(5) Landlord will not be obligated to enter into a lease with any proposed prospective tenant whose use would:
a. Disrupt the tenant mix or balance of the Project;
b. Violate any restriction, covenant, or requirement contained in the lease of another tenant of the Project;
c. Adversely affect the reputation of the Project; or
d. Be incompatible with the operation of the Project.
(E) Landlord shall not be obligated to enter into a lease with any proposed Substitute Tenant (a “Substitute Lease”) which does not have, in Landlord’s reasonable sole judgment and opinion, sufficient financial resources or and operating experience to operate the Leased Premises in a first-first class mannermanner and meet its financial obligations.
(F6) Landlord shall will not be required to expend any amount of money to alter, remodel, remodel or otherwise make the Leased Premises suitable for use by a proposed Substitute Tenant unless:
a. Tenant pays any such sum to Landlord in advance of Landlord’s execution of a Substitute Lease with such Substitute Tenant (which payment shall not be in lieu of any damages or other sums to which Landlord may be entitled as a result of Tenant’s default under this Lease); or
b. Landlord, in Landlord’s sole discretion, determines that any such expenditure is financially justified in connection with entering into any such Substitute Leaseprospective tenant.
(iii7) Upon compliance with Landlord will have no obligation to expend any unreasonable sums of money to market the above Leased Premises. If Landlord makes the Leased Premises available for reletting under the criteria regarding the releasing of the Premises after a default by Tenantset forth hereinabove, Landlord shall will be deemed to have fully satisfied Landlord’s obligation to mitigate damages under this Lease and under any law or judicial ruling in effect on the date of this Lease or at the time of Tenant’s default, and Tenant hereby waives and releases, to the fullest extent legally permissible, any right to assert in any action by Landlord to enforce the terms of this Lease, any defense, counterclaim, or rights of setoff set-off or recoupment respecting the mitigation of damages by LandlordLandlord (or alleged failure by Landlord to adequately mitigate its damages), unless and to the extent Landlord maliciously or in bad faith fails to act in accordance with the requirements of this Paragraph 12(c)Section 11.03.
(iv) Tenant’s right to seek damages from Landlord as a result of a default by Landlord under this Lease shall be conditioned on Tenant taking all actions reasonably required, under the circumstances, to minimize any loss or damage to Tenant’s property or business, or to any of Tenant’s officers, employees, agents, invitees, or other third parties that may be caused by any such default of Landlord.
Appears in 1 contract
Samples: Lease Agreement (Sigmatel Inc)
Mitigation of Damages. (i) In the event Each of a default under the Lease, Landlord and Tenant shall each use commercially reasonable efforts to mitigate any damages resulting from a default of the other party under this Lease.
(ii) . Landlord’s obligation to mitigate damages after a default an Event of Default by Tenant under this Lease that results in Landlord regaining possession of all or part of the Premises shall be satisfied in full if Landlord undertakes to lease the Premises to another tenant (a “Substitute Tenant”) in accordance with the following criteria:
(A) 17.7.1 Landlord shall have no obligation to solicit or entertain negotiations with any other prospective tenant tenants for the Premises until Landlord obtains full and complete possession of the Premises including, without limitation, the final and unappealable legal right to relet re-let the Premises free of any claim of Tenant.
(B) 17.7.2 Landlord shall not be obligated to offer the Premises to a Substitute Tenant any prospective tenant when other premises in the Project Building suitable for that prospective tenantTenant’s use are currently available, or will be available within the next six (or soon will be6) availablemonths.
(C) 17.7.3 Landlord shall not be obligated to lease Lease the Premises to a Substitute Tenant for a rental less than the current fair market rental then prevailing for similar space, nor space in comparable buildings of a comparable type in the same market area as the Building.
17.7.4 Landlord shall Landlord not be obligated to enter into a new lease under other terms and conditions that are unacceptable to Landlord under Landlord’s then current leasing policies for comparable spacespace in the Building.
(D) Landlord shall not be obligated to enter into a lease with any proposed tenant whose use would:
a. Disrupt the tenant mix or balance of the Project;
b. Violate any restriction, covenant, or requirement contained in the lease of another tenant of the Project;
c. Adversely affect the reputation of the Project; or
d. Be incompatible with the operation of the Project.
(E) 17.7.5 Landlord shall not be obligated to enter into a lease with any proposed Substitute Tenant (a “Substitute Lease”) which that does not have, in Landlord’s reasonable opinion, sufficient financial resources or operating experience to operate the Premises in a first-class manner.
(F) 17.7.6 Landlord shall not be required to expend any amount of money to alter, remodel, or otherwise make the Premises suitable for use by a proposed Substitute Tenant unless:
a. (a) Tenant pays any such sum to Landlord in advance of Landlord’s execution of a Substitute Lease lease with such Substitute Tenant (which payment shall not be in lieu of any damages or other sums to which Landlord may be entitled to as a result of Tenant’s default under this Lease); or
b. (b) Landlord, in Landlord’s sole discretion, determines determine that any such expenditure is financially justified in connection with entering into any lease with such Substitute LeaseTenant.
17.7.7 Landlord shall not be obligated to enter into a lease with any Substitute Tenant whose use would, in Landlord’s judgment:
(a) Violate any restriction, covenant, or requirement contained in the lease of another tenant of the Building.
(iiib) Adversely affect the reputation of the Building; or
(c) Be incompatible with the operation of the Building as a first-class building.
17.7.8 Upon leasing the Premises or any part thereof to a Substitute Tenant, Landlord shall (a) compute the amount of Minimum Rent, Tenant’s Tax Share of Real Estate Taxes and Tenant’s Expense Share of Operating Expenses payable under the Substitute Tenant’s lease for the period that corresponds to the portion of the Term of this Lease that would have remained unexpired as of the Rent Commencement Date under the Substitute Tenant’s lease had the Event of Default not occurred (the “Remaining Term”), subtracting from such sum the aggregate of Landlord’s costs and expenses associated with Tenant’s Event of Default or incurred in reletting the Premises and improving the Premises for the Substitute Tenant (including, without limitation, all brokers’ commissions, reasonable legal fees, tenant allowances and inducements and costs of construction) (the difference so derived, if a positive number, being herein referred to as the “Excess”), and (b) either (i) reduce the sums owing from Tenant under this Section 17 by the amount of the Excess or, (ii) if Tenant shall have theretofore paid to Landlord in full all sums owing under this Section 17, refund to Tenant the amount of the Excess, as appropriate.
17.7.9 Upon compliance with the above criteria regarding the releasing re-letting of the Premises after a default an Event of Default by Tenant, Landlord shall be deemed to have fully satisfied Landlord’s obligation to mitigate damages under this Lease and under any law or judicial ruling in effect on the date of this Lease or at the time of Tenant’s default, ; and Tenant waives and releases, to the fullest extent legally permissible, any right to assert in any action by Landlord to enforce the terms of this Lease, any defense, counterclaim, or rights of setoff or recoupment respecting the mitigation of damages by Landlord, unless and to the extent Landlord maliciously or in bad faith fails to act in accordance with the requirements of this Paragraph 12(c)Section 17.7.
(iv) Tenant’s right to seek damages from Landlord as a result of a default by Landlord under this Lease shall be conditioned on Tenant taking all actions reasonably required, under the circumstances, to minimize any loss or damage to Tenant’s property or business, or to any of Tenant’s officers, employees, agents, invitees, or other third parties that may be caused by any such default of Landlord.
Appears in 1 contract
Samples: Office Lease (Active Network Inc)
Mitigation of Damages. (ia) In the event of a default under the Lease, Both Landlord and Tenant shall each use commercially reasonable efforts to mitigate any damages resulting from a default of the other party under this Lease.
(iib) Landlord and Tenant agree to the following criteria in connection with Landlord’s obligation to mitigate damages after a default by Tenant shall be satisfied in full if Landlord undertakes to lease the Premises to another tenant (a “Substitute Tenant”) in accordance with the following criteriaunder this Lease:
(A1) Landlord shall will have no obligation to solicit or entertain negotiations with any other prospective tenant for tenants of the Leased Premises until and unless Landlord obtains full and complete possession of the Premises includingLeased Premises, including without limitation, the final and unappealable legal right to relet the Leased Premises free of any claim of Tenant.
(B2) Landlord shall will not be obligated to offer the Leased Premises to a Substitute Tenant prospective tenant when other premises in the Project suitable for that prospective tenant’s use are (or soon will be) availableavailable in the Building or in any other building which is located in the vicinity of the Building and which is owned by Landlord or by any affiliate of Landlord. For all purposes under this Lease, affiliates of Landlord shall mean and include: (i) any person or entity owning or holding (directly or indirectly) any interest in Landlord; and (ii) any entity in which Landlord or any person or entity owning or holding any interest (directly or indirectly) in Landlord, owns or holds any interest (directly or indirectly).
(C3) Landlord shall will not be obligated have any obligation to lease the Leased Premises to a Substitute Tenant for a any rental less than the current rate then prevailing for similar space in the Building (or if no similar space is available in the Building, the current fair market rental then prevailing for similar space, space in comparable buildings in the same market area as the Building) nor shall Landlord be obligated to enter into a new lease under other any terms and or conditions that are unacceptable to Landlord under Landlord’s then current leasing policies for comparable spacespace in the Building.
(D4) Landlord shall will not be obligated to enter into any lease with any prospective tenant whose presence or operations in the Building would: (i) disrupt the tenant mix or balance of the Building; (ii) violate any restriction, covenant or requirement contained in the lease of another tenant in the Building; (iii) adversely affect the reputation of the Building; or (iv) be incompatible with the operation of the Building as a first class office building.
(5) Landlord will not be obligated to enter into a lease with any proposed prospective tenant whose use would:
a. Disrupt the tenant mix or balance of the Project;
b. Violate any restriction, covenant, or requirement contained in the lease of another tenant of the Project;
c. Adversely affect the reputation of the Project; or
d. Be incompatible with the operation of the Project.
(E) Landlord shall not be obligated to enter into a lease with any proposed Substitute Tenant (a “Substitute Lease”) which does not have, in Landlord’s reasonable sole judgment and opinion, sufficient financial resources or and operating experience to operate the Leased Premises in a first-first class mannermanner and meet its financial obligations.
(F6) Landlord shall will not be required to expend any amount of money to alter, remodel, remodel or otherwise make the Leased Premises suitable for use by any prospective tenant.
(7) Landlord will have no obligation to advertise or expend any sums of money to market the Leased Premises.
(8) Tenant shall have the right to show the Leased Premises and to negotiate a proposed Substitute lease agreement on the same or substantially similar terms as this Lease Agreement, and in the event modifications to the Leased Premises are required, to execute a new lease agreement with a prospective tenant; Tenant unless:
a. Tenant pays any such sum shall have the right to pay for said modifications subject to the approval of the modifications by Landlord in advance of Landlord’s execution of a Substitute Lease with such Substitute Tenant (which payment shall not be in lieu of unreasonably withheld and further subject to the Tenant posting with a mutually acceptable third party or escrow agent sums sufficient to pay for any damages or other sums modifications; plans for modification and/or alterations shall first be submitted to which Landlord may for its approval, as well as any contractors hired to perform the work, said approval not to be entitled as a result of Tenant’s default unreasonably withheld by Landlord. If Landlord makes the Leased Premises available for reletting under this Lease); or
b. Landlord, in Landlord’s sole discretion, determines that any such expenditure is financially justified in connection with entering into any such Substitute Lease.
(iii) Upon compliance with the above criteria regarding the releasing of the Premises after a default by Tenantset forth hereinabove, Landlord shall will be deemed to have fully satisfied Landlord’s obligation to mitigate damages under this Lease and under any law or judicial ruling in effect on the date of this Lease or at the time of Tenant’s default, and Tenant hereby waives and releases, to the fullest extent legally permissible, any right to assert in any action by Landlord to enforce the terms of this Lease, any defense, counterclaim, or rights of setoff set-off or recoupment respecting the mitigation of damages by LandlordLandlord (or alleged failure by Landlord to adequately mitigate its damages), unless and to the extent Landlord maliciously or in bad faith fails to act in accordance with the requirements of this Paragraph 12(c)Section 11.03.
(ivc) Tenant’s right to seek damages from Landlord mitigation as a result of a default by Landlord under this Lease Section 11.03 shall be conditioned on Tenant taking all actions reasonably required, under the circumstances, to minimize any loss or damage to Tenant’s property or business, or to any of Tenant’s officers, employees, agents, invitees, or other third parties that may be caused by any such default of Landlord.
Appears in 1 contract
Samples: Lease Agreement (Newgistics, Inc)
Mitigation of Damages. (i) In the event of a default under the Lease, Landlord and Tenant shall each use commercially reasonable efforts to mitigate any damages resulting from a default of the other party under this Lease.
(ii) Landlord’s obligation to mitigate damages after a default by Tenant shall be satisfied in full if Landlord undertakes to lease the Premises to another tenant (a “Substitute Tenant”) in accordance with the following criteria:
(A) Landlord shall have no obligation to solicit or entertain negotiations with any other prospective tenant for the Premises until Landlord obtains full and complete possession of the Premises including, without limitation, the final and unappealable legal right to relet the Premises free of any claim of Tenant.
(B) Landlord shall not be obligated to offer the Premises to a Substitute Tenant when other premises in the Project Centre suitable for that prospective tenant’s use are (or soon will be) available.
(C) Landlord shall not be obligated to lease the Premises to a Substitute Tenant for a rental less than the current fair market rental then prevailing for similar space, nor shall Landlord be obligated to enter into a new lease under other terms and conditions that are unacceptable to Landlord under Landlord’s then current leasing policies for comparable space.
(D) Landlord shall not be obligated to enter into a lease with any proposed tenant whose use would:
a. Disrupt the tenant mix or balance of the ProjectCentre;
b. Violate any restriction, covenant, or requirement contained in the lease of another tenant of the ProjectCentre;
c. Adversely affect the reputation of the ProjectCentre; or
d. Be incompatible with the operation of the ProjectCentre.
(E) Landlord shall not be obligated to enter into a lease with any proposed Substitute Tenant (a “Substitute Lease”) which does not have, in Landlord’s reasonable opinion, sufficient financial resources or operating experience to operate the Premises in a first-class manner.
(F) Landlord shall not be required to expend any amount of money to alter, remodel, or otherwise make the Premises suitable for use by a proposed Substitute Tenant unless:
a. Tenant pays any such sum to Landlord in advance of Landlord’s execution of a Substitute Lease with such Substitute Tenant (which payment shall not be in lieu of any damages or other sums to which Landlord may be entitled as a result of Tenant’s default under this Lease); or
b. Landlord, in Landlord’s sole reasonable discretion, determines that any such expenditure is financially justified in connection with entering into any such Substitute Lease.
(iii) Upon compliance with the above criteria regarding the releasing of the Premises after a default by Tenant, Landlord shall be deemed to have fully satisfied Landlord’s obligation to mitigate damages under this Lease and under any law or judicial ruling in effect on the date of this Lease or at the time of Tenant’s default, and Tenant waives and releases, to the fullest extent legally permissible, any right to assert in any action by Landlord to enforce the terms of this Lease, any defense, counterclaim, or rights of setoff or recoupment respecting the mitigation of damages by Landlord, unless and to the extent Landlord maliciously or in bad faith fails to act in accordance with the requirements of this Paragraph 12(c).
(iv) Tenant’s right to seek damages from Landlord as a result of a default by Landlord under this Lease shall be conditioned on Tenant taking all commercially reasonable actions reasonably required, under the circumstances, to minimize any loss or damage to Tenant’s property or business, or to any of Tenant’s officers, employees, agents, invitees, or other third parties that may be caused by any such default of Landlord.
Appears in 1 contract
Mitigation of Damages. Landlord shall mitigate its damage by making reasonable efforts to relet the Property on reasonable terms. Landlord may relet for a shorter or longer period of time than the Lease Term and make reasonably necessary repairs or alterations. If Landlord makes modifications to the Property that are reasonably necessary to relet the Premises, the cost of such modifications shall be considered damages to the Landlord, except that in no event shall the amount of such damages exceed the amount of rental due from Tenant under the Lease. If Landlord relets for a period longer than the Lease Term, then any special concessions given to the new tenant, and the cost of modifications made on behalf of the new tenant, shall be allocated throughout the entire reletting term so that Tenant is charged only with the proportion of the concessions or modifications allocated to the remainder of the Lease Term. This is Rider No. 2 to that certain Lease Agreement dated December 8, 1993, by and between Jack Xxxxxx (i"Xandlord") and SeaMED ("Tenant ").
A. IDENTIFICATION OF THE PROPERTY As of the execution date of this Lease, neither Landlord nor Tenant have identified the real property ('the "Land") upon which the building and other improvements which are the subject of this Lease (the "Improvements") will be constructed. Immediately subsequent to the execution date of this Lease, Landlord shall commence a search for Land which is mutually acceptable to Landlord and Tenant upon which the Improvements will be constructed. Upon such agreement, this Lease shall be amended to include the legal description of the Land as Exhibit A. Tenant acknowledges that the Base Rent specified in this Lease is based upon certain assumptions by Landlord regarding the cost of the Land. In the event the cost of a default under the LeaseLand upon which Landlord and Tenant have agreed is appropriate for construction of the Improvements exceeds the amount assumed by Landlord in establishing the Base Rent, Landlord shall so notify Tenant and shall propose an adjusted Base Rent to Tenant. In the event Landlord and Tenant are unable to agree upon an adjusted Base Rent, Landlord and Tenant shall each use commercially reasonable efforts either agree to mitigate any damages resulting from locate alternative Land or either may elect to terminate this Lease. In the event Landlord and Tenant have not specified the Land by March 1, 1994, either party may elect to terminate this Lease. In the event this Lease is terminated, Tenant shall receive a default refund of its initial security deposit and the portion of the first month's rent paid to Landlord and neither party shall have any further obligation to the other party under this Lease.
(ii) Landlord’s obligation to mitigate damages after a default by Tenant shall be satisfied in full if Landlord undertakes to lease the Premises to another tenant (a “Substitute Tenant”) in accordance with the following criteria:
(A) Landlord shall have no obligation to solicit or entertain negotiations with any other prospective tenant for the Premises until Landlord obtains full and complete possession of the Premises including, without limitation, the final and unappealable legal right to relet the Premises free of any claim of Tenant.
(B) Landlord shall not be obligated to offer the Premises to a Substitute Tenant when other premises in the Project suitable for that prospective tenant’s use are (or soon will be) available.
(C) Landlord shall not be obligated to lease the Premises to a Substitute Tenant for a rental less than the current fair market rental then prevailing for similar space, nor shall Landlord be obligated to enter into a new lease under other terms and conditions that are unacceptable to Landlord under Landlord’s then current leasing policies for comparable space.
(D) Landlord shall not be obligated to enter into a lease with any proposed tenant whose use would:
a. Disrupt the tenant mix or balance of the Project;
b. Violate any restriction, covenant, or requirement contained in the lease of another tenant of the Project;
c. Adversely affect the reputation of the Project; or
d. Be incompatible with the operation of the Project.
(E) Landlord shall not be obligated to enter into a lease with any proposed Substitute Tenant (a “Substitute Lease”) which does not have, in Landlord’s reasonable opinion, sufficient financial resources or operating experience to operate the Premises in a first-class manner.
(F) Landlord shall not be required to expend any amount of money to alter, remodel, or otherwise make the Premises suitable for use by a proposed Substitute Tenant unless:
a. Tenant pays any such sum to Landlord in advance of Landlord’s execution of a Substitute Lease with such Substitute Tenant (which payment shall not be in lieu of any damages or other sums to which Landlord may be entitled as a result of Tenant’s default under this Lease); or
b. Landlord, in Landlord’s sole discretion, determines that any such expenditure is financially justified in connection with entering into any such Substitute Lease.
(iii) Upon compliance with the above criteria regarding the releasing of the Premises after a default by Tenant, Landlord shall be deemed to have fully satisfied Landlord’s obligation to mitigate damages under this Lease and under any law or judicial ruling in effect on the date of this Lease or at the time of Tenant’s default, and Tenant waives and releases, to the fullest extent legally permissible, any right to assert in any action by Landlord to enforce the terms of this Lease, any defense, counterclaim, or rights of setoff or recoupment respecting the mitigation of damages by Landlord, unless and to the extent Landlord maliciously or in bad faith fails to act in accordance with the requirements of this Paragraph 12(c).
(iv) Tenant’s right to seek damages from Landlord as a result of a default by Landlord under this Lease shall be conditioned on Tenant taking all actions reasonably required, under the circumstances, to minimize any loss or damage to Tenant’s property or business, or to any of Tenant’s officers, employees, agents, invitees, or other third parties that may be caused by any such default of Landlord.
Appears in 1 contract
Samples: Lease Agreement (Seamed Corp)
Mitigation of Damages. (i) In the event of a default under the Lease, Both Landlord and Tenant shall each use commercially reasonable efforts to mitigate any damages resulting from a default of the other party under this Lease.
(ii) ; provided that any failure by Landlord to mitigate damages in accordance with the foregoing shall not give rise to any liability of Landlord for breach of this Lease, but shall only serve to reduce the recovery by Landlord by the amount of damages that Tenant proves could reasonably have been avoided. Subject to the foregoing, Landlord’s obligation to mitigate damages after a default by Tenant Default shall be satisfied in full if Landlord undertakes to lease the Premises to another tenant (a “Substitute Tenant”) in accordance with the following criteria:
(A) 20.9.1 Landlord shall have no obligation to solicit or entertain negotiations with any other prospective tenant for the Premises Substitute Tenant until Landlord obtains full and complete possession of the Premises including, without limitation, the final and unappealable legal right to relet the Premises free of any claim of Tenant.
(B) Landlord shall not be obligated to offer the Premises to a Substitute Tenant when other premises in the Project suitable for that prospective tenant’s use are (or soon will be) available.
(C) 20.9.2 Landlord shall not be obligated to lease the Premises to a Substitute Tenant for a rental amount less than the greater of (a) the current fair market rental then prevailing for similar spaceuses in comparable buildings in the same market area as the Premises, nor shall Landlord be obligated to enter into a new lease and (b) the rental rate payable under other terms and conditions that are unacceptable to Landlord under Landlord’s then current leasing policies for comparable spacethis Lease.
(D) 20.9.3 Landlord shall not be obligated to enter into a lease with any proposed tenant Substitute Tenant whose use would:
a. Disrupt the tenant mix or balance of the Project;
b. 1. Violate any restriction, covenant, or requirement contained in the lease of another tenant of the Projectany other agreement to which Landlord is a party;
c. Adversely affect the reputation of the Project; or
d. 2. Be incompatible inconsistent with the operation of the ProjectPermitted Use.
(E) 20.9.4 Landlord shall not be obligated to enter into a lease with any proposed Substitute Tenant (a “Substitute Lease”) which that does not have, in Landlord’s reasonable opinion, sufficient financial resources or operating experience to operate the Premises in a first-class manner.
(F) 20.9.5 Landlord shall not be required to expend any amount of money to alter, remodel, or otherwise make the Premises suitable for use by a proposed Substitute Tenant unless:
a. 1. Tenant pays any such sum to Landlord in advance of Landlord’s execution of a Substitute Lease lease with such Substitute Tenant (which payment shall not be in lieu of any damages or other sums to which Landlord may be entitled as a result of Tenant’s default under this LeaseDefault); or
b. Landlord, in Landlord’s sole discretion, 2. Landlord determines that any such expenditure is financially justified in connection with entering into any such Substitute Leaselease.
(iii) Upon compliance with the above criteria regarding the releasing of the Premises after a default by Tenant, Landlord shall be deemed to have fully satisfied Landlord’s obligation to mitigate damages under this Lease and under any law or judicial ruling in effect on the date of this Lease or at the time of Tenant’s default, and Tenant waives and releases, to the fullest extent legally permissible, any right to assert in any action by Landlord to enforce the terms of this Lease, any defense, counterclaim, or rights of setoff or recoupment respecting the mitigation of damages by Landlord, unless and to the extent Landlord maliciously or in bad faith fails to act in accordance with the requirements of this Paragraph 12(c).
(iv) Tenant’s right to seek damages from Landlord as a result of a default by Landlord under this Lease shall be conditioned on Tenant taking all actions reasonably required, under the circumstances, to minimize any loss or damage to Tenant’s property or business, or to any of Tenant’s officers, employees, agents, invitees, or other third parties that may be caused by any such default of Landlord.
Appears in 1 contract
Samples: Lease Agreement (Nautilus, Inc.)
Mitigation of Damages. (i) In the event of a default under the Lease, Both Landlord and Tenant shall each use commercially reasonable efforts to mitigate any damages resulting from a default of the other party under this Lease.
(ii) Landlord’s obligation to mitigate damages after a default by Tenant under this Lease shall be satisfied in full if Landlord undertakes to lease the Demised Premises to another tenant (a “Substitute Tenant”) in accordance with the following criteria:
: (Aa) Landlord shall have no obligation to solicit or entertain negotiations with any other prospective tenant tenants for the Demised Premises until Landlord obtains full and complete possession of the Demised Premises including, without limitation, the final and unappealable legal right to relet the Demised Premises free of any claim of Tenant.
; (Bb) Landlord shall not be obligated to offer the Demised Premises to a Substitute Tenant prospective tenant when other premises in the Project Building suitable for that prospective tenant’s use are (or soon will be) available.
; (Cc) Landlord shall not be obligated to lease the Demised Premises to a Substitute Tenant for a rental less than the current fair market rental then prevailing for similar spaceoffice uses in comparable buildings in the same market area as the Building, nor shall Landlord be obligated to enter into a new lease under other terms and conditions that are unacceptable to Landlord under Landlord’s then current leasing policies for comparable space.
space in the Building; (Dd) Landlord shall not be obligated to enter into a lease with any proposed tenant whose use would:
a. Disrupt the tenant mix or balance of the Project;
b. Violate : (1) violate any restriction, covenant, covenant or requirement contained in the lease of another tenant of the Project;
c. Adversely Building; (2) adversely affect the reputation of the ProjectBuilding; or
d. Be or (3) be incompatible with the operation of the Project.
Building as a first class building; (Ee) Landlord shall not be obligated to enter into a lease with any proposed Substitute Tenant (a “Substitute Lease”) which does not have, in Landlord’s reasonable opinion, sufficient financial resources or operating experience to operate the Demised Premises in a first-first class manner.
; (Ff) Landlord shall not be required to expend any amount of money to alter, remodel, remodel or otherwise make the Demised Premises suitable for use by a proposed Substitute Tenant unless:
a. : (1) Tenant pays any such sum to Landlord in advance of Landlord’s execution of a Substitute Lease substitute lease with such Substitute Tenant tenant (which payment shall not be in lieu of any damages or other sums to which Landlord may be entitled as a result of Tenant’s default under this Lease); or
b. or (2) Landlord, in Landlord’s sole discretion, determines that any such expenditure is financially justified in connection with entering into any such Substitute Leasesubstitute lease.
(iii) Upon compliance with the above criteria regarding the releasing of the Demised Premises after a default by Tenant, Landlord shall be deemed to have fully satisfied Landlord’s obligation to mitigate damages under this Lease and under any law or judicial ruling in effect on the date of this Lease or at the time of Tenant’s default, and Tenant waives and releases, to the fullest extent legally permissible, releases any right to assert in any action by Landlord to enforce the terms of this Lease, any defense, counterclaim, or rights of setoff or recoupment respecting the mitigation of damages by Landlord, unless and to the extent Landlord maliciously or in bad faith fails to act in accordance with the requirements of this Paragraph 12(cSection 22(h).
(iv) Tenant’s right to seek damages from Landlord as a result of a default by Landlord under this the Lease shall be conditioned on Tenant taking all actions reasonably required, under the circumstances, to minimize any loss or damage to Tenant’s property or business, or to any of Tenant’s officers, employees, agents, invitees, or other third parties that may be caused by any such default of Landlord.
Appears in 1 contract
Samples: Lease Agreement (Opgen Inc)
Mitigation of Damages. (i) In the event of a default under the Lease, Both Landlord and Tenant shall each use commercially reasonable efforts to mitigate any damages resulting from a default of the other party under this Lease.
(ii) Landlord’s 's obligation to mitigate damages after a default by Tenant under this Lease shall be satisfied in full if Landlord undertakes to lease the Demised Premises to another tenant (a “"Substitute Tenant”") in accordance with the following criteria:
: (Aa) Landlord shall have no obligation to solicit or entertain negotiations with any other prospective tenant tenants for the Demised Premises until Landlord obtains full and complete possession of the Demised Premises including, without limitation, the final and unappealable legal right to relet the Demised Premises free of any claim of Tenant.
; (Bb) Landlord shall not be obligated to offer the Demised Premises to a Substitute Tenant prospective tenant when other premises in the Project Building suitable for that prospective tenant’s 's use are (or soon will be) available.
; (Cc) Landlord shall not be obligated to lease the Demised Premises to a Substitute Tenant for a rental less than the current fair market rental then prevailing for similar space, nor shall Landlord be obligated to enter into a new lease under other terms and conditions that are unacceptable to Landlord under Landlord’s then current leasing policies for comparable space.similar
(D1) Landlord shall not be obligated to enter into a lease with any proposed tenant whose use would:
a. Disrupt the tenant mix or balance of the Project;
b. Violate violate any restriction, covenant, covenant or requirement contained in the lease of another tenant of the Project;
c. Adversely Building; (2) adversely affect the reputation of the ProjectBuilding; or
d. Be or (3) be incompatible with the operation of the Project.
Building as a first class building; (Ee) Landlord shall not be obligated to enter into a lease with any proposed Substitute Tenant (a “Substitute Lease”) which does not have, in Landlord’s 's reasonable opinion, sufficient financial resources or operating experience to operate the Demised Premises in a first-first class manner.
; (Ff) Landlord shall not be required to expend any amount of money to alter, remodel, remodel or otherwise make the Demised Premises suitable for use by a proposed Substitute Tenant unless:
a. (1) Tenant pays any such sum to Landlord in advance of Landlord’s 's execution of a Substitute Lease substitute lease with such Substitute Tenant tenant (which payment shall not be in lieu of any damages or other sums to which Landlord may be entitled as a result of Tenant’s 's default under this Lease); or
b. (2) Landlord, in Landlord’s 's sole discretion, determines that any such expenditure is financially justified in connection with entering into any such Substitute Leasesubstitute lease.
(iii) Upon compliance with the above criteria regarding the releasing of the Demised Premises after a default by Tenant, Landlord shall be deemed to have fully satisfied Landlord’s 's obligation to mitigate damages under this Lease and under any law or judicial ruling in effect on the date of this Lease or at the time of Tenant’s 's default, and Tenant waives and releases, to the fullest extent legally permissible, any right to assert in any action by Landlord to enforce the terms of this Lease, any defense, counterclaim, or rights of setoff set off or recoupment respecting the mitigation of damages by Landlord, unless and to the extent Landlord maliciously or in bad faith fails to act in accordance with the requirements of this Paragraph 12(cSection 22(h).
(iv) Tenant’s 's right to seek damages from Landlord as a result of a default by Landlord under this the Lease shall be conditioned on Tenant taking all actions reasonably required, under the circumstances, to minimize any loss or damage to Tenant’s 's property or business, or to any of Tenant’s 's officers, employees, agents, invitees, or other third parties that may be caused by any such default of Landlord.
Appears in 1 contract
Samples: Office Building Lease (Pe Corp)
Mitigation of Damages. (i) In the event of a default under the Lease, Landlord and Tenant shall each use commercially reasonable efforts to mitigate any damages resulting from a default of the other party Default by Tenant under this Lease.
(ii) . Landlord’s obligation to mitigate damages after a default Default by Tenant under this Lease shall be satisfied in full if Landlord undertakes to lease the Premises to another tenant (a “”Substitute Tenant”) in accordance with the following criteria:
(A) A. Landlord shall have no obligation obligations to solicit or entertain negotiations with any other prospective tenant tenants for the Premises until Landlord obtains full and complete possession of the Premises including, without limitation, the final and unappealable legal right to relet the Premises free of any claim of Tenant.;
(B) B. Landlord shall not be obligated to lease or show the Premises, on a priority basis, offer the Premises to a Substitute Tenant prospective tenant when other premises in the Project Building suitable for that prospective tenant’s use are (or soon will be) available.;
(C) C. Landlord shall not be obligated to lease the Premises to a Substitute Tenant for a rental less than the current fair market rental then prevailing for similar spaceuses in comparable buildings in the same market area as the Building, nor shall Landlord be obligated to enter into a new lease under other terms and conditions that are unacceptable to Landlord under Landlord’s then current leasing policies for comparable space.space in the Building;
(D) D. Landlord shall not be obligated to enter into a lease with any proposed tenant whose use would:
a. Disrupt the tenant mix or balance of the Project;
b. Violate 1. violate any restriction, covenant, or requirement contained in the lease of another tenant of the ProjectBuilding;
c. Adversely 2. adversely affect the reputation of the ProjectBuilding; or
d. Be 3. be incompatible with the operation of the Project.Building as an office building; and
(E) E. Landlord shall not be obligated to enter into a lease with any proposed Substitute Tenant (a “Substitute Lease”) which does not have, in Landlord’s reasonable opinion, sufficient financial resources or operating experience to operate the Premises in a first-class manner.
(F) Landlord shall not be required to expend any amount of money to alter, remodel, or otherwise make the Premises suitable for use by a perform its obligations under its proposed Substitute Tenant unless:
a. Tenant pays any such sum to Landlord in advance of Landlord’s execution of a Substitute Lease with such Substitute Tenant (which payment shall not be in lieu of any damages or other sums to which Landlord may be entitled as a result of Tenant’s default under this Lease); or
b. Landlord, in Landlord’s sole discretion, determines that any such expenditure is financially justified in connection with entering into any such Substitute Lease.
(iii) Upon compliance with the above criteria regarding the releasing lease of the Premises after a default by Tenant, Landlord shall be deemed to have fully satisfied Landlord’s obligation to mitigate damages under this Lease and under any law or judicial ruling in effect on the date of this Lease or at the time of Tenant’s default, and Tenant waives and releases, to the fullest extent legally permissible, any right to assert in any action by Landlord to enforce the terms of this Lease, any defense, counterclaim, or rights of setoff or recoupment respecting the mitigation of damages by Landlord, unless and to the extent Landlord maliciously or in bad faith fails to act in accordance with the requirements of this Paragraph 12(c)Premises.
(iv) Tenant’s right to seek damages from Landlord as a result of a default by Landlord under this Lease shall be conditioned on Tenant taking all actions reasonably required, under the circumstances, to minimize any loss or damage to Tenant’s property or business, or to any of Tenant’s officers, employees, agents, invitees, or other third parties that may be caused by any such default of Landlord.
Appears in 1 contract
Mitigation of Damages. (i) In the event of a default under the Lease, Landlord and Tenant shall each use commercially reasonable efforts to mitigate any damages resulting from a default of the other party under this Lease.
(ii) Landlord’s obligation to mitigate damages after a default by Tenant shall be satisfied in full if Landlord undertakes to lease the Premises to another tenant (a “Substitute Tenant”) in accordance with the following criteria:
(A) Landlord shall have no obligation to solicit or entertain negotiations with any other prospective tenant for the Premises until Landlord obtains full and complete possession of the Premises including, without limitation, the final and unappealable legal right to relet the Premises free of any claim of Tenant.
(B) Landlord shall not be obligated to offer the Premises to a Substitute Tenant when other premises in the Project suitable for that prospective tenant’s use are (or soon will be) available.
(C) Landlord shall not be obligated to lease the Premises to a Substitute Tenant for a rental less than the current fair market rental then prevailing for similar space, nor shall Landlord be obligated to enter into a new lease under other terms and conditions that are unacceptable to Landlord under Landlord’s then current leasing policies for comparable space.
(D) Landlord shall not be obligated to enter into a lease with any proposed tenant whose use would:
a. Disrupt the tenant mix or balance of the Project;
b. Violate any restriction, covenant, or requirement contained in the lease of another tenant of the Project;
c. Adversely affect the reputation of the Project; or
d. Be incompatible with the operation of the Project.
(E) Landlord shall not be obligated to enter into a lease with any proposed Substitute Tenant (a “Substitute Lease”) which does not have, in Landlord’s reasonable opinion, sufficient financial resources or operating experience to operate the Premises in a first-class manner.
(F) Landlord shall not be required to expend any amount of money to alter, remodel, or otherwise make the Premises suitable for use by a proposed Substitute Tenant unless:
a. Tenant pays any such sum to Landlord in advance of Landlord’s execution of a Substitute Lease with such Substitute Tenant (which payment shall not be in lieu of any damages or other sums to which Landlord may be entitled as a result of Tenant’s default under this Lease); or
b. Landlord, in Landlord’s sole discretion, determines that any such expenditure is financially justified in connection with entering into any such Substitute Lease.
(iii) Upon compliance with the above criteria regarding the releasing of the Premises after a default by Tenant, Landlord shall be deemed to have fully satisfied Landlord’s obligation to mitigate damages under this Lease and under any law or judicial ruling in effect on the date of this Lease or at the time of Tenant’s default, and Tenant waives and releases, to the fullest extent legally permissible, any right to assert in any action by Landlord to enforce the terms of this Lease, any defense, counterclaim, or rights of setoff or recoupment respecting the mitigation of damages by Landlord, unless and to the extent Landlord maliciously or in bad faith fails to act in accordance with the requirements of this Paragraph 12(c).
(iv) Tenant’s right to seek damages from Landlord as a result of a default by Landlord under this Lease shall be conditioned on Tenant taking all actions reasonably required, under the circumstances, to minimize any loss or damage to Tenant’s property or business, or to any of Tenant’s officers, employees, agents, invitees, or other third parties that may be caused by any such default of Landlord.
Appears in 1 contract
Samples: Office Lease (EVO Transportation & Energy Services, Inc.)
Mitigation of Damages. (i) In the event of a default under the Lease, A. Landlord and Tenant shall each use commercially reasonable efforts agree to mitigate any damages resulting from a default the following criteria in connection with Landlord's mitigation of the other party under this Lease.
(ii) Landlord’s obligation to mitigate damages after a default by Tenant shall be satisfied in full if Landlord undertakes to lease and abandonment of the Premises by Tenant under this Lease (such mitigation, being by means of marketing the Premises for lease, to another tenant commence not more than sixty (a “Substitute Tenant”60) in accordance with days after Tenant physically vacates the following criteria:Premises and to continue until the Premises have been relet):
(A) 1. Landlord shall will have no obligation to solicit or entertain negotiations with any other prospective tenant for of the Premises until and unless Landlord obtains full and complete possession of the Premises includingPremises, including without limitation, the final and unappealable non-appealable legal right to relet the Premises free of any claim of Tenant.
(B) 2. Landlord shall will not be obligated to offer the Premises to a Substitute Tenant prospective tenant when other premises in the Project suitable for that prospective tenant’s 's use are (or soon will be) availableavailable in any other premises located at Addison Airport.
(C) 3. Landlord shall will not be obligated have any obligation to lease the Premises to a Substitute Tenant for a any rental less than the current rate then prevailing for similar space at Addison Airport (or if no similar space is available, the current fair market rental then prevailing for similar space, space in comparable buildings in the same market area as the Premises) nor shall Landlord be obligated to enter into a new lease under other any terms and or conditions that are unacceptable to Landlord under Landlord’s then current leasing policies for comparable space.
(D) 4. Landlord shall will not be obligated to enter into any lease with any prospective tenant whose reputation is not acceptable to Landlord, in Landlord's sole judgment and opinion.
5. Landlord will not be obligated to enter into a lease with any proposed tenant whose use would:
a. Disrupt the tenant mix or balance of the Project;
b. Violate any restriction, covenant, or requirement contained in the lease of another tenant of the Project;
c. Adversely affect the reputation of the Project; or
d. Be incompatible with the operation of the Project.
prospective tenant: (E) Landlord shall not be obligated to enter into a lease with any proposed Substitute Tenant (a “Substitute Lease”i) which does not have, in Landlord’s reasonable 's sole judgment and opinion, sufficient financial resources or and operating experience to occupy and operate the Premises in a first-first class mannermanner and meet its financial obligations; or (ii) whose proposed use of the Premises is not a permitted use under the terms of this Lease.
(F) 6. Landlord shall will not be required to expend any amount of money to alter, remodel, remodel or otherwise make the Premises suitable for use by a proposed Substitute Tenant unless:
a. Tenant pays any such sum to prospective tenant. If Landlord in advance of Landlord’s execution of a Substitute Lease with such Substitute Tenant (which payment shall not be in lieu of any damages or other sums to which Landlord may be entitled as a result of Tenant’s default under this Lease); or
b. Landlord, in Landlord’s sole discretion, determines that any such expenditure is financially justified in connection with entering into any such Substitute Lease.
(iii) Upon compliance with the above criteria regarding the releasing of makes the Premises after a default by Tenantavailable for reletting under the criteria set forth hereinabove, Landlord shall will be deemed to have fully satisfied Landlord’s 's obligation to mitigate damages under this Lease and under any law Law or judicial ruling in effect on the date of this Lease or at the time of Tenant’s 's default, and Tenant hereby waives and releases, to the fullest extent legally permissible, any right to assert assert, in any action by Landlord to enforce the terms of this Lease, any defense, counterclaim, or rights of setoff or recoupment respecting the mitigation of damages by LandlordLandlord (or alleged failure by Landlord to adequately mitigate its damages), unless and to the extent Landlord maliciously or in bad faith fails to act in accordance with the requirements of this Paragraph. No rent collected from a substitute tenant for any month in excess of the Rent due under the Lease for that month will be credited or offset against unpaid Rent for any other month or any other Breach Damages. Tenant stipulates that the mitigation requirements expressed in this Paragraph 12(c)are objectively reasonable. TO THE FULLEST EXTENT PERMITTED BY LAW, TENANT WAIVES ANY OTHER OBLIGATION BY LANDLORD TO MITIGATE ITS DAMAGES AFTER TENANT VACATES OR ABANDONS THE PREMISES.
(iv) B. Tenant’s 's right to seek damages from Landlord as a result of a default by Landlord under this Lease shall be conditioned on Tenant taking all actions reasonably required, under the circumstances, to minimize any loss or damage to Tenant’s 's property or business, or to any of Tenant’s 's officials, officers, employees, agents, invitees, or other third parties that may be caused by any such default of Landlord.
Appears in 1 contract
Samples: Conventional Hangar Lease for Commercial Aviation Use
Mitigation of Damages. (i) In the event of a default under the Lease, Landlord and Tenant shall each use commercially reasonable efforts to mitigate any damages resulting from a default of the other party under this Lease.
(ii) . Landlord’s obligation to mitigate damages after a default an Event of Default by Tenant shall be satisfied under this Lease which would result in full if Landlord undertakes undertaking to lease the Premises to another tenant (a “Substitute Tenant”) shall be satisfied in full if Landlord undertakes to lease the Premises to a Substitute Tenant in accordance with the following criteria:
: (Aa) Landlord shall have no obligation to solicit or entertain negotiations with any other prospective tenant tenants for the Premises until Landlord obtains full and complete possession of the Premises including, without limitation, the final and unappealable legal right to relet the Premises free of any claim of Tenant.
Premises; (Bb) Landlord shall not be obligated to offer the Premises to a Substitute Tenant prospective tenant when other premises in the Project Center suitable for that prospective tenant’s use are (or soon will be) available.
; (Cc) Landlord shall not be obligated to lease the Premises to a Substitute Tenant for a rental less than the current fair market rental then prevailing for similar space, nor shall Landlord be obligated to enter into a new lease under other terms and conditions that are unacceptable to Landlord under Landlord’s then current leasing policies for comparable space.
(D) Landlord shall not be obligated to enter into a lease with any proposed tenant whose use would:
a. Disrupt the tenant mix or balance of the Project;
b. Violate any restriction, covenant, or requirement contained space in the lease of another tenant of the Project;
c. Adversely affect the reputation of the ProjectCenter; or
d. Be incompatible with the operation of the Project.
(E) Landlord shall not be obligated to enter into a lease with any proposed Substitute Tenant (a “Substitute Lease”) which does not have, in Landlord’s reasonable opinion, sufficient financial resources or operating experience to operate the Premises in a first-class manner.
(Fd) Landlord shall not be required to expend any amount of money to alter, remodel, or otherwise make the Premises suitable for use by a proposed Substitute Tenant unless:
a. unless Tenant pays any such sum to Landlord in advance of Landlord’s execution of a Substitute Lease with such Substitute Tenant tenant (which payment shall not be in lieu of any damages or other sums to which Landlord may be entitled as a result of Tenant’s default under this Lease); or
b. , or Landlord, in Landlord’s sole discretion, determines that any such expenditure is financially justified in connection with entering into any such Substitute Lease.
(iii) . Upon compliance with the above criteria regarding the releasing re-leasing of the Premises after a default an Event of Default by Tenant, Landlord shall be deemed to have fully satisfied Landlord’s obligation to mitigate damages under this Lease and under any law or judicial ruling in effect on the date of this Lease or at the time of Tenant’s default, and Tenant waives and releases, to the fullest extent legally permissible, any right to assert in any action by Landlord to enforce the terms of this Lease, any defense, counterclaim, or rights of setoff or recoupment respecting the mitigation of damages by Landlord, unless and to the extent Landlord maliciously or in bad faith fails to act in accordance with the requirements of this Paragraph 12(c).
(iv) Tenant’s right to seek damages from Landlord as a result of a default by Landlord under this Lease shall be conditioned on Tenant taking all actions reasonably required, under the circumstances, to minimize any loss or damage to Tenant’s property or business, or to any of Tenant’s officers, employees, agents, invitees, or other third parties that may be caused by any such default of Landlord.
Appears in 1 contract
Mitigation of Damages. (i) In the event After an Event of a default under the Lease, Default that results in Landlord and Tenant shall each use commercially reasonable efforts to mitigate any damages resulting from a default regaining possession of all or part of the other party under this Lease.
(ii) LandlordPremises, Lxxxxxxx’s obligation to mitigate damages after a default by Tenant shall be satisfied in full if Landlord undertakes to lease the Premises to another tenant (a “Substitute Tenant”) in accordance with the following criteria:
(Ai) Landlord shall have no obligation to solicit or entertain negotiations with any other prospective tenant tenants for the Premises until Landlord obtains full and complete possession of the Premises including, without limitation, the final and unappealable legal right to relet re-let the Premises free of any claim of Tenant.;
(Bii) Landlord shall not be obligated to offer the Premises to a Substitute Tenant any prospective tenant when other premises in at the Project Building are suitable for that prospective tenant’s use are (or soon will be) currently available.;
(Ciii) Landlord shall not be obligated to lease Lease the Premises to a Substitute Tenant substitute tenant for a rental less than the current fair market rental then prevailing for similar space, nor space in comparable buildings of a comparable type in the same market area as the Premises;
(iv) Landlord shall Landlord not be obligated to enter into a new lease under other terms and conditions that are unacceptable to Landlord under LandlordLxxxxxxx’s then current leasing policies for comparable space.space at the Building;
(Dv) Landlord shall not be obligated to enter into a lease with any proposed substitute tenant whose use would:
a. Disrupt the tenant mix or balance of the Project;
b. Violate any restriction, covenant, or requirement contained in the lease of another tenant of the Project;
c. Adversely affect the reputation of the Project; or
d. Be incompatible with the operation of the Project.
(E) Landlord shall not be obligated to enter into a lease with any proposed Substitute Tenant (a “Substitute Lease”) which that does not have, in Landlord’s reasonable opinion, sufficient financial resources or operating experience to operate the Premises in a first-class manner.;
(Fvi) Landlord shall not be required to expend any amount of money to alter, remodel, or otherwise make the Premises demised premises suitable for use by a proposed Substitute Tenant unless:
a. substitute tenant unless (A) Tenant pays any such sum to Landlord in advance of Landlord’s execution of a Substitute Lease lease with such Substitute Tenant substitute tenant (which payment shall not be in lieu of any damages or other sums to which Landlord may be entitled to as a result of Tenant’s default under this Lease); or
b. Landlord, in Landlord’s sole discretion, an Event of Default) or (B) Landlord determines that any such expenditure is financially justified in connection with entering into any lease with such Substitute Lease.
(iii) Upon compliance with the above criteria regarding the releasing of the Premises after a default by Tenant, Landlord shall be deemed to have fully satisfied Landlord’s obligation to mitigate damages under this Lease and under any law or judicial ruling in effect on the date of this Lease or at the time of Tenant’s default, and Tenant waives and releases, to the fullest extent legally permissible, any right to assert in any action by Landlord to enforce the terms of this Lease, any defense, counterclaim, or rights of setoff or recoupment respecting the mitigation of damages by Landlord, unless and to the extent Landlord maliciously or in bad faith fails to act in accordance with the requirements of this Paragraph 12(c).
(iv) Tenant’s right to seek damages from Landlord as a result of a default by Landlord under this Lease shall be conditioned on Tenant taking all actions reasonably required, under the circumstances, to minimize any loss or damage to Tenant’s property or business, or to any of Tenant’s officers, employees, agents, invitees, or other third parties that may be caused by any such default of Landlord.substitute tenant;
Appears in 1 contract
Samples: Lease Agreement (Savara Inc)
Mitigation of Damages. (ia) In the event of a default under the this Lease, Landlord and Tenant shall each use commercially reasonable efforts to mitigate any damages resulting from a default of the other party under this Lease.
(iib) Landlord’s 's obligation to mitigate damages after a default by Tenant shall be satisfied in full if Landlord undertakes to lease the Premises to another tenant (a “"Substitute Tenant”") in accordance with the following criteria:
(Ai) Landlord shall have no obligation to solicit or entertain negotiations with any other prospective tenant for the Premises until Landlord obtains full and complete possession of the Premises including, without limitation, the final and unappealable legal right to relet the Premises free of any claim of Tenant.
(Bii) Landlord shall not be obligated to offer the Premises to a Substitute Tenant when other premises in the Project suitable for that prospective tenant’s 's use are (or soon will be) available.
(Ciii) Landlord shall not be obligated to lease the Premises to a Substitute Tenant for a rental less than the current fair market rental then prevailing for similar space, nor shall Landlord be obligated to enter into a new lease under other terms and conditions that are unacceptable to Landlord under Landlord’s 's then current leasing policies for comparable space.
(Div) Landlord shall not be obligated to enter into a lease with any proposed tenant whose use would:
a. Disrupt the tenant mix or balance of the Project;
b. Violate any restriction, covenant, or requirement contained in the lease of another tenant of the Project;
c. Adversely affect the reputation of the Project; or
d. Be incompatible with the operation of the Project.
(Ev) Landlord shall not be obligated to enter into a lease with any proposed Substitute Tenant (a “"Substitute Lease”") which does not have, in Landlord’s 's reasonable opinion, sufficient financial resources or operating experience to operate the Premises in a first-class manner.
(Fvi) Landlord shall not be required to expend any amount of money to alter, remodel, or otherwise make the Premises suitable for use by a proposed Substitute Tenant unless:
a. Tenant pays any such sum to Landlord in advance of Landlord’s 's execution of a Substitute Lease with such Substitute Tenant (which payment shall not be in lieu of any damages or other sums to which Landlord may be entitled as a result of Tenant’s 's default under this Lease); or
b. Landlord, in Landlord’s 's sole and absolute discretion, determines that any such expenditure is financially justified in connection with entering into any such Substitute Lease.
(iiic) Upon compliance with the above criteria regarding the releasing of the Premises after a default by Tenant, Landlord shall be deemed to have fully satisfied Landlord’s 's obligation to mitigate damages under this Lease and under any law or judicial ruling in effect on the date of this Lease or at the time of Tenant’s 's default, and Tenant waives and releases, to the fullest extent legally permissible, any right to assert in any action by Landlord to enforce the terms of this Lease, any defense, counterclaim, or rights of setoff or recoupment respecting the mitigation of damages by Landlord, unless and to the extent Landlord maliciously or in bad faith fails to act in accordance with the requirements of this Paragraph 12(c).
(ivd) Tenant’s 's right to seek damages from Landlord as a result of a default by Landlord under this Lease shall be conditioned on Tenant taking all actions reasonably required, under the circumstances, to minimize any loss or damage to Tenant’s 's property or business, or to any of Tenant’s 's officers, employees, agents, invitees, or other third parties that may be caused by any such default of Landlord. None of the aforementioned Section 23.4 shall limit Tenant’s rights under any applicable law or judicial ruling in effect on the date of this Lease or at the time of such alleged default.
Appears in 1 contract
Samples: Lease Agreement (Inogen Inc)
Mitigation of Damages. (i) In the event of a default under the Lease, Landlord and Tenant shall each use commercially reasonable efforts to mitigate any damages resulting from a default of the other party under this Lease.
(ii) Unless otherwise required by applicable law, Landlord’s obligation to mitigate damages after a default by Tenant shall be satisfied in full if Landlord undertakes to lease the Premises to another tenant (a “Substitute Tenant”) in accordance with the following criteria:: 33 TEXAS WITH BASE YEAR
(A) Landlord shall have no obligation to solicit or entertain negotiations with any other prospective tenant for the Premises until Landlord obtains full and complete possession of the Premises including, without limitation, the final and unappealable legal right to relet the Premises free of any claim of Tenant.
(B) Landlord shall not be obligated to offer the Premises to a Substitute Tenant when in preference over other premises in the Project Centre suitable for that prospective tenant’s use are (or soon will be) available.
(C) Landlord shall not be obligated to lease the Premises to a Substitute Tenant for a rental less than the current fair market rental then prevailing for similar space, nor shall Landlord be obligated to enter into a new lease under other terms and conditions that are unacceptable to Landlord under Landlord’s then current leasing policies for comparable space.
(D) Landlord shall not be obligated to enter into a lease with any proposed tenant whose use would:
a. Disrupt the then-existing tenant mix or balance of the ProjectCentre in Landlord’s commercially reasonable discretion;
b. Violate any restriction, covenant, or requirement contained in the lease of another tenant of the ProjectCentre;
c. Adversely affect the reputation of the ProjectCentre, in Landlord’s commercially reasonable discretion; or
d. Be incompatible with the operation of the ProjectCentre.
(E) Landlord shall not be obligated to enter into a lease with any proposed Substitute Tenant (a “Substitute Lease”) which does not have, in Landlord’s reasonable opinion, sufficient financial resources to perform the obligations of Tenant under this Lease or operating experience to operate the Premises in a first-class mannermanner consistent with that required of office tenants in Comparable Buildings.
(F) Landlord shall not be required to expend any amount of money to alter, remodel, or otherwise make the Premises suitable for use by a proposed Substitute Tenant unless:
a. Tenant pays any such sum to Landlord in advance of Landlord’s execution of a Substitute Lease with such Substitute Tenant (which payment shall not be in lieu of any damages or other sums to which Landlord may be entitled as a result of Tenant’s default under this Lease); or
b. Landlord, in Landlord’s sole discretion, determines that any such expenditure is financially justified in connection with entering into any such Substitute Lease.
(iii) Upon compliance with the above criteria regarding the releasing of the Premises after a default by Tenant, Landlord shall be deemed to have fully satisfied Landlord’s obligation to mitigate damages under this Lease and under any law or judicial ruling in effect on the date of this Lease or at the time of Tenant’s default, and Tenant waives and releases, to the fullest extent legally permissible, any right to assert in any action by Landlord to enforce the terms of this Lease, any defense, counterclaim, or rights of setoff or recoupment respecting the mitigation of damages by Landlord, unless and to the extent Landlord maliciously or in bad faith fails to act in accordance with the requirements of this Paragraph 12(c).
(iv) Tenant’s right to seek damages from Landlord as a result of a default by Landlord under this Lease shall be conditioned on Tenant taking all actions reasonably required, under the circumstances, to minimize any loss or damage to Tenant’s property or business, or to any of Tenant’s officers, employees, agents, invitees, or other third parties that may be caused by any such default of Landlord.. 34 TEXAS WITH BASE YEAR
Appears in 1 contract
Samples: Office Lease (Markit Ltd.)
Mitigation of Damages. (i) A. In conjunction with any obligation imposed by law on Landlord to mitigate damages arising from Tenant's abandonment of the event Demised Premises in breach of a default under the this Lease, Landlord, beginning not more than ninety (90) days after Tenant physically vacates the Demised Premises and continuing until the Demised Premises have been relet (but subject to the provisions of this subsection A. set forth below), will market the Demised Premises for lease, and Tenant will remain liable for all Rent and for Damages incurred by Landlord (as the term “Damages” is defined in Section 24, above). Landlord and Tenant shall each use commercially reasonable efforts agree to mitigate any damages resulting from a default of the other party under this Lease.
following criteria in connection with Landlord's obligation (iiif any) Landlord’s obligation to mitigate damages after a default by Tenant shall be satisfied in full if Landlord undertakes to lease the Premises to another tenant (a “Substitute Tenant”) in accordance with the following criteriaas described above:
(A1) Landlord shall will have no obligation to solicit or entertain negotiations with any other prospective tenant for tenants of the Demised Premises until and unless Landlord obtains full and complete possession of the Premises includingDemised Premises, including without limitation, the final and unappealable legal right to relet the Demised Premises free of any claim of Tenant.
(B2) Landlord shall will not be obligated to offer the Demised Premises to a Substitute Tenant prospective tenant when other premises in the Project suitable for that prospective tenant’s 's use are (or soon will be) availableavailable in any other premises located at Addison Airport.
(C3) Landlord shall will not be obligated have any obligation to lease the Demised Premises to a Substitute Tenant for a any rental less than the current rate then prevailing for similar space at Addison Airport (or if no similar space is available, the current fair market rental then prevailing for similar space, space in comparable buildings in the same market area as the Demised Premises) nor shall Landlord be obligated to enter into a new lease under other any terms and or conditions that are unacceptable to Landlord under Landlord’s then current leasing policies for comparable space.
(D4) Landlord shall will not be obligated to enter into any lease with any prospective tenant whose reputation is not acceptable to Landlord, in Landlord's commercially reasonable judgment and opinion.
(5) Landlord will not be obligated to enter into a lease with any proposed tenant whose use would:
a. Disrupt the tenant mix or balance of the Project;
b. Violate any restriction, covenant, or requirement contained in the lease of another tenant of the Project;
c. Adversely affect the reputation of the Project; or
d. Be incompatible with the operation of the Project.
prospective tenant: (E) Landlord shall not be obligated to enter into a lease with any proposed Substitute Tenant (a “Substitute Lease”i) which does not have, in Landlord’s reasonable 's sole judgment and opinion, sufficient financial resources or and operating experience to operate the Demised Premises in a first-first class mannermanner and meet its financial obligations; or (ii) whose proposed use of the Demised Premises is not a permitted use under the terms of this Lease.
(F6) Landlord shall will not be required to expend any amount of money to alter, remodel, remodel or otherwise make the Demised Premises suitable for use by a proposed Substitute Tenant unless:
a. Tenant pays any such sum to prospective tenant. If Landlord in advance of Landlord’s execution of a Substitute Lease with such Substitute Tenant (which payment shall not be in lieu of any damages or other sums to which Landlord may be entitled as a result of Tenant’s default makes the Demised Premises available for reletting under this Lease); or
b. Landlord, in Landlord’s sole discretion, determines that any such expenditure is financially justified in connection with entering into any such Substitute Lease.
(iii) Upon compliance with the above criteria regarding the releasing of the Premises after a default by Tenantset forth hereinabove, Landlord shall will be deemed to have fully satisfied Landlord’s 's obligation (if any) to mitigate damages under this Lease and under any law or judicial ruling in effect on the date of this Lease or at the time of Tenant’s 's default, and Tenant waives and releasesTENANT HEREBY WAIVES AND RELEASES, to the fullest extent legally permissible, any right to assert in any action by Landlord to enforce the terms of this Lease, any defense, counterclaim, or rights of setoff or recoupment respecting the mitigation of damages by LandlordLandlord (or alleged failure by Landlord to adequately mitigate its damages), unless and to the extent Landlord maliciously or in bad faith fails to act in accordance with the requirements of this Paragraph 12(c)Section. No rent collected from a substitute tenant for any month in excess of the rent due under the Lease for that month will be credited or offset against unpaid rent for any other month or any other Damages. Tenant stipulates that the mitigation requirements expressed in this Section are objectively reasonable. TO THE FULLEST EXTENT PERMITTED BY LAW, TENANT WAIVES ANY OTHER OBLIGATION BY LANDLORD TO MITIGATE ITS DAMAGES AFTER TENANT FAILS TO PAY RENT OR VACATES OR ABANDONS THE PREMISES.
(iv) B. Tenant’s 's right to seek actual damages from Landlord as a result of a default by Landlord under this Lease shall be conditioned on Tenant taking all actions reasonably required, under the circumstances, to minimize any loss or damage to Tenant’s 's property or business, or to any of Tenant’s 's officers, employees, agents, invitees, or other third parties that may be caused by any such default of Landlord.
Appears in 1 contract
Samples: Ground Lease Agreement
Mitigation of Damages. (ia) In the event of a default under the Lease, Both Landlord and Tenant shall each use commercially reasonable efforts to mitigate any damages resulting from a default of the other party under this Lease.
(iib) Landlord and Tenant agree to the following criteria in connection with Landlord’s obligation to mitigate damages after a default by Tenant shall be satisfied in full if Landlord undertakes to lease the Premises to another tenant (a “Substitute Tenant”) in accordance with the following criteriaunder this Lease:
(Ai) Landlord shall will have no obligation to solicit or entertain negotiations with any other prospective tenant for tenants of the Leased Premises until and unless Landlord obtains full and complete possession of the Premises includingLeased Premises, including without limitation, either Tenant’s waiver of all claims to the Lease Premises or the final and unappealable legal right to relet the Leased Premises free of any claim of Tenant.
(Bii) Landlord shall will not be obligated to offer the Leased Premises to a Substitute Tenant prospective tenant when other premises in the Project suitable for that prospective tenant’s use are (or soon will be) availableavailable in the Building or in the Terrace P.U.D. by Landlord or Landlord’s affiliates, unless such prospective tenant is delivered by Tenant or Tenant’s agent. For all purposes under this Lease, affiliates of Landlord shall mean and include (i) any person or entity owning or holding (directly or indirectly) any interest in Landlord; and (ii) any entity in which Landlord or any person or entity owning or holding any interest (directly or indirectly) in Landlord, owns or holds any interest (directly or indirectly).
(Ciii) Landlord shall will not be obligated have any obligation to lease the Leased Premises to a Substitute Tenant for a any rental less than the current rate then prevailing for similar space in the Building (or if no similar space is available in the Building, the current fair market rental then prevailing for similar space, space in comparable buildings in the same market area as the Building) nor shall Landlord be obligated to enter into a new lease under other any terms and or conditions that are unacceptable to Landlord under Landlord’s then current leasing policies for comparable spacespace in the Building.
(Div) Landlord shall will not be obligated to enter into any lease with any prospective tenant whose presence or operations in the Building would: (i) violate any restriction, covenant or requirement contained in the lease of another tenant in the Building; (ii) adversely affect the reputation of the Building; or (iii) be incompatible with the operation of the Building as a first class office building.
(v) Landlord will not be obligated to enter into a lease with any proposed prospective tenant whose use would:
a. Disrupt the tenant mix or balance of the Project;
b. Violate any restriction, covenant, or requirement contained in the lease of another tenant of the Project;
c. Adversely affect the reputation of the Project; or
d. Be incompatible with the operation of the Project.
(E) Landlord shall not be obligated to enter into a lease with any proposed Substitute Tenant (a “Substitute Lease”) which does not have, in Landlord’s reasonable sole judgment and opinion, sufficient financial resources or and operating experience to operate the Leased Premises in a first-first class mannermanner and meet its financial obligations.
(Fvi) Landlord shall will not be required to expend any amount of money to alter, remodel, remodel or otherwise make the Leased Premises suitable for use by a proposed Substitute Tenant unless:
a. Tenant pays any such sum to Landlord in advance of Landlord’s execution of a Substitute Lease with such Substitute Tenant (which payment shall not be in lieu of any damages or other sums to which Landlord may be entitled as a result of Tenant’s default under this Lease); or
b. Landlord, in Landlord’s sole discretion, determines that any such expenditure is financially justified in connection with entering into any such Substitute Leaseprospective tenant.
(iiivii) Upon compliance with Landlord will have no obligation to expend any material sums of money to market the above Leased Premises. If Landlord makes the Leased Premises available for reletting under the criteria regarding the releasing of the Premises after a default by Tenantset forth hereinabove, Landlord shall will be deemed to have fully satisfied Landlord’s obligation to mitigate damages under this Lease and under any law or judicial ruling in effect on the date of this Lease or at the time of Tenant’s default, and Tenant hereby waives and releases, to the fullest extent legally permissible, any right to assert in any action by Landlord to enforce the terms of this Lease, any defense, counterclaim, or rights of setoff set-off or recoupment respecting the mitigation of damages by LandlordLandlord (or alleged failure by Landlord to adequately mitigate its damages), unless and to the extent Landlord maliciously or in bad faith fails to act in accordance with the requirements of this Paragraph 12(c)Section 11.03.
(iv) Tenant’s right to seek damages from Landlord as a result of a default by Landlord under this Lease shall be conditioned on Tenant taking all actions reasonably required, under the circumstances, to minimize any loss or damage to Tenant’s property or business, or to any of Tenant’s officers, employees, agents, invitees, or other third parties that may be caused by any such default of Landlord.
Appears in 1 contract
Samples: Lease Agreement (Matinee Media CORP)
Mitigation of Damages. (i) In the event Each of a default under the Lease, Landlord and Tenant shall each use commercially reasonable efforts to mitigate any damages resulting from a default of the other party under this Lease.
(ii) . Landlord’s obligation to mitigate damages after a default by Tenant under this Lease shall be satisfied in full if Landlord undertakes to lease the Premises to another tenant (a “Substitute Tenant”) in accordance with the following criteria:
(A1) Landlord shall have no obligation to solicit or entertain negotiations with any other prospective tenant tenants for the Premises until Landlord obtains full and complete possession of the Premises including, without limitation, the final and unappealable legal right to relet re-let the Premises free of any claim of Tenant.
(B2) Landlord shall not be obligated to offer the Premises to a Substitute Tenant prospective tenant when other premises in the Project Building suitable for that the prospective tenant’s use are (or soon will be) available.
(C3) Landlord shall not be obligated to lease the Premises to a Substitute Tenant for a rental less than the current fair market rental then prevailing for similar spaceoffice uses in comparable buildings in the same market area as the Building, nor shall Landlord be obligated to enter into a new lease under other terms and conditions that which are unacceptable to Landlord under Landlord’s then current leasing policies for a comparable spacespace in the Building.
(D4) Landlord shall not be obligated to enter into a lease with any proposed tenant whose use would:
a. Disrupt would (i) disrupt the tenant mix or balance of the Project;
b. Violate Building, (ii) violate any restriction, covenant, covenant or requirement contained in the lease of another tenant of the Project;
c. Adversely Building, (iii) adversely affect the reputation of the Project; or
d. Be Building or (iv) be incompatible with the operation of the ProjectBuilding as a first class Office Building.
(E5) Landlord shall not be obligated to enter into a lease with any proposed Substitute Tenant (a “Substitute Lease”) which does not have, in Landlord’s reasonable opinion, sufficient financial resources or operating experience to operate the Premises in a first-first class manner.
(F6) Landlord shall not be required to expend any amount of money to alter, remodel, remodel or otherwise make the Premises suitable for use by a proposed Substitute Tenant unless:
a. unless (i) Tenant pays any such sum to Landlord in advance of Landlord’s execution of a Substitute Lease with such Substitute Tenant tenant (which payment shall not be in lieu of any damages or other sums to which Landlord may be entitled as a result of Tenant’s default under this Lease); or
b. , or (ii) Landlord, in Landlord’s sole discretion, determines that any such expenditure is financially justified in connection with entering into any such Substitute Lease.
(iii) . Upon compliance with the above criteria regarding respecting the releasing of the Premises after a default by Tenant, Landlord shall be deemed to have fully satisfied Landlord’s obligation to mitigate damages under this Lease and under any law or judicial ruling in effect on the date of this Lease or at the time of Tenant’s default, and Tenant waives and releases, to the fullest extent legally permissible, any right to assert in any action by Landlord to enforce the terms of this Lease, any defense, counterclaim, or rights of setoff or recoupment respecting the mitigation of damages by Landlord, unless and to the extent Landlord maliciously or in bad faith fails to act in accordance with the requirements of this Paragraph 12(c).
(iv) Article 16. Tenant’s right to seek damages from Landlord as a result of a default by Landlord under this Lease shall be conditioned on Tenant taking all actions reasonably required, under the circumstances, to minimize any loss or damage to Tenant’s property or business, or to any of Tenant’s officers, employees, agents, invitees, invitees or other third parties that which may be caused by any such default of Landlord.
Appears in 1 contract
Samples: Flex Space Office Lease (Panacos Pharmaceuticals, Inc.)
Mitigation of Damages. (i) In the event of a default under the Lease, Both Landlord and Tenant shall each use commercially reasonable efforts to mitigate any damages resulting from a default of the other party under this Lease.
(ii) . Landlord’s obligation to mitigate damages after a default by Tenant Default shall be satisfied in full if Landlord undertakes to lease the Premises to another tenant (a “Substitute Tenant”) in accordance with the following criteria:
(A) 20.8.1 Landlord shall have no obligation to solicit or entertain negotiations with any other prospective tenant for the Premises Substitute Tenant until Landlord obtains full and complete possession of the Premises including, without limitation, the final and unappealable legal right to relet the Premises free of any claim of Tenant.
(B) 20.8.2 Landlord shall not be obligated to offer the Premises to a Substitute Tenant when other premises in the Project suitable for that prospective tenant’s use are (or soon will be) available.
(C) 20.8.3 Landlord shall not be obligated to lease the Premises to a Substitute Tenant for a rental amount less than the greater of (a) the current fair market rental then prevailing for similar spaceuses in comparable buildings in the same market area as the Project, or (b) the rental rate payable under this Lease, nor shall Landlord be obligated to enter into a new lease under other terms and conditions that are reasonably unacceptable to Landlord under Landlord’s then current leasing policies for comparable spacespace in the Project.
(D) 20.8.4 Landlord shall not be obligated to enter into a lease with any proposed tenant Substitute Tenant whose use would:
a. Disrupt the tenant mix or balance of the Project;
b. 1. Violate any restriction, covenant, or requirement contained in the lease of another tenant of the ProjectProject or any other agreement to which Landlord is a party;
c. Adversely affect the reputation of the Project; or
d. 2. Be incompatible with the operation of the Project.
(E) 20.8.5 Landlord shall not be obligated to enter into a lease with any proposed Substitute Tenant (a “Substitute Lease”) which that does not have, in Landlord’s reasonable opinion, sufficient financial resources or operating experience to operate the Premises in a first-class mannermanner equivalent to the condition of the Project.
(F) 1. Landlord shall not be required to expend any amount of money to alter, remodel, or otherwise make the Premises suitable for use by a proposed Substitute Tenant unless:
a. Tenant pays any such sum to unless Landlord in advance of Landlord’s execution of a Substitute Lease with such Substitute Tenant (which payment shall not be in lieu of any damages or other sums to which Landlord may be entitled as a result of Tenant’s default under this Lease); or
b. Landlord, in Landlord’s sole discretion, reasonably determines that any such expenditure is financially justified in connection with entering into any such Substitute Leaselease.
(iii) 20.8.6 Upon compliance with the above criteria regarding the releasing of the Premises after a default by TenantDefault, Landlord shall be deemed to have fully satisfied Landlord’s obligation to mitigate damages under this Lease and under any law or judicial ruling in effect on the date of this Lease or at the time of Tenant’s defaultLaw, and Tenant waives and releases, to the fullest extent legally permissible, any right to assert in any action by Landlord to enforce the terms of this Lease, any defense, counterclaim, or rights of setoff or recoupment respecting the mitigation of damages by Landlord, unless and to the extent Landlord maliciously or in bad faith fails to act in accordance with the requirements of this Paragraph 12(c).
(iv) Tenant’s right Section. Until Landlord is able, through such efforts, to seek damages from relet the Premises, Tenant must pay to Landlord, on or before the first day of each calendar month, the monthly Rent and any other charges provided in this Lease. No such reletting shall be construed as an election on the part of Landlord as a result of a default by Landlord under to terminate this Lease shall be conditioned on unless Landlord gives Tenant taking all actions reasonably required, under the circumstances, to minimize any loss or damage to Tenant’s property or business, or to any a notice of Tenant’s officers, employees, agents, invitees, or other third parties that may be caused by such intention. Notwithstanding any such default of Landlordreletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach.
Appears in 1 contract
Samples: Lease (Ecost Com Inc)
Mitigation of Damages. (i) In X. Xxxxxxxx and Xxxxxx agree to the event following criteria in connection with Xxxxxxxx's mitigation of a default under the Lease, Landlord and Tenant shall each use commercially reasonable efforts to mitigate any damages resulting from a default of the other party under this Lease.
(ii) Landlord’s obligation to mitigate damages after a default by Tenant shall be satisfied in full if Landlord undertakes to lease Xxxxxx and abandonment of the Premises by Tenant under this Lease (such mitigation, being by means of marketing the Premises for lease, to another tenant commence not more than sixty (a “Substitute Tenant”60) in accordance with days after Tenant physically vacates the following criteria:Premises and to continue until the Premises have been relet):
(A) 1. Landlord shall will have no obligation to solicit or entertain negotiations with any other prospective tenant for of the Premises until and unless Landlord obtains full and complete possession of the Premises includingPremises, including without limitation, the final and unappealable non-appealable legal right to relet the Premises free of any claim of Tenant.
(B) 2. Landlord shall will not be obligated to offer the Premises to a Substitute Tenant prospective tenant when other premises in the Project suitable for that prospective tenant’s 's use are (or soon will be) availableavailable in any other premises located at Addison Airport.
(C) 3. Landlord shall will not be obligated have any obligation to lease the Premises to a Substitute Tenant for a any rental less than the current rate then prevailing for similar space at Addison Airport (or if no similar space is available, the current fair market rental then prevailing for similar space, space in comparable buildings in the same market area as the Premises) nor shall Landlord be obligated to enter into a new lease under other any terms and or conditions that are unacceptable to Landlord under Landlord’s then current leasing policies for comparable space.
(D) 4. Landlord shall will not be obligated to enter into any lease with any prospective tenant whose reputation is not acceptable to Landlord, in Xxxxxxxx's sole judgment and opinion.
5. Landlord will not be obligated to enter into a lease with any proposed tenant whose use would:
a. Disrupt the tenant mix or balance of the Project;
b. Violate any restriction, covenant, or requirement contained in the lease of another tenant of the Project;
c. Adversely affect the reputation of the Project; or
d. Be incompatible with the operation of the Project.
prospective tenant: (E) Landlord shall not be obligated to enter into a lease with any proposed Substitute Tenant (a “Substitute Lease”i) which does not have, in Landlord’s reasonable 's sole judgment and opinion, sufficient financial resources or and operating experience to occupy and operate the Premises in a first-first class mannermanner and meet its financial obligations; or (ii) whose proposed use of the Premises is not a permitted use under the terms of this Lease.
(F) 6. Landlord shall will not be required to expend any amount of money to alter, remodel, remodel or otherwise make the Premises suitable for use by a proposed Substitute Tenant unless:
a. Tenant pays any such sum to prospective tenant. If Landlord in advance of Landlord’s execution of a Substitute Lease with such Substitute Tenant (which payment shall not be in lieu of any damages or other sums to which Landlord may be entitled as a result of Tenant’s default under this Lease); or
b. Landlord, in Landlord’s sole discretion, determines that any such expenditure is financially justified in connection with entering into any such Substitute Lease.
(iii) Upon compliance with the above criteria regarding the releasing of makes the Premises after a default by Tenantavailable for reletting under the criteria set forth hereinabove, Landlord shall will be deemed to have fully satisfied Landlord’s 's obligation to mitigate damages under this Lease and under any law Law or judicial ruling in effect on the date of this Lease or at the time of Tenant’s 's default, and Tenant hereby waives and releases, to the fullest extent legally permissible, any right to assert assert, in any action by Landlord to enforce the terms of this Lease, any defense, counterclaim, or rights of setoff or recoupment respecting the mitigation of damages by LandlordLandlord (or alleged failure by Landlord to adequately mitigate its damages), unless and to the extent Landlord maliciously or in bad faith fails to act in accordance with the requirements of this Paragraph. No rent collected from a substitute tenant for any month in excess of the Rent due under the Lease for that month will be credited or offset against unpaid Rent for any other month or any other Breach Damages. Tenant stipulates that the mitigation requirements expressed in this Paragraph 12(c)are objectively reasonable. TO THE FULLEST EXTENT PERMITTED BY LAW, TENANT WAIVES ANY OTHER OBLIGATION BY LANDLORD TO MITIGATE ITS DAMAGES AFTER TENANT VACATES OR ABANDONS THE PREMISES.
(iv) Tenant’s X. Xxxxxx's right to seek damages from Landlord as a result of a default by Landlord under this Lease shall be conditioned on Tenant taking all actions reasonably required, under the circumstances, to minimize any loss or damage to Tenant’s 's property or business, or to any of Tenant’s 's officials, officers, employees, agents, invitees, or other third parties that may be caused by any such default of Landlord.
Appears in 1 contract
Samples: Conventional Hangar Lease
Mitigation of Damages. (i) In the event of a default under the Lease, Both Landlord and Tenant shall each use commercially reasonable efforts to mitigate any damages resulting from a default of the other party under this Lease in accordance with Law; provided that any failure by Landlord to mitigate damages in accordance with the foregoing shall not give rise to any liability of Landlord for breach of this Lease.
(ii) , but shall only serve to reduce the recovery by Landlord by the amount of damages that Tenant proves could reasonably have been avoided. Subject to the foregoing, Landlord’s obligation to mitigate damages after a default by Tenant Default shall be satisfied in full if Landlord undertakes to lease the Premises to another tenant (a “Substitute Tenant”) in accordance with the following criteria:
(A) 20.9.1 Landlord shall have no obligation to solicit or entertain negotiations with any other prospective tenant for the Premises Substitute Tenant until Landlord obtains full and complete possession of the Premises including, without limitation, the final and unappealable legal right to relet the Premises free of any claim of TenantPremises.
(B) 20.9.2 Landlord shall not be obligated to offer the Premises to a Substitute Tenant when other premises in the Project suitable for that prospective tenant’s use are (or soon will be) available.
(C) 20.9.3 Landlord shall not be obligated to lease the Premises to a Substitute Tenant for a rental amount less than the current fair market rental then prevailing for similar spaceuses in comparable buildings in the same market area as the Project, nor shall Landlord be obligated to enter into a new lease under other terms and conditions that are unacceptable to Landlord under Landlord’s then current leasing policies for comparable spacespace in the Project.
(D) 20.9.4 Landlord shall not be obligated to enter into a lease with any proposed tenant Substitute Tenant whose use would:
a. Disrupt the tenant mix or balance of the Project;
b. 1. Violate any restriction, covenant, or requirement contained in the lease of another tenant of the ProjectProject or any other agreement to which Landlord is a party;
c. Adversely affect the reputation of the Project; or
d. 2. Be incompatible with the operation of the ProjectProject as a first-class project.
(E) 20.9.5 Landlord shall not be obligated to enter into a lease with any proposed Substitute Tenant (a “Substitute Lease”) which that does not have, in Landlord’s reasonable opinion, sufficient financial resources or operating experience to operate the Premises in a first-class manner.
(F) 20.9.6 Landlord shall not be required to expend any amount of money to alter, remodel, or otherwise make the Premises suitable for use by a proposed Substitute Tenant unless:
a. 1. Tenant pays any such sum to Landlord in advance of Landlord’s execution of a Substitute Lease lease with such Substitute Tenant (which payment shall not be in lieu of any damages or other sums to which Landlord may be entitled as a result of Tenant’s default under this LeaseDefault); or
b. Landlord, 2. Landlord determines in Landlord’s its sole discretion, determines discretion that any such expenditure is financially justified in connection with entering into any such Substitute Leaselease.
(iii) 20.9.7 Upon compliance with the above criteria regarding the releasing of the Premises after a default by TenantDefault, Landlord shall be deemed to have fully satisfied Landlord’s obligation to mitigate damages under this Lease and under any law or judicial ruling in effect on the date of this Lease or at the time of Tenant’s defaultLaw, and Tenant waives and releases, to the fullest extent legally permissible, any right to assert in any action by Landlord to enforce the terms of this Lease, any defense, counterclaim, or rights of setoff or recoupment respecting the mitigation of damages by Landlord, unless and to the extent Landlord maliciously or in bad faith fails to act in accordance with the requirements of this Paragraph 12(c).
(iv) Tenant’s right Section. Until Landlord is able, through such efforts, to seek damages from relet the Premises, Tenant must pay to Landlord, on or before the first day of each calendar month, the monthly Rent and any other charges provided in this Lease. No such reletting shall be construed as an election on the part of Landlord as a result of a default by Landlord under to terminate this Lease shall be conditioned on unless Landlord gives Tenant taking all actions reasonably required, under the circumstances, to minimize any loss or damage to Tenant’s property or business, or to any a notice of Tenant’s officers, employees, agents, invitees, or other third parties that may be caused by such intention. Notwithstanding any such default of Landlordreletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous Default.
Appears in 1 contract
Samples: Office Lease (Biodesix Inc)
Mitigation of Damages. (i) In the event that Landlord is required to mitigate damages, then upon termination of a default under this Lease or repossession of the LeasePremises, Landlord and Tenant shall each use commercially reasonable efforts to mitigate any damages resulting relet the Premises; provided, however, in no event shall Landlord be required to deviate from a default of the other party under this Lease.
(ii) Landlord’s obligation to mitigate damages after a default standard marketing practices then employed by Tenant shall be satisfied in full if Landlord undertakes to lease for similar space at the Premises to another tenant (a “Substitute Tenant”) in accordance with the following criteria:
(A) Landlord shall have no obligation to solicit or entertain negotiations with any other prospective tenant for the Premises until Landlord obtains full and complete possession of the Premises includingComplex, without limitation, the final and unappealable legal right to nor relet the Premises free of any claim of Tenant.
(B) Landlord shall not be obligated prior to offer leasing other available space at the Premises to a Substitute Tenant when other premises in the Project suitable for that prospective tenant’s use are (or soon will be) available.
(C) Complex. In addition, Landlord shall not be obligated to lease the Premises to a Substitute Tenant for a rental less than the current fair market rental then prevailing for similar space, nor shall Landlord be obligated to enter into a new lease under other terms and conditions that are unacceptable to Landlord under Landlord’s then current leasing policies for comparable space.
(D) Landlord shall not be obligated to enter into a lease with any proposed tenant whose use would:
a. Disrupt the tenant mix or balance value of the Project;
b. Violate Premises nor expend any restriction, covenant, money to alter or requirement contained in the lease of another tenant of the Project;
c. Adversely affect the reputation of the Project; or
d. Be incompatible with the operation of the Project.
(E) Landlord shall not be obligated to enter into a lease with any proposed Substitute Tenant (a “Substitute Lease”) which does not have, in Landlord’s reasonable opinion, sufficient financial resources or operating experience to operate remodel the Premises in a first-class manner.
(F) Landlord shall not be required to expend any amount of money to alter, remodel, or otherwise make the Premises suitable for use by a proposed Substitute Tenant unless:
a. Tenant pays any such sum to Landlord in advance of Landlord’s execution of a Substitute Lease with such Substitute Tenant (which payment shall not be in lieu of any damages or other sums to which Landlord may be entitled as a result of Tenant’s default under this Lease); or
b. unless Landlord, in Landlord’s sole discretion, determines that any such expenditure is financially justified in connection with entering into justified. In no event will the failure of Landlord to relet all or any such Substitute Lease.
(iii) Upon compliance with the above criteria regarding the releasing portion of the Premises after a default by reduce Tenant, Landlord shall be deemed to have fully satisfied Landlord’s obligation to mitigate damages liability for monthly rentals and other charges due under this Lease and under any law or judicial ruling for damages; provided, however, that neither the foregoing nor anything else contained in effect on the date of this Lease or at the time of Tenant’s default, and Tenant waives and releases, to the fullest extent legally permissible, any right to assert in any action by Landlord to enforce the terms of this Lease, any defense, counterclaim, or rights of setoff or recoupment respecting the mitigation of damages by Landlord, unless and to the extent Landlord maliciously or in bad faith fails to act in accordance with the requirements of this Paragraph 12(c).
(iv) Tenant’s right shall relieve Landlord from any obligation under Texas law to seek mitigate the damages from of Landlord arising as a result of a default by Landlord Tenant under this Lease and shall not be conditioned on construed in any way as a provision or provisions which purports/purport to waive a right of Tenant taking all actions reasonably requiredto require that Landlord mitigate, under the circumstancesor to exempt Landlord from a duty to mitigate (or from liability for its failure to satisfy such duty), to minimize any loss or damage Landlord’s damages arising due to Tenant’s property or businessdefault under this Lease. Landlord must have full possession of all of the Premises before any duty to mitigate damages will arise, or and Landlord shall be conclusively deemed not to be in full possession of all of the Premises if any of Tenant’s officers, employees, agents, invitees, litigation or other third parties proceeding is pending in which Tenant is asserting a right to regain possession of the Premises and/or disputing Landlord’s right to possession of the Premises. To satisfy Landlord’s obligation under Texas law to mitigate its damages following a default by Tenant under this Lease, Landlord must only retain a real estate broker (such broker can be the same as the broker that may be caused by any is leasing the other space in the Building and/or Complex which is available for rent) to market the Premises and acknowledge through such default broker that the Premises is available for lease, and such retention shall constitute prima facie evidence of Landlordreasonable efforts on the part of Landlord to relet the Premises.
Appears in 1 contract
Samples: Lease Agreement (Aquilex Corp)
Mitigation of Damages. (i) In Section 23.4.2 of the event of a default under General Terms and Conditions to Lease is amended to delete the Lease, last sentence thereof in its entirety and the following provision is substituted: Both Landlord and Tenant shall each use commercially reasonable efforts to mitigate any damages resulting from a default of the other party under this Lease.
(ii) . Landlord’s 's obligation to mitigate damages after a default by Tenant under this Lease shall be satisfied in full if Landlord undertakes to lease the Premises to another tenant (a “"Substitute Tenant”") in accordance with the following criteria:
: (Aa) Landlord shall have no obligation to solicit or entertain negotiations with any other prospective tenant tenants for the Premises until Landlord obtains full and complete possession of the Premises including, without limitation, the final and unappealable legal right to relet the Premises free of any claim of Tenant.
; (Bb) Landlord shall not be obligated to offer the Premises to a Substitute Tenant prospective tenant when other premises in the Project Center suitable for that prospective tenant’s 's use are (or soon will be) available.
; (Cc) Landlord shall not be obligated to lease the Premises to a Substitute Tenant for a rental less than the current fair market rental then prevailing for similar space, nor shall Landlord be obligated to enter into a new lease under other terms and conditions that are unacceptable to Landlord under Landlord’s 's then current leasing policies for comparable space.
(D) Landlord shall not be obligated to enter into a lease with any proposed tenant whose use would:
a. Disrupt the tenant mix or balance of the Project;
b. Violate any restriction, covenant, or requirement contained space in the lease of another tenant of the Project;
c. Adversely affect the reputation of the ProjectCenter; or
d. Be incompatible with the operation of the Project.
(E) Landlord shall not be obligated to enter into a lease with any proposed Substitute Tenant (a “Substitute Lease”) which does not have, in Landlord’s reasonable opinion, sufficient financial resources or operating experience to operate the Premises in a first-class manner.
(Fd) Landlord shall not be required to expend any amount of money to alter, remodel, or otherwise make the Premises suitable for use by a proposed Substitute Tenant unless:
a. unless Tenant pays any such sum to Landlord in advance of Landlord’s 's execution of a Substitute Lease with such Substitute Tenant tenant (which payment shall not be in lieu of any damages or other sums to which Landlord may be entitled as a result of Tenant’s 's default under this Lease); or
b. , or Landlord, in Landlord’s 's sole discretion, determines that any such expenditure is financially justified in connection with entering into any such Substitute Lease.
(iii) . Upon compliance with the above criteria regarding the releasing of the Premises after a default by Tenant, Landlord shall be deemed to have fully satisfied Landlord’s 's obligation to mitigate damages under this Lease and under any law or judicial ruling in effect on the date of this Lease or at the time of Tenant’s 's default, and Tenant waives and releases, to the fullest extent legally permissible, any right to assert in any action by Landlord to enforce the terms of this Lease, any defense, counterclaim, or rights of setoff or recoupment respecting the mitigation of damages by Landlord, unless and to the extent Landlord maliciously or in bad faith fails to act in accordance with the requirements of this Paragraph 12(c).
(iv) Section. Tenant’s 's right to seek damages from Landlord as a result of a default by Landlord under this Lease lease shall be conditioned on Tenant taking all actions reasonably required, under the circumstances, to minimize any loss or damage to Tenant’s 's property or business, or to any of Tenant’s 's officers, employees, agents, invitees, or other third parties that may be caused by any such default of Landlord.
Appears in 1 contract
Samples: Industrial Gross Lease Agreement (Asset Acceptance Capital Corp)
Mitigation of Damages. (i) In the event of a default under the Lease, Both Landlord and Tenant shall each use commercially reasonable efforts to mitigate any damages resulting from a default of the other party under this Lease.
(ii) ; provided that any failure by Landlord to mitigate damages in accordance with the foregoing shall not give rise to any liability of Landlord for breach of this Lease, but shall only serve to reduce the recovery by Landlord by the amount of damages that Tenant proves could reasonably have been avoided. Subject to the foregoing, Landlord’s obligation to mitigate damages after a default by Tenant Default shall only arise after Landlord has unconditionally recovered possession of the Premises and shall be satisfied in full if Landlord undertakes to lease the Premises to another tenant (a “Substitute Tenant”) in accordance with the following criteria:
(A) 20.9.1. Landlord shall have no obligation to solicit or entertain negotiations with any other prospective tenant for the Premises Substitute Tenant until Landlord obtains full and complete possession of the Premises including, without limitation, the final and unappealable legal right to relet the Premises free of any claim of Tenant.
(B) 20.9.2. Landlord shall not be obligated to offer the Premises to a Substitute Tenant when other premises in the Project suitable for that prospective tenant’s use are (or soon will be) available.
(C) 20.9.3. Landlord shall not be obligated to lease the Premises to a Substitute Tenant for a rental amount less than the current fair market rental then prevailing for similar spaceuses in comparable buildings in the same market area as the Project, nor shall Landlord be obligated to enter into a new lease under other terms and conditions that are unacceptable to Landlord under Landlord’s then current leasing policies for comparable spacespace in the Project.
(D) 20.9.4. Landlord shall not be obligated to enter into a lease with any proposed tenant Substitute Tenant whose use would:
a. 1. Disrupt the tenant mix or balance of the Project;
b. 2. Violate any restriction, covenant, or requirement contained in the lease of another tenant of the ProjectProject or any other agreement to which Landlord is a party;
c. Adversely affect the reputation of the Project; or
d. 3. Be incompatible with the operation of the ProjectProject as a first-class project.
(E) 20.9.5. Landlord shall not be obligated to enter into a lease with any proposed Substitute Tenant (a “Substitute Lease”) which that does not have, in Landlord’s reasonable opinion, sufficient financial resources or operating experience to operate the Premises in a first-class manner.
(F) 20.9.6. Landlord shall not be required to expend any amount of money to alter, remodel, or otherwise make the Premises suitable for use by a proposed Substitute Tenant unless:
a. 1. Tenant pays any such sum to Landlord in advance of Landlord’s execution of a Substitute Lease lease with such Substitute Tenant (which payment shall not be in lieu of any damages or other sums to which Landlord may be entitled as a result of Tenant’s default under this LeaseDefault); or
b. Landlord, in Landlord’s sole discretion, 2. Landlord determines that any such expenditure is financially justified in connection with entering into any such Substitute Leaselease.
(iii) 20.9.7. Upon compliance with the above criteria regarding the releasing of the Premises after a default by TenantDefault, Landlord shall be deemed to have fully satisfied Landlord’s obligation to mitigate damages under this Lease and under any law or judicial ruling in effect on the date of this Lease or at the time of Tenant’s defaultLaw, and Tenant waives and releases, to the fullest extent legally permissible, any right to assert in any action by Landlord to enforce the terms of this Lease, any defense, counterclaim, or rights of setoff or recoupment respecting the mitigation of damages by Landlord, unless and to the extent Landlord maliciously or in bad faith fails to act in accordance with the requirements of this Paragraph 12(c).
(iv) Tenant’s right Section. Until Landlord is able, through such efforts, to seek damages from relet the Premises, Tenant must pay to Landlord, on or before the first day of each calendar month, the monthly Rent and any other charges provided in this Lease. No such reletting shall be construed as an election on the part of Landlord as a result of a default by Landlord under to terminate this Lease shall be conditioned on unless Landlord gives Tenant taking all actions reasonably required, under the circumstances, to minimize any loss or damage to Tenant’s property or business, or to any a notice of Tenant’s officers, employees, agents, invitees, or other third parties that may be caused by such intention. Notwithstanding any such default of Landlordreletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach.
Appears in 1 contract
Samples: Office Lease (HF Enterprises Inc.)
Mitigation of Damages. (ia) In the event of a default under the Lease, Both Landlord and Tenant shall each use commercially reasonable efforts to mitigate any damages resulting from a default of the other party under this Lease.
(iib) Landlord and Tenant agree to the following criteria in connection with Landlord’s 's obligation to mitigate damages after a default by Tenant shall be satisfied in full if Landlord undertakes to lease the Premises to another tenant (a “Substitute Tenant”) in accordance with the following criteriaunder this Lease:
(A1) Landlord shall will have no obligation to solicit or entertain negotiations with any other prospective tenant for tenants of the Leased Premises until and unless Landlord obtains full and complete possession of the Premises includingLeased Premises, including without limitation, the final and unappealable legal right to relet the Leased Premises free of any claim of Tenant.
(B2) Landlord shall will not be obligated to offer the Leased Premises to a Substitute Tenant prospective tenant when other premises in the Project suitable for that prospective tenant’s 's use are (or soon will be) availableavailable in the Building or in any other building which is located in the vicinity of the Building and which is owned by Landlord or by any affiliate of Landlord. For all purposes under this Lease, affiliates of Landlord shall mean and include: (i) any person or entity owning or holding (directly or indirectly) any interest in Landlord; and (ii) any entity in which Landlord or any person or entity owning or holding any interest (directly or indirectly) in Landlord, owns or holds any interest (directly or indirectly).
(C3) Landlord shall will not be obligated have any obligation to lease the Leased Premises to a Substitute Tenant for a any rental less than the current rate then prevailing for similar space in the Building (or if no similar space is available in the Building, the current fair market rental then prevailing for similar space, space in comparable buildings in the same market area as the Building) nor shall Landlord be obligated to enter into a new lease under other any terms and or conditions that are unacceptable to Landlord under Landlord’s 's then current leasing policies for comparable spacespace in the Building.
(D4) Landlord shall will not be obligated to enter into any lease with any prospective tenant whose presence or operations in the Building would: (i) disrupt the tenant mix or balance of the Building; (ii) violate any restriction, covenant or requirement contained in the lease of another tenant in the Building; (iii) adversely affect the reputation of the Building; or (iv) be incompatible with the operation of the Building as a first class office building.
(5) Landlord will not be obligated to enter into a lease with any proposed prospective tenant whose use would:
a. Disrupt the tenant mix or balance of the Project;
b. Violate any restriction, covenant, or requirement contained in the lease of another tenant of the Project;
c. Adversely affect the reputation of the Project; or
d. Be incompatible with the operation of the Project.
(E) Landlord shall not be obligated to enter into a lease with any proposed Substitute Tenant (a “Substitute Lease”) which does not have, in Landlord’s reasonable 's sole judgment and opinion, sufficient financial resources or and operating experience to operate the Leased Premises in a first-first class mannermanner and meet its financial obligations.
(F6) Landlord shall will not be required to expend any amount of money to alter, remodel, remodel or otherwise make the Leased Premises suitable for use by a proposed Substitute Tenant unless:
a. Tenant pays any such sum to Landlord in advance of Landlord’s execution of a Substitute Lease with such Substitute Tenant (which payment shall not be in lieu of any damages or other sums to which Landlord may be entitled as a result of Tenant’s default under this Lease); or
b. Landlord, in Landlord’s sole discretion, determines that any such expenditure is financially justified in connection with entering into any such Substitute Leaseprospective tenant.
(iii7) Upon compliance with Landlord will have no obligation to advertise or expend any sums of money to market the above Leased Premises. If Landlord makes the Leased Premises available for reletting under the criteria regarding the releasing of the Premises after a default by Tenantset forth hereinabove, Landlord shall will be deemed to have fully satisfied Landlord’s 's obligation to mitigate damages under this Lease and under any law or judicial ruling in effect on the date of this Lease or at the time of Tenant’s 's default, and Tenant hereby waives and releases, to the fullest extent legally permissible, any right to assert in any action by Landlord to enforce the terms of this Lease, any defense, counterclaim, or rights of setoff set-off or recoupment respecting the mitigation of damages by LandlordLandlord (or alleged failure by Landlord to adequately mitigate its damages), unless and to the extent Landlord maliciously or in bad faith fails to act in accordance with the requirements of this Paragraph 12(c)Section 11.03.
(ivc) Tenant’s 's right to seek damages from Landlord mitigation as a result of a default by Landlord under this Lease Section 11.03 shall be conditioned on Tenant taking all actions reasonably required, under the circumstances, to minimize any loss or damage to Tenant’s 's property or business, or to any of Tenant’s 's officers, employees, agents, invitees, or other third parties that may be caused by any such default of Landlord.
Appears in 1 contract
