Common use of Payment of Damages Clause in Contracts

Payment of Damages. It is covenanted and agreed by Tenant that in the event of the expiration or termination of this Lease or re-entry by Landlord, under any of the provisions of this Article or pursuant to law, by reason of default hereunder on the part of Tenant, Tenant will pay to Landlord, as damages with respect to this Lease, at the election of Landlord: (i) a sum which at the time of such termination of this Lease or at the time of any re-entry by Landlord, as the case may be, represents the then present value (employing a discount rate equal to the then current rate of United States Treasury bills or notes, as applicable, maturing on the Scheduled Expiration Date or the next maturity date for such bills or notes occurring after the Scheduled Expiration Date) of the excess, if any, of: (A) the aggregate Rent which would have been payable by Tenant for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinabove set for the expiration of the full term hereby granted, had this Lease not so terminated or had Landlord not so re-entered the Demised Premises (B) the aggregate rental value of the Demised Premises for the same period; or (ii) sums equal to the aggregate Rent and other sums which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the Demised Premises, payable upon the rent days specified herein following such termination or such re-entry and until the date hereinabove set for the expiration of the full term hereby granted; provided, however, that if the Demised Premises shall be leased or re-let during said period, Landlord shall credit Tenant with the net rents, if any, received by Landlord from such leasing or re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such leasing or re-letting the expenses incurred or paid by Landlord in terminating this Lease or of re-entering the Demised Premises and of securing possession thereof, as well as the expenses of leasing and re-letting, including altering and preparing any portion of the Demised Premises for new tenants, brokers’ commissions, any other tenant incentives (including assumption of lease obligations) and all other expenses properly chargeable against the Demised Premises and the rental therefrom; but in no event shall Tenant be entitled to receive any excess of such net rents over the Rent and other sums payable by Tenant to Landlord hereunder.

Payment of Damages. It is covenanted and agreed by Tenant that in the event of the No such expiration or sooner termination of this Lease or re-entry by Landlordof Lessee's right of possession shall relieve Lessee of its liability and obligations under this Lease, under all of which shall survive any such expiration or sooner termination. In the event of the provisions of this Article any such expiration or pursuant to lawsooner termination, by reason of default hereunder on the part of Tenant, Tenant Lessee will pay to Landlord, as damages with respect Lessor the Basic Rent and all Additional Rent and other sums required to this Lease, at the election of Landlord: (i) a sum which at be paid by Lessee up to the time of such termination expiration or sooner termination, and thereafter Lessee, until the end of what would have been the term of this Lease in the absence of such expiration or at sooner termination, and whether or not the time of Property or any re-entry by Landlordpart thereof shall have been relet, shall be liable to Lessor for, and shall pay to Lessor, as and for liquidated and agreed current damages for Lessee's default, the case may be, represents the then present value (employing a discount rate equal to the then current rate of United States Treasury bills or notes, as applicable, maturing on the Scheduled Expiration Date or the next maturity date for such bills or notes occurring after the Scheduled Expiration Date) of the excess, if any, of: (A) the aggregate Basic Rent which would have been payable by Tenant for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinabove set for the expiration of the full term hereby granted, had this Lease not so terminated or had Landlord not so re-entered the Demised Premises (B) the aggregate rental value of the Demised Premises for the same period; or (ii) sums equal to the aggregate all Additional Rent and other sums which would have been be payable by Tenant had thereafter under this Lease not so terminatedby Lessee, or had Landlord not so re-entered the Demised Premises, payable upon the rent days specified herein following such termination or such re-entry and until the date hereinabove set for the expiration of the full term hereby granted; provided, however, that if the Demised Premises shall be leased or re-let during said period, Landlord shall credit Tenant with less the net rentsproceeds, if any, received by Landlord from of any reletting effected for the account of Lessee pursuant to Section 7.02 (a) during the period which would otherwise have constituted the balance of the term of this Lease, after deducting all of Lessor's reasonable expenses in connection with such leasing or re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such leasing or re-letting the expenses incurred or paid by Landlord in terminating this Lease or of re-entering the Demised Premises and of securing possession thereofincluding (without limitation) all repossession costs, as well as the brokerage commissions, attorneys' fees, expenses of leasing and re-lettingemployees, including altering and preparing any portion costs incurred in alterations to the Improvements required in connection with the reletting of the Demised Premises Property for new tenantsuse by another lessee and expenses of preparation for such reletting. Lessee will pay such amounts to Lessor monthly on the days on which such Basic Rent, brokers’ commissions, any other tenant incentives (including assumption of lease obligations) Additional Rent and all other expenses properly chargeable against the Demised Premises sums would have been payable under this Lease, and the rental therefrom; but in no event Lessor shall Tenant be entitled to receive any excess of recover the same from Lessee on each such net rents over the Rent and other sums payable by Tenant to Landlord hereunderday.

Payment of Damages. It is covenanted and agreed by Tenant that in In the event of the expiration or any termination of this Lease or re-entry by Landlord, under any repossession of the provisions of this Article Premises or pursuant to law, any part thereof by reason of default hereunder on the part an Event of TenantDefault by Tenant if Landlord has not elected to accelerate rent, Tenant will shall pay to Landlord the base rent, additional rent and all other sums required to be paid by Tenant to and including the date of such termination or repossession and, thereafter, Tenant shall, until the end of what would have been the expiration of the term in the absence of such termination or repossession and whether or not the Premises or any part thereof shall have been relet, be liable to Landlord for, and shall pay to Landlord, as damages with respect to this Leaseliquidated and agreed current damages, at the election of Landlord: (i) a sum which at the time of such termination of this Lease or at the time of any re-entry by Landlordbase annual rent, as the case may be, represents the then present value (employing a discount rate equal to the then current rate of United States Treasury bills or notes, as applicable, maturing on the Scheduled Expiration Date or the next maturity date for such bills or notes occurring after the Scheduled Expiration Date) of the excess, if any, of: (A) the aggregate Rent which would have been payable by Tenant for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinabove set for the expiration of the full term hereby granted, had this Lease not so terminated or had Landlord not so re-entered the Demised Premises (B) the aggregate rental value of the Demised Premises for the same period; or (ii) sums equal to the aggregate Rent additional rent and other sums which would have been be payable under this Lease by Tenant had this Lease not so terminated, or had Landlord not so re-entered in the Demised Premises, payable upon the rent days specified herein following absence of such termination or such re-entry and until the date hereinabove set for the expiration of the full term hereby granted; providedrepossession, however, that if the Demised Premises shall be leased or re-let during said period, Landlord shall credit Tenant with less the net rentsproceeds, if any, received by Landlord of any reletting, after deducting from such leasing or re-lettingproceeds all of Landlord's reasonable expenses in connection with such reletting (including, without limitation, all related repossession costs, brokerage commissions, attorneys' fees, alterations costs and expenses for preparation of such net rents to be determined by first deducting from reletting). Tenant shall pay such current damages on the gross rents as and when received by Landlord from such leasing or re-letting days on which the expenses incurred or paid by Landlord in terminating rent would have been payable under this Lease in the absence of such termination or of re-entering the Demised Premises repossession and of securing possession thereof, as well as the expenses of leasing and re-letting, including altering and preparing any portion of the Demised Premises for new tenants, brokers’ commissions, any other tenant incentives (including assumption of lease obligations) and all other expenses properly chargeable against the Demised Premises and the rental therefrom; but in no event Landlord shall Tenant be entitled to receive any excess of recover the same from Tenant on each such net rents over the Rent and other sums payable by Tenant to Landlord hereunderday.

Payment of Damages. It is covenanted and agreed by Tenant that in (i) In the event of the any expiration or termination of this Lease or re-entry by Landlord, under any repossession of the provisions of this Article Premises or pursuant to law, any part thereof by reason of default hereunder on the part of Tenant’s default, and Landlord has not elected to accelerate rent, Tenant will shall pay to Landlord the annual rent, additional rent and all other sums required to be paid by Tenant to and including the date of such expiration, termination, repossession and, thereafter, Tenant shall, until the end of what would have been the expiration of the term in the absence of such expiration, termination, repossession and whether or not the Premises or any part thereof shall have been relet, be liable to Landlord for, and shall pay to Landlord, as damages with respect to liquidated and agreed current damages, the annual rent, additional rent and other sums which would be payable under this LeaseLease by Tenant in the absence of such expiration, at termination or repossession, less the election net proceeds, if any, of any reletting effective for the account of Tenant, after deducting from such proceeds all of Landlord:’s reasonable expenses in connection with such reletting (including, without limitation, all related repossession costs, brokerage commissions, attorneys’ fees, alterations costs and expenses for preparation of such reletting). Tenant shall pay such current damages on the days on which the rent would have been payable under this Lease in the absence of such expiration, termination, repossession and Landlord shall be entitled to recover the same from Tenant on each such day. (iii) a sum which at the At any time of after such expiration or termination of this Lease or at repossession of the time Premises or any part thereof by reason of the occurrence of Tenant’s default, whether or not Landlord shall have collected any re-entry by Landlordcurrent damages, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord on demand, unless Tenant has paid the whole or accelerated rent, as and for liquidated and agreed final damages for Tenant’s default and in lieu of all current damages beyond the case may bedate of such demand (it being agreed that it would be impracticable or extremely difficult to fix the actual damages), represents the then present value (employing a discount rate an amount equal to the then current rate of United States Treasury bills or notes, as applicable, maturing on the Scheduled Expiration Date or the next maturity date for such bills or notes occurring after the Scheduled Expiration Date) of the excess, if any, of: of (Ai) annual rent, additional rent and other sums which would be payable under this Lease for the aggregate Rent which remainder of the term from the date of such demand for what would have been payable by Tenant for the period commencing with such earlier termination unexpired term of this Lease in the absence of such expiration, termination or repossession, discounted at the date rate of any such re-entrythree (3%) percent per annum, as the case may be, and ending with the date hereinabove set for the expiration of the full term hereby granted, had this Lease not so terminated or had Landlord not so re-entered the Demised Premises over (Bii) the aggregate then fair rental value of the Demised Premises for the same period; or (ii) sums equal , discounted at a like rate. If any statute or rule of law shall limit the amount of such liquidated final damages to less than the aggregate Rent and other sums which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the Demised Premises, payable upon the rent days specified herein following such termination or such re-entry and until the date hereinabove set for the expiration of the full term hereby granted; provided, however, that if the Demised Premises shall be leased or re-let during said periodamount above agreed upon, Landlord shall credit Tenant with the net rents, if any, received by Landlord from such leasing or re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such leasing or re-letting the expenses incurred or paid by Landlord in terminating this Lease or of re-entering the Demised Premises and of securing possession thereof, as well as the expenses of leasing and re-letting, including altering and preparing any portion of the Demised Premises for new tenants, brokers’ commissions, any other tenant incentives (including assumption of lease obligations) and all other expenses properly chargeable against the Demised Premises and the rental therefrom; but in no event shall Tenant be entitled to receive any excess the maximum amount allowable under such statute or rule of such net rents over the Rent and other sums payable by Tenant to Landlord hereunderlaw.