Common use of Remedies for Default Clause in Contracts

Remedies for Default. (a) In the event of the Purchaser’s default, material breach or material misrepresentation of any fact under the terms of this Agreement, the Seller, at its option, may retain the xxxxxxx money deposit and any other funds then paid by the Purchaser as liquidated damages and/or invoke any other remedy available to Seller at law and/or equity and the Seller is automatically released from the obligation to sell the Property to the Purchaser and neither the Seller nor its representatives, agents, attorneys, successors, or assigns shall be liable to the Purchaser for any damages of any kind as a result of the Seller's failure to sell and convey the Property. (b) In the event of the Seller’s default or material breach under the terms of the Agreement or if the Seller terminates the Agreement as provided under the provisions of Xxxxxxxxx 00 (x), (x), (x), (x), (x), (x), (x) or (j) of this Addendum, the Purchaser shall be entitled to the return of the xxxxxxx money deposit as Purchaser’s sole and exclusive remedy at law and/or equity. The Purchaser waives any rights to file and maintain an action against the Seller for specific performance and the Purchaser acknowledges that a return of its xxxxxxx money deposit can adequately and fairly compensate the Purchaser. Upon return of the xxxxxxx money deposit to the Purchaser, this Agreement shall be terminated, and the Purchaser and the Seller shall have no further liability or obligation, each to the other in connection with this Agreement. (c) The Purchaser agrees that the Seller shall not be liable to the Purchaser for any special, consequential or punitive damages whatsoever, whether in contract, tort (including negligence and strict liability) or any other legal or equitable principle, including but not limited to any cost or expense incurred by the Purchaser in selling or surrendering a lease on a prior residence, obtaining other living accommodations, moving, storage or relocation expenses or any other such expense or cost arising from or related to this Agreement or a breach of this Agreement. (d) Any consent by any party to, or waiver of, a breach by the other, whether express or implied, shall not constitute consent to, waiver of, or excuse for any different or subsequent breach. (e) In the event either party elects to exercise its remedies as described in this Section 19 of this Addendum and this Agreement is terminated, the parties shall have no further obligation under this Agreement except as to any provision that survives the termination of this Agreement pursuant to Section 24 of this Addendum.

Appears in 13 contracts

Samples: Real Estate Purchase Addendum, Real Estate Purchase Addendum, Real Estate Purchase Addendum

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Remedies for Default. (a) In the event of the Purchaser’s default, material breach or material misrepresentation of any fact under the terms of this Agreement, the Seller, at its option, may retain the xxxxxxx money deposit and any other funds then paid by the Purchaser as liquidated damages and/or invoke any other remedy available to Seller at law and/or equity expressly set out in this Agreement and the Seller is automatically released from the obligation to sell the Property to the Purchaser and neither the Seller nor its representatives, agents, attorneys, successors, or assigns shall be liable to the Purchaser for any damages of any kind as a result of the Seller's failure to sell and convey the Property. (b) In the event of the Seller’s default or material breach under the terms of the this Agreement or if the Seller terminates the this Agreement as provided under the provisions of Xxxxxxxxx 00 (x), (x), (x), (x), (x), (x), (x) or (j) of this AddendumAgreement, the Purchaser shall be entitled to the return of the xxxxxxx money deposit as Purchaser’s sole and exclusive remedy at law and/or equity. Any reference to a return of the Purchaser’s xxxxxxx money deposit contained in the Agreement shall mean a return of the xxxxxxx money deposit less any escrow cancellation fees applicable to the Purchaser under this Agreement and less fees and costs payable for services and products provided during escrow at the Purchaser’s request. The Purchaser waives any rights to file and maintain an action against claims that the Seller for specific performance Property is unique and the Purchaser acknowledges that a return of its xxxxxxx money deposit can adequately and fairly compensate the Purchaser. Upon return of the xxxxxxx money deposit to the Purchaser, this Agreement shall be terminated, and the Purchaser and the Seller shall have no further liability or liability, no further obligation, and no further responsibility each to the other and the Purchaser and the Seller shall be released from any further obligation each to the other in connection with this Agreement. (c) The Purchaser agrees that the Seller shall not be liable to the Purchaser for any special, consequential or punitive damages whatsoever, whether in contract, tort (including negligence and strict liability) or any other legal or equitable principle, including but not limited to any cost or expense incurred by the Purchaser in selling or surrendering a lease on a prior residence, obtaining other living accommodations, moving, storage or relocation expenses or any other such expense or cost arising from or related to this Agreement or a breach of this Agreement. (d) Any consent by any party to, or waiver of, a breach by the other, whether express or implied, shall not constitute consent to, waiver of, or excuse for any different or subsequent breach. (e) In the event either party elects to exercise its remedies as described in this Section 19 of this Addendum and this Agreement is terminated, the parties shall have no further obligation under this Agreement except as to any provision that survives the termination of this Agreement pursuant to Section 24 of this Addendum.

Appears in 7 contracts

Samples: Real Estate Purchase Addendum, Real Estate Purchase Addendum, Real Estate Purchase Addendum

Remedies for Default. (a) Enterprise Services’ rights to suspend and terminate Contractor’s rights under this Master Contract are in addition to all other available remedies. In the event of the Purchaser’s termination for default, material breach or material misrepresentation of Enterprise Services may exercise any fact under the terms of this Agreementremedy provided by law including, without limitation, the Sellerright to procure for all Purchasers replacement Goods and/or Services. In such event, at its option, may retain the xxxxxxx money deposit and any other funds then paid by the Purchaser as liquidated damages and/or invoke any other remedy available to Seller at law and/or equity and the Seller is automatically released from the obligation to sell the Property to the Purchaser and neither the Seller nor its representatives, agents, attorneys, successors, or assigns Contractor shall be liable to Enterprise Services for damages as authorized by law including, but not limited to, any price difference between the Purchaser for Master Contract price and the replacement or cover price as well as any damages of any kind as a result administrative and/or transaction costs directly related to such replacement procurement – e.g., the cost of the Seller's failure competitive procurement. Limitation on Damages. Notwithstanding any provision to sell and convey the Property. (b) In the event of the Seller’s default or material breach under the terms of the Agreement or if the Seller terminates the Agreement as provided under the provisions of Xxxxxxxxx 00 (x), (x), (x), (x), (x), (x), (x) or (j) of this Addendumcontrary, the parties agree that in no event shall any party or Purchaser shall be entitled to the return of the xxxxxxx money deposit as Purchaser’s sole and exclusive remedy at law and/or equity. The Purchaser waives any rights to file and maintain an action against the Seller for specific performance and the Purchaser acknowledges that a return of its xxxxxxx money deposit can adequately and fairly compensate the Purchaser. Upon return of the xxxxxxx money deposit to the Purchaser, this Agreement shall be terminated, and the Purchaser and the Seller shall have no further liability or obligation, each to the other in connection with this Agreement. (c) The Purchaser agrees that the Seller shall not be liable to the Purchaser other for any special, consequential exemplary or punitive damages whatsoeverdamages; Provided, whether in contracthowever, tort (including negligence and strict liability) or any other legal or equitable principle, including but not limited to any cost or expense incurred by the Purchaser in selling or surrendering a lease on a prior residence, obtaining other living accommodations, moving, storage or relocation expenses or any other such expense or cost arising from or related to this Agreement or a breach of this Agreement. (d) Any consent by any party to, or waiver of, a breach by the other, whether express or implied, shall not constitute consent to, waiver of, or excuse for any different or subsequent breach. (e) In the event either party elects to exercise its remedies as described that nothing contained in this Section 19 will in any way exclude or limit: (a) a party’s liability for all damages arising out of that party’s intentional acts or omissions; (b) the operation of any Goods or Services warranty provided in this Master Contract; or (c) damages subject to the Intellectual Property Indemnity section of this Addendum and Master Contract. Any limitation of either party’s obligations under this Agreement Master Contract, by delivery slips or other documentation is terminatedvoid. Suspension/Termination Procedure. Regardless of basis, in the event of suspension or termination (in full or in part), the parties shall have no cooperate to ensure an orderly and efficient suspension or termination. Accordingly, Contractor shall deliver to Purchasers all Goods and/or Services that are complete (or with approval from Enterprise Services, substantially complete) and Purchasers shall inspect, accept, and pay for the same in accordance with this Master Contract and the applicable Purchase Order. Unless directed by Enterprise Services to the contrary, Contractor shall not process any orders after notice of suspension or termination inconsistent therewith. Purchaser Purchase Orders. Purchaser Orders may be terminated: (a) upon the mutual written agreement of the parties; (b) by the non-breaching party where the breach is not cured within thirty (30) calendar days after written notice of breach is delivered to the breaching party, unless a different time for cure is otherwise stated in the applicable Purchase Order; and (c) as otherwise expressly provided for in the applicable Purchase Order. Purchase Orders shall terminate automatically and without further obligation under this Agreement except as action if a party becomes insolvent or is placed in receivership, reorganization, liquidation, or bankruptcy. In addition to any provision that survives other available remedies, the non-breaching party may terminate the Purchase Order as provided in subsection (b) above without further liability by written notice to the breaching party. A termination for breach will not affect rights or obligations accrued or owed before the effective date of the termination of this Agreement pursuant to Section 24 of this Addendumnotice.

Appears in 4 contracts

Samples: Master Contract, Master Contract, Master Contract

Remedies for Default. (a) In the event of the Purchaser’s 's default, material breach or material misrepresentation of any fact under the terms of this Agreement, the Seller, at its option, may retain the xxxxxxx money deposit and any other funds then paid by the Purchaser as liquidated damages and/or invoke any other remedy available to Seller at law and/or equity and the Seller is automatically released from the obligation to sell the Property to the Purchaser and neither the Seller nor its representatives, agents, attorneys, successors, or assigns shall be liable to the Purchaser for any damages of any kind as a result of the Seller's failure to sell and convey the Property. (b) In the event of the Seller’s 's default or material breach under the terms of the Agreement or if the Seller terminates the Agreement as provided under the provisions of Xxxxxxxxx 00 (x), (x), (x), (x), (x), (x), (x) or (j) of this Addendum, the Purchaser shall be entitled to the return of the xxxxxxx money deposit as Purchaser’s 's sole and exclusive remedy at law and/or equity. The Purchaser waives any rights to file and maintain an action against the Seller for specific performance and the Purchaser acknowledges that a return of its xxxxxxx money deposit can adequately and fairly compensate the Purchaser. Upon return of the xxxxxxx money deposit to the Purchaser, this Agreement shall be terminated, and the Purchaser and the Seller shall have no further liability or obligation, each to the other in connection with this Agreement. (c) The Purchaser agrees that the Seller shall not be liable to the Purchaser for any special, consequential or punitive damages whatsoever, whether in contract, tort (including negligence and strict liability) or any other legal or equitable principle, including but not limited to any cost or expense incurred by the Purchaser in selling or surrendering a lease on a prior residence, obtaining other living accommodations, moving, storage or relocation expenses or any other such expense or cost arising from or related to this Agreement or a breach of this Agreement. (d) Any consent by any party to, or waiver of, a breach by the other, whether express or implied, shall not constitute consent to, waiver of, or excuse for any different or subsequent breach. (e) In the event either party elects to exercise its remedies as described in this Section 19 of this Addendum and this Agreement is terminated, the parties shall have no further obligation under this Agreement except as to any provision that survives the termination of this Agreement pursuant to Section 24 of this Addendum.

Appears in 3 contracts

Samples: Real Estate Purchase Addendum, Real Estate Purchase Addendum, Real Estate Purchase Addendum

Remedies for Default. A. Upon the happening of any event of default as hereinabove described, Landlord shall have the right, at its election, then or at any time thereafter and while any such event of default shall continue, either: (a1) To give Tenant written notice of intention to terminate this Lease on the date of giving notice or on any later date specified therein, whereupon Tenant's right to possession of the Premises shall cease and this Lease shall be terminated, except as to Tenant's liability, as if the expiration of the term fixed in such notice were the end of the term herein originally demised; or (2) To re-enter and take possession of the Premises and repossess the same as of Landlord's former estate, and expel Tenant and those claiming through or under Tenant, and remove the effects of both, and without prejudice to any remedies for arrears of Rent. Should Landlord elect to re-enter as provided in this subparagraph (2), or should Landlord take possession pursuant to legal proceedings or pursuant to any notice provided for by law, Landlord shall without terminating this Lease, use reasonable efforts to relet the Premises in Landlord's or Tenant's name, but for the account of Tenant, for such term or terms (which may B. In the event that Landlord does not elect to terminate this Lease and elects to take possession as provided in subparagraph A(2) hereof, Tenant shall pay to Landlord (i) the Rent and other sums as herein provided, which would be payable hereunder if such repossession had not occurred, less (ii) the net proceeds, if any, of any reletting of the Purchaser’s defaultPremises after deducting Landlord's reasonable expenses in connection with such reletting, material breach including, but without limitation, all repossession costs, brokerage commissions, reasonable attorneys' fees, alteration and repair costs and expenses of preparation for such reletting. If, in connection with any reletting, the new lease term extends beyond the existing term, or material misrepresentation the Premises covered thereby include other premises not part of the Premises, a fair apportionment of the Rent received from such reletting and the expenses incurred in connection therewith will be made in determining the net proceeds from such reletting. Any Rent concessions will be apportioned over the term of the new lease. Tenant shall pay such Rent and other sums to Landlord monthly on the days on which the Rent would have been payable hereunder if possession had not been retaken, and Landlord shall be entitled to receive the same from Tenant on each such day. C. In the event that this Lease is terminated as a result of an uncured default by Tenant, as permitted in subparagraph A(1) hereof, Tenant shall remain liable to Landlord for damages in an amount equal to the Rent and other sums which would have been owed by Tenant hereunder for the balance of the term had this Lease not been terminated, less the net proceeds, if any, of any fact reletting of the Premises by Landlord subsequent to such termination, after deducting all Landlord's expenses in connection with such reletting, including, but without limitation, the expenses enumerated above. Landlord shall be entitled to collect such damages from Tenant monthly on the days on which the Rent and other amounts would have been payable hereunder if this Lease had not been terminated, and Landlord shall be entitled to receive the same from Tenant on each such day. Landlord agrees to use good faith efforts to mitigate its damages in the event of Tenant's default. Alternatively, at the option of Landlord, Landlord shall be entitled to recover forthwith against Tenant, as damages for the loss of the bargain and not as a penalty, an aggregate sum which, at the time of such termination of this Lease, represents the amount, if any, by which the aggregate of the Rent and all other sums payable by Tenant hereunder which would have accrued for the balance of the term exceeds the aggregate rental value of the Premises (such rental value to be computed on the basis of a tenant paying not only Rent, but also such other charges as are required to be paid by Tenant under the terms of this AgreementLease) for the balance of such term, both discounted to present worth at the Federal Reserve discount rate plus one percent (1%). D. Suit or suits for the recovery of the amounts and damages set forth herein may be brought by Landlord, from time to time, at Landlord's election; and nothing herein shall be deemed to require Landlord to await the date that this Lease or the term hereof would have expired had there been no such default by Tenant, or no such termination, as the case may be. Each right and remedy provided for in this Lease shall be cumulative and shall be in addition to every other right or remedy provided for in this Lease or now or hereafter existing at law or in equity or by statute or otherwise, including, but not limited to, suits for injunctive relief and specific performance. The exercise or beginning of the exercise by Landlord of any one or more of the rights or remedies provided for in this Lease as now or hereafter existing at law or in equity or by statute or otherwise shall not preclude the simultaneous or later exercise by Landlord of any or all other rights or remedies E. No failure by Landlord to insist upon the strict performance of any agreement, term, covenant or condition hereof or to exercise any right or remedy consequent upon a breach thereof, and no acceptance of full or partial Rent during the continuance of any such breach, shall constitute a waiver of any such breach or any such agreement, term, covenant or condition. No agreement, term, covenant or condition hereof to be performed or complied with by Tenant, and no breach thereof, shall be waived, altered or modified except by written instrument executed by Landlord. No waiver of any breach shall affect or alter this Lease; but each and every agreement, term, covenant and condition hereof shall continue in full force and effect with respect to any other then existing or subsequent breach. Notwithstanding any termination of this Lease, the Sellersame shall continue in full force and effect as to any provisions hereof which require observance or performance by Landlord or Tenant subsequent to termination. (1) Nothing contained in this Paragraph 17 shall limit or prejudice the right of Landlord to prove and obtain as liquidated damages in any bankruptcy, insolvency, receivership, reorganization or dissolution proceeding an amount equal to the maximum allowed by any statute or rule of law governing such proceeding and in effect at the time when such damages are to be proved. (2) Notwithstanding anything in this Paragraph 17 to the contrary, any such proceeding or action involving bankruptcy, insolvency, reorganization, arrangement, assignment for the benefit of creditors, or appointment of a receiver or trustee, as specified in subparagraphs 16D and 16E above, shall be considered to be an event of default only when such proceeding, action or remedy shall be taken or brought by or against the then holder of the leasehold estate under this Lease. F. Any rents or other amounts owing hereunder which are not paid within 30 days after they are due shall bear interest at the rate of 10% per annum from the 31st day after the due date of such payment until received by Landlord. Similarly, any amounts paid by Landlord to cure any defaults of Tenant hereunder, which Landlord shall have the right, but not the obligation to do, shall, if not repaid by Tenant within 30 days after demand by Landlord, thereafter bear interest at the above rate until received by Landlord. G. Landlord hereby waives any statutory or common law rights it may have granting Landlord a lien or the right to foreclose on the personal property of Tenant and/or the tenant improvements installed in the Premises by Tenant. H. If Landlord is in default in the performance of its obligations under this Lease and such default is not cured within 30 days after written notice thereof, Tenant may at its optionoption upon 10 days' prior written notice to Landlord terminate this Lease, or may retain incur any expense and deduct the xxxxxxx money deposit monies owed from Rent and any other funds then paid by the Purchaser as liquidated damages and/or invoke any other remedy available to Seller at law and/or equity amounts due under this Lease. Landlord's performance of each and the Seller is automatically released from the obligation to sell the Property to the Purchaser and neither the Seller nor its representatives, agents, attorneys, successors, or assigns shall be liable to the Purchaser for any damages of any kind as a result of the Seller's failure to sell and convey the Property. (b) In the event of the Seller’s default or material breach under the terms of the Agreement or if the Seller terminates the Agreement as provided under the provisions of Xxxxxxxxx 00 (x), (x), (x), (x), (x), (x), (x) or (j) of this Addendum, the Purchaser shall be entitled to the return of the xxxxxxx money deposit as Purchaser’s sole and exclusive remedy at law and/or equity. The Purchaser waives any rights to file and maintain an action against the Seller for specific performance and the Purchaser acknowledges that a return every one of its xxxxxxx money deposit can adequately conditions, covenants and fairly compensate the Purchaser. Upon return of the xxxxxxx money deposit to the Purchaser, this Agreement shall be terminated, and the Purchaser and the Seller shall have no further liability or obligation, each to the other in connection with this Agreement. (c) The Purchaser agrees that the Seller shall not be liable to the Purchaser for any special, consequential or punitive damages whatsoever, whether in contract, tort (including negligence and strict liability) or any other legal or equitable principle, including but not limited to any cost or expense incurred by the Purchaser in selling or surrendering a lease on a prior residence, obtaining other living accommodations, moving, storage or relocation expenses or any other such expense or cost arising from or related to this Agreement or a breach of this Agreement. (d) Any consent by any party to, or waiver of, a breach by the other, whether express or implied, shall not constitute consent to, waiver of, or excuse for any different or subsequent breach. (e) In the event either party elects to exercise its remedies as described agreements in this Section 19 of Lease is a condition precedent to Landlord's right to enforce this Addendum and this Agreement is terminated, the parties shall have no further obligation under this Agreement except as to any provision that survives the termination of this Agreement pursuant to Section 24 of this AddendumLease.

Appears in 3 contracts

Samples: Lease Agreement (Rentx Industries Inc), Lease Agreement (Rentx Industries Inc), Lease Agreement (Rentx Industries Inc)

Remedies for Default. (a) In the event of the PurchaserBuyer’s default, material breach or material misrepresentation of any fact under the terms of this the Agreement, the Seller, at its option, may retain the xxxxxxx money deposit and any other funds then paid by the Purchaser Buyer as liquidated damages and/or invoke any other remedy available to Seller at law and/or equity or expressly set out in the Agreement, and the Seller is automatically released from the obligation to sell the Property to the Purchaser Buyer and neither the Seller nor its representatives, agents, attorneys, successors, or assigns shall be liable to the Purchaser Buyer for any damages of any kind as a result of the Seller's ’s failure to sell and convey the Property. (b) In the event of the Seller’s default or material breach under the terms of the Agreement or if it the Seller terminates the Agreement as provided under the provisions of Xxxxxxxxx 00 (x), (x), (x), (x), (x), (x), (x) or (j) of this Addendumthe Agreement, the Purchaser Buyer shall be entitled to the return of the xxxxxxx money deposit as PurchaserXxxxx’s sole and exclusive remedy at law and/or equity. Any reference to a return of the Buyer’s xxxxxxx money deposit contained in the Agreement shall mean a return of the xxxxxxx money deposit, less any escrow cancellation fees applicable to the Buyer under the Agreement and less fees and costs payable for services and products provided during escrow at the Buyer’s request. The Purchaser Buyer waives any rights to file and maintain an action against claims that the Seller for specific performance Property is unique and the Purchaser Buyer acknowledges and agrees that a return of its xxxxxxx money deposit can adequately and fairly compensate compensates the PurchaserBuyer. Upon return of the xxxxxxx money deposit to the PurchaserBuyer under this Section 23 (b), this the Agreement shall be terminated, and the Purchaser Buyer and the Seller shall have no further liability or liability, no further obligation, and no further responsibility each to the other and the Buyer and the Seller shall be released from any further obligation each to the other in connection with this the Agreement. (c) The Purchaser Buyer agrees that the Seller shall not be liable to the Purchaser Buyer for any special, consequential consequential, or punitive damages whatsoever, whether in contract, tort (including negligence and strict liability) ), or any other legal or equitable principle, including including, but not limited to to, any cost or expense incurred by the Purchaser Buyer in selling or surrendering a lease on a prior residence, obtaining other living accommodations, moving, storage or relocation expenses expenses, or any other such expense or cost arising from from, or related to this to, the Agreement or a breach of this the Agreement. (d) Any consent by any party to, or waiver of, a breach by the other, whether express or implied, shall not constitute consent to, waiver of, or excuse for for, any different or subsequent breach. (e) In the event either party elects to exercise its remedies as described in this Section 19 of this Addendum 24 and this the Agreement is terminated, the parties shall have no further obligation under this Agreement the Agreement, except as to any provision that survives the termination of this the Agreement pursuant to Section 24 29 of this Addendum.

Appears in 3 contracts

Samples: Real Estate Purchase Contract, Real Estate Purchase Contract, Addendum to Real Estate Purchase Contract

Remedies for Default. (a) In the event that Debtor is, or is deemed to be, in Default hereunder, Secured Party shall have all rights and remedies of a secured party in, to and against the Collateral granted by the Uniform Commercial Code in the State of Illinois and otherwise available at law or in equity, including, without limitation: (i) the right to declare all payments due under the Loan Documents immediately due and payable and the right to recover all fees and expenses (including reasonable attorney fees) in connection with the collection or enforcement thereof, which fees and expenses shall constitute additional Obligations of Debtor hereunder; (ii) the right to act as, and Debtor hereby constitutes and appoints Secured Party, Debtor's true, lawful and irrevocable attorney-in-fact (which appointment shall be deemed coupled with an interest) to demand, receive and enforce payments and to give receipts, releases, satisfaction for and to xxx for moneys payable to Debtor under or with respect to any of the Purchaser’s default, material breach or material misrepresentation of any fact Collateral under the terms of this Agreement, and actions taken pursuant to this appointment may be taken either in the Sellername of Debtor or in the name of Secured Party with the same force and effect as if this appointment had not been made; (iii) the right to take immediate and exclusive possession of the Collateral, at its optionor any part thereof; (iv) the right to hold, may retain maintain, preserve and prepare the xxxxxxx money deposit Collateral for sale, until disposed of; (v) the right to dispose of the Collateral; (vi) the right to require Debtor to assemble and any other funds then paid by package the Purchaser as liquidated damages and/or invoke any other remedy Collateral and make it available to Seller Secured Party for its possession at law and/or equity a place to be designated by Secured Party which is reasonably convenient to the Secured Party; (vii) the right to sell, hold or otherwise dispose of all or any part of the Collateral; (viii) the right to xxx for specific performance of any obligation under the Loan Documents or to recover damages for breach thereof; and (ix) the right to receive all cash distributions or payments payable in respect of the Collateral. The remedies of Secured Party hereunder are cumulative and the Seller is automatically released from the obligation to sell the Property to the Purchaser and neither the Seller nor its representatives, agents, attorneys, successors, or assigns shall be liable to the Purchaser for any damages exercise of any kind one or more of the remedies provided for herein or under the Uniform Commercial Code or other applicable law shall not be construed as a result waiver of any of the Seller's failure to sell and convey the Property. (b) In the event other remedies of Secured Party so long as any part of the Seller’s default or material breach under the terms of the Agreement or if the Seller terminates the Agreement as provided under the provisions of Xxxxxxxxx 00 (x), (x), (x), (x), (x), (x), (x) or (j) of this Addendum, the Purchaser Obligations secured hereby remains unsatisfied. Secured Party shall be entitled to receive on demand, as additional Obligations hereunder, interest at the return lower of 18% per annum or the xxxxxxx money deposit as Purchaser’s sole and exclusive remedy at highest rate permitted by applicable law and/or equityon all amounts not paid when due under the Note or this Agreement, for the period such amounts are overdue. The Purchaser waives any rights to file and maintain an action against the Seller for specific performance and the Purchaser acknowledges that a return of its xxxxxxx money deposit can adequately and fairly compensate the Purchaser. Upon return of the xxxxxxx money deposit to the Purchaser, this Agreement shall be terminated, and the Purchaser and the Seller Secured Party shall have no further liability or obligation, each duty to mitigate any loss to the other in connection with this Agreement. (c) The Purchaser agrees that the Seller shall not be liable to the Purchaser for Debtor occasioned by enforcement of any special, consequential or punitive damages whatsoever, whether in contract, tort (including negligence remedy hereunder and strict liability) or any other legal or equitable principle, including but not limited to any cost or expense incurred by the Purchaser in selling or surrendering a lease on a prior residence, obtaining other living accommodations, moving, storage or relocation expenses or any other such expense or cost arising from or related to this Agreement or a breach of this Agreement. (d) Any consent by any party to, or waiver of, a breach by the other, whether express or implied, shall not constitute consent to, waiver of, or excuse for any different or subsequent breach. (e) In the event either party elects to exercise its remedies as described in this Section 19 of this Addendum and this Agreement is terminated, the parties shall have no further obligation under this Agreement except as duty of any kind to any provision that survives the termination subordinated creditor of this Agreement pursuant to Section 24 of this AddendumDebtor.

Appears in 3 contracts

Samples: Revolving Line of Credit Loan Agreement (Lightfirst Inc), Revolving Line of Credit Loan Agreement (Lightfirst Inc), Revolving Line of Credit Loan Agreement (Lightfirst Inc)

Remedies for Default. (a) In the event of the Purchaser’s default, material breach or material misrepresentation of any fact under the terms of this Agreement, the Seller, at its option, may retain the xxxxxxx money deposit and any other funds then paid by the Purchaser as liquidated damages and/or invoke any other remedy available to Seller at law and/or equity and the Seller is automatically released from the obligation to sell the Property to the Purchaser and neither the Seller nor its representatives, agents, attorneys, successors, or assigns shall be liable to the Purchaser for any damages of any kind as a result of the Seller's failure to sell and convey the Property. (b) In the event of the Seller’s default or material breach under the terms of the Agreement or if the Seller terminates the Agreement as provided under the provisions of Xxxxxxxxx 00 Section19 (xa), (xb), (xc), (xd), (xe), (xf), (xi) or or (j) of this Addendumcontract, the Purchaser shall be entitled to the return of the xxxxxxx money deposit as Purchaser’s sole and exclusive remedy at law and/or equity. The Purchaser waives any rights to file and maintain an action against the Seller for specific performance and the Purchaser acknowledges that a return of its xxxxxxx money deposit can adequately and fairly compensate the Purchaser. Upon return of the xxxxxxx money deposit to the Purchaser, this Agreement shall be terminated, and the Purchaser and the Seller shall have no further liability or obligation, each to the other in connection with this Agreement. (c) The Purchaser agrees that the Seller shall not be liable to the Purchaser for any special, consequential or punitive damages whatsoever, whether in contract, tort (including negligence and strict liability) or any other legal or equitable principle, including but not limited to any cost or expense incurred by the Purchaser in selling or surrendering a lease on a prior residence, obtaining other living accommodations, moving, storage or relocation expenses or any other such expense or cost arising from or related to this Agreement or a breach of this Agreement. (d) Any consent by any party to, or waiver of, a breach by the other, whether express or implied, shall not constitute consent to, waiver of, or excuse for any different or subsequent breach. (e) In the event either party elects to exercise its remedies as described in this Section 19 of this Addendum and this Agreement is terminated, the parties shall have no further obligation under this Agreement except as to any provision that survives the termination of this Agreement pursuant to Section 24 of this Addendum.

Appears in 2 contracts

Samples: Residential Real Estate Purchase and Sale Contract, Residential Real Estate Purchase and Sale Contract

Remedies for Default. (a) In the event of the Purchaser’s default, material breach or material misrepresentation of any fact If Purchaser shall default under the terms of this Agreement, the Sellerand such default is not cured in accordance with Section 12(c) below, at its optionthen Sellers shall be entitled, may as their sole and exclusive remedy, to terminate this Agreement and receive and retain the xxxxxxx money deposit and any other funds then paid by the Purchaser as liquidated damages and/or invoke any other remedy available to Seller at law and/or equity and the Seller is automatically released from the obligation to sell the Property to the Purchaser and neither the Seller nor its representativesXxxxxxx Money. IF SELLERS TERMINATE THIS AGREEMENT PURSUANT TO THIS SECTION 12(A), agentsPURCHASER AND SELLERS AGREE THAT SELLERS' ACTUAL DAMAGES WOULD BE IMPRACTICABLE OR EXTREMELY DIFFICULT TO FIX OR ASCERTAIN. THE PARTIES THEREFORE AGREE THAT, attorneysIN SUCH EVENT, successorsSELLERS, or assigns shall be liable to the Purchaser for any damages of any kind as a result of the Seller's failure to sell and convey the PropertyAS SELLERS' SOLE AND EXCLUSIVE REMEDY, ARE ENTITLED TO LIQUIDATED DAMAGES IN THE AMOUNT OF THE XXXXXXX MONEY, AND, FOLLOWING SUCH TERMINATION, NEITHER PARTY SHALL HAVE ANY FURTHER OBLIGATION OR LIABILITY UNDER THIS AGREEMENT EXCEPT FOR SURVIVING OBLIGATIONS. (b) In the event of the Seller’s If any Seller shall default or material breach under the terms of the this Agreement or if the Seller terminates the Agreement and such default is not cured in accordance with Section 12(c) below, then Purchaser may, as provided under the provisions of Xxxxxxxxx 00 (x), (x), (x), (x), (x), (x), (x) or (j) of this Addendum, the Purchaser shall be entitled to the return of the xxxxxxx money deposit as Purchaser’s its sole and exclusive remedy at law and/or equity. The remedy, either elect to: (i) terminate this Agreement, with respect to either the particular Property or Properties affected by the default or all of the Properties, in which event (A) all of the Xxxxxxx Money shall be refunded to Purchaser waives any rights if Purchaser elects to file terminate with respect to all of the Properties or (B) the terms and maintain an action against conditions of Section 16 shall apply if Purchaser elects to terminate with respect to only the Seller affected Property or Properties; or (ii) bring one or more actions for specific performance of this Agreement. Notwithstanding the foregoing, if Purchaser elects option (i), Sellers shall, promptly upon written demand, reimburse Purchaser for Purchaser's actual out-of-pocket costs and expenses (including reasonable attorneys' fees, costs and disbursements) related the Purchaser acknowledges that a return of its xxxxxxx money deposit can adequately and fairly compensate the Purchaser. Upon return of the xxxxxxx money deposit to the Purchaser, transactions contemplated by this Agreement shall be terminated(including, without limitation, the negotiation of this Agreement and Purchaser's due diligence), up to a maximum of $125,000 (multiplied by the Purchaser and the Seller shall have no further liability or obligation, each to the other in connection with this Agreementnumber of Properties for which Purchaser's termination applies). (c) The Purchaser agrees that the Seller shall not be liable Subject to Section 12(b) above, prior to the exercise of any remedy set forth in this Agreement by any Seller or Purchaser for any special, consequential or punitive damages whatsoever, whether in contract, tort (including negligence and strict liability) or any other legal or equitable principle, including but not limited due to any cost or expense incurred a default by the Purchaser other party or the termination right of either party set forth in selling Section 5, the non-defaulting party (or surrendering the party benefiting from the applicable condition that has failed) shall give the other party written notice specifying such default (or failed condition) and a lease on a prior residence, obtaining other living accommodations, moving, storage five (5) day opportunity to cure such default (or relocation expenses or any other failed condition) (with such expense or cost arising from or related to this Agreement or a breach of this Agreementnotice and cure period automatically extending the Closing Date) hereunder. (d) Any consent by any party to, or waiver of, a breach by the other, whether express or implied, shall not constitute consent to, waiver of, or excuse for any different or subsequent breach. (e) In the event If either party elects shall be entitled to exercise its remedies as described in this Section 19 of this Addendum and this Agreement is terminated, the parties shall have no further obligation pursue an action for monetary damages due to a default or breach under this Agreement except as to or under any provision that survives of the termination instruments of this Agreement conveyance delivered pursuant to Section 24 6 of this AddendumAgreement, such action shall be limited to a claim for actual damages attributable to the default or breach and Sellers and Purchaser each waive any right to seek consequential, special or punitive damages in any such action.

Appears in 2 contracts

Samples: Real Estate Purchase and Sale Agreement (Ares Real Estate Income Trust Inc.), Real Estate Purchase and Sale Agreement (Ares Real Estate Income Trust Inc.)

Remedies for Default. (a) In the event If Buyer fails to perform any of the Purchaser’s defaultmaterial covenants, terms and conditions hereof and Seller has complied with the material breach or material misrepresentation of any fact under the covenants, terms and conditions of this Agreement, Seller shall receive the Deposit paid and agreed to be paid and all interest earned thereon, together with the Inspection Documents, so long as Seller pays for one-half (1/2) of the cost of such Inspection Documents, as liquidated damages as and for its sole remedy hereunder and thereafter, this Agreement shall be deemed to be terminated and of no force and effect, except for the provisions of SECTION 12.2, SECTION 21, SECTION 24 and the indemnification provisions of SECTION 10 hereof and any other provisions which expressly survive termination. Seller waives all other remedies it may have against Buyer at law or in equity. Buyer acknowledges that Seller will take certain actions, forego opportunities and incur expenses related to and arising out of Seller's obligations and duties as contained in this Agreement. Buyer further acknowledges, having been carefully advised by counsel at the time of the execution of this Agreement, that the Deposit paid, and agreed to be paid, to Seller pursuant to the provisions hereof, represents a reasonable endeavor by the parties to ascertain that said sums would be the minimal damages suffered by Seller in the event of a default or breach hereof by Buyer. If Seller fails to perform any of the covenants hereof prior to Closing, Buyer may, at its option, if it is not in default hereunder, elect any one of the following as Buyer's sole and exclusive remedy: (i) terminate this Agreement and receive the Deposit and all interest earned thereon, if any; or (ii) pursue the remedy of specific performance; and Buyer waives all other remedies it may retain the xxxxxxx money deposit and any other funds then paid by the Purchaser as liquidated damages and/or invoke any other remedy available to have against Seller at law and/or or in equity and in connection with the foregoing. If, after Closing, Seller is automatically released from the obligation fails to sell the Property to the Purchaser and neither the Seller nor its representatives, agents, attorneys, successors, or assigns shall be liable to the Purchaser for perform any damages of any kind as a result of the Seller's failure to sell and convey the Property. (b) In the event of the Seller’s default or material breach under the terms of the Agreement or if the Seller terminates the Agreement covenants hereof that specifically survive Closing, then Buyer, as provided under the provisions of Xxxxxxxxx 00 (x), (x), (x), (x), (x), (x), (x) or (j) of this Addendum, the Purchaser shall be entitled to the return of the xxxxxxx money deposit as Purchaser’s its sole and exclusive remedy at law and/or equity. The Purchaser waives any rights remedy, shall have the right to file and maintain an action against the seek damages from Seller for specific performance such failure, except that Buyer hereby waives and the Purchaser acknowledges that a return of its xxxxxxx money deposit can adequately and fairly compensate the Purchaser. Upon return of the xxxxxxx money deposit to the Purchaser, this Agreement shall be terminated, and the Purchaser and the Seller shall have no further liability or obligation, each right to the other in connection with this Agreement. (c) The Purchaser agrees that the Seller shall not be liable to the Purchaser for any specialseek indirect, consequential or punitive damages whatsoever, whether in contract, tort (including negligence and strict liability) or any other legal or equitable principle, including but not limited to any cost or expense incurred by the Purchaser in selling or surrendering a lease on a prior residence, obtaining other living accommodations, moving, storage or relocation expenses or any other such expense or cost arising from or related to this Agreement or a breach of this Agreementagainst Seller. (d) Any consent by any party to, or waiver of, a breach by the other, whether express or implied, shall not constitute consent to, waiver of, or excuse for any different or subsequent breach. (e) In the event either party elects to exercise its remedies as described in this Section 19 of this Addendum and this Agreement is terminated, the parties shall have no further obligation under this Agreement except as to any provision that survives the termination of this Agreement pursuant to Section 24 of this Addendum.

Appears in 2 contracts

Samples: Purchase and Sale Agreement (Arvida JMB Partners L P), Purchase and Sale Agreement (Arvida JMB Partners L P)

Remedies for Default. (a) In the event of the Purchaser’s default, material breach or material misrepresentation of any fact under the terms of this the Agreement, the Seller, at its option, may retain the xxxxxxx money deposit and any other funds then paid by the Purchaser as liquidated damages and/or invoke any other remedy available to Seller at law and/or equity expressly set forth in the Agreement (or allowed for by law) and the Seller is automatically released from the obligation to sell the Property to the Purchaser and neither the Seller nor its representatives, agents, attorneys, successors, successors or assigns shall be liable to the Purchaser for any damages of any kind as a result of the Seller's ’s failure to sell and convey the Property. (b) In . Purchaser acknowledges and agrees that by signing this addendum, seller shall have the event of right to retain or seek the Seller’s default or material breach under the terms of the Agreement or if the Seller terminates the Agreement as provided under the provisions of Xxxxxxxxx 00 (x), (x), (x), (x), (x), (x), (x) or (j) of this Addendum, the Purchaser shall be entitled to the return release of the xxxxxxx money deposit as under this Section, without any further action, consent or document from purchaser. Seller’s agents, representatives, attorneys, closing offices and their successors and assigns are hereby authorized by Purchaser’s sole and exclusive remedy at law and/or equity. The Purchaser waives any rights signature on this contract to file and maintain an action against the Seller for specific performance and the Purchaser acknowledges that a return of its xxxxxxx money deposit can adequately and fairly compensate the Purchaser. Upon return of release the xxxxxxx money deposit or other such funds to Seller at Seller’s request without any further written authorization or notification. Purchaser shall hold harmless and indemnify such agents, attorneys, closing offices, and their successors or assigns for any costs incurred whatsoever, relating to the Purchaserdisbursement of such funds, this Agreement shall be terminated, including court costs and the Purchaser and the Seller shall have no further liability or obligation, each to the other in connection with this Agreement. (c) The actual attorney fees. Purchaser agrees that the Seller shall not be liable to the Purchaser for any special, consequential or punitive damages whatsoever, whether in contract, tort (including negligence and strict liability) or any other legal or equitable principle, including but not limited to any cost or expense incurred by the . Purchaser acknowledges that in selling or surrendering a lease on a prior residence, obtaining other living accommodations, moving, storage or relocation expenses or any other such expense or cost arising from or related to this Agreement or a breach of this Agreement. (d) Any consent by any party to, or waiver of, a breach by the other, whether express or implied, shall not constitute consent to, waiver of, or excuse for any different or subsequent breach. (e) In the event either party elects of termination of the Agreement, return of Purchaser’s Xxxxxxx Money can adequately and fairly compensate Purchaser. Upon return of the Xxxxxxx Money to exercise its remedies as described in this Section 19 of this Addendum and this Purchaser, the Agreement is shall be terminated, the parties and Purchaser and Seller shall have no further obligation liability, obligation, or responsibility to each other. Seller shall only be in default under this the Agreement except if Purchaser delivers written notice to Seller detailing the default and Seller fails to cure such default within 20 days of receipt of such written notice (or such longer period of time as may be necessary, provided that Seller diligently pursues such cure). If Seller is in default hereunder or if Seller terminates the Agreement as provided under the provisions of thereof, Purchaser shall be entitled to any provision that survives the termination return of this Agreement pursuant to Section 24 of this Addendumthe Xxxxxxx Money as Purchaser’s sole and exclusive remedy at law or in equity.

Appears in 2 contracts

Samples: Real Estate Purchase Contract, Real Estate Purchase Contract

Remedies for Default. (a) In the event of the Purchaser’s default, material breach or material misrepresentation If Escrow fails to close by reason of any fact default by Seller under the terms of this Agreement, the Seller, at its option, may retain the xxxxxxx money deposit and any other funds then paid by the Purchaser as liquidated damages and/or invoke any other remedy available to Seller at law and/or equity and the Seller is automatically released from the obligation to sell the Property to the Purchaser and neither the Seller nor its representatives, agents, attorneys, successors, or assigns shall be liable to the Purchaser for any damages of any kind as a result of the Seller's failure to sell and convey the Property. (b) In the event of the Seller’s default or material breach under the terms of the Agreement or if the Seller terminates the Agreement as provided under the provisions of Xxxxxxxxx 00 (x), (x), (x), (x), (x), (x), (x) or (j) of this Addendum, the Purchaser Buyer shall be entitled to the return of the xxxxxxx money deposit as Purchaser’s sole Deposit and exclusive remedy any Additional Deposit upon delivery of written notice by Buyer to Seller and Escrow Holder, in which event Buyer may pursue all of the rights and remedies that Buyer may have at law and/or or in equity. The Purchaser waives any rights , including the right to file and maintain an action against the Seller for seek specific performance of this Agreement and recover all reasonable expenses incurred including attorneys fees incurred in remedying such default. If Escrow fails to close by reason of any default by Buyer under this Agreement, Seller shall be entitled to receive the Purchaser acknowledges that a return liquidated damages set forth in Section 12 below upon delivery of its xxxxxxx money deposit can adequately written notice by Seller to Buyer and fairly compensate the Purchaser. Upon return Escrow Holder, in which event Seller may pursue all of the xxxxxxx money deposit rights and remedies that Seller may have at law or in equity, including recovering all reasonable expenses incurred including attorneys fees incurred in remedying such default. If Escrow Holder intends to release the Deposit to either party pursuant to this Section 11 or Section 12 hereof, Escrow Holder shall give Buyer and Seller not less than ten (10) days prior written notice of such fact and, if Escrow Agent actually receives notice from either Buyer or Seller within such ten (10) day period that such party objects to the Purchaserrelease, then Escrow Holder shall not release the Deposit until directed by both Buyer and Seller or pursuant to an order of any court of competent jurisdiction. If this Agreement shall be or Escrow is terminated, Buyer shall return to Seller, within two business days after the termination of Escrow, all documents and the Purchaser and the materials provided by Seller shall have no further liability or obligation, each its agents to the other Buyer or its agents in connection with this Agreement. (c) The Purchaser agrees that the Seller shall not be liable to the Purchaser for any special, consequential or punitive damages whatsoever, whether in contract, tort (including negligence and strict liability) or any other legal or equitable principle, including but not limited to any cost or expense incurred by the Purchaser in selling or surrendering a lease on a prior residence, obtaining other living accommodations, moving, storage or relocation expenses or any other such expense or cost arising from or related to this Agreement or a breach of this Agreementthe Property and all copies thereof. (d) Any consent by any party to, or waiver of, a breach by the other, whether express or implied, shall not constitute consent to, waiver of, or excuse for any different or subsequent breach. (e) In the event either party elects to exercise its remedies as described in this Section 19 of this Addendum and this Agreement is terminated, the parties shall have no further obligation under this Agreement except as to any provision that survives the termination of this Agreement pursuant to Section 24 of this Addendum.

Appears in 2 contracts

Samples: Agreement for Purchase and Sale (Apple Residential Income Trust Inc), Agreement for Purchase and Sale (Apple Residential Income Trust Inc)

Remedies for Default. (ai) Upon the occurrence of any Event of Default, Lender may, by notice to Borrower (which notice shall be deemed given automatically upon occurrence of an Event of Default referred to in paragraph (v), (vi), (vii) or (viii) of Section 11), terminate its commitment to make any Loans hereunder, and declare immediately due and payable all principal, interest and other Obligations payable hereunder and under the Note by Borrower then due and payable that would otherwise be due after the date specified in the notice (or the date such notice is deemed given), whereupon all those amounts shall become immediately due and payable, all without further diligence, presentment, demand of payment, protest or notice of any kind, all of which are expressly waived by Borrower. (ii) Without limitation to any of the provisions or remedies set forth in Section 12(a)(i), if any Event of Default shall have occurred and be continuing, Borrower may, with the prior written consent of Lender in Lender's sole discretion, (A) make a principal payment on the Loans in such amount as Lender shall specify or (B) pledge Additional Collateral having such value, as determined by Lender in its sole discretion, as Lender shall specify. If Lender so consents to Borrower's taking such action as is described in this Section 12(a)(ii) upon an Event of Default, Borrower shall remain liable for any remaining deficiency between the amount of the Obligations and the amount of the principal payment or pledge of Additional Collateral made pursuant hereto, and under no circumstances shall Lender's consent to such action be construed as a waiver of such deficiency or a modification of the Obligations. (iii) In the event that Borrower shall hereinafter pledge any Additional Collateral to Lender as specified in Section 12(a)(ii), Borrower shall, concurrently with such pledge, deliver to Lender an opinion of the Purchaser’s defaultcounsel in form and substance reasonably satisfactory to Lender regarding first priority, material breach or material misrepresentation of any fact under the terms of this Agreement, the Seller, at its option, may retain the xxxxxxx money deposit and any other funds then paid by the Purchaser as liquidated damages and/or invoke any other remedy available to Seller at law and/or equity perfection and the Seller is automatically released from the obligation to sell the Property to the Purchaser and neither the Seller nor its representatives, agents, attorneys, successors, or assigns shall be liable to the Purchaser for any damages absence of any kind as a result Liens in respect of the Seller's failure to sell and convey the Propertysuch Additional Collateral. (b) In the event of the Seller’s default or material breach under the terms of the Agreement or if the Seller terminates the Agreement as provided under the provisions of Xxxxxxxxx 00 (x), (x), (x), (x), (x), (x), (x) or (j) of this Addendum, the Purchaser shall be entitled to the return of the xxxxxxx money deposit as Purchaser’s sole and exclusive remedy at law and/or equity. The Purchaser waives any rights to file and maintain an action against the Seller for specific performance and the Purchaser acknowledges that a return of its xxxxxxx money deposit can adequately and fairly compensate the Purchaser. Upon return of the xxxxxxx money deposit to the Purchaser, this Agreement shall be terminated, and the Purchaser and the Seller shall have no further liability or obligation, each to the other in connection with this Agreement. (c) The Purchaser agrees that the Seller shall not be liable to the Purchaser for any special, consequential or punitive damages whatsoever, whether in contract, tort (including negligence and strict liability) or any other legal or equitable principle, including but not limited to any cost or expense incurred by the Purchaser in selling or surrendering a lease on a prior residence, obtaining other living accommodations, moving, storage or relocation expenses or any other such expense or cost arising from or related to this Agreement or a breach of this Agreement. (d) Any consent by any party to, or waiver of, a breach by the other, whether express or implied, shall not constitute consent to, waiver of, or excuse for any different or subsequent breach. (e) In the event either party elects to exercise its remedies as described in this Section 19 of this Addendum and this Agreement is terminated, the parties shall have no further obligation under this Agreement except as to any provision that survives the termination of this Agreement pursuant to Section 24 of this Addendum.

Appears in 2 contracts

Samples: Master Residual Loan Agreement (Triad Financial Corp), Master Residual Loan Agreement (Triad Financial Corp)

Remedies for Default. (a) a. In the event of the Purchaser’s Buyers default, material breach or material misrepresentation of any fact under the terms of this Agreement, the Seller, at its option, may retain the xxxxxxx money deposit and any other funds then paid by the Purchaser Buyer as liquidated damages and/or and or invoke any other remedy available to Seller at law and/or and or equity and the Seller is automatically released from the obligation to sell the Property to the Purchaser Buyer and neither the Seller nor no its representativesrepresentative, agents, attorneys, successors, successors or assigns shall be liable to the Purchaser Buyer for any damages of any kind as a result of the Seller's Sellers failure to sell and convey the Property. (b) b. In the event of the Seller’s Sellers default or material breach under the terms of the Agreement or if the Seller terminates the Agreement as provided under the provisions of Xxxxxxxxx 00 (x), (x), (x), (x), (x), (x), (x) or (j) of this Addendum, the Purchaser Buyer shall be entitled to the return of the xxxxxxx money deposit as Purchaser’s Buyers sole and exclusive remedy at law and/or and or equity. The Purchaser Buyers waives any rights to file and maintain an action against the Seller for specific performance and the Purchaser Buyer acknowledges that a return of its xxxxxxx money deposit can adequately and fairly compensate the PurchaserBuyer. Upon return of the xxxxxxx money deposit to the PurchaserBuyer, this Agreement shall be terminated, and the Purchaser Buyer and the Seller shall have no further liability or obligation, each to the other in connection with this Agreement.. SAMPLE (c) c. The Purchaser Buyer agrees that the Seller shall not be liable to the Purchaser Buyer for any special, consequential or punitive damages whatsoever, whether in contract, tort (including negligence and strict liability) or any other legal or equitable principle, including but not limited to any cost or expense incurred by the Purchaser Buyer in selling or surrendering a lease on a prior residence, obtaining other living accommodations, moving, storage or relocation expenses or any other such expense or cost arising from or related to this Agreement or a breach of this Agreement. (d) d. Any consent by any party to, or waiver of, a breach by the other, whether express or implied, shall not constitute consent to, waiver of, or excuse for any different or subsequent breach. (e) e. In the event either party elects to exercise its remedies as described in this Section 19 of this Addendum and or this Agreement is terminated, the parties shall have no further obligation under this Agreement except as to any provision that survives the termination of this Agreement pursuant to Section 24 of this AddendumAgreement.

Appears in 2 contracts

Samples: Reo Addendum to Purchase Contract, Reo Addendum to Purchase Contract

Remedies for Default. A. Upon the happening of any event of default as hereinabove described, Landlord shall have the right, at its election, then or at any time thereafter and while any such event of default shall continue, either: (a1) To give Tenant written notice of intention to terminate this Lease on the date of giving notice or on any later date specified therein, whereupon Tenant's right to possession of the Premises shall cease and this Lease shall be terminated, except as to Tenant's liability, as if the expiration of the term fixed in such notice were the end of the term herein originally demised; or (2) To re-enter and take possession of the Premises and repossess the same as of Landlord's former estate, and expel Tenant and those claiming through or under Tenant, and remove the effects of both, and without prejudice to any remedies for arrears of Rent. Should Landlord elect to re-enter as provided in this subparagraph (2), or should Landlord take possession pursuant to legal proceedings or pursuant to any notice provided for by law, Landlord shall without terminating this Lease, use reasonable efforts to relet the Premises in Landlord's or Tenant's name, but for the account of Tenant, for such term or terms (which may be greater or less than the period which would otherwise have constituted the B. In the event that Landlord does not elect to terminate this Lease and elects to take possession as provided in subparagraph A(2) hereof, Tenant shall pay to Landlord (i) the Rent and other sums as herein provided, which would be payable hereunder if such repossession had not occurred, less (ii) the net proceeds, if any, of any reletting of the Purchaser’s defaultPremises after deducting Landlord's reasonable expenses in connection with such reletting, material breach or material misrepresentation including, but without limitation, all repossession costs, brokerage commissions, reasonable attorneys' fees, alteration and repair costs and expenses of preparation for such reletting. If, in connection with any fact under the terms of this Agreementreletting, the Sellernew lease term extends beyond the existing term, at its optionor the Premises covered thereby include other premises not part of the Premises, may retain a fair apportionment of the xxxxxxx money deposit and any other funds then paid by the Purchaser as liquidated damages and/or invoke any other remedy available to Seller at law and/or equity Rent received from such reletting and the Seller is automatically released expenses incurred in connection therewith will be made in determining the net proceeds from such reletting. Any Rent concessions will be apportioned over the obligation term of the new lease. Tenant shall pay such Rent and other sums to sell Landlord monthly on the Property to days on which the Purchaser Rent would have been payable hereunder if possession had not been retaken, and neither the Seller nor its representatives, agents, attorneys, successors, or assigns Landlord shall be liable entitled to receive the Purchaser for any damages of any kind same from Tenant on each such day. C. In the event that this Lease is terminated as a result of an uncured default by Tenant, as permitted in subparagraph A(1) hereof, Tenant shall remain liable to Landlord for damages in an amount equal to the Seller's failure to sell Rent and convey other sums which would have been owed by Tenant hereunder for the Property. (b) In the event balance of the Seller’s default or material breach under term had this Lease not been terminated, less the terms net proceeds, if any, of any reletting of the Agreement or if the Seller terminates the Agreement as provided under the provisions of Xxxxxxxxx 00 (x)Premises by Landlord subsequent to such termination, (x)after deducting all Landlord's expenses in connection with such reletting, (x)including, (x), (x), (x), (x) or (j) of this Addendumbut without limitation, the Purchaser expenses enumerated above. Landlord shall be entitled to collect such damages from Tenant monthly on the return of days on which the xxxxxxx money deposit as Purchaser’s sole Rent and exclusive remedy at law and/or equity. The Purchaser waives any rights to file and maintain an action against the Seller for specific performance and the Purchaser acknowledges that a return of its xxxxxxx money deposit can adequately and fairly compensate the Purchaser. Upon return of the xxxxxxx money deposit to the Purchaser, other amounts would have been payable hereunder if this Agreement shall be Lease had not been terminated, and Landlord shall be entitled to receive the Purchaser same from Tenant on each such day. Landlord agrees to use good faith efforts to mitigate its damages in the event of Tenant's default. Alternatively, at the option of Landlord, Landlord shall be entitled to recover forthwith against Tenant, as damages for the loss of the bargain and not as a penalty, an aggregate sum which, at the Seller time of such termination of this Lease, represents the amount, if any, by which the aggregate of the Rent and all other sums payable by Tenant hereunder which would have accrued for the balance of the term exceeds the aggregate rental value of the Premises (such rental value to be computed on the basis of a tenant D. Suit or suits for the recovery of the amounts and damages set forth herein may be brought by Landlord, from time to time, at Landlord's election; and nothing herein shall be deemed to require Landlord to await the date that this Lease or the term hereof would have expired had there been no further liability such default by Tenant, or obligationno such termination, each as the case may be. Each right and remedy provided for in this Lease shall be cumulative and shall be in addition to every other right or remedy provided for in this Lease or now or hereafter existing at law or in equity or by statute or otherwise, including, but not limited to, suits for injunctive relief and specific performance. The exercise or beginning of the exercise by Landlord of any one or more of the rights or remedies provided for in this Lease as now or hereafter existing at law or in equity or by statute or otherwise shall not preclude the simultaneous or later exercise by Landlord of any or all other rights or remedies provided for in this Lease as now or hereafter existing at law or in equity or by statute or otherwise. All costs incurred by Landlord in connection with collecting any amounts and damages owed by Tenant pursuant to the provisions of this AgreementLease, including reasonable attorneys' fees from the date any such matter is turned over to an attorney, shall also be recoverable by Landlord from Tenant. E. No failure by Landlord to insist upon the strict performance of any agreement, term, covenant or condition hereof or to exercise any right or remedy consequent upon a breach thereof, and no acceptance of full or partial Rent during the continuance of any such breach, shall constitute a waiver of any such breach or any such agreement, term, covenant or condition. No agreement, term, covenant or condition hereof to be performed or complied with by Tenant, and no breach thereof, shall be waived, altered or modified except by written instrument executed by Landlord. No waiver of any breach shall affect or alter this Lease; but each and every agreement, term, covenant and condition hereof shall continue in full force and effect with respect to any other then existing or subsequent breach. Notwithstanding any termination of this Lease, the same shall continue in full force and effect as to any provisions hereof which require observance or performance by Landlord or Tenant subsequent to termination. (c1) The Purchaser agrees that Nothing contained in this Paragraph 17 shall limit or prejudice the Seller shall not be liable right of Landlord to prove and obtain as liquidated damages in any bankruptcy, insolvency, receivership, reorganization or dissolution proceeding an amount equal to the Purchaser for maximum allowed by any special, consequential statute or punitive rule of law governing such proceeding and in effect at the time when such damages whatsoever, whether in contract, tort (including negligence and strict liability) or any other legal or equitable principle, including but not limited are to any cost or expense incurred by the Purchaser in selling or surrendering a lease on a prior residence, obtaining other living accommodations, moving, storage or relocation expenses or any other such expense or cost arising from or related to this Agreement or a breach of this Agreementbe proved. (d2) Any consent by Notwithstanding anything in this Paragraph 17 to the contrary, any party tosuch proceeding or action involving bankruptcy, insolvency, reorganization, arrangement, assignment for the benefit of creditors, or waiver ofappointment of a receiver or trustee, as F. Any rents or other amounts owing hereunder which are not paid within 30 days after they are due shall bear interest at the rate of 10% per annum from the 31st day after the due date of such payment until received by Landlord. Similarly, any amounts paid by Landlord to cure any defaults of Tenant hereunder, which Landlord shall have the right, but not the obligation to do, shall, if not repaid by Tenant within 30 days after demand by Landlord, thereafter bear interest at the above rate until received by Landlord. G. Landlord hereby waives any statutory or common law rights it may have granting Landlord a breach lien or the right to foreclose on the personal property of Tenant and/or the tenant improvements installed in the Premises by Tenant. H. If Landlord is in default in the otherperformance of its obligations under this Lease and such default is not cured within 30 days after written notice thereof, whether express or implied, shall not constitute consent to, waiver ofTenant may at its option upon 10 days' prior written notice to Landlord terminate this Lease, or excuse for may incur any different or subsequent breach. (e) In expense and deduct the event either party elects to exercise monies owed from Rent and any other amounts due under this Lease. Landlord's performance of each and every one of its remedies as described conditions, covenants and agreements in this Section 19 of Lease is a condition precedent to Landlord's right to enforce this Addendum and this Agreement is terminated, the parties shall have no further obligation under this Agreement except as to any provision that survives the termination of this Agreement pursuant to Section 24 of this AddendumLease.

Appears in 2 contracts

Samples: Lease Agreement (Rentx Industries Inc), Lease Agreement (Rentx Industries Inc)

Remedies for Default. (a) In the event of the Purchaser’s 's default, material breach or material misrepresentation of any fact under the terms of this Agreement, the Seller, at its option, may retain the xxxxxxx money deposit and any other funds then paid by the Purchaser as liquidated damages and/or invoke any other remedy available to Seller at law and/or equity expressly set out in this Agreement and the Seller is automatically released from the obligation to sell the Property to the Purchaser and neither the Seller nor its representatives, agents, attorneys, successors, or assigns shall be liable to the Purchaser for any damages of any kind as a result of the Seller's failure to sell and convey the Property. (b) In the event of the Seller’s 's default or material breach under the terms of the this Agreement or if the Seller terminates the this Agreement as provided under the provisions of Xxxxxxxxx 00 (x), (x), (x), (x), (x), (x), (x) or (j) of this AddendumAgreement, the Purchaser shall be entitled to the return of the xxxxxxx money deposit as Purchaser’s 's sole and exclusive remedy at law and/or equity. Any reference to a return of the Purchaser's xxxxxxx money deposit contained in the Agreement shall mean a return of the xxxxxxx money deposit less any escrow cancellation fees applicable to the Purchaser under this Agreement and less fees and costs payable for services and products provided during escrow at the Purchaser's request. The Purchaser waives any rights to file and maintain an action against claims that the Seller for specific performance Property is unique and the Purchaser acknowledges that a return of its xxxxxxx money deposit can adequately and fairly compensate the Purchaser. Upon return of the xxxxxxx money deposit to the Purchaser, this Agreement shall be terminated, and the Purchaser and the Seller shall have no further liability or liability, no further obligation, and no further responsibility each to the other and the Purchaser and the Seller shall be released from any further obligation each to the other in connection with this Agreement.. BUYER (Initials) SELLER (Initials) (c) The Purchaser agrees that the Seller shall not be liable to the Purchaser for any special, consequential or punitive damages whatsoever, whether in contract, tort (including negligence and strict liability) or any other legal or equitable principle, including but not limited to any cost or expense incurred by the Purchaser in selling or surrendering a lease on a prior residence, obtaining other living accommodations, moving, storage or relocation expenses or any other such expense or cost arising from or related to this Agreement or a breach of this Agreement. (d) Any consent by any party to, or waiver of, a breach by the other, whether express or implied, shall not constitute consent to, waiver of, or excuse for any different or subsequent breach. (e) In the event either party elects to exercise its remedies as described in this Section 19 of this Addendum and this Agreement is terminated, the parties shall have no further obligation under this Agreement except as to any provision that survives the termination of this Agreement pursuant to Section 24 of this Addendum.

Appears in 1 contract

Samples: Contract for Sale of Real Estate at Auction

Remedies for Default. 12.1 If Tenant fails to pay any sum for more than three (a3) In business days after notice that payment of such sum is due or in the event of Tenant's default in performing any of the Purchaser’s default, material breach or material misrepresentation of any fact under the other terms of this AgreementLease for more than ten (10) days after notice of such non-monetary default (or within such additional time as is reasonably required to correct any default other than payment of money by Tenant), or if Tenant assigns or otherwise transfers this Lease or subleases the SellerLeased Parking Area without Landlord's prior written consent, Landlord, in addition to the other rights or remedies it may have, shall have the right to immediately terminate this Lease or re-enter and attempt to relet without terminating this Lease and remove all persons and property from the Leased Parking Area (which property may be removed and stored in a public warehouse or elsewhere at the cost and risk of, and for the account of Tenant) all without service of notice or resort to legal process and without being deemed guilty of trespass, or any liability of Landlord for any loss or damage which may be occasioned thereby. 12.2 It shall be a material breach of this Lease if Tenant is in default under the Office Lease, if Tenant or any guarantor of Tenant shall become bankrupt or insolvent, or commence any proceedings under any bankruptcy or insolvency laws, or if Tenant or any guarantor of Tenant shall take or have taken against it in federal or state court a petition in bankruptcy or insolvency or for reorganization or for the appointment of a receiver or trustee of all or a portion of Tenant's or such guarantor's property, if Tenant or any guarantor makes an assignment for the benefit of creditors, of if any assets of Tenant (whether located in the Leased Parking Area or elsewhere) are seized or attached by any creditor of Tenant or a governmental agency. 12.3 If Landlord, without terminating this Lease, either (1) elects to re-enter the Leased Parking Area and attempt to relet or (2) takes possession of the Leased Parking Area pursuant to legal proceedings, or (3) takes possession of the Leased Parking Area pursuant to any notice provided by law, then Landlord may, from time to time, make such alterations and repairs as may be necessary in order to relet the Leased Parking Area or any part thereof for such term or terms (which may be for a term extending beyond the term of this Lease) and at such rent and other terms as Landlord in its optionreasonable discretion deems advisable. Upon such reletting, may retain all rents received by Landlord from such reletting shall be applied, first, to the xxxxxxx money deposit payment of any indebtedness of Tenant (other than any rents due hereunder) to Landlord; second, to the payment of any costs and expenses of obtaining possession and any such reletting, including expense of alterations and repairs, brokerage fees and attorney's fees; third, to the payment of any rents due and unpaid hereunder. If such rents and any other funds then amounts received from such reletting during any month be less than that to be paid during that month by Tenant, Tenant shall immediately pay such deficiency to Landlord. No such re-entry or taking possession of the Purchaser Leased Parking Area by Landlord shall be construed as liquidated damages and/or invoke an election by Landlord to terminate this Lease unless a notice of such intention be given to Tenant. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach. Should Landlord at any time terminate this Lease for any breach, in addition to any other remedy available to Seller at law and/or equity and remedies it may have, Landlord may recover from Tenant all damages it may incur by reason of such breach, including the Seller is automatically released from cost of recovering the obligation to sell the Property to the Purchaser and neither the Seller nor its representativesLeased Parking Area, agents, attorneys, successors, or assigns shall be liable to the Purchaser for any damages reimbursement of any kind as a result of the Seller's failure to sell and convey the Property. (b) In the event of the Seller’s default or material breach under the terms of the Agreement or if the Seller terminates the Agreement as provided under the provisions of Xxxxxxxxx 00 (x), (x), (x), (x), (x), (x), (x) or (j) of this Addendum, the Purchaser shall be entitled to the return of the xxxxxxx money deposit as Purchaser’s sole and exclusive remedy at law and/or equity. The Purchaser waives any rights to file and maintain an action against the Seller for specific performance and the Purchaser acknowledges that a return of its xxxxxxx money deposit can adequately and fairly compensate the Purchaser. Upon return of the xxxxxxx money deposit to the Purchaser, this Agreement shall be terminated, and the Purchaser and the Seller shall have no further liability or obligation, each to the other brokerage fees incurred by Landlord in connection with this AgreementTenant's lease, and all rent as follows which, at Landlord's election, shall be accelerated and be due in full on demand: 12.3.1 The unpaid rent and additional rent payable hereunder which had been earned at the date of such termination plus interest at the rate of 18% per annum from the date due until paid in full; plus 12.3.2 The present worth of the amount by which the unpaid rent and additional rent which would have been earned after termination for the balance of the term exceeds the amount of such rental loss which Tenant proves could reasonably have been avoided. (c) The Purchaser agrees that the Seller shall not be liable to the Purchaser for any special, consequential or punitive damages whatsoever, whether 12.3.3 As used in contract, tort (including negligence and strict liability) or any other legal or equitable principle, including but not limited to any cost or expense incurred by the Purchaser in selling or surrendering a lease on a prior residence, obtaining other living accommodations, moving, storage or relocation expenses or any other such expense or cost arising from or related to this Agreement or a breach of this Agreement. (d) Any consent by any party to, or waiver of, a breach by the other, whether express or implied, shall not constitute consent to, waiver of, or excuse for any different or subsequent breach. (e) In the event either party elects to exercise its remedies as described in this Section 19 of this Addendum and this Agreement is terminatedsubparagraph 12.3.2 above, the parties shall have no further obligation "present worth" is computed by discounting such amount at the discount rate of the Federal Reserve Bank of San Francisco as of the date of termination plus one percent. The present worth amount due under this Agreement except as to any provision that survives the termination of this Agreement pursuant to Section 24 of this Addendumsubparagraph 12.

Appears in 1 contract

Samples: Parking Lease Agreement (Cobalt Group Inc)

Remedies for Default. Tenant covenants that if the demised premises at any time are deserted, abandoned or closed, or if Tenant defaults for a period often (a10) In days in paying any installment of rent when due or in performing any covenant, provision or condition herein contained binding upon Tenant, Landlord shall have, in addition to all other rights and remedies provided by law, the event right, after ten (10) days written notice to Tenant, to enter and take possession of the Purchaser’s defaultdemised premises, material breach peaceably or material misrepresentation by force, and to terminate this lease; and Landlord may relet the demised premises, in whole or in part, in one or more leases, for the unexpired portion of the term, or any fact under part thereof, and receive the terms of this Agreementrent therefor and apply it on the rent and other charges due hereunder, the Sellerrate and term of such reletting to be such as Landlord deems expedient, and Landlord's action shall be final and binding upon Tenant, and Tenant agrees to pay promptly to Landlord on demand, at its optionone time or from time to time, may retain any difference between the xxxxxxx money deposit rent and other charges payable hereunder and any other funds then paid small amounts collected by Landlord from the Purchaser tenant or tenants to whom the demised premises may be relet as liquidated damages aforesaid. If Tenant goes into bankruptcy, voluntary or involuntary, or into receivership, or makes a general assignment for the benefit of creditors. Landlord shall have the right to terminate this lease at such time thereafter as Landlord may elect and in any such event and/or invoke any other remedy available to Seller at election Landlord shall have all the rights and/or remedies provided by law and/or equity and the Seller is automatically released from the obligation to sell the Property to the Purchaser and neither the Seller nor its representatives, agents, attorneys, successors, or assigns shall be liable to the Purchaser for any damages of any kind as a result of the Seller's failure to sell and convey the Propertyby this lease. (b) In the event of the Seller’s default or material breach under the terms of the Agreement or if the Seller terminates the Agreement as provided under the provisions of Xxxxxxxxx 00 (x), (x), (x), (x), (x), (x), (x) or (j) of this Addendum, the Purchaser shall be entitled to the return of the xxxxxxx money deposit as Purchaser’s sole and exclusive remedy at law and/or equity. The Purchaser waives any rights to file and maintain an action against the Seller for specific performance and the Purchaser acknowledges that a return of its xxxxxxx money deposit can adequately and fairly compensate the Purchaser. Upon return of the xxxxxxx money deposit to the Purchaser, this Agreement shall be terminated, and the Purchaser and the Seller shall have no further liability or obligation, each to the other in connection with this Agreement. (c) The Purchaser agrees that the Seller shall not be liable to the Purchaser for any special, consequential or punitive damages whatsoever, whether in contract, tort (including negligence and strict liability) or any other legal or equitable principle, including but not limited to any cost or expense incurred by the Purchaser in selling or surrendering a lease on a prior residence, obtaining other living accommodations, moving, storage or relocation expenses or any other such expense or cost arising from or related to this Agreement or a breach of this Agreement. (d) Any consent by any party to, or waiver of, a breach by the other, whether express or implied, shall not constitute consent to, waiver of, or excuse for any different or subsequent breach. (e) In the event either party elects to exercise its remedies as described in this Section 19 of this Addendum and this Agreement is terminated, the parties shall have no further obligation under this Agreement except as to any provision that survives the termination of this Agreement pursuant to Section 24 of this Addendum.

Appears in 1 contract

Samples: General Commercial Lease (Doughties Foods Inc)

Remedies for Default. Upon the occurrence of an Event of Default, the Lender shall have the following remedies: (a) In the event The Lender may elect to exercise any and all of the Purchaser’s defaultBorrower's rights and remedies under the Additional Collateral, material breach without any interference or material misrepresentation objection from the Borrower, and the Borrower shall cooperate in causing the Contractors to comply with all the terms and conditions of the Contracts. (b) The Lender may enforce this Assignment by notifying the Borrower by registered or certified mail sent in accordance with the notice provision of the Loan Agreement. The affidavit or written statement of an officer, agent or attorney of the Lender stating that there has been an Event of Default shall constitute conclusive evidence thereof, and any fact under of the Governmental Authorities, the Contractors, the Sellers or the Purchasers and Lessees or any other person is authorized and directed to rely thereon. (c) If and to the extent permitted by law and the terms of this Agreementthe Additional Collateral, the SellerLender may, with or without entry upon the Property, at its option, may retain take over and enjoy the xxxxxxx money deposit benefits of all or part of the Additional Collateral (including, without limitation, taking possession of the Development Information), exercise the Borrower's rights under the Additional Collateral (including, without limitation, taking possession of the Development Information), and any other funds then paid by perform all acts in the Purchaser as liquidated damages and/or invoke any other remedy available to Seller at law and/or equity same manner and the Seller is automatically released from the obligation to sell the Property to the Purchaser same extent as the Borrower might do. In connection with any and neither the Seller nor its representatives, agents, attorneys, successors, or assigns shall be liable to the Purchaser for any damages of any kind as a result all of the Seller's failure to sell foregoing powers, and convey without limiting the Property. (b) In same, the event of the Seller’s default Lender may effect new Contracts, Licenses, Acquisition Agreements and Conveyance Agreements, cancel or material breach under surrender existing Contracts, Licenses, Acquisition Agreements or Conveyance Agreements, alter and amend the terms of and renew existing Contracts, Licenses, Acquisition Agreements and Conveyance Agreements, and make concessions to the Agreement or if the Seller terminates the Agreement as provided under the provisions of Xxxxxxxxx 00 (x), (x), (x), (x), (x), (x), (x) or (j) of this AddendumGovernmental Authorities, the Purchaser shall be entitled to Contractors, the return of Sellers and the xxxxxxx money deposit as Purchaser’s sole Purchasers and exclusive remedy at law and/or equityLessees. The Purchaser waives Borrower hereby releases any rights to file and maintain an action all claims that it has or might have against the Seller for specific Lender arising out of such performance and the Purchaser acknowledges that a return of its xxxxxxx money deposit can adequately and fairly compensate the Purchaser. Upon return of the xxxxxxx money deposit to the Purchaser, this Agreement shall be terminated, and the Purchaser and the Seller shall have no further liability or obligation, each to the other in connection with this Agreement. (c) The Purchaser agrees that the Seller shall not be liable to the Purchaser for any special, consequential or punitive damages whatsoever, whether in contract, tort (including negligence and strict liability) or any other legal or equitable principle, including but not limited to any cost or expense incurred by the Purchaser in selling or surrendering a lease on a prior residence, obtaining other living accommodations, moving, storage or relocation expenses or any other such expense or cost arising from or related to this Agreement or a breach of this AgreementLender. (d) Any consent by any party toThe Lender may do and perform all other acts that Lender may deem necessary or proper, or waiver ofin its sole and absolute discretion, a breach by the otherto protect its security, whether express or impliedincluding, shall not constitute consent to, waiver of, or excuse for any different or subsequent breach. (e) In the event either party elects to exercise its remedies as described in this Section 19 of this Addendum and this Agreement is terminatedwithout limitation, the parties shall have no further obligation under this Agreement except as to any provision that survives the termination of this Agreement pursuant to Section 24 of this AddendumAdditional Collateral.

Appears in 1 contract

Samples: Loan Agreement (Transeastern Properties Inc)

Remedies for Default. (a) In case any Event of Default occurs and is not waived by Purchaser: Purchaser may proceed to protect and enforce its rights or remedies by suit in equity or by action at law, or both, whether for the event of the Purchaser’s default, material breach or material misrepresentation specific performance of any fact covenant, agreement or other provision contained herein, or to enforce the discharge of Seller’s obligations under the terms of this Agreement, the Seller, at its option, may retain the xxxxxxx money deposit and any other funds then paid by the Purchaser as liquidated damages and/or invoke any other remedy available to Seller at law and/or equity and the Seller is automatically released from the obligation to sell the Property to the Purchaser and neither the Seller nor its representatives, agents, attorneys, successors, or assigns shall be liable to the Purchaser for any damages of any kind as a result of the Seller's failure to sell and convey the Property. (b) In the event of the Seller’s default or material breach under the terms of the Agreement or if the Seller terminates the Agreement as provided under the provisions of Xxxxxxxxx 00 (x), (x), (x), (x), (x), (x), (x) or (j) of this Addendum, the Purchaser shall be entitled to the return of the xxxxxxx money deposit as Purchaser’s sole and exclusive remedy at law and/or equity. The Purchaser waives any rights to file and maintain an action against the Seller for specific performance and the Purchaser acknowledges that a return of its xxxxxxx money deposit can adequately and fairly compensate the Purchaser. Upon return of the xxxxxxx money deposit to the Purchaser, this Agreement shall be terminated, and the Purchaser and the Seller shall have no further liability or obligation, each to the other in connection with this Agreement. (c) The Purchaser agrees that the Seller shall not be liable to the Purchaser for any special, consequential or punitive damages whatsoever, whether in contract, tort (including negligence and strict liability) Transaction Document or any other legal or equitable principleright or remedy. In addition, including but and without limitation, upon any Event of Default: (a) the full uncollected Purchased Amount and any unpaid fees due shall become due and payable in full immediately; (b) Purchaser may enforce the provisions of the Transaction Documents against the Seller and Guarantor(s); (c) Purchaser may enforce its security interest in the Collateral, Additional Collateral and the Cross Collateral; (d) Purchaser may debit Seller’s depository accounts wherever situated by means of ACH debit or facsimile signature on a computer-generated check drawn on Seller’s bank account or otherwise; (e) Purchaser may direct any payment or credit card processor to deposit any amounts due to Seller directly to Purchaser; (f) Purchaser may exercise its rights under the Assignment of Lease set forth in Section 2.12; (g) Purchaser may exercise the Power of Attorney set forth in Section 1.7. All rights, powers and remedies of Purchaser in connection with this Agreement may be exercised at any time by Purchaser after the occurrence of an Event of Default, are cumulative and not limited exclusive, and shall be in addition to any cost other rights, powers or expense incurred remedies provided by the Purchaser in selling law or surrendering a lease on a prior residence, obtaining other living accommodations, moving, storage or relocation expenses or any other such expense or cost arising from or related equity. Seller and Guarantor acknowledge and agree that there may be no adequate remedy at law with respect to this Agreement or a breach of this Agreement. (d) Any consent the Transaction Documents. Accordingly, Seller and Guarantor agree that Purchaser shall have the right, in addition to any other rights and remedies existing in Purchaser’s favor at law or in equity, to enforce Purchaser’s rights and obligations under the Transaction Documents not only by an action or actions for damages, but also for an action or actions for specific performance, injunctive and/or other equitable relief without posting of a bond or other security. To the extent authorized by applicable law, Seller and Guarantor hereby agree to toll or waive any party torelevant statute of limitations in respect of any claims arising under, or waiver ofand/or relating to the Transaction Documents. This section shall survive, a breach by the other, whether express or implied, shall not constitute consent to, waiver of, or excuse for any different or subsequent breach. (e) In the event either party elects to exercise in its remedies as described in this Section 19 of this Addendum and this Agreement is terminatedentirety, the parties shall have no further obligation under this Agreement except as to any provision that survives delivery of the Receipts purchased and the termination of this Agreement pursuant to Section 24 of this Addendumthe Purchase Agreement.

Appears in 1 contract

Samples: Forward Purchase Agreement (Cannabis Bioscience International Holdings, Inc.)

Remedies for Default. A. The following constitutes a default hereunder: (ai) In Failure by BORROWER to pay LENDER, on or before January 15, 1999 the event sum of Two Hundred and Fifty Thousand Dollars ($250,000) together with interest at the rate of Ten Percent (10%) per annum; or (ii) The breach of any of the Purchaser’s warranties, representations, covenants, or agreements applicable to the acquisition of the securities, the subject matter of this Loan Agreement, and the failure to cure the same after receipt of written notice as is set forth therein. B. Upon the occurrence of a default, material breach or material misrepresentation of LENDER; (i) At any fact under the terms of this Agreementtime thereafter, the Sellerso long as such default is continuing and, at its option, exercise its rights under this Loan Agreement; (ii) Vote all or any part of the COLLATERAL (whether or not transferred into its name or the name of the nominee or nominees as provided below) and give all consents, waivers and ratifications in respect thereof and otherwise act with respect thereto as though it were the outright owner thereof; (iii) Exercise from time to time any right and remedies available under the Uniform Commercial Code as in effect at that time; and (iv) Subject to any requirements of applicable law, and without limiting any rights otherwise available hereunder or under law, transfer into its name, or into the name of any nominee or nominees LENDER may appoint, all or part of the COLLATERAL and retain the xxxxxxx money deposit same in full satisfaction from any further; or sell, assign and deliver the 3 COLLATERAL at public or private sale for cash, on credit or for other property, for immediate or future delivery, without any other funds then paid assumption of credit risk, and for such price or prices and on such terms as in LENDER'S uncontrolled discretion may determine. If any notification of intended disposition of any of the COLLATERAL is required by the Purchaser as liquidated damages and/or invoke any other remedy available to Seller law, such notification shall be deemed reasonable and properly given if in writing and mailed at law and/or equity and the Seller is automatically released from the obligation to sell the Property least thirty (30) days before such disposition by prepaid registered or certified mail, addressed to the Purchaser and neither address specified below. C. If sold at public sale, any proceeds of any disposition of the Seller nor its representatives, agents, attorneys, successors, or assigns shall COLLATERAL may be liable applied to the Purchaser for any damages payment of any kind as a result of the Seller's failure to sell and convey the Property. (b) In the event of the Seller’s default or material breach under the terms of the Agreement or if the Seller terminates the Agreement as provided under the provisions of Xxxxxxxxx 00 (x), (x), (x), (x), (x), (x), (x) or (j) of this Addendum, the Purchaser shall be entitled to the return of the xxxxxxx money deposit as Purchaser’s sole and exclusive remedy at law and/or equity. The Purchaser waives any rights to file and maintain an action against the Seller for specific performance and the Purchaser acknowledges that a return of its xxxxxxx money deposit can adequately and fairly compensate the Purchaser. Upon return of the xxxxxxx money deposit to the Purchaser, this Agreement shall be terminated, and the Purchaser and the Seller shall have no further liability or obligation, each to the other expenses in connection with this Agreement. the COLLATERAL, including reasonable attorney's fees and legal expenses, and any balance of such proceeds after payment Two Hundred and Fifty Thousand Dollars (c$250,000) The Purchaser agrees that and expenses shall be returned. No delay or failure on the Seller part of LENDER the exercise of any right or remedy hereunder shall not be liable to operate as a waiver thereof, and no remedy hereunder shall preclude any further exercise thereof or the Purchaser for any special, consequential or punitive damages whatsoever, whether in contract, tort (including negligence and strict liability) or exercise of any other legal right or equitable principle, including but not limited to any cost or expense incurred by the Purchaser in selling or surrendering a lease on a prior residence, obtaining other living accommodations, moving, storage or relocation expenses or any other such expense or cost arising from or related to this Agreement or a breach of this Agreementremedy hereunder. (d) Any consent by any party to, or waiver of, a breach by the other, whether express or implied, shall not constitute consent to, waiver of, or excuse for any different or subsequent breach. (e) In the event either party elects to exercise its remedies as described in this Section 19 of this Addendum and this Agreement is terminated, the parties shall have no further obligation under this Agreement except as to any provision that survives the termination of this Agreement pursuant to Section 24 of this Addendum.

Appears in 1 contract

Samples: Loan Agreement (Power Exploration Inc)

Remedies for Default. A. Upon the occurrence of any Default, Landlord may at its election terminate this Lease or terminate Tenant's right to possession only, without terminating the Lease. Upon termination of the Lease, or upon any termination of Tenant's right to possession without termination of the Lease, Tenant shall surrender possession and vacate the Premises immediately, and deliver possession thereof to Landlord, and hereby grants to Landlord the full and free right, without demand or notice of any kind to Tenant (except as hereinabove expressly set forth), to enter into and upon the Premises, in such event with or without process of law and to repossess the Premises as Landlord's former estate and to expel or remove Tenant and any others who may be occupying or within the Premises without being deemed in any manner guilty of trespass, eviction, or forcible entry or detainer, without incurring any liability for any damage resulting therefrom and without relinquishing Landlord's rights to Rent or any other right given to Landlord hereunder or by operation of law. Upon termination of this Lease, Landlord shall be entitled to recover as damages all Rent and other sums due and payable by Tenant on the date of termination, plus (a) In an amount equal to the event value of the Purchaser’s defaultRent and other sums provided herein to be paid by Tenant for the remainder of the Term hereof, material breach less the fair rental value of the Premises for the remainder of the Term (taking into account the time and expenses necessary to obtain a replacement tenant or material misrepresentation tenants, including expenses hereinafter described relating to recovery of the Premises, preparation for reletting and for reletting itself), and (b) the cost of performing any fact other covenants to be performed by Tenant. If Landlord elects to terminate Tenant's right to possession only without terminating the Lease, Landlord may, at Landlord's option, enter into the Premises, remove Tenant's signs and other evidences of tenancy, and take and hold possession thereof as hereinafter provided, without such entry and possession terminating the Lease or releasing Tenant, in whole or in part, from Tenant's obligations to pay the Rent and other sums provided herein to be paid by Tenant for the full term or from any other of its obligations under this Lease. Landlord may relet all or any part of the Premises for such Rent and upon such terms as shall be satisfactory to Landlord (including the right to relet the Premises as a part of a larger area, and the right to change the character or use made of the Premises). For the purpose of such reletting, Landlord may decorate or make any repairs, changes, alterations or additions in or to the Premises that may be necessary or convenient. If Landlord does not relet the Premises, Tenant shall pay to Landlord on demand damages equal to the amount of the Rent, and other sums provided herein to be paid by Tenant for the remainder of the Lease Term. If the Premises are relet and a sufficient sum shall not be realized from such reletting after paying all of the expenses of such decorations, repairs, changes, alterations, additions, the expenses of such reletting and the collection of the Rent accruing therefrom (including, but not by way of limitation, attorneys' fees and brokers' commission), to satisfy the Rent and other sums herein provided to be paid for the remainder of the Lease Term, Tenant shall pay to Landlord on demand any deficiency and Tenant agrees that Landlord may file suit to recover any Rent or other sums falling due under the terms of this AgreementSection from time to time. Landlord shall use reasonable efforts to mitigate its damages arising out of Tenant's default; Landlord shall not be deemed to have failed to use such reasonable efforts by reason of the fact that Landlord has leased or sought to lease other vacant premises owned by Landlord in preference to reletting the Premises, or by reason of the Sellerfact that Landlord has sought to relet the Premises at a rental rate higher than that payable by Tenant under the Lease (but not in excess of the then current market rental rate). B. After giving Tenant at least ten (10) days' written notice of its intent to do so, at its optionLandlord may, may retain the xxxxxxx money deposit but shall not be obligated to, cure any default by Tenant (specifically including, but not by way of limitation, Tenant's failure to obtain insurance, make repairs, or satisfy lien claims); and any other funds then whenever Landlord so elects, all costs and expenses paid by Landlord in curing such default, including without limitation reasonable attorneys' fees, shall be so much additional rent due on the Purchaser as liquidated damages and/or invoke next rent date after such payment together with interest (except in the case of said attorneys' fees) at the Default Rate. C. No remedy herein or otherwise conferred upon or reserved to Landlord shall be considered to exclude or suspend any other remedy available but the same shall be cumulative and shall be in addition to Seller every other remedy given hereunder, or now or hereafter existing at law and/or or in equity and the Seller is automatically released from the obligation to sell the Property to the Purchaser and neither the Seller nor its representatives, agents, attorneys, successors, or assigns shall be liable to the Purchaser for any damages of any kind as a result of the Seller's failure to sell and convey the Property. (b) In the event of the Seller’s default or material breach under the terms of the Agreement or if the Seller terminates the Agreement as provided under the provisions of Xxxxxxxxx 00 (x), (x), (x), (x), (x), (x), (x) or (j) of this Addendum, the Purchaser shall be entitled to the return of the xxxxxxx money deposit as Purchaser’s sole and exclusive remedy at law and/or equity. The Purchaser waives any rights to file and maintain an action against the Seller for specific performance and the Purchaser acknowledges that a return of its xxxxxxx money deposit can adequately and fairly compensate the Purchaser. Upon return of the xxxxxxx money deposit to the Purchaser, this Agreement shall be terminatedby statute, and the Purchaser every power and the Seller shall have no further liability remedy given by this Lease to Landlord may be exercised from time to time and so often as occasion may arise or obligation, each to the other as may be deemed expedient in connection with this AgreementLandlord's sole discretion. (c) The Purchaser agrees that the Seller shall not be liable to the Purchaser for any special, consequential or punitive damages whatsoever, whether in contract, tort (including negligence and strict liability) or any other legal or equitable principle, including but not limited to any cost or expense incurred by the Purchaser in selling or surrendering a lease on a prior residence, obtaining other living accommodations, moving, storage or relocation expenses or any other such expense or cost arising from or related to this Agreement or a breach of this Agreement. (d) Any consent by any party to, or waiver of, a breach by the other, whether express or implied, shall not constitute consent to, waiver of, or excuse for any different or subsequent breach. (e) In the event either party elects to exercise its remedies as described in this Section 19 of this Addendum and this Agreement is terminated, the parties shall have no further obligation under this Agreement except as to any provision that survives the termination of this Agreement pursuant to Section 24 of this Addendum.

Appears in 1 contract

Samples: Commercial Lease Agreement (Cargo Connection Logistics Holding, Inc.)

Remedies for Default. (a) In the event of the Purchaser’s default, material breach or material misrepresentation of any fact under the terms of this Agreement, the Seller, at its option, may retain the xxxxxxx money deposit and any other funds then paid by the Purchaser as liquidated damages and/or invoke any other remedy available to Seller at law and/or equity and the Seller is automatically released from the obligation to sell the Property to the Purchaser and neither the Seller nor its representatives, agents, attorneys, successors, or assigns shall be liable to the Purchaser for any damages of any kind as a result of the Seller's failure to sell and convey the Property. (b) In the event of the Seller’s default or material breach under the terms of the Agreement or if the Seller terminates the Agreement as provided under the provisions of Xxxxxxxxx 00 Section19 (xa), (xb), (xc), (xd), (xe), (xf), (xi) or SAMPLE (j) of this Addendumcontract, the Purchaser shall be entitled to the return of the xxxxxxx money deposit as Purchaser’s sole and exclusive remedy at law and/or equity. The Purchaser waives any rights to file and maintain an action against the Seller for specific performance and the Purchaser acknowledges that a return of its xxxxxxx money deposit can adequately and fairly compensate the Purchaser. Upon return of the xxxxxxx money deposit to the Purchaser, this Agreement shall be terminated, and the Purchaser and the Seller shall have no further liability or obligation, each to the other in connection with this Agreement. (c) The Purchaser agrees that the Seller shall not be liable to the Purchaser for any special, consequential or punitive damages whatsoever, whether in contract, tort (including negligence and strict liability) or any other legal or equitable principle, including but not limited to any cost or expense incurred by the Purchaser in selling or surrendering a lease on a prior residence, obtaining other living accommodations, moving, storage or relocation expenses or any other such expense or cost arising from or related to this Agreement or a breach of this Agreement. (d) Any consent by any party to, or waiver of, a breach by the other, whether express or implied, shall not constitute consent to, waiver of, or excuse for any different or subsequent breach. (e) In the event either party elects to exercise its remedies as described in this Section 19 of this Addendum and this Agreement is terminated, the parties shall have no further obligation under this Agreement except as to any provision that survives the termination of this Agreement pursuant to Section 24 of this Addendum.

Appears in 1 contract

Samples: Residential Real Estate Purchase and Sale Contract (Auction) Addendum

Remedies for Default. Tenant further covenants that: If said premises at any time be deserted, abandoned, or closed, or if Tenant defaults for a period of five (a5) days in paying any installment of rent when due or in performing any covenant, provision, or condition herein contained binding upon Tenant, Landlord shall have, in addition to all other rights and remedies provided for by law, the right, without notice to Tenant, to enter and take possession of the premises, peaceably or by force, and to terminate this lease; and Landlord may relet said premises, in whole or in part, in one or more leases, for the unexpired portion of the term, or any part thereof, and receive the rent therefor and apply it to the rent due hereunder, the rate and terms of such reletting to be such as Landlord may deem expedient, and Landlord's action shall be final and binding upon Tenant, and Tenant agrees to pay promptly to Landlord, on demand, at one time, or from time to time, any difference between the rent payable hereunder and any smaller amounts collected by Landlord from the Tenant or Tenants to whom said premises may be relet as aforesaid. In the event Tenant goes into bankruptcy, voluntary or involuntary, or into receivership, or makes a general assignment for the benefit of his creditors, Landlord shall have the right to terminate this lease at such time thereafter as Landlord may elect. If the holder of a mortgage or deed of trust on the shopping center, of which the demised premises are a part, notifies Tenant that such holder has taken over Landlord's rights under the lease agreement, Tenant shall not assert any right to deduct the cost of repairs or any momentary claim against Landlord from any compensation thereafter due and accruing hereunder, but shall look solely to the Landlord for satisfaction of such claim. After receiving written notice from a bank, trust company or insurance company that it holds a mortgage or deed of trust on the demised premises, the Tenant shall, so long as said mortgage or deed of trust is outstanding, be required to give to such holder the same notice and opportunity to correct any default on the part of the Purchaser’s default, material breach or material misrepresentation of any fact under the terms of this Agreement, the Seller, at its option, may retain the xxxxxxx money deposit and any other funds then paid by the Purchaser Landlord as liquidated damages and/or invoke any other remedy available it might be required to Seller at law and/or equity and the Seller is automatically released from the obligation to sell the Property be given to the Purchaser Landlord, but such notice may be given by Tenant to Landlord and neither the Seller nor its representatives, agents, attorneys, successors, or assigns shall be liable to the Purchaser for any damages of any kind as a result of the Seller's failure to sell and convey the Propertysuch holder concurrently. (b) In the event of the Seller’s default or material breach under the terms of the Agreement or if the Seller terminates the Agreement as provided under the provisions of Xxxxxxxxx 00 (x), (x), (x), (x), (x), (x), (x) or (j) of this Addendum, the Purchaser shall be entitled to the return of the xxxxxxx money deposit as Purchaser’s sole and exclusive remedy at law and/or equity. The Purchaser waives any rights to file and maintain an action against the Seller for specific performance and the Purchaser acknowledges that a return of its xxxxxxx money deposit can adequately and fairly compensate the Purchaser. Upon return of the xxxxxxx money deposit to the Purchaser, this Agreement shall be terminated, and the Purchaser and the Seller shall have no further liability or obligation, each to the other in connection with this Agreement. (c) The Purchaser agrees that the Seller shall not be liable to the Purchaser for any special, consequential or punitive damages whatsoever, whether in contract, tort (including negligence and strict liability) or any other legal or equitable principle, including but not limited to any cost or expense incurred by the Purchaser in selling or surrendering a lease on a prior residence, obtaining other living accommodations, moving, storage or relocation expenses or any other such expense or cost arising from or related to this Agreement or a breach of this Agreement. (d) Any consent by any party to, or waiver of, a breach by the other, whether express or implied, shall not constitute consent to, waiver of, or excuse for any different or subsequent breach. (e) In the event either party elects to exercise its remedies as described in this Section 19 of this Addendum and this Agreement is terminated, the parties shall have no further obligation under this Agreement except as to any provision that survives the termination of this Agreement pursuant to Section 24 of this Addendum.

Appears in 1 contract

Samples: Lease Agreement (American Community Properties Trust)

Remedies for Default. (a) In the event of the Purchaser’s default, material breach or material misrepresentation of any fact under the terms of this Agreement, the Seller, at its option, may retain the xxxxxxx money deposit and any other funds then paid by the Purchaser as liquidated damages and/or invoke any other remedy available to Seller at law and/or equity and the If Seller is automatically released from the obligation to sell the Property to the Purchaser and neither the Seller nor its representatives, agents, attorneys, successors, or assigns shall be liable to the Purchaser for any damages of any kind as a result of the Seller's failure to sell and convey the Property. (b) In the event of the Seller’s in default or material breach under the terms of the Agreement or if the Seller terminates the Agreement as provided under the provisions of Xxxxxxxxx 00 (x), (x), (x), (x), (x), (x), (x) or (j) in Section 9 of this Addendum, and in either case the Purchaser transaction does not close, Buyer shall be entitled to the return of the xxxxxxx money deposit Xxxxxxx Money Deposit as PurchaserBuyer’s sole and exclusive remedy at law and/or equity. The Purchaser Buyer waives any rights to file and maintain an action against the Seller for specific performance and the Purchaser Buyer acknowledges that a the return of its xxxxxxx money deposit can Xxxxx’s Xxxxxxx Money Deposit will adequately and fairly compensate the PurchaserBuyer. Upon return of the xxxxxxx money deposit Xxxxxxx Money Deposit to Buyer, the Purchaser, this Agreement shall be terminated, and the Purchaser Buyer and the Seller shall not have no any further liability or obligation, obligation to each other with respect to the other in connection with Agreement except as to any provision that survives the termination of the Agreement pursuant to Section 31 of this Agreement. (c) The Purchaser Addendum. Buyer agrees that the Seller shall not be liable to the Purchaser Buyer for any special, consequential or punitive damages whatsoever, whether in contract, tort (including negligence and strict liability) or any other legal or equitable principle, including but not limited to to, any cost or expense incurred by the Purchaser Buyer in selling or surrendering a lease on a current or prior residence, obtaining other living accommodations, moving, storage or relocation expenses or any other such expense expenses or cost arising from or related to this the Agreement or a this Addendum or breach of this the Agreement. BUYER AND SELLER AGREE THAT IF BUYER FAILS TO COMPLETE THE PURCHASE OF THE PROPERTY BY REASON OF ANY DEFAULT OF BUYER, AS DETERMINED BY SELLER IN ITS SOLE DISCRETION: (a) SELLER SHALL BE RELEASED FROM ANY OBLIGATION TO SELL THE PROPERTY TO BUYER; AND (b) BUYER AND SELLER EXPRESSLY AGREE THAT IT WOULD BE EXTREMELY DIFFICULT TO DETERMINE SELLER’S ACTUAL DAMAGES AS A RESULT OF SUCH DEFAULT BY BUYER, THEREFORE, THE PARTIES AGREE THAT SELLER SHALL RETAIN AS LIQUIDATED DAMAGES AND NOT AS A PENALTY AND AS A REASONABLE PRE-ESTIMATE OF SELLER’S ACTUAL DAMAGES FOR BREACH OF THE AGREEMENT AN AMOUNT EQUAL TO THE XXXXXXX MONEY DEPOSIT, OR SUCH LESSER AMOUNT AS PROVIDED BY APPLICABLE LAW AND ANY EXCESS SHALL BE RETURNED TO BUYER. (d) Any consent by any party to, or waiver of, a breach by the other, whether express or implied, shall not constitute consent to, waiver of, or excuse for any different or subsequent breach. (e) In the event either party elects to exercise its remedies as described in this Section 19 of this Addendum and this Agreement is terminated, the parties shall have no further obligation under this Agreement except as to any provision that survives the termination of this Agreement pursuant to Section 24 of this Addendum.

Appears in 1 contract

Samples: Seller’s Auction Addendum to Real Estate Purchase Contract and Release of Claims

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Remedies for Default. (a) In Upon the event occurrence of an Event of Tenant Default, Landlord shall have the option to do and perform any one or more of the Purchaser’s defaultfollowing in addition to, material breach or material misrepresentation of any fact under the terms of this Agreementand not in limitation of, the Seller, at its option, may retain the xxxxxxx money deposit and any other funds then paid by the Purchaser as liquidated damages and/or invoke any other remedy available or right permitted it by law or by this Lease: (i) Terminate this Lease, in which event Tenant shall immediately surrender the Premises to Seller at law and/or equity Landlord; but if Tenant shall fail to do so, Landlord may enter upon the Premises and expel or remove Tenant and Tenant’s personal property therefrom without prejudice to Landlord’s right to collect damages as hereinafter provided; (ii) Enter the Seller is automatically released from Premises and remove Tenant and its property there from, and relet the obligation Premises as the agent of Tenant and receive rent therefor, and repair or alter the Premises in a manner as Landlord may reasonably deem necessary to sell relet the Property to the Purchaser and neither the Seller nor its representativessame, agents, attorneys, successors, or assigns whereupon Tenant shall be liable to the Purchaser Landlord for any deficiency which may arise by reason of such reletting during the remainder of the Term of this Lease, and/or (iii) Recover from Tenant all damages Landlord may incur by reason of any kind such Event of Tenant Default, including the reasonable cost of recovering the Premises and reasonable attorney’s fees. Landlord shall exercise its best efforts to mitigate its damages, if any, arising from an Event of Tenant Default, regardless of whether or not Landlord shall elect to terminate this Lease. No receipt of money by Landlord from Tenant after the termination of this Lease as herein provided shall reinstate, continue or extend the Term of this Lease, operate as a result waiver of the Seller's failure right of Landlord to sell and convey enforce the Propertypayment of Rent when due or thereafter falling due, affect any notice theretofore given by Landlord or operate as a waiver of the right of Landlord to recover possession of the Premises by proper remedy. (b) In Upon the event occurrence of an Event of Landlord Default, Tenant shall have the option to do and perform any one or more of the Seller’s default or material breach under the terms of the Agreement or if the Seller terminates the Agreement as provided under the provisions of Xxxxxxxxx 00 (x), (x), (x), (x), (x), (x), (x) or (j) of this Addendum, the Purchaser shall be entitled to the return of the xxxxxxx money deposit as Purchaser’s sole and exclusive remedy at law and/or equity. The Purchaser waives any rights to file and maintain an action against the Seller for specific performance and the Purchaser acknowledges that a return of its xxxxxxx money deposit can adequately and fairly compensate the Purchaser. Upon return of the xxxxxxx money deposit to the Purchaser, this Agreement shall be terminatedfollowing in addition to, and not in limitation of, any other remedy or right permitted it by law or by this Lease elect to terminate this Lease: (i) Terminate this Lease; and/or (ii) Cure the Purchaser and the Seller Event of Landlord Default, in which case, Tenant shall have no further liability or obligation, each the right to the other offset Rent otherwise due hereunder by an amount equal to Tenant’s aggregate costs and expenses incurred in connection with this Agreement.such cure (including without limitation the commercially-reasonable costs of attorneys, contractors, and consultants); and/or (ciii) The Purchaser agrees that the Seller shall not be liable to the Purchaser for any specialRecover from Landlord (by way of set-off against Rent or otherwise, consequential or punitive as determined by Tenant) all damages whatsoever, whether in contract, tort (including negligence and strict liability) or any other legal or equitable principleTenant may incur by reason of such Event of Landlord Default, including but not limited to any cost or expense incurred by the Purchaser in selling or surrendering a lease on a prior residence, obtaining other living accommodations, moving, storage or relocation expenses or any other such expense or cost arising from or related to this Agreement or a breach of this Agreementreasonable attorney’s fees. (d) Any consent by any party to, or waiver of, a breach by the other, whether express or implied, shall not constitute consent to, waiver of, or excuse for any different or subsequent breach. (e) In the event either party elects to exercise its remedies as described in this Section 19 of this Addendum and this Agreement is terminated, the parties shall have no further obligation under this Agreement except as to any provision that survives the termination of this Agreement pursuant to Section 24 of this Addendum.

Appears in 1 contract

Samples: Lease Agreement

Remedies for Default. Tenant covenants that if the Demised Premises at any time are deserted, abandoned or closed, or if Tenant defaults for a period of thirty (a30) In days in paying any installment of rent when due or in performing any covenant, provision or condition herein contained binding upon Tenant, Landlord shall have, in addition to all other rights and remedies provided by law, the event right, without notice to Tenant, to enter and take possession of the Purchaser’s defaultDemised Premises, material breach peaceably or material misrepresentation by force, and to terminate this lease; and Landlord may relet the Demised Premises, in whole or in part, in one or more leases, for the unexpired portion of the term, or any fact under part thereof, and receive the rent therefor and apply it on the rent and other charges due hereunder, the rate and terms of this Agreementsuch reletting to be such as Landlord deems expedient, the Sellerand Lxxxxxxx’s action shall be final and binding upon Tenant, and Txxxxx agrees to pay promptly to Landlord on demand, at its optionone time or from time to time, may retain any difference between the xxxxxxx money deposit rent and other charges payable hereunder and any other funds then paid smaller amounts collected by Landlord from the Purchaser tenant or tenants to whom the Demised Premises may be relet as liquidated damages aforesaid. If Tenant goes into bankruptcy, voluntary or involuntary, or into receivership, or makes a general assignment for the benefit of creditors, Landlord shall have the right to terminate this lease at such time thereafter as Landlord may elect and in any such event and/or invoke any other remedy available to Seller at election Landlord shall have all the rights and/or remedies provided by law and/or equity by this lease. If Landlord pursues any such remedies (and the Seller is automatically released from the obligation regardless of whether such remedies are prosecuted to sell the Property to the Purchaser and neither the Seller nor its representativesjudgment), agents, attorneys, successors, or assigns shall Txxxxx will be liable as follows: A. For all past due rent and other charges; B. For all additional rent (future rent) that would have accrued until the expiration of the term of occupancy under this Lease or until a new lease term begins (provided (i) that this will not affect Landlord’s duty to minimize the Purchaser for any damages of any kind by making reasonable efforts to enter into a new lease as soon as practical, and (ii) that if Landlord obtains a judgment to future rent, Landlord shall apply as a result credit towards that judgment all funds received by Landlord as rent for the Premises for three months for which the judgment for future rent was awarded. C. For all expenses Landlord may incur for cleaning, painting and repairing the Premises due to Tenant’s failure to leave the Premises thoroughly clean and in good condition, reasonable wear and tear excepted; D. For any court costs and reasonable attorney’s fees incurred by Landlord (i) in collecting rent, other charges or damages, and (ii) in obtaining possession of the Seller's failure to sell and convey the PropertyPremises. (b) In the event of the Seller’s default or material breach under the terms of the Agreement or if the Seller terminates the Agreement as provided under the provisions of Xxxxxxxxx 00 (x), (x), (x), (x), (x), (x), (x) or (j) of this Addendum, the Purchaser shall be entitled to the return of the xxxxxxx money deposit as Purchaser’s sole and exclusive remedy at law and/or equity. The Purchaser waives any rights to file and maintain an action against the Seller for specific performance and the Purchaser acknowledges that a return of its xxxxxxx money deposit can adequately and fairly compensate the Purchaser. Upon return of the xxxxxxx money deposit to the Purchaser, this Agreement shall be terminated, and the Purchaser and the Seller shall have no further liability or obligation, each to the other in connection with this Agreement. (c) The Purchaser agrees that the Seller shall not be liable to the Purchaser for any special, consequential or punitive damages whatsoever, whether in contract, tort (including negligence and strict liability) or any other legal or equitable principle, including but not limited to any cost or expense incurred by the Purchaser in selling or surrendering a lease on a prior residence, obtaining other living accommodations, moving, storage or relocation expenses or any other such expense or cost arising from or related to this Agreement or a breach of this Agreement. (d) Any consent by any party to, or waiver of, a breach by the other, whether express or implied, shall not constitute consent to, waiver of, or excuse for any different or subsequent breach. (e) In the event either party elects to exercise its remedies as described in this Section 19 of this Addendum and this Agreement is terminated, the parties shall have no further obligation under this Agreement except as to any provision that survives the termination of this Agreement pursuant to Section 24 of this Addendum.

Appears in 1 contract

Samples: Lease (Armed Forces Brewing Company, Inc.)

Remedies for Default. Without prejudice to any other right or remedy of Sightsavers howsoever arising if the Subcontractor commits any Default of this Agreement then Sightsavers may (a) In the event whether or not any part of the PurchaserServices have been provided) do any of the following: at Sightsavers’ option, give the Subcontractor the opportunity (at the Subcontractor’s default, material breach expense) to remedy the Default together with any damage resulting from such Default (where such Default and damages are capable of remedy) or material misrepresentation of to supply Replacement Services and carry out any fact under other necessary work to ensure that the terms of this Agreement are fulfilled, in accordance with the Sightsavers’ instructions; carry out, at the Subcontractor’s expense, any work necessary to make the provision of the Services comply with this Agreement; if the Default is a material Default that is capable of remedy (and for these purposes a material Default may be a single material Default or a number of Defaults or repeated Defaults ‐ whether of the same or different obligations and regardless of whether such Defaults are remedied ‐ which taken together constitute a material Default): instruct the Subcontractor to comply with the Rectification Plan Process; suspend this Agreement (whereupon the relevant provisions of Clause 23 (Suspension) shall apply) and step‐in to itself supply or procure a third party to supply (in whole or in part) the Services; without terminating or suspending the whole of this Agreement, terminate or suspend this Agreement in respect of part of the Sellerprovision of the Services only (in relation to which the relevant provisions of Clause 23 (Suspension) shall apply) and step‐in to itself supply or procure a third party to supply (in whole or in part) such part of the Services. Where Sightsavers exercises any of its step‐in rights under Clauses 25.1.3(b) or 25.1.3(c), at its option, may retain Sightsavers shall have the xxxxxxx money deposit and any other funds then paid by right to charge the Purchaser as liquidated damages and/or invoke any other remedy available to Seller at law and/or equity Subcontractor for and the Seller is automatically released Subcontractor shall on demand pay any costs reasonably incurred by Sightsavers (including any reasonable administration costs) in respect of the supply of any part of the Services by Sightsavers or a third party provided that Sightsavers uses its reasonable endeavours to mitigate any additional expenditure in obtaining Replacement Services. Where Sightsavers has instructed the Subcontractor to comply with the Rectification Plan Process pursuant to Clause 25.1.3(a): the Subcontractor shall submit a draft Rectification Plan to Sightsavers for it to review as soon as possible and in any event within 10 (ten) Working Days (or such other period as may be agreed between the Parties) from the obligation date of Sightsavers’ instructions. The Subcontractor shall submit a draft Rectification Plan even if the Subcontractor disputes that it is responsible for the Default giving rise to sell Sightsavers’ request for a draft Rectification Plan. The draft Rectification Plan shall set out: full details of the Property Default that has occurred, including a root cause analysis; the actual or anticipated effect of the Default; and the steps which the Subcontractor proposes to take to rectify the Default (if applicable) and to prevent such Default from recurring, including timescales for such steps and for the rectification of the Default (where applicable). The Subcontractor shall promptly provide to Sightsavers any further documentation that Sightsavers reasonably requires to assess the Subcontractor’s root cause analysis. If the Parties do not agree on the root cause set out in the draft Rectification Plan, either Party may refer the matter to be determined in accordance with the Dispute Resolution Procedure. Sightsavers may reject the draft Rectification Plan by notice to the Purchaser Subcontractor if, acting reasonably, it considers that the draft Rectification Plan is inadequate, for example because the draft Rectification Plan: is insufficiently detailed to be capable of proper evaluation; will take too long to complete; will not prevent reoccurrence of the Default; and/or will rectify the Default but in a manner, which is unacceptable to Sightsavers. Sightsavers shall notify the Subcontractor whether it consents to the draft Rectification Plan as soon as reasonably practicable. If Sightsavers rejects the draft Rectification Plan, Sightsavers shall give reasons for its decision and neither the Seller nor its representativesSubcontractor shall take the reasons into account in the preparation of a revised Rectification Plan. The Subcontractor shall submit the revised draft of the Rectification Plan to Sightsavers for review within five (5) Working Days (or such other period as agreed between the Parties) of Sightsavers’ notice rejecting the first draft. If Sightsavers consents to the Rectification Plan, agentsthe Subcontractor shall immediately start work on the actions set out in the Rectification Plan. If Sightsavers does not consent to the Rectification Plan, attorneys, successors, or assigns Sightsavers shall give reasons and the Subcontractor shall be liable given an opportunity to modify it. If Sightsavers then rejects the Purchaser for any damages of any kind as a result of the Seller's failure to sell and convey the Property. (b) In the event of the Seller’s default or material breach under the terms of the Agreement or if the Seller terminates the Agreement as provided under the provisions of Xxxxxxxxx 00 (x)Rectification Plan, (x), (x), (x), (x), (x), (x) or (j) of this Addendum, the Purchaser Sightsavers shall be entitled to the return exercise its termination right pursuant to Clause 28 (Termination with default of the xxxxxxx money deposit as Purchaser’s sole and exclusive remedy at law and/or equity. The Purchaser waives any rights to file and maintain an action against the Seller for specific performance and the Purchaser acknowledges that a return of its xxxxxxx money deposit can adequately and fairly compensate the Purchaser. Upon return of the xxxxxxx money deposit to the Purchaser, this Agreement shall be terminated, and the Purchaser and the Seller shall have no further liability or obligation, each to the other in connection with this AgreementSubcontractor). (c) The Purchaser agrees that the Seller shall not be liable to the Purchaser for any special, consequential or punitive damages whatsoever, whether in contract, tort (including negligence and strict liability) or any other legal or equitable principle, including but not limited to any cost or expense incurred by the Purchaser in selling or surrendering a lease on a prior residence, obtaining other living accommodations, moving, storage or relocation expenses or any other such expense or cost arising from or related to this Agreement or a breach of this Agreement. (d) Any consent by any party to, or waiver of, a breach by the other, whether express or implied, shall not constitute consent to, waiver of, or excuse for any different or subsequent breach. (e) In the event either party elects to exercise its remedies as described in this Section 19 of this Addendum and this Agreement is terminated, the parties shall have no further obligation under this Agreement except as to any provision that survives the termination of this Agreement pursuant to Section 24 of this Addendum.

Appears in 1 contract

Samples: Subcontractor Services Agreement

Remedies for Default. Upon the occurrence of an Event of Default, Lender shall have all rights and remedies of a secured party in, to and against the Collateral granted by the Uniform Commercial Code in the State of Arizona (the "Uniform Commercial Code") and otherwise available at law or in equity, including, without limitation: (a) In the event right to declare any or all payments due under the Notes, the other Loan Documents, the Other Agreements and all other documents evidencing the Obligations immediately due and payable and the right to recover all fees and expenses (including reasonable attorney fees) in connection with the collection or enforcement thereof, which fees and expenses shall constitute additional Obligations of the Purchaser’s default, material breach or material misrepresentation of any fact under the terms of this Agreement, the Seller, at its option, may retain the xxxxxxx money deposit and any other funds then paid by the Purchaser as liquidated damages and/or invoke any other remedy available to Seller at law and/or equity and the Seller is automatically released from the obligation to sell the Property to the Purchaser and neither the Seller nor its representatives, agents, attorneys, successors, or assigns shall be liable to the Purchaser for any damages of any kind as a result of the SellerElmer's failure to sell and convey the Property.Entities hereunder; (b) In the event right to act as, and each of the Seller’s default Elmer's Entities hereby constitutes and appoints Lender, their true, lawful and irrevocable attorney-in-fact (which appointment shall be deemed coupled with an interest) to demand, receive and enforce payments and to give receipts, releases, satisfaction for and to xxx for moneys payable to the Elmer's Entities under or material with respect to any of the Collateral under this Agreement, and actions taken pursuant to this appointment may be taken either in the name of Borrower or in the name of Lender with the same force and effect as if this appointment had not been made; (c) the right to take immediate and exclusive possession of the Collateral, or any part thereof, and for that purpose, with or without judicial process and notice to the Elmer's Entities, enter (if this can be done without breach of the peace) upon any premises on which the Collateral or any part thereof may be situated and remove the same therefrom (provided that if the Collateral is affixed to real estate, such removal shall be subject to the conditions stated in the Uniform Commercial Code); (d) the right to hold, maintain, preserve and prepare the Collateral for sale, until disposed of; (e) the right to render the Collateral unusable and dispose of the Collateral; (f) the right to require the Elmer's Entities to assemble and package the Collateral and make it available to Lender for its possession at a place to be designated by Lender which is reasonably convenient to the Lender; (g) the right to sell, lease, hold or otherwise dispose of all or any part of the Collateral; and (h) the right to xxx for specific performance of any obligation under the terms Loan Documents or to recover damages for breach thereof. The remedies of Lender hereunder are cumulative and the exercise of any one or more of the Agreement remedies provided for herein or if the Seller terminates the Agreement as provided under the provisions Uniform Commercial Code or other applicable law shall not be construed as a waiver of Xxxxxxxxx 00 (x), (x), (x), (x), (x), (x), (x) or (j) any of this Addendum, the Purchaser other remedies of Lender so long as any part of the Obligations secured hereby remains unsatisfied. Lender shall be entitled to receive on demand, as additional Obligations hereunder, interest accruing at the return lower of 14% per annum or the xxxxxxx money deposit as Purchaser’s sole and exclusive remedy at highest rate permitted by applicable law and/or equity. The Purchaser waives any rights to file and maintain an action against on all amounts not paid when due under the Seller for specific performance and the Purchaser acknowledges that a return of its xxxxxxx money deposit can adequately and fairly compensate the Purchaser. Upon return of the xxxxxxx money deposit to the Purchaser, Note or this Agreement shall be terminated, and until the Purchaser and the Seller date of actual payment. Lender shall have no further liability or obligation, each duty to mitigate any loss to the other in connection with this Agreement. (c) The Purchaser agrees that the Seller shall not be liable to the Purchaser for Elmer's Entities occasioned by enforcement of any special, consequential or punitive damages whatsoever, whether in contract, tort (including negligence remedy hereunder and strict liability) or any other legal or equitable principle, including but not limited to any cost or expense incurred by the Purchaser in selling or surrendering a lease on a prior residence, obtaining other living accommodations, moving, storage or relocation expenses or any other such expense or cost arising from or related to this Agreement or a breach of this Agreement. (d) Any consent by any party to, or waiver of, a breach by the other, whether express or implied, shall not constitute consent to, waiver of, or excuse for any different or subsequent breach. (e) In the event either party elects to exercise its remedies as described in this Section 19 of this Addendum and this Agreement is terminated, the parties shall have no further obligation under this Agreement except as duty of any kind to any provision that survives subordinated creditor of the termination of this Agreement pursuant to Section 24 of this AddendumElmer's Entities.

Appears in 1 contract

Samples: Loan Agreement (Davis Bruce N)

Remedies for Default. (a) In the event of the Purchaser’s 's default, material breach or material misrepresentation of any fact under the terms of this Agreement, the Seller, at its option, may retain the xxxxxxx money deposit and any other funds then paid by the Purchaser as liquidated damages and/or invoke any other remedy available to Seller at law and/or equity and the Seller is automatically released from the obligation to sell the Property to the Purchaser and neither the Seller nor its representatives, agents, attorneys, successors, or assigns shall be liable to the Purchaser for any damages of any kind as a result of the Seller's failure to sell and convey the Property. (b) In the event of the Seller’s 's default or material breach under the terms of the Agreement or if the Seller terminates the Agreement as provided under the provisions of Xxxxxxxxx 00 Paragraph 18 (xa), (xb), (xc), (xd), (xe), (xf), (xi) or (j) of this Addendum, the Purchaser shall be entitled to the return of the xxxxxxx money deposit as Purchaser’s 's sole and exclusive remedy at law and/or equity. The Purchaser waives any rights to file and maintain an action against the Seller for specific performance and the Purchaser acknowledges that a return of its xxxxxxx money deposit can adequately and fairly compensate the Purchaser. Upon return of the xxxxxxx money deposit to the Purchaser, this Agreement shall be terminated, and the Purchaser and the Seller shall have no further liability or obligation, each to the other in connection with this Agreement. (c) The Purchaser agrees that the Seller shall not be liable to the Purchaser for any special, consequential or punitive damages whatsoever, whether in contract, tort (including negligence and strict liability) or any other legal or equitable principle, including but not limited to any cost or expense incurred by the Purchaser in selling or surrendering a lease on a prior residence, obtaining other living accommodations, moving, storage or relocation expenses or any other such expense or cost arising from or related to this Agreement or a breach of this Agreement. (d) Any consent by any party to, or waiver of, a breach by the other, whether express or implied, shall not constitute consent to, waiver of, or excuse for any different or subsequent breach. (e) In the event either party elects to exercise its remedies as described in this Section 19 of this Addendum and this Agreement is terminated, the parties shall have no further obligation under this Agreement except as to any provision that survives the termination of this Agreement pursuant to Section 24 of this Addendum.

Appears in 1 contract

Samples: Real Estate Purchase Addendum

Remedies for Default. (a) a. In the event of the Purchaser’s default, material breach or material misrepresentation of any fact under the terms of this Agreement, the Seller, at its option, may retain the xxxxxxx money deposit and any other funds then paid by the Purchaser as liquidated damages and/or invoke any other remedy available to Seller at law and/or equity and the Seller is automatically released from the obligation to sell the Property to the Purchaser and neither the Seller nor its representatives, agents, attorneys, successors, or assigns shall be liable to the Purchaser for any damages of any kind as a result of the Seller's failure to sell and convey the Property. (b) b. In the event of the Seller’s default or material breach under the terms of the this Agreement or if the Seller terminates the Agreement as provided under the provisions of Xxxxxxxxx 00 Paragraph 18 (xa), (xb), (xc), (xd), (xe), (xf), (xi) or (j) of this Addendum, the Purchaser shall be entitled to the return of the xxxxxxx money deposit as Purchaser’s sole and exclusive remedy at law and/or equity. The Purchaser waives any rights to file and maintain an action against the Seller for specific performance and the Purchaser acknowledges that a return of its xxxxxxx money deposit can adequately and fairly compensate the Purchaser. Upon return of the xxxxxxx money deposit to the Purchaser, this Agreement shall be terminated, and the Purchaser and the Seller shall have no further liability or obligation, each to the other in connection with this Agreement. (c) c. The Purchaser agrees that the Seller shall not be liable to the Purchaser for any special, consequential or punitive damages whatsoever, whether in contract, tort (including negligence and strict liability) or any other legal or equitable principle, including but not limited to any cost or expense incurred by the Purchaser in selling or surrendering a lease on a prior residence, obtaining other living accommodations, moving, storage or relocation expenses or any other such expense or cost arising from or related to this Agreement or a breach of this Agreement.. \ (d) d. Any consent by any party to, or waiver of, a breach by the other, whether express or implied, shall not constitute consent to, waiver of, or excuse for any different or subsequent breach. (e) e. In the event either party elects to exercise its remedies as described in this Section 19 of this Addendum and this Agreement is terminated, the parties shall have no further obligation under this Agreement except as to any provision that survives the termination of this Agreement pursuant to Section 24 of this Addendum.. PURCHASER (Initials SELLER (Initials) NPDC form 006 auction with buyer premium revised 1/8/2008

Appears in 1 contract

Samples: Contract for Sale of Real Estate at Auction

Remedies for Default. (a) In the event of the Purchaser’s Buyer, by written notice to seller, may terminate this order, in whole or in part, if seller is in default. Upon such termination, material breach or material misrepresentation of any fact under the buyer may procure, upon such terms as it shall deem appropriate, supplies similar to those so terminated, in which case seller shall continue performance of this Agreement, the Seller, at its option, may retain the xxxxxxx money deposit and any other funds then paid by the Purchaser as liquidated damages and/or invoke any other remedy available to Seller at law and/or equity and the Seller is automatically released from the obligation to sell the Property order to the Purchaser extent not terminated and neither the Seller nor its representatives, agents, attorneys, successors, or assigns shall be liable to the Purchaser buyer for any damages excess cost for such similar supplies. As an alternate remedy, and in lieu of any kind as a result of termination for default, buyer, at its sole discretion, may elect (1) to extend the Seller's contract delivery schedule, and/or (2) to waive other deficiencies in seller’s performance, in which case an equitable reduction in the Purchase Order price shall be negotiated. If the failure to sell perform is caused by the default of a subcontractor at any tier and convey if such default arises out of causes beyond the Property. (b) In control of both seller and subcontractor and without the event fault or negligence of the Seller’s default or material breach under the terms either of the Agreement or if the Seller terminates the Agreement as provided under the provisions of Xxxxxxxxx 00 (x)them, (x), (x), (x), (x), (x), (x) or (j) of this Addendum, the Purchaser shall be entitled to the return of the xxxxxxx money deposit as Purchaser’s sole and exclusive remedy at law and/or equity. The Purchaser waives any rights to file and maintain an action against the Seller for specific performance and the Purchaser acknowledges that a return of its xxxxxxx money deposit can adequately and fairly compensate the Purchaser. Upon return of the xxxxxxx money deposit to the Purchaser, this Agreement shall be terminated, and the Purchaser and the Seller shall have no further liability or obligation, each to the other in connection with this Agreement. (c) The Purchaser agrees that the Seller seller shall not be liable to the Purchaser for any specialexcess costs for the failure to perform, consequential unless the supplies or punitive damages whatsoever, whether services to be furnished by subcontractor were obtainable from other sources in contract, tort (including negligence sufficient time to permit seller to meet the required delivery schedule. The rights and strict liability) or remedies of the buyer provided in this clause shall not be exclusive and are in addition to any other legal rights and remedies provided by this order or equitable principle, including but not limited by law or equity. Failure of buyer to any cost or expense incurred by the Purchaser in selling or surrendering a lease insist on a prior residence, obtaining other living accommodations, moving, storage or relocation expenses or any other such expense or cost arising from or related to this Agreement or a breach of this Agreement. (d) Any consent by any party to, or waiver of, a breach by the other, whether express or implied, strict performance shall not constitute consent toa waiver of any of the provisions of this order or waiver of any other default of seller. Buyer may, waiver ofat any time, by written notice to seller, require seller to stop all or excuse part of the work or delivery of supplies called for by this order for a period of up to ninety days and for any different additional agreed period (Time Period). Upon receiving such notice, seller shall immediately comply with its terms and take all reasonable steps to avoid incurring any additional costs associated with the stopped work during the Time Period. Buyer will, prior to the end of the Time Period, either cancel the stop work order or subsequent breach. (e) In terminate this order in whole or in part as permitted by this order. If a Stop‑Work Order is issued, buyer shall modify the event either party elects to exercise its remedies as described delivery schedule and/or price in this Section 19 order as buyer deems equitable under the circumstances, provided seller requests such change within fifteen days of this Addendum and this Agreement is terminated, the parties shall have no further obligation under this Agreement except as to any provision that survives end of the termination of this Agreement pursuant to Section 24 of this AddendumTime Period.

Appears in 1 contract

Samples: Purchase Order

Remedies for Default. (a) In For any default as described in Paragraph 15.1 that has continued beyond any applicable notice and cure periods afforded Tenant under this Lease, Landlord shall have the event right, during the continuance thereof, to pursue any one or more of the Purchaser’s defaultfollowing remedies, material breach in addition to all other rights or material misrepresentation remedies provided herein or at law or in equity, without any notice or demand of any fact under the terms of this Agreement, the Seller, at its option, may retain the xxxxxxx money deposit and kind or nature whatsoever to Tenant or to any other funds then paid party liable, in whole or in part, for the performance of Tenant’s obligations under this Lease: 15.2.1. Terminate this Lease by written notice to Tenant, in which event Tenant shall immediately surrender the Purchaser as liquidated damages and/or invoke Premises to Landlord, and if Tenant fails to do so, Landlord may, without prejudice to any other remedy available to Seller at law which Landlord may have for possession or arrearages in Rent (including any interest and/or equity service charge which may have accrued thereon) and the Seller is automatically released from the obligation to sell the Property to the Purchaser extent permitted by Applicable Laws, enter upon and neither take possession of the Seller nor its representativesPremises and property therein, agentsby picking or changing the locks if necessary, attorneysand lock out, successorsexpel and remove Tenant and/or any other person or party who may be occupying all or any portion of the Premises, without being liable for prosecution or any claim for damages therefor (Tenant hereby waiving any claim by reason of such entry, taking possession or removal or by issuance of any distress warrant or writ of sequestration, or assigns shall be liable otherwise), and upon any such entry and taking possession by Landlord, Tenant’s right to the Purchaser for any damages of any kind as a result possession of the Seller's failure to sell Premises and convey the Property. (b) In the event of the Seller’s default or material breach under the terms of the Agreement or if the Seller terminates the Agreement as provided under the provisions of Xxxxxxxxx 00 (x), (x), (x), (x), (x), (x), (x) or (j) of this Addendum, the Purchaser leasehold estate and options hereunder shall immediately cease and terminate. Landlord shall be entitled to the return recover damages from Tenant by reason of any such termination of this Lease, including all such damages hereinafter described. 15.2.2. Terminate Tenant’s right of possession of the xxxxxxx money deposit Premises (without terminating this Lease) and, without prejudice to any other remedy which Landlord may have for possession or arrearages in Rent (including any interest and/or service charge which may have accrued thereon) and to the extent permitted by Applicable Laws, enter upon and take possession of the Premises and property therein, by picking or changing the locks if necessary, and lock out, expel and remove Tenant and/or any other person or party who may be occupying all or any portion of the Premises, without being liable for prosecution or any claim for damages therefor (Tenant hereby waiving any claim by reason of such entry, taking possession or removal or by issuance of any distress warrant or writ of sequestration, or otherwise). Notwithstanding any such entry by Landlord and termination of Tenant’s right of possession of the Premises as Purchaser’s sole and exclusive remedy at law and/or equity. The Purchaser waives any rights to file and maintain an action against the Seller for specific performance and the Purchaser acknowledges that aforesaid, same shall not work a return termination of this Lease, nor shall Tenant be relieved of its xxxxxxx money deposit can adequately obligation to pay rentals and fairly compensate to perform its other obligations under this Lease, it being understood that Tenant shall remain liable for the Purchaserpayment of all rentals and other sums and charges due or to become due hereunder and for the performance of all other obligations of Tenant hereunder. Upon return On any such termination of Tenant’s right of possession of the xxxxxxx money deposit Premises, Landlord may relet the Premises for the account of Tenant for such rent and on such terms and conditions as Landlord may determine; provided, however, that any such reletting by Landlord shall not be deemed as an acceptance of Tenant’s surrender of the Premises unless Landlord expressly notifies Tenant of such acceptance in writing, Tenant hereby acknowledging that Landlord shall be reletting as Tenant’s agent and Tenant furthermore agreeing to pay to Landlord on demand any deficiency. Landlord shall only be required to use the same efforts it then uses to lease other space or properties which it owns or manages; provided, however that Landlord shall not be required to give any preference or priority to the Purchasershowing or leasing of the Premises over any other space that Landlord may be leasing or have available and may place a suitable prospective tenant in any such available space regardless of when such alternative space becomes available; provided, further, Landlord shall not be required to observe any instruction given by Tenant about such reletting or accept any tenant offered by Tenant unless such offered tenant has a credit worthiness acceptable to Landlord, leases the entire Premises, agrees to use the Premises in a manner consistent with this Agreement Lease and leases the Premises at the same rent, for no more than the current term and on the same terms and conditions as in this Lease without any expenditure by Landlord for tenant improvements or broker’s commissions. In any such case, Landlord may, but shall not be required to, make repairs, alterations and additions in or to the Premises and redecorate the same to the extent Landlord deems necessary or desirable. 15.2.3. Except to the extent otherwise provided by applicable law, in the event of Landlord’s termination of this Lease or of Tenant’s right of possession of the Premises pursuant to the provisions of Paragraphs 15.2.1 or 15.2.2, Landlord shall be terminatedentitled to recover from Tenant the following amounts as damages: (i) In the case of Landlord’s termination of this Lease, Tenant shall be liable for the immediate payment to Landlord of the sum of (A) all Rent accrued hereunder through the date of such termination, (B) all amounts due under Paragraph 15.2.3(iii), and (C) an amount equal to (1) the Purchaser and then present value of the Seller shall total Rent that Tenant would have no further liability or obligationbeen required to pay for the remainder of the then current Lease term, each to minus (2) the other in connection with this Agreementthen present value of the fair rental value of the Premises for such period. (cii) The Purchaser agrees that In the Seller case of Landlord’s termination of Tenant’s right of possession of the Premises without terminating this Lease, Tenant shall pay to Landlord (A) all Rent and other amounts accrued hereunder to the date of such termination of possession, (B) all amounts due from time to time under Paragraph 15.2.3(iii), and (C) all Rent and other sums required hereunder to be paid by Tenant during the remainder of the Lease Term as the same become due under this Lease, diminished by any net sums thereafter received by Landlord through reletting the Premises during such period; however, Landlord shall not be liable for, nor shall Tenant’s obligations hereunder be diminished because of, Landlord’s inability to relet the Premises or to collect rent due for a reletting; provided, however, Landlord shall exercise commercially reasonable efforts to relet the Premises and to otherwise mitigate its damages. Tenant shall not be entitled to the Purchaser excess of any consideration obtained by reletting over the Rent due hereunder. Reentry by Landlord in the Premises shall not affect Tenant’s obligations hereunder for any special, consequential or punitive damages whatsoever, whether in contract, tort (including negligence and strict liability) or any other legal or equitable principle, including but not limited to any cost or expense incurred by the Purchaser in selling or surrendering a lease on a prior residence, obtaining other living accommodations, moving, storage or relocation expenses or any other such expense or cost arising from or related to this Agreement or a breach unexpired term of this Agreement. (d) Any consent Lease; rather, Landlord may, from time to time, bring action against Tenant to collect amounts due by any party toTenant, without the necessity of Landlord’s waiting until the expiration of the then current Lease term. Unless Landlord delivers written notice to Tenant expressly stating that it has elected to terminate this Lease, all actions taken by Landlord to exclude or waiver of, a breach by dispossess Tenant of the other, whether express or implied, Premises shall not constitute consent to, waiver of, or excuse for any different or subsequent breach. (e) In the event either party elects be deemed to exercise its remedies as described in this Section 19 of this Addendum and this Agreement is terminated, the parties shall have no further obligation be taken under this Agreement except as to any provision that survives the termination of this Agreement pursuant to Section 24 of this AddendumParagraph 15.2.

Appears in 1 contract

Samples: Lease (ZS Pharma, Inc.)

Remedies for Default. (a) In A. Upon the happening of any event of default as hereinabove described, Landlord shall have the Purchaser’s default, material breach or material misrepresentation of any fact under the terms of this Agreement, the Sellerright, at its optionelection, then or at any time thereafter and while any such event of default shall continue, either: (1) To give Tenant written notice of intention to terminate this Lease on the date of giving notice or on any later date specified therein, whereupon Tenant's right to possession of the Premises shall cease and this Lease shall be terminated, except as to Tenant's liability, as if the expiration of the term fixed in such notice were the end of the term herein originally demised; or (2) To re-enter and take possession of the Premises and repossess the same as of Landlord's former estate, and expel Tenant and those claiming through or under Tenant, and remove the effects of both, without being liable for prosecution therefor, without being deemed guilty of any manner of trespass, and without prejudice to any remedies for arrears of Rent or preceding breach of covenants or conditions. Should Landlord elect to re-enter as provided in this subparagraph (2), or should Landlord take possession pursuant to legal proceedings or pursuant to any notice provided for by law, Landlord shall without terminating this Lease, use reasonable efforts to relet the Premises in Landlord's or Tenant's name, but for the account of Tenant, for such term or terms (which may retain be greater or less than the xxxxxxx money deposit period which would otherwise have constituted the balance of the term of this Lease) and any on such conditions and upon such other funds then paid by terms as Landlord may reasonably determine, and Landlord may collect and receive the Purchaser as liquidated damages and/or invoke any other remedy available rents therefore. Landlord shall be entitled to Seller at law and/or equity and the Seller is automatically released from the keep, without obligation to sell Tenant, all of the Property to the Purchaser proceeds and neither the Seller nor its representatives, agents, attorneys, successors, or assigns shall be liable to the Purchaser for any damages of any kind rent paid as a result of the Seller's reletting, regardless of any excess rent or proceeds received. Landlord shall in no way be responsible or liable for any failure to sell relet the Premises after exercising good faith efforts therefor, but shall make every reasonable effort to mitigate its damages. No such re-entry or taking possession of the Premises by Landlord shall be construed as an election on Landlord's part to terminate this Lease unless a written notice of such intention is given to Tenant. No notice from Landlord hereunder or under a forcible entry and convey detainer statute or similar law shall constitute an election by Landlord to terminate this Lease unless such notice specifically so states. Landlord reserves the Propertyright following any such re-entry or reletting to exercise its right to terminate this Lease by giving Tenant written notice to that effect, in which event the Lease will terminate as specified in said notice; or (3) Without resuming possession of the Premises or terminating this Lease, sue xxxthly for and recover all rents, other required payments due under this Lease, and all other sums including damages and legal fees owing hereunder which may accrue at any time and from time to time. (b) B. In the event of the Seller’s default or material breach under the terms of the Agreement or if the Seller terminates the Agreement that Landlord does not elect to terminate this Lease as provided under the provisions of Xxxxxxxxx 00 (x), (x), (x), (x), (x), (x), (x) or (jpermitted in subparagraph A(1) of this AddendumParagraph, but on the Purchaser contrary, elects to take possession as provided in subparagraph A(2) hereof, Tenant shall pay to Landlord (i) the Rent and other sums as herein provided, which would be payable hereunder if such repossession had not occurred, less (ii) the net proceeds, if any, of any reletting of the Premises after deducting Landlord's reasonable expenses in connection with such reletting, including, but without limitation, all repossession costs, brokerage commissions, reasonable attorneys' fees, court costs, expenses of employees, alteration and repair costs and expenses or preparation for such reletting. Landlord shall be entitled to the return keep, without obligation to Tenant, all of the xxxxxxx money deposit proceeds and rent paid as Purchaser’s sole and exclusive remedy at law and/or equitya result of reletting, regardless of any excess rent or proceeds received. The Purchaser waives any rights to file and maintain an action against the Seller for specific performance and the Purchaser acknowledges that a return of its xxxxxxx money deposit can adequately and fairly compensate the Purchaser. Upon return of the xxxxxxx money deposit to the PurchaserIf, this Agreement shall be terminated, and the Purchaser and the Seller shall have no further liability or obligation, each to the other in connection with this Agreement. (c) The Purchaser agrees that any relating, the Seller shall not be liable to new lease term extends beyond the Purchaser for any special, consequential or punitive damages whatsoever, whether in contract, tort (including negligence and strict liability) or any other legal or equitable principle, including but not limited to any cost or expense incurred by the Purchaser in selling or surrendering a lease on a prior residence, obtaining other living accommodations, moving, storage or relocation expenses or any other such expense or cost arising from or related to this Agreement or a breach of this Agreement. (d) Any consent by any party toexisting term, or waiver ofthe Premises covered thereby include other premises not part of the Premises, a breach by fair apportionment of the other, whether express or implied, Rent received from such reletting and the expenses incurred in connection therewith will be made in determining the net proceeds from such reletting. Any Rent concessions will be apportioned over the term of the new lease. Tenant shall not constitute consent to, waiver of, or excuse for any different or subsequent breach. (e) In pay such Rent and other sums to Landlord monthly on the event either party elects to exercise its remedies as described in this Section 19 of this Addendum and this Agreement is terminated, the parties shall have no further obligation under this Agreement except as to any provision that survives the termination of this Agreement pursuant to Section 24 of this Addendum.days on which the

Appears in 1 contract

Samples: Office Lease Agreement (Pentastar Communications Inc)

Remedies for Default. (a) In the event of the Purchaser’s defaultIF SELLER COMMITS A DEFAULT PRIOR TO CLOSING, material breach or material misrepresentation of any fact under the terms of this AgreementINCLUDING ANY BREACH OF WARRANTY, the SellerPURCHASER MUST, at its optionAS ITS SOLE REMEDY, may retain the xxxxxxx money deposit and any other funds then paid by the Purchaser as liquidated damages and/or invoke any other remedy available to Seller at law and/or equity and the Seller is automatically released from the obligation to sell the Property to the Purchaser and neither the Seller nor its representativesEITHER (a) TERMINATE THIS AGREEMENT AND RECEIVE THE RETURN OF THE DEPOSIT, agents(b) ENFORCE SPECIFIC PERFORMANCE OF THIS AGREEMENT OR (c) IF, attorneysAND ONLY IF, successorsSPECIFIC PERFORMANCE IS NOT AVAILABLE AS A REMEDY, or assigns shall be liable to the Purchaser for any damages of any kind as a result of the Seller's failure to sell and convey the PropertyRECEIVE THE RETURN OF THE DEPOSIT AND XXX SELLER FOR DAMAGES NOT TO EXCEED FIVE HUNDRED THOUSAND DOLLARS ($500,000). PURCHASER MUST SEND SELLER WRITTEN NOTICE OF WHICH REMEDY PURCHASER ELECTS TO PURSUE WITHIN TEN (10) DAYS AFTER PURCHASER’S KNOWLEDGE OF SELLER’S DEFAULT. IF PURCHASER DOES NOT SO ELECT OR IF PURCHASER ELECTS TO PURSUE LITIGATION AS ITS REMEDY AND DOES NOT COMMENCE THE LITIGATION WITHIN THIRTY (30) DAYS AFTER NOTIFYING SELLER THAT PURCHASER IS ELECTING LITIGATION AS ITS REMEDY, PURCHASER’S SOLE REMEDY WILL BE TO TERMINATE THIS AGREEMENT AND RECEIVE THE RETURN OF THE DEPOSIT. (b) In the event the consummation of the transactions contemplated by this Agreement do not occur by reason of a Purchaser’s Default, Seller shall be entitled, as its sole remedy, to terminate this Agreement as described in Section 20 above and to retain the Deposit and any interest accrued thereon as liquidated damages. The payment to Seller of the Deposit as liquidated damages is not intended to be a forfeiture or penalty but is intended to constitute liquidated damages to Seller. However, the foregoing provisions of this subsection (b) shall not be deemed to prohibit or limit Seller’s default right to seek actual, compensatory damages, post-Closing, with respect to Purchaser’s breach of Purchaser’s representations or material warranties under this Agreement; and shall not be deemed to prohibit or limit Seller’s right to seek damages, the remedy of specific performance, an injunction, or other appropriate relief with respect to any breach of Purchaser’s obligations under the terms Sections 5, 15, 19 or 23 of the this Agreement or if under any provision of this Agreement pursuant to which Purchaser has agreed to indemnify, defend, or hold harmless Seller, its affiliates and/or successors for any matters. Furthermore, the Seller terminates the Agreement as provided under foregoing provisions shall not be deemed to prohibit or limit Seller’s right to seek reasonable attorneys’ fees and costs to enforce the provisions of Xxxxxxxxx 00 this subsection (x), (x), (x), (x), (x), (x), (xb) or (j) any other provision of this Addendum, the Purchaser shall be entitled to the return of the xxxxxxx money deposit as Purchaser’s sole and exclusive remedy at law and/or equity. The Purchaser waives any rights to file and maintain an action against the Seller for specific performance and the Purchaser acknowledges that a return of its xxxxxxx money deposit can adequately and fairly compensate the Purchaser. Upon return of the xxxxxxx money deposit to the Purchaser, this Agreement shall be terminated, and the Purchaser and the Seller shall have no further liability or obligation, each to the other in connection with this Agreement. (c) The Any claim that Purchaser agrees that the may have at any time against Seller shall not be liable to the Purchaser for any special, consequential or punitive damages whatsoever, whether in contract, tort (including negligence and strict liability) or any other legal or equitable principle, including but not limited to any cost or expense incurred by the Purchaser in selling or surrendering a lease on a prior residence, obtaining other living accommodations, moving, storage or relocation expenses or any other such expense or cost arising from or related to this Agreement or a breach of this Agreement. (d) Any consent by any party to, representation or waiver of, a breach by the otherwarranty, whether express known or impliedunknown, shall which is not constitute consent toasserted by notice from Purchaser to Seller within one (1) year after the Closing Date or, waiver ofif notice is sent, litigation to enforce the claim is not commenced within sixty (60) days after said notice will not be valid or excuse for any different or subsequent breach. (e) In the event either party elects to exercise its remedies as described in this Section 19 of this Addendum effective, and this Agreement is terminated, the parties Seller will have no liability with respect thereto. Seller shall have no further obligation under this Agreement except as liability to Purchaser for a breach of any provision that survives representations or warranties unless all such breaches exceed Twenty Five Thousand Dollars ($25,000) and in no event shall Seller’s liability for all such breaches exceed the termination aggregate amount of this Agreement pursuant to Section 24 of this AddendumOne Million Six Hundred Seventy-Five Thousand Dollars ($1,675,000).

Appears in 1 contract

Samples: Purchase and Sale Agreement (Gallagher Arthur J & Co)

Remedies for Default. A. The following constitutes a default hereunder: (ai) In Failure by BORROWER to pay LENDER, on or before January 15, 1999 the event sum of Fifty Thousand Dollars ($50,000) plus Eighty Thousand (80,000) warrants at an exercise price of $1.00.; or (ii) The breach of any of the Purchaser’s warranties, representations, covenants, or agreements applicable to the acquisition of the securities, the subject matter of this Loan Agreement, and the failure to cure the same after receipt of written notice as is set forth therein. B. Upon the occurrence of a default, material breach or material misrepresentation of LENDER; (i) At any fact under the terms of this Agreementtime thereafter, the Sellerso long as such default is continuing and, at its option, exercise its rights under this Loan Agreement; (ii) Vote all or any part of the COLLATERAL (whether or not transferred into its name or the name of the nominee or nominees as provided below) and give all consents, waivers and ratifications in respect thereof and otherwise act with respect thereto as though it were the outright owner thereof; (iii) Exercise from time to time any right and remedies available under the Uniform Commercial Code as in effect at that time; and (iv) Subject to any requirements of applicable law, and without limiting any rights otherwise available hereunder or under law, transfer into its name, or into the name of any nominee or nominees LENDER may appoint, all or part of the COLLATERAL and retain the xxxxxxx money deposit same in full satisfaction from any further; or sell, assign and deliver the COLLATERAL at public or private sale for cash, on credit or for other property, of immediate or future delivery, without any assumption of credit risk, and for such price or prices and on such terms as in LENDER'S uncontrolled discretion may determine. If any notification of intended disposition of any of the COLLATERAL is required by law, such notification shall be deemed reasonable and properly given if in writing and mailed at least thirty (30) days before such disposition by prepaid registered or certified mail, addressed to the address specified below. C. If sold at public sale, any proceeds of any disposition of the COLLATERAL may by applied to the payment of expenses in connection 3 with the COLLATERAL, including reasonable attorney's fees and legal expenses, and any other funds then paid by balance of such proceeds after Fifty Thousand Dollars ($50,000) and expenses shall be returned. No delay or failure on the Purchaser part of LENDER the exercise of any right or remedy hereunder shall operate as liquidated damages and/or invoke a waiver thereof, and no remedy hereunder shall preclude any further exercise thereof or the exercise of any other right or remedy available to Seller at law and/or equity and the Seller is automatically released from the obligation to sell the Property to the Purchaser and neither the Seller nor its representatives, agents, attorneys, successors, or assigns shall be liable to the Purchaser for any damages of any kind as a result of the Seller's failure to sell and convey the Propertyhereunder. (b) In the event of the Seller’s default or material breach under the terms of the Agreement or if the Seller terminates the Agreement as provided under the provisions of Xxxxxxxxx 00 (x), (x), (x), (x), (x), (x), (x) or (j) of this Addendum, the Purchaser shall be entitled to the return of the xxxxxxx money deposit as Purchaser’s sole and exclusive remedy at law and/or equity. The Purchaser waives any rights to file and maintain an action against the Seller for specific performance and the Purchaser acknowledges that a return of its xxxxxxx money deposit can adequately and fairly compensate the Purchaser. Upon return of the xxxxxxx money deposit to the Purchaser, this Agreement shall be terminated, and the Purchaser and the Seller shall have no further liability or obligation, each to the other in connection with this Agreement. (c) The Purchaser agrees that the Seller shall not be liable to the Purchaser for any special, consequential or punitive damages whatsoever, whether in contract, tort (including negligence and strict liability) or any other legal or equitable principle, including but not limited to any cost or expense incurred by the Purchaser in selling or surrendering a lease on a prior residence, obtaining other living accommodations, moving, storage or relocation expenses or any other such expense or cost arising from or related to this Agreement or a breach of this Agreement. (d) Any consent by any party to, or waiver of, a breach by the other, whether express or implied, shall not constitute consent to, waiver of, or excuse for any different or subsequent breach. (e) In the event either party elects to exercise its remedies as described in this Section 19 of this Addendum and this Agreement is terminated, the parties shall have no further obligation under this Agreement except as to any provision that survives the termination of this Agreement pursuant to Section 24 of this Addendum.

Appears in 1 contract

Samples: Loan Agreement (Power Exploration Inc)

Remedies for Default. 21.1 If Tenant fails to pay any sum for more than three (a3) business days after notice that payment of such sum is due or in the event of Tenant's default in performing any of the other terms of this Lease for more than ten (10) days after notice of such non-monetary default (or within such additional time as is reasonably required to correct any default other than payment of money by Tenant), or if Tenant assigns or otherwise transfers this Lease or subleases the Premises without Landlord's prior written consent, Landlord, in addition to the other rights or remedies it may have, shall have the right to immediately terminate this Lease or re-enter and attempt to relet without terminating this Lease and remove all persons and property from the Premises (which property may be removed and stored in a public warehouse or elsewhere at the cost and risk of, and for the account of Tenant) all without service of notice or resort to legal process and without being deemed guilty of trespass, or any liability of Landlord for any loss or damage which may be occasioned thereby. 21.2 It shall be a material breach of this Lease if Tenant or any guarantor of Tenant shall become bankrupt or insolvent, or commence any proceedings under any bankruptcy or insolvency laws, or if Tenant or any guarantor of Tenant shall take or have taken against it in federal or state court a petition in bankruptcy or insolvency or for reorganization or for the appointment of a receiver or trustee of all or a portion of Tenant's or such guarantor's property, if Tenant or any guarantor makes an assignment for the benefit of creditors, of if any assets of Tenant (whether located in the Premises or elsewhere) are seized or attached by any creditor of Tenant or a governmental agency. 21.3 If Landlord, without terminating this Lease, either (1) elects to re-enter the Premises and attempt to relet or (2) takes possession of the Premises pursuant to legal proceedings, or (3) takes possession of the Premises pursuant to any notice provided by law, then Landlord may, from time to time, make such alterations and repairs as may be necessary in order to relet the Premises or any part thereof for such term or terms (which may be for a term extending beyond the term of this Lease) and at such rent and other terms as Landlord in its reasonable discretion deems advisable. Upon such reletting, all rents received by Landlord from such reletting shall be applied, first, to the payment of any indebtedness of Tenant (other than any rents due hereunder) to Landlord; second, to the payment of any costs and expenses of obtaining possession and any such reletting, including expense of alterations and repairs, brokerage fees and attorney's fees; third, to the payment of any rents due and unpaid hereunder. If such rents and any other amounts received from such reletting during any month be less than that to be paid during that month by Tenant, Tenant shall immediately pay such deficiency to Landlord. No such re-entry or taking possession of the Premises by Landlord shall be construed as an election by Landlord to terminate this Lease unless a notice of such intention be given to Tenant. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach. Should Landlord at any time terminate this Lease for any breach, in addition to any other remedies it may have, Landlord may recover from Tenant all damages it may incur by reason of such breach, including the cost of recovering the Premises, reimbursement of any brokerage fees incurred by Landlord in connection with Tenant's lease, and all rent as follows which, at Landlord's election, shall be accelerated and be due in full on demand: 21.3.1 The unpaid rent and additional rent payable hereunder which had been earned at the date of such termination plus interest at the rate of 18% per annum from the date due until paid in full; plus 21.3.2 The present worth of the amount by which the unpaid rent and additional rent which would have been earned after termination for the balance of the term exceeds the amount of such rental loss which Tenant proves could reasonably have been avoided. 21.3.3 As used in subparagraph 21.3.2 above, the "present worth" is computed by discounting such amount at the discount rate of the Federal Reserve Bank of San Francisco as of the date of termination plus one percent. The present worth amount due under subparagraph 21.3.2 shall bear interest at the rate of 18% per annum from the date of termination until paid in full. 21.4 Landlord's rights and remedies in this Lease are cumulative and no one of such rights and remedies shall be exclusive at law or in equity of the rights and remedies which Landlord might otherwise have by virtue of a default under this Lease, and the exercise of one such right or remedy by Landlord shall not impair Landlord's standing to exercise any other right or remedy. Landlord and Tenant shall, and do hereby, waive trial by jury in any action, suit or proceeding related to, arising out of or in connection with the terms, conditions and covenants of this Lease. 21.5 In the event that Tenant and Landlord are parties to any other agreement in addition to this lease, any breach of the Purchaser’s default, material breach or material misrepresentation of any fact under the terms of this Agreement, the Sellersuch other agreement shall also be deemed, at its optionthe sole election of Landlord, may retain the xxxxxxx money deposit and any other funds then paid by the Purchaser as liquidated damages and/or invoke any other remedy available to Seller at law and/or equity and the Seller is automatically released from the obligation to sell the Property to the Purchaser and neither the Seller nor its representatives, agents, attorneys, successors, or assigns shall be liable to the Purchaser for any damages of any kind as a result of the Seller's failure to sell and convey the Property. (b) In the event of the Seller’s default or material breach under the terms of the Agreement or if the Seller terminates the Agreement as provided under the provisions of Xxxxxxxxx 00 (x), (x), (x), (x), (x), (x), (x) or (j) of this Addendum, the Purchaser shall be entitled to the return of the xxxxxxx money deposit as Purchaser’s sole and exclusive remedy at law and/or equity. The Purchaser waives any rights to file and maintain an action against the Seller for specific performance and the Purchaser acknowledges that a return of its xxxxxxx money deposit can adequately and fairly compensate the Purchaser. Upon return of the xxxxxxx money deposit to the Purchaser, this Agreement shall be terminated, and the Purchaser and the Seller shall have no further liability or obligation, each to the other in connection with this Agreement. (c) The Purchaser agrees that the Seller shall not be liable to the Purchaser for any special, consequential or punitive damages whatsoever, whether in contract, tort (including negligence and strict liability) or any other legal or equitable principle, including but not limited to any cost or expense incurred by the Purchaser in selling or surrendering a lease on a prior residence, obtaining other living accommodations, moving, storage or relocation expenses or any other such expense or cost arising from or related to this Agreement or a breach of this AgreementLease and vice versa. (d) Any consent by any party to, or waiver of, a breach by the other, whether express or implied, shall not constitute consent to, waiver of, or excuse for any different or subsequent breach. (e) In the event either party elects to exercise its remedies as described in this Section 19 of this Addendum and this Agreement is terminated, the parties shall have no further obligation under this Agreement except as to any provision that survives the termination of this Agreement pursuant to Section 24 of this Addendum.

Appears in 1 contract

Samples: Lease Agreement (Cobalt Group Inc)

Remedies for Default. (a) In the event of any default or breach, LANDLORD, in addition to any other rights and remedies it may have, shall have the Purchaser’s defaultimmediate right to re-enter the premises, material breach by summary proceedings, to dispossess TENANT and all other occupants there-from and remove and dispose of all property therein in the manner provided by law, without LANDLORD being deemed guilty of or material misrepresentation liable for same. LANDLORD shall also have the right, at its option and after notice, to immediately terminate this Lease, and to thereupon re-enter and take possession of said premises. In the event of any fact under default or breach, LANDLORD shall also have the terms of this Agreementright, the Seller, upon court order and at its option, from time to time, without terminating this Lease, to re-enter and re-let the premises, or any part thereof, as the agent and for the account of TENANT upon such terms and conditions as LANDLORD may retain deem advisable or satisfactory, in which event the xxxxxxx money deposit rents received on such re-letting shall be applied first to the expenses of such re-letting and collection (including but not limited to necessary renovation and alterations of the premises, care of demised premises while vacant, reasonable attorney's fees, costs, out-of-pocket expenses, and any real estate commissions paid), and thereafter toward payment of all sums due or to become due LANDLORD hereunder; and if a sufficient sum shall not be thus realized or secured to pay such sums and other funds then paid by charges, (i) at LANDLORD'S option, TENANT shall pay LANDLORD any deficiency monthly, notwithstanding that LANDLORD may have received rental in excess of the Purchaser rental stipulated in this Lease in previous or subsequent months, and LANDLORD may bring an action therefore as liquidated damages and/or invoke any other remedy available to Seller at law and/or equity and the Seller is automatically released from the obligation to sell the Property to the Purchaser and neither the Seller nor its representatives, agents, attorneys, successorssuch monthly deficiency shall arise, or assigns (ii) at LANDLORD'S option, the entire deficiency, which is subject to ascertainment for the remaining term of this Lease, shall be liable immediately due and payable by TENANT. Nothing herein, however, shall be construed to the Purchaser for require LANDLORD to reenter and re-let in any damages event. The LANDLORD shall not be required to pay TENANT any surplus of any kind as sums received by LANDLORD on a result re-letting of said premises in excess of the Seller's failure to sell and convey the Property.rent provided in this Lease; (b) In the event of the Seller’s any default or material breach under the terms of the Agreement or if the Seller terminates the Agreement as provided under the provisions of Xxxxxxxxx 00 (x), (x), (x), (x), (x), (x), (x) or (j) of this Addendumbreach, the Purchaser LANDLORD, in addition to any other rights and remedies it may have, shall be entitled have the right, at its option, to declare the return of Rent for the xxxxxxx money deposit as Purchaser’s sole and exclusive remedy at law and/or equity. The Purchaser waives any rights to file and maintain an action against the Seller for specific performance and the Purchaser acknowledges that a return of its xxxxxxx money deposit can adequately and fairly compensate the Purchaser. Upon return of the xxxxxxx money deposit to the Purchaser, this Agreement shall be terminatedentire remaining term, and the Purchaser other indebtedness, if any, immediately due and the Seller payable without regard to whether or not possession shall have no further liability been surrendered to or obligationtaken by LANDLORD, each to the other in connection with this Agreement.and may commence action immediately thereupon and recover judgment therefore; (c) The Purchaser agrees that LANDLORD, in addition to any other rights and remedies it may have, shall have the Seller right to remove all or any part of TENANT'S property from said premises. Any property removed may be stored in any public warehouse or elsewhere at the cost of and for the account of TENANT, and LANDLORD shall not be liable to responsible for the Purchaser care or safekeeping thereof. TENANT hereby waives any claim for any specialand all loss, consequential destruction and/or damage or punitive damages whatsoever, whether injury in contract, tort (including negligence and strict liability) or which may be occasioned by any other legal or equitable principle, including but not limited to any cost or expense incurred by of the Purchaser in selling or surrendering a lease on a prior residence, obtaining other living accommodations, moving, storage or relocation expenses or any other such expense or cost arising from or related to this Agreement or a breach of this Agreementaforesaid acts. (d) No re-entry or taking possession of said premises by LANDLORD shall be construed as an election on LANDLORD'S part to terminate this Lease, unless a written notice of such intention is given to TENANT. Notwithstanding any such re-letting without termination, LANDLORD may at all times thereafter elect to terminate this Lease for any default or breach. Any consent re-entry shall be allowed by TENANT after court order without hindrance, and LANDLORD shall not be liable for damages for any party tosuch re-entry, or waiver of, a breach by the other, whether express or implied, shall not constitute consent to, waiver of, or excuse for any different or subsequent breach.guilty of trespass; (e) In the event either party elects to exercise its remedies as described Any and all rights, remedies, and options given in this Section 19 Lease to LANDLORD shall be cumulative and in addition to and without waiver of this Addendum and this Agreement is terminated, the parties shall have no further obligation or in derogation of any other right or remedy given to LANDLORD under this Agreement except as to Lease or any provision that survives the termination of this Agreement pursuant to Section 24 of this Addendumlaw now or hereafter in effect.

Appears in 1 contract

Samples: Warehouse Lease Agreement (Sense Holdings Inc)

Remedies for Default. (a) In the event of the Purchaser’s default, material breach or material misrepresentation of any fact under the terms of this the Agreement, the Seller, at its option, may retain the xxxxxxx money deposit and any other funds then paid by the Purchaser as liquidated damages and/or invoke any other remedy available to Seller at law and/or equity expressly set forth in the Agreement (or allowed for by law) and the Seller is automatically released from the obligation to sell the Property to the Purchaser and neither the Seller nor its representatives, agents, attorneys, successors, successors or assigns shall be liable to the Purchaser for any damages of any kind as a result of the Seller's ’s failure to sell and convey the Property. (b) In . Purchaser acknowledges and agrees that by signing this addendum, seller shall have the event of right to retain or seek the Seller’s default or material breach under the terms of the Agreement or if the Seller terminates the Agreement as provided under the provisions of Xxxxxxxxx 00 (x), (x), (x), (x), (x), (x), (x) or (j) of this Addendum, the Purchaser shall be entitled to the return release of the xxxxxxx money deposit as Purchaserunder this Section, without any further action, consent or document from purchaser. Seller’s sole agents, representatives, attorneys, closing offices and exclusive remedy at law and/or equity. The Purchaser waives any rights their successors and assigns are hereby authorized by Xxxxxxxxx’s signature on this contract to file and maintain an action against the Seller for specific performance and the Purchaser acknowledges that a return of its xxxxxxx money deposit can adequately and fairly compensate the Purchaser. Upon return of release the xxxxxxx money deposit or other such funds to Seller at Seller’s request without any further written authorization or notification. Purchaser shall hold harmless and indemnify such agents, attorneys, closing offices, and their successors or assigns for any costs incurred whatsoever, relating to the Purchaserdisbursement of such funds, this Agreement shall be terminated, including court costs and the Purchaser and the Seller shall have no further liability or obligation, each to the other in connection with this Agreement. (c) The actual attorney fees. Purchaser agrees that the Seller shall not be liable to the Purchaser for any special, consequential or punitive damages whatsoever, whether in contract, tort (including negligence and strict liability) or any other legal or equitable principle, including but not limited to any cost or expense incurred by the . Purchaser acknowledges that in selling or surrendering a lease on a prior residence, obtaining other living accommodations, moving, storage or relocation expenses or any other such expense or cost arising from or related to this Agreement or a breach of this Agreement. (d) Any consent by any party to, or waiver of, a breach by the other, whether express or implied, shall not constitute consent to, waiver of, or excuse for any different or subsequent breach. (e) In the event either party elects of termination of the Agreement, return of Purchaser’s Xxxxxxx Money can adequately and fairly compensate Purchaser. Upon return of the Xxxxxxx Money to exercise its remedies as described in this Section 19 of this Addendum and this Purchaser, the Agreement is shall be terminated, the parties and Purchaser and Seller shall have no further obligation liability, obligation, or responsibility to each other. Seller shall only be in default under this the Agreement except if Purchaser delivers written notice to Seller detailing the default and Seller fails to cure such default within 20 days of receipt of such written notice (or such longer period of time as may be necessary, provided that Seller diligently pursues such cure). If Seller is in default hereunder or if Seller terminates the Agreement as provided under the provisions of thereof, Purchaser shall be entitled to any provision that survives the termination return of this Agreement pursuant to Section 24 of this Addendumthe Xxxxxxx Money as Purchaser’s sole and exclusive remedy at law or in equity.

Appears in 1 contract

Samples: Real Estate Purchase Contract

Remedies for Default. It is acknowledged by the Parties that City would not have entered into this Agreement if doing so would subject it to the risk of incurring liability in damages, either for breach of this Agreement, anticipatory breach, repudiation of the Agreement, or for any actions with respect to its implementation or application. The Parties intend by the provisions of this Section 14 that none of the Parties shall have any liability for money damages arising out of a breach of this Agreement, and no liability in money damages for any claims arising out of the application process, negotiation, execution and adoption, or the implementation or application of this Agreement. Each of the Parties hereto may pursue any remedy at law or equity available for the breach of any provision of this Agreement, including but not limited to temporary or permanent injunctive relief or restraining orders, except that the Parties shall have no liability in damages for any acts which are alleged to have arisen out of or relate to this Agreement, under any circumstances. The Parties further acknowledge that money damages and remedies at law generally are inadequate, and specific performance is the most appropriate remedy for the enforcement of this Agreement and should be available to all Parties for the following reasons: (a) In Money damages are excluded as provided above. (b) Due to the event size, nature, and scope of the Purchaser’s defaultProject, material breach it may not be practical or material misrepresentation possible to restore the Property to its original condition once implementation of any fact under this Agreement has begun. After such implementation, the SUMC Parties may be foreclosed from other choices they may have had to utilize the Property or portions thereof. The SUMC Parties have invested significant time and resources and performed extensive planning and processing of the Project in agreeing to the terms of this Agreement and will be investing even more significant time and resources in implementing the Project in reliance upon the terms of this Agreement, and it is not possible to determine the Sellersum of money which would adequately compensate the SUMC Parties for such efforts. Except for non-damages remedies, at its optionincluding the remedy of specific performance, may retain the xxxxxxx money deposit and any other funds then paid by SUMC Parties, on the Purchaser as liquidated damages and/or invoke any other remedy available to Seller at law and/or equity one hand, and the Seller is automatically released City, on the other hand, for themselves, their successors and assignees, hereby release one another’s officers, trustees, directors, agents and employees from the obligation to sell the Property to the Purchaser any and neither the Seller nor its representativesall claims, agentsdemands, attorneys, successorsactions, or assigns shall be liable to the Purchaser for any damages suits of any kind as a result or nature arising out of any liability, known or unknown, present or future, including, but not limited to, any claim or liability, based or asserted, pursuant to Article I, Section 19 of the Seller's failure to sell California Constitution, the Fifth and convey the Property. (b) In the event Fourteenth Amendments of the Seller’s default United States Constitution, or material breach under any other law or ordinance which seeks to impose any money damages, whatsoever, upon the Parties because the Parties entered into this Agreement, because of the terms of the Agreement this Agreement, or if the Seller terminates the Agreement as provided under the provisions of Xxxxxxxxx 00 (x), (x), (x), (x), (x), (x), (x) or (j) of this Addendum, the Purchaser shall be entitled to the return because of the xxxxxxx money deposit as Purchaser’s sole and exclusive remedy at law and/or equity. The Purchaser waives any rights to file and maintain an action against the Seller for specific manner of implementation or performance and the Purchaser acknowledges that a return of its xxxxxxx money deposit can adequately and fairly compensate the Purchaser. Upon return of the xxxxxxx money deposit to the Purchaser, this Agreement shall be terminated, and the Purchaser and the Seller shall have no further liability or obligation, each to the other in connection with this Agreement. (c) The Purchaser agrees that the Seller shall not be liable to the Purchaser for any special, consequential or punitive damages whatsoever, whether in contract, tort (including negligence and strict liability) or any other legal or equitable principle, including but not limited to any cost or expense incurred by the Purchaser in selling or surrendering a lease on a prior residence, obtaining other living accommodations, moving, storage or relocation expenses or any other such expense or cost arising from or related to this Agreement or a breach of this Agreement. . All legal actions shall be heard by a reference from the Santa Xxxxx County Superior Court pursuant to Code of Civil Procedure Section 638, et seq. The parties to the action shall agree upon a single referee who shall then try all issues, whether of fact or law, and report a finding and judgment thereon and issue all legal and equitable relief appropriate under the circumstances of the controversy before the referee. If the parties to the action are unable to agree on a referee within ten (d10) Any consent days of a written request to do so by any party toParty, or waiver of, a breach any Party may seek to have one appointed pursuant to Code of Civil Procedure section 640. The cost of such proceeding shall initially be borne equally by the other, whether express or implied, shall not constitute consent to, waiver of, or excuse for any different or subsequent breach. (e) In parties to the event either party elects action. Any referee selected pursuant to exercise its remedies as described in this Section 19 of this Addendum and this Agreement is terminated, the parties 13 shall have no further obligation under this Agreement except as to any provision that survives the termination of this Agreement be considered a temporary judge appointed pursuant to Article 6, Section 24 21 of this Addendumthe California Constitution.

Appears in 1 contract

Samples: Development Agreement

Remedies for Default. 19.1 Upon the occurrence of an Event of Default, Landlord shall have the right at its option to do any one or more of the following without further demand upon or notice to Tenant: (a) In Landlord may give Tenant notice of Landlord’s intention to terminate this Lease on a date specified in such notice, which date shall not be less than five (5) Business Days after the event giving of such notice. On such date, unless the Event of Default for which the surrender is required has been cured by Tenant, the Term and the estate hereby granted and all rights of Tenant hereunder shall expire and terminate as if such date were the date fixed for the expiration of the Purchaser’s defaultTerm, material breach or material misrepresentation but Tenant shall remain liable for all its obligations hereunder through the date fixed for the expiration of any fact under the terms Term, including its liability for the payment of Fixed Rent and Additional Rent as hereinafter provided and all provisions of this Agreement, Lease that shall survive the Seller, at its option, may retain the xxxxxxx money deposit and any other funds then paid by the Purchaser as liquidated damages and/or invoke any other remedy available to Seller at law and/or equity and the Seller is automatically released from the obligation to sell the Property to the Purchaser and neither the Seller nor its representatives, agents, attorneys, successors, termination or assigns early expiration of this Lease shall be liable to the Purchaser for any damages of any kind as a result of the Seller's failure to sell and convey the Propertyso survive. (b) With or without termination of this Lease, Landlord or Landlord’s agents may immediately or at any time thereafter re-enter the Premises or any part thereof and dispossess Tenant and any other occupants of the Premises, by summary proceedings or otherwise as permitted by applicable Legal Requirements, and remove effects located thereon, without being liable to indictment, prosecution or damages therefor, to the end that Landlord may possess, have, hold and enjoy the Premises. The word “re-enter”, as used herein, is not restricted to its technical legal meaning. (c) After any repossession of any of the Premises whether or not this Lease is terminated, Landlord shall undertake reasonable efforts to re-let the Premises or any part thereof to any Person for such term (which may be greater or less than the period which would otherwise have constituted the balance of the Term), for such rent and on such other conditions (which may include concessions or free rent) and for such uses as Landlord, in its reasonable discretion, may determine and Landlord shall proceed to collect and receive any rents payable by reason of such re-letting. The rents received from such re-letting shall be applied (A) first to the reasonable costs and expenses of such re-letting and collection actually incurred by or on behalf of Landlord, including any renovations and alterations of the Premises, reasonable attorneys’ fees and any actual real estate commissions paid, and (B) thereafter toward payment of all sums due or to become due to Landlord hereunder in such order as Landlord deems appropriate. (d) Notwithstanding anything set forth herein to the contrary, in the event of any Operating Failure, Landlord’s sole remedy for such Operating Failure shall be as set forth in Section 6.3. 19.2 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 whether or not this Lease has been terminated, 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. 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 Seller’s default right to enjoin such breach and the right to invoke any other remedy allowed by law or material breach under 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 terms remedies set forth in this Lease are cumulative and shall not preclude Landlord from invoking any other remedy allowed at law or in equity. 19.3 If this Lease and the Term shall expire or terminate and Landlord shall re-enter or take possession of all or any portion of the Agreement or if the Seller terminates the Agreement Premises as provided in Section 19.1, or Landlord shall re-enter or take possession of all or any portion of the Premises by or under any summary proceeding or any other action or proceeding, whether this Lease is terminated or not, then the following shall apply: (a) Tenant shall pay to Landlord all Fixed Rent and Additional Rent payable under this Lease for the period up to the earlier to occur of (i) the date upon which this Lease and the Term shall have expired or terminated, and (ii) the date of any re-entry or taking of possession upon all or any portion of the Premises by or on behalf of Landlord, as the case may be. (b) Tenant shall be liable for and shall pay to Landlord, as damages, any deficiency (the “Deficiency”) between the amount of the Fixed Rent and Additional Rent for the period which otherwise would have constituted the then unexpired portion of the Term and the net amount, if any, of all fixed and additional rents collected under any re-letting of all or any portion of the Premises effected pursuant to the provisions of Xxxxxxxxx 00 (xSection 19.1 for any part of such period. Any Deficiency shall be calculated after first deducting from the amount of any such rents collected under any re-letting the aggregate amount of Landlord’s reasonable costs and expenses actually incurred by or on behalf of Landlord as described in Section 19.1(c). Any Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Fixed Rent, (x), (x), (x), (x), (x), (x) or (j) of this Addendum, the Purchaser and Landlord shall be entitled to recover from Tenant such Deficiency monthly as the return same shall arise or from time to time and no suit to collect the amount of the xxxxxxx money deposit Deficiency for any month or months shall prejudice Landlord’s right to collect the Deficiency for any subsequent month or months by a similar proceeding. (c) Whether or not Landlord shall have collected any monthly or other Deficiency as Purchaseraforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, in lieu of any further Deficiency as and for liquidated and agreed final damages, a sum equal to the amount by which the Fixed Rent for the period which otherwise would have constituted the unexpired portion of the Term exceeds the then fair and reasonable rental value of the Premises for the same period, both discounted to present worth at the annual rate of five percent (5%) per annum, less the aggregate amount of Deficiencies theretofore collected by Landlord pursuant to the provisions of Section 19.3(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, shall have been re-let by Landlord for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent and additional rent reserved upon such 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 re-let during the term of the re-letting; provided, such re-letting is an arm’s sole length bona fide transaction. 19.4 If the Premises, or any part thereof, shall be re-let together with other space in the Building, the rents collected or reserved under any such re-letting and exclusive remedy the expenses of any such re-letting shall be equitably apportioned for the purposes of Section 19.3. Tenant shall in no event be entitled to any rents collected or payable under any re-letting, whether or not such rents shall exceed the Fixed Rent reserved in this Lease. Fixed Rent as referred to in Section 19.3(a) means the Fixed 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. All rights and remedies of Landlord set forth herein are in addition to all other rights and remedies available to Landlord hereunder or at law and/or or in equity. All rights and remedies available to Landlord hereunder or at law or in equity are expressly declared to be cumulative. The Purchaser exercise by Landlord of any such right or remedy shall not be deemed an election of remedies or prevent the concurrent or subsequent exercise of any other right or remedy. No delay in the enforcement or exercise of any such right or remedy shall constitute a waiver of any default by Tenant hereunder or of any of Landlord’s rights or remedies in connection therewith. Landlord shall not be deemed to have waived any default by Tenant hereunder unless such waiver is set forth in a written instrument signed by Landlord. If Landlord waives in writing any rights default by Tenant, such waiver shall not be construed as a waiver of any covenant, condition or agreement set forth in this Lease except as to file the specific circumstances described in such written waiver. Notwithstanding anything contained herein to the contrary, no shareholder, member, director or partner from time to time of Tenant, nor any officer, agent, or employee of Tenant shall be charged personally with any liability by, or held liable to, any party hereto or by any Person claiming through or under such party under any term or provision of this Lease, or by virtue of its execution or attempted execution, or due to any breach, attempted breach or alleged breach thereof. 19.5 Notwithstanding any provisions of this Lease to the contrary, except with regard to the damages specifically provided under Section 22.2, Landlord shall not be liable to Tenant, and maintain Tenant shall not be liable to Landlord, for indirect, consequential, special, punitive, exemplary, incidental or other like damages (including, without limitation, damages to Landlord for lost profits or opportunities, or the loss by foreclosure, deed in lieu, or otherwise, of all or any portion of Landlord’s interest in the Building and/or Land), even if arising from any act, omission or negligence of such party or from the breach by such party of its obligations under this Lease. 19.6 If either Landlord or Tenant desires to bring an action against the Seller for specific performance and the Purchaser acknowledges that a return of its xxxxxxx money deposit can adequately and fairly compensate the Purchaser. Upon return of the xxxxxxx money deposit to the Purchaser, this Agreement shall be terminated, and the Purchaser and the Seller shall have no further liability or obligation, each to the other in connection with this AgreementLease, such action shall be brought in the federal courts located in the Eastern District of Virginia, Alexandria Division, or state or local courts located in Fairfax County, Virginia. Landlord and Tenant consent to the jurisdiction of such courts and waive any right to have such action transferred from such courts on the grounds of improper venue or inconvenient forum. (c) The Purchaser agrees that 19.7 Landlord hereby waives the Seller shall not be liable to benefit of all statutory or common law liens Landlord may have on any of Tenant’s tangible or intangible personal property located in the Purchaser for any specialPremises, consequential or punitive damages whatsoeverincluding, whether in contract, tort (including negligence and strict liability) or any other legal or equitable principle, including but not limited to any cost or expense incurred by the Purchaser in selling or surrendering a lease on a prior residence, obtaining other living accommodations, moving, storage or relocation expenses or any other such expense or cost arising from or related to this Agreement or a breach of this Agreement. (d) Any consent by any party to, or waiver of, a breach by the other, whether express or implied, shall not constitute consent to, waiver of, or excuse for any different or subsequent breach. (e) In the event either party elects to exercise its remedies as described in this Section 19 of this Addendum and this Agreement is terminatedwithout limitation, the parties shall have no further obligation under this Agreement except as right to any provision that survives the termination of this Agreement pursuant to Section 24 of this Addendumdistrain for rent.

Appears in 1 contract

Samples: Deed of Lease (Verisign Inc/Ca)

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