REMEDIES AND DAMAGES. (A) If any Event of Default shall occur, or this Lease and the Term shall expire and come to an end as provided in Article 16 hereof: (1) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents may, after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Notice, either by summary proceedings, or by any other applicable action or proceeding or otherwise, and may repossess the Premises and dispossess Tenant and any other persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law); and (2) Landlord, at Landlord's option, may relet the whole or any part or parts of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord may determine; provided, however, that Landlord shall exercise reasonable efforts to mitigate any damages related to liability of Tenant under this Lease. (B) In the event of a breach or threatened breach by Tenant, or any persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord shall have the right to enjoin such breach. (A) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof, or by or under any summary proceeding or any other action or proceeding, then, in any of said events: (1) Tenant shall pay to Landlord all Fixed Rent, Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be; (2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency ("Deficiency") between the Rental for the period which is the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possession, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and (3) alternatively, if Landlord has terminated the Lease, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred to relet the Premises; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting. (B) Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Nothing contained in this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2.
Appears in 5 contracts
Samples: Lease Agreement (Comfort Systems Usa Inc), Lease Agreement (Comfort Systems Usa Inc), Lease Agreement (Comfort Systems Usa Inc)
REMEDIES AND DAMAGES. Section 17.1 (Aa) If any an Event of Default shall occur, or and this Lease and the Term shall expire and come to an end as provided in Article 16 hereof16:
(1i) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents maymay immediately, or at any time after such Event of Default or after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Noticenotice, either by summary proceedings, or by any other applicable action or proceeding proceeding, or otherwiseby legal force or other legal means (without being liable to indictment, prosecution or damages therefor), and may repossess the Premises and dispossess Tenant and any other persons Persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law)Premises; and
(2ii) Landlord, at Landlord's ’s option, may relet the whole or any part or parts of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent rental or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in its sole discretion, may determine; provided, however, that Landlord shall exercise reasonable efforts have no obligation to mitigate any damages related to liability of Tenant under this Lease.
(B) In relet the event of a breach or threatened breach by Tenant, Premises or any persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord part thereof and shall have the right to enjoin such breach.
(A) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall no event be liable for and shall pay to Landlord, as damages, any deficiency ("Deficiency") between the Rental for the period which is the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possession, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if Landlord has terminated the Lease, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred refusal or failure to relet the Premises; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, Premises or any part thereof, are relet by Landlord on a fair or, in the event of any such reletting, for refusal or failure to collect any rent due upon any such reletting, and arms-length basis for no such refusal or failure shall operate to relieve Tenant of any liability under this Lease or otherwise affect any such liability, and Landlord, at Landlord’s option, may make such repairs, replacements, alterations, additions, improvements, decorations and other physical changes in and to the period which otherwise would have constituted the unexpired portion of the TermPremises as Landlord, in its sole discretion, considers advisable or necessary in connection with any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) Tenant shall in no event be entitled to any rents collected or payable under any proposed reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Nothing contained in this Article 17 shall be deemed to limit or preclude the recovery by Landlord from without relieving Tenant of the maximum amount allowed to be obtained as damages by any statute liability under this Lease or rule of law, or of otherwise affecting any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2such liability.
Appears in 4 contracts
Samples: Sublease (Switch & Data, Inc.), Sublease (Switch & Data, Inc.), Sublease (Switch & Data, Inc.)
REMEDIES AND DAMAGES. Section 17.1 (Aa) If any an Event of Default shall occur, or and this Lease and the Term shall expire and come to an end as provided in Article 16 hereof16:
(1i) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents maymay immediately, or at any time after such Event of Default or after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Noticenotice to the maximum extent permitted by Law, either by summary proceedings, or by any other applicable action or proceeding (without being liable to indictment, prosecution or otherwisedamages therefor), and may repossess the Premises and dispossess Tenant and any other persons Persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law)Premises; and
(2ii) Landlord, at Landlord's ’s option, may relet the whole or any part or parts of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent rental or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in its sole discretion, may determine; provided, however, that Landlord shall exercise reasonable efforts have no obligation to mitigate any damages related to liability of Tenant under this Lease.
(B) In relet the event of a breach or threatened breach by Tenant, Premises or any persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord part thereof and shall have the right to enjoin such breach.
(A) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall no event be liable for and shall pay to Landlord, as damages, any deficiency ("Deficiency") between the Rental for the period which is the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possession, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if Landlord has terminated the Lease, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred refusal or failure to relet the Premises; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, Premises or any part thereof, are relet by Landlord on a fair or, in the event of any such reletting, for refusal or failure to collect any rent due upon any such reletting, and arms-length basis for no such refusal or failure shall operate to relieve Tenant of any liability under this Lease or otherwise affect any such liability, and Landlord, at Landlord’s option, may make such repairs, replacements, alterations, additions, improvements, decorations and other physical changes in and to the period which otherwise would have constituted the unexpired portion of the TermPremises as Landlord, in its sole discretion, considers advisable or necessary in connection with any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) Tenant shall in no event be entitled to any rents collected or payable under any proposed reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Nothing contained in this Article 17 shall be deemed to limit or preclude the recovery by Landlord from without relieving Tenant of the maximum amount allowed to be obtained as damages by any statute liability under this Lease or rule of law, or of otherwise affecting any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2such liability.
Appears in 2 contracts
Samples: Lease Agreement (WebMD Health Holdings, Inc.), Lease Agreement (Doubleclick Inc)
REMEDIES AND DAMAGES. (Aa) If any an Event of Default shall occur, or this Lease and the Term shall expire and come to an end as provided in Article 16 hereof:
: (1i) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents maymay immediately, or at any time after such Event of Default or after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Noticenotice, either by summary proceedings, or by any other applicable action or proceeding proceeding, or otherwiseby legal force or other legal means (without being liable to indictment, prosecution or damages therefor), and may repossess the Premises and dispossess Tenant and any other persons Persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises Premises; and (and Tenant shall remain liable for damages as provided herein or pursuant to law); and
(2ii) Landlord, at Landlord's option, may relet the whole or any part or parts of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent rental or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in its sole discretion, may determine; provided, however, that Landlord shall exercise reasonable efforts have no obligation to mitigate relet the Premises or any damages related part thereof and shall in no event be liable for refusal or failure to relet the Premises or any part thereof, or, in the event of any such reletting, for refusal or failure to collect any rent due upon any such reletting, and no such refusal or failure shall operate to relieve Tenant of any liability of Tenant under this LeaseLease or otherwise affect any such liability, and Landlord, at Landlord's option, may make such repairs, replacements, alterations, additions, improvements, decorations and other physical changes in and to the Premises as Landlord, in its sole discretion, considers advisable or necessary in connection with any such reletting or proposed reletting, without relieving Tenant of any liability under this Lease or otherwise affecting any such liability.
(Bb) Tenant hereby waives the service of any notice of intention to re-enter or to institute legal proceedings to that end which may otherwise be required to be given under any present or future Legal Requirements. Tenant, on its own behalf and on behalf of all Persons claiming through or under Tenant, including all creditors, does further hereby waive any and all rights which Tenant and all such Persons might otherwise have under any present or future Legal Requirements to redeem the Premises, or to re-enter or repossess the Premises, or to restore the operation of this Lease, after (i) Tenant shall have been dispossessed by a judgment or by warrant of any court or judge, (ii) any re-entry by Landlord, or (iii) any expiration or termination of this Lease and the Term, whether such dispossess, re-entry, expiration or termination shall be by operation of law or pursuant to the provisions of this Lease. The words "re-enter," "re-entry" and "re-entered" as used in this Lease shall not be deemed to be restricted to their technical legal meanings. In the event of a breach or threatened breach by TenantTxxxxx, or any persons Persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord shall have the right to enjoin such breach and the right to invoke any other remedy allowed by Legal Requirements or in equity as if re-entry, summary proceedings and other special remedies were not provided in this Lease for such breach. The rights to invoke the remedies in this Leasebefore set forth are cumulative and shall not preclude Landlord from invoking any other remedy allowed at law or in equity.
(Aa) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof16, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof17.1, or by or under any summary proceeding or any other action or proceeding, then, in any of said such events:
(1i) Tenant shall pay to Landlord all Fixed Rent, Rent and Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2ii) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency (the "Deficiency" or "Deficiencies") between the Rental (A) Fixed Rent and Additional Rent for the period which is otherwise would have constituted the unexpired portion of the Term (conclusively presuming the Additional Rent for each year thereof to be the same as was payable for the year immediately preceding such termination or re-entry), and (B) the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(217.1(a)(ii) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possessionthis Lease, Landlord's re-entry upon the Premises and with such reletting including, but not limited to, including all repossession costs, brokerage commissions, legal expenses, reasonable attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to ). Tenant shall pay the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; , and Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no . No suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3iii) alternatively, if whether or not Landlord has terminated the Leaseshall have collected any monthly Deficiency as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and in lieu of any further Deficiency as and for liquidated and agreed final damages, a sum equal (A) to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental Fixed Rent and Additional Rent for the period which otherwise would have constituted the unexpired portion of the Term (conclusively presuming the Additional Rent for each year thereof to be the same as was payable for the year immediately preceding such termination or re-entry) exceeds the present value (calculated using the Base Rate as the discount rateB) of the then fair and reasonable rental value of the Premises Premises, including Additional Rent for the same period, taking into consideration reasonable costs incurred both discounted to relet present value at the Premises; ifrate of four percent (4%) per annum less (C) the aggregate amount of Deficiencies previously collected by Landlord, pursuant to the provisions of Section 17.2(a)(ii) for the same period. If, before presentation of proof of such liquidated damages to any court, commission or tribunal, Landlord shall have relet the Premises, Premises or any part thereof, are relet by Landlord on a fair and arms-length basis thereof for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon net rents collected in connection with such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(Bb) If Landlord shall relet the Premises, or any part thereof, together with other space in the Building, the net rents collected under any such reletting and the expenses of any such reletting shall be equitably apportioned for the purposes of this Section 17.2. Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents shall exceed the Fixed Rent reserved in this Lease. Nothing contained in Article 16 or this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of lawLegal Requirements, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2.
(c) In the event of a breach or threatened breach on the part of Tenant with respect to any of the covenants, agreements, terms, provisions or conditions on the part of or on behalf of Tenant to be kept, observed or performed, Landlord shall also have the right to obtain injunctive relief.
(d) The specified remedies to which Landlord may resort under this Lease are cumulative and concurrent, and are not intended to be exclusive of each other or of any other remedies or means of redress to which Landlord may lawfully be entitled at any time, and Landlord may invoke any remedy allowed under this Lease or at law or in equity as if specific remedies were not in this Lease provided for, and the exercise by Landlord of any one or more of the remedies allowed under this Lease or in law or in equity shall not preclude the simultaneous or later exercise by the Landlord of any or all other remedies allowed under this Lease or in law or in equity.
Appears in 2 contracts
Samples: Lease Agreement (Athenahealth Inc), Lease Agreement (Athenahealth Inc)
REMEDIES AND DAMAGES. (Aa) If any an Event of Default shall occur, or this Lease and Tenant’s rights of possession of the Term Premises shall expire and come to an end as provided in Article 16 hereof16:
(1i) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents maymay immediately, or at any time after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Noticenotice, either by summary proceedings, or by any other applicable action or proceeding proceeding, or otherwiseby legal force or other legal means (without being liable to indictment, prosecution or damages therefor), and may repossess the Premises and dispossess Tenant and any other persons Persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law)Premises; and
(2ii) Landlord, at Landlord's ’s option, may relet the whole or any part or parts of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent rental or rentals and upon such other conditions, which may include reasonable market concessions and free rent periods, as Landlord Landlord, in its sole discretion, may determine; provided, however, that Landlord shall exercise reasonable efforts have no obligation to mitigate relet the Premises or any damages related part thereof and shall in no event be liable for refusal or failure to relet the Premises or any part thereof, or, in the event of any such reletting, for refusal or failure to collect any rent due upon any such reletting, and no such refusal or failure shall operate to relieve Tenant of any liability of Tenant under this LeaseLease or otherwise affect any such liability, and Landlord, at Landlord’s option, may make such repairs, replacements, alterations, additions, improvements, decorations and other physical changes in and to the Premises as Landlord, in its sole discretion, considers advisable or necessary in connection with any such reletting or proposed reletting, without relieving Tenant of any liability under this Lease or otherwise affecting any such liability.
(Bb) Tenant, on its own behalf and on behalf of all Persons claiming through or under Tenant, including all creditors, does further hereby waive any and all rights which Tenant and all such Persons might otherwise have under any present or future law to redeem the Premises, or to re-enter or repossess the Premises, or to restore the operation of this Lease, after Tenant shall have been dispossessed by a judgment or by warrant of any court or judge. The words “re-enter,” “re-entry” and “re-entered” as used in this Lease shall not be deemed to be restricted to their technical legal meanings. In the event of a breach or threatened breach by Tenant, or any persons Persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord shall have the right to enjoin such breach and the right to invoke any other remedy allowed by law or in equity as if re-entry, summary proceedings and other special remedies were not provided in this Lease for such breach. The rights to invoke the remedies set forth in this Lease are cumulative and shall not preclude Landlord from invoking any other remedy allowed at law or in equity.
(Aa) If this Lease and Tenant’s rights of possession of the Term Premises shall expire and come to an end as provided in Article 2 hereof16, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof17.1, or by or under any summary proceeding or any other action or proceeding, then, in any of said such events:
(1i) Tenant shall pay to Landlord all Fixed Rent, Rent and Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2ii) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency ("the “Deficiency"”) between the Rental (A) Fixed Rent and Additional Rent for the period which is otherwise would have constituted the unexpired portion of the Term (conclusively presuming the Additional Rent for each year thereof to be the same as was payable for the year immediately preceding such termination or re-entry), and (B) the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(2Subsection 17.1(a)(ii) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's ’s reasonable and actual expenses in connection with the termination of Tenant's right of possessionthis Lease, Landlord's ’s re-entry upon the Premises and with such reletting including, but not limited to, including all repossession costs, brokerage commissions, reasonable legal expenses, reasonable attorneys' ’ fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to ). Tenant shall pay the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; , and Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no . No suit to collect the amount of the Deficiency for any month shall prejudice Landlord's ’s right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3iii) alternatively, if whether or not Landlord has terminated the Leaseshall have collected any monthly Deficiency as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and in lieu of any further Deficiency as and for liquidated and agreed final damages, a sum equal (A) to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental Fixed Rent and Additional Rent for the period which otherwise would have constituted the unexpired portion of the Term (conclusively presuming the Additional Rent for each year thereof to be the same as was payable for the year immediately preceding such termination or re-entry) exceeds the present value (calculated using the Base Rate as the discount rateB) of the then fair and reasonable rental value of the Premises Premises, including Additional Rent for the same period, taking into consideration reasonable costs incurred both discounted to relet present value at the Premises; if, before presentation rate of proof six percent (6%) per annum less (C) the aggregate amount of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are relet Deficiencies previously collected by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Nothing contained in this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition pursuant to the damages set forth in this Section 17.2.provisions of Subsection
Appears in 2 contracts
Samples: Lease Agreement (Emdeon Inc.), Lease Agreement (Emdeon Inc.)
REMEDIES AND DAMAGES. Section 17.1 (A) If there shall occur any Event of Default shall occurDefault, or this Lease and the Term shall expire and come to an end as provided in Article 16 hereof:
(1) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents maymay immediately, or at any time after such default or after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, thereof without Noticenotice, either by summary proceedings, or by any other applicable action or proceeding proceeding, or otherwiseby force or otherwise (without being liable to indictment, prosecution or damages therefor), and may repossess the Premises and dispossess Tenant and any other persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law)Premises; and
(2) Landlord, at Landlord's ’s option, may relet the whole or any part or parts of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent rental or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in its sole discretion, may determine; provided, however, that Landlord shall exercise reasonable efforts have no obligation to mitigate any damages related to liability of Tenant under this Lease.
(B) In relet the event of a breach or threatened breach by Tenant, Premises or any persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord part thereof and shall have the right to enjoin such breach.
(A) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall no event be liable for and shall pay to Landlord, as damages, any deficiency ("Deficiency") between the Rental for the period which is the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possession, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if Landlord has terminated the Lease, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred refusal or failure to relet the Premises; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, Premises or any part thereof, are relet by Landlord on a fair and arms-length basis for no such refusal or failure shall operate to relieve Tenant of any liability under this Lease or otherwise affect any such liability, and Landlord, at Landlord’s option, may make such repairs, replacements, alterations, additions, improvements, decorations and other physical changes in and to the period which otherwise would have constituted the unexpired portion of the TermPremises as Landlord, in its sole discretion, considers advisable or necessary in connection with any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) Tenant shall in no event be entitled to any rents collected or payable under any proposed reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Nothing contained in this Article 17 shall be deemed to limit or preclude the recovery by Landlord from without relieving Tenant of the maximum amount allowed to be obtained as damages by any statute liability under this Lease or rule of law, or of otherwise affecting any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2such liability.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement (National Financial Partners Corp)
REMEDIES AND DAMAGES. (A) Section 16.1. If any an Event of Default shall occur, or and this Lease and the Term shall expire and come to an end pursuant to either the termination thereof by Landlord or judicial proceeding as provided in Article 16 hereof15:
(1a) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents maymay immediately, or at any time after such Event of Default or after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Noticenotice, either by summary proceedings, or by any other applicable action or proceeding proceeding, or otherwiseby legal force or other legal means (without being liable to indictment, prosecution or damages therefor), and may repossess the Premises and dispossess Tenant and any other persons Persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law)Premises; and
(2b) Landlord, at Landlord's option, may Landlord shall use good faith efforts to relet the whole all or any part portion or parts portions of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent rental or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in its reasonable discretion, may determine; provided, however, that Landlord shall exercise reasonable efforts not be liable for any failure to mitigate relet all or any damages related to liability portion of Tenant under this Lease.
(B) In the Premises, or, in the event of a breach any such reletting, for refusal or threatened breach by Tenantfailure to collect any rent due upon any such reletting, and no such refusal or any persons claiming through or under Tenant, failure shall operate to relieve Tenant of any termliability under this Lease or otherwise affect any such liability, covenant and Landlord, at Landlord’s option, may make such repairs, replacements, alterations, additions, improvements, decorations and other physical changes in and to the Premises as Landlord, in its sole discretion, considers advisable or condition necessary in connection with any such reletting or proposed reletting, without relieving Tenant of any liability under this Lease, Landlord shall have the right to enjoin Lease or otherwise affecting any such breachliability.
(A) Section 16.2. If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof15, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof16.1, or by or under any summary proceeding or any other action or proceeding, then, in any of said such events:
(1a) Tenant shall pay to Landlord all Fixed Rent, Rent and Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2b) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency ("the “Deficiency"”) between (i) the Rental Fixed Rent for the period which is otherwise would have constituted the unexpired portion of the Term Term, (conclusively presuming the Additional Rent for each year thereof to be the same as was payable for the year immediately preceding such termination or re-entry), and (ii) the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(216.1(b) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual ’s expenses in connection with the termination of Tenant's right of possessionthis Lease, Landlord's ’s re-entry upon the Premises and with such reletting including, but not limited to, including all repossession costs, brokerage commissions, legal expenses, attorneys' ’ fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to ). Tenant shall pay the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; , and Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no . No suit to collect the amount of the Deficiency for any month shall prejudice Landlord's ’s right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3c) alternatively, if Landlord has terminated the Lease, whether or not Landlord shall be entitled to recover from Tenanthave collected any Deficiency, and Tenant shall pay to Landlord, on demandin lieu of any further Deficiency, and as and for liquidated and agreed final damages, a sum equal to (i) the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental Fixed Rent for the period which otherwise would have constituted the unexpired portion of the Term (conclusively presuming the Additional Rent for each year thereof to be the same as was payable for the year immediately preceding such termination or re-entry) exceeds the present value (calculated using the Base Rate as the discount rateii) of the then fair and reasonable rental value of the Premises Premises, including Additional Rent for the same period, taking into consideration reasonable costs incurred both discounted to relet present value at the Premises; ifrate of four percent (4%) per annum, less (iii) the aggregate amount of the Deficiency previously collected by Landlord pursuant to the provisions of Section 16.1(b) for the same period. If, before presentation of proof of such liquidated damages to any court, commission or tribunal, Landlord shall have relet the Premises, Premises or any part thereof, are relet by Landlord on a fair and arms-length basis thereof for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent net rents reserved upon such reletting under the new lease for all or the part of the Premises so relet shall be deemed, prima facie, to be the fair and reasonable rental value for the such part or the whole all of the Premises so relet during the term of the reletting.
(B) Tenant Section 16.3. Upon the breach or threatened breach by Tenant, or any Persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord shall have the right to enjoin such breach and to invoke any other remedy allowed by law or in no event be entitled to any rents collected or payable under any relettingequity as if re-entry, whether or summary proceedings and other special remedies were not such rents exceed the Fixed Rent reserved provided in this LeaseLease for such breach. Nothing contained The rights to invoke the remedies set forth above are cumulative and shall not preclude Landlord from invoking any other remedy allowed at law or in this Article 17 shall be deemed to limit or preclude the recovery equity.
Section 16.4. No receipt of monies by Landlord from Tenant after termination of this Lease, or after the giving of any notice of termination of this Lease, shall reinstate, continue or extend the Term or affect any notice theretofore given to Tenant, or operate as a waiver of the maximum amount allowed right of Landlord to enforce the payment of Rent payable by Tenant hereunder or thereafter falling due, or operate as a waiver of the right of Landlord to recover possession of the Premises by proper remedy, except as otherwise expressly provided herein, it being agreed that after the service of notice to terminate this Lease or the commencement of suit or summary proceedings, or after final order or judgment for the possession of the Premises, Landlord may demand, receive and collect any monies due or thereafter falling due without in any manner affecting such notice, proceeding, order, suit or judgment, all such monies collected being deemed payments on account of the use and occupation of the Premises or, at the election of Landlord, on account of Tenant’s liability hereunder.
Section 16.5. Except as expressly provided to the contrary herein or as may be obtained as damages prohibited by applicable Laws, Tenant hereby expressly waives the service of any statute or rule notice of lawintention to re-enter provided for in any statute, or of the institution of legal proceedings to that end which may otherwise be required to be given under applicable Laws. Tenant, for and on behalf of itself and all Persons claiming by, through or under Tenant, including creditors of all kinds, hereby expressly waives any sums and all rights of redemption which it or damages any of them may have under applicable Laws or otherwise and any rights of re-entry or repossession or to which restore the operation of this Lease in case Tenant shall be dispossessed by a judgment or by warrant of any court or judge or in case of re-entry or repossession by Landlord may or in case of any expiration or termination of this Lease, whether such dispossess, re-entry, expiration or termination shall be entitled in addition by operation of law or pursuant to the damages set forth provisions of this Lease. The terms “enter”, “reenter”, “entry” or “reentry”, as used in this Section 17.2Lease shall not be restricted to their technical, legal meanings.
Appears in 2 contracts
Samples: Master Lease Agreement (BlueLinx Holdings Inc.), Master Lease Agreement (BlueLinx Holdings Inc.)
REMEDIES AND DAMAGES. (A) If any Event of Default shall occur, or this Lease and the Term shall expire and come to an end as provided in Article 16 hereof18:
(1) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents maymay immediately, or at any time after such Event of Default or after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Noticenotice, either by summary proceedings, or by any other applicable action or proceeding or otherwiseotherwise (without being liable to indictment, prosecution or damages therefor), but excluding by force, and may repossess the Premises and dispossess Tenant and any other persons from the Premises by summary proceedings or otherwise (excluding by force) and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law); and
(2) Landlord, at Landlord's ’s option, may relet the whole or any part or parts of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in Landlord’s sole discretion, may determine; provided, however, that Landlord shall exercise reasonable efforts have no obligation to mitigate relet the Premises or any damages related part thereof and shall in no event be liable for refusal or failure to relet the Premises or any part thereof, or, in the event of any such reletting, for refusal or failure to collect any rent due upon any such reletting, and no such refusal or failure shall operate to relieve Tenant of any liability of Tenant under this LeaseLease or otherwise affect any such liability, and Landlord, at Landlord’s option, may make such Alterations, in and to the Premises as Landlord, in Landlord’s sole discretion, shall consider advisable or necessary in connection with any such reletting or proposed reletting, without relieving Tenant of any liability under this Lease or otherwise affecting any such liability.
(B) Tenant hereby waives the service of any notice of intention to re-enter or to institute legal proceedings to that end that may otherwise be required to be given under any present or future law. Tenant, on its own behalf and on behalf of all persons claiming through or under Tenant, including all creditors, does further hereby waive any and all rights that Tenant and all such persons might otherwise have under any present or future law to redeem the Premises, or to re-enter or repossess the Premises, or to restore the operation of this Lease, after (a) Tenant shall have been dispossessed by a judgment or by warrant of any court or judge, or (b) any re-entry by Landlord, or (c) any expiration or termination of this Lease and the Term, whether such dispossess, re-entry, expiration or termination is by operation of law or pursuant to the provisions of this Lease. The words “re-entry”, “re-enter” and “re-entered” as used in this Lease shall not be deemed to be restricted to their technical legal meanings. In the event of a breach or threatened breach by Tenant, or any persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord shall have the right to enjoin such breach and the right to invoke any other remedy allowed by law or in equity as if re-entry, summary proceedings and other special remedies were not provided in this Lease for such breach. The right to invoke the remedies hereinbefore set forth are cumulative and shall not preclude Landlord from invoking any other remedy allowed at law or in equity.
(A) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof18, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof19.1, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Escalation Rent, other Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency ("“Deficiency"”) between the Rental for the period which is otherwise would have constituted the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(219.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual ’s expenses in connection with the termination of Tenant's right of possessionthis Lease, Landlord's re-entry ’s reentry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' ’ fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's ’s right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if whether or not Landlord has terminated the Leaseshall have collected any monthly Deficiency as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and in lieu of any further Deficiency as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred both discounted to relet present worth at the PremisesBase Rate; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) If the Premises, or any part thereof, shall be relet together with other space in the Building, the rents collected or reserved under any such reletting and the expenses of any such reletting shall be equitably apportioned for the purposes of this Section 19.2. Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Solely for the purposes of this Article 19, the term “Escalation Rent” as used in Section 19.2(A) shall mean the Escalation Rent in effect immediately prior to the Fixed Expiration Date, or the date of re-entry upon the Premises by Landlord, as the case may be, plus the scheduled Operating Expense Payment set forth in Schedule C. Nothing contained in Article 18 or this Article 17 19 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.219.2.
Section 19.3. Notwithstanding anything to the contrary contained in this Lease, neither Landlord nor Tenant shall be liable to any indemnitees for consequential damages under this Lease, except with respect to Tenant’s liability under Section 22.3.
Appears in 2 contracts
Samples: Lease Agreement (Everyday Health, Inc.), Lease Agreement (Everyday Health, Inc.)
REMEDIES AND DAMAGES. (A) If any Event of Default shall occur, or this Lease and the Term shall expire and come to an end as provided in Article 16 17 hereof:
(1) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents maymay immediately, or at any time after such Event of Default or after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Noticenotice, either by summary proceedings, or by any other applicable action or proceeding or otherwiseotherwise (without being liable to indictment, prosecution or damages therefor), and may repossess the Premises and dispossess Tenant and any other persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law); and
(2) Landlord, at Landlord's option, may relet the whole or any part or parts of of-the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in Landlord's sole discretion, may determine; provided, however, that Landlord shall exercise reasonable efforts have no obligation to mitigate relet the Premises or any damages related part thereof and shall in no event be liable for refusal or failure to relet the Premises or any part thereof, or, in the event of any such reletting, for refusal or failure to collect any rent due upon any such reletting, and no such refusal or failure shall operate to relieve Tenant of any liability of Tenant under this LeaseLease or otherwise affect any such liability, and Landlord, at Landlord's option, may make such Alterations, in and to the Premises as Landlord, in Landlord's sole discretion, shall consider advisable or necessary in connection with any such reletting or proposed reletting, without relieving Tenant of any liability under this Lease or otherwise affecting any such liability.
(B) Tenant hereby waives the service of any notice of intention to re-enter or to institute legal proceedings to that end that may otherwise be required to be given under any present or future law. Tenant, on its own behalf and on behalf of all persons claiming through or under Tenant, including all creditors of Tenant, does further hereby waive any and all rights that Tenant and all such persons might otherwise have under any present or future law to redeem the Premises, or to re-enter or repossess the Premises, or to restore the operation of this Lease, after (a) Tenant shall have been dispossessed by a judgment or by warrant of any court, or (b) any re-entry by Landlord, or (c) any expiration or termination of this Lease and the Term, whether such dispossess, re-entry, expiration or termination is by operation of law or pursuant to the provisions of this Lease. The words "re-entry", "re-enter" and "re-entered" as used in this Lease shall not be deemed to be restricted to their technical legal meanings. In the event of a breach or threatened breach by Tenant, or any persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord shall have the right to enjoin such breach and the right to invoke any other remedy allowed by law or in equity as if reentry, summary proceedings and other special remedies were not provided in this Lease for such breach. The right to invoke the remedies hereinbefore set forth are cumulative and shall not preclude Landlord from invoking any other remedy allowed at law or in equity.
(A) If this Lease and the Term shall expire and come to an end as provided in Article 2 17 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 18.1 hereof, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency ("DeficiencyDEFICIENCY") between the Rental for the period which is otherwise would have constituted the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(218.1(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possessionthis Lease, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if whether or not Landlord has terminated the Leaseshall have collected any Deficiency as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and in lieu of any further Deficiency as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred to relet the Premises; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Nothing contained in Article 17 hereof or this Article 17 18 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.218.2.
Appears in 2 contracts
Samples: Lease Agreement (Comfort Systems Usa Inc), Lease Agreement (Comfort Systems Usa Inc)
REMEDIES AND DAMAGES. (Aa) If any an Event of Default shall occur, or and this Lease and the Term shall expire and come to an end as provided in Article 16 hereof16:
(1i) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents maymay immediately, or at any time after such Event of Default or after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Noticenotice, either by summary proceedings, or by any other applicable action or proceeding proceeding, or otherwiseby legal force or other legal means (without being liable to indictment, prosecution or damages therefor), and may repossess the Premises and dispossess Tenant and any other persons Persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law)Premises; and
(2ii) Landlord, at Landlord's ’s option, may relet the whole or any part or parts of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent rental or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in its sole discretion, may determine; provided, however, that Landlord shall exercise reasonable efforts have no obligation to mitigate relet the Premises or any damages related part thereof and shall in no event be liable for refusal or failure to relet the Premises or any part thereof, or, in the event of any such reletting, for refusal or failure to collect any rent due upon any such reletting, and no such refusal or failure shall operate to relieve Tenant of any liability of Tenant under this LeaseLease or otherwise affect any such liability, and Landlord, at Landlord’s option, may make such repairs, replacements, alterations, additions, improvements, decorations and other physical changes in and to the Premises as Landlord, in its sole discretion, considers advisable or necessary in connection with, any such reletting or proposed reletting, without relieving Tenant of any liability under this Lease or otherwise affecting any such liability.
(Bb) Tenant hereby waives the service of any notice of intention to re-enter or to institute legal proceedings to that end which may otherwise be required to be given under any present or future law. Tenant, on its own behalf and on behalf of all Persons claiming through or under Tenant, including all creditors, does further hereby waive any and all rights which Tenant and all such Persons might otherwise have under any present or future law to redeem the Premises, or to re-enter or repossess the Premises, or to restore the operation of this Lease, after (i) Tenant shall have been dispossessed by a judgment or by warrant of any court or judge, (ii) any re-entry by Landlord, or (iii) any expiration or termination of this Lease and the Term, whether such dispossess, re-entry, expiration or termination shall be by operation of law or pursuant to the provisions of this Lease. The words “re-enter,” re-entry” and “re-entered” as used in this Lease shall not be deemed to be restricted to their technical legal meanings. In the event of a breach or threatened breach by Tenant, or any persons Persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord shall have the right to enjoin such breach and the right to invoke any other remedy allowed by law or in equity as if re-entry, summary proceedings and other special remedies were not provided in this Lease for such breach. The rights to invoke the remedies hereinbefore set forth are cumulative and shall not preclude Landlord from invoking any other remedy allowed at law or in equity.
(Aa) If this Lease and the Term Terra shall expire and come to an end as provided in Article 2 hereof16, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof17.1, or by or under any summary proceeding or any other action or proceeding, then, in any of said such events:
(1i) Tenant shall pay to Landlord all Fixed Rent, Rent and Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2ii) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency ("the “Deficiency"”) between the Rental (A) Fixed Rent and Additional Rent for the period which is otherwise would have constituted the unexpired portion of the Term (conclusively presuming the Additional Rent for each year thereof to be the same as was payable for the year immediately preceding such termination or re-entry), and (B) the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(217.1(a)(ii) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual ’s expenses in connection with the termination of Tenant's right of possessionthis Lease, Landlord's ’s re-entry upon the Premises and with such reletting including, but not limited to, including all repossession costs, brokerage commissions, legal expenses, attorneys' ’ fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to ). Tenant shall pay the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; , and Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no . No suit to collect the amount of the Deficiency for any month shall prejudice Landlord's ’s right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3iii) alternatively, if whether or not Landlord has terminated the Leaseshall have collected any monthly Deficiency as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and in lieu of any further Deficiency as and for liquidated and agreed final damages, a sum equal (A) to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental Fixed Rent and Additional Rent for the period which otherwise would have constituted the unexpired portion of the Term (conclusively presuming the Additional Rent for each year thereof to be the same as was payable for the year immediately preceding such termination or re-entry) exceeds the present value (calculated using the Base Rate as the discount rateB) of the then fair and reasonable rental value of the Premises Premises, including Additional Rent for the same period, taking into consideration reasonable costs incurred both discounted to relet present value at the Premises; ifrate of four percent (4%) per annum less (C) the aggregate amount of Deficiencies previously collected by Landlord pursuant to the provisions of Section 17.2(a)(ii) for the same period. If, before presentation of proof of such liquidated damages to any court, commission or tribunal, Landlord shall have relet the Premises, Premises or any part thereof, are relet by Landlord on a fair and arms-length basis thereof for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon net rents collected in connection with such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(Bb) If Landlord shall relet the Premises, or any part thereof, together with other space in the Building, the net rents collected under any such reletting and the expenses of any such reletting shall be equitably apportioned for the purposes of this Section 17.2. Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents shall exceed the Fixed Rent reserved in this Lease. Nothing contained in Article 16 or this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2.
Appears in 2 contracts
Samples: Lease Agreement (Switch & Data, Inc.), Lease Agreement (Switch & Data, Inc.)
REMEDIES AND DAMAGES. (Ai) If any an Event of Default shall occurhave occurred under this Lease Tenant, or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied or attempted to be taken or occupied by someone other than Tenant, or if Tenant shall fail to move into or take possession of the Premises within ninety (90) days after the Commencement Date, or if this Lease and the Term shall expire and come to an end as provided in Article 16 hereof17:
(1a) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents mayand servants may immediately, or at any time after such default specified in Section 18.1(i) or after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Noticenotice, either by summary proceedings, or by any other applicable action or proceeding proceeding, or otherwiseby force or otherwise (without being liable to indictment, prosecution or damages therefor), and may repossess the Premises and dispossess Tenant and any other persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law)Premises; and
(2b) Landlord, at Landlord's ’s option, may relet the whole or any part or parts of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent rental or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in its sole discretion, may determine; provided, however, that . Landlord shall exercise reasonable efforts have no obligation to mitigate relet the Premises or any damages related part thereof and shall in no event be liable for refusal or failure to relet the Premises or any part thereof, or, in the event of any such reletting, for refusal or failure to collect any rent due upon any such reletting, and no such refusal or failure shall operate to relieve Tenant of any liability of Tenant under this LeaseLease or otherwise to affect any such liability; Landlord, at Landlord’s option, may make such repairs, replacements, alterations, additions, improvements, decorations and other physical changes in and to the Premises as Landlord, in its sole discretion, considers advisable or necessary in connection with any such reletting or proposed reletting, without relieving Tenant of any liability under this Lease or otherwise affecting any such liability.
(Bii) Solely with respect to those actions properly taken by Landlord pursuant to this Section 18.1, Tenant hereby waives the service of any notice of intention to re-enter or to institute legal proceedings to that end which may otherwise be required to be given under any present or future law. Further, Tenant, on its own behalf and on behalf of all persons claiming through or under Tenant, including all creditors, does further hereby waive any and all rights which Tenant and all such persons might otherwise have under any present or future law to redeem the Premises, or to re-enter or repossess the Premises, or to restore the operation of this Lease, after (a) Tenant shall have been dispossessed by a judgment or by warrant of any court or judge, or (b) any re-entry by Landlord, or (c) any expiration or termination of this Lease and the Term, whether such dispossess, re-entry, expiration or termination shall be by operation of law or pursuant to the provisions of this Lease. The words “re-enter”, “re-entry” and “re-entered” as used in this Lease shall not be deemed to be restricted to their technical legal meanings. In the event of a breach or threatened breach by Tenant, or any persons claiming through or under Tenant, of any term, covenant or condition of this LeaseLease on Tenant’s part to be observed or performed, Landlord shall have the right to enjoin such breach and the right to invoke any other remedy allowed by law or in equity as if re-entry, summary proceedings and other special remedies were not provided in this Lease for such breach. The right to invoke the remedies hereinbefore set forth are cumulative and shall not preclude Landlord from invoking any other remedy allowed at law or in equity.
(Ai) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof17, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof18.1, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1a) Tenant shall pay to Landlord all Fixed Rent, Additional Rent additional rent and other items of Rental charges payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2b) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency ("referred to as, the “Deficiency"”) between the Rental Rent reserved in this Lease for the period which is otherwise would have constituted the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(2subsection 18.1(i) for any part of such period (after first deducting from the rents collected under any such reletting period. The Deficiency shall also include all of Landlord's reasonable and ’s reasonable, out-of-pocket third-party expenses (including actual expenses incurred by Landlord’s agent) in connection with the termination of Tenant's right of possessionthis Lease, or Landlord's ’s re-entry upon the Premises and with such reletting including, but not limited to, all reasonable repossession costs, brokerage commissions, legal expenses, attorneys' ’ fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any . Any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; , Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's ’s right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3c) alternatively, if whether or not Landlord has terminated the Leaseshall have collected any monthly Deficiencies as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and in lieu of any further Deficiencies as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental Rent reserved in this Lease for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred less the aggregate amount of Deficiencies theretofore collected by Landlord pursuant to relet the Premisesprovisions of subsection 18.2(i)(b) for the same period; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are shall have been relet by Landlord on a fair and arms-length basis to an unaffiliated third party for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting. For purposes of this calculation, (1) all additional rent charges due hereunder shall be calculated on the assumption that they would continue to increase at the average rate of increase of additional rent charges in the 24 previous months (or during the prior term hereunder if less); and, (2) at Landlord’s election, the “fair and reasonable rate”, if the Premises are not re-let, shall be deemed to be the rentable square footage of the Premises multiplied by the discounted average rental per square foot in the last three new leases to unaffiliated third parties (excluding renewals) written for space in the Building (or, if fewer than three leases have been written in the previous three (3) months, the most recent lease, or any leases in those three (3) months) discounting for brokerage fees, free rent periods, landlord work letters, and similar expenses, and without reference to any additional rent, escalation or percentage rent clauses therein.
(Bii) If the Premises, or any part thereof, shall be relet together with other space in the Building, the rents collected or reserved under any such reletting and the expenses of any such reletting shall be equitably apportioned for the purposes of this Section 18.2. Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents shall exceed the Fixed Rent reserved in this Lease. Solely for the purposes of this Article, the term “Rent” as used in subsection 18.2(1) shall mean the Rent in effect immediately prior to the date upon which this Lease and the Term shall have expired and come to an end, or the date of re-entry upon the Premises by Landlord, as the case may be, adjusted to reflect any increase or decrease pursuant to the provisions of Article 28 hereof for the Comparison Year (as defined in said Article 28) immediately preceding such event. Nothing contained in Article 17 or this Article 17 18 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in subsection 18.2(i) of this Article 18.
18.3 All reasonable costs and expenses, including attorneys’ fees (whether or not legal proceedings are instituted), involved in collecting Rents or enforcing the obligations of Tenant under this Lease, including the cost and expense of instituting and prosecuting legal proceedings or recovering possession of the Premises after a breach by Tenant or upon expiration or earlier termination of this Lease, to the extent such costs and expenses have not already been paid as a Deficiency or as liquidated damages under Section 17.218.2, shall be due and payable by Tenant as additional rent within twenty (20) days of written demand.
Appears in 2 contracts
Samples: Lease Agreement (Panacea Acquisition Corp), Lease Agreement (Panacea Acquisition Corp)
REMEDIES AND DAMAGES. (Aa) If any an Event of Default shall occur, or and this Lease and the Term shall expire and come to an end as provided in Article 16 hereof16:
(1i) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents maymay immediately, or at any time after such Event of Default or after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Noticenotice, either by summary proceedings, or by any other applicable action or proceeding proceeding, or otherwiseby legal force or other legal means (without being liable to indictment, prosecution or damages therefor), and may repossess the Premises and dispossess Tenant and any other persons Persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law)Premises; and
(2ii) Landlord, at Landlord's option, may relet the whole or any part or parts of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent rental or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in its sole discretion, may determine; provided, however, that Landlord shall exercise reasonable efforts have no obligation to mitigate relet the Premises or any damages related part thereof and shall in no event be liable for refusal or failure to relet the Premises or any part thereof, or, in the event of any such reletting, for refusal or failure to collect any rent due upon any such reletting, and no such refusal or failure shall operate to relieve Tenant of any liability of Tenant under this LeaseLease or otherwise affect any such liability, and Landlord, at Landlord's option, may make such repairs, replacements, alterations, additions, improvements, decorations and other physical changes in and to the Premises as Landlord, in its sole discretion, considers advisable or necessary in connection with any such reletting or proposed reletting, without relieving Tenant of any liability under this Lease or otherwise affecting any such liability.
(Bb) Tenant hereby waives the service of any notice of intention to re-enter or to institute legal proceedings to that end which may otherwise be required to be given under any present or future law. Tenant, on its own behalf and on behalf of all Persons claiming through or under Tenant, including all creditors, does further hereby waive any and all rights which Tenant and all such Persons might otherwise have under any present or future law to redeem the Premises, or to re-enter or repossess the Premises, or to restore the operation of this Lease, after (i) Tenant shall have been dispossessed by a judgment or by warrant of any court or judge, (ii) any re-entry by Landlord, or (iii) any expiration or termination of this Lease and the Term, whether such dispossess, re-entry, expiration or termination shall be by operation of law or pursuant to the provisions of this Lease. The words "re-enter," re-entry" and "re-entered" as used in this Lease shall not be deemed to be restricted to their technical legal meanings. In the event of a breach or threatened breach by Tenant, or any persons Persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord shall have the right to enjoin such breach and the right to invoke any other remedy allowed by law or in equity as if re-entry, summary proceedings and other special remedies were not provided in this Lease for such breach. The rights to invoke the remedies hereinbefore set forth are cumulative and shall not preclude Landlord from invoking any other remedy allowed at law or in equity.
(Aa) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof16, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises pursuant to legal process as provided in Section 17.1 hereof17.1, or by or under any summary proceeding or any other action or proceeding, then, in any of said such events:
(1i) Tenant shall pay to Landlord all Fixed Rent, Rent and Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2ii) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency (the "Deficiency") between the Rental (A) Fixed Rent and Additional Rent for the period which is otherwise would have constituted the unexpired portion of the Term (conclusively presuming the Additional Rent for each year thereof to be the same as was payable for the year immediately preceding such termination or re-entry), and (B) the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(217.1(a)(ii) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possessionthis Lease, Landlord's re-entry upon the Premises and with such reletting including, but not limited to, including all repossession costs, brokerage commissions, legal expenses, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to ). Tenant shall pay the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; , and Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no . No suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3iii) alternatively, if whether or not Landlord has terminated the Leaseshall have collected any monthly Deficiency as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and in lieu of any further Deficiency as and for liquidated and agreed final damages, a sum equal (A) to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental Fixed Rent and Additional Rent for the period which otherwise would have constituted the unexpired portion of the Term (conclusively presuming the Additional Rent for each year thereof to be the same as was payable for the year immediately preceding such termination or re-entry) exceeds the present value (calculated using the Base Rate as the discount rateB) of the then fair and reasonable rental value of the Premises Premises, including Additional Rent for the same period, taking into consideration reasonable costs incurred both discounted to relet present value at the Premises; ifrate of four percent (4%) per annum less (C) the aggregate amount of Deficiencies previously collected by Landlord pursuant to the provisions of Section 17.2(a)(ii) for the same period. If, before presentation of proof of such liquidated damages to any court, commission or tribunal, Landlord shall have relet the Premises, Premises or any part thereof, are relet by Landlord on a fair and arms-length basis thereof for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon net rents collected in connection with such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(Bb) If Landlord shall relet the Premises, or any part thereof, together with other space in the Building, the net rents collected under any such reletting and the expenses of any such reletting shall be equitably apportioned for the purposes of this Section 17.2. Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents shall exceed the Fixed Rent reserved in this Lease. Nothing contained in Article 16 or this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2.
Appears in 1 contract
REMEDIES AND DAMAGES. Section 17.1 (A) If there shall occur any Event of Default shall occurDefault, or and this Lease and the Term shall expire and come to an end as provided in Article 16 hereof:
(1) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents maymay immediately, or at any time after such default or after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Noticenotice, either by summary proceedings, or by any other applicable action or proceeding proceeding, or otherwiseby force or otherwise (without being liable to indictment, prosecution or damages therefor), and may repossess the Premises and dispossess Tenant and any other persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law)Premises; and
(2) Landlord, at Landlord's option, may relet the whole or any part portion or parts portions of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent rental or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in its sole discretion, may determine; provided, however, that Landlord shall exercise reasonable efforts have no obligation to mitigate any damages related to liability of Tenant under this Lease.
(B) In relet the event of a breach or threatened breach by Tenant, Premises or any persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord part thereof and shall have the right to enjoin such breach.
(A) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall no event be liable for and shall pay to Landlord, as damages, any deficiency ("Deficiency") between the Rental for the period which is the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possession, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if Landlord has terminated the Lease, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred refusal or failure to relet the Premises; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, Premises or any part thereof, are relet by Landlord on a fair or, in the event of any such reletting, for refusal or failure to collect any rent due upon any such reletting, and arms-length basis for no such refusal or failure shall operate to relieve Tenant of any liability under this Lease or otherwise affect any such liability, and Landlord, at Landlord's option, may make such repairs, replacements, alterations, additions, improvements, decorations and other physical changes in and to the period which otherwise would have constituted the unexpired portion of the TermPremises as Landlord, in its sole discretion, considers advisable or necessary in connection with any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) Tenant shall in no event be entitled to any rents collected or payable under any proposed reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Nothing contained in this Article 17 shall be deemed to limit or preclude the recovery by Landlord from without relieving Tenant of the maximum amount allowed to be obtained as damages by any statute liability under this Lease or rule of law, or of otherwise affecting any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2such liability.
Appears in 1 contract
REMEDIES AND DAMAGES. (Aa) If any an Event of Default shall occurhave occurred and is continuing, Landlord shall have the right, at its sole option, then or at any time thereafter, to exercise its remedies and to collect damages from Tenant in accordance with this Paragraph 20, subject in all events to applicable Law, without demand upon or notice to Tenant except as otherwise provided in Paragraph 18(b) and this Paragraph 19.
(i) Landlord may give Tenant notice of Landlord’s intention to terminate this Lease on a date specified in such notice. Upon such date, this Lease, the estate hereby granted and the Term all rights of Tenant hereunder shall expire and come to an end as provided in Article 16 hereof:
(1) terminate. Upon such termination, Tenant shall quit immediately surrender and peacefully surrender deliver possession of the Premises to LandlordLandlord in accordance with Paragraph 22. If Tenant does not so surrender and deliver possession of all of the Premises, and Landlord and its agents may, after the date upon which this Lease and the Term shall expire and come to an end, may re-enter and repossess any of the Premises not surrendered, with or without legal process, by peaceably entering any part thereof, without Notice, either of the Premises and changing locks or by summary proceedings, ejectment or any other lawful means or procedure. Upon or at any time after taking possession of any of the Premises, Landlord may, by peaceable means or legal process, remove any Persons or property therefrom. Landlord shall be under no liability for or by reason of any other applicable action such entry, repossession or proceeding removal. Notwithstanding such entry or otherwiserepossession, Landlord may (A) exercise the remedy set forth in and may repossess collect the Premises and dispossess Tenant and any other persons from damages permitted by Paragraph 18(a)(iii) or (B) collect the Premises by summary proceedings damages set forth in Paragraph 19(b)(i) or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law19(b)(ii); and.
(2ii) Landlord, at Landlord's option, may relet the whole or After repossession of any part or parts of the Premises from time pursuant to timeclause (i) above, either in Landlord shall use commercially reasonable efforts to relet any of the name of Landlord or otherwise, Premises to such tenant or tenants, for such term or terms ending beforeterms, for such rent, on such conditions and for such uses as are commercially reasonable, and collect and receive any rents payable by reason of such reletting. Landlord may make such Alterations in connection with such reletting as are commercially reasonable. Notwithstanding any such reletting, Landlord may collect the damages set forth in Paragraph 19(b)(ii).
(iii) Landlord may, upon notice to Tenant, require Tenant to make an irrevocable offer to terminate this Lease in its entirety for an amount (the “Default Termination Amount”) specified in the next sentence. The “Default Termination Amount” shall be the greatest of (A) the sum of the Fair Market Value of the Premises and the applicable Prepayment Premium which Landlord will be required to pay in prepaying any Loan with proceeds of the Default Termination Amount or (B) the sum of the Acquisition Cost and the applicable Prepayment Premium which Landlord will be required to pay in prepaying any Loan with proceeds of the Default Termination Amount or (C) an amount equal to the Present Value of the entire Basic Rent from the date of such purchase to the date on which the then Term would expire, less the fair market rental value for the remainder of the term. Upon such notice to Tenant, Tenant shall be deemed to have made such offer and shall, if requested by Landlord, within ten (10) days following such request, deposit with Landlord as payment against the Default Termination Amount the amount described in (B) above, Landlord and Tenant shall promptly commence to determine Fair Market Value. Within thirty (30) days after the Fixed Expiration Fair Market Value Date, Landlord shall accept or reject such offer. If Landlord accepts such offer then, on the tenth (10th) business day after such acceptance, Tenant shall pay to Landlord the Default Termination Amount and, at the request of Tenant, Landlord will convey the Premises to Tenant or its designee in accordance with Paragraph 19. Any rejection by Landlord of such rent or rentals and upon such offer shall have no effect on any other conditions, which may include concessions and free rent periods, as remedy Landlord may determine; provided, however, that Landlord shall exercise reasonable efforts to mitigate any damages related to liability of Tenant have under this Lease.
(Biv) In Landlord may declare by notice to Tenant the event entire Basic Rent (in the amount of a breach or threatened breach by TenantBasic Rent then in effect) for the remainder of the then current Term to be immediately due and payable. Tenant shall immediately pay to Landlord all such Basic Rent, or any persons claiming through or under Tenant, less the fair market rental value for the remainder of any the term, covenant discounted to its Present Value, all accrued Rent then due and unpaid, all other Monetary Obligations which are then due and unpaid and all Monetary Obligations which arise or condition become due by reason of such Event of Default (including any Costs of Landlord). Upon receipt by Landlord of all such accelerated Basic Rent and Monetary Obligations, this Lease, Landlord Lease shall remain in full force and effect and Tenant shall have the right to enjoin possession of the Premises from the date of such breachreceipt by Landlord to the end of the Term, and subject to all the provisions of this Lease, including the obligation to pay all increases in Basic Rent and all Monetary Obligations that subsequently become due, except that no Basic Rent which has been prepaid hereunder shall be due thereafter during the said Term.
(Ab) The following constitute damages to which Landlord shall be entitled if Landlord exercises its remedies under Paragraph 19(a)(i) or 19(a)(ii):
(i) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof, or by or Landlord exercises its remedy under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof, or by or under any summary proceeding or any other action or proceeding, Paragraph 19(a)(i) then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by written demand from Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as liquidated and agreed final damages for Tenant’s default and in lieu of all current damages beyond the date of such demand (it being agreed that it would be impracticable or extremely difficult to fix the actual damages), any deficiency ("Deficiency") between an amount equal to the Rental for the period which is the unexpired portion Present Value of the Term and the net amountexcess, if any, of rents collected under any reletting effected pursuant (A) all Basic Rent from the date of such demand to the provisions date on which the Term is scheduled to expire hereunder in the absence of Section 17.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possessionearlier termination, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all or repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
over (3B) alternatively, if Landlord has terminated the Lease, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable market rental value of the Premises for the same period, taking into consideration reasonable costs incurred . Tenant shall also pay to relet Landlord all of Landlord’s Costs in connection with the Premises; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole repossession of the Premises so relet during the term and any attempted reletting thereof, including all brokerage commissions, legal expenses, reasonable attorneys’ fees, employees’ expenses, costs of the Alterations and expenses and preparation for reletting.
(Bii) If Landlord exercises its remedy under Paragraph 19(a)(i), then Tenant shall shall, until the end of what would have been the Term in no event be entitled to any rents collected or payable under any relettingthe absence of the termination of the Lease, and whether or not such rents exceed the Fixed Rent reserved in this Lease. Nothing contained in this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant any of the maximum amount allowed Premises shall have been relet, be liable to be obtained Landlord for, and shall pay to Landlord, as liquidated and agreed current damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2.all
Appears in 1 contract
Samples: Lease Agreement (Pw Eagle Inc)
REMEDIES AND DAMAGES. (A) If any Event of Default shall occur, or this Lease and the Term shall expire and come to an end as provided in Article 16 hereof18:
(1) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents maymay immediately, or at any time after such Event of Default or after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Noticenotice, either by summary proceedings, or by any other applicable legal action or proceeding (without being liable to indictment, prosecution or otherwisedamages therefor), but excluding by force, and may repossess the Premises and dispossess Tenant and any other persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law); and
(2) Landlord, at Landlord's ’s option, may relet the whole or any part or parts of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in Landlord’s sole discretion, may determine; provided, however, that Landlord shall exercise reasonable efforts have no obligation to mitigate relet the Premises or any damages related part thereof and shall in no event be liable for failure to relet the Premises or any part thereof, or, in the event of any such reletting, for failure to collect any rent due upon any such reletting, and no such failure shall operate to relieve Tenant of any liability of Tenant under this LeaseLease or otherwise affect any such liability, and Landlord, at Landlord’s option, may make such Alterations, in and to the Premises as Landlord, in Landlord’s sole discretion, shall consider advisable or necessary in connection with any such reletting or proposed reletting, without relieving Tenant of any liability under this Lease or otherwise affecting any such liability.
(B) Tenant, on its own behalf and on behalf of all persons claiming through or under Tenant, including all creditors, does hereby waive any and all rights that Tenant and all such persons might otherwise have under any present or future law to redeem the Premises, or to re-enter or repossess the Premises, or to restore the operation of this Lease, after (a) Tenant shall have been dispossessed by a judgment or by warrant of any court or judge, or (b) any re-entry by Landlord, or (c) any expiration or termination of this Lease and the Term, whether such dispossess, re-entry, expiration or termination is by operation of law or pursuant to the provisions of this Lease. The words “re-entry”, “re-enter” and “re-entered” as used in this Lease shall not be deemed to be restricted to their technical legal meanings. In the event of a breach or threatened breach by Tenant, or any persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord shall have the right to enjoin such breach and the right to invoke any other remedy allowed by law or in equity as if re-entry, summary proceedings and other special remedies were not provided in this Lease for such breach. The right to invoke the remedies hereinbefore set forth are cumulative and shall not preclude Landlord from invoking any other remedy allowed at law or in equity.
(A) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof18, or by or under any summary proceeding or any other legal action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Escalation Rent, other Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency ("“Deficiency"”) between the Rental for the period which is otherwise would have constituted the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(219.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual ’s expenses in connection with the termination of Tenant's right of possessionthis Lease, Landlord's re-entry ’s reentry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' ’ fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's ’s right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if whether or not Landlord has terminated the Leaseshall have collected any monthly Deficiency as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and in lieu of any further Deficiency as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred both discounted to relet present worth at the PremisesBase Rate; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) If the Premises, or any part thereof, shall be relet together with other space in the Building, the rents collected or reserved under any such reletting and the expenses of any such reletting shall be equitably apportioned for the purposes of this Section 19.2. Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Solely for the purposes of this Article 19, the term “Escalation Rent” as used in Section 19.2(A) shall mean the Escalation Rent in effect immediately prior to the Expiration Date, or the date of re-entry upon the Premises by Landlord, as the case may be, plus the scheduled Operating Expense Payment set forth in Schedule C. Nothing contained in Article 18 or this Article 17 19 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.219.2.
Appears in 1 contract
REMEDIES AND DAMAGES. (A) Section 17.1. If any Event of Default shall occuroccur and be continuing, or Landlord may, at any time thereafter, at Landlord’s option, give written Notice to Tenant stating that this Lease and the Term shall expire and come to an end as provided terminate on the date specified in Article 16 hereofsuch Notice, which date shall not be less than ten (10) days after the giving of such Notice, whereupon:
(1a) this Lease and the Term and all rights of Tenant under this Lease shall automatically terminate as if the date specified in such Notice were the Fixed Expiration Date or the Expiration Date of any Option Period, as applicable;
(b) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents may, after the date upon which this Lease and the Term shall expire and come to an endterminate, re-enter the Premises or any part thereof, without Notice, either by summary proceedings, proceedings or by any other applicable action or proceeding or otherwise, and may repossess the Premises and dispossess Tenant and any other persons Persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law); andPremises;
(2c) Landlord, at Landlord's ’s option, may relet the whole or any part or parts of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration DateDate or the Expiration Date of any Option Period, as applicable, at such rent or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord may reasonably determine; provided, however, that Landlord shall exercise reasonable efforts to mitigate any damages related to liability of Tenant under this Lease.; and
(B) In the event of a breach or threatened breach by Tenant, or any persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord shall have the right to enjoin such breach.
(A) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1d) Tenant shall pay to Landlord all Fixed Rent, Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, damages as damages, any deficiency ("Deficiency") between the Rental for the period which is the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of provided by Section 17.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possession, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments 17.2 or as provided by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if Landlord has terminated the Lease, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred to relet the Premises; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the relettinglaw.
(B) Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Nothing contained in this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2.
Appears in 1 contract
REMEDIES AND DAMAGES. Upon the occurrence and continuance of a Default by Tenant and following the applicable cure period as set forth above, without notice to Tenant in any instance (Aexcept as expressly provided below) If Landlord shall have any Event one or more of Default shall occur, or this Lease and the Term shall expire and come to an end as provided in Article 16 hereof:
following remedies: (1i) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents may, after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereofupon five (5) days written notice to Tenant, without Noticeterminating this Lease, either by summary proceedingsand remove all persons and property from the Premises, or by any other applicable suitable action or proceeding at law, as Landlord may elect, without Landlord being liable for any prosecution therefor or otherwisedamages therefrom, and repossess and enjoy the Premises (including re-letting the Premises at Landlord’s option as provided below); (ii) terminate this Lease upon not less than five (5) days written notice to Tenant, at which time the Term of this Lease shall expire, but with Tenant’s liability as set forth in this Section 18 to continue; or (iii) exercise any other legal or equitable rights or remedies available to Landlord and those additional rights set forth in this Lease. In exercising any of the above remedies, Landlord may repossess remove Tenant Property from the Premises and dispossess store the same at Tenant’s expense without resort to legal process if permitted by applicable law and without Landlord being deemed guilty of trespass or becoming liable for any loss or damage occasioned thereby. If Landlord shall repossess or terminate the Lease in accordance with the foregoing, Tenant waives any rights to re-enter the Premises and any other persons from the Premises rights of redemption. If a Default by summary proceedings or otherwise Tenant occurs and remove any continues beyond applicable notice and all of their property and effects from the Premises (and cure periods, Tenant shall remain liable for, and Landlord shall be entitled to, the following damages: (i) all Rent and damages that may be due, incurred or sustained by Landlord up to the date this Lease terminates (including, without limitation, damages incurred under any ground or underlying lease, any space lease, any mortgage document with Landlord’s Mortgagee and the like) or the date Landlord takes possession of the Premises, whichever occurs earlier, and the performance of all other obligations of Tenant accruing under this Lease through such date (collectively “Accrued Damages”); and (ii) all reasonable costs, fees and expenses (including, without limitation, brokerage commissions, but expressly excluding attorneys’ fees) actually incurred by Landlord in pursuit of its remedies under this Lease and in renting the Premises to others from time to time (including Re-letting Preparations, as defined below) (all such Accrued Damages, costs, fees and expenses being referred to collectively as the “Default Damages”). If a Default by Tenant occurs and continues beyond applicable notice and cure periods, and Tenant vacates the Premises for damages a period of more than thirty (30) days, and Landlord re-enters the Premises as provided herein in item (ii) above or takes possession of the Premises pursuant to legal proceedings or otherwise in accordance with applicable law), then, if Landlord does not elect to terminate this Lease, Landlord may either: (1) recover all monthly Rent and other amounts due under this Lease from Tenant; and
or (2) Landlordre-let the Premises. If Landlord elects to re-let the Premises, at Landlord's option, Xxxxxx agrees that Landlord may relet the whole from time to time re-let all or any part or parts of the Premises from time (or a premises including space in addition to timethe Premises), in one or more leases, either in the name of Landlord Landlord’s own right or otherwiseas agent for Tenant, to such tenant or tenantsaccepting any rents then obtainable, for such a term or terms ending beforethat may be greater or less than the balance of the then-current Term of this Lease (excluding any unexercised Option Terms), on and Landlord may grant reasonable, customary, market concessions or after the Fixed Expiration Date, at such rent or rentals and upon such other conditions, which may include concessions and free rent periodswithout in any way affecting Tenant’s liability for the Rent payable under this Lease. Landlord shall be under no duty to re-let the Premises except as otherwise provided herein, as Landlord may determineand Tenant’s liability under this Lease shall not be affected or diminished in any way whatsoever for Landlord’s failure to re-let the Premises, or if the Premises are re-let, for Landlord’s failure to collect the rentals under such re-letting; provided, however, and notwithstanding anything to the contrary contained in this Lease that Landlord shall exercise use reasonable efforts to mitigate re-let the Premises, or a part thereof. In connection with any damages related to re-letting, Landlord may make or do any cleaning, maintenance, repairs, painting and/or decorations (collectively “Re-letting Preparations”) in the Premises that Landlord considers advisable and necessary in Landlord’s reasonable business discretion, and such Re-letting Preparations shall not release Tenant from any liability of Tenant under this Lease except to the extent otherwise expressly provided in this Lease.
(B) In . Xxxxxxxx’s reletting of the event of a breach or threatened breach by Tenant, or Premises shall not preclude Landlord from thereafter exercising at any persons claiming through or under Tenant, of any term, covenant or condition of time its remedy to terminate this Lease. Notwithstanding anything to the contrary contained in this Lease, in the event Landlord shall have re-lets the right to enjoin such breach.
(A) If this Lease and the Term shall expire and come to an end Premises or any portion thereof as provided in Article 2 hereofherein, or by or under any summary proceeding or any other action or proceedingbut does not terminate this Lease, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rentremain liable for, Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency ("Deficiency") between the Rental for the period which is the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possession, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover collect from Tenant each an amount equal to the deficiency (the “Deficiency”) between:
(A) the monthly Deficiency as Rent required to be paid by Tenant under this Lease until the same shall arise, and no suit to collect the amount expiration of the Deficiency then-current Term of this Lease (excluding any unexercised Option Terms); and (B) the rent, if any, that Landlord receives during the applicable month from others to whom the Premises or any portion thereof is rented, after deducting all Default Damages remaining unpaid. Upon the occurrence of any Default by Landlord beyond applicable notice and cure periods, Tenant may sue for injunctive relief or to recover damages for any month loss resulting from the Default, or Tenant, without limiting its exercise of any right or remedy which it may have by reason of such default, may terminate this Lease (subject to Section 20 below) and pursue any remedy now or hereafter available to it under Applicable Laws or the judicial decisions of the Commonwealth of Virginia, but Tenant shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if Landlord has terminated the Lease, Landlord shall not be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and withhold or xxxxx Xxxx hereunder except as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred to relet the Premises; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents exceed the Fixed Rent reserved specifically provided in this Lease. Nothing contained in this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2.
Appears in 1 contract
Samples: Lease Agreement
REMEDIES AND DAMAGES. (A1) If Tenant shall default in the payment when due of any Event installment of Default shall occurRent or in the payment when due of any additional rent, or if any execution or attachment shall be issued against Tenant or any of Tenant's property whereupon the Premises shall be taken or occupied or attempted to be taken or occupied by someone other than Tenant, or if Tenant shall fail to move into or take possession of the Premises within thirty (30) days after the Commencement Date, or if this Lease and the Term shall expire and come to an end as provided in Article 16 hereof17:
(1a) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents mayand servants may immediately, or at any time after such default or after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Noticenotice, either by summary proceedings, or by any other applicable action or proceeding proceeding, or otherwiseby force or otherwise (without being liable to indictment, prosecution or damages therefor), and may repossess the Premises and dispossess Tenant and any other persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law)Premises; and
(2b) Landlord, at Landlord's option, may relet the whole or any part or parts of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent rental or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in its sole discretion, may determine; provided, however, that . Landlord shall exercise reasonable efforts have no obligation to mitigate relet the Premises or any damages related part thereof and shall in no event be liable for refusal or failure to relet the Premises or any part thereof, or, in the event of any such reletting, for refusal or failure to collect any rent due upon any such reletting, and no such refusal or failure shall operate to relieve Tenant of any liability of Tenant under this LeaseLease or otherwise to affect any such liability; Landlord, at Landlord's option, may make such repairs, replacements, alterations, additions, improvements, decorations and other physical changes in and to the Premises as Landlord, in its sole discretion, considers advisable or necessary in connection with any such reletting or proposed reletting, without relieving Tenant of any liability under this Lease or otherwise affecting any such liability.
(B2) Tenant hereby waives the service of any notice of intention to re-enter or to institute legal proceedings to that end which may otherwise be required to be given under any present or future law. Tenant, on its own behalf and on behalf of all persons claiming through or under Tenant, including all creditors, does further hereby waive any and all rights which Tenant and all such persons might otherwise have under any present or future law to redeem the Premises, or to re-enter repossess the Premises, or to restore the operation of this Lease, after (i) Tenant shall have been dispossessed by judgment or by warrant of any court or judge, or (ii) any re-entry by Landlord, or (iii) any expiration or termination of this Lease and the Term, whether such dispossess, re-entry, expiration or termination shall be by operation or law or pursuant to the provisions of this Lease. The words "re-enter", "re-entry" and "re-entered" as used in this Lease shall not be deemed to be restricted to their technical legal meanings. In the event of a breach or threatened breach by Tenant, or any persons claiming through or under Tenant, of any term, covenant or condition of this LeaseLease on Tenant's part to be observed or performed, Landlord shall have the right to enjoin such breach and the right to invoke any other remedy allowed by law in equity as if re-entry, summary proceedings and other special remedies were not provided in this Lease for such breach. The right to invoke the remedies hereinbefore set forth are cumulative and shall not preclude Landlord from invoking any other remedy allowed at law or in equity.
(A1) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof17, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereofsubsection A of this Article 18, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1a) Tenant shall pay to Landlord all Fixed Rent, Additional Rent additional rent and other items of Rental charges payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2b) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency (referred to as "Deficiency") between the Rental Rent reserved in this Lease for the period which is otherwise would have constituted the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(2subsection A(1) of this Article 18 for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possessionthis Lease, or Landlord's re-entry upon the Premises and with such reletting including, but not limited to, all repossession costs, brokerage commissions, legal expenses, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; , Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3c) alternatively, if whether or not Landlord has terminated the Leaseshall have collected any monthly Deficiencies as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and in lieu of any further Deficiencies as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental Rent reserved in this Lease for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred less the aggregate amount of Deficiencies theretofore collected by Landlord pursuant to relet the Premisesprovisions of subsection B(l)(b) of this Article 18 for the same period; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are shall have been relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B2) If the Premises, or any part thereof, shall be relet together with other space in the space in the Building, the rents collected or reserved under any such reletting and the expenses of any such reletting shall be equitably apportioned for the purposes of this subsection B. Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents shall exceed the Fixed Rent reserved in this Lease. Solely for the purpose of this Article, the term "Rent" as used in subsection B(1) of this Article 18 shall mean the Rent in effect immediately prior to the date upon which this Lease and the Term shall have expired and come to an end, or the date of re-entry upon the Premises by Landlord, as the case may be, adjusted to reflect any increase or decrease pursuant to the provisions of Article 28 hereof for the Comparison Year (as defined in said Article 28) immediately preceding such event. Nothing contained in Article 17 or this Article 17 18 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in subsection B(1) of this Section 17.2Article 38.
Appears in 1 contract
Samples: Lease Agreement (Global Broadcasting Systems Inc/Fa)
REMEDIES AND DAMAGES. (Aa) If there shall occur any Event of Default shall occurDefault, or and this Lease and the Term shall expire and come to an end as provided in Article 16 hereof:
(1i) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents maymay immediately, or at anytime after such default or after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Noticenotice, either by summary proceedings, or by any other applicable action or proceeding proceeding, or otherwiseby force or otherwise (without being liable to indictment, prosecution or damages therefor), and may repossess the Premises and dispossess Tenant and any other persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law)Premises; and
(2ii) Landlord, at Landlord's optionoption (but without any obligation to do so), may relet the whole or any part portion or parts portions of the Premises from time to time-to-time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent rental or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in its sole discretion, may determine; provided, however, that Landlord shall exercise reasonable efforts have no obligation to mitigate relet the Premises or any damages related part thereof and shall in no event be liable for refusal or failure to relet the Premises or any part thereof, or, in the event of any such reletting, for the refusal or failure to collect any rent due upon any such reletting, and no such refusal or failure shall operate to relieve Tenant of any liability of Tenant under this LeaseLease or otherwise affect any such liability, and Landlord, at Landlord's option, may make such repairs, replacements, alterations, additions, improvements, decorations and other physical changes in and to the Premises as Landlord, in its sole discretion, considers advisable or necessary in connection with any such reletting or proposed reletting, without relieving Tenant of any liability under this Lease or otherwise affecting any such liability.
(Bb) Tenant hereby waives the service of any notice of intention to reenter or to institute legal proceedings to that end which may otherwise be required to be given under any present or future law. Tenant, on its own behalf and on behalf of all persons claiming through or under Tenant, including all creditors, does further hereby waive any and all rights which Tenant and all such persons might otherwise have under any present or future law to redeem the Premises, or to re-enter or repossess the Premises, or to restore the operation of this Lease, after (i) Tenant shall have been dispossessed by a judgment or by warrant of any court or judge, or (ii) any re-entry by Landlord, or (iii) any expiration or termination of this Lease and the Term, whether such dispossess, re-entry, expiration or termination shall be by operation of law or pursuant to the provisions of this Lease. The words "re-enter," "re-entry" and "re-entered" as used in this Lease shall not be deemed to be restricted to their technical legal meanings. In the event of a breach or threatened breach by Tenant, or any persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord shall have the right to enjoin such breach and the right to invoke any other remedy allowed by law or in equity as if re-entry, summary proceedings and other special remedies were not provided in this Lease for such breach. The right to invoke the remedies hereinbefore set forth are cumulative and shall not preclude Landlord from invoking any other remedy allowed at law or in equity.
(Aa) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof, or by or under any summary proceeding or any other action or proceedinghereinabove provided, then, in any either of said events:
(1i) Tenant shall pay to Landlord all Fixed Rent, Additional Escalation Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2ii) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency (referred to as "Deficiency") between the Rental for the period which is otherwise would have constituted the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of clause (ii) of Section 17.1(A)(217.1(a) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possessionthis Lease, Landlord's re-entry upon the Premises and with such reletting reletting, including, but not limited to, all reasonable repossession costs, brokerage commissions, legal expenses, attorneys' fees and disbursements, alteration costs costs, contribution to work and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; , Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3iii) alternatively, if whether or not Landlord has terminated the Leaseshall have collected any monthly Deficiency as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and in lieu of any further Deficiency as and for liquidated and agreed final damagesdamages with respect to the Rentals due hereunder, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred both discounted to relet present worth at the PremisesBase Rate less the aggregate amount of Deficiencies theretofore collected by Landlord pursuant to the provisions of clause (a)(ii) of this Section 17.2 for the same period; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are shall have been relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(Bb) If the Premises, or any part thereof, shall be relet together with other space in the Building, the rents collected or reserved under any such reletting and the expenses of any such reletting shall be equitably apportioned for the purposes of this Section 17.2. Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents shall exceed the Fixed Rent reserved in this Lease. Solely for the purposes of this Article 17, the term "Escalation Rent" as used in Section 17.2 (a) shall mean the Escalation Rent in effect immediately prior to the Expiration Date, or the date of reentry upon the Premises by Landlord, as the case may be, adjusted to reflect any increase pursuant to the provisions of Article 27 hereof for the Operating Year immediately preceding such event. Nothing contained in Article 16 hereof or this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2.
Section 17.3 Suit or suits for the recovery of damages, or any installments thereof, may be brought by Landlord from time-to-time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the Term would have expired if it had not been so terminated under the provisions of Article 16, or under any provision of law, or had Landlord not re-entered the Premises. Nothing herein contained shall be construed to limit or preclude recovery by Landlord against Tenant for any sums of damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain for the default of Tenant under this Lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 17.2.
Appears in 1 contract
REMEDIES AND DAMAGES. (A) If there shall occur any Event of Default shall occurDefault, or and this Lease and the Term shall expire and come to an end as provided in Article 16 hereof:
(1) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents maymay immediately, or at any time after such default or after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Noticenotice, either by summary proceedings, or by any other applicable action or proceeding proceeding, or otherwiseby force or otherwise (without being liable to indictment, prosecution or damages therefor), and may 54 repossess the Premises and dispossess Tenant and any other persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law)Premises; and
(2) Landlord, at Landlord's option, may relet the whole or any part portion or parts portions of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent rental or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in its sole discretion, may determine; provided, however, that Landlord shall exercise reasonable efforts have no obligation to mitigate relet the Premises or any damages related part thereof and shall in no event be liable for refusal or failure to relet the Premises or any part thereof, or, in the event of any such reletting, for refusal or failure to collect any rent due upon any such reletting, and no such refusal or failure shall operate to relieve Tenant of any liability of Tenant under this LeaseLease or otherwise affect any such liability, and Landlord, at Landlord's option, may make such repairs, replacements, alterations, additions, improvements, decorations and other physical changes in and to the Premises as Landlord, in its sole discretion, considers advisable or necessary in connection with any such reletting or proposed reletting, without relieving Tenant of any liability under this Lease or otherwise affecting any such liability.
(B) Tenant hereby waives the service of any notice of intention to re-enter or to institute legal proceedings to that end which may otherwise be required to be given under any present or future law. Tenant, on its own behalf and on behalf of all persons claiming through or under Tenant, including all creditors, does further hereby waive any and all rights which Tenant and all such persons might otherwise have under any present or future law to redeem the Premises, or to re-enter or repossess the Premises, or to restore the operation of this Lease, after (a) Tenant shall have been dispossessed by a judgment or by warrant of any court or judge, or (b) any re-entry by Landlord, or (c) any expiration or termination of this Lease and the Term, whether such dispossess, re-entry, expiration or termination shall be by operation of law or pursuant to the provisions of this Lease. The words "re-enter," "re-entry" and "re-entered" as used in this Lease shall not be deemed to be restricted to their technical legal meanings. In the event of a breach or threatened breach by Tenant, or any persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord shall have the right to enjoin such breach and the right to invoke any other remedy allowed by law or in equity as if re-entry, summary proceedings and other special remedies were not provided in this Lease for such breach. The right to invoke the remedies hereinbefore set forth are cumulative and shall not preclude Landlord from invoking any other remedy allowed at law or in equity.
(A) If this Lease and the Term shall expire and come to an end as provided in Article 2 16 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof17.1, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Escalation Rent 55 and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency (referred to as "Deficiency") between the Rental for the period which is otherwise would have constituted the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of clause (2) of Section 17.1(A)(217.1(A) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possessionthis Lease, Landlord's re-entry upon the Premises and with such reletting reletting, including, but not limited to, all repossession costs, brokerage commissions, legal expenses, attorneys' fees and disbursements, alteration costs costs, contribution to work and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if whether or not Landlord has terminated the Leaseshall have collected any monthly Deficiency as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and in lieu of any further Deficiency as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term (commencing on the date immediately succeeding the last date with respect to which a Deficiency, if any, was collected) exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred both discounted to relet present worth at the PremisesBase Rate; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are shall have been relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) If the Premises, or any part thereof, shall be relet together with other space in the Building, the rents collected or reserved under any such reletting and the expenses of any such reletting shall be equitably apportioned for the purposes of this Section 17.2. Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents shall exceed the Fixed Rent reserved in this Lease. Nothing Solely for the purposes of this Article 17, the term "Escalation Rent" as used in Section 17.2(A) shall mean the Escalation Rent in effect immediately prior to the Expiration Date, or the date of re-entry upon the Premises by Landlord, as the case may be, adjusted to reflect any increase pursuant to the provisions of Article 27 hereof for the Operating Year immediately preceding such event. Except as expressly provided in Section 17.2(A)(3) hereof (in which the parties agree to liquidated final 56 damages) nothing contained in Article 16 hereof or this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2.
Appears in 1 contract
REMEDIES AND DAMAGES. (Aa) If Upon the occurrence of any Event of Default shall occurevent described in Section 16.1(a), Landlord may elect to terminate this Lease or to terminate Tenant’s right to possession without terminating this Lease and to enter upon the Premises and expel Tenant or any persons or entities occupying the Premises and so to repossess and enjoy the Premises. If this Lease or Txxxxx’s right to possession under this Lease shall at any time be terminated under the terms and conditions of this Section 16.2 or in any other way, Tenant hereby covenants and agrees to immediately surrender and deliver up the Premises peaceably to Landlord.
(b) If Landlord elects to terminate Tenant’s right to possession under this Lease, but not to terminate this Lease, Landlord may relet the Premises (or any part thereof) for the account of Tenant at such rentals and upon such terms and conditions as Landlord shall deem appropriate and, to the extent Landlord receives the rents therefor, Landlord shall apply the same first to the payment of such expenses as Landlord may have incurred in recovering possession of the Premises (including, without limitation, legal expenses and attorneys’ fees) and for putting the same into good order and condition and preparing or altering the same for re-rental, and any other expenses, commissions and charges paid, assumed or incurred by or on behalf of Landlord in connection with the reletting of the Premises (the “Costs of Reletting”), and then to the fulfillment of the covenants of Tenant under this Lease. Tenant shall pay to Landlord the Rent and all other sums payable up to the time of such termination of this Lease or Tenant’s right to possession under this Lease, and thereafter, Tenant covenants to pay Landlord until the end of the Term shall expire of this Lease the equivalent of the amount of all the Rent and come all other sums required to an end as provided in Article 16 hereof:
(1) be paid by Tenant shall quit and peacefully surrender under this Lease less the Premises to Landlordnet avails of such reletting, if any, during the same period, and the same shall be due and payable by Tenant to Landlord on the dates such Rent and its agents may, after the date upon which other sums are due under this Lease and (but without duplication for amounts representing damages pursuant to subsection (c) below following Landlord’s termination, at its election, of this Lease pursuant to subsection (c) below). Any reletting by Landlord shall not be construed as an election on the Term part of Landlord to terminate this Lease unless a notice of such intention is given by Landlord to Tenant. Notwithstanding any reletting without termination of this Lease, Landlord may at any time thereafter elect to terminate this Lease. In any event, Landlord shall expire and come not be liable for, nor shall Tenant’s obligations hereunder be diminished by reason of any failure by Landlord to an end, re-enter relet the Premises or any part thereoffailure by Landlord to collect any sums due upon such reletting, without Notice, either by summary proceedings, or by any other applicable action or proceeding or otherwise, provided that Landlord shall use reasonable efforts to mitigate the damages recoverable against Tenant in the event that Tenant defaults under this Lease and may repossess the Premises and dispossess Tenant and any other persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant Txxxxx’s right to law); and
(2) Landlord, at Landlord's option, may relet the whole or any part or parts possession of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord may determineis terminated under this Article XVI; provided, however, that except to the extent required by applicable Law, Landlord shall exercise reasonable efforts have no obligation to mitigate relet the Premises before Landlord leases other vacant space in the Mixed Use Project, or to relet the Premises to any damages related potential tenant who Landlord could reasonably reject as a Transferee pursuant to liability of Tenant under this LeaseArticle XV hereof.
(Bc) In the event If Landlord elects to terminate this Lease instead of a breach or threatened breach by Tenant, or any persons claiming through or under Tenant, of any term, covenant or condition of this Leaseterminating only Txxxxx’s right to possession, Landlord shall have the right to enjoin such breach.
recover against Tenant as damages for loss of the bargain, and not as a penalty, the excess (Aif any), as determined by Lxxxxxxx, of (i) If the then present value of the projected Rent and all other sums payable by Tenant hereunder (as determined by Landlord on the basis of reasonable estimates) that would have accrued for the balance of the Term of this Lease (but without duplication with respect to amounts owing to Landlord pursuant to subsection (b) above) less (ii) the then present value of the fair market value of the Premises for the balance of such term taking into account among other things, the condition of the Premises, market conditions and the Term shall expire and come period of time the Premises may reasonably remain vacant before Landlord is able to an end as provided in Article 2 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-lease the same to a suitable replacement tenant, and the Costs of Reletting (as defined above) that Landlord may incur in order to enter into a replacement lease (“Benefit of the Premises as provided in Section 17.1 hereofBargain Damages”). For purposes of determining present value, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Landlord and Tenant shall pay to Landlord all Fixed Rent, Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord use a discount rate equal to the date upon which this Lease rate of interest then most recently announced by American National Bank and the Term shall have expired and come to an end Trust Company of Chicago as its “prime rate” or to the date of re-entry upon the Premises by Landlord“base rate” (or its equivalent, if another name is used), as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency ("Deficiency") between the Rental for the period which is the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possession, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if Landlord has terminated the Lease, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred to relet the Premises; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Nothing contained in this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2.
Appears in 1 contract
REMEDIES AND DAMAGES. Section 17.1 (A) If there shall occur any Event of Default shall occurDefault, or and this Lease and the Term shall expire and come to an end as provided in Article 16 hereof:
(1) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents may, after the date upon which this Lease and the Term shall expire and come to an endwithout notice, re-enter the Premises either by force or otherwise and dispossess Tenant and/or the legal representative of Tenant or any part thereofother occupant of the Premises, without Noticerespectively, either by summary proceedings, or by any other applicable action or proceeding proceedings or otherwise, and may repossess the Premises and dispossess remove therefrom the contents and effects of Tenant and and/or the legal representative of Tenant or any other persons from occupant, and hold the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law); andif this Lease had not been made.
(2) LandlordLandlord may, at Landlord's its option, may relet the whole or any part portion or parts portions of the Premises Premises, at any time or from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent rental or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord in its sole discretion, exercised in good faith, may determine; provided, howeverand in no event shall Tenant be entitled to receive any excess of net rentals collected over the rent and additional rent payable by Tenant hereunder, that and Landlord, at Landlord's option, may make such repairs, replacements, alterations, additions, improvements, decorations and other physical changes in and to the Premises as Landlord, in its sole discretion, considers advisable or necessary in connection with any such reletting or proposed reletting, without relieving Tenant of any liability under this Lease or otherwise affecting any such liability.
(3) Landlord shall exercise use commercially reasonable efforts to mitigate any its damages related in the instance of the occurrence of an Event of Default hereunder and the expiration and end of the Lease Term as provided above, (but in no event earlier than the date Landlord first regains possession of the Premises) and to liability relet the Premises in such event; Landlord has informed Tenant that as a matter of Tenant under this Lease.
(B) In the event of a breach or threatened breach by TenantLandlord's current business practice, or any persons claiming through or under Tenant, of any term, covenant or condition of this Lease, which Landlord shall have the right to enjoin such breach.
(A) If this alter, amend or otherwise modify, from time to time during the Lease and the Term shall expire and come in Landlord's sole good faith business judgment, Landlord is likely to an end as provided in Article 2 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter relet the Premises as provided in Section 17.1 hereofa result of the foregoing Event of Default circumstances, or by or under unless at the time of any summary proceeding or any other action or proceedingsuch Event of Default, thenLandlord deems, in any Landlord's sole good faith business judgment, that reletting of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by is not then commercially reasonable or is contrary to Landlord's sound business practices; it being further agreed and understood that Landlord's current business practice, as the case may be;
described above, (2a) if Landlord has not terminated the Lease, but only Tenant's right of possession is to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency ("Deficiency") between the Rental for the period which is the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possession, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing list the Premises for such reletting, to lease within sixty (60) days after the extent occurrence of an Event of Default hereunder and the same are allocable to expiration and end of the remaining TermLease Term as provided above (but in event earlier than the date Landlord first regains possession of the Premises); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for (b) does not include any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if Landlord has terminated the Lease, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred requirement or preference to relet the Premises; if, before presentation of proof of such liquidated damages Premises prior to any court, commission letting other vacant space in the Building or tribunal, Other Buildings owned by Landlord or a Landlord Related Entity or at a rental rate below either (i) the Premisesthen current market rental rate at which Landlord is then renting other available comparable space in the Building, or any part thereof, are relet Other Buildings owned by Landlord on or a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the TermLandlord Related Entity, or any part thereof(ii) the then current market rental rate at which owners of other comparable space in comparable buildings in the Comparable Market are then leasing such space, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the relettingwhichever is less.
(B) Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Nothing contained in this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2.
Appears in 1 contract
REMEDIES AND DAMAGES. (A) If any Event of Default shall occur, or this Lease and the Term shall expire and come to an end as provided in Article 16 hereof18:
(1) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents maymay immediately, or at any time after such Event of Default or after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Noticenotice, either by summary proceedings, or by any other applicable action or proceeding proceeding, or otherwiseby force or otherwise (without being liable to indictment, prosecution or damages therefor), and may repossess the Premises and dispossess Tenant and any other persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law); and
(2) Landlord, at Landlord's ’s option, may relet the whole or any part or parts of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in Landlord’s sole discretion, may determine; provided, however, that Landlord shall exercise reasonable efforts have no obligation to mitigate relet the Premises or any damages related part thereof and shall in no event be liable for refusal or failure to relet the Premises or any part thereof, or, in the event of any such reletting, for refusal or failure to collect any rent due upon any such reletting, and no such refusal or failure shall operate to relieve Tenant of any liability of Tenant under this LeaseLease or otherwise affect any such liability, and Landlord, at Landlord’s option, may make such Alterations, in and to the Premises as Landlord, in Landlord’s sole discretion, shall consider advisable or necessary in connection with any such reletting or proposed reletting, without relieving Tenant of any liability under this Lease or otherwise affecting any such liability.
(B) Tenant hereby waives the service of any notice of intention to re-enter or to institute legal proceedings to that end that may otherwise be required to be given under any present or future law. Tenant, on its own behalf and on behalf of all persons claiming through or under Tenant, including all creditors, does further hereby waive any and all rights that Tenant and all such persons might otherwise have under any present or future law to redeem the Premises, or to re-enter or repossess the Premises, or to restore the operation of this Lease, after (a) Tenant shall have been dispossessed by a judgment or by warrant of any court or judge, or (b) any re-entry by Landlord, or (c) any expiration or termination of this Lease and the Term, whether such dispossess, re-entry, expiration or termination is by operation of law or pursuant to the provisions of this Lease. The words “re-entry”, “re-enter” and “re-entered” as used in this Lease shall not be deemed to be restricted to their technical legal meanings. In the event of a breach or threatened breach by Tenant, or any persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord shall have the right to enjoin such breach.
(A) If this Lease breach and the Term shall expire and come right to an end as provided in Article 2 hereof, or by or under any summary proceeding or invoke any other action remedy allowed by law or proceeding, or in equity as if Landlord shall re-enter the Premises as provided in Section 17.1 hereofentry, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Rent proceedings and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2) if Landlord has special remedies were not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency ("Deficiency") between the Rental for the period which is the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possession, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified provided in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled such breach. The Back to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's Contents right to collect invoke the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if Landlord has terminated the Lease, Landlord remedies hereinbefore set forth are cumulative and shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred to relet the Premises; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Nothing contained in this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount invoking any other remedy allowed to be obtained as damages by any statute at law or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2equity.
Appears in 1 contract
REMEDIES AND DAMAGES. (Aa) If any an Event of Default shall occur, or and this Lease and the Term shall expire and come to an end as provided in Article 16 hereof16:
(1i) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents maymay immediately, or at any time after the date upon which this Lease and the Term shall expire and come to an endsuch termination, re-enter the Premises or any part thereof, without Noticenotice, either by summary proceedings, or by any other applicable action or proceeding proceeding, or otherwiseby legal force or other legal means (without being liable to indictment, prosecution or damages therefor), and may repossess the Premises and dispossess Tenant and any other persons Persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law)Premises; and
(2ii) Landlord, at Landlord's ’s option, may relet the whole or any part or parts of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent rental or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in its sole discretion, may determine; provided, however, that Landlord shall exercise reasonable efforts have no obligation to mitigate relet the Premises or any damages related part thereof and shall in no event be liable for refusal or failure to relet the Premises or any part thereof, or, in the event of any such reletting, for refusal or failure to collect any rent due upon any such reletting, and no such refusal or failure shall operate to relieve Tenant of any liability of Tenant under this LeaseLease or otherwise affect any such liability, and Landlord, at Landlord’s option, may make such repairs, replacements, alterations, additions, improvements, decorations and other physical changes in and to the Premises as Landlord, in its sole discretion, considers advisable or necessary in connection with any such reletting or proposed reletting, without relieving Tenant of any liability under this Lease or otherwise affecting any such liability.
(Bb) Tenant hereby waives the service of any notice of intention to re-enter or to institute legal proceedings to that end which may otherwise be required to be given under any present or future law. Tenant, on its own behalf and on behalf of all Persons claiming through or under Tenant, including all creditors, does further hereby waive any and all rights which Tenant and all such Persons might otherwise have under any present or future law to redeem the Premises, or to re-enter or repossess the Premises, or to restore the operation of this Lease, after (i) Tenant shall have been dispossessed by a judgment or by warrant of any court or judge, (ii) any re-entry by Landlord, or (iii) any expiration or termination of this Lease and the Term, whether such dispossess, re-entry, expiration or termination shall be by operation of law or pursuant to the provisions of this Lease. The words “re-enter,” re-entry” and “re-entered” as used in this Lease shall not be deemed to be restricted to their technical legal meanings. In the event of a breach or threatened breach by Tenant, or any persons Persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord shall have the right to enjoin such breach and the right to invoke any other remedy allowed by law or in equity as if re-entry, summary proceedings and other special remedies were not provided in this Lease for such breach. The rights to invoke the remedies set forth in this Lease are cumulative and shall not preclude Landlord from invoking any other remedy allowed at law or in equity.
(Aa) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof16, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof17.1, or by or under any summary proceeding or any other action or proceeding, then, in any of said such events:
(1i) Tenant shall pay to Landlord all Fixed Rent, Rent and Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2ii) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency ("the “Deficiency"”) between the Rental (A) Fixed Rent and Additional Rent for the period which is otherwise would have constituted the unexpired portion of the Term (conclusively presuming the Additional Rent for each year thereof to be the same as was payable for the year immediately preceding such termination or re-entry), and (B) the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(2Subsection 17.1(a)(ii) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual ’s expenses in connection with the termination of Tenant's right of possessionthis Lease, Landlord's ’s re-entry upon the Premises and with such reletting including, but not limited to, including all repossession costs, brokerage commissions, legal expenses, attorneys' ’ fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to ). Tenant shall pay the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; , and Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no . No suit to collect the amount of the Deficiency for any month shall prejudice Landlord's ’s right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3iii) alternatively, if whether or not Landlord has terminated the Leaseshall have collected any monthly Deficiency as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and in lieu of any further Deficiency as and for liquidated and agreed final damages, a sum equal (A) to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental Fixed Rent and Additional Rent for the period which otherwise would have constituted the unexpired portion of the Term (without taking into account any termination thereof and/or re-entry pursuant to this Lease, and conclusively presuming the Additional Rent for each year thereof to be the same as was payable for the year immediately preceding such termination or re-entry) exceeds the present value (calculated using the Base Rate as the discount rateB) of the then fair and reasonable rental value of the Premises Premises, including Additional Rent for the same period, taking into consideration reasonable costs incurred both discounted to relet present value at the Premises; ifrate of four percent (4%) per annum less (C) the aggregate amount of Deficiencies previously collected by Landlord pursuant to the provisions of Subsection 17.2(a)(ii) for the same period. If, before presentation of proof of such liquidated damages to any court, commission or tribunal, Landlord shall have relet the Premises, Premises or any part thereof, are relet by Landlord on a fair and arms-length basis thereof for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon net rents collected in connection with such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(Bb) If Landlord shall relet the Premises, or any part thereof, together with other space in the Building, the net rents collected under any such reletting and the expenses of any such reletting shall be equitably apportioned for the purposes of this Section 17.2. Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents shall exceed the Fixed Rent reserved in this Lease. Nothing contained in Article 16 or this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2.
Appears in 1 contract
Samples: Lease Agreement (Telx Group, Inc.)
REMEDIES AND DAMAGES. (A) A. If any Event of a Default shall occurdescribed in Section 16.01, or this Lease and the Term shall expire and come to an end as provided in Article 16 hereof:
(1) Tenant shall quit and peacefully surrender the Premises to Landlordabove, and Landlord and its agents may, after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Notice, either by summary proceedings, or by any other applicable action or proceeding or otherwise, and may repossess the Premises and dispossess Tenant and any other persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law); and
(2) Landlord, at Landlord's option, may relet the whole or any part or parts of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord may determine; provided, however, that Landlord shall exercise reasonable efforts to mitigate any damages related to liability of Tenant under this Lease.
(B) In the event of a breach or threatened breach by Tenant, or any persons claiming through or under Tenant, of any term, covenant or condition of this Leaseoccurs, Landlord shall have all the rights and remedies provided in this Section 16.02, in addition to all other rights and remedies available under this Lease or provided at law or in equity.
B. Landlord may, upon notice to Tenant, terminate this Lease, or terminate Tenant's right to enjoin such breach.
possession without terminating this Lease (A) as Landlord may elect). If this Lease and the Term shall expire and come or Tenant's right to an end as provided in Article 2 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Rent and other items of Rental payable possession under this Lease by Tenant to Landlord to the date upon which are at any time terminated under this Lease and the Term shall have expired and come to an end Section 16.02 or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premisesotherwise, Tenant also shall be liable for immediately surrender and shall pay deliver the Leased Premises peaceably to Landlord, as damages, any deficiency ("Deficiency") between the Rental for the period which is the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant . If Tenant fails to the provisions of Section 17.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possession, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if Landlord has terminated the Leasedo so, Landlord shall be entitled to recover from the benefit of all provisions of law respecting the speedy recovery of possession of the Leased Premises (whether by summary proceedings or otherwise).
C. Landlord may also perform, on behalf and at the expense of Tenant, and any obligation of Tenant under this Lease which Tenant fails to perform, the cost of which (with interest thereon at the Interest Rate (hereinafter defined) per year from the date such costs were incurred by Landlord) shall pay be paid by Tenant to LandlordLandlord upon demand. The term "Interest Rate" shall mean the greater of the following rates on a per annum basis (i) twelve percent (12%), on demandor (ii) the Prime Rate in effect from time to time (as published from time to time by The Wall Street Journal, and as and which rate is currently calculated based upon the corporate loan rates of the nations largest banks) plus four percentage points (4%). In performing any obligations of Tenant, Landlord shall incur no liability for liquidated and agreed final damagesany loss or damage that may accrue to Tenant, a sum equal the Leased Premises or Tenant's Property by reason thereof, except to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred to relet the Premises; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) Tenant shall extent provided in no event be entitled to any rents collected or payable under any reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Nothing contained in this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2.Section
Appears in 1 contract
REMEDIES AND DAMAGES. (A1) If there shall occur any Event of Default shall occurDefault, or and this Lease and the Term shall expire and come to an end as provided in Article 16 hereof:
(1a) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents maymay immediately, or at any time after such default or after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Noticenotice, either by summary proceedings, or by any other applicable action or proceeding proceeding, or otherwiseby force or otherwise (without being liable to indictment, prosecution or damages therefor), and may repossess the Premises and dispossess Tenant and any other persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law)Premises; and
(2b) Landlord, at Landlord's option, may relet the whole or any part or parts of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent rental or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in its sole discretion, may determine; provided, however, that Landlord shall exercise reasonable efforts have no obligation to mitigate relet the Premises or any damages related part thereof and shall in no event be liable for refusal or failure to relet the Premises or any part thereof, or, in the event of any such reletting, for refusal or failure to collect any rent due upon any such reletting, and no such refusal or failure shall operate to relieve Tenant of any liability of Tenant under this LeaseLease or otherwise affect any such liability, and Landlord, at Landlord's option, may make such repairs, replacements, alterations, additions, improvements, decorations and other physical changes ln and to the Premises as Landlord, in its sole discretion, considers advisable or necessary in connection with any such reletting or proposed reletting, without relieving Tenant of any liability under this Lease or otherwise affecting any such liability.
(B2) Tenant hereby waives the service of any notice of intention to re-enter or to institute legal proceedings to that end which may otherwise be required to be given under any present or future law. Tenant, on its own behalf and on behalf of all persons claiming through or under Tenant, including all creditors, does further hereby waive any and all rights which Tenant and all such persons might otherwise have under any present or future law to redeem the Premises, or to re-enter or repossess the Premises, or to restore the operation of this Lease, after (a) Tenant shall have been dispossessed by a judgment or by warrant of any court or judge, or (b) any re-entry by Landlord, or (c) any expiration or termination of this Lease and the Term, whether such dispossess, re-entry, expiration or termination shall be by operation of law or pursuant to the provisions of this Lease. The words "re-enter", "re-entry" and "re-entered" as used in this Lease shall not be deemed to be restricted to their technical legal meanings. In the event of a breach or threatened breach by Tenant, or any persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord shall have the right to enjoin such breach.
(A) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency ("Deficiency") between the Rental for the period which is the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possession, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if Landlord has terminated the Lease, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred to relet the Premises; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Nothing contained in this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2.enjoin
Appears in 1 contract
REMEDIES AND DAMAGES. (A) If any Event of Default shall occur, or this Lease and the Term shall expire and come to an end as provided in Article 16 hereof18:
(1) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents maymay immediately, or at any time after such Event of Default or after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Notice, either by summary proceedings, or by any other applicable legal action or legal proceeding (without being liable to indictment, prosecution or otherwisedamages therefor), but excluding by force, and may repossess the Premises and dispossess Tenant and any other persons from the Premises by summary proceedings or otherwise (excluding by force) and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law); and
(2) Landlord, at Landlord's ’s option, may relet the whole or any part or parts of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in Landlord’s sole discretion, may determine; provided, however, that Landlord shall exercise reasonable efforts have no obligation to mitigate relet the Premises or any damages related part thereof and shall in no event be liable for refusal or failure to relet the Premises or any part thereof, or, in the event of any such reletting, for refusal or failure to collect any rent due upon any such reletting, and no such refusal or failure shall operate to relieve Tenant of any liability of Tenant under this LeaseLease or otherwise affect any such liability, and Landlord, at Landlord’s option, may make such Alterations, in and to the Premises as Landlord, in Landlord’s sole discretion, shall consider advisable or necessary in connection with any such reletting or proposed reletting, without relieving Tenant of any liability under this Lease or otherwise affecting any such liability.
(B) Tenant hereby waives the service of any notice of intention to re-enter or to institute legal proceedings to that end that may otherwise be required to be given under any present or future law. Tenant, on its own behalf and on behalf of all persons claiming through or under Tenant, including all creditors, does further hereby waive any and all rights that Tenant and all such persons might otherwise have under any present or future law to redeem the Premises, or to re-enter or repossess the Premises, or to restore the operation of this Lease, after (a) Tenant shall have been dispossessed by a judgment or by warrant of any court or judge, or (b) any re-entry by Landlord, or (c) any expiration or termination of this Lease and the Term, whether such dispossess, re-entry, expiration or termination is by operation of law or pursuant to the provisions of this Lease. The words “re-entry”, “re-enter” and “re-entered” as used in this Lease shall not be deemed to be restricted to their technical legal meanings. In the event of a breach or threatened breach by Tenant, or any persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord shall have the right to enjoin such breach and the right to invoke any other remedy allowed by law or in equity as if re-entry, summary proceedings and other special remedies were not provided in this Lease for such breach. The right to invoke the remedies hereinbefore set forth are cumulative and shall not preclude Landlord from invoking any other remedy allowed at law or in equity.
(A) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof18, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof19.1, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Escalation Rent, other Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency ("“Deficiency"”) between the Rental for the period which is otherwise would have constituted the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(219.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual ’s expenses in connection with the termination of Tenant's right of possessionthis Lease, Landlord's re-entry ’s reentry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissionscommissions (apportioned based on the ratio between the unexpired Term of this Lease and any new lease of the Premises by Landlord to a third party, if longer than the unexpired Term of this Lease), attorneys' ’ fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's ’s right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if whether or not Landlord has terminated the Leaseshall have collected any monthly Deficiency as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and in lieu of any further Deficiency as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred both discounted to relet present worth at the PremisesBase Rate; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be evidence of the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) If the Premises, or any part thereof, shall be relet together with other space in the Building, the rents collected or reserved under any such reletting and the expenses of any such reletting shall be equitably apportioned for the purposes of this Section 19.2. Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Solely for the purposes of this Article 19, the term “Escalation Rent” as used in Section 19.2(A) shall mean the Escalation Rent in effect immediately prior to the Expiration Date, or the date of re-entry upon the Premises by Landlord, as the case may be, adjusted to reflect any increase pursuant to the provisions of Article 3 hereof for the Operating Year immediately preceding such event. Nothing contained in Article 18 or this Article 17 19 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.219.2.
Appears in 1 contract
Samples: Lease Agreement (Digitas Inc)
REMEDIES AND DAMAGES. (Section 17.1 ( A) If there shall occur any Event of Default shall occurDefault, or and this Lease and the Term shall expire and come to an end as provided in to Article 16 hereof:
(1) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents maymay immediately, or at any time after such default or after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Noticeusing force, without notice, either by summary proceedings, or by any other applicable action or proceeding (without being liable to indictment, prosecution or otherwisedamages therefor), and may repossess the Premises and dispossess Tenant and any other persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law)Premises; and
(2) Landlord, at Landlord's ’s option, may relet the whole or any part portion or parts portions of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent rental or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in its sole discretion, may determine; provided, however, that Landlord shall exercise reasonable efforts have no obligation to mitigate any damages related to liability of Tenant under this Lease.
(B) In relet the event of a breach or threatened breach by Tenant, Premises or any persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord part thereof and shall have the right to enjoin such breach.
(A) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall no event be liable for and shall pay to Landlord, as damages, any deficiency ("Deficiency") between the Rental for the period which is the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possession, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if Landlord has terminated the Lease, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred refusal or failure to relet the Premises; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, Premises or any part thereof, are relet by Landlord on a fair or, in the event of any such reletting, for refusal or failure to collect any rent due upon any such reletting, and arms-length basis for no such refusal or failure shall operate to relieve Tenant of any liability under this Lease or otherwise affect any such liability, and Landlord, at Landlord’s option, may make such repairs, replacements, alterations, additions, improvements, decorations and other physical changes in and to the period which otherwise would have constituted the unexpired portion of the TermPremises as Landlord, in its sole discretion, considers advisable or necessary to connection with any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) Tenant shall in no event be entitled to any rents collected or payable under any proposed reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Nothing contained in this Article 17 shall be deemed to limit or preclude the recovery by Landlord from without relieving Tenant of the maximum amount allowed to be obtained as damages by any statute liability wider this Lease or rule of law, or of otherwise affecting any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2such liability.
Appears in 1 contract
Samples: Lease Agreement (Coty Inc /)
REMEDIES AND DAMAGES. (Aa) If any an Event of Default shall occur, or and this Lease and the Term shall expire and come to an end as provided in Article 16 hereof17:
(1i) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents may, may at any time after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Noticefurther notice, either by summary proceedings, or by any other applicable legal action or proceeding or otherwiseproceeding, and may repossess the Premises and dispossess Tenant and any other persons Persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law)Premises; and
(2ii) Landlord, at Landlord's ’s option, may relet the whole or any part or parts of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent rental or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in its sole discretion, may determine; provided, however, that Landlord shall exercise reasonable efforts have no obligation to mitigate relet the Premises or any damages related part thereof and shall in no event be liable for refusal or failure to relet the Premises or any part thereof, or, in the event of any such reletting, for refusal or failure to collect any rent due upon any such reletting, and no such refusal or failure shall operate to relieve Tenant of any liability of Tenant under this LeaseLease or otherwise affect any such liability, and Landlord, at Landlord’s option, may make such repairs, replacements, alterations, additions, improvements, decorations and other physical changes in and to the Premises as Landlord, in its sole discretion, considers advisable or necessary in connection with any such reletting or proposed reletting, without relieving Tenant of any liability under this Lease or otherwise affecting any such liability.
(Bb) In the event of a breach or threatened breach by Tenant, or any persons on its own behalf and on behalf of all Persons claiming through or under Tenant, of including all creditors, hereby waives any termand all rights which Tenant and all such Persons might otherwise have under any present or future law to redeem the Premises, covenant or condition to re-enter or repossess the Premises, or to restore the operation of this Lease, after (i) Tenant shall have been dispossessed by a judgment or by warrant of any court or judge, or (ii) any expiration or termination of this Lease and the Term, whether such dispossession, re-entry, expiration or termination shall be by operation of law or pursuant to the provisions of this Lease (provided that Landlord shall have not be permitted to so re-enter the right Premises except pursuant to enjoin such breachand in accordance with a judgment or by warrant of any court or judge, or by any other applicable legal action or proceeding). The words “re-enter,” “re-entry” and “re-entered” as used in this Lease shall not be deemed to be restricted to their technical legal meanings.
(Aa) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof17, or if Landlord shall re-enter by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof, or by or under any summary proceeding or any other legal action or proceeding, then, in any of said such events:
(1i) Tenant shall pay to Landlord an amount equal to all Fixed Rent, Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord from the Rent Commencement Date to the date upon which (i) this Lease and the Term shall have expired and come to an end or to the date of (ii) Landlord shall have re-entry upon entered or taken possession of the Premises by Landlord, as the case may bePremises;
(2ii) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as liquidated damages, any deficiency ("the “Deficiency"”) between the Rental (A) Rent for the period which is from the unexpired portion later to occur of (x) the Rent Commencement Date or (y) the date of termination or re-entry, through the date that otherwise would have constituted the expiration date of the Term (conclusively presuming the Additional Rent for each year thereof to be the same as was payable for the year immediately preceding such termination or re-entry increased by an amount to take into account an increase in the CPI), and (B) the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(218.1(a)(ii) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual ’s expenses in connection with the termination of Tenant's right of possessionthis Lease, Landlord's ’s re-entry upon the Premises and with such reletting including, but not limited to, including all repossession costs, brokerage commissions, legal expenses, attorneys' ’ fees and disbursements, alteration costs and other expenses of keeping the Premises in good order or for preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); provided that if the Premises or any such Deficiency part thereof should be relet in combination with other space or for a term which extends beyond the Expiration Date, then proper apportionment (on a per Rentable Square Foot basis in the case of a reletting in combination with other space) shall be paid made of the rent received from such reletting and of the expenses of reletting. Tenant shall pay the Deficiency in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; , and Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no . No suit to collect the amount of the Deficiency for any month shall prejudice Landlord's ’s right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3iii) alternatively, if whether or not Landlord has terminated the Leaseshall have collected any monthly Deficiency as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and in lieu of any further Deficiency as and for liquidated and agreed final damages, a sum equal to (A) the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental Rent for the period which from the later to occur of (x) the Rent Commencement Date or (y) the date of termination or re-entry, through the date that otherwise would have constituted the unexpired portion expiration date of the Term (conclusively presuming the Additional Rent for each year thereof to be the same as was payable for the year immediately preceding increased each year by the CPI Fraction) exceeds the present value (calculated using the Base Rate as the discount rateB) of the then fair and reasonable rental value of the Premises Premises, including Additional Rent for the same period, taking into consideration reasonable costs incurred both discounted to relet present value at six (6%) percent, less (C) the Premises; ifaggregate amount of Deficiencies previously collected by Landlord pursuant to the provisions of Section 18.2(a)(ii) for the same period. If, before presentation of proof of such liquidated damages to any court, commission or tribunal, Landlord shall have relet the Premises, Premises or any part thereof, are relet by Landlord thereof on a fair and arms-an arm’s length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon net rents collected in connection with such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(Bb) If Landlord shall relet the Premises, or any part thereof, together with other space in the Building, the net rents collected under any such reletting and the expenses of any such reletting shall be equitably apportioned for the purposes of this Section 18.2. Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents shall exceed the Fixed Rent reserved in this Lease. Nothing contained in Article 17 or this Article 17 18 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.218.2 (it being agreed, however, that the only damages that Landlord is entitled to in respect of Tenant’s failure to pay Rent for the remainder of the Term in the event of the termination of this Lease by reason of Tenant’s default are as set forth in this Section 18.2).
Section 18.3 Landlord reserves the right in connection with monetary Event(s) of Default which, in the aggregate, exceed(s) one hundred thousand dollars ($100,000), such one hundred thousand dollars ($100,000) floor to be increased on January 1, 2010 and every three (3) years thereafter by the CPI Fraction, without liability to Tenant and without constituting any claim of constructive eviction, to suspend furnishing or rendering to Tenant any overtime Building services, in the event that (but only for so long as) such monetary Event(s) of Default in excess of one hundred thousand dollars ($100,000) (such one hundred thousand dollars ($100,000) floor to be increased on January 1, 2010 and every three (3) years thereafter by the CPI Fraction) exist(s).
Appears in 1 contract
Samples: Lease Agreement (Moodys Corp /De/)
REMEDIES AND DAMAGES. Section 17.1 (A) If there shall occur any Event of Default shall occurDefault, or and this Lease and the Term shall expire and come to an end as provided in Article 16 hereof:
(1) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents maymay immediately, or at any time after such default or after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Noticenotice, either by summary proceedings, or by any other applicable action or proceeding proceeding, (without being liable to indictment, prosecution or otherwisedamages therefore), and may repossess the Premises and dispossess Tenant and any other persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law)Premises; and
(2) Landlord, at Landlord's ’s option, may relet relent the whole or any part portion or parts portions of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent rental or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in its sole discretion, may determine; provided, however, that Landlord shall exercise reasonable efforts have no obligation to mitigate any damages related to liability of Tenant under this Lease.
(B) In relet the event of a breach or threatened breach by Tenant, Premises or any persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord part thereof and shall have the right to enjoin such breach.
(A) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall no event be liable for and shall pay to Landlord, as damages, any deficiency ("Deficiency") between the Rental for the period which is the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possession, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if Landlord has terminated the Lease, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred refusal or failure to relet the Premises; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, Premises or any part thereof, are relet by Landlord on a fair or, in the event of any such reletting, for refusal or failure to collect any rent due upon any such reletting, and arms-length basis for no such refusal or failure shall operate to relieve Tenant of any liability under this Lease or otherwise affect any such liability, and Landlord, at Landlord’s option, may make such repairs, replacements, alterations, additions, improvements, decorations and other physical changes in and to the period which otherwise would have constituted the unexpired portion of the TermPremises as Landlord, in its sole discretion, considers advisable or necessary in connection with any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) Tenant shall in no event be entitled to any rents collected or payable under any proposed reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Nothing contained in this Article 17 shall be deemed to limit or preclude the recovery by Landlord from without relieving Tenant of the maximum amount allowed to be obtained as damages by any statute liability under this Lease or rule of law, or of otherwise affecting any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2such liability.
Appears in 1 contract
REMEDIES AND DAMAGES. (A) A. If any Event of a Default shall occurdescribed in Section 16.01, or this Lease and the Term shall expire and come to an end as provided in Article 16 hereof:
(1) Tenant shall quit and peacefully surrender the Premises to Landlordabove, and Landlord and its agents may, after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Notice, either by summary proceedings, or by any other applicable action or proceeding or otherwise, and may repossess the Premises and dispossess Tenant and any other persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law); and
(2) Landlord, at Landlord's option, may relet the whole or any part or parts of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord may determine; provided, however, that Landlord shall exercise reasonable efforts to mitigate any damages related to liability of Tenant under this Lease.
(B) In the event of a breach or threatened breach by Tenant, or any persons claiming through or under Tenant, of any term, covenant or condition of this Leaseoccurs, Landlord shall have all the rights and remedies provided in this Section 16.02, in addition to all other rights and remedies available under this Lease or provided at law or in equity.
B. Landlord may, upon notice to Tenant, terminate this Lease, or terminate Tenant’s right to enjoin such breach.
possession without terminating this Lease (A) as Landlord may elect). If this Lease and the Term shall expire and come or Tenant’s right to an end as provided in Article 2 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Rent and other items of Rental payable possession under this Lease by Tenant to Landlord to the date upon which are at any time terminated under this Lease and the Term shall have expired and come to an end Section 16.02 or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premisesotherwise, Tenant also shall be liable for immediately surrender and shall pay deliver the Leased Premises peaceably to Landlord, as damages, any deficiency ("Deficiency") between the Rental for the period which is the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant . If Tenant fails to the provisions of Section 17.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possession, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if Landlord has terminated the Leasedo so, Landlord shall be entitled to recover from the benefit of all provisions of law respecting the speedy recovery of possession of the Leased Premises (whether by summary proceedings or otherwise).
C. Landlord may also perform, on behalf and at the expense of Tenant, and any obligation of Tenant under this Lease which Tenant fails to perform, the cost of which (with interest thereon at the Interest Rate (hereinafter defined) per year from the date such costs were incurred by Landlord) shall pay be paid by Tenant to LandlordLandlord upon demand. The term “Interest Rate” shall mean the greater of the following rates on a per annum basis (i) twelve percent (12%), on demandor (ii) the Prime Rate in effect from time to time (as published from time to time by The Wall Street Journal, and as and which rate is currently calculated based upon the corporate loan rates of the nations largest banks) plus four percentage points (4%). In performing any obligations of Tenant, Landlord shall incur no liability for liquidated and agreed final damagesany loss or damage that may accrue to Tenant, a sum equal the Leased Premises or Tenant’s Property by reason thereof, except to the amount by which the present value extent provided in Section 8.01 hereof (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which subject to all limitations set forth therein and otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred to relet the Premises; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease). Nothing contained in this Article 17 shall be deemed to limit or preclude the recovery The performance by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums such obligation shall not constitute a release or damages to which Landlord may be entitled in addition to the damages set forth in waiver of any of Tenant’s obligations under this Section 17.2Lease.
Appears in 1 contract
REMEDIES AND DAMAGES. (Aa) If any an Event of Default shall occur, or and this Lease and the Term shall expire and come to an end as provided in Article 16 hereof16:
(1i) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents maymay immediately, or at any time after such Event of Default or after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Noticenotice, either by summary proceedings, or by any other applicable action or proceeding proceeding, or otherwiseby legal force or other legal means (without being liable to indictment, prosecution or damages therefor), and may repossess the Premises and dispossess Tenant and any other persons Persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law)Premises; and
(2ii) Landlord, at Landlord's ’s option, may relet the whole or any part or parts of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent rental or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in its sole discretion, may determine; provided, however, that Landlord shall exercise reasonable efforts have no obligation to mitigate relet the Premises or any damages related part thereof and shall in no event be liable for refusal or failure to relet the Premises or any part thereof, or, in the event of any such reletting. for refusal or failure to collect any rent due upon any such reletting, and no such refusal or failure shall operate to relieve Tenant of any liability of Tenant under this LeaseLease or otherwise affect any such liability, and Landlord, at Landlord’s option, may make such repairs, replacements, alterations, additions, improvements, decorations and other physical changes in and to the Premises as Landlord, in its sole discretion, considers advisable or necessary in connection with any such reletting or proposed reletting, without relieving Tenant of any liability under this Lease or otherwise affecting any such liability.
(Bb) Tenant hereby waives the service of any notice of intention to re-enter or to institute legal proceedings to that end which may otherwise be required to be given under any present or future law. Tenant, on its own behalf and on behalf of all Persons claiming through or under Tenant, including all creditors, does further hereby waive any and all rights which Tenant and all such Persons might otherwise have under any present or future law to redeem the Premises, or to re-enter or repossess the Premises, or to restore the operation of this Lease, after (i) Tenant shall have been dispossessed by a judgment or by warrant of any court or judge, (ii) any re-entry by Landlord, or (iii) any expiration or termination of this Lease and the Term, whether such dispossess, re-entry, expiration or termination shall be by operation of law or pursuant to the provisions of this Lease. The words “re-enter,” re-entry” and “re-entered” as used in this Lease shall not be deemed to be restricted to their technical legal meanings. In the event of a breach or threatened breach by Tenant, or any persons Persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord shall have the right to enjoin such breach and the right to invoke any other remedy allowed by law or in equity as if re-entry, summary proceedings and other special remedies were not provided in this Lease for such breach. The rights to invoke the remedies herein before set forth are cumulative and shall not preclude Landlord from invoking any other remedy allowed at law or in equity.
(Aa) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof16, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof17.1, or by or under any summary proceeding or any other action or proceeding, then, in any of said such events:
(1i) Tenant shall pay to Landlord all Fixed Rent, Rent and Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2ii) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency ("the “Deficiency"”) between the Rental (A) Fixed Rent and Additional Rent for the period which is otherwise would have constituted the unexpired portion of the Term (conclusively presuming the Additional Rent for each year thereof to be the same as was payable for the year immediately preceding such termination or re-entry), and (B) the net amount, amount if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(217.1(a)(ii) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual ’s expenses in connection with the termination of Tenant's right of possessionthis Lease, Landlord's ’s re-entry upon the Premises and with such reletting including, but not limited to, including all repossession costs, brokerage commissions, legal expenses, attorneys' ’ fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to ). Tenant shall pay the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; , and Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no . No suit to collect the amount of the Deficiency for any month shall prejudice Landlord's ’s right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3iii) alternatively, if whether or not Landlord has terminated the Leaseshall have collected any monthly Deficiency as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and in lieu of any further Deficiency as and for liquidated and agreed final damages, a sum equal (A) to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental Fixed Rent and Additional Rent for the period which otherwise would have constituted the unexpired portion of the Term (conclusively presuming the Additional Rent for each year thereof to be the same as was payable for the year immediately preceding such termination or re-entry) exceeds the present value (calculated using the Base Rate as the discount rateB) of the then fair and reasonable rental value of the Premises Premises, including Additional Rent for the same period, taking into consideration reasonable costs incurred both discounted to relet present value at the Premises; ifrate of four percent (4%) per annum less (C) the aggregate amount of Deficiencies previously collected by Landlord pursuant to the provisions of Section 17.2(a)(ii) for the same period. If, before presentation of proof of such liquidated damages to any court, commission or tribunal, Landlord shall have relet the Premises, Premises or any part thereof, are relet by Landlord on a fair and arms-length basis thereof for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon net rents collected in connection with such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(Bb) If Landlord shall relet the Premises, or any part thereof, together with other space in the Building, the net rents collected under any such reletting and the expenses of any such reletting shall be equitably apportioned for the purposes of this Section 17.2. Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents shall exceed the Fixed Rent reserved in this Lease. Nothing contained in Article 16 or this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2.
Appears in 1 contract
REMEDIES AND DAMAGES. (A) If there shall occur any Event of Default shall occurDefault, or and this Lease and the Term shall expire and come to an end as provided in Article 16 hereof:
(1) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents maymay immediately, or at any time after such default or after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Noticenotice, either by summary proceedings, or by any other applicable action or proceeding proceeding, or otherwiseby force or otherwise (without being liable to indictment, prosecution or damages therefor, except as otherwise provided by law), and may repossess the Premises and dispossess Tenant and any other persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law)Premises; and
(2) Landlord, at Landlord's option, may relet the whole or any part portion or parts portions of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent rental or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in its sole discretion, may determine; provided, however, that Landlord shall exercise reasonable efforts have no obligation to mitigate relet the Premises or any damages related part thereof and shall in no event be liable for refusal or failure to relet the Premises or any part thereof, or, in the event of any such reletting, for refusal or failure to collect any rent due upon any such reletting, and no such refusal or failure shall operate to relieve Tenant of any liability of Tenant under this LeaseLease or otherwise affect any such liability, and Landlord, at Landlord's option, may make such repairs, replacements, alterations, additions, improvements, decorations and other physical changes in and to the Premises as Landlord, in its sole discretion, considers advisable or necessary in connection with any such reletting or proposed reletting, without relieving Tenant of any liability under this Lease or otherwise affecting any such liability.
(B) Tenant hereby waives the service of any notice of intention to re-enter or to institute legal proceedings to that end which may otherwise be required to be given under any present or future law. Tenant, on its own behalf and on behalf of all persons claiming through or under Tenant, including all creditors, does further hereby waive any and all rights which Tenant and all such persons might otherwise have under any present or future law to redeem the Premises, or to re-enter or repossess the Premises, or to restore the operation of this Lease, after (a) Tenant shall have been dispossessed by a judgment or by warrant of any court or judge, or (b) any re-entry by Landlord, or (c) any expiration or termination of this Lease and the Term, whether such dispossess, re-entry, expiration or termination shall be by operation of law or pursuant to the provisions of this Lease. The words "re-enter," "re-entry" and "re-entered" as used in this Lease shall not be deemed to be restricted to their technical legal meanings. In the event of a breach or threatened breach by Tenant, or any persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord shall have the right to enjoin such breach and the right to invoke any other remedy allowed by law or in equity as if re-entry, summary proceedings and other special remedies were not provided in this Lease for such breach. The right to invoke the remedies hereinbefore set forth are cumulative and shall not preclude Landlord from invoking any other remedy allowed at law or in equity.
(A) If this Lease and the Term shall expire and come to an end as provided in Article 2 16 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof17.1, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Escalation Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency (referred to as "Deficiency") between the Rental for the period which is otherwise would have constituted the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of clause (2) of Section 17.1(A)(217.1(A) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possessionthis Lease, Landlord's re-entry upon the Premises and with such reletting reletting, including, but not limited to, all repossession costs, brokerage commissions, legal expenses, attorneys' fees and disbursements, alteration costs costs, contribution to work and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if whether or not Landlord has terminated the Leaseshall have collected any monthly Deficiency as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and in lieu of any further Deficiency as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term (commencing on the date immediately succeeding the last date with respect to which a Deficiency, if any, was collected) exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred both discounted to relet present worth at the PremisesBase Rate; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are shall have been relet by Landlord on to a fair and bona fide independent third party in an arms-' length basis transaction for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) If the Premises, or any part thereof, shall be relet together with other space in the Building, the rents collected or reserved under any such reletting and the expenses of any such reletting shall be equitably apportioned for the purposes of this Section 17.2. Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents shall exceed the Fixed Rent reserved in this Lease. Solely for the purposes of this Article 17, the term "Escalation Rent" as used in Section 17.2(A) shall mean the Escalation Rent in effect immediately prior to the Expiration Date, or the date of re-entry upon the Premises by Landlord, as the case may be, adjusted to reflect any increase pursuant to the provisions of Article 27 hereof for the Operating Year immediately preceding such event. Nothing contained in Article 16 hereof or this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2.
Appears in 1 contract
Samples: Lease Agreement (Liveperson Inc)
REMEDIES AND DAMAGES. (Aa) If any Event of Default shall occuroccurs, Landlord may, at its option and in addition to any and all other rights or remedies provided Landlord in this Lease or at law or equity, immediately, or at any time thereafter, and without demand or notice (except as provided herein):
(i) without waiving the Event of Default, apply all or part of the security deposit, if any, to cure the Event of Default and Tenant shall on demand restore the security deposit to its original amount; Impossible Kicks – Grand Canal Shoppes – 2065 – Retail Lease 2/6/2023 (NL) (kb)
(ii) without waiving such Event of Default, apply thereto any overpayment of Rents to curing the Event of Default in lieu of refunding or crediting the same to Tenant;
(iii) if the Event of Default pertains to work or other obligations (other than the payment of Rents) to be performed by Xxxxxx, without waiving such Event of Default, enter upon the Premises and perform such work or other obligation, or cause such work or other obligation to be performed, for the account of Tenant; and Tenant shall on demand pay to Landlord the cost of performing such work or other obligation plus fifteen percent (15%) thereof as administrative costs; and
(iv) declare the term of this Lease ended and the Term shall expire and come to an end as provided in Article 16 hereof:
(1) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents may, after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part and take possession thereof, without Notice, either by summary proceedings, or by any other applicable action or proceeding or otherwise, terminate all of the rights of Tenant in and may repossess to the Premises and dispossess accelerate all rents and other charges owing during the remaining portion of the Lease Term.
(b) Landlord shall also have the right if Tenant defaults under the Lease to reenter the Premises and any other remove all persons and property from the Premises Premises. The property may be stored at Tenant’s cost. Landlord shall not be liable to Tenant for loss or damage resulting from an entry by Landlord. Tenant shall pay as additional rental, upon demand, expenses incurred or paid by Landlord because of Landlord’s entry. If two (2) or more or any combination of individuals, corporations, partnerships or other business associations (“Individuals”) sign this Lease as Tenant or guarantee this Lease as Guarantors, the liability of each individual group to pay rental and perform the obligations under this Lease shall be joint and several. The failure or refusal by Landlord to proceed against all the (or any combination of the) Individuals comprising Tenant or against Tenant or against one (1) or more of the Guarantors shall not be a release or waiver of rights which Landlord may possess against the others, nor shall the granting by Landlord of a release of or execution of a covenant not to sue any one (1) or more of the (or any combination of the) Individuals comprising the Tenant or the Guarantors be a release or waiver in whole or in part of rights which Landlord may possess against the others.
(c) Notwithstanding any termination of this Lease or termination of Tenant’s rights to possession, whether by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein otherwise, or pursuant if Landlord elects to law); and
(2) Landlord, at Landlord's option, may relet the whole reenter or any part or parts take possession of the Premises from time pursuant to timelegal proceedings or notice, either in the name of and if Landlord or otherwise, does not elect to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord may determine; provided, however, that Landlord shall exercise reasonable efforts to mitigate any damages related to liability of Tenant under this Lease.
(B) In the event of a breach or threatened breach by Tenant, or any persons claiming through or under Tenant, of any term, covenant or condition of terminate this Lease, Tenant shall pay and be liable for (on the days originally fixed herein for the payment thereof) the several installments of Rent as if this Lease had not been terminated and as if Landlord had not entered and whether the Premises are re-let or remain vacant in whole or in part, but if the Premises is re-let by Landlord, Tenant shall be entitled to a credit in the net sum of Rents received by Landlord in re-letting after deduction of all expenses incurred in re-letting the Premises, and in collecting such Rents. Landlord shall have the right to enjoin such breachmake alterations and repairs to the Premises. If Tenant has left all or any of its trade fixtures, furniture, furnishings, signs, stock or other personal property in the Premises, that shall not preclude a determination that a vacation or abandonment has occurred.
(Ad) If this Lease and the Term shall expire and come Landlord elects to an end as provided in Article 2 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereoflet, or rental received by or under any summary proceeding or any other action or proceedingLandlord from re-letting shall be applied: 1st, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or payment of indebtedness other than rental due Landlord from Tenant; 2nd, to the date payment of the cost of re-entry upon letting; 3rd, to the Premises by Landlord, as payment of the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right cost of possession alterations and repairs to the Premises; 4th, Tenant also shall be liable for to the payment of rental due and shall pay to Landlord, as damages, any deficiency ("Deficiency") between the Rental for the period which is the unexpired portion of the Term unpaid; and the net amountremainder, if any, of rents collected under any reletting effected pursuant shall be applied to the provisions payment of Section 17.1(A)(2future rental that may become due. If the rental received from re-letting during any month which is applied to the payment of rental is less than the rental payment during that month by Tenant, Tenant shall pay the deficiency to Landlord. The deficiency shall be calculated and paid monthly. Tenant shall also pay Landlord, as soon as ascertained, the costs and expenses incurred by Landlord to re-let or make alterations and repairs not covered by the rental received from the re-letting of the Premises.
(e) In computing damages or rental due under this Lease, the value of the Percentage Rent for any part period subsequent to the termination of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with this Lease, or the termination of Tenant's ’s right of possession, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord included and shall be entitled an amount per year equal to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount one-third of the Deficiency total Percentage Rent chargeable to Tenant for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
last three (3) alternativelyfull years immediately preceding such termination, and if Landlord has terminated the Leaseless than three (3) full years shall have elapsed, Landlord such value shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and as and for liquidated and agreed final damages, a sum an amount per year equal to the amount average yearly Percentage Rent theretofore payable by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred to relet the Premises; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the relettingTenant.
(Bf) Tenant expressly waives any right or defense it may have to claim a merger, and neither the commencement of an action or proceeding nor the settlement of, or entering of judgment for any action or proceeding shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Nothing contained in this Article 17 shall be deemed to limit or preclude the recovery by bar Landlord from Tenant bringing subsequent actions or proceedings, based upon other or subsequently accruing claims, or based upon claims or events which have previously accrued and not been resolved in any prior action, proceeding or settlement. The parties waive trial by jury in any action, proceeding or counterclaim brought by either of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to parties against the damages set forth in this Section 17.2.other. Impossible Kicks – Grand Canal Shoppes – 2065 – Retail Lease 2/6/2023 (NL) (kb)
Appears in 1 contract
REMEDIES AND DAMAGES. A. Upon the occurrence of any event described in Section 16.1(A), Landlord may elect either to (Ai) If any Event of Default shall occur, terminate this Lease or (ii) terminate Tenant's right to possession without terminating this Lease and to enter upon the Term Leased Premises and expel Tenant or any persons or entities occupying the Leased Premises and repossess the Leased Premises. If this Lease or Tenant's right to possession under this Lease shall expire and come to an end as provided in Article 16 hereof:
(1) at any time be terminated Tenant shall quit and peacefully will immediately surrender the Leased Premises to Landlord.
B. If Landlord elects to terminate Tenant's right to possession under this Lease, and but not to terminate this Lease, Landlord and its agents may, after may relet the date upon which this Lease and the Term shall expire and come to an end, re-enter the Leased Premises (or any part thereof, without Notice, either by summary proceedings, or by any other applicable action or proceeding or otherwise, and may repossess ) for the Premises and dispossess account of Tenant and any other persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law); and
(2) Landlord, at Landlord's option, may relet the whole or any part or parts of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent or rentals and upon such other conditionsterms and conditions as Landlord shall deem appropriate, which may include concessions and free rent periodsto the extent Landlord receives the rents therefor, Landlord shall apply the same first to the payment of such reasonable expenses as Landlord may determinehave incurred in recovering possession of the Leased Premises (including, without limitation, legal expenses and attorneys' fees) and for putting the same into good order and condition and preparing or altering the same for re-rental, and any other expenses, commissions and charges paid, assumed or incurred by or on behalf of Landlord in connection with the reletting of the Leased Premises, and then to the fulfillment of the covenants of Tenant under this Lease. Tenant shall pay to Landlord the Rent and all other sums payable up to the time of such termination of this Lease or Tenant's right to possession under this Lease, and thereafter, Tenant will pay Landlord until the end of the Term of this Lease the equivalent of the amount of all the Rent and all other sums required to be paid by Tenant under this Lease less the net proceeds of such reletting, if any, during the same period, and the same shall be due and payable by Tenant to Landlord on the dates such Rent and other sums are due under this Lease. Any reletting by Landlord shall not be construed as an election on the part of Landlord to terminate this Lease unless a notice of such intention is given by Landlord to Tenant. Notwithstanding any reletting without termination of this Lease, Landlord may at any time thereafter elect to terminate this Lease. In any event, Landlord shall not be liable for, nor shall Tenant's obligations hereunder be diminished by reason of any failure by Landlord to relet the Leased Premises or any failure by Landlord to collect any sums due upon such reletting, provided that Landlord shall use reasonable efforts to mitigate the damages recoverable against Tenant in the event that Tenant defaults under this Lease and Tenant's right to possession of the Leased Premises is terminated under this Article XVI; provided, however, that except to the extent required by applicable Law, Landlord shall exercise reasonable efforts have no obligation to mitigate relet the Leased Premises before Landlord leases other vacant space in the Shopping Center, or to relet the Leased Premises to any damages related potential tenant who Landlord could reasonably reject as a Transferee pursuant to liability of Tenant under this LeaseArticle XV hereof.
(B) In the event C. If Landlord elects to terminate this Lease instead of a breach or threatened breach by terminating only Tenant, or any persons claiming through or under Tenant, of any term, covenant or condition of this Lease's right to possession, Landlord shall have the right to enjoin such breach.
recover against Tenant as damages for loss of the bargain, and not as a penalty, the excess (Aif any), (i) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter then present value of the Premises as provided in Section 17.1 hereof, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional projected Rent and all other items of Rental sums payable under this Lease by Tenant to hereunder (as determined by Landlord to on the date upon which this Lease and the Term shall basis of reasonable estimates) that would have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency ("Deficiency") between the Rental accrued for the period which is the unexpired portion balance of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possession, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
less (3ii) alternatively, if Landlord has terminated the Lease, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental present value of the fair market value of the Leased Premises for the same period, taking into consideration reasonable costs incurred to relet the Premises; if, before presentation of proof balance of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the relettingterm.
(B) Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Nothing contained in this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2.
Appears in 1 contract
Samples: Lease Agreement (First Capital Income Properties LTD Series Viii)
REMEDIES AND DAMAGES. A. Upon the occurrence of any event described in Section 16.1 (A) If any Event of Default shall occur), Landlord may elect to terminate this Lease or to terminate Tenant's right to possession without terminating this Lease and the Term shall expire and come to an end as provided in Article 16 hereof:
(1) Tenant shall quit and peacefully surrender enter upon the Premises and expel Tenant or any persons or entities occupying the Premises and so to repossess and enjoy the Premises. If this Lease or Tenant's right to possession under this Lease shall at any time be terminated under the terms and conditions of this Section 16.2 or in any other way, Tenant hereby covenants and agrees to immediately surrender and deliver up the Premises peaceably to Landlord.
B. If Landlord elects to terminate Tenant's right to possession under this Lease, and but not to terminate this Lease, Landlord and its agents may, after the date upon which this Lease and the Term shall expire and come to an end, re-enter relet the Premises (or any part thereof, without Notice, either by summary proceedings, or by any other applicable action or proceeding or otherwise, and may repossess ) for the Premises and dispossess account of Tenant and any other persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law); and
(2) Landlord, at Landlord's option, may relet the whole or any part or parts of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent or rentals and upon such other conditionsterms and conditions as Landlord shall reasonably deem appropriate, which may include concessions and free rent periodsto the extent Landlord receives the rents therefor, Landlord shall apply the same first to the payment of such expenses as Landlord may determine; providedhave incurred in recovering possession of the Premises (including, howeverwithout limitation, that legal expenses and attorneys' fees) and for putting the same into good order and condition and preparing or altering the same for re-rental, and any other expenses, commissions and charges paid, assumed or incurred by or on behalf of Landlord shall exercise reasonable efforts in connection with the reletting of the Premises, and then to mitigate any damages related to liability the fulfillment of the covenants of Tenant under this Lease.
(B) In . Tenant shall pay to Landlord the event Rent and all other sums payable up to the time of such termination of this Lease or Tenant's right to possession under this Lease, and thereafter, Tenant covenants to pay Landlord until the end of the Term of this Lease the equivalent of the amount of all the Rent and all other sums required to be paid by Tenant under this Lease less the net avails of such reletting, if any, during the same period, and the same shall be due and payable by Tenant to Landlord on the dates such Rent and other sums are due under this Lease. Any reletting by Landlord shall not be construed as an election on the part of Landlord to terminate this Lease unless a breach or threatened breach notice of such intention is given by Landlord to Tenant, or . Notwithstanding any persons claiming through or under Tenant, of any term, covenant or condition reletting without termination of this Lease, Landlord may at any time thereafter elect to terminate this Lease. In any event, Landlord shall not be liable for, nor shall Tenant's obligations hereunder be diminished by reason of any failure by Landlord, despite good faith efforts, to relet the Premises or any failure by Landlord, despite good faith efforts, to collect any sums due upon such reletting, provided that Landlord shall use reasonable efforts to mitigate the damages recoverable against Tenant in the event that Tenant defaults under this Lease and Tenant's right to possession of the Premises is terminated under this Article XVI; provided however, Landlord shall have no obligation to relet the Premises before Landlord leases other vacant space in the Building, or to relet the Premises to any potential tenant who Landlord could reasonably reject as a Transferee Pursuant to Article XV hereof.
C. If Landlord elects to terminate this Lease instead of terminating only Tenant's right to possession, Landlord shall have the right to enjoin such breach.
recover against Tenant as damages for loss of the bargain, and not as a penalty, the excess (A) If this Lease and the Term shall expire and come to an end if any), as provided in Article 2 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises determined by Landlord, of (i) the then present value of the projected Rent and all other sums payable by Tenant hereunder (as determined by Landlord on the case may be;
(2basis of reasonable estimates) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency ("Deficiency") between the Rental that would have accrued for the period which is the unexpired portion balance of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possession, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as less (ii) the same shall arise, and no suit to collect the amount then present value of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if Landlord has terminated the Lease, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental market value of the Premises for the same period, taking into consideration reasonable costs incurred to relet the Premises; if, before presentation of proof balance of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the relettingterm.
(B) Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Nothing contained in this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2.
Appears in 1 contract
REMEDIES AND DAMAGES. (Aa) If any an Event of Default shall occur, or and this Lease and the Term shall expire and come to an end as provided in Article 16 hereof16:
(1i) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents maymay immediately, or at any time after such Event of Default or after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Noticenotice, either by summary proceedings, or by any other applicable action or proceeding proceeding, or otherwiseby legal force or other legal means (without being liable to indictment, prosecution or damages therefor), and may repossess the Premises and dispossess Tenant and any other persons Persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law)Premises; and
(2ii) Landlord, at Landlord's option, may relet the whole or any part or parts of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent rental or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in its sole discretion, may determine; provided, however, that Landlord shall exercise reasonable efforts have no obligation to mitigate relet the Premises or any damages related part thereof and shall in no event be liable for refusal or failure to relet the Premises or any part thereof, or, in the event of any such reletting, for refusal or failure to collect any rent due upon any such reletting, and no such refusal or failure shall operate to relieve Tenant of any liability of Tenant under this LeaseLease or otherwise affect any such liability, and Landlord, at Landlord's option, may make such repairs, replacements, alterations, additions, improvements, decorations and other physical changes in and to the Premises as Landlord, in its sole discretion, considers advisable or necessary in connection with any such reletting or proposed reletting, without relieving Tenant of any liability under this Lease or otherwise affecting any such liability.
(Bb) In Tenant hereby waives the event service of a breach any notice of intention to re-enter or threatened breach by to institute legal proceedings to that end which may otherwise be required to be given under any present or future law. Tenant, or any persons on its own behalf and on behalf of all Persons claiming through or under Tenant, of including all creditors, does further hereby waive any termand all rights which Tenant and all such Persons might otherwise have under any present or future law to redeem the Premises, covenant or condition to re-enter or repossess the Premises, or to restore the operation of this Lease, Landlord shall have the right to enjoin such breach.
after (A) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1i) Tenant shall pay to Landlord all Fixed Rent, Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency ("Deficiency") between the Rental for the period which is the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possession, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month been dispossessed by a similar proceeding; and
(3) alternatively, if Landlord has terminated the Lease, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and as and for liquidated and agreed final damages, a sum equal to the amount judgment or by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred to relet the Premises; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Nothing contained in this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or warrant of any sums court or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2.judge,
Appears in 1 contract
REMEDIES AND DAMAGES. (Aa) If any an Event of Default shall occurhave occurred and is continuing, Landlord shall have the right, at its sole option, then or at any time thereafter, to exercise its remedies and to collect damages from Tenant in accordance with this Paragraph 20, subject in all events to applicable Law, without demand upon or notice to Tenant except as otherwise provided in Paragraph 18(b) and this Paragraph 19.
(i) Landlord may give Tenant notice of Landlord’s intention to terminate this Lease on a date specified in such notice. Upon such date, this Lease, the estate hereby granted and the Term all rights of Tenant hereunder shall expire and come to an end as provided in Article 16 hereof:
(1) terminate. Upon such termination, Tenant shall quit immediately surrender and peacefully surrender deliver possession of the Premises to LandlordLandlord in accordance with Paragraph 22. If Tenant does not so surrender and deliver possession of all of the Premises, and Landlord and its agents may, after the date upon which this Lease and the Term shall expire and come to an end, may re-enter and repossess any of the Premises not surrendered, with or without legal process, by peaceably entering any part thereof, without Notice, either of the Premises and changing locks or by summary proceedings, ejectment or any other lawful means or procedure. Upon or at any time after taking possession of any of the Premises, Landlord may, by peaceable means or legal process, remove any Persons or property therefrom. Landlord shall be under no liability for or by reason of any other applicable action such entry, repossession or proceeding removal. Notwithstanding such entry or otherwiserepossession, Landlord may (A) exercise the remedy set forth in and may repossess collect the Premises and dispossess Tenant and any other persons from damages permitted by Paragraph 18(a)(iii) or (B) collect the Premises by summary proceedings damages set forth in Paragraph 19(b)(i) or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law19(b)(ii); and.
(2ii) Landlord, at Landlord's option, may relet the whole or After repossession of any part or parts of the Premises from time pursuant to timeclause (i) above, either in Landlord shall use commercially reasonable efforts to relet any of the name of Landlord or otherwise, Premises to such tenant or tenants, for such term or terms ending beforeterms, for such rent, on such conditions and for such uses as are commercially reasonable, and collect and receive any rents payable by reason of such reletting. Landlord may make such Alterations in connection with such reletting as are commercially reasonable. Notwithstanding any such reletting, Landlord may collect the damages set forth in Paragraph 19(b)(ii).
(iii) Landlord may, upon notice to Tenant, require Tenant to make an irrevocable offer to terminate this Lease in its entirety for an amount (the “Default Termination Amount”) specified in the next sentence. The “Default Termination Amount” shall be the greatest of (A) the sum of the Fair Market Value of the Premises and the applicable Prepayment Premium which Landlord will be required to pay in prepaying any Loan with proceeds of the Default Termination Amount or (B) the sum of the Acquisition Cost and the applicable Prepayment Premium which Landlord will be required to pay in prepaying any Loan with proceeds of the Default Termination Amount or (C) an amount equal to the Present Value of the entire Basic Rent from the date of such purchase to the date on which the then Term would expire, less the fair market rental value for the remainder of the term. Upon such notice to Tenant, Tenant shall be deemed to have made such offer and shall, if requested by Landlord, within ten (10) days following such request, deposit with Landlord as payment against the Default Termination Amount the amount described in (B) above, Landlord and Tenant shall promptly commence to determine Fair Market Value. Within thirty (30) days after the Fixed Expiration Fair Market Value Date, Landlord shall accept or reject such offer. If Landlord accepts such offer then, on the tenth (10th) business day after such acceptance, Tenant shall pay to Landlord the Default Termination Amount and, at the request of Tenant, Landlord will convey the Premises to Tenant or its designee in accordance with Paragraph 19. Any rejection by Landlord of such rent or rentals and upon such offer shall have no effect on any other conditions, which may include concessions and free rent periods, as remedy Landlord may determine; provided, however, that Landlord shall exercise reasonable efforts to mitigate any damages related to liability of Tenant have under this Lease.
(Biv) In Landlord may declare by notice to Tenant the event entire Basic Rent (in the amount of a breach or threatened breach by TenantBasic Rent then in effect) for the remainder of the then current Term to be immediately due and payable. Tenant shall immediately pay to Landlord all such Basic Rent, or any persons claiming through or under Tenant, less the fair market rental value for the remainder of any the term, covenant discounted to its Present Value, all accrued Rent then due and unpaid, all other Monetary Obligations which are then due and unpaid and all Monetary Obligations which arise or condition become due by reason of such Event of Default (including any Costs of Landlord). Upon receipt by Landlord of all such accelerated Basic Rent and Monetary Obligations, this Lease, Landlord Lease shall remain in full force and effect and Tenant shall have the right to enjoin possession of the Premises from the date of such breachreceipt by Landlord to the end of the Term, and subject to all the provisions of this Lease, including the obligation to pay all increases in Basic Rent and all Monetary Obligations that subsequently become due, except that no Basic Rent which has been prepaid hereunder shall be due thereafter during the said Term.
(Ab) The following constitute damages to which Landlord shall be entitled if Landlord exercises its remedies under Paragraph 19(a)(i) or 19(a)(ii):
(i) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof, or by or Landlord exercises its remedy under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof, or by or under any summary proceeding or any other action or proceeding, Paragraph 19(a)(i) then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by written demand from Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as liquidated and agreed final damages for Tenant’s default and in lieu of all current damages beyond the date of such demand (it being agreed that it would be impracticable or extremely difficult to fix the actual damages), any deficiency ("Deficiency") between an amount equal to the Rental for the period which is the unexpired portion Present Value of the Term and the net amountexcess, if any, of rents collected under any reletting effected pursuant (A) all Basic Rent from the date of such demand to the provisions date on which the Term is scheduled to expire hereunder in the absence of Section 17.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possessionearlier termination, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all or repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
over (3B) alternatively, if Landlord has terminated the Lease, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable market rental value of the Premises for the same period, taking into consideration reasonable costs incurred . Tenant shall also pay to relet Landlord all of Landlord’s Costs in connection with the Premises; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole repossession of the Premises so relet during the term and any attempted reletting thereof, including all brokerage commissions, legal expenses, reasonable attorneys’ fees, employees’ expenses, costs of the Alterations and expenses and preparation for reletting.
(Bii) If Landlord exercises its remedy under Paragraph 19(a)(i), then Tenant shall shall, until the end of what would have been the Term in no event be entitled to any rents collected or payable under any relettingthe absence of the termination of the Lease, and whether or not any of the Premises shall have been relet, be liable to Landlord for, and shall pay to Landlord, as liquidated and agreed current damages all Monetary Obligations which would be payable under this Lease by Tenant in the absence of such rents exceed termination less the Fixed Rent reserved net proceeds, if any, of any reletting pursuant to Paragraph 19(a)(ii), after deducting from such proceeds all of Landlord’s Costs (including the items listed in this Leasethe last sentence of Paragraph 19(b)(i) hereof) incurred in connection with such repossessing and reletting; provided, that if Landlord has not relet the Premises, such Costs of Landlord shall be considered to be Monetary Obligations payable by Tenant. Tenant shall be and remain liable for all sums aforesaid, and Landlord may recover such damages from Tenant and institute and maintain successive actions or legal proceedings against Tenant for the recovery of such damages. Nothing herein contained in this Article 17 shall be deemed to require Landlord to wait to begin such action or other legal proceedings until the date when the Term would have expired by its own terms had there been no such Event of Default.
(c) Notwithstanding anything to the contrary herein contained, in lieu of or in addition to any of the foregoing remedies and damages, Landlord may exercise any remedies and collect any damages available to it at law or in equity. If Landlord is unable to obtain full satisfaction pursuant to the exercise of any remedy, it may pursue any other remedy which it has hereunder or at law or in equity.
(d) If any Law shall validly limit or preclude the recovery by amount of any damages provided for herein to an amount which is less than the amount agreed to herein, Landlord from Tenant of shall be entitled to the maximum amount allowed available under such Law.
(e) No termination of this Lease, repossession or reletting of any of the Premises, exercise of any remedy or collection of any damages pursuant to this Paragraph 20 shall relieve Tenant of any Surviving Obligations.
(f) WITH RESPECT TO ANY REMEDY OR PROCEEDING OF LANDLORD OR TENANT HEREUNDER, LANDLORD AND TENANT HEREBY WAIVES THE SERVICE OF NOTICE WHICH MAY BE REQUIRED BY ANY APPLICABLE LAW AND ANY RIGHT TO A TRIAL BY JURY.
(g) Upon the occurrence of any Event of Default, Landlord shall have the right (but no obligation) to perform any act required of Tenant hereunder and, if performance of such act requires that Landlord enter the Premises, Landlord may enter the Premises for such purpose
(h) No failure of Landlord (i) to insist at any time upon the strict performance of any provision of this Lease or (ii) to exercise any option, right, power or remedy contained in this Lease shall be obtained construed as damages a waiver, modification or relinquishment thereof. A receipt by Landlord of any sum in satisfaction of any Monetary Obligation with knowledge of the breach of any provision hereof shall not be deemed a waiver of such breach, and no waiver by Landlord of any provision hereof shall be deemed to have been made unless expressed in a writing signed by Landlord.
(i) Tenant hereby waives and surrenders, for itself and all those claiming under it, including creditors of all kinds, (i) any right and privilege which it or any of them may have under any present or future Law to redeem any of the Premises or to have a continuance of this Lease after termination of this Lease or of Tenant’s right of occupancy or possession pursuant to any court order or any provision hereof, and (ii) the benefits of any present or future Law which exempts property from liability for debt or for distress for rent.
(j) Except as otherwise provided herein, all remedies are cumulative and concurrent and no remedy is exclusive of any other remedy. Each remedy may be exercised at any time an Event of Default has occurred and is continuing and may be exercised from time to time. No remedy shall be exhausted by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2exercise thereof.
Appears in 1 contract
Samples: Lease Agreement (Pw Eagle Inc)
REMEDIES AND DAMAGES. (A) If there shall occur any Event of Default shall occurDefault, or and this Lease and the Term shall expire and come to an end as provided in Article 16 hereof:
(1) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents maymay immediately, or at any time after such default or after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Noticenotice, either by summary proceedings, or by any other applicable action or proceeding proceeding, or otherwiseby force or otherwise (without being liable to indictment, prosecution or damages therefor), and may repossess the Premises and dispossess Tenant and any other persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law)Premises; and
(2) Landlord, at Landlord's option, may relet the whole or any part portion or parts portions of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent rental or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in its sole discretion, may determine; provided, however, that Landlord shall exercise reasonable efforts have no obligation to mitigate relet the Premises or any damages related part thereof and shall in no event be liable for refusal or failure to relet the Premises or any part thereof, or, in the event of any such reletting, for refusal or failure to collect any rent due upon any such reletting, and no such refusal or failure shall operate to relieve Tenant of any liability of Tenant under this LeaseLease or otherwise affect any such liability, and Landlord, at Landlord's option, may make such repairs, replacements, alterations, additions, improvements, decorations and other physical changes in and to the Premises as Landlord, in its sole discretion, considers advisable or necessary in connection with any such reletting or proposed reletting, without relieving Tenant of any liability under this Lease or otherwise affecting any such liability.
(B) Tenant hereby waives the service of any notice of intention to re-enter or to institute legal proceedings to that end which may otherwise be required to be given under any present or future law. Tenant, on its own behalf and on behalf of all persons claiming through or under Tenant, including all creditors, does further hereby waive any and all rights which Tenant and all such persons might otherwise have under any present or future law to redeem the Premises, or to re-enter or repossess the Premises, or to restore the operation of this Lease, after (a) Tenant shall have been dispossessed by a judgment or by warrant of any court or judge, or (b) any re-entry by Landlord, or (c) any expiration or termination of this Lease and the Term, whether such dispossess, re-entry, expiration or termination shall be by operation of law or pursuant to the provisions of this Lease. The words "re-enter," "re-entry" and "re-entered" as used in this Lease shall not be deemed to be restricted to their technical legal meanings. In the event of a breach or threatened breach by Tenant, or any persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord shall have the right to enjoin such breach and the right to invoke any other remedy allowed by law or in equity as if re-entry, summary proceedings and other special remedies were not provided in this Lease for such breach. The right to invoke the remedies hereinbefore set forth are cumulative and shall not preclude Landlord from invoking any other remedy allowed at law or in equity.
(A) If this Lease and the Term shall expire and come to an end as provided in Article 2 16 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof17.1, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Escalation Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency (referred to as "Deficiency") between the Rental for the period which is otherwise would have constituted the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of clause (2) of Section 17.1(A)(217.1 (A) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possessionthis Lease, Landlord's re-entry upon the Premises and with such reletting reletting, including, but not limited to, all repossession costs, brokerage commissions, legal expenses, attorneys' fees and disbursements, alteration costs costs, contribution to work and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if whether or not Landlord has terminated the Leaseshall have collected any monthly Deficiency as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and in lieu of any further Deficiency as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term (commencing on the date immediately succeeding the last date with respect to which a Deficiency, if any, was collected) exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred both discounted to relet present worth at the PremisesBase Rate; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are shall have been relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) If the Premises, or any part thereof, shall be relet together with other space in the Building, the rents collected or reserved under any such reletting and the expenses of any such reletting shall be equitably apportioned for the purposes of this Section 17.2. Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents shall exceed the Fixed Rent reserved in this Lease. Solely for the purposes of this Article 17, the term "Escalation Rent" as used in Section 17.2(A) shall mean the Escalation Rent in effect immediately prior to the Expiration Date, or the date of re-entry upon the Premises by Landlord, as the case may be, adjusted to reflect any increase pursuant to the provisions of Article 27 hereof for the Operating Year immediately preceding such event. Nothing contained in Article 16 hereof or this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2.
Appears in 1 contract
REMEDIES AND DAMAGES. (A) If any Event a. In the event of a Default and for so long as such Default shall occurbe continuing, then in addition to any other rights or remedies Landlord may have at law or in equity, Landlord shall have the right, at Landlord’s option, without further notice or demand of any kind, to do any or all of the following without prejudice to any other remedy that Landlord may have:
i. Terminate this Lease and Tenant’s right to possession of the Term shall expire and come Premises by giving notice to an end as provided in Article 16 hereof:
(1) Tenant. Tenant shall quit and peacefully immediately surrender the Premises to Landlord, and if Tenant fails to do so, Landlord and its agents may, after the date upon which this Lease and the Term shall expire and come to an end, may re-enter the Premises and take possession thereof, whereupon Tenant shall have no further claim to the Premises or under this Lease.
ii. Continue this Lease in full force and effect, whether or not Tenant has vacated or abandoned the Premises, and collect any unpaid rent or other charges that have or thereafter become due and payable.
iii. Continue this Lease in effect, but terminate Tenant’s right to possession of the Premises and re-enter the Premises and take possession thereof, whereupon Tenant shall have no further claim to the Premises without the same constituting an acceptance of surrender.
iv. In the event of any re-entry or retaking of possession by Landlord, Landlord shall have the right, but not the obligation, (A) to expel or remove Tenant and any other party who may be occupying the Premises or any part thereof, without Notice, either by summary proceedings, ; and (B) to remove all or by any part of Tenant’s or any other applicable action or proceeding or otherwise, and may repossess occupant’s property on the Premises and dispossess Tenant to place such property in storage at a public warehouse at the expense and any other persons from risk of Tenant.
v. Landlord may relet the Premises by summary proceedings without thereby avoiding or otherwise and remove any and all of their property and effects from terminating this Lease (if the Premises (same has not been previously terminated), and Tenant shall remain liable for damages as provided herein any and all rent and other charges and expenses hereunder. For the purpose of reletting, Landlord is authorized to make such repairs or pursuant alterations to law); and
(2) Landlord, at Landlord's option, may relet the whole or any part or parts of the Premises as may be reasonably necessary in the sole discretion of Landlord for the purpose of such reletting, and if a sufficient sum is not realized from such reletting (after payment of all costs and expenses of such repairs, alterations and the expense of such reletting (including, without limitation, reasonable attorney and brokerage fees) and the collection of rent accruing therefrom) each month to equal the rent payable under this Lease, then Tenant shall pay such deficiency each month upon demand therefor. Actions to collect such amounts may be brought from time to time, either in on one or more occasions, without the name necessity of Landlord Landlord’s waiting until the expiration of the Term.
vi. Without any further notice or otherwisedemand, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord may determine; providedenter upon the Premises, howeverif necessary, without being liable for prosecution or claim for damages therefor, and do whatever Tenant is obligated to do under the terms of the Lease. Tenant agrees to reimburse Landlord on demand for any reasonable expenses which Landlord may incur in effecting compliance with Tenant’s obligations under the Lease. Tenant further agrees that Landlord shall exercise reasonable efforts to mitigate not be liable for any damages related resulting to Tenant from such action, unless caused by the gross negligence or willful misconduct of Landlord (but subject to the other limitations on Landlord’s liability set forth in this Lease). Notwithstanding anything herein to the contrary, Landlord will have no obligation to cure any Default of Tenant Tenant.
vii. Landlord shall at all times have the right, without prior demand or notice except as required by Law, to seek any declaratory, injunctive or other equitable relief, and specifically enforce this Lease, or restrain or enjoin a violation or breach of any provision hereof, without the necessity of proving the inadequacy of any legal remedy or irreparable harm.
viii. The rights given to Landlord in this Section are cumulative and shall be in addition and supplemental to all other rights or remedies that Landlord may have under this LeaseLease and under applicable Laws or in equity.
b. Should Landlord elect to terminate this Lease or Tenant’s right to possession under the provisions above, Landlord may recover the following damages from Tenant:
i. The worth at the time of the award of any unpaid rent that had been earned at the time of termination; plus
ii. The worth at the time of the award of the unpaid rent that would have been earned after termination, until the time of award; plus
iii. The worth at the time of the award of the amount by which the unpaid rent for the balance of the Term after the time of award exceeds the amount of the rental loss that Tenant proves could have been reasonably avoided, if any; plus
iv. Any other amount necessary to compensate Landlord for all detriment proximately caused by Tenant’s failure to perform its obligations under this Lease or that in the ordinary course of things would be likely to result therefrom, including, but not limited to, any costs or expenses (including, without limitation, reasonable attorneys’ fees), incurred by Landlord in (A) retaking possession of the Premises; (B) In maintaining the event of a breach or threatened breach by Tenant, Premises after Default; (C) preparing the Premises or any persons claiming through portion thereof for reletting to a new tenant, including, without limitation, any repairs or under Tenantalterations, whether for the same or a different use; (D) reletting the Premises, including but not limited to, advertising expenses, brokers’ commissions and fees; and (E) any commercially reasonable concessions made to obtain a new tenant.
v. At Landlord’s election, such other amounts in addition to or in lieu of any termthe foregoing as may be permitted from time to time by Law. As used in subsections (i) and (ii), covenant or condition the phrase “worth at the time of this Leasethe award” shall be computed by adding interest on all such sums from the date when originally due at the Default Rate. As used in subsection (iii), the phrase “worth at the time of the award” shall be computed by discounting the sum in question at the Prime Rate.
c. Tenant specifically acknowledges and agrees that, unless Landlord collects the amounts described in Section 22(b) above, Landlord shall have the right to enjoin continue to collect rent after any termination pursuant to this Section 22 (whether said termination occurs through eviction proceedings or as a result of some other early termination pursuant to this Section 22) for the remainder of the Term, less any amounts collected by Landlord from the reletting of the Premises, but in no event shall Tenant be entitled to receive any excess of any such breachrents collected over the rent payable hereunder.
(A) If d. A termination of this Lease and by Landlord or the Term shall expire and come to an end as provided in Article 2 hereof, or recovery of possession of the Premises by or under any summary proceeding Landlord or any voluntary or other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof, or by or under any summary proceeding or any other action or proceeding, then, in any surrender of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to or a mutual cancellation thereof, shall not work a merger and shall at the date upon which this Lease and the Term shall have expired and come to an end or to the date option of re-entry upon the Premises by Landlord, as terminate all or any existing franchises or concessions, licenses, permits, subleases, subtenancies or the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession like between Tenant and any third party with respect to the Premises, or may, at the option of Landlord, operate as an assignment to Landlord of Tenant’s interest in same. Following a Default, Landlord shall have the right to require any subtenants to pay all sums due under their subleases directly to Landlord.
e. No covenant, term or condition of this Lease to be performed by Tenant also shall be liable for and shall pay to waived by Landlord, as damagesexcept by consent of Landlord, and forbearance or indulgence by Landlord in any deficiency ("Deficiency") between the Rental for the period which is the unexpired portion regard whatsoever shall not constitute a waiver of the Term and the net amountcovenant, if any, of rents collected under any reletting effected pursuant term or condition to the provisions of Section 17.1(A)(2) for any part be performed by Tenant. Until complete performance by Tenant of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possessioncovenant, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if Landlord has terminated the Leaseterm or condition, Landlord shall be entitled to recover from Tenantinvoke any remedy available under this Lease despite such forbearance or indulgence. Landlord’s acceptance of rent following a Default shall not be deemed to be a waiver of any Default.
f. Notwithstanding any provision contained in this Lease to the contrary, and (a) Tenant shall pay be entitled to Landlord, on demand, and as and vacate the Premises for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) all or part of the unpaid Rental for Lease term and same shall not constitute a Default by Tenant; (b) Landlord shall not be entitled to change the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value door locks or lock Tenant out of the Premises without a court order; (c) Landlord shall use good faith, commercially reasonable efforts to mitigate Landlord’s damages, and (d) Tenant will not be liable for any consequential, speculative or punitive damages.
g. Notwithstanding the same periodforegoing, taking into consideration reasonable costs incurred Tenant shall have the right to relet cure any Default until such time as Landlord shall begin to exercise any of its rights and remedies under this Section 22 with respect to such Default. In the Premises; ifevent Tenant cures any Default before Landlord begins to exercise its right and remedies with respect to such Default, before presentation of proof of such liquidated damages to then Landlord shall not exercise any court, commission or tribunal, the Premises, or any part thereof, are relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair right and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) Tenant shall in no event be entitled to any rents collected or payable remedies provided under any reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Nothing contained in this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition Section 22 with respect to the damages set forth in this Section 17.2cured Default.
Appears in 1 contract
Samples: Lease Agreement (Amsurg Corp)
REMEDIES AND DAMAGES. (Aa) If any Event of Default shall occuroccurs, Landlord may, at its option and in addition to any and all other rights or remedies provided Landlord in this Lease or at law or equity, immediately, or at any time thereafter, and without demand or notice (except as provided herein):
(i) without waiving the Event of Default, apply all or part of the security deposit, if any, to cure the Event of Default and Tenant shall on demand restore the security deposit to its original amount;
(ii) without waiving such Event of Default, apply thereto any overpayment of Rents to curing the Event of Default in lieu of refunding or crediting the same to Tenant;
(iii) if the Event of Default pertains to work or other obligations (other than the payment of Rents) to be performed by Tenant, without waiving such Event of Default, enter upon the Premises and perform such work or other obligation, or cause such work or other obligation to be performed, for the account of Tenant; and Tenant shall on demand pay to Landlord the cost of performing such work or other obligation plus fifteen percent (15%) thereof as administrative costs;
(iv) declare the term of this Lease ended and the Term shall expire and come to an end as provided in Article 16 hereof:
(1) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents may, after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part and take possession thereof, without Notice, either by summary proceedings, or by any other applicable action or proceeding or otherwise, terminate all of the rights of Tenant in and may repossess to the Premises and dispossess Tenant accelerate all rents and other charges owing during the remaining portion of the Lease Term.
(b) Notwithstanding any other persons from the Premises termination of this Lease or termination of Tenant's rights to possession, whether by summary proceedings or otherwise otherwise, Tenant shall pay and remove any be liable for (on the days originally fixed herein for the payment thereof) the several installments of Rent as if this Lease had not been terminated and as if Landlord had not entered and whether the Premises are relet or remain vacant in whole or in part, but in the event the Premises is relet by Landlord, Tenant shall be entitled to a credit in the net sum of Rents received by Landlord in reletting after deduction of all expenses incurred in reletting the Premises, and in collecting such Rents.
(c) In the event of a reletting, Landlord may apply the rent therefrom first to the payment of Landlord's reasonable expenses including but not limited to attorney's fees incurred, expense of reletting, repairs, brokerage fees, subdividing, renovation or alteration of the Premises and then to the payment of Rent and all of their property and effects other sums due from the Premises (Tenant hereunder, and Tenant shall remain liable for damages as provided herein or pursuant to law); andany deficiency.
(2d) Landlord, at Landlord's option, may relet the whole In computing damages or any part or parts of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord may determine; provided, however, that Landlord shall exercise reasonable efforts to mitigate any damages related to liability of Tenant rental due under this Lease.
(B) In , the event value of a breach or threatened breach by Tenant, or the Percentage Rent for any persons claiming through or under Tenant, of any term, covenant or condition period subsequent to the termination of this Lease, Landlord shall have the right to enjoin such breach.
(A) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency ("Deficiency") between the Rental for the period which is the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possession, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord included and shall be entitled an amount per year equal to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount one-third of the Deficiency total Percentage Rent chargeable to Tenant for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
last three (3) alternativelyfull Lease Years immediately preceding such termination, and if Landlord has terminated the Leaseless than three (3) full Lease Years shall have elapsed, Landlord such value shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and as and for liquidated and agreed final damages, a sum an amount per year equal to the amount average yearly Percentage Rent theretofore payable by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred to relet the Premises; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the relettingTenant.
(Be) Tenant Landlord shall in no event be entitled use commercially reasonable efforts to mitigate its damages resulting from any rents collected or payable under any reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Nothing contained in this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant Event of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2Default.
Appears in 1 contract
Samples: Lease Agreement (Play Co Toys & Entertainment Corp)
REMEDIES AND DAMAGES. (A) A. If any Event of a Default described in Section 16.01, above, occurs, Landlord shall occurhave all the rights and remedies provided in this Section 16.02, in addition to all other rights and remedies available under this Lease or provided at law or in equity.
B. Landlord may, upon notice to Tenant, terminate this Lease, or terminate Tenant’s right to possession without terminating this Lease and the Term shall expire and come to an end (as provided in Article 16 hereof:
(1) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents may, after the date upon which may elect). If this Lease and the Term shall expire and come or Tenant’s right to an end, re-enter the Premises or possession under this Lease are at any part thereof, without Notice, either by summary proceedings, or by any other applicable action or proceeding time terminated under this Section 16.02 or otherwise, Tenant shall immediately surrender and deliver the Leased Premises peaceably to Landlord. If Tenant fails to do so, Landlord shall be entitled to re-enter, without process and without notice (any notice to quit or of re-entry being hereby expressly waived), using such force as may repossess be necessary, and, alternatively, Landlord shall have the benefit of all provisions of law respecting the speedy recovery of possession of the Leased Premises and dispossess Tenant and any other persons from the Premises (whether by summary proceedings or otherwise otherwise).
C. Landlord may also perform, on behalf and remove at the expense of Tenant, any obligation of Tenant under this Lease which Tenant fails to perform, the cost of which (together with an administrative fee equal to ten percent (10%) of such cost to cover Landlord’s overhead in connection therewith) shall be paid by Tenant to Landlord within five (5) days of demand therefor. In performing any obligations of Tenant, Landlord shall incur no liability for any loss or damage that may accrue to Tenant, the Leased Premises or Tenant’s Property by reason thereof, except if caused by Landlord’s willful and malicious act. The performance by Landlord of any such obligation shall not constitute a release or waiver of any of Tenant’s obligations under this Lease.
D. Upon termination of this Lease or of Tenant’s right to possession under this Lease, Landlord may at any time and from time to time relet all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law); and
(2) Landlord, at Landlord's option, may relet the whole or any part or parts of the Leased Premises from time to time, either in for the name account of Landlord Tenant or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent or rentals and upon such other conditionsterms and conditions as Landlord shall deem appropriate. Landlord shall receive and collect the rents therefor, which may include concessions and free rent periods, applying the same first to the payment of such expenses as Landlord may determineincur in recovering possession of the Leased Premises, including legal expenses and attorneys’ fees, in placing the Leased Premises in good order and condition and in preparing or altering the same for re-rental; providedsecond, howeverto the payment of such expenses, that commissions and charges as may be incurred by or on behalf of Landlord shall exercise reasonable efforts in connection with the reletting of the Leased Premises; and third, to mitigate any damages related to liability the fulfillment of the covenants of Tenant under this Lease, including the various covenants to pay Rent. Any such reletting may be for such term(s) as Landlord elects. Thereafter, Tenant shall pay Landlord until the end of the Term of this Lease the equivalent of the amount of all the Rent and all other sums required to be paid by Tenant, less the net avails of such reletting, if any, on the dates such Rent and other sums above specified are due. Any reletting by Landlord shall not be construed as an election by Landlord to terminate this Lease unless notice of such intention is given by Landlord to Tenant. Notwithstanding any reletting without termination of this Lease, Landlord may at any time thereafter elect to terminate this Lease. In any event, Landlord shall not be liable for, nor shall Tenant’s obligations hereunder be diminished by reason of, any failure by Landlord to relet the Leased Premises or any failure by Landlord to collect any sums due upon such reletting.
(B) E. In addition to all other remedies provided in this Lease and at law, if there occurs a Default by Tenant, in addition to any other remedies available to Landlord at law or in equity, Landlord may terminate this Lease and all rights of Tenant hereunder by written notice to Tenant, in which event Tenant shall immediately surrender the Leased Premises to Landlord. In the event that Landlord shall elect to so terminate this Lease, then Landlord may recover from Tenant:
(i) The worth at the time of a breach or threatened breach award of any unpaid rent which had been earned at the time of such termination; plus
(ii) The worth at the time of award of the amount by which the unpaid rent which would have been earned after termination until the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; plus
(iii) The worth at the time of award of the amount by which the unpaid rent for the balance of the Lease Term after the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; plus
(iv) Any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant’s failure to perform its obligations under this Lease or which in the ordinary course of events would likely result therefrom, specifically including, but not limited to, brokerage commissions and advertising expenses incurred, expenses of remodeling the Leased Premises or any persons claiming through portion thereof for a new tenant, whether for the same or under a different use, and any special concessions made to obtain a new tenant; and
(v) At Landlord’s election, such other amounts in addition to or in lieu of the foregoing as may be permitted from time to time by applicable law. As used in subparagraphs (i) and (ii) above, the “worth at the time of award” is computed by allowing interest at the Interest rate. As used in subparagraph (iii) above, the “worth at the time of award” is computed by discounting such amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of award plus one percent (1%). Further, Tenant shall be liable for all leasing commissions paid or owing by Landlord arising from this Lease and any extension thereof. Efforts by Landlord to mitigate damages caused by Tenant, of any term, covenant ’s Default or condition breach of this LeaseLease shall not waive Landlord’s right to recover damages under this Section. If termination of this Lease is obtained through an unlawful detainer action, Landlord shall have the right to enjoin recover in such breach.
(A) If this Lease proceeding the unpaid rent and the Term shall expire and come to an end damages as provided in Article 2 hereofare recoverable thereon, or by or under any summary proceeding Landlord may reserve the right to recover all or any other action or proceeding, or if Landlord shall re-enter the Premises as provided part thereof in Section 17.1 hereof, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Rent a separate suit for such rent and/or damages. If a notice and other items of Rental payable grace period required under this Lease by Tenant was not previously given, a notice to Landlord to the date upon which this Lease and the Term shall have expired and come to an end pay rent or quit, or to the date of re-entry upon the Premises by Landlordperform or quit, as the case may be;, given to Tenant under any statute authorizing the forfeiture of leases for unlawful detainer shall also constitute the applicable notice for grace period purposes required by this Lease. In such event, the applicable grace period under the unlawful detainer statute shall run concurrently after the one such statutory notice, and the failure of Tenant to cure the Default within the longer of two such grace periods shall constitute both an unlawful detainer and a breach of this Lease entitling Landlord to the remedies provided for in this Lease and/or by statute.
(2) F. At Landlord’s option and in addition to all other remedies provided in this Lease and at law, if there occurs a Default, Landlord has not terminated may elect to continue this Lease and Tenant’s right to possession in effect under California Civil Code Section 1951.4 after Tenant’s breach or Default and recover the rent as it becomes due. Landlord and Tenant agree that the limitations on assignment and subletting set forth in Article XV in this Lease are reasonable. Acts of maintenance or preservation, efforts to relet the Leased Premises or the appointment of a receiver to protect Landlord’s interest under this Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency ("Deficiency") between the Rental for the period which is the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the not constitute a termination of Tenant's right of possession, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's ’s right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if Landlord has terminated the Lease, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred to relet the Premises; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the relettingpossession.
(B) Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Nothing contained in this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2.
Appears in 1 contract
REMEDIES AND DAMAGES. Section 17.1 (A) If there shall occur any Event of Default shall occurDefault, or and this Lease and the Term shall expire and come to an end as provided in Article 16 hereof16:
(1) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents may, after the date upon which this Lease and the Term shall expire and come to an end, may immediately re-enter the Premises or any part thereof, without Notice, either by summary proceedings, or by any other applicable legal action or proceeding or otherwiseproceeding, and may repossess the Premises and dispossess Tenant and any other persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law)Premises; and
(2) Landlord, at Landlord's Xxxxxxxx’s option, may relet the whole or any part or parts of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent rental or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in its sole discretion, may determine; provided, however, that Landlord shall exercise reasonable efforts have no obligation to mitigate relet the Premises or any damages related part thereof and shall in no event be liable for refusal or failure to relet the Premises or any part thereof, or, in the event of any such reletting, for refusal or failure to collect any rent due upon any such reletting, and no such refusal or failure shall operate to relieve Tenant of any liability of Tenant under this Lease or otherwise affect any such liability. Landlord, at Landlord’s option, may make such repairs, replacements, alterations, additions, improvements, decorations and other physical changes in and to the Premises as Landlord, in its sole discretion, considers advisable or necessary in connection with any such reletting or proposed reletting, without relieving Tenant of any liability under this Lease or otherwise affecting any such liability. Tenant hereby waives the service of any notice of intention to reenter or to institute legal proceedings to that end which may otherwise be required to be given under any present or future law. Tenant, on its own behalf and on behalf of all persons claiming through or under Tenant, including all creditors, does further hereby waive any and all rights which Tenant and all such persons might otherwise have under any present or future law to redeem the Premises, or to re-enter or repossess the Premises, or to restore the operation of this Lease.
, after (Bi) Tenant shall have been dispossessed by a judgment or by warrant of any court or judge, or (ii) any re-entry by Landlord, or (iii) any expiration or termination of this Lease and the Term, whether such dispossession, re-entry, expiration or termination shall be by operation of law or pursuant to the provisions of this Lease. The words “re-enter,” “re-entry” and “re-entered” as used in this Lease shall not be deemed to be restricted to their technical meanings. In the event of a breach or threatened breach by TenantXxxxxx, or any persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord shall have the right to enjoin such breach and the right to invoke any other remedy allowed by law or in equity as if re-entry, summary proceedings and other special remedies were not provided in this Lease for such breach. The right to invoke the remedies hereinbefore set forth are cumulative and shall not preclude Landlord from invoking any other remedy allowed at law or in equity.
Section 17.2 (A) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof16, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof17.1, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Escalation Rent and Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by LandlordXxxxxxxx, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency ("referred to as “Deficiency"”) between the Rental for the period which is otherwise would have constituted the unexpired portion of the Term to the Fixed Expiration Date and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(2) for any part of such period (after first deducting from the gross rents collected under any such reletting all of Landlord's reasonable and actual ’s expenses paid or incurred in connection with the termination of Tenant's right of possessionthis Lease, Landlord's ’s re-entry upon the Premises and such reletting re-letting including, but not limited to, all repossession costs, brokerage commissions, legal expenses, attorneys' ’ fees and disbursements, alteration costs and any and all other expenses of preparing the Premises for such re-letting or charged against the Premises or the reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; . In no event shall Tenant in any suit pursuant to this Section 17.2(A) for any Deficiency be entitled to any credit from any such net rents from a reletting except to the extent such net rents are actually received by Landlord. Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's ’s right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if whether or not Landlord has terminated the Leaseshall have collected any monthly Deficiency as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and in lieu of any monthly deficiency as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term to the Fixed Expiration Date (assuming Escalation Rent during such period to be the same as in the year immediately preceding the termination or re-entry, increased in each succeeding year by four percent (4%) (on a compounded basis)), exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred both discounted to relet present worth at the PremisesDiscount Rate, less the aggregate amount of Deficiencies theretofore collected by Landlord pursuant to the provisions of Section 17.2(A)(2) for the same period; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are relet shall have been re-let by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting re-letting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet re-let during the term of the relettingre-letting.
(B) Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Nothing contained in this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2.
Appears in 1 contract
Samples: Lease (Coty Inc /)
REMEDIES AND DAMAGES. Section 17.1 (A) If there shall occur any Event of Default shall occurDefault, or this Lease and the Term shall expire and come to an end as provided in Article 16 hereof:
(1) Tenant shall quit and peacefully surrender the Premises and Licensed Area(s) to Landlord, and Landlord and its agents maymay immediately, or at any time after such default or after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises and the Licensed Area(s) or any part thereof, thereof without Noticenotice, either by summary proceedings, or by any other applicable action or proceeding proceeding, or otherwiseby force or otherwise (without being liable to indictment, prosecution or damages therefor), and may repossess the Premises and the Licensed Area(s) and dispossess Tenant and any other persons from the Premises by summary proceedings or otherwise and the Licensed Area(s) and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to lawthe Licensed Area(s); and
(2) Landlord, at Landlord's option, may relet the whole or any part or parts of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent rental or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in its sole discretion, may determine; provided, however, that Landlord shall exercise reasonable efforts have no obligation to mitigate any damages related to liability of Tenant under this Lease.
(B) In relet the event of a breach or threatened breach by Tenant, Premises or any persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord part thereof and shall have the right to enjoin such breach.
(A) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall no event be liable for and shall pay to Landlord, as damages, any deficiency ("Deficiency") between the Rental for the period which is the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possession, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if Landlord has terminated the Lease, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred refusal or failure to relet the Premises; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, Premises or any part thereof, are relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, no such refusal or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Nothing contained in this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2.failure shall
Appears in 1 contract
REMEDIES AND DAMAGES. (Ai) If any Event of Default shall occuroccurs, Landlord may, at its option and in addition to any and all other rights or remedies provided Landlord in this Lease or at law or equity, immediately, or this Lease at any time thereafter, and the Term shall expire and come to an end without demand or notice (except as provided in Article 16 hereofherein:
(1a) without waiving the Event of Default, apply all or part of the security deposit, if any, to cure the Event of Default and Tenant shall quit on demand restore the security deposit to its original amount;
(b) without waiving such Event of Default, apply thereto any overpayment of rents to curing the Event of Default in lieu of refunding or crediting the same to Tenant;
(c) if the Event of Default pertains to work or other obligations (other than the payment of rent or additional rent) to be performed by Tenant, without waiving such Event of Default, enter upon the Leased Premises and peacefully surrender perform such work or other obligation, or cause such work or other obligation to be performed, for the Premises account of Tenant; and Tenant shall on demand pay to Landlord the cost of performing such work or other obligation plus five percent (5%) thereof as administrative costs;
(d) Landlord, without giving Tenant any notice and Landlord and its agents maywithout affording Tenant an additional opportunity to cure the default, after the date upon which may terminate this Lease.
(ii) Notwithstanding any termination of this Lease or termination of Tenant's rights to possession, Tenant shall pay and be liable for (on the Term days originally fixed herein for the payment thereof) the several installments of rent and additional rent as and when due, as if this lease had not been terminated and as if Landlord had not entered and whether the Leased Premises are relet or remain vacant in whole or in part, but in the event the Leased Premises is relet by Landlord, Tenant shall expire be entitled to a credit in the net sum of rent and come to an end, re-enter additional rent received by the Premises Landlord in reletting after deduction of all expenses (other than fit out or any part thereof, without Notice, either by summary proceedings, or by any other applicable action or proceeding or otherwiseremodeling) incurred in reletting the Leased Premises, and in collecting such rents and additional rent.
(iii) In the event of a reletting, Landlord may repossess apply the Premises rent therefrom first to the payment of Landlord's reasonable expenses including but not limited to attorney's fees incurred, reasonable expense of reletting, repairs, brokerage fees, subdividing and dispossess Tenant and any other persons from then to the Premises by summary proceedings or otherwise and remove any payment of rent and all of their property and effects other sums due from the Premises (Tenant hereunder, and Tenant shall remain liable for damages as provided herein or pursuant to law); and
(2) Landlord, at Landlord's option, may relet the whole or any part or parts of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord may determine; provided, however, that Landlord shall exercise reasonable efforts to mitigate any damages related to liability of Tenant under this Leasedeficiency.
(B) In the event of a breach or threatened breach by Tenant, or any persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord shall have the right to enjoin such breach.
(A) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency ("Deficiency") between the Rental for the period which is the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possession, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if Landlord has terminated the Lease, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred to relet the Premises; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Nothing contained in this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2.
Appears in 1 contract
REMEDIES AND DAMAGES. (A) A. If any Event of a Default described in Section 16.01, above, occurs, Landlord shall occurhave all the rights and remedies provided in this Section 16.02, in addition to all other rights and remedies available under this Lease or provided at law or in equity.
B. Landlord may, upon Notice to Tenant, terminate this Lease, or terminate Tenant’s right to possession without terminating this Lease and the Term shall expire and come to an end (as provided in Article 16 hereof:
(1) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents may, after the date upon which may elect). If this Lease and the Term shall expire and come or Tenant’s right to an end, re-enter the Premises or possession under this Lease are at any part thereof, without Notice, either by summary proceedings, or by any other applicable action or proceeding time terminated under this Section 16.02 or otherwise, Tenant shall immediately surrender and deliver the Leased Premises peaceably to Landlord. If Tenant fails to do so, Landlord shall be entitled to re-enter, without process and without Notice (any Notice to quit or of re-entry being hereby expressly waived), using such force as may repossess be necessary, and, alternatively, Landlord shall have the benefit of all provisions of law respecting the speedy recovery of possession of the Leased Premises and dispossess Tenant and any other persons from the Premises (whether by summary proceedings or otherwise otherwise).
C. Landlord may also perform, on behalf and remove at the expense of Tenant, any obligation of Tenant under this Lease which Tenant fails to perform, the cost of which (together with an administrative fee of ten percent (10%) to cover Landlord’s overhead in connection therewith) shall be paid by Tenant to Landlord within five (5) Business Days after demand therefor. In performing any obligations of Tenant, Landlord shall incur no liability for any loss or damage that may accrue to Tenant, the Leased Premises or Tenant’s Property by reason thereof, except if caused by Landlord’s willful and malicious act. The performance by Landlord of any such obligation shall not constitute a release or waiver of any of Tenant’s obligations under this Lease.
D. Upon termination of this Lease or of Tenant’s right to possession under this Lease, Landlord may at any time and from time to time relet all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law); and
(2) Landlord, at Landlord's option, may relet the whole or any part or parts of the Leased Premises from time to time, either in for the name account of Landlord Tenant or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent or rentals and upon such other conditionsterms and conditions as Landlord shall deem appropriate. Landlord shall receive and collect the rents therefor, which may include concessions and free rent periods, applying the same first to the payment of such expenses as Landlord may determineincur in recovering possession of the Leased Premises, including legal expenses and attorneys’ fees, in placing the Leased Premises in good order and condition and in preparing or altering the same for re-rental; providedsecond, howeverto the payment of such expenses, that commissions and charges as may be incurred by or on behalf of Landlord shall exercise reasonable efforts in connection with the reletting of the Leased Premises; and third, to mitigate any damages related to liability the fulfillment of the covenants of Tenant under this Lease, including the various covenants to pay Rent. Any such reletting may be for such term(s) as Landlord elects. Thereafter, Tenant shall pay Landlord until the end of the Term of this Lease the equivalent of the amount of all the Rent and all other sums required to be paid by Tenant, less the net avails of such reletting, if any, on the dates such Rent and other sums above specified are due. Any reletting by Landlord shall not be construed as an election by Landlord to terminate this Lease unless Notice of such intention is given by Landlord to Tenant. Notwithstanding any reletting without termination of this Lease, Landlord may at any time thereafter elect to terminate this Lease. In any event, Landlord shall not be liable for, nor shall Tenant’s obligations hereunder be diminished by reason of, any failure by Landlord to relet the Leased Premises or any failure by Landlord to collect any sums due upon such reletting.
(B) E. In addition to all other remedies provided in this Lease and at law, if there occurs a Default by Tenant, in addition to any other remedies available to Landlord at law or in equity, Landlord may terminate this Lease and all rights of Tenant hereunder by Notice to Tenant, in which event Tenant shall immediately surrender the Leased Premises to Landlord. In the event that Landlord shall elect to so terminate this Lease, then Landlord may recover from Tenant:
(i) The worth at the time of a breach or threatened breach award of any unpaid rent which had been earned at the time of such termination; plus
(ii) The worth at the time of award of the amount by which the unpaid rent which would have been earned after termination until the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; plus
(iii) The worth at the time of award of the amount by which the unpaid rent for the balance of the Lease Term after the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; plus
(iv) Any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant’s failure to perform its obligations under this Lease or which in the ordinary course of events would likely result therefrom, specifically including, but not limited to, brokerage commissions and advertising expenses incurred, expenses of remodeling the Leased Premises or any persons claiming through portion thereof for a new tenant, whether for the same or under a different use, and any special concessions made to obtain a new tenant; and
(v) At Landlord’s election, such other amounts in addition to or in lieu of the foregoing as may be permitted from time to time by applicable law. As used in subsections (i) and (ii) above, the “worth at the time of award” is computed by allowing interest at the Interest Rate. As used in subsection (iii) above, the “worth at the time of award” is computed by discounting such amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of award plus one percent (1%). Efforts by Landlord to mitigate damages caused by Tenant, of any term, covenant ’s Default or condition breach of this LeaseLease shall not waive Landlord’s right to recover damages under this Section. If termination of this Lease is obtained through an unlawful detainer action, Landlord shall have the right to enjoin recover in such breachproceeding the unpaid rent and damages as are recoverable thereon, or Landlord may reserve the right to recover all or any part thereof in a separate suit for such rent and/or damages.
(A) If F. At Landlord’s option and in addition to all other remedies provided in this Lease and the Term shall expire and come at law, if there occurs a Default, Landlord may elect to an end as provided in Article 2 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which continue this Lease and Tenant’s right to possession in effect under California Civil Code Section 1951.4 after Tenant’s breach or Default and recover the Term shall have expired rent as it becomes due. Landlord and come Tenant agree that the limitations on assignment and subletting set forth in Article XV in this Lease are reasonable. Acts of maintenance or preservation, efforts to an end relet the Leased Premises or the appointment of a receiver to the date of re-entry upon the Premises by protect Landlord, as the case may be;
(2) if Landlord has not terminated the ’s interest under this Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency ("Deficiency") between the Rental for the period which is the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the not constitute a termination of Tenant's right of possession, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's ’s right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if Landlord has terminated the Lease, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred to relet the Premises; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the relettingpossession.
(B) Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Nothing contained in this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2.
Appears in 1 contract
Samples: Office Lease Agreement (Splunk Inc)
REMEDIES AND DAMAGES. (A) If there shall occur any Event of Default shall occurDefault, or and this Lease and the Term shall expire and come to an end as provided in Article 16 hereof:
(1) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents maymay immediately, or at any time after such default or after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Noticenotice, either by summary proceedings, or by any other applicable action or proceeding proceeding, or otherwiseby force or otherwise (without being liable to indictment, prosecution or damages therefor), and may repossess the Premises and dispossess Tenant and any other persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law)Premises; and
(2) Landlord, at Landlord's option, may relet the whole or any part portion or parts portions of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent rental or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in its sole discretion, may determine; provided, however, that Landlord shall exercise reasonable efforts have no obligation to mitigate relet the Premises or any damages related part thereof and shall in no event be liable for refusal or failure to relet the Premises or any part thereof, or, in the event of any such reletting, for refusal or failure to collect any rent due upon any such reletting, and no such refusal or failure shall operate to relieve Tenant of any liability of Tenant under this LeaseLease or otherwise affect any such liability, and Landlord, at Landlord's option, may make such repairs, replacements, alterations, additions, improvements, decorations and other physical changes in and to the Premises as Landlord, in its sole discretion, considers advisable or necessary in connection with any such reletting or proposed reletting, without relieving Tenant of any liability under this Lease or otherwise affecting any such liability.
(B) Tenant hereby waives the service of any notice of intention to re- enter or to institute legal proceedings to that end which may otherwise be required to be given under any present or future law. Tenant, on its own behalf and on behalf of all persons claiming through or under Tenant, including all creditors, does further hereby waive any and all rights which Tenant and all such persons might otherwise have under any present or future law to redeem the Premises, or to re-enter or repossess the Premises, or to restore the operation of this Lease, after (a) Tenant shall have been dispossessed by a judgment or by warrant of any court or judge, or (b) any re-entry by Landlord, or (c) any expiration or termination of this Lease and the Term, whether such dispossess, re-entry, expiration or termination shall be by operation of law or pursuant to the provisions of this Lease. The words "re-enter," "re-entry" and "re-entered" as used in this Lease shall not be deemed to be restricted to their technical legal meanings. In the event of a breach or threatened breach by Tenant, or any persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord shall have the right to enjoin such breach and the right to invoke any other remedy allowed by law or in equity as if re- entry, summary proceedings and other special remedies were not provided in this Lease for such breach. The right to invoke the remedies hereinbefore set forth are cumulative and shall not preclude Landlord from invoking any other remedy allowed at law or in equity.
(A) If this Lease and the Term shall expire and come to an end as provided in Article 2 16 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof17.1, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Escalation Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency (referred to as "Deficiency") between the Rental for the period which is otherwise would have constituted the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of clause (2) of Section 17.1(A)(217.1(A) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possessionthis Lease, Landlord's re-entry upon the Premises and with such reletting reletting, including, but not limited to, all repossession costs, brokerage commissions, legal expenses, attorneys' fees and disbursements, alteration costs costs, contribution to work and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if whether or not Landlord has terminated the Leaseshall have collected any monthly Deficiency as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and in lieu of any further Deficiency as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term (commencing on the date immediately succeeding the last date with respect to which a Deficiency, if any, was collected) exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred both discounted to relet present worth at the PremisesBase Rate; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are shall have been relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) If the Premises, or any part thereof, shall be relet together with other space in the Building, the rents collected or reserved under any such reletting and the expenses of any such reletting shall be equitably apportioned for the purposes of this Section 17.2. Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents shall exceed the Fixed Rent reserved in this Lease. Solely for the purposes of this Article 17, the term "Escalation Rent" as used in Section 17.2(A) shall mean the Escalation Rent in effect immediately prior to the Expiration Date, or the date of re-entry upon the Premises by Landlord, as the case may be, adjusted to reflect any increase pursuant to the provisions of Article 27 hereof for the Operating Year immediately preceding such event. Nothing contained in Article 16 hereof or this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2.
Appears in 1 contract
REMEDIES AND DAMAGES. (Aa) If any Event of Default It shall occur, or this Lease and the Term shall expire and come to an end as provided in Article 16 hereof:
(1) Tenant shall quit and peacefully surrender the Premises to be lawful for Landlord, and Landlord and its agents mayat Landlord's election, after the date upon which this Lease and the Term shall expire and come to an endby notice, re-enter the Premises or any part thereofentry, without Notice, either by summary proceedings, or by any other applicable action or proceeding or otherwise, to terminate this Lease or to terminate Tenant's right to possession without terminating this Lease (as Landlord may elect), and may repossess to enter upon the Premises or any part thereof and expel Tenant or any persons or entities occupying the Premises and dispossess Tenant so to repossess and enjoy the Premises. If this Lease or Xxxxxx's right to possession under this Lease shall at any time be terminated under the terms and conditions of this Section 15.2 or in any other persons from way, Tenant hereby covenants and agrees to immediately surrender and deliver up the Premises peaceably to Landlord. Landlord may also (without obligation) perform, or cause to be performed, on behalf and at the expense of Tenant, any obligation of Tenant under this Lease which Tenant has failed to perform, the cost of which shall be deemed additional rent and shall be payable by summary proceedings Tenant to Landlord upon demand. Landlord shall also have the right to exercise any other legal or otherwise and remove equitable right or remedy. In performing or causing the performance of any and all obligations of their property and effects from Tenant, Landlord shall incur no liability for any loss or damage that may accrue to Tenant, the Premises (and Tenant or Tenant's Property by reason thereof. The performance by or on behalf of Landlord of any such obligation shall remain liable for damages as provided herein not constitute a release or pursuant to law); and
(2) Landlord, at Landlord's option, may relet the whole or waiver of any part or parts of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord may determine; provided, however, that Landlord shall exercise reasonable efforts to mitigate any damages related to liability of Tenant Tenant's obligations under this Lease.
(Bb) In Upon termination of this Lease or the event termination of a breach or threatened breach by Tenant, or any persons claiming through or 's rights to possession under Tenant, of any term, covenant or condition of this Lease, Landlord shall have the right to enjoin such breach.
(A) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlordboth, as the case may be;
(2) if , by notice, re-entry, summary proceedings or under any provision of law now or at any time hereinafter in force or otherwise, Landlord has not terminated the Leasemay, at its option, but only without obligation, at any time and from time to time, relet the Premises (or any part thereof) for the account of Tenant or otherwise, at such rentals and upon such terms and conditions as Landlord shall reasonably deem appropriate. Landlord shall receive and collect any such rents therefor, applying the same first to the payment of such expenses as Landlord may have incurred in recovering possession of the Premises, including, without limitation, legal expenses and attorneys' fees, and for putting the same into good order and condition and preparing or altering the same for re-rental, and expenses, commissions and charges paid, assumed or incurred by or on behalf of Landlord in connection with the reletting of the Premises, and then to the fulfillment of the covenants of Tenant under this Lease. Any such reletting or relettings may be for the remainder of the Term of this Lease or for a longer or shorter period, as Landlord elects. In any such case and whether or not the Premises or any part thereof be relet, and notwithstanding any termination of this Lease by Landlord, Tenant shall pay to Landlord the Rent and all other sums payable up to the time of such termination of this Lease or Tenant's right of to possession to the Premisesunder this Lease as aforesaid by Landlord, and thereafter, Tenant also shall be liable for covenants and shall agrees to pay to Landlord, as damages, any deficiency ("Deficiency") between Landlord until the Rental for the period which is the unexpired portion end of the Term the equivalent of the amount of all the Rent and all other sums reserved herein required to be paid by Tenant less the net amountavails of such reletting, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possession, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arisebe due and payable by Tenant to Landlord on the dates ("rent days") such Rent and other sums above specified are due under this Lease. Landlord may file a suit or suits to recover any sums falling due under the terms of this Lease from time to time. In any event, and no suit Landlord shall not be liable for, nor shall Tenant's obligations hereunder be diminished by reason of, any failure by Landlord to relet the Premises or any failure by Landlord to collect any sums due upon such reletting.
(c) In any of the circumstances set forth above in which Landlord shall have the right upon the several rent days herein specified to hold Tenant liable to pay Landlord the equivalent of the amount of all the Deficiency for any month shall prejudice Landlord's right Rent and all other sums required to collect be paid by Tenant less the Deficiency for any subsequent month by a similar proceeding; and
(3) alternativelynet avails of reletting, if Landlord has terminated the Leaseany, Landlord shall be entitled have the election, in place and instead of holding Tenant so liable, forthwith to recover from Tenantagainst Tenant as damages for loss of the bargain, and Tenant shall pay to not as a penalty, the then present worth of the excess (if any), as determined by Landlord, on demand, of (i) the projected Rent and as and all other sums payable by Tenant hereunder that would have accrued for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) balance of the unpaid Rental for term of this Lease less (ii) the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable aggregate rental value of the Premises for the same period, taking into consideration reasonable costs incurred to relet the Premises; if, before presentation of proof balance of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion term. Landlord's determination of the Term, or any part thereof, the amount of rent reserved upon such reletting excess shall be deemed, prima facie, to be the fair conclusive and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) binding upon Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Nothing contained in this Article 17 and shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed have been made in good faith, subject only to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2manifest error.
Appears in 1 contract
Samples: Lease Agreement
REMEDIES AND DAMAGES. (A) If any Event of Default shall occur, or this Lease and the Term shall expire and come to an end as provided in Article 16 hereof18:
(1) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents maymay immediately, or at any time after such Event of Default or after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Noticenotice, either by summary proceedings, or by any other applicable action or proceeding or otherwiseotherwise (without being liable to indictment, prosecution or damages therefor), but excluding by force, and may repossess the Premises and dispossess Tenant and any other persons from the Premises by summary proceedings or otherwise (excluding by force) and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law); and
(2) Landlord, at Landlord's ’s option, may relet the whole or any part or parts of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in Landlord’s sole discretion, may determine; provided, however, that Landlord shall exercise reasonable efforts have no obligation to mitigate relet the Premises or any damages related part thereof and shall in no event be liable for refusal or failure to relet the Premises or any part thereof, or, in the event of any such reletting, for refusal or failure to collect any rent due upon any such reletting, and no such refusal or failure shall operate to relieve Tenant of any liability of Tenant under this LeaseLease or otherwise affect any such liability, and Landlord, at Landlord’s option, may make such Alterations, in and to the Premises as Landlord, in Landlord’s sole discretion, shall consider advisable or necessary in connection with any such reletting or proposed reletting, without relieving Tenant of any liability under this Lease or otherwise affecting any such liability.
(B) Tenant, on its own behalf and on behalf of all persons claiming through or under Tenant, including all creditors, does further hereby waive any and all rights that Tenant and all such persons might otherwise have under any present or future law to redeem the Premises, or to re-enter or repossess the Premises, or to restore the operation of this Lease, after (a) Tenant shall have been dispossessed by a judgment or by warrant of any court or judge, or (b) any re-entry by Landlord, or (c) any expiration or termination of this Lease and the Term, whether such dispossess, re-entry, expiration or termination is by operation of law or pursuant to the provisions of this Lease. The words “re-entry”, “re-enter” and “re-entered” as used in this Lease shall not be deemed to be restricted to their technical legal meanings. In the event of a breach or threatened breach by Tenant, or any persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord shall have the right to enjoin such breach and the right to invoke any other remedy allowed by law or in equity as if re-entry, summary proceedings and other special remedies were not provided in this Lease for such breach. The right to invoke the remedies hereinbefore set forth are cumulative and shall not preclude Landlord from invoking any other remedy allowed at law or in equity.
(A) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof18, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof19.1, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Escalation Rent, other Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency ("“Deficiency"”) between the Rental for the period which is otherwise would have constituted the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(219.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual ’s expenses in connection with the termination of Tenant's right of possessionthis Lease, Landlord's re-entry ’s reentry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, reasonable attorneys' ’ fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's ’s right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if whether or not Landlord has terminated the Leaseshall have collected any monthly Deficiency as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and in lieu of any further Deficiency as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred both discounted to relet present worth at the PremisesBase Rate; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) If the Premises, or any part thereof, shall be relet together with other space in the Building, the rents collected or reserved under any such reletting and the expenses of any such reletting shall be equitably apportioned for the purposes of this Section 19.2. Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Solely for the purposes of this Article 19, the term “Escalation Rent” as used in Section 19.2(A) shall mean the Escalation Rent in effect immediately prior to the Expiration Date, or the date of re-entry upon the Premises by Landlord, as the case may be, plus the scheduled Operating Expense Payment set forth in Schedule C. Nothing contained in Article 18 or this Article 17 19 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.219.2.
Appears in 1 contract
Samples: Lease Agreement (Squarespace, Inc.)
REMEDIES AND DAMAGES. Section 17.1 (A) If any Event of Default shall occur, or this Lease and the Term shall expire and come to an end as provided in Article 16 hereof:
(1) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents maymay immediately, or at any time after such default or after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, thereof without Noticenotice, either by summary proceedings, or by any other applicable action or proceeding, or other suitable action or proceeding at law or otherwiseequity (without being liable to indictment, prosecution or damages therefor), and may repossess the Premises and dispossess Tenant and any other persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law)Premises; and
(2) Landlord, at Landlord's ’s option, may relet the whole or any part or parts of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent rental or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in its sole discretion, may determine; provided, however, that Landlord shall exercise reasonable efforts have no obligation to mitigate any damages related to liability of Tenant under this Lease.
(B) In relet the event of a breach or threatened breach by Tenant, Premises or any persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord part thereof and shall have the right to enjoin such breach.
(A) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall no event be liable for and shall pay to Landlord, as damages, any deficiency ("Deficiency") between the Rental for the period which is the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possession, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if Landlord has terminated the Lease, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred refusal or failure to relet the Premises; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, Premises or any part thereof, are relet by Landlord on a fair and arms-length basis for no such refusal or failure shall operate to relieve Tenant of any liability under this Lease or otherwise affect any such liability, and Landlord, at Landlord’s option, may make such repairs, replacements, alterations, additions, improvements, decorations and other physical changes in and to the period which otherwise would have constituted the unexpired portion of the TermPremises as Landlord, in its reasonable discretion, considers advisable or necessary in connection with any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) Tenant shall in no event be entitled to any rents collected or payable under any proposed reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Nothing contained in this Article 17 shall be deemed to limit or preclude the recovery by Landlord from without relieving Tenant of the maximum amount allowed to be obtained as damages by any statute liability under this Lease or rule of law, or of otherwise affecting any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2such liability.
Appears in 1 contract
Samples: Lease Agreement (Kbw, Inc.)
REMEDIES AND DAMAGES. Section 17.1 (Aa) If any an Event of Default shall occur, or this Lease and Tenant’s rights of possession of the Term Premises shall expire and come to an end as provided in Article 16 hereof16:
(1i) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents maymay immediately, or at any time after such Event of Default or after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Noticenotice, either by summary proceedings, or by any other applicable action or proceeding proceeding, or otherwiseby legal force or other legal means (without being liable to indictment, prosecution or damages therefore), and may repossess the Premises and dispossess Tenant and any other persons Persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law)Premises; and
(2ii) Landlord, at Landlord's ’s option, may relet the whole or any part or parts of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or to tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent rental or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in its sole discretion, may determine; provided, however, that Landlord shall exercise reasonable efforts have no obligation to mitigate any damages related to liability of Tenant under this Lease.
(B) In relet the event of a breach or threatened breach by Tenant, Premises or any persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord part thereof and shall have the right to enjoin such breach.
(A) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall no event be liable for and shall pay to Landlord, as damages, any deficiency ("Deficiency") between the Rental for the period which is the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possession, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if Landlord has terminated the Lease, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred refusal or failure to relet the Premises; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, Premises or any part thereof, are relet by Landlord on a fair or, in the event of any such reletting, for refusal or failure to collect any rent due upon any such reletting, and arms-length basis for no such refusal or failure shall operate to relieve Tenant of any liability under this Lease or otherwise affect any such liability, and Landlord, at Landlord’s option, may make such repairs, replacements, alterations, additions, improvements, decorations and other physical changes in and to the period which otherwise would have constituted the unexpired portion of the TermPremises as Landlord, in its sole discretion, considers advisable or necessary in connection with any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) Tenant shall in no event be entitled to any rents collected or payable under any proposed reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Nothing contained in this Article 17 shall be deemed to limit or preclude the recovery by Landlord from without relieving Tenant of the maximum amount allowed to be obtained as damages by any statute liability under this Lease or rule of law, or of otherwise affecting any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2such liability.
Appears in 1 contract
Samples: Lease Agreement (Rackspace Inc)
REMEDIES AND DAMAGES. (Aa) If any an Event of Default shall occur, or and this Lease and the Term shall expire and come to an end as provided in Article 16 hereof16:
(1i) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents maymay immediately, or at any time after such Event of Default or after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Noticenotice, either by summary proceedings, or by any other applicable action or proceeding proceeding, or otherwiseby legal force or other legal means (without being liable to indictment, prosecution or damages therefor), and may repossess the Premises and dispossess Tenant and any other persons Persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law)Premises; and
(2ii) Landlord, at Landlord's option, may relet the whole or any part or parts of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent rental or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in its sole discretion, may determine; provided, however, that Landlord shall exercise reasonable efforts have no obligation to mitigate relet the Premises or any damages related part thereof and shall in no event be liable for refusal or failure to relet the Premises or any part thereof, or, in the event of any such reletting, for refusal or failure to collect any rent due upon any such reletting, and no such refusal or failure shall operate to relieve Tenant of any liability of Tenant under this LeaseLease or otherwise affect any such liability, and Landlord, at Landlord's option, may make such repairs, replacements, alterations, additions, improvements, decorations and other physical changes in and to the Premises as Landlord, in its sole discretion, considers advisable or necessary in connection with any such reletting or proposed reletting, without relieving Tenant of any liability under this Lease or otherwise affecting any such liability.
(Bb) Tenant hereby waives the service of any notice of intention to re-enter or to institute legal proceedings to that end which may otherwise be required to be given under any present or future law. Tenant, on its own behalf and on behalf of all Persons claiming through or under Tenant, including all creditors, does further hereby waive any and all rights which Tenant and all such Persons might otherwise have under any present or future law to redeem the Premises, or to re-enter or repossess the Premises, or to restore the operation of this Lease, after (i) Tenant shall have been dispossessed by a judgment or by warrant of any court or judge, (ii) any re-entry by Landlord, or (iii) any expiration or termination of this Lease and the Term, whether such dispossess, re-entry, expiration or termination shall be by operation of law or pursuant to the provisions of this Lease. The words "re-enter", "re-entry" and "re-entered" as used in this Lease shall not be deemed to be restricted to their technical legal meanings. In the event of a breach or threatened breach by Tenant, or any persons Persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord shall have the right to enjoin such breach.
(A) If this Lease breach and the Term shall expire and come right to an end as provided in Article 2 hereof, or by or under any summary proceeding or invoke any other action remedy allowed by law or proceeding, or in equity as if Landlord shall re-enter the Premises as provided in Section 17.1 hereofentry, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Rent proceedings and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2) if Landlord has special remedies were not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency ("Deficiency") between the Rental for the period which is the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possession, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified provided in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if Landlord has terminated the Lease, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred to relet the Premises; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Nothing contained in this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2.such
Appears in 1 contract
REMEDIES AND DAMAGES. (A) If there shall occur any Event of Default shall occurDefault, or and this ------------- Lease and the Term shall expire and come to an end as provided in Article 16 hereof:
(1) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents maymay immediately, or at any time after such default or after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Noticenotice, either by summary proceedings, or by any other applicable action or proceeding proceeding, or otherwiseby force or otherwise (without being liable to indictment, prosecution or damages therefor), and may repossess the Premises and dispossess Tenant and any other persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law)Premises; and
(2) Landlord, at Landlord's option, may relet the whole or any part portion or parts portions of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent rental or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in its sole discretion, may determine; provided, however, that Landlord shall exercise reasonable efforts have no obligation to mitigate relet the Premises or any damages related part thereof and shall in no event be liable for refusal or failure to relet the Premises or any part thereof, or, in the event of any such reletting, for refusal or failure to collect any rent due upon any such reletting, and no such refusal or failure shall operate to relieve Tenant of any liability of Tenant under this LeaseLease or otherwise affect any such liability, and Landlord, at Landlord's option, may make such repairs, replacements, alterations, additions, improvements, decorations and other physical changes in and to the Premises as Landlord, in its sole discretion, considers advisable or necessary in connection with any such reletting or proposed reletting, without relieving Tenant of any liability under this Lease or otherwise affecting any such liability.
(B) Tenant hereby waives the service of any notice of intention to re-enter or to institute legal proceedings to that end which may otherwise be required to be given under any present or future law. Tenant, on its own behalf and on behalf of all persons claiming through or under Tenant, including all creditors, does further hereby waive any and all rights which Tenant and all such persons might otherwise have under any present or future law to redeem the Premises, or to re-enter or repossess the Premises, or to restore the operation of this Lease, after (a) Tenant shall have been dispossessed by a judgment or by warrant of any court or judge, or (b) any re-entry by Landlord, or (c) any expiration or termination of this Lease and the Term, whether such dispossess, re-entry, expiration or termination shall be by operation of law or pursuant to the provisions of this Lease. The words "re-enter," "re-entry" and "re-entered" as used in this Lease shall not be deemed to be restricted to their technical legal meanings. In the event of a breach or threatened breach by Tenant, or any persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord shall have the right to enjoin such breach and the right to invoke any other remedy allowed by law or in equity as if re-entry, summary proceedings and other special remedies were not provided in this Lease for such breach. The right to invoke the remedies hereinbefore set forth are cumulative and shall not preclude Landlord from invoking any other remedy allowed at law or in equity.
(A) If this Lease and the Term shall expire and come to an ------------- end as provided in Article 2 16 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof17.1, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Escalation Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency (referred to as "Deficiency") between the Rental for ---------- the period which is otherwise would have constituted the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of clause (2) of Section 17.1(A)(217.1 (A) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possessionthis Lease, Landlord's re-entry upon the Premises and with such reletting reletting, including, but not limited to, all repossession costs, brokerage commissions, legal expenses, attorneys' fees and disbursements, alteration costs costs, contribution to work and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if whether or not Landlord has terminated the Leaseshall have collected any monthly Deficiency as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and in lieu of any further Deficiency as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term (commencing on the date immediately succeeding the last date with respect to which a Deficiency, if any, was collected) exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred both discounted to relet present worth at the PremisesBase Rate; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are shall have been relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to ----------- be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) If the Premises, or any part thereof, shall be relet together with other space in the Building, the rents collected or reserved under any such reletting and the expenses of any such reletting shall be equitably apportioned for the purposes of this Section 17.2. Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents shall exceed the Fixed Rent reserved in this Lease. Solely for the purposes of this Article 17, the term "Escalation Rent" as used in Section 17.2(A) shall mean the Escalation Rent in effect immediately prior to the Expiration Date, or the date of re-entry upon the Premises by 50 Landlord, as the case may be, adjusted to reflect any increase pursuant to the provisions of Article 27 hereof for the Comparison Year immediately preceding such event. Nothing contained in Article 16 hereof or this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2.
Appears in 1 contract
Samples: Lease Agreement (Xoom Inc)
REMEDIES AND DAMAGES. (A) If any Event of Default shall occur, or this Lease and the Term shall expire and come to an end as provided in Article 16 hereof18:
(1) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents maymay immediately, or at any time after such Event of Default or after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Notice, either by summary proceedings, or by any other applicable legal action or legal proceeding (without being liable to indictment, prosecution or otherwisedamages therefor), but excluding by force, and may repossess the Premises and dispossess Tenant and any other persons from the Premises by summary proceedings or otherwise (excluding by force) and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law); and
(2) Landlord, at Landlord's ’s option, may relet the whole or any part or parts of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in Landlord’s sole discretion, may determine; provided, however, that Landlord shall exercise reasonable efforts have no obligation to mitigate relet the Premises or any damages related part thereof and shall in no event be liable for refusal or failure to relet the Premises or any part thereof, or, in the event of any such reletting, for refusal or failure to collect any rent due upon any such reletting, and no such refusal or failure shall operate to relieve Tenant of any liability of Tenant under this LeaseLease or otherwise affect any such liability, and Landlord, at Landlord’s option, may make such Alterations, in and to the Premises as Landlord, in Landlord’s sole discretion, shall consider advisable or necessary in connection with any such reletting or proposed reletting, without relieving Tenant of any liability under this Lease or otherwise affecting any such liability.
(B) Tenant hereby waives the service of any notice of intention to re-enter or to institute legal proceedings to that end that may otherwise be required to be given under any present or future law. Tenant, on its own behalf and on behalf of all persons claiming through or under Tenant, including all creditors, does further hereby waive any and all rights that Tenant and all such persons might otherwise have under any present or future law to redeem the Premises, or to re-enter or repossess the Premises, or to restore the operation of this Lease, after (a) Tenant shall have been dispossessed by a judgment or by warrant of any court or judge, or (b) any re-entry by Landlord, or (c) any expiration or termination of this Lease and the Term, whether such dispossess, re-entry, expiration or termination is by operation of law or pursuant to the provisions of this Lease. The words “re-entry”, “re-enter” and “re-entered” as used in this Lease shall not be deemed to be restricted to their technical legal meanings. In the event of a breach or threatened breach by Tenant, or any persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord shall have the right to enjoin such breach and the right to invoke any other remedy allowed by law or in equity as if re-entry, summary proceedings and other special remedies were not provided in this Lease for such breach. The right to invoke the remedies hereinbefore set forth are cumulative and shall not preclude Landlord from invoking any other remedy allowed at law or in equity.
(A) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof18, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof19.1, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Escalation Rent, other Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency ("“Deficiency"”) between the Rental for the period which is otherwise would have constituted the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(219.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual ’s expenses in connection with the termination of Tenant's right of possessionthis Lease, Landlord's re-entry ’s reentry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' ’ fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's ’s right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if whether or not Landlord has terminated the Leaseshall have collected any monthly Deficiency as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and in lieu of any further Deficiency as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred both discounted to relet present worth at the PremisesBase Rate; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be evidence of the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) If the Premises, or any part thereof, shall be relet together with other space in the Building, the rents collected or reserved under any such reletting and the expenses of any such reletting shall be equitably apportioned for the purposes of this Section 19.2. Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Solely for the purposes of this Article 19, the term “Escalation Rent” as used in Section 19.2(A) shall mean the Escalation Rent in effect immediately prior to the Expiration Date, or the date of re-entry upon the Premises by Landlord, as the case may be, adjusted to reflect any increase pursuant to the provisions of Article 3 hereof for the Operating Year immediately preceding such event. Nothing contained in Article 18 or this Article 17 19 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.219.2.
Appears in 1 contract
REMEDIES AND DAMAGES. (A) If A. Upon the occurrence of any Event event of Default described in Section 16.01, Landlord, without any notice or demand whatsoever, shall occurhave all the rights and remedies provided in this Section 16.02, in addition to all other rights and remedies available under this Lease or provided at law or in equity.
B. Upon the occurrence of any event of Default described in Section 16.01, Landlord may, upon notice to Tenant, terminate this Lease, or terminate Tenant's right to possession of the Leased Premises without terminating this Lease (as Landlord may elect). If the Lease or Xxxxxx's right to possession under this Lease are at any time terminated under this Section, or otherwise, Xxxxxx shall immediately surrender and deliver the Term shall expire and come to an end as provided in Article 16 hereof:
(1) Tenant shall quit and peacefully surrender the Leased Premises peaceably to Landlord. If Tenant fails to do so, and Landlord and its agents may, after the date upon which this Lease and the Term shall expire and come be entitled to an end, re-enter the Premises or any part thereofin accordance with all applicable Laws, without Noticeprocess and without notice (any notice to quit or of re-entry being hereby expressly waived), either by summary proceedingsusing such force as may be reasonably necessary; and, or by any other applicable action or proceeding or otherwisealternatively, and may repossess shall be entitled to the benefit of all provisions of law respecting the speedy recovery of possession of the Leased Premises and dispossess Tenant and any other persons from the Premises (whether by summary proceedings or otherwise) any notice to quit or of re-entry being expressly waived.
C. Upon the occurrence of any event of Default described in this Section, Landlord may also perform, on behalf and at the expense of Tenant, any obligation of Tenant under this Lease which Tenant fails to perform, the cost of which shall be paid by Tenant to Landlord upon demand. In performing any obligations of Tenant, Landlord shall incur no liability for any loss or damage that may accrue to Tenant, the Leased Premises or Tenant’s Property by reason thereof, except if caused by Landlord’s willful, wanton and malicious act. The performance by Landlord of any such obligation shall not constitute a release or waiver of any of Tenant’s obligations under this Lease.
D. Upon termination of this Lease or of Tenant's right to possession under this Lease, Landlord may at any time and from time to time relet all or any part of the Leased Premises for the account of Tenant or otherwise, at such rentals and upon such terms and conditions as Landlord shall deem appropriate. In the event that Landlord shall relet the Leased Premises, then rentals received by Landlord from such reletting shall be applied: first, to the payment of such reasonable expenses as Landlord may incur in recovering possession of the Leased Premises, including reasonable legal expenses and attorneys’ fees, in placing the Leased Premises in good order and condition and in preparing or altering the same for re-rental; second, to the payment of such reasonable expenses, commissions and charges as may be incurred by or on behalf of Landlord in connection with the reletting of the Leased Premises; and third, to the fulfillment of the covenants of Tenant under the Lease, including the various covenants to pay Rent. Any reletting by Landlord shall not be construed as an election by Landlord to terminate this Lease unless notice of such intention is given by Landlord to Tenant. Notwithstanding any reletting without termination of this Lease, Landlord may at any time thereafter elect to terminate this Lease. Landlord shall use reasonable efforts to relet or otherwise and remove use the Leased Premises to mitigate the damages hereunder. In any and all event, Landlord shall not be liable for, nor shall Tenant's obligations hereunder be diminished by reason of, any failure by Landlord to relet the Leased Premises or any failure by Landlord to collect any sums due upon such reletting.
E. If this Lease, or Xxxxxx’s right to possession of their property and effects from the Premises (and Leased Premises, is terminated by Landlord pursuant to the provisions of this Section, Tenant nevertheless shall remain liable to Landlord for (a) any Rent, damages as provided herein or pursuant other sums which may be due or sustained prior to law); and
such termination, (2b) Landlordall reasonable costs, at Landlord's optionfees and expenses (including attorneys’ fees, may relet brokerage commissions, advertising costs, and expenses incurred in placing the whole or any part or parts Leased Premises in rentable condition) incurred by Landlord in pursuit of its remedies hereunder and in renting the Leased Premises to others from time to time, either but discounted based on the number of years remaining in the name Term hereof (by way of example only, if the Default occurs in the 20th Lease Year, Tenant shall be liable only for 20% (5 of 25 years remaining in the Term) of Landlord’s costs of reletting); and (c) an amount equal to the Rent (excluding any Rent Credit or Additional Rent Credit) which would have become due from the date of such termination through the expiration of the Term (or what would have been the expiration of the Term but for any termination thereof), less the net avails of reletting which Landlord or otherwise, receives during such period from others to such tenant or tenants, for such term or terms ending before, on or after whom the Fixed Expiration Date, at such rent or rentals and upon such other conditionsLeased Premises may be rented, which may include concessions amount shall be due and free rent periods, as Landlord may determine; provided, however, that Landlord shall exercise reasonable efforts to mitigate any damages related to liability of Tenant under this Lease.
(B) In the event of a breach or threatened breach by Tenant, or any persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord shall have the right to enjoin such breach.
(A) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to on the date upon which this Lease dates such Rent and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2) if Landlord has not terminated other sums above specified are due under the Lease, but only Tenant's right of possession . Any suit or action brought to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency ("Deficiency") between the Rental for the period which is the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(2) for any part of such period (after first deducting from the rents collected under collect any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possession, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency damages for any month shall not in any manner prejudice Landlord's the right of Landlord to collect the Deficiency any damages for any subsequent month by a similar proceeding; and.
(3) alternatively, if Landlord has terminated the Lease, Landlord shall be entitled to recover from Tenant, and F. Tenant shall pay to Landlord, on demand, and as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred to relet the Premises; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) Tenant shall in no event not be entitled to any rents collected Rent Credit on any day during which a Default by Tenant exists under the Lease. Further, upon termination of this Lease or of Tenant's right to possession, Tenant shall lose the benefit of the Rent Credit and such Rent Credit shall immediately become null and void and Annual Base Rent due and payable under any reletting, whether or the Lease shall thereafter be computed from the date of such termination as if such Rent Credit did not such rents exceed the Fixed Rent reserved in this Lease. Nothing contained in this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2exist.
Appears in 1 contract
Samples: Lease Agreement
REMEDIES AND DAMAGES. Section 19.1. (A) If any Event of Default shall occur, or this Lease and the Term shall expire and come to an end as provided in Article 16 hereof18:
(1) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents maymay immediately, or at any time after such Event of Default or after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Noticenotice, either by summary proceedings, or by any other applicable action or proceeding proceeding, or otherwiseby force or otherwise (without being liable to indictment, prosecution or damages therefor), and may repossess the Premises and dispossess Tenant and any other persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law); and
(2) Landlord, at Landlord's ’s option, may relet the whole or any part or parts of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in Landlord’s sole discretion, may determine; provided, however, that Landlord shall exercise reasonable efforts have no obligation to mitigate any damages related to liability of Tenant under this Lease.
(B) In relet the event of a breach or threatened breach by Tenant, Premises or any persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord part thereof and shall have the right to enjoin such breach.
(A) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall no event be liable for and shall pay to Landlord, as damages, any deficiency ("Deficiency") between the Rental for the period which is the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possession, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if Landlord has terminated the Lease, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred refusal or failure to relet the Premises; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, Premises or any part thereof, are relet by Landlord on a fair or, in the event of any such reletting, for refusal or failure to collect any rent due upon any such reletting, and arms-length basis for no such refusal or failure shall operate to relieve Tenant of any liability under this Lease or otherwise affect any such liability, and Landlord, at Landlord’s option, may make such Alterations, in and to the period which otherwise would have constituted the unexpired portion of the TermPremises as Landlord, in Landlord’s sole discretion, shall consider advisable or necessary in connection with any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) Tenant shall in no event be entitled to any rents collected or payable under any proposed reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Nothing contained in this Article 17 shall be deemed to limit or preclude the recovery by Landlord from without relieving Tenant of the maximum amount allowed to be obtained as damages by any statute liability under this Lease or rule of law, or of otherwise affecting any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2such liability.
Appears in 1 contract
Samples: Lease Agreement (Ampex Corp /De/)
REMEDIES AND DAMAGES. (A) If any Event of Default shall occur, or this Lease and the Term shall expire and come to an end as provided in Article 16 hereof18:
(1) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents maymay immediately, or at any time after such Event of Default or after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Noticenotice, either by summary proceedings, or by any other applicable action or proceeding proceeding, or otherwiseby force or otherwise (without being liable to indictment, prosecution or damages therefor), and may repossess the Premises and dispossess Tenant and any other persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law); and
(2) Landlord, at Landlord's option, may relet the whole or any part or parts of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in Landlord's sole discretion, may determine; provided, however, that Landlord shall exercise reasonable efforts have no obligation to mitigate relet the Premises or any damages related part thereof and shall in no event be liable for refusal or failure to relet the Premises or any part thereof, or, in the event of any such reletting, for refusal or failure to collect any rent due upon any such reletting, and no such refusal or failure shall operate to relieve Tenant of any liability of Tenant under this LeaseLease or otherwise affect any such liability, and Landlord, at Landlord's option, may make such Alterations, in and to the Premises as Landlord, in Landlord's sole discretion, shall consider advisable or necessary in connection with any such reletting or proposed reletting, without relieving Tenant of any liability under this Lease or otherwise affecting any such liability.
(B) Tenant hereby waives the service of any notice of intention to re-enter or to institute legal proceedings to that end that may otherwise be required to be given under any present or future law. Tenant, on its own behalf and on behalf of all persons claiming through or under Tenant, including all creditors, does further hereby waive any and all rights that Tenant and all such persons might otherwise have under any present or future law to redeem the Premises, or to re-enter or repossess the Premises, or to restore the operation of this Lease, after (a) Tenant shall have been dispossessed by a judgment or by warrant of any court or judge, or (b) any re-entry by Landlord, or (c) any expiration or termination of this Lease and the Term, whether such dispossess, re-entry, expiration or termination is by operation of law or pursuant to the provisions of this Lease. The words "re-entry", "re-enter" and "re-entered" as used in this Lease shall not be deemed to be restricted to their technical legal meanings. In the event of a breach or threatened breach by Tenant, or any persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord shall have the right to enjoin such breach and the right to invoke any other remedy allowed by law or in equity as if re-entry, summary proceedings and other special remedies were not provided in this Lease for such breach. The right to invoke the remedies hereinbefore set forth are cumulative and shall not preclude Landlord from invoking any other remedy allowed at law or in equity.
(A) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof18, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof19.1, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Escalation Rent, other Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency ("Deficiency") between the Rental for the period which is otherwise would have constituted the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(219.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possessionthis Lease, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if whether or not Landlord has terminated the Leaseshall have collected any monthly Deficiency as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and in lieu of any further Deficiency as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred both discounted to relet present worth at four (4%) percent per annum less than the PremisesBase Rate; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) If the Premises, or any part thereof, shall be relet together with other space in the Building, the rents collected or reserved under any such reletting and the expenses of any such reletting shall be equitably apportioned for the purposes of this Section 19.2. Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Solely for the purposes of this Article 19, the term "Escalation Rent" as used in Section 19.2(A) shall mean the Escalation Rent in effect immediately prior to the Expiration Date, or the date of re-entry upon the Premises by Landlord, as the case may be, adjusted to reflect any increase pursuant to the provisions of Article 3 hereof for the Operating Year immediately preceding such event. Nothing contained in Article 18 or this Article 17 19 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.219.2.
Appears in 1 contract
Samples: Lease Agreement (Ampex Corp /De/)
REMEDIES AND DAMAGES. (A1) If any an Event of Default shall occuroccur and be continuing, or if any execution or attachment shall be issued against Tenant or any of Tenant's property whereupon the Premises shall be taken or occupied or attempted to be taken or occupied by someone other than Tenant, or if Tenant shall fail to move into or take possession of the Premises within ninety (90) days after the Commencement Date, or if this Lease and the Term shall expire and come to an end as provided in Article 16 hereof17:
(1a) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents mayand servants may immediately, or at any time after such default or after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Noticenotice, either by summary proceedings, or by any other applicable action or proceeding proceeding, or otherwiseby force or otherwise (without being liable to indictment, prosecution or damages therefor), and may repossess the Premises and dispossess Tenant and any other persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law)Premises; and
(2b) Landlord, at Landlord's option, may relet the whole or any part or parts of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent rental or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in its sole discretion, may determine; provided, however, that . Landlord shall exercise reasonable efforts have no obligation to mitigate relet the Premises or any damages related part thereof and shall in no event be liable for refusal or failure to relet the Premises or any part thereof, or, in the event of any such reletting, for refusal or failure to collect any rent due upon any such reletting, and no such refusal or failure shall operate to relieve Tenant of any liability of Tenant under this LeaseLease or otherwise to affect any such liability; Landlord, at Landlord's option, may make such repairs, replacements, alterations, additions, improvements, decorations and other physical changes in and to the Premises as Landlord, in its sole discretion, considers advisable or necessary in connection with any such reletting or proposed reletting, without relieving Tenant of any liability under this Lease or otherwise affecting any such liability.
(B2) Tenant hereby waives the service of any notice of intention to re- enter or to institute legal proceedings to that end which may otherwise be required to be given under any present or future law. Tenant, on its own behalf and on behalf of all persons claiming through or under Tenant, including all creditors, does further hereby waive any and all rights which Tenant and all such persons might otherwise have under any present or future law to redeem the Premises, or to re-enter or repossess the Premises, or to restore the operation of this Lease, after (i) Tenant shall have been dispossessed by a judgment or by warrant of any court or judge. or (ii) any re-entry by Landlord, or (iii) any expiration or termination of this Lease and the Term, whether such dispossess, re-entry, expiration or termination shall be by operation of law or pursuant to the provisions of this Lease. The words "RE-ENTER", "RE-ENTRY" and "RE-ENTERED" as used in this Lease shall not be deemed to be restricted to their technical legal meanings. In the event of a breach or threatened breach by Tenant, or any persons claiming through or under Tenant, of any term, covenant or condition of this LeaseLease on Tenant's part to be observed or performed, Landlord shall have the right to enjoin such breach and the right to invoke any other remedy allowed by law or in equity as if re-entry, summary proceedings and other special remedies were not provided in this Lease for such breach. The right to invoke the remedies hereinbefore set forth are cumulative and shall not preclude Landlord from invoking any other remedy allowed at law or in equity.
18.2 (A1) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof17, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereofsubsection 18.1, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1a) Tenant shall pay to Landlord all Fixed Rent, Additional Rent additional rent and other items of Rental charges payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2b) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency (referred to as "DeficiencyDEFICIENCY") between the Rental Rent reserved in this Lease for the period which is otherwise would have constituted the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(2subsection 18.l(l) for any part of such period (after first deducting from the rents collected under any such reletting period. The Deficiency shall also include all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possessionthis Lease, or Landlord's re-entry upon the Premises and with such reletting including, but not limited to, all reasonable repossession costs, brokerage commissions, legal expenses, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any . Any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; , Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3c) alternatively, if whether or not Landlord has terminated the Leaseshall have collected any monthly Deficiencies as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and in lieu of any further Deficiencies as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental Rent reserved in this Lease for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred less the aggregate amount of Deficiencies theretofore collected by Landlord pursuant to relet the Premisesprovisions of subsection 18.2(1)(b) for the same period; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are shall have been relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
. For purposes of this calculation, (Bi) Tenant all additional rent charges due hereunder shall be calculated on the assumption that they would continue to increase at the average rate of increase of additional rent charges in no event be entitled to any rents collected the 24 previous months (or payable under any relettingduring the prior term hereunder if less); and, whether or (ii) at Landlord's election, the "fair and reasonable rate", if the Premises are not such rents exceed the Fixed Rent reserved in this Lease. Nothing contained in this Article 17 re-let, shall be deemed to limit or preclude be the recovery by Landlord from Tenant rentable square footage of the maximum amount allowed to be obtained as damages Premises multiplied by any statute or rule of lawthe discounted average rental per square foot in the last three new leases (excluding renewals) written for space in the Building, (or, if fewer than three leases have been written in the previous three months, the most recent lease, or of any sums leases in those three months) discounting for brokerage fees, free rent periods, landlord work letters, and similar expenses, and without reference to any additional rent, escalation or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2percentage rent clauses therein.
Appears in 1 contract
Samples: Lease Agreement (Salon Internet Inc)
REMEDIES AND DAMAGES. (Aa) If any an Event of Default shall occur, or and this Lease and the Term shall expire and come to an end as provided in Article 16 hereof16:
(1i) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents maymay immediately, or at any time after such Event of Default or after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Noticenotice, either by summary proceedings, or by any other applicable action or proceeding proceeding, or otherwiseby legal force or other legal means (without being liable to indictment, prosecution or damages therefor), and may repossess the Premises and dispossess Tenant and any other persons Persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law)Premises; and
(2ii) Landlord, at Landlord's option, may relet the whole or any part or parts of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent rental or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in its sole discretion, may determine; provided, however, that Landlord shall exercise reasonable efforts have no obligation to mitigate relet the Premises or any damages related part thereof and shall in no event be liable for refusal or failure to relet the Premises or any part thereof, or, in the event of any such reletting, for refusal or failure to collect any rent due upon any such reletting, and no such refusal or failure shall operate to relieve Tenant of any liability of Tenant under this LeaseLease or otherwise affect any such liability, and Landlord, at Landlord's option, may make such repairs, replacements, alterations, additions, improvements, decorations and other physical changes in and to the Premises as Landlord, in its sole discretion, considers advisable or necessary in connection with any such reletting or proposed reletting, without relieving Tenant of any liability under this Lease or otherwise affecting any such liability.
(Bb) Tenant hereby waives the service of any notice of intention to re-enter or to institute legal proceedings to that end which may otherwise be required to be given under any present or future law. Tenant, on its own behalf and on behalf of all Persons claiming through or under Tenant, including all creditors, does further hereby waive any and all rights which Tenant and all such Persons might otherwise have under any present or future law to redeem the Premises, or to re-enter or repossess the Premises, or to restore the operation of this Lease, after (i) Tenant shall have been dispossessed by a judgment or by warrant of any court or judge, (ii) any re-entry by Landlord, or (iii) any expiration or termination of this Lease and the Term, whether such dispossess, re-entry, expiration or termination shall be by operation of law or pursuant to the provisions of this Lease. The words "re-enter," re-entry" and "re-entered" as used in this Lease shall not be deemed to be restricted to their technical legal meanings. In the event of a breach or threatened breach by Tenant, or any persons Persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord shall have the right to enjoin such breach and the right to invoke any other remedy allowed by law or in equity as if re-entry, summary proceedings and other special remedies were not provided in this Lease for such breach. The rights to invoke the remedies hereinbefore set forth are cumulative and shall not preclude Landlord from invoking any other remedy allowed at law or in equity.
(Aa) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof16, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof17.1, or by or under any summary proceeding or any other action or proceeding, then, in any of said such events:
(1i) Tenant shall pay to Landlord all Fixed Rent, Rent and Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2ii) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency (the "Deficiency") between the Rental (A) Fixed Rent and Additional Rent for the period which is otherwise would have constituted the unexpired portion of the Term (conclusively presuming the Additional Rent for each year thereof to be the same as was payable for the year immediately preceding such termination or re-entry), and (B) the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(217.1(a)(ii) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possessionthis Lease, Landlord's re-entry upon the Premises and with such reletting including, but not limited to, including all repossession costs, brokerage commissions, legal expenses, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to ). Tenant shall pay the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; , and Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no . No suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3iii) alternatively, if whether or not Landlord has terminated the Leaseshall have collected any monthly Deficiency as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and in lieu of any further Deficiency as and for liquidated and agreed final damages, a sum equal (A) to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental Fixed Rent and Additional Rent for the period which otherwise would have constituted the unexpired portion of the Term (conclusively presuming the Additional Rent for each year thereof to be the same as was payable for the year immediately preceding such termination or re-entry) exceeds the present value (calculated using the Base Rate as the discount rateB) of the then fair and reasonable rental value of the Premises Premises, including Additional Rent for the same period, taking into consideration reasonable costs incurred both discounted to relet present value at the Premises; ifrate of four percent (4%) per annum less (C) the aggregate amount of Deficiencies previously collected by Landlord pursuant to the provisions of Section 17.2(a)(ii) for the same period. If, before presentation of proof of such liquidated damages to any court, commission or tribunal, Landlord shall have relet the Premises, Premises or any part thereof, are relet by Landlord on a fair and arms-length basis thereof for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon net rents collected in connection with such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(Bb) If Landlord shall relet the Premises, or any part thereof, together with other space in the Building, the net rents collected under any such reletting and the expenses of any such reletting shall be equitably apportioned for the purposes of this Section 17.2. Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents shall exceed the Fixed Rent reserved in this Lease. Nothing contained in Article 16 or this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2.
Appears in 1 contract
Samples: Lease Agreement (Ibasis Inc)
REMEDIES AND DAMAGES. (Aa) If any Event of Default shall occuroccurs, Landlord may, at its option and in addition to any and all other rights or remedies provided Landlord in this Lease and/or at law or equity, immediately, or at any time thereafter, and without demand or notice (except as may be otherwise provided herein):
(i) without waiving the Event of Default, apply all or part of the security deposit, if any, to cure the Event of Default and Tenant shall on demand restore the security deposit to its original amount;
(ii) without waiving such Event of Default, apply thereto any overpayment of Rents to curing the Event of Default in lieu of refunding or crediting the same to Tenant;
(iii) if the Event of Default pertains to work or other obligations (other than the payment of Rents) to be performed by Tenant, without waiving such Event of Default, enter upon the Premises and perform such work or other obligation, or cause such work or other obligation to be performed, for the account of Tenant; and Tenant shall on demand pay to Landlord the cost of performing such work or other obligation plus fifteen percent (15%) thereof as administrative costs;
(iv) terminate this Lease and the Term shall expire and come (a) without notice, any notice to quit, or of Landlord's intention to re-enter being hereby expressly waived, if due to an end Event of Default which arises as provided in Article 16 hereof:
the result of the expiration of the applicable cure period, or (1b) after the expiration of five (5) days from the date Landlord gives Tenant shall notice of its intention to terminate this Lease (without additional notice, any such notice to quit and peacefully surrender the Premises or of Landlord's intention to Landlordre-enter being hereby expressly waived), if such Event of Default does not contain a cure period, and Landlord may proceed to recover possession under and its agents mayby virtue of the provisions of the laws of the Commonwealth of Virginia or by such other proceedings (including re-entry and possession) as may be applicable. If Landlord elects to terminate this Lease, after the date upon which obligations herein contained on the part of Landlord to be performed shall cease without prejudice. Landlord shall not be liable in any way whatsoever in connection with any action it takes pursuant to the foregoing. Notwithstanding any such reentry, repossession, dispossession or removal, Tenant's liability under all provisions of this Lease, including without limitation the payment of all future Rents, shall survive and continue.
(b) Should this Lease and be terminated before the expiration of the Term by reason of an Event of Default as hereinabove provided, or if Tenant shall expire and come to an end, re-enter abandon or vacate the Premises before the expiration or any part thereoftermination of the Term, the Premises may be relet by Landlord, for such rental and upon such terms as Landlord, in its sole discretion deems reasonable, and, if the full Rents, and other charges provided for herein shall not be realized by Landlord, then, notwithstanding the termination of this Lease, Tenant shall be liable for all damages sustained by Landlord, including, without Noticelimitation, either deficiency in Rents, reasonable attorneys' fees, other collection costs, all court costs and all other expenses (including, without limitation, leasing commissions) of placing the Premises in first-class rentable condition. Tenant agrees that any reletting activities conducted by summary proceedings, or by any other applicable action or proceeding or otherwiseLandlord shall be conclusively deemed to be reasonable, and may repossess the Premises Tenant hereby agrees to and dispossess Tenant and does hereby waive any other persons from the Premises by summary proceedings defense of failure to mitigate or otherwise and remove any and all relating to mitigation of their property and effects from damages, in a dispute between the Premises (and Tenant shall remain liable for damages as provided herein parties arising out of this Lease. Any damage or pursuant to law); and
(2) loss sustained by Landlord may be recovered by Landlord, at Landlord's option, may relet at the whole or any part or parts time of the Premises reletting, or in separate actions, from time to time, either in the name of Landlord or otherwiseas said damage shall have been made more easily ascertainable by successive relettings, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Dateor, at such rent or rentals and upon such other conditionsLandlord's option, may be deferred until the expiration of the Term, in which may include concessions and free rent periods, as Landlord may determine; provided, however, that Landlord event the cause of action shall exercise reasonable efforts not be deemed to mitigate any damages related to liability have accrued until the date of Tenant under this Leaseexpiration of the Term.
(Bc) In the event of a breach or threatened breach by Tenant, or any persons claiming through or under Tenant, of any term, covenant or condition of If Landlord terminates this Lease, Landlord shall have the right right, at any time, at its option, to enjoin such breach.
(A) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Rent and other items of Rental payable under this Lease by require Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, on demand, as liquidated and agreed final damages in lieu of Tenant's liability under Section 24.2(b), the following amounts: (i) the unamortized costs of any abatement or reduction of Fixed Minimum Rent, Additional Charges and other charges or concessions given by Landlord to or on behalf of Tenant (including without limitation the unamortized portion of leasing commissions), (ii) any cash payments, or allowances given to Tenant, and (iii) an amount equal to the difference between (x) the Fixed Minimum Rent and Percentage Rent, which would have been payable from the date of such payment to the date when this Lease would have expired, if it had not been terminated, and (y) the THEN PRESENT RENTAL value of the Premises (less the costs of leasing and rental concessions) for the same period, reduced to present value using an interest rate of six percent (6%). Upon payment of such liquidated and agreed final damages, Tenant shall be released from all further liability under this Lease with respect to the period after the date of such demand. If, after the Event of Default giving rise to the termination of this Lease, but before presentation of proof of such liquidated damages, the Premises, or any deficiency part thereof, shall be relet by Landlord for a term of one ("Deficiency"1) between year or more, the Rental amount of the Fixed Minimum Rent and Percentage Rent reserved upon such reletting shall be deemed to be the fair rental value for the period which is the unexpired portion part of the Term and Premises so relet during the net amountterm of such reletting.
(d) In computing damages or rental due under this Lease, if any, the value of rents collected under the Percentage Rent for any reletting effected pursuant period subsequent to the provisions termination of Section 17.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with this Lease, or the termination of Tenant's right of possession, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord included and shall be entitled an amount per year equal to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount one-third of the Deficiency total Percentage Rent chargeable to Tenant for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
last three (3) alternativelyfull Lease Years immediately preceding such termination, and if less than three (3) full years shall have elapsed, such value shall be an amount per year equal to the average yearly Percentage Rent theretofore payable by Tenant.
(e) The rights and remedies of Landlord has terminated set forth herein shall be in addition to any other right and remedy now and hereafter provided by law and/or in equity; all such rights and remedies shall be cumulative and not exclusive of each other; Landlord may exercise such rights and remedies at such times, in such manner, to such extent, and as often as Landlord deems advisable, without regard to whether the exercise of one right or remedy precedes, concurs with or succeeds the exercise of another; a single or partial exercise of a right or remedy shall not preclude (i) a further exercise thereof, or (ii) the exercise of another right of or impair the same or constitute a waiver of, or acquiescence in, an Event of Default.
(f) Notwithstanding anything to the contrary contained in this Lease, Landlord shall be entitled use reasonable efforts to recover from Tenantmitigate its damages hereunder, and Tenant shall pay to Landlordprovided, on demandhowever, and as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred to relet the Premises; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) Tenant shall in no event shall Landlord be entitled obligated to any rents collected or payable under any reletting, whether or not such rents exceed re-rent the Fixed Rent reserved Premises before it leases all other comparable space in this Lease. Nothing contained in this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2Premises.
Appears in 1 contract
Samples: Deed of Lease (Ciao Cucina Corp)
REMEDIES AND DAMAGES. Section 17.1 (A) If there shall occur any Event of Default shall occurDefault, or and this Lease and the Term shall expire and come to an end as provided in Article 16 hereof:
(1) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents may, after the date upon which this Lease and the Term shall expire and come to an endfive (5) days prior notice, re-enter the Premises and dispossess Tenant and/or the legal representative of Tenant or any part thereofother occupant of the Premises, without Noticerespectively, either by summary proceedings, or by any other applicable action or proceeding proceedings or otherwise, and may repossess the Premises and dispossess remove therefrom the contents and effects of Tenant and and/or the legal representative of Tenant or any other persons from occupant, and hold the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law); andif this Lease had not been made.
(2) LandlordLandlord may, at Landlord's its option, may relet the whole or any part portion or parts portions of the Premises Premises, at any time or from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent rental or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord in its sole discretion, may determine; provided, howeverand in no event shall Tenant be entitled to receive any excess of net rentals collected over the rent and additional rent payable by Tenant hereunder, that Landlord shall exercise reasonable efforts and Landlord, at Landlord's option, may make such repairs, replacements, alterations, additions, improvements, decorations and other physical changes in and to mitigate any damages related to liability of Tenant under this Lease.
(B) In the event of a breach or threatened breach by Tenant, or any persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord shall have the right to enjoin such breach.
(A) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof, or by or under any summary proceeding or any other action or proceeding, thenLandlord, in its sole discretion, considers advisable or necessary in connection with any such reletting or proposed reletting, without relieving Tenant of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Rent and other items of Rental payable any liability under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency ("Deficiency") between the Rental for the period which is the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(2) for any part of such period (after first deducting from the rents collected under otherwise affecting any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possession, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if Landlord has terminated the Lease, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred to relet the Premises; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the relettingliability.
(B) Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Nothing contained in this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2.
Appears in 1 contract
Samples: Lease Agreement (U S Trust Corp /Ny)
REMEDIES AND DAMAGES. (A) If A. Upon the occurrence of any Event event of Default described in Section 16.1., Landlord shall occurhave all the rights and remedies provided in this Section 16.2., in addition to all other rights and remedies available under this Lease or provided at law or in equity.
B. It shall be lawful for Landlord, upon written notice to Tenant to terminate this Lease, or to terminate Tenant's right to possession without terminating this Lease (as Landlord may elect). If the Lease or Tenant's right to possession under this Lease shall at any time be terminated under the terms and conditions of this Section 16.2., or in any other way, Tenant hereby covenants and agrees to immediately surrender and deliver the Term shall expire and come to an end as provided in Article 16 hereof:
(1) Tenant shall quit and peacefully surrender the Leased Premises peaceably to Landlord. Should Tenant fail to do so, Landlord shall be entitled to re-enter, without process and without notice (any notice to quit or of re- entry being hereby expressly waived), using such force as may be necessary; and, alternatively, shall have the benefit of all provisions of law respecting the speedy recovery of possession of the Leased Premises (whether by summary proceedings or otherwise), any notice to quit or of re-entry being hereby expressly waived.
C. After prior written notice to Tenant and an opportunity to cure, Landlord may also perform, on behalf and its agents mayat the expense of Tenant, after the date upon which any obligation of Tenant under this Lease which Tenant has failed to perform, the cost of which (together with an administrative fee equal to ten percent (10%) of such cost to cover Landlord's overhead in connection therewith) shall be deemed Additional Rent and shall be payable by Tenant to Landlord upon demand. In performing any obligations of Tenant, Landlord shall incur no liability for any loss or damage that may accrue to Tenant, the Term Leased Premises or Tenant's Property by reason thereof, except if caused by Landlord's willful and malicious act. The performance by Landlord of any such obligation shall expire not constitute a release or waiver of any of Tenant's obligations under this Lease.
D. Upon termination of this Lease or the termination of Tenant's right to possession under this Lease, as the case may be, Landlord may at any time and come from time to an end, re-enter time relet the Leased Premises (or any part thereof, without Notice, either by summary proceedings, or by any other applicable action or proceeding ) for the account of Tenant or otherwise, at such rentals and upon such terms and conditions as Landlord shall deem appropriate. Landlord shall receive and collect the rents therefor, applying the same first to the payment of such reasonable expenses as Landlord actually incurred in recovering possession of the Leased Premises, including, without limitation, legal expenses and reasonable attorneys' fees, and in placing the Leased Premises in good order and condition and preparing or altering the same for re-rental; second, to the payment of such reasonable expenses, commissions and charges as may repossess be paid, assumed or incurred by or on behalf of Landlord in connection with the reletting of the Leased Premises; and third, to the fulfillment of the covenants of Tenant under the Lease, including the various covenants to pay Rent. Any such reletting may be for the remainder of the Term or for a longer or shorter period, as Landlord elects. Thereafter, Tenant covenants and agrees to pay Landlord until the end of the Term of this Lease the equivalent of the amount of all the Rent and all other sums required to be paid by Tenant, less the net avails of such reletting, if any, and the same shall be due and payable by Tenant to Landlord on the dates such Rent and other sums above specified are due. Any reletting by Landlord shall not be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention is given by Landlord to Tenant. Notwithstanding any reletting without termination of this Lease, Landlord may at any time thereafter elect to terminate this Lease. In any event, Landlord shall not be liable for, nor shall Tenant's obligations hereunder be diminished by reason of, any failure by Landlord to relet the Leased Premises and dispossess or any failure by Landlord to collect any sums due upon such reletting. Notwithstanding anything to the contrary contained herein, upon default by Tenant and any other persons from a subsequent eviction by Landlord, Landlord agrees to use reasonable efforts to relet the Leased Premises by summary proceedings for a term or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law); and
(2) Landlordterms which may, at Landlord's option, may relet be less than or exceed the whole or any part or parts balance of the Term of the Lease. Landlord does not necessarily agree to rent the Leased Premises from time to time, either at its then fair market value in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord may determine; providedevent it enters into a new lease agreement. The foregoing, however, that shall in no way obligate Landlord to lease the Leased Premises in any manner which is not in keeping with the type and caliber of tenants at the Shopping Center, nor shall exercise reasonable efforts the same obligate Landlord to mitigate any damages related relet the Leased Premises in preference to liability of Tenant under this Leaseother vacant space therein.
(B) E. In the event event, as the result of a breach or threatened breach by Tenant's Default at any time prior to the Term Commencement Date, or any persons claiming through or under Tenant, of any term, covenant or condition of this LeaseLease shall be terminated, Landlord shall have the right to enjoin such breach.
(A) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereofTenant hereby agree that, or by or under any summary proceeding or any other action or proceedingat Landlord's option, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Rent and other items on account of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlordsuch Default, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency ("Deficiency") between the Rental for the period which is the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possession, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if Landlord has terminated the Lease, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and as and for liquidated and agreed final damagesdamages (and not as a penalty), which shall be immediately due and payable from Tenant to Landlord, a sum equal to the such amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion one year's Rent had Tenant actually taken possession of the Term exceeds Leased Premises and commenced paying the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred to relet the Premises; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the relettingRent herein reserved.
(B) Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Nothing contained in this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2.
Appears in 1 contract
Samples: Lease Agreement (HCNB Bancorp Inc)
REMEDIES AND DAMAGES. Section 17.1 (A) If there shall occur any Event of Default shall occurDefault, or this Lease and the Term shall expire and come to an end as provided in Article 16 hereof:
(1) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents maymay immediately, or at any time after such default or after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, thereof without Noticenotice, either by summary proceedings, or by any other applicable action or proceeding proceeding, or otherwiseby force or otherwise (without being liable to indictment, prosecution or damages therefor), and may repossess the Premises and dispossess Tenant and any other persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law)Premises; and
(2) Landlord, at Landlord's option, may relet the whole or any part or parts of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent rental or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in its sole discretion, may determine; provided, however, that Landlord shall exercise reasonable efforts have no obligation to mitigate any damages related to liability of Tenant under this Lease.
(B) In relet the event of a breach or threatened breach by Tenant, Premises or any persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord part thereof and shall have the right to enjoin such breach.
(A) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall no event be liable for and shall pay to Landlord, as damages, any deficiency ("Deficiency") between the Rental for the period which is the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possession, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if Landlord has terminated the Lease, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred refusal or failure to relet the Premises; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, Premises or any part thereof, are relet by Landlord on a fair and arms-length basis for no such refusal or failure shall 45 operate to relieve Tenant of any liability under this Lease or otherwise affect any such liability, and Landlord, at Landlord's option, may make such repairs, replacements, alterations, additions, improvements, decorations and other physical changes in and to the period which otherwise would have constituted the unexpired portion of the TermPremises as Landlord, in its sole discretion, considers advisable or necessary in connection with any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) Tenant shall in no event be entitled to any rents collected or payable under any proposed reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Nothing contained in this Article 17 shall be deemed to limit or preclude the recovery by Landlord from without relieving Tenant of the maximum amount allowed to be obtained as damages by any statute liability under this Lease or rule of law, or of otherwise affecting any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2such liability.
Appears in 1 contract
REMEDIES AND DAMAGES. Section 17.1 (A) If there shall occur any Event of Default shall occurDefault, or and this Lease and the Term shall expire and come to an end as provided in Article 16 hereof:
(1) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents may, after the date upon which this Lease and the Term shall expire and come to an endwithout notice, re-enter the Premises and dispossess Tenant and/or the legal representative of Tenant or any part thereofother occupant of the Premises, without Noticerespectively, either by summary proceedings, or by any other applicable action or proceeding proceedings or otherwise, and may repossess the Premises and dispossess remove therefrom the contents and effects of Tenant and and/or the legal representative of Tenant or any other persons from occupant, and hold the Premises as if this Lease had not been made. If an Event of Default hereunder shall occur after Tenant has exercised a Renewal Option and prior to the date fixed as the Renewal Term Commencement Date, Landlord may cancel and terminate the Renewal Term by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant written notice to law); andTenant.
(2) LandlordLandlord may, at Landlord's its option, may relet the whole or any part portion or parts portions of the Premises Premises, at any time or from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent rental or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord in its sole discretion, may determine; , provided, however, that Landlord shall exercise reasonable efforts have no obligation to mitigate any damages related to liability of Tenant under this Lease.
(B) In relet the event of a breach or threatened breach by Tenant, Premises or any persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord part thereof and shall have the right to enjoin such breach.
(A) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall no event be liable for and shall pay to Landlord, as damages, any deficiency ("Deficiency") between the Rental for the period which is the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possession, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if Landlord has terminated the Lease, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred failure or refusal to relet the Premises; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are relet by Landlord on a fair or, in the event of any such reletting, for refusal or failure to collect any rent due upon any such reletting, and arms-length basis for the period which no such refusal or failure shall operate to relieve Tenant of any liability under this Lease or otherwise would have constituted the unexpired portion of the Termaffect any such liability, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) Tenant shall in no event shall Tenant be entitled to receive any rents excess of net rentals collected over the rent and additional rent payable by Tenant hereunder, and Landlord, at Landlord's option, may make such repairs, replacements, alterations, additions, improvements, decorations and other physical changes in and to the Premises as Landlord, in its sole discretion, considers advisable or payable under necessary in connection with any such reletting or proposed reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Nothing contained in this Article 17 shall be deemed to limit or preclude the recovery by Landlord from without relieving Tenant of the maximum amount allowed to be obtained as damages by any statute liability under this Lease or rule of law, or of otherwise affecting any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2such liability.
Appears in 1 contract
REMEDIES AND DAMAGES. (Aa) If Upon the occurrence and during the continuance of an Event of Default, the Non-Defaulting Member shall have the right, and without prejudice to any rights and remedies otherwise available to the Non-Defaulting Member under this Agreement or at law or in equity, to (i) seek equitable relief by way of injunction, or (ii) to compel specific performance without the need to prove actual damages. The failure or delay by a Member in exercising any right, power or privilege hereunder shall not operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise hereunder. Upon the occurrence and during the continuance of an Event of Default pursuant to Section 10.1(a) above, then in addition to all other rights the Company or the Non-Defaulting Member may have as a result of such Event of Default, all rights of approval or consent granted to the Defaulting Member under Section 7.2 or elsewhere in this Agreement shall occur, or this Lease be suspended and the Term shall expire terminate from and come to an end as provided in Article 16 hereof:
(1) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents may, after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Notice, either by summary proceedings, or by any other applicable action or proceeding or otherwise, and may repossess the Premises and dispossess Tenant and any other persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law); and
(2) Landlord, at Landlord's option, may relet the whole or any part or parts such Event of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord may determineDefault; provided, however, that Landlord such Defaulting Member shall exercise reasonable efforts still retain any approval rights with respect to mitigate (i) any damages related action which would cause the Company or any of its Subsidiaries to become an entity other than a Delaware limited liability company; (ii) the merger, consolidation, dissolution, liquidation, reorganization or filing of Tenant under a Bankruptcy Action with respect to the Company or any of its Subsidiaries; (iii) amending this LeaseAgreement; (iv) entering into any agreement which would cause the Defaulting Member or any of its Affiliates to become a guarantor or to otherwise become personally liable for any indebtedness of the Company; or (v) materially changing the nature or scope of the Company’s business.
(Bb) The Defaulting Member shall be liable to the Company and the Non-Defaulting Member and its Member Indemnified Parties for all actual costs, expenses, losses, liabilities and damages arising directly or indirectly from or in connection with any such Event of Default, including, without limitation, attorneys’ fees and expenses, actually incurred by the Non-Defaulting Member or any of its Member Indemnified Persons or by the Company, and shall indemnify the Company and the Non-Defaulting Member and its Member Indemnified Persons and hold each of them harmless from and against any and all actual losses, costs, expenses, obligations or liabilities resulting or arising from such Event of Default. No costs or expenses incurred by the Defaulting Member in connection with the foregoing indemnity shall be considered a contribution of capital hereunder or a loan to the Company nor included in calculating such Member’s Capital Account or otherwise considered in determining any ownership interest or right to receive any distribution or other payments from the Company or the other Members.
(c) In the no event shall any Member be liable for, and each Member, on behalf of a breach itself and its respective Affiliates, hereby waives any claim for, any special, punitive or threatened breach by Tenantconsequential damages, including loss of profits or business opportunity arising under or in connection with this Agreement or any persons claiming through default or under Tenant, Event of Default by a Member hereunder.
(d) The Coach Member hereby agrees to accept performance by the Related/Oxford Guarantor of any term, covenant covenant, condition or condition of this Lease, Landlord shall have agreement to be performed by the right to enjoin such breach.
(A) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Rent and other items of Rental payable Fund Member under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency ("Deficiency") between the Rental for the period which is the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection Agreement with the termination same force and effect as though performed by the Fund Member. The Fund Member hereby agrees to accept performance by the Coach Guarantor of Tenant's right of possessionany term, Landlord's re-entry upon covenant, condition or agreement to be performed by the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent Coach Member under this Agreement with the same are allocable to force and effect as though performed by the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if Landlord has terminated the Lease, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred to relet the Premises; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the relettingCoach Member.
(B) Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Nothing contained in this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2.
Appears in 1 contract
REMEDIES AND DAMAGES. (A) If there shall occur any Event of Default shall occurDefault, or and this ------------ Lease and the Term shall expire and come to an end as provided in Article 16 hereof:
(1) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents maymay immediately, or at any time after such default or after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Noticenotice, either by summary proceedings, or by any other applicable action or proceeding or otherwiseproceeding, and may repossess the Premises and dispossess Tenant and any other persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law)Premises; and
(2) Landlord, at Landlord's option, may relet the whole or any part portion or parts portions of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent rental or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in its sole discretion, may determine; provided, however, that Landlord shall exercise reasonable efforts have no obligation to mitigate relet the Premises or any damages related part thereof and shall in no event be liable for refusal or failure to relet the Premises or any part thereof, or, in the event of any such reletting, for refusal or failure to collect any rent due upon any such reletting, and no such refusal or failure shall operate to relieve Tenant of any liability of Tenant under this LeaseLease or otherwise affect any such liability, and Landlord, at Landlord's option, may make such repairs, replacements, alterations, additions, improvements, decorations and other physical changes in and to the Premises as Landlord, in its sole discretion, considers advisable or necessary in connection with any such reletting or proposed reletting, without relieving Tenant of any liability under this Lease or otherwise affecting any such liability.
(B) Tenant hereby waives the service of any notice of intention to reenter or to institute legal proceedings to that end which may otherwise be required to be given under any present or future law. Tenant, on its own behalf and on behalf of all persons claiming through or under Tenant, including all creditors, does further hereby waive any and all rights which Tenant and all such persons might otherwise have under any present or future law to redeem the Premises, or to re-enter or repossess the Premises, or to restore the operation of this Lease, after (a) Tenant shall have been dispossessed by a judgment or by warrant of any court or judge, or (b) any re-entry by Landlord, or (c) any expiration or termination of this Lease and the Term, whether such dispossess, re-entry, expiration or termination shall be by operation of law or pursuant to the provisions of this Lease. The words "re-enter," "re-entry" and "re-entered" as used in this Lease shall not be deemed to be restricted to their technical legal meanings. In the event of a breach or threatened breach by Tenant, or any persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord shall have the right to enjoin such breach and the right to invoke any other remedy allowed by law or in equity as if re-entry, summary proceedings and other special remedies were not provided in this Lease for such breach. The right to invoke the remedies hereinbefore set forth are cumulative and shall not preclude Landlord from invoking any other remedy allowed at law or in equity.
(A) If this Lease and the Term shall expire and come to ------------ an end as provided in Article 2 16 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof17.1, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional . Escalation Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry reentry upon the Premises by Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency ("Deficiency") between the Rental for the period which is ---------- otherwise would have constituted the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of paragraph (2) of Section 17.1(A)(217.1 (A) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possessionthis Lease, Landlord's re-entry upon the Premises and with such reletting reletting, including, but not limited to, all repossession costs, brokerage commissions, legal expenses, attorneys' fees and disbursements, alteration costs costs, contribution to work and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; , Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if whether or not Landlord has terminated the Leaseshall have collected any monthly Deficiency as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and in lieu of any further Deficiency as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred both discounted to relet present worth at the PremisesBase Rate less the aggregate amount of Deficiencies theretofore collected by Landlord pursuant to the provisions of clause (A) (2) of this Section 17.2 for the same period; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are shall have been relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) If the Premises, or any part thereof, shall be relet together with other space in the Building, the rents collected or reserved under any such reletting and the expenses of any such reletting shall be equitably apportioned for the purposes of this Section 17.2. Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents shall exceed the Fixed Rent reserved in this Lease. Solely for the purposes of this Article 17, the term "Escalation Rent" as used in Section 17.2(A) shall mean the Escalation Rent in effect immediately prior to the Expiration Date, or the date of re-entry upon the Premises by Landlord, as the case may be, adjusted to reflect any increase pursuant to the provisions of Article 27 hereof for the Operating Year immediately preceding such event. Nothing contained in Article 16 hereof or this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2.
Appears in 1 contract
REMEDIES AND DAMAGES. (A) If there shall occur any Event of Default shall occurDefault, or and this ------------- Lease and the Term shall expire and come to an end as provided in Article 16 hereof:
(1) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents maymay immediately, or at any time after such default or after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Noticenotice, either by summary proceedings, or by any other applicable action or proceeding proceeding, in accordance with applicable law (without being liable to indictment, prosecution or otherwisedamages therefor), and may repossess the Premises and dispossess Tenant and any other persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law)Premises; and
(2) Landlord, at Landlord's option, may relet the whole or any part portion or parts portions of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent rental or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in its sole discretion, may determine; provided, however, that Landlord shall exercise reasonable efforts have no obligation to mitigate relet the Premises or any damages related part thereof and shall in no event be liable for refusal or failure to relet the Premises or any part thereof, or, in the event of any such reletting, for refusal or failure to collect any rent due upon any such reletting, and no such refusal or failure shall operate to relieve Tenant of any liability of Tenant under this LeaseLease or otherwise affect any such liability, and Landlord, at Landlord's option, may make such repairs, replacements, alterations, additions, improvements, decorations and other physical changes in and to the Premises as Landlord, in its sole discretion, considers advisable or necessary in connection with any such reletting or proposed reletting, without relieving Tenant of any liability under this Lease or otherwise affecting any such liability.
(B) Tenant hereby waives the service of any notice of intention to re-enter or to institute legal proceedings to that end which may otherwise be required to be given under any present or future law. Tenant, on its own behalf and on behalf of all persons claiming through or under Tenant, including all creditors, does further hereby waive any and all rights which Tenant and all such persons might otherwise have under any present or future law to redeem the Premises, or to re-enter or repossess the Premises, or to restore the operation of this Lease, after (a) Tenant shall have been dispossessed by a judgment or by warrant of any court or judge, or (b) any re-entry by Landlord, or (c) any expiration or termination of this Lease and the Term, whether such dispossess, re-entry, expiration or termination shall be by operation of law or pursuant to the provisions of this Lease. The words "re-enter," "re-entry" and "re-entered" as used in this Lease shall not be deemed to be restricted to their technical legal meanings. In the event of a breach or threatened breach by Tenant, or any persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord shall have the right to seek to enjoin such breach and the right to seek to invoke any other remedy allowed by law or in equity as if re- entry, summary proceedings and other special remedies were not provided in this Lease for such breach. The right to invoke the remedies hereinbefore set forth are cumulative and shall not preclude Landlord from invoking any other remedy allowed at law or in equity.
(A) If this Lease and the Term shall expire and come to an ------------- end as provided in Article 2 16 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof17.1, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Escalation Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency (referred to as "Deficiency") between the ---------- Rental for the period which is otherwise would have constituted the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of clause (2) of Section 17.1(A)(217.1 (A) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possessionthis Lease, Landlord's re-entry upon the Premises and with such reletting reletting, including, but not limited to, all repossession costs, brokerage commissions, legal expenses, attorneys' fees and disbursements, alteration costs costs, contribution to work and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if whether or not Landlord has terminated the Leaseshall have collected any monthly Deficiency as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and in lieu of any further Deficiency as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term (commencing on the date immediately succeeding the last date with respect to which a Deficiency, if any, was collected) exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred both discounted to relet present worth at the PremisesBase Rate; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are shall have been relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to ----------- be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) If the Premises, or any part thereof, shall be relet together with other space in the Building, the rents collected or reserved under any such reletting and the expenses of any such reletting shall be equitably apportioned for the purposes of this Section 17.2. Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents shall exceed the Fixed Rent reserved in this Lease. Solely for the purposes of this Article 17, the term "Escalation Rent" as used in Section 17.2(A) shall mean the Escalation Rent in effect immediately prior to the Expiration Date, or the date of re-entry upon the Premises by Landlord, as the case may be, adjusted to reflect any increase pursuant to the provisions of Article 27 hereof for the Operating Year immediately preceding such event. Nothing contained in Article 16 hereof or this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2.
Appears in 1 contract
Samples: Lease Agreement (Musicmaker Com Inc)
REMEDIES AND DAMAGES. (A) If there shall occur any Event of Default shall occurDefault, or and this ------------- Lease and the Term shall expire and come to an end as provided in Article 16 hereof:
(1) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents maymay immediately, or at any time after such default or after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Noticenotice, either by summary proceedings, or by any other applicable action or proceeding proceeding, in accordance with applicable law (without being liable to indictment, prosecution or otherwisedamages therefor), and may repossess the Premises and dispossess Tenant and any other persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law)Premises; and
(2) Landlord, at Landlord's option, may relet the whole or any part portion or parts portions of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent rental or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in its sole discretion, may determine; provided, however, that Landlord shall exercise reasonable efforts have no obligation to mitigate relet the Premises or any damages related part thereof and shall in no event be liable for refusal or failure to relet the Premises or any part thereof, or, in the event of any such reletting, for refusal or failure to collect any rent due upon any such reletting, and no such refusal or failure shall operate to relieve Tenant of any liability of Tenant under this LeaseLease or otherwise affect any such liability, and Landlord, at Landlord's option, may make such repairs, replacements, alterations, additions, improvements, decorations and other physical changes in and to the Premises as Landlord, in its sole discretion, considers advisable or necessary in connection with any such reletting or proposed reletting, without relieving Tenant of any liability under this Lease or otherwise affecting any such liability.
(B) Tenant hereby waives the service of any notice of intention to re- enter or to institute legal proceedings to that end which may otherwise be required to be given under any present or future law. Tenant, on its own behalf and on behalf of all persons claiming through or under Tenant, including all creditors, does further hereby waive any and all rights which Tenant and all such persons might otherwise have under any present or future law to redeem the Premises, or to re-enter or repossess the Premises, or to restore the operation of this Lease, after (a) Tenant shall have been dispossessed by a judgment or by warrant of any court or judge, or (b) any re-entry by Landlord, or (c) any expiration or termination of this Lease and the Term, whether such dispossess, re-entry, expiration or termination shall be by operation of law or pursuant to the provisions of this Lease. The words "re-enter," "re-entry" and "re-entered" as used in this Lease shall not be deemed to be restricted to their technical legal meanings. In the event of a breach or threatened breach by Tenant, or any persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord shall have the right to seek to enjoin such breach and the right to seek to invoke any other remedy allowed by law or in equity as if re- entry, summary proceedings and other special remedies were not provided in this Lease for such breach. The right to invoke the remedies hereinbefore set forth are cumulative and shall not preclude Landlord from invoking any other remedy allowed at law or in equity.
(A) If this Lease and the Term shall expire and come to an ------------- end as provided in Article 2 16 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof17.1, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Escalation Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency (referred to as "Deficiency") between the Rental for the ---------- period which is otherwise would have constituted the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of clause (2) of Section 17.1(A)(217.1 (A) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possessionthis Lease, Landlord's re-entry upon the Premises and with such reletting reletting, including, but not limited to, all repossession costs, brokerage commissions, legal expenses, attorneys' fees and disbursements, alteration costs costs, contribution to work and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if whether or not Landlord has terminated the Leaseshall have collected any monthly Deficiency as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and in lieu of any further Deficiency as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term (commencing on the date immediately succeeding the last date with respect to which a Deficiency, if any, was collected) exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred both discounted to relet present worth at the PremisesBase Rate; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are shall have been relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to ----------- be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) If the Premises, or any part thereof, shall be relet together with other space in the Building, the rents collected or reserved under any such reletting and the expenses of any such reletting shall be equitably apportioned for the purposes of this Section 17.2. Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents shall exceed the Fixed Rent reserved in this Lease. Solely for the purposes of this Article 17, the term "Escalation Rent" as used in Section 17.2(A) shall mean the Escalation Rent in effect immediately prior to the Expiration Date, or the date of re-entry upon the Premises by Landlord, as the case may be, adjusted to reflect any increase pursuant to the provisions of Article 27 hereof for the Operating Year immediately preceding such event. Nothing contained in Article 16 hereof or this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2.
Appears in 1 contract
Samples: Lease Agreement (Musicmaker Com Inc)
REMEDIES AND DAMAGES. (Ai) If any Event of Default shall occuroccurs, Landlord individually and/or by and through its agent (Duke, Holzman, Xxxxxx & Photiadis LLP) may, at its option and in addition to any and all other rights or remedies provided Landlord in this Lease or at law or equity, immediately, or at any time thereafter, and without demand or notice (except as provided herein):
(a) without waiving the Event of Default, apply all or part of the security deposit, if any, to cure the Event of Default and Tenant shall on demand restore the security deposit to its original amount;
(b) without waiving such Event of Default, apply thereto any overpayment of rents to curing the Event of Default in lieu of refunding or crediting the same to Tenant;
(c) if the Event of Default pertains to work or other obligations (other than the payment of rent or additional rent) to be performed by Tenant, without waiving such Event of Default, enter upon the Leased Premises and perform such work or other obligation, or cause such work or other obligation to be performed, for the account of Tenant; and Tenant shall on demand pay to Landlord the cost of performing such work or other obligation plus five percent (5%) thereof as administrative costs;
(d) issue a written notice declaring Tenant in monetary default for nonpayment of fixed rent, additional rent and/or late charges and providing Tenant with seven (7) days from the issuance of said written notice to cure all monetary default(s). In the event all monetary defaults are not cured within the seven (7) day cure period, Landlord may issue a written notice stating that the term of this Lease will expire on a date at least five (5) days thereafter, in which case the term of this Lease shall automatically expire on the date so fixed in such notice as fully and completely as if it were the date herein definitely fixed for the expiration of the term, and all right, title and interest of the Tenant hereunder shall thereupon cease and expire, and the Term shall expire and come to an end as provided in Article 16 hereof:
(1) Tenant shall thereupon quit and peacefully surrender the Leased Premises to Landlord, and Landlord and its agents may, after it being the date upon which intention of the parties hereto to create hereby a conditional limitation.
(ii) Notwithstanding any termination of this Lease or termination of Tenant's rights to possession, Tenant shall pay and be liable for (on the Term days fixed herein for the payment thereof) the several installments of rent and additional rent as and when due, as if this Lease had not been terminated and as if Landlord had not entered and whether the Leased Premises are relet or remain vacant in whole or in part, but in the event the Leased Premises are relet by Landlord, Tenant shall expire be entitled to a credit in the net sum of rent and come to an end, re-enter additional rent received by the Premises Landlord in reletting after deduction of all expenses (other than fit out or any part thereof, without Notice, either by summary proceedings, or by any other applicable action or proceeding or otherwiseremodeling) incurred in reletting the Leased Premises, and in collecting such rents and additional rent.
(iii) In the event of a reletting, Landlord may repossess apply the Premises rent therefrom first to the payment of Landlord's reasonable expenses including but not limited to attorney's fees incurred, reasonable expense of reletting, repairs, brokerage fees, subdividing and dispossess Tenant and any other persons from then to the Premises by summary proceedings or otherwise and remove any payment of rent and all of their property and effects other sums due from the Premises (Tenant hereunder, and Tenant shall remain liable for damages as provided herein or pursuant to law); and
(2) Landlord, at Landlord's option, may relet the whole or any part or parts of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord may determine; provided, however, that Landlord shall exercise reasonable efforts to mitigate any damages related to liability of Tenant under this Leasedeficiency.
(B) In the event of a breach or threatened breach by Tenant, or any persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord shall have the right to enjoin such breach.
(A) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency ("Deficiency") between the Rental for the period which is the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possession, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if Landlord has terminated the Lease, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred to relet the Premises; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Nothing contained in this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2.
Appears in 1 contract
REMEDIES AND DAMAGES. Section 18.1. (Aa) If any Event of Default shall occur, or this Lease and the Term shall expire and come to an end as provided in Article 16 hereofXVII:
(1) . Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents maymay immediately, or at any time after such Event of Default or after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Noticenotice, either by summary proceedings, or by any other applicable action or proceeding or otherwiseotherwise (without being liable to indictment, prosecution or damages therefor), but excluding by force, and may repossess the Premises and dispossess Tenant and any other persons from the Premises by summary proceedings or otherwise (excluding by force) and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law); and
(2) . Landlord, at Landlord's ’s option, may relet the whole or any part or parts of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in Landlord’s sole discretion, may determine; providedand Landlord, howeverat Landlord’s option, that Landlord shall exercise reasonable efforts may make such Alterations, in and to mitigate any damages related to liability of Tenant under this Lease.
(B) In the event of a breach or threatened breach by Tenant, or any persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord shall have the right to enjoin such breach.
(A) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof, or by or under any summary proceeding or any other action or proceeding, thenLandlord, in Landlord’s sole discretion, shall consider advisable or necessary in connection with any such reletting or proposed reletting, without relieving Tenant of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Rent and other items of Rental payable any liability under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency ("Deficiency") between the Rental for the period which is the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(2) for any part of such period (after first deducting from the rents collected under otherwise affecting any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possession, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if Landlord has terminated the Lease, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred to relet the Premises; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the relettingliability.
(B) Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Nothing contained in this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2.
Appears in 1 contract
REMEDIES AND DAMAGES. (Aa) If any an Event of Default shall occur, or and this Lease and the Term shall expire and come to an end as provided in Article 16 hereof17:
(1i) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents may, may at any time after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Noticefurther notice, either by summary proceedings, or by any other applicable action or proceeding or otherwiseproceeding, and may repossess the Premises and dispossess Tenant and any other persons Persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law)Premises; and
(2ii) Landlord, at Landlord's option, may Landlord shall endeavor to relet the whole or any part or parts of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent rental or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in its sole discretion, may determine; provided, however, that Landlord shall exercise reasonable efforts in no event be liable for refusal or failure to relet the Premises or any part thereof, or, in the event of any such reletting, for refusal or failure to collect any rent due upon any such reletting, and no such refusal or failure shall operate to relieve Tenant of any liability under this Lease or otherwise affect any such liability, and Landlord, at Landlord’s option, may make such repairs, replacements, alterations, additions, improvements, decorations and other physical changes in and to the Premises as Landlord, in its sole discretion, considers advisable or necessary in connection with any such reletting or proposed reletting, without relieving Tenant of any liability under this Lease or otherwise affecting any such liability. Tenant hereby acknowledges and agrees that if Landlord (1) lists the Premises (or the applicable portion thereof) on “Costar” (or the then equivalent thereof), or (2) engages any broker to list the Premises, or (3) publicizes or advertises the Premises (or the applicable portion thereof) to one or more brokers through the use of brokers’ flyers, then Landlord shall irrefutably and conclusively be deemed to have complied with any obligations Landlord may have under this clause (ii) or at law or in equity to relet the Premises and in no event may Tenant allege that Landlord shall have failed to mitigate any damages related to liability of Tenant under this LeaseArticle 18.
(Bb) In the event of a breach or threatened breach by Tenant, or any persons on its own behalf and on behalf of all Persons claiming through or under Tenant, of including all creditors, hereby waives any termand all rights which Tenant and all such Persons might otherwise have under any present or future law to redeem the Premises, covenant or condition to re-enter or repossess the Premises, or to restore the operation of this Lease, Landlord after (i) Tenant shall have been dispossessed by a judgment or by warrant of any court or judge, or (ii) any expiration or termination of this Lease and the right Term, whether such dispossession, re-entry, expiration or termination shall be by operation of law or pursuant to enjoin such breachthe provisions of this Lease. The words “re-enter,” “re-entry” and “re-entered” as used in this Lease shall not be deemed to be restricted to their technical legal meanings.
(Aa) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof, or by or under any summary proceeding or any other action or proceeding17, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof, or by or under any summary proceeding or any other action or proceeding, then, in any of said such events:
(1i) Tenant shall pay to Landlord all Fixed Rent, Rent and Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which (i) this Lease and the Term shall have expired and come to an end or to the date of (ii) Landlord shall have re-entry upon entered or taken possession of the Premises by Landlord, as the case may bePremises;
(2ii) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as liquidated damages, any deficiency ("the “Deficiency"”) between the Rental (A) Fixed Rent and Additional Rent for the period which is otherwise would have constituted the unexpired portion of the Term (conclusively presuming the Additional Rent for each year thereof to be the same as was payable for the year immediately preceding such termination or re-entry increased by an amount to take into account an increase in the CPI), and (B) the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(218.1(a)(ii) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual ’s expenses in connection with the termination of Tenant's right of possessionthis Lease, Landlord's ’s re-entry upon the Premises and with such reletting including, but not limited to, including all reasonable repossession costs, brokerage commissions, legal expenses, attorneys' ’ fees and disbursements, alteration costs and other expenses of keeping the Premises in good order or for preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); provided that if the Premises or any part thereof should be relet in combination with other space or for a term which extends beyond the Expiration Date, then proper apportionment (on a per Rentable Square Foot basis in the case of a reletting in combination with other space) shall be made of the rent received from such reletting and of the expenses of reletting and provided further that, in determining such deficiency, any free rent or rent concessions granted under any new lease of all or any portion of the Premises shall be amortized over the term of any such lease. Tenant shall pay the Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; , and Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no . No suit to collect the amount of the Deficiency for any month shall prejudice Landlord's ’s right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3iii) alternatively, if whether or not Landlord has terminated the Leaseshall have collected any monthly Deficiency as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and in lieu of any further Deficiency as and for liquidated and agreed final damages, a sum equal to (A) the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental Fixed Rent and Additional Rent for the period which otherwise would have constituted the unexpired portion of the Term (conclusively presuming the Additional Rent for each year thereof to be the same as was payable for the year immediately preceding increased each year by the CPI Fraction) exceeds the present value (calculated using the Base Rate as the discount rateB) of the then fair and reasonable rental value of the Premises Premises, including Additional Rent for the same period, taking into consideration reasonable costs incurred both discounted to relet present value at six percent (6%), less (C) the Premises; ifaggregate amount of Deficiencies previously collected by Landlord pursuant to the provisions of Section 18.2(a)(ii) for the same period. If, before presentation of proof of such liquidated damages to any court, commission or tribunal, Landlord shall have relet the Premises, Premises or any part thereof, are relet by Landlord thereof on a fair and arms-an arm’s length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon net rents collected in connection with such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(Bb) If Landlord shall relet the Premises, or any part thereof, together with other space in the Building, the net rents collected under any such reletting and the expenses of any such reletting shall be equitably apportioned for the purposes of this Section 18.2. Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents shall exceed the Fixed Rent reserved in this Lease. Nothing contained in Article 17 or this Article 17 18 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.218.2 (it being agreed, however, that the only damages that Landlord is entitled to in respect of Tenant’s failure to pay Rent for the remainder of the Term in the event of the termination of this Lease by reason of Tenant’s default are as set forth in this Section 18.2).
Appears in 1 contract
REMEDIES AND DAMAGES. (A) A. If any Event of a Default shall occur, or this Lease and the Term shall expire and come to an end as provided in Article 16 hereof:
(1) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents may, after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Notice, either by summary proceedings, or by any other applicable action or proceeding or otherwise, and may repossess the Premises and dispossess Tenant and any other persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law); and
(2) Landlord, at Landlord's option, may relet the whole or any part or parts of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord may determine; provided, however, that Landlord shall exercise reasonable efforts to mitigate any damages related to liability of Tenant under this Lease.
(B) In the event of a breach or threatened breach by Tenant, or any persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord shall have the right to enjoin such breach.
(A) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided described in Section 17.1 hereof16.01, or by or under any summary proceeding or any other action or proceedingabove, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premisesoccurs, Tenant also shall be liable for all damages or losses resulting therefrom or incurred in connection therewith, and Landlord shall pay have all the rights and remedies provided in this Section 16.02, in addition to all other rights and remedies available under this Lease or provided at law or in equity which rights and remedies may be exercised cumulatively.
B. Landlord may, upon notice to Tenant, terminate this Lease, or terminate Tenant’s right to possession without terminating this Lease (as Landlord may elect). If this Lease or Tenant’s right to possession under this Lease are at any time terminated under this Section 16.02 or otherwise, Tenant shall immediately surrender and deliver the Leased Premises peaceably to Landlord, as damages, any deficiency ("Deficiency") between the Rental for the period which is the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant . If Tenant fails to the provisions of Section 17.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possession, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if Landlord has terminated the Leasedo so, Landlord shall be entitled to recover from the benefit of all provisions of law respecting the speedy recovery of possession of the Leased Premises (whether by summary proceedings or otherwise).
C. Landlord may also perform, on behalf and at the expense of Tenant, any obligation of Tenant under this Lease which Tenant fails to perform, the cost of which (together with an administrative fee equal to ten percent (10%) of such cost to cover Landlord’s overhead in connection therewith) shall be paid by Tenant to Landlord within five (5) days of demand therefor. In performing any obligations of Tenant, Landlord shall incur no liability for any loss or damage that may accrue to Tenant, the Leased Premises or Tenant’s Property by reason thereof, except if caused by Landlord’s willful and malicious act. The performance by Landlord of any such obligation shall not constitute a release or waiver of any of Tenant’s obligations under this Lease.
D. Upon termination of this Lease or of Tenant’s right to possession under this Lease, Landlord may at any time and from time to time relet all or any part of the Leased Premises for the account of Tenant or otherwise, at such rentals and upon such terms and conditions as Landlord shall deem appropriate. Landlord shall receive and collect the rents therefor, applying the same first to the payment of such expenses as Landlord may incur in recovering possession of the Leased Premises, including legal expenses and attorneys’ fees, in placing the Leased Premises in good order and condition and in preparing or altering the same for re-rental; second, to the payment of such expenses, commissions and charges as may be incurred by or on behalf of Landlord in connection with the reletting of the Leased Premises; and third, to the fulfillment of the covenants of Tenant under this Lease, including the various covenants to pay Rent. Any such reletting may be for such term(s) as Landlord elects. Any reletting by Landlord shall not be construed as an election by Landlord to terminate this Lease unless Notice of such intention is given by Landlord to Tenant. Notwithstanding any reletting without termination of this Lease, Landlord may at any time thereafter elect to terminate this Lease. In any event, Landlord shall not be liable for, nor shall Tenant’s obligations hereunder be diminished by reason of, any failure by Landlord to relet the Leased Premises or any failure by Landlord to collect any sums due upon such reletting. Tenant shall be liable for all damages sustained by Landlord, including, without limitation, deficiency in rent, interest, attorneys’ fees, other collection costs, all court costs and all other expenses (including, without limitation, leasing fees) of placing the Leased Premises in first-class rentable condition and relating to the unexpired term, it being understood that any such re-letting may be for a period equal to or shorter or longer than the remaining Term of this Lease. Landlord agrees to use reasonable efforts to relet the Leased Premises after Tenant vacates the Leased Premises in the event that the Lease is terminated based upon a Default by Tenant hereunder. Marketing of the Leased Premises in a manner similar to the manner in which Landlord markets other premises within Landlord's control in the Building shall be deemed to have satisfied Landlord's obligation to use “reasonable efforts.” In no event shall Landlord be required to (i) solicit or entertain negotiations with any other prospective tenants for the Leased Premises until Landlord obtains full and complete possession of the Leased Premises including, without limitation, the final and unappealable legal right to re-let the Leased Premises free of any claim of Tenant, (ii) relet the Leased Premises before leasing other vacant space in the Building, (iii) lease the Leased Premises for a rental less than the current fair market rental then prevailing for similar office space in the Building, or (iv) enter into a lease with any proposed tenant that does not have, in Landlord’s reasonable opinion, sufficient financial resources or operating experience to operate the Leased Premises in a first-class manner.
E. Upon the termination of this Lease under the provisions of this Article XVI, Tenant shall pay to LandlordLandlord the Rent payable by Tenant to Landlord up to the time of such termination, on demandshall continue to be liable for any preceding breach of covenant, and in addition, shall pay to Landlord as and for liquidated and agreed final damages, a sum equal to at the amount by which the present value (calculated using the Base Rate as the discount rate) election of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred to relet the Premises; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Nothing contained in this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2.either:
Appears in 1 contract
REMEDIES AND DAMAGES. (A) A. If any Event of a Default described in Section 16.01, above, occurs, Landlord shall occurhave all the rights and remedies provided in this Section 16.02, in addition to all other rights and remedies available under this Lease or provided at law or in equity.
B. Landlord may, upon Notice to Tenant, terminate this Lease. If this Lease and the Term shall expire and come Xxxxxx’s right to an end as provided in Article 16 hereof:
(1) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents may, after the date upon which possession under this Lease and the Term shall expire and come to an end, re-enter the Premises or are at any part thereof, without Notice, either by summary proceedings, or by any other applicable action or proceeding time terminated under this Section 16.02 or otherwise, Xxxxxx shall immediately surrender and deliver the Leased Premises peaceably to Landlord. If Tenant fails to do so, Landlord shall be entitled to re-enter, without process and without Notice (any Notice to quit or of re-entry being hereby expressly waived), using such force as may repossess be necessary, and, alternatively, Landlord shall have the benefit of all provisions of law respecting the speedy recovery of possession of the Leased Premises and dispossess Tenant and any other persons from the Premises (whether by summary proceedings or otherwise otherwise).
C. Landlord may also perform, on behalf and remove at the expense of Tenant, any obligation of Tenant under this Lease which Tenant fails to perform, the cost of which (together with an administrative fee of ten percent (10%) to cover Landlord’s overhead in connection therewith) shall be paid by Tenant to Landlord within five (5) Business Days after demand therefor. In performing any obligations of Tenant, Landlord shall incur no liability for any loss or damage that may accrue to Tenant, the Leased Premises or Tenant’s Property by reason thereof, except if caused by Landlord’s willful and malicious act. The performance by Landlord of any such obligation shall not constitute a release or waiver of any of Tenant’s obligations under this Lease.
D. Upon termination of this Lease and of Tenant’s right to possession under this Lease, Landlord may at any time and from time to time relet all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law); and
(2) Landlord, at Landlord's option, may relet the whole or any part or parts of the Leased Premises from time to time, either in for the name account of Landlord Tenant or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent or rentals and upon such other conditionsterms and conditions as Landlord shall deem appropriate. Landlord shall receive and collect the rents therefor, which may include concessions and free rent periods, applying the same first to the payment of such expenses as Landlord may determineincur in recovering possession of the Leased Premises, including legal expenses and attorneys’ fees, in placing the Leased Premises in good order and condition and in preparing or altering the same for re-rental; providedsecond, howeverto the payment of such expenses, that commissions and charges as may be incurred by or on behalf of Landlord shall exercise reasonable efforts in connection with the reletting of the Leased Premises; and third, to mitigate any damages related to liability the fulfillment of the covenants of Tenant under this Lease, including the various covenants to pay Rent. Any such reletting may be for such term(s) as Landlord elects. Thereafter, Tenant shall pay Landlord until the end of the Term of this Lease the equivalent of the amount of all the Rent and all other sums required to be paid by Tenant, less the net avails of such reletting, if any, on the dates such Rent and other sums above specified are due. In any event, Landlord shall not be liable for, nor shall Tenant’s obligations hereunder be diminished by reason of, any failure by Landlord to relet the Leased Premises or any failure by Landlord to collect any sums due upon such reletting.
(B) E. In addition to all other remedies provided in this Lease and at law, if there occurs a Default by Tenant, in addition to any other remedies available to Landlord at law or in equity, Landlord may terminate this Lease and all rights of Tenant hereunder by Notice to Tenant, in which event Tenant shall immediately surrender the Leased Premises to Landlord. In the event that Landlord shall elect to so terminate this Lease, then Landlord may recover from Tenant:
(i) The worth at the time of a breach or threatened breach award of any unpaid rent which had been earned at the time of such termination; plus
(ii) The worth at the time of award of the amount by which the unpaid rent which would have been earned after termination until the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; plus
(iii) The worth at the time of award of the amount by which the unpaid rent for the balance of the Lease Term after the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; plus
(iv) Any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant’s failure to perform its obligations under this Lease or which in the ordinary course of events would likely result therefrom, specifically including, but not limited to, brokerage commissions and advertising expenses incurred (to the extent allocable to the remaining Term), expenses of remodeling the Leased Premises or any persons claiming through portion thereof for a new tenant, whether for the same or under Tenanta different use, and any special concessions made to obtain a new tenant, and the unamortized balance of any termsuch reimbursements paid by Landlord to Tenant pursuant to Section 17.31 below; and
(v) At Landlord’s election, covenant such other amounts in addition to or condition in lieu of the foregoing as may be permitted from time to time by applicable law. As used in subsections (i) and (ii) above, the “worth at the time of award” is computed by allowing interest at the Interest Rate. As used in subsection (iii) above, the “worth at the time of award” is computed by discounting such amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of award plus one percent (1%). Efforts by Landlord to mitigate damages caused by Xxxxxx’s Default or breach of this LeaseLease shall not waive Landlord’s right to recover damages under this Section. If termination of this Lease is obtained through an unlawful detainer action, Landlord shall have the right to enjoin recover in such breachproceeding the unpaid rent and damages as are recoverable thereon, or Landlord may reserve the right to recover all or any part thereof in a separate suit for such rent and/or damages.
(A) If F. At Landlord’s option and in addition to all other remedies provided in this Lease and the Term shall expire and come at law, if there occurs a Default, Landlord may elect to an end as provided in Article 2 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which continue this Lease and Xxxxxx’s right to possession in effect under California Civil Code Section 1951.4 after Xxxxxx’s breach or Default and recover the Term shall have expired rent as it becomes due. Xxxxxxxx and come Xxxxxx agree that the limitations on assignment and subletting set forth in Article XV in this Lease are reasonable. Acts of maintenance or preservation, efforts to an end relet the Leased Premises or the appointment of a receiver to the date of re-entry upon the Premises by protect Landlord, as the case may be;
(2) if Landlord has not terminated the ’s interest under this Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency ("Deficiency") between the Rental for the period which is the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the not constitute a termination of Tenant's right of possession, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's ’s right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if Landlord has terminated the Lease, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred to relet the Premises; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the relettingpossession.
(B) Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Nothing contained in this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2.
Appears in 1 contract
REMEDIES AND DAMAGES. (A) If A. Upon the occurrence of any Event of Default shall occurevent described in Section 16.1(A), Landlord may elect to terminate this Lease or to terminate Tenant's right to possession without terminating this Lease and to enter upon the Term Leased Premises and expel Tenant or any persons or entities occupying the Leased Premises and so to repossess and enjoy the Leased Premises. If this Lease or Tenant's right to possession under this Lease shall expire at any time be terminated under the terms and come conditions of this Section 16.2 or in any other way, Tenant hereby covenants and agrees to an end as provided in Article 16 hereof:
(1) Tenant shall quit immediately surrender and peacefully surrender deliver up the Leased Premises peaceably to Landlord.
B. If Landlord elects to terminate Tenant's right to possession under this Lease, and but not to terminate this Lease, Landlord and its agents may, after relet the date upon which this Lease and the Term shall expire and come to an end, re-enter the Leased Premises (or any part thereof, without Notice, either by summary proceedings, or by any other applicable action or proceeding or otherwise, and may repossess ) for the Premises and dispossess account of Tenant and any other persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law); and
(2) Landlord, at Landlord's option, may relet the whole or any part or parts of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent or rentals and upon such other conditionsterms and conditions as Landlord shall deem appropriate, which may include concessions and free rent periodsto the extent Landlord receives the rents therefor, Landlord shall apply the same first to the payment of such expenses as Landlord may determinehave incurred in recovering possession of the Leased Premises (including, without limitation, legal expenses and attorneys' fees) and for putting the same into good order and condition and preparing or altering the same for re-rental, and any other expenses, commissions and charges paid, assumed or incurred by or on behalf of Landlord in connection with the reletting of the Leased Premises (the "Costs of Reletting"), and then to the fulfillment of the covenants of Tenant under this Lease. Tenant shall pay to Landlord the Rent and all other sums payable up to the time of such termination of this Lease or Tenant's right to possession under this Lease, and thereafter, Tenant covenants to pay Landlord until the end of the Term of this Lease the equivalent of the amount of all the Rent and all other sums required to be paid by Tenant under this Lease less the net avails of such reletting, if any, during the same period, and the same shall be due and payable by Tenant to Landlord on the dates such Rent and other sums are due under this Lease. Any reletting by Landlord shall not be construed as an election on the part of Landlord to terminate this Lease unless a notice of such intention is given by Landlord to Tenant. Notwithstanding any reletting without termination of this Lease, Landlord may at any time thereafter elect to terminate this Lease. In any event, Landlord shall not be liable for, nor shall Tenant's obligations hereunder be diminished by reason of any failure by Landlord to relet the Leased Premises or any failure by Landlord to collect any sums due upon such reletting, provided that Landlord shall use reasonable efforts to mitigate the damages recoverable against Tenant in the event that Tenant defaults under this Lease and Tenant's right to possession of the Leased Premises is terminated under this Article XVI; provided, however, that except to the extent required by applicable Law, Landlord shall exercise reasonable efforts have no obligation to mitigate relet the Leased Premises before Landlord leases other vacant space in the Shopping Center, or to relet the Leased Premises to any damages related potential tenant who Landlord could reasonably reject as a Transferee pursuant to liability of Tenant under this LeaseArticle XV hereof.
(B) In the event C. If Landlord elects to terminate this Lease instead of a breach or threatened breach by terminating only Tenant, or any persons claiming through or under Tenant, of any term, covenant or condition of this Lease's right to possession, Landlord shall have the right to enjoin recover against Tenant as damages for loss of the bargain, and not as a penalty, the excess (if any), as determined by Landlord, of (i) the then present value of the projected Rent and all other sums payable by Tenant hereunder (as determined by Landlord on the basis of reasonable estimates) that would have accrued for the balance of the Term of this Lease less (ii) the then present value of the fair market value of the Leased Premises for the balance of such breach.
term taking into account among other things, the condition of the Leased Premises, market conditions and the period of time the Leased Premises may reasonably remain vacant before Landlord is able to re-lease the same to a suitable replacement tenant, and the Costs of Reletting (Aas defined above) If that Landlord may incur in order to enter into a replacement lease ("Benefit of the Bargain Damages"). Notwithstanding anything to the contrary contained in this Lease, if, subsequent to the termination of this Lease and the Term recovery of damages from Tenant pursuant to this Section 16.2(C), Landlord relets the Leased Premises for an effective rent higher or lower than the effective rent assumed for purposes of calculating Benefit of the Bargain Damages pursuant to this Section 16.2(C), the Benefit of the Bargain Damages shall expire not be recalculated and come to an end as provided in Article 2 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter be entitled to retain all of the Premises as provided in Section 17.1 hereofproceeds of such reletting. For purposes of determining present value, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Landlord and Tenant shall pay to Landlord all Fixed Rent, Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord use a discount rate equal to the date upon which this Lease rate of interest then most recently announced by American National Bank and the Term shall have expired and come to an end Trust Company of Chicago as its "prime rate" or to the date of re-entry upon the Premises by Landlord"base rate" (or its equivalent, if another name is used), as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency ("Deficiency") between the Rental for the period which is the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possession, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if Landlord has terminated the Lease, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred to relet the Premises; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Nothing contained in this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2.
Appears in 1 contract
Samples: Lease Agreement (First Capital Income Properties LTD Series Viii)
REMEDIES AND DAMAGES. (A) 42.1 If any an Event of Default shall occurhave occurred and is continuing, Landlord shall have the right, at its sole option, then or at any time thereafter, to exercise its remedies and to collect damages from Tenant in accordance with this Paragraph 18, subject in all events to applicable Law, without demand upon or notice to Tenant except as otherwise provided in this Paragraph 18.
(a) Landlord may give Tenant notice of Landlord’s intention to terminate this Lease on a date specified in such notice. Upon such date, this Lease, the estate hereby granted and the Term all rights of Tenant hereunder shall expire and come to an end as provided in Article 16 hereof:
(1) terminate. Upon such termination, Tenant shall quit immediately surrender and peacefully surrender deliver possession of the Premises to LandlordLandlord in accordance with Paragraph 21. If Tenant does not so surrender and deliver possession of all of the Premises, and Landlord and its agents may, after the date upon which this Lease and the Term shall expire and come to an end, may re-enter and repossess any of the Premises not surrendered, with or without legal process, by peaceably entering any part thereof, without Notice, either of the Premises and changing locks or by summary proceedings, ejectment or any other lawful means or procedure. Upon or at any time after taking possession of any of the Premises, Landlord may, by peaceable means or legal process, remove any Persons or property therefrom. Landlord shall be under no liability for or by reason of any other applicable action such entry, repossession or proceeding removal. Notwithstanding such entry or otherwiserepossession, Landlord may (A) exercise the remedy set forth in and may repossess collect the Premises and dispossess Tenant and any other persons from damages permitted by Paragraph 18(a)(iii) or (B) collect the Premises by summary proceedings damages set forth in Paragraph 18(b)(i) or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law18(b)(ii); and.
(2b) Landlord, at Landlord's option, may relet the whole or After repossession of any part or parts of the Premises from time pursuant to timeclause (i) above, either in Landlord shall use commercially reasonable efforts to relet any of the name of Landlord or otherwise, Premises to such tenant or tenants, for such term or terms ending beforeterms, for such rent, on or after the Fixed Expiration Datesuch conditions and for such uses as are commercially reasonable, at and collect and receive any rents payable by reason of such rent or rentals and upon such other conditions, which may include concessions and free rent periods, as reletting. Landlord may determine; providedmake such Alterations in connection with such reletting as are commercially reasonable. Notwithstanding any such reletting, however, that Landlord shall exercise reasonable efforts to mitigate any may collect the damages related to liability of Tenant under this Leaseset forth in Paragraph 18(b)(ii).
(Bc) In Landlord may declare by notice to Tenant the event entire Basic Rent (in the amount of a breach or threatened breach by Tenant, or any persons claiming through or under Tenant, Basic Rent then in effect) for the remainder of any term, covenant or condition of this Lease, Landlord shall have the right then current Term to enjoin such breach.
(A) If this Lease be immediately due and the Term shall expire and come to an end as provided in Article 2 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) payable. Tenant shall immediately pay to Landlord all Fixed such Basic Rent, Additional less the fair market rental value for the remainder of the term, discounted to its Present Value, all accrued Rent then due and unpaid, all other items Monetary Obligations which are then due and unpaid and all Monetary Obligations which arise or become due by reason of Rental payable such Event of Default (including any Costs of Landlord).
42.2 The following constitute damages to which Landlord shall be entitled if Landlord exercises its remedies under this Lease by Tenant to Paragraph 18(a)(i) or 18(a)(ii):
(a) If Landlord to the date exercises its remedy under Paragraph 18(a)(i) then, upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by written demand from Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as liquidated and agreed final damages for Tenant’s default and in lieu of all current damages beyond the date of such demand (it being agreed that it would be impracticable or extremely difficult to fix the actual damages), any deficiency ("Deficiency") between an amount equal to the Rental for the period which is the unexpired portion Present Value of the Term and the net amountexcess, if any, of rents collected under any reletting effected pursuant (A) all Basic Rent from the date of such demand to the provisions date on which the Term is scheduled to expire hereunder in the absence of Section 17.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possessionearlier termination, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all or repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
over (3B) alternatively, if Landlord has terminated the Lease, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable market rental value of the Premises for the same period, taking into consideration reasonable costs incurred . Tenant shall also pay to relet Landlord all of Landlord’s Costs in connection with the Premises; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole repossession of the Premises so relet during the term and any attempted reletting thereof, including all brokerage commissions, legal expenses, reasonable attorneys’ fees, employees’ expenses, costs of the Alterations and expenses and preparation for reletting.
(Bb) If Landlord exercises its remedy under Paragraph 18(a)(i), then Tenant shall shall, until the end of what would have been the Term in no event be entitled to any rents collected or payable under any relettingthe absence of the termination of the Lease, and whether or not any of the Premises shall have been relet, be liable to Landlord for, and shall pay to Landlord, as liquidated and agreed current damages all Monetary Obligations which would be payable under this Lease by Tenant in the absence of such rents exceed termination less the Fixed Rent reserved net proceeds, if any, of any reletting pursuant to Paragraph 18(a)(ii), after deducting from such proceeds all of Landlord’s Costs (including the items listed in this Leasethe last sentence of Paragraph 18(b)(i) hereof) incurred in connection with such repossessing and reletting; provided, that if Landlord has not relet the Premises, such Costs of Landlord shall be considered to be Monetary Obligations payable by Tenant. Landlord may recover such damages from Tenant and institute and maintain successive actions or legal proceedings against Tenant for the recovery of such damages. Nothing herein contained in this Article 17 shall be deemed to require Landlord to wait to begin such action or other legal proceedings until the date when the Term would have expired by its own terms had there been no such Event of Default.
42.3 Notwithstanding anything to the contrary herein contained, in lieu of or in addition to any of the foregoing remedies and damages, Landlord may exercise any remedies and collect any damages available to it under Law. If Landlord is unable to obtain full satisfaction pursuant to the exercise of any remedy, it may pursue any other remedy which it has hereunder or at law or in equity.
42.4 If any Law shall validly limit or preclude the recovery by amount of any damages provided for herein to an amount which is less than the amount agreed to herein, Landlord from Tenant of shall be entitled to the maximum amount allowed available under such Law.
42.5 No termination of this Lease, repossession or reletting of any of the Premises, exercise of any remedy or collection of any damages pursuant to this Paragraph 18 shall relieve Tenant of any Surviving Obligations.
42.6 Upon the occurrence of any Event of Default, Landlord shall have the right (but no obligation) to perform any act required of Tenant hereunder and, if performance of such act requires that Landlord enter the Premises, Landlord may enter the Premises for such purpose
42.7 No failure of Landlord (i) to insist at any time upon the strict performance of any provision of this Lease or (ii) to exercise any option, right, power or remedy contained in this Lease shall be obtained construed as damages a waiver, modification or relinquishment thereof. A receipt by Landlord of any sum in satisfaction of any Monetary Obligation with knowledge of the breach of any provision hereof shall not be deemed a waiver of such breach, and no waiver by Landlord of any provision hereof shall be deemed to have been made unless expressed in a writing signed by Landlord.
42.8 Tenant hereby waives and surrenders, for itself and all those claiming under it, including creditors of all kinds, (i) any right and privilege which it or any of them may have under any present or future Law to redeem any of the Premises or to have a continuance of this Lease after termination of this Lease or of Tenant’s right of occupancy or possession pursuant to any court order or any provision hereof, and (ii) the benefits of any present or future Law which exempts property from liability for debt or for distress for rent.
42.9 Except as otherwise provided herein, all remedies are cumulative and concurrent and no remedy is exclusive of any other remedy. Each remedy may be exercised at any time an Event of Default has occurred and is continuing and may be exercised from time to time. No remedy shall be exhausted by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2exercise thereof.
Appears in 1 contract
Samples: Lease (Pw Eagle Inc)
REMEDIES AND DAMAGES. (A) If any Event of Default shall occur, or this Lease and the Term shall expire and come to an end as provided in Article 16 hereof18:
(1) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents maymay immediately, or at any time after such Event of Default or after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Noticenotice, either by summary proceedings, or by any other applicable action or proceeding or otherwiseotherwise (without being liable to indictment, prosecution or damages therefor), but excluding by force, and may repossess the Premises and dispossess Tenant and any other persons from the Premises by summary proceedings or otherwise (excluding by force) and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law); and
(2) Landlord, at Landlord's ’s option, may relet the whole or any part or parts of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in Landlord’s sole discretion, may determine; provided, however, that Landlord shall exercise reasonable efforts have no obligation to mitigate relet the Premises or any damages related part thereof and shall in no event be liable for refusal or failure to relet the Premises or any part thereof, or, in the event of any such reletting, for refusal or failure to collect any rent due upon any such reletting, and no such refusal or failure shall operate to relieve Tenant of any liability of Tenant under this LeaseLease or otherwise affect any such liability, and Landlord, at Landlord’s option, may make such Alterations, in and to the Premises as Landlord, in Landlord’s sole discretion, shall consider advisable or necessary in connection with any such reletting or proposed reletting, without relieving Tenant of any liability under this Lease or otherwise affecting any such liability.
(B) Tenant hereby waives the service of any notice of intention to re-enter or to institute legal proceedings to that end that may otherwise be required to be given under any present or future law. Tenant, on its own behalf and on behalf of all persons claiming through or under Tenant, including all creditors, does further hereby waive any and all rights that Tenant and all such persons might otherwise have under any present or future law to redeem the Premises, or to re-enter or repossess the Premises, or to restore the operation of this Lease, after (a) Tenant shall have been dispossessed by a judgment or by warrant of any court or judge, or (b) any re-entry by Landlord, or (c) any expiration or termination of this Lease and the Term, whether such dispossess, re-entry, expiration or termination is by operation of law or pursuant to the provisions of this Lease. The words “re-entry”, “re-enter” and “re-entered” as used in this Lease shall not be deemed to be restricted to their technical legal meanings. In the event of a breach or threatened breach by Tenant, or any persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord shall have the right to enjoin such breach and the right to invoke any other remedy allowed by law or in equity as if re-entry, summary proceedings and other special remedies were not provided in this Lease for such breach. The right to invoke the remedies hereinbefore set forth are cumulative and shall not preclude Landlord from invoking any other remedy allowed at law or in equity.
(A) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof18, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof19.1, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Escalation Rent, other Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency ("“Deficiency"”) between the Rental for the period which is otherwise would have constituted the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(219.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual ’s expenses in connection with the termination of Tenant's right of possessionthis Lease, Landlord's re-entry ’s reentry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' ’ fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's ’s right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if whether or not Landlord has terminated the Leaseshall have collected any monthly Deficiency as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and in lieu of any further Deficiency as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred both discounted to relet present worth at the PremisesBase Rate; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) If the Premises, or any part thereof, shall be relet together with other space in the Building, the rents collected or reserved under any such reletting and the expenses of any such reletting shall be equitably apportioned for the purposes of this Section 19.2. Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Solely for the purposes of this Article 19, the term “Escalation Rent” as used in Section 19.2(A) shall mean the Escalation Rent in effect immediately prior to the Expiration Date, or the date of re-entry upon the Premises by Landlord, as the case may be. Nothing contained in Article 18 or this Article 17 19 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.219.2.
Appears in 1 contract
REMEDIES AND DAMAGES. (A) A. If any Event of a Default described in Section 16.01, above, occurs, Landlord shall occurhave all the rights and remedies provided in this Section 16.02, in addition to all other rights and remedies available under this Lease or provided at law or in equity.
B. Landlord may, upon notice to Tenant, terminate this Lease, or terminate Tenant’s right to possession without terminating this Lease and the Term shall expire and come to an end (as provided in Article 16 hereof:
(1) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents may, after the date upon which may elect). If this Lease and the Term shall expire and come or Tenant’s right to an end, re-enter the Premises or possession under this Lease are at any part thereof, without Notice, either by summary proceedings, or by any other applicable action or proceeding time terminated under this Section 16.02 or otherwise, Tenant shall immediately surrender and deliver the Leased Premises peaceably to Landlord. If Tenant fails to do so, Landlord shall be entitled to re-enter, without process and without notice (any notice to quit or of re-entry being hereby expressly waived), using such force as may repossess be necessary, and, alternatively, Landlord shall have the benefit of all provisions of law respecting the speedy recovery of possession of the Leased Premises and dispossess Tenant and any other persons from the Premises (whether by summary proceedings or otherwise otherwise).
C. Landlord may also perform, on behalf and remove at the expense of Tenant, any obligation of Tenant under this Lease which Tenant fails to perform, the cost of which (together with an administrative fee equal to ten percent (10%) of such cost to cover Landlord’s overhead in connection therewith) shall be paid by Tenant to Landlord within five (5) days of demand therefor. In performing any obligations of Tenant, Landlord shall incur no liability for any loss or damage that may accrue to Tenant, the Leased Premises or Tenant’s Property by reason thereof, except if caused by Landlord’s willful and malicious act. The performance by Landlord of any such obligation shall not constitute a release or waiver of any of Tenant’s obligations under this Lease.
D. Upon termination of this Lease or of Tenant’s right to possession under this Lease, Landlord may at any time and from time to time relet all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law); and
(2) Landlord, at Landlord's option, may relet the whole or any part or parts of the Leased Premises from time to time, either in for the name account of Landlord Tenant or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent or rentals and upon such other conditionsterms and conditions as Landlord shall deem appropriate. Landlord shall receive and collect the rents therefor, which may include concessions and free rent periods, applying the same first to the payment of such expenses as Landlord may determineincur in recovering possession of the Leased Premises, including legal expenses and attorneys’ fees, in placing the Leased Premises in good order and condition and in preparing or altering the same for re-rental; providedsecond, howeverto the payment of such expenses, that commissions and charges as may be incurred by or on behalf of Landlord shall exercise reasonable efforts in connection with the reletting of the Leased Premises; and third, to mitigate any damages related to liability the fulfillment of the covenants of Tenant under this Lease, including the various covenants to pay Rent. Any such reletting may be for such term(s) as Landlord elects. Thereafter, Tenant shall pay Landlord until the end of the Term of this Lease the equivalent of the amount of all the Rent and all other sums required to be paid by Tenant, less the net avails of such reletting, if any, on the dates such Rent and other sums above specified are due. Any reletting by Landlord shall not be construed as an election by Landlord to terminate this Lease unless notice of such intention is given by Landlord to Tenant. Notwithstanding any reletting without termination of this Lease, Landlord may at any time thereafter elect to terminate this Lease. In any event, Landlord shall not be liable for, nor shall Tenant’s obligations hereunder be diminished by reason of, any failure by Landlord to relet the Leased Premises or any failure by Landlord to collect any sums due upon such reletting.
(B) E. In addition to all other remedies provided in this Lease and at law, if there occurs a Default by Tenant, in addition to any other remedies available to Landlord at law or in equity, Landlord may terminate this Lease and all rights of Tenant hereunder by written notice to Tenant, in which event Tenant shall immediately surrender the Leased Premises to Landlord. In the event that Landlord shall elect to so terminate this Lease, then Landlord may recover from Tenant:
(i) The worth at the time of a breach or threatened breach award of any unpaid rent which had been earned at the time of such termination; plus
(ii) The worth at the time of award of the amount by which the unpaid rent which would have been earned after termination until the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; plus (iii)The worth at the time of award of the amount by which the unpaid rent for the balance of the Lease Term after the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; plus
(iii) Any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant’s failure to perform its obligations under this Lease or which in the ordinary course of events would likely result therefrom, specifically including, but not limited to, brokerage commissions and advertising expenses incurred, expenses of remodeling the Leased Premises or any persons claiming through portion thereof for a new tenant, whether for the same or under a different use, and any special concessions made to obtain a new tenant; and
(iv) At Landlord’s election, such other amounts in addition to or in lieu of the foregoing as may be permitted from time to time by applicable law. As used in subparagraphs (i) and (ii) above, the “worth at the time of award” is computed by allowing interest at the Interest rate. As used in subparagraph (iii) above, the “worth at the time of award” is computed by discounting such amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of award plus one percent (1%). Further, Tenant shall be liable for all leasing commissions paid or owing by Landlord arising from this Lease and any extension thereof. Efforts by Landlord to mitigate damages caused by Tenant, of any term, covenant ’s Default or condition breach of this LeaseLease shall not waive Landlord’s right to recover damages under this Section. If termination of this Lease is obtained through an unlawful detainer action, Landlord shall have the right to enjoin recover in such breach.
(A) If this Lease proceeding the unpaid rent and the Term shall expire and come to an end damages as provided in Article 2 hereofare recoverable thereon, or by or under any summary proceeding Landlord may reserve the right to recover all or any other action or proceeding, or if Landlord shall re-enter the Premises as provided part thereof in Section 17.1 hereof, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Rent a separate suit for such rent and/or damages. If a notice and other items of Rental payable grace period required under this Lease by Tenant was not previously given, a notice to Landlord to the date upon which this Lease and the Term shall have expired and come to an end pay rent or quit, or to the date of re-entry upon the Premises by Landlordperform or quit, as the case may be;, given to Tenant under any statute authorizing the forfeiture of leases for unlawful detainer shall also constitute the applicable notice for grace period purposes required by this Lease. In such event, the applicable grace period under the unlawful detainer statute shall run concurrently after the one such statutory notice, and the failure of Tenant to cure the Default within the longer of two such grace periods shall constitute both an unlawful detainer and a breach of this Lease entitling Landlord to the remedies provided for in this Lease and/or by statute.
(2) F. At Landlord’s option and in addition to all other remedies provided in this Lease and at law, if there occurs a Default, Landlord has not terminated may elect to continue this Lease and Tenant’s right to possession in effect under California Civil Code Section 1951.4 after Tenant’s breach or Default and recover the rent as it becomes due. Landlord and Tenant agree that the limitations on assignment and subletting set forth in Article XV in this Lease are reasonable. Acts of maintenance or preservation, efforts to relet the Leased Premises or the appointment of a receiver to protect Landlord’s interest under this Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency ("Deficiency") between the Rental for the period which is the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the not constitute a termination of Tenant's right of possession, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's ’s right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if Landlord has terminated the Lease, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred to relet the Premises; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the relettingpossession.
(B) Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Nothing contained in this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2.
Appears in 1 contract
REMEDIES AND DAMAGES. (A) If there shall occur any Event of Default shall occurDefault, or and this Lease and the Term shall expire and come to an end as provided in Article 16 hereof:
(1) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents maymay immediately, or at any time after such default or after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Noticenotice, either by summary proceedings, or by any other applicable action or proceeding proceeding, or otherwiseby force or otherwise (without being liable to indictment, prosecution or damages therefor), and may repossess the Premises and dispossess Tenant and any other persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law)Premises; and
(2) Landlord, at Landlord's option, may relet the whole or any part portion or parts portions of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent rental or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in its sole discretion, may determine; provided, however, that Landlord shall exercise reasonable efforts have no obligation to mitigate relet the Premises or any damages related part thereof and shall in no event be liable for refusal or failure to relet the Premises or any part thereof, or, in the event of any such reletting, for refusal or failure to collect any rent due upon any such reletting, and no such refusal or failure shall operate to relieve Tenant of any liability of Tenant under this LeaseLease or otherwise affect any such liability, and Landlord, at Landlord's option, may make such repairs, replacements, alterations, additions, improvements, decorations and other physical changes in and to the Premises as Landlord, in its sole discretion, considers advisable or necessary in connection with any such reletting or proposed reletting, without relieving Tenant of any liability under this Lease or otherwise affecting any such liability.
(B) Tenant hereby waives the service of any notice of intention to re-enter or to institute legal proceedings to that end which may otherwise be required to be given under any present or future law. Tenant, on its own behalf and on behalf of all persons claiming through or under Tenant, including all creditors, does further hereby waive any and all rights which Tenant and all such persons might otherwise have under any present or future law to redeem the Premises, or to re-enter or repossess the Premises, or to restore the operation of this Lease, after (a) Tenant shall have been dispossessed by a judgment or by warrant of any court or judge, or (b) any re-entry by Landlord, or (c) any expiration or termination of this Lease and the Term, whether such dispossess, re-entry, expiration or termination shall be by operation of law or pursuant to the provisions of this Lease. The words "re-enter," "re-entry" and "re-entered" as used in this Lease shall not be deemed to be restricted to their technical legal meanings. In the event of a breach or threatened breach by Tenant, or any persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord shall have the right to enjoin such breach and the right to invoke any other remedy allowed by law or in equity as if re-entry, summary proceedings and other special remedies were not provided in this Lease for such breach. The right to invoke the remedies hereinbefore set forth are cumulative and shall not preclude Landlord from invoking any other remedy allowed at law or in equity.
(A) If this Lease and the Term shall expire and come to an end as provided in Article 2 16 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof17.1, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Escalation Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency (referred to as "DeficiencyDEFICIENCY") between the Rental for the period which is otherwise would have constituted the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of clause (2) of Section 17.1(A)(217.1 (A) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possessionthis Lease, Landlord's re-entry upon the Premises and with such reletting reletting, including, but not limited to, all repossession costs, brokerage commissions, legal expenses, attorneys' fees and disbursements, alteration costs costs, contribution to work and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if whether or not Landlord has terminated the Leaseshall have collected any monthly Deficiency as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and in lieu of any further Deficiency as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term (commencing on the date immediately succeeding the last date with respect to which a Deficiency, if any, was collected) exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred both discounted to relet present worth at the PremisesBase Rate; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are shall have been relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima faciePRIMA FACIE, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) If the Premises, or any part thereof, shall be relet together with other space in the Building, the rents collected or reserved under any such reletting and the expenses of any such reletting shall be equitably apportioned for the purposes of this Section 17.2. Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents shall exceed the Fixed Rent reserved in this Lease. Solely for the purposes of this Article 17, the term "Escalation Rent" as used in Section 17.2(A) shall mean the Escalation Rent in effect immediately prior to the Expiration Date, or the date of re-entry upon the Premises by 50 Landlord, as the case may be, adjusted to reflect any increase pursuant to the provisions of Article 27 hereof for the Comparison Year immediately preceding such event. Nothing contained in Article 16 hereof or this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2.
Appears in 1 contract
Samples: Lease Agreement (NBC Internet Inc)
REMEDIES AND DAMAGES. (Aa) If any an Event of Default shall occur, or occur and if this Lease and the Term lease shall expire and come to an end be terminated as provided in Article 16 hereofTWENTY-FIVE:
(1i) Tenant shall quit and peacefully surrender the Premises to Landlord, and The Landlord and its agents maymay immediately, after the date upon which this Lease and the Term shall expire and come to an endor at any time thereafter, re-enter the Premises or any part thereof, without Noticepremises and remove all persons and property therefrom, either by summary dispossess proceedings, or by any other applicable suitable action or proceeding at law, without being liable to indictment, prosecution or otherwisedamages therefor, and may repossess and enjoy the Premises premises, together with all additions, alterations, installations and dispossess Tenant improvements, and any other persons from no entry by the Premises by summary proceedings or otherwise and remove any and all Landlord shall be deemed an acceptance of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law); andsurrender.
(2ii) LandlordThe Landlord may, at Landlord's its option, may relet re-let the premises in whole or any part or parts of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenantspart, for such term or terms ending before, on or after the Fixed Expiration Date, at and for such rent or rentals and upon such other conditions, which may include concessions and free rent periodsperiods as the Landlord, in its sole discretion, determine, even though the same may extend beyond the Expiration Date. The Landlord shall have no liability to the Tenant to re-let the premises and the failure or refusal of the Landlord to re-let the premises or any part thereof, or if the premises are re-let, the failure of the Landlord to collect the rent under such re-letting, shall not relieve the Tenant of any liability under this lease. The Landlord may, at its option, make such repairs, replacements, alterations, additions, improvements and other physical changes in and to the premises as the Landlord, in its sole discretion, considers advisable or necessary in connection with any such re-letting. Any such re-letting shall, as Landlord may determine; providedthe Landlord's option, howeverbe either for the Landlord's own account, that Landlord shall exercise reasonable efforts to mitigate any damages related to liability of Tenant under this Leaseor as the agent for the Tenant.
(Bb) The Tenant, on its behalf and on behalf of all persons claiming through or under the Tenant, including all creditors, hereby expressly waives (i) any and all right to regain possession of the premises or to reinstate or redeem this lease under any present or future law; (ii) the service of any notice demanding rent or stating an intention to re-enter or to institute legal proceedings to that end which may otherwise be required to be given under any present or future law; and (iii) any and all rights of redemption and all other rights to regain possession or to reinstate this lease, after (x) the Tenant shall have been dispossessed by a judgment or by warrant of any court or judge, or (y) any re-entry by the Landlord, or (z) any expiration or termination of this lease, whether such dispossess, re-entry, expiration or termination shall be by operation of law or pursuant to the provisions of this lease. Except as otherwise provided by law, the Tenant waives and will waive all right to trial by jury in any summary proceedings and in any other proceeding or action at law hereafter instituted by the Landlord against the Tenant in respect of this lease, and also in any action or proceeding between the parties hereto for any cause; and it is hereby agreed, that in any of such events, the matter in dispute shall be tried before a judge without a jury. In the event the Landlord shall commence any action or summary proceeding for non-payment of rent, or other breach of any of the terms, covenants or conditions of this lease, the Tenant agrees not to interpose any counterclaim of whatever nature or description in any such action or proceeding other than any counterclaim which would be waived or impaired if not then asserted. The words "re-enter" and "re-entry" as used in this lease are not restricted to their technical legal meaning. In the event of a breach or threatened breach by the Tenant, or any persons anyone claiming by, through or under the Tenant, of any termof the covenants or provisions hereof, covenant or condition of this Lease, the Landlord shall have the right to enjoin such breachseek an injunction and the right to invoke any remedy allowed at law or in equity as if re-entry, summary proceedings and other remedies were not herein provided for. The remedies set forth herein are cumulative and the mention in this lease of any remedy shall not preclude the Landlord from exercising any other remedy allowed at law or in equity.
(Ac) If this Lease lease and the Term term shall expire and come to an end as provided in Article 2 hereofTWENTY-FIVE, or by or under any summary proceeding or any other action or proceedingproceeding by the Landlord against the Tenant or any person claiming by, through or under the Tenant, or if the Landlord shall re-enter the Premises premises either as provided in Section 17.1 hereofparagraph (a) above, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1i) The Tenant shall pay to the Landlord all Fixed Rent, Additional Rent fixed rent and additional rent and other items of Rental charges payable under this Lease lease by the Tenant to the Landlord to the date upon which this Lease lease and the Term term shall have expired and come to an end or to has been terminated by the date of re-entry upon the Premises by Landlord, as the case may be;
(2ii) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, The Tenant shall also shall be liable for and shall pay to the Landlord, as liquidated damages, any deficiency (the "Deficiency") between the Rental for the period which is the unexpired portion of the Term fixed rent and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possession, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if Landlord has terminated the Lease, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred to relet the Premises; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of additional rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Nothing contained in this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2.this
Appears in 1 contract
REMEDIES AND DAMAGES. (A) If there shall occur any Event of Default shall occurDefault, or and this Lease and the Term shall expire and come to an end as provided in Article 16 hereof:
(1) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents maymay immediately, or at any time after such default or after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Noticenotice, either by summary proceedings, or by any other applicable action or proceeding in accordance with applicable law (without being liable to indictment, prosecution or otherwisedamages therefor), and may repossess the Premises and dispossess Tenant and any other persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law)Premises; and
(2) Landlord, at Landlord's option, may relet the whole or any part portion or parts portions of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent rental or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in its sole discretion, may determine; provided, however, that Landlord shall exercise reasonable efforts have no obligation to mitigate relet the Premises or any damages related part thereof and shall in no event be liable for refusal or failure to relet the Premises or any part thereof, or, in the event of any such reletting, for refusal or failure to collect any rent due upon any such reletting, and no such refusal or failure shall operate to relieve Tenant of any liability of Tenant under this LeaseLease or otherwise affect any such liability, and Landlord, at Landlord's option, may make such repairs, replacements, alterations, additions, improvements, decorations and other physical changes in and to the Premises as Landlord, in its sole discretion, considers advisable or necessary in connection with any such reletting or proposed reletting, without relieving Tenant of any liability under this Lease or otherwise affecting any such liability.
(B) Tenant hereby waives the service of any notice of intention to re-enter or to institute legal proceedings to that end which may otherwise be required to be given under any present or future law. Tenant, on its own behalf and on behalf of all persons claiming through or under Tenant, including all creditors, does further hereby waive any and all rights which Tenant and all such persons might otherwise have under any present or future law to redeem the Premises, or to re-enter or repossess the Premises, or to restore the operation of this Lease, after (a) Tenant shall have been dispossessed by a judgment or by warrant of any court or judge, or (b) any re-entry by Landlord, or (c) any expiration or termination of this Lease and the Term, whether such dispossess, re-entry, expiration or termination shall be by operation of law or pursuant to the provisions of this Lease. The words "re-enter," "re-entry" and "re-entered" as used in this Lease shall not be deemed to be restricted to their technical legal meanings. In the event of a breach or threatened breach by Tenant, or any persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord shall have the right to enjoin such breach and the right to invoke any other remedy allowed by law or in equity as if re-entry, summary proceedings and other special remedies were not provided in this Lease for such breach. The right to invoke the remedies hereinbefore set forth are cumulative and shall not preclude Landlord from invoking any other remedy allowed at law or in equity.
(A) If this Lease and the Term shall expire and come to an end as provided in Article 2 16 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof17.1, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Escalation Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency (referred to as "Deficiency") between the Rental for the period which is otherwise would have constituted the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of clause (2) of Section 17.1(A)(217.1(A) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possessionthis Lease, Landlord's re-entry upon the Premises and with such reletting reletting, including, but not limited to, all repossession costs, brokerage commissions, legal expenses, attorneys' fees and disbursements, alteration costs costs, contribution to work and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if whether or not Landlord has terminated the Leaseshall have collected any monthly Deficiency as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and in lieu of any further Deficiency as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term (commencing on the date immediately succeeding the last date with respect to which a Deficiency, if any, was collected) exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred both discounted to relet present worth at the PremisesBase Rate; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are shall have been relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) If the Premises, or any part thereof, shall be relet together with other space in the Building, the rents collected or reserved under any such reletting and the expenses of any such reletting shall be equitably apportioned for the purposes of this Section 17.2. Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents shall exceed the Fixed Rent reserved in this Lease. Solely for the purposes of this Article 17, the term "Escalation Rent" as used in Section 17.2(A) shall mean the Escalation Rent in effect immediately prior to the Expiration Date, or the date of re-entry upon the Premises by Landlord, as the case may be, adjusted to reflect any increase pursuant to the provisions of Article 27 hereof for the Operating Year immediately preceding such event. Nothing contained in Article 16 hereof or this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2.
Appears in 1 contract
Samples: Lease Agreement (General Media Inc)
REMEDIES AND DAMAGES. (Aa) If any Event of Default shall occuroccurs, Landlord may, at its option and in addition to any and all other rights or remedies provided Landlord in this Lease or at law or equity, immediately, or at any time thereafter, and without demand or notice (except as provided herein):
(i) without waiving the Event of Default, apply all or part of the security deposit, if any, to cure the Event of Default and Tenant shall on demand restore the security deposit to its original amount;
(ii) without waiving such Event of Default, apply thereto any overpayment of Rents to curing the Event of Default in lieu of refunding or crediting the same to Tenant;
(iii) if the Event of Default pertains to work or other obligations (other than the payment of Rents or Additional Charges) to be performed by Tenant, without waiving such Event of Default, enter upon the Premises and perform such work or other obligation, or cause such work or other obligation to be performed, for the account of Tenant; and Tenant shall on demand pay to Landlord the cost of performing such work or other obligation plus fifteen percent (15%) thereof as administrative costs;
(iv) declare the term of this Lease ended and the Term shall expire and come to an end as provided in Article 16 hereof:
(1) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents may, after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part and take possession thereof, without Noticeand to terminate all of the rights of Tenant in and to the Premises.
(b) Notwithstanding any termination of this Lease or termination of Tenant's rights to possession, either by summary proceedings, or by any other applicable action or proceeding or otherwise, and may repossess the Premises and dispossess Tenant and any other persons from the Premises whether by summary proceedings or otherwise otherwise, Tenant shall pay and remove any be liable for (on the days originally fixed herein for the payment thereof) the several installments of Rent as if this Lease had not been terminated and as if Landlord had not entered and whether the Premises are relet or remain vacant in whole or in part, but in the event the Premises is relet by Landlord, Tenant shall be entitled to a credit in the net sum of Rents received by Landlord in reletting after deduction of all expenses incurred in reletting the Premises, and in collecting such Rents.
(c) In the event of a reletting, Landlord may apply the rent therefrom first to the payment of Landlord's reasonable expenses including but not limited to attorney's fees incurred, expense of reletting, repairs, brokerage fees, subdividing, renovation or alteration of the Premises and then to the payment of Rent and all of their property and effects other sums due from the Premises (Tenant hereunder, and Tenant shall remain liable for damages as provided herein or pursuant to law); andany deficiency.
(2d) Landlord, at Landlord's option, may relet the whole In computing damages or any part or parts of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord may determine; provided, however, that Landlord shall exercise reasonable efforts to mitigate any damages related to liability of Tenant rental due under this Lease.
(B) In , the event value of a breach or threatened breach by Tenant, or the Percentage Rent for any persons claiming through or under Tenant, of any term, covenant or condition period subsequent to the termination of this Lease, Landlord shall have the right to enjoin such breach.
(A) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof, or by or under any summary proceeding or any other action or proceeding, then, in any of said events:
(1) Tenant shall pay to Landlord all Fixed Rent, Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency ("Deficiency") between the Rental for the period which is the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(2) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possession, Landlord's re-entry upon the Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent; Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3) alternatively, if Landlord has terminated the Lease, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and as and for liquidated and agreed final damages, a sum equal to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the present value (calculated using the Base Rate as the discount rate) of the then fair and reasonable rental value of the Premises for the same period, taking into consideration reasonable costs incurred to relet the Premises; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, are relet by Landlord on a fair and arms-length basis for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(B) Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents exceed the Fixed Rent reserved in this Lease. Nothing contained in this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2.be
Appears in 1 contract
Samples: Lease Agreement (Movado Group Inc)
REMEDIES AND DAMAGES. (Aa) If any an Event of Default shall occur, or and this Lease and the Term shall expire and come to an end as provided in Article 16 hereof16:
(1i) Tenant shall quit and peacefully surrender the Premises to Landlord, and Landlord and its agents maymay immediately, or at any time after such Event of Default or after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part thereof, without Noticenotice, either by summary proceedings, or by any other applicable action or proceeding proceeding, or otherwiseby other legal means (without being liable to indictment, prosecution or damages therefor), and may repossess the Premises and dispossess Tenant and any other persons Persons from the Premises by summary proceedings or otherwise and remove any and all of their property and effects from the Premises (and Tenant shall remain liable for damages as provided herein or pursuant to law)Premises; and
(2ii) Landlord, at Landlord's option, may relet the whole or any part or parts of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Fixed Expiration Date, at such rent rental or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord Landlord, in its sole discretion, may determine; provided, however, that Landlord shall exercise reasonable efforts have no obligation to mitigate relet the Premises or any damages related part thereof and shall in no event be liable for refusal or failure to relet the Premises or any part thereof, or, in the event of any such reletting, for refusal or failure to collect any rent due upon any such reletting, and no such refusal or failure shall operate to relieve Tenant of any liability of Tenant under this LeaseLease or otherwise affect any such liability, and Landlord, at Landlord's option, may make such repairs, replacements, alterations, additions, improvements, decorations and other physical changes in and to the Premises as Landlord, in its sole discretion, considers advisable or necessary in connection with any such reletting or proposed reletting, without relieving Tenant of any liability under this Lease or otherwise affecting any such liability.
(Bb) Tenant hereby waives the service of any notice of intention to re-enter or to institute legal proceedings to that end which may otherwise be required to be given under any present or future law. Tenant, on its own behalf and on behalf of all Persons claiming through or under Tenant, including all creditors, does further hereby waive any and all rights which Tenant and all such Persons might otherwise have under any present or future law to redeem the Premises, or to re-enter or repossess the Premises, or to restore the operation of this Lease, after (i) Tenant shall have been dispossessed by a judgment or by warrant of any court or judge, (ii) any re-entry by Landlord, or (iii) any expiration or termination of this Lease and the Term, whether such dispossess, re-entry, expiration or termination shall be by operation of law or pursuant to the provisions of this Lease. The words "re-enter," re-entry" and "re-entered" as used in this Lease shall not be deemed to be restricted to their technical legal meanings. In the event of a breach or threatened breach by Tenant, or any persons Persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord shall have the right to enjoin such breach and the right to invoke any other remedy allowed by law or in equity as if re-entry, summary proceedings and other special remedies were not provided in this Lease for such breach. The rights to invoke the remedies set forth in this Lease are cumulative and shall not preclude Landlord from invoking any other remedy allowed at law or in equity.
(Aa) If this Lease and the Term shall expire and come to an end as provided in Article 2 hereof16, or by or under any summary proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1 hereof17.1, or by or under any summary proceeding or any other action or proceeding, then, in any of said such events:
(1i) Tenant shall pay to Landlord all Fixed Rent, Base Rent and Additional Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(2ii) if Landlord has not terminated the Lease, but only Tenant's right of possession to the Premises, Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency (the "Deficiency") between the Rental (A) Base Rent and Additional Rent for the period which is otherwise would have constituted the unexpired portion of the Term (conclusively presuming the Additional Rent for each year thereof to be the same as was payable for the year immediately preceding such termination or re-entry), and (B) the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 17.1(A)(2SubSection 17.1(a)(ii) for any part of such period (after first deducting from the rents collected under any such reletting all of Landlord's reasonable and actual expenses in connection with the termination of Tenant's right of possessionthis Lease, Landlord's re-entry upon the Premises and with such reletting including, but not limited to, including all repossession costs, brokerage commissions, legal expenses, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting, to ). Tenant shall pay the extent the same are allocable to the remaining Term); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Base Rent; , and Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no . No suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(3iii) alternatively, if whether or not Landlord has terminated the Leaseshall have collected any monthly Deficiency as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, and in lieu of any further Deficiency as and for liquidated and agreed final damages, a sum equal (a) to the amount by which the present value (calculated using the Base Rate as the discount rate) of the unpaid Rental Rent and Additional Rent for the period which otherwise would have constituted the unexpired portion of the Term (conclusively presuming the Additional Rent for each year thereof to be the same as was payable for the year immediately preceding such termination or reentry) exceeds the present value (calculated using the Base Rate as the discount rateB) of the then fair and reasonable rental value of the Premises Premises, including Additional Rent for the same period, taking into consideration reasonable costs incurred both discounted to relet present value at the Premises; ifrate of six percent (6%) per annum less (C) the aggregate amount of Deficiencies previously collected by Landlord pursuant to the provisions of SubSection 17.2(a)(ii) for the same period. If, before presentation of proof of such liquidated damages to any court, commission or tribunal, Landlord shall have relet the Premises, Premises or any part thereof, are relet by Landlord on a fair and arms-length basis thereof for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon net rents collected in connection with such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(Bb) If Landlord shall relet the Premises, or any part thereof, together with other Space in the Building, the net rents collected under any such reletting and the expenses of any such reletting shall be equitably apportioned for the purposes of this Section 17.2. Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents shall exceed the Fixed Base Rent reserved in this Lease. Nothing contained in Article 16 or this Article 17 shall be deemed to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 17.2.
Appears in 1 contract
Samples: Lease Agreement (Digital Island Inc)