REMEDIES OF LESSOR. Upon the occurrence of a default by Lessee hereunder and at any time thereafter (subject to any applicable grace provisions), Lessor may exercise any one or more of the following remedies, as Lessor, in its sole discretion, shall select: (a) declare all unpaid rentals under this Lease to be immediately due and payable; the amount to be due to be computed as hereinafter set forth; (b) terminate this Lease as to any or all items of Equipment but no such termination shall be deemed to occur unless written notice to that express effect is given by Lessor to Lessee; (c) whether or not this Lease is terminated, take immediate possession of any or all of the Equipment without notice or demand and without court order or process, and for such purpose, enter upon any premises without liability for so doing; (d) sell, lease or otherwise dispose of the Equipment or any item thereof, at a public or private sale or lease at such time or times and upon such terms as Lessor may determine, free and clear of any rights of Lessee; (e) proceed by appropriate action either at law or in equity to enforce performance by Lessee of the applicable covenants of this Lease or recover damages for the breach thereof; and (f) exercise any and all rights accruing to a lessor of personal property under any applicable law upon a default by a lessee. Upon default, the Lessor shall be entitled to recover immediately as liquidated damages the sum of (a) all past due amounts owing under this Lease, including late charges and interest, (b) property taxes accrued or to be accrued during the lease term for the Equipment, which may be estimated by the Lessor, (c) all future payments yet to become due discounted to present value at 5% per annum, and (d) interest on all amounts past due hereunder at the rate of 18% per annum. In addition to the foregoing liquidated damages, Lessee will also be responsible for all recovery costs that Lessor incurs after a default, including, but not limited to, attorneys' fees and all other out-of-pocket costs associated with enforcing the Lessee's obligations or in repossessing the Equipment. If the Lessor sells or releases the Equipment, the liquidated damages for which Lessee is responsible will be credited for the present value of the sale or release proceeds. No right or remedy conferred upon or reserved to Lessor by this Lease shall be exclusive of an other right or remedy herein or by law provided; all rights and remedies of Lessor conferred on Lessor by this Lease or by law shall be cumulative and in addition to every other right and remedy available to Lessor.
Appears in 1 contract
REMEDIES OF LESSOR. Upon the occurrence of a default by Lessee hereunder any Event of Default and at any time thereafter (subject to any applicable grace provisions)thereafter, Lessor may may, without notice, exercise any one or more of the following remedies, as Lessor, in its sole discretion, discretion shall selectelect: (a1) declare all unpaid rentals payments under this the Lease to be immediately due and payable; the amount to be due to be computed as hereinafter set forth; (b2) terminate this Lease the Agreement as to any or all items of Equipment but no such termination shall be deemed to occur unless written notice to that express effect is given by Lessor to Lesseethe Equipment; (c3) whether or not this Lease is terminated, take immediate possession of any or all of the Equipment without notice or demand and without court order or processwherever found, and for such purpose, this purpose enter upon any premises of Lessee and remove the Equipment, without any liability for so doingsuit, action or other proceedings by Lessee; (d4) direct Lessee at its expense to promptly prepare the Equipment for pickup by Lessor; (5) use, hold, sell, lease or otherwise dispose of the Equipment or any item thereof, at a public thereof on the site specified on the applicable Agreement or private sale or lease at such time or times and upon such terms any other location without affecting the obligations of Lessee as Lessor may determine, free and clear of any rights of Lesseeprovided in the Agreement; (e6) proceed by appropriate action either at in law or in equity to enforce performance by Lessee of the applicable covenants terms of this Lease the Agreement or to recover damages for the breach thereofhereof; (7) apply the Security Deposit to payment of Lessor’s costs, expenses and attorney fees in enforcing the terms of the Agreement and to indemnify Lessor against any damages sustained by Lessor (f) provided, however, nothing herein shall be construed to mean that the recovery of damages by Lessor shall be limited to the amount of the Security Deposit); (8) exercise any and all rights accruing to a lessor of personal property Lessor under any applicable law upon a default by a lesseean Event of Default. Upon defaultIn addition, the Lessor shall be entitled to recover immediately as liquidated damages damages, and not as a penalty, a sum equal to the sum aggregate of the following: (ai) all past unpaid payments as are due amounts owing under this Lease, including late charges and interest, (b) property taxes accrued or to be accrued during the lease term payable for the Equipment, which may be estimated by the Lessor, (c) all future payments yet to become due discounted to present value at 5% per annum, and (d) interest on all amounts past due hereunder at the rate any items of 18% per annum. In addition Equipment up to the foregoing liquidated damages, Lessee will also be responsible for all recovery costs that Lessor incurs after a default, including, but not limited to, attorneys' fees and all other out-of-pocket costs associated with enforcing the Lessee's obligations or in repossessing the Equipment. If the Lessor sells or releases the Equipment, the liquidated damages for which Lessee is responsible will be credited for the present value date of the sale or release proceeds. No right or remedy conferred upon or reserved to Lessor repossession by this Lease shall be exclusive of an other right or remedy herein or by law provided; all rights and remedies of Lessor conferred on Lessor by this Lease or by law shall be cumulative and in addition to every other right and remedy available to Lessor.;
Appears in 1 contract
Samples: www.mobilemodular.com
REMEDIES OF LESSOR. Upon the occurrence of a default by Lessee hereunder and at any time thereafter (subject to any applicable grace provisions), Lessor may exercise any one or more of the following remedies, as Lessor, in its sole discretion, shall selectelect: (a) declare all unpaid rentals under this Lease to be immediately due and payable; the amount to be due to be computed as hereinafter set forth; (b) terminate this Lease as to any or all items of Equipment Equipment, but no such termination shall be deemed to occur unless written notice to that express effect is given by Lessor to Lessee; (c) whether or not this Lease is terminated, take immediate possession of any or all of the Equipment Equipment, without notice or demand and without court order or process, and for such purpose, enter upon any premises without liability for so doing; (d) sell, lease or otherwise dispose of the Equipment Equipment, or any item thereof, at a public or private sale or lease at such time or times and upon such terms as Lessor may determine, free and clear of any rights of Lessee; (e) proceed by appropriate action either at law or in equity to enforce performance by Lessee of the applicable covenants of this Lease or recover damages for the breach thereof; and (f) exercise any and all rights accruing to a lessor of Lessor or personal property under any applicable law upon a default by a lesseeLessee. Upon defaultIn furtherance of the foregoing, the Lessor shall be entitled to recover immediately as liquidated damages and not as a penalty, a sum equal to the sum aggregate of the following: (ai) all past unpaid rentals and other amounts or other sums which are due amounts owing and payable for any item of Equipment up to the date delivered to or repossessed by Lessor; (ii) any expenses paid or incurred by Lessor in connection with the repossession, holding, repair, appraisal, transportation and subsequent sale, lease or other disposition of the Equipment, including attorneys' fees and court costs; and (iii) an amount equal to the difference between (aa) all unpaid rentals and other amounts, due and to become due under this Lease, including late charges each of which unpaid rentals and interest, (b) property taxes accrued or to other amounts shall be accrued during the lease term for the Equipment, which may be estimated by the Lessor, (c) all future payments yet to become due discounted to present value at 5an annual rate of 7% per annum(collectively, "Unpaid Rentals"), together with the amount or percentage of original cost for which Lessee would have been permitted or required to purchase the Equipment at the end of the Lease term hereof, which amount shall be discounted to present value at an annual rate of 7% ("Purchase Amount") and (dbb) interest on all amounts past due hereunder at the rate then fair market value of 18% per annum. In addition any Equipment returned to or repossessed by Lessor ("Return Value"); provided, however, that the Return Value of each such item of Equipment shall be deemed to be an amount equal to the foregoing liquidated damagesproceeds, Lessee will also if any, of any sale or lease thereof by Lessor, less any costs or expenses incurred by Lessor from such sale or lease. If Lessor is unable, after the exercise of reasonable efforts to sell or lease any such item of equipment, the Return Value of such item of equipment shall be responsible for all recovery costs that Lessor incurs after a default, including, but not limited to, attorneys' fees and all other out-of-pocket costs associated with enforcing the Lessee's obligations or in repossessing the Equipmentdeemed to be zero. If the Lessor sells or releases the Equipment, the liquidated damages for which Lessee is responsible will be credited for the present value Return Value of the sale or release proceedsEquipment exceeds the sum of the Unpaid Rentals plus the Purchase Amount, Lessor shall be entitled to the excess. No right or remedy conferred upon or reserved to Lessor by this Lease shall be exclusive of an any other right or remedy herein or by law provided; all rights and remedies of Lessor conferred on Lessor by this Lease or by law shall be cumulative and in addition to every other right and remedy available to Lessor. Lessee shall pay all costs and reasonable attorney's fees incurred by Lessor in collecting any sums owed under this Lease or in obtaining possession of leased Equipment, including attorney's fees incurred in seeking relief from stay in bankruptcy court together with interest at the rate of the lesser of 18% compounded annually, or the maximum amount permitted by law on each of the foregoing and on all sums not paid when due under any provision of this Lease.
Appears in 1 contract
REMEDIES OF LESSOR. Upon the occurrence of a default by Lessee hereunder any Event of Default and at any time thereafter (subject to any applicable grace provisions)thereafter, Lessor may may, without notice, exercise any one or more of the following remedies, as Lessor, in its sole discretion, discretion shall selectelect: (a1) declare all unpaid rentals lease payments under this the Lease to be immediately due and payable; the amount to be due to be computed as hereinafter set forth; (b1) terminate this the Lease as to any or all items of Equipment but no such termination shall be deemed to occur unless written notice to that express effect is given by Lessor to Lesseethe Equipment; (c2) whether or not this Lease is terminated, take immediate possession of any or all of the Equipment without notice or demand and without court order or processwherever found, and for such purpose, this purpose enter upon any premises of Lessee and remove the Equipment, without any liability for so doingsuit, action or other proceedings by Lessee; (d3) direct Lessee at its expense to promptly prepare the Equipment for pickup by Lessor; (4) use, hold, sell, lease or otherwise dispose of the Equipment or any item thereof, at a public thereof on the site specified on the applicable Agreement or private sale or lease at such time or times and upon such terms any other location without affecting the obligations of Lessee as Lessor may determine, free and clear of any rights of Lesseeprovided in the Lease; (e5) proceed by appropriate action either at in law or in equity to enforce performance by Lessee of the applicable covenants terms of this the Lease or to recover damages for the breach thereofhereof; (6) apply the Security Deposit to payment of Lessor’s costs, expenses and attorney fees in enforcing the terms of the Lease and to indemnify Lessor against any damages sustained by Lessor (fprovided, however, nothing herein shall be construed to mean that the recovery of damages by Lessor shall be limited to the amount of the Security Deposit); (7) exercise any and all rights accruing to a lessor of personal property Lessor under any applicable law upon a default by a lesseean Event of Default. Upon defaultIn addition, the Lessor shall be entitled to recover immediately as liquidated damages damages, and not as a penalty, a sum equal to the sum aggregate of the following: (i) all unpaid payments as are due and payable for any items of Equipment up to the date of repossession by Lessor; (ii) any expenses paid or incurred by Lessor in connection with the repossession, holding, repair and subsequent sale, lease or other disposition of the Equipment, including attorney’s fees and other reasonable costs and expenses; (iii) an amount equal to the excess of (a) all past due amounts owing under this Lease, including late charges and interest, unpaid payments for any item of Equipment repossessed by Lessor from the date thereof to the end of the term of the Lease over (b) property taxes accrued the fair market lease value of such item or items of Equipment for such unexpired lease period (provided however, that the fair market lease value shall be deemed to be accrued during not exceed the proceeds of any sale of the Equipment or lease term thereof by Lessor for a period substantially similar to the Equipment, which may be estimated by the Lessor, (c) all future payments yet to become due discounted to present value at 5% per annum, unexpired lease period); and (div) interest on all amounts past due hereunder at the rate replacement cost of 18% per annum. In addition to the foregoing liquidated damages, Lessee will also be responsible for all recovery costs that Lessor incurs after a default, including, but not limited to, attorneys' fees and all other out-of-pocket costs associated with enforcing the Lessee's obligations or in repossessing the Equipment. If the Lessor sells or releases the Equipment, the liquidated damages for any item of Equipment which Lessee is responsible will be credited fails to prepare for the present value of the sale or release proceeds. No right or remedy conferred upon or reserved return to Lessor by this Lease shall be exclusive of an other right as provided above or remedy herein converts or by law provided; all rights and remedies of is destroyed, or which Lessor conferred on Lessor by this Lease or by law shall be cumulative and in addition is unable to every other right and remedy available to Lessorrepossess.
Appears in 1 contract
Samples: Lease Agreement
REMEDIES OF LESSOR. Upon the occurrence of a default by Lessee hereunder any Event of Default and at any time thereafter (subject to any applicable grace provisions)thereafter, Lessor may may, without notice, exercise any one or more of the following remedies, as Lessor, in its sole discretion, discretion shall selectelect: (a1) declare all unpaid rentals payments under this the Lease to be immediately due and payable; the amount to be due to be computed as hereinafter set forth; (b2) terminate this Lease the Agreement as to any or all items of Equipment but no such termination shall be deemed to occur unless written notice to that express effect is given by Lessor to Lesseethe Equipment; (c3) whether or not this Lease is terminated, take immediate possession of any or all of the Equipment without notice or demand and without court order or processwherever found, and for such purpose, this purpose enter upon any premises of Lessee and remove the Equipment, without any liability for so doingsuit, action or other proceedings by Lessee; (d4) direct Lessee at its expense to promptly prepare the Equipment for pickup by Lessor; (5) use, hold, sell, lease or otherwise dispose of the Equipment or any item thereof, at a public thereof on the site specified on the applicable Agreement or private sale or lease at such time or times and upon such terms any other location without affecting the obligations of Lessee as Lessor may determine, free and clear of any rights of Lesseeprovided in the Agreement; (e6) proceed by appropriate action either at in law or in equity to enforce performance by Lessee of the applicable covenants terms of this Lease the Agreement or to recover damages for the breach thereofhereof; (7) apply the Security Deposit to payment of Lessor’s costs, expenses and attorney fees in enforcing the terms of the Agreement and to indemnify Lessor against any damages sustained by Lessor (f) provided, however, nothing herein shall be construed to mean that the recovery of damages by Lessor shall be limited to the amount of the Security Deposit); (8) exercise any and all rights accruing to a lessor of personal property Lessor under any applicable law upon a default by a lesseean Event of Default. Upon defaultIn addition, the Lessor Xxxxxx shall be entitled to recover immediately as liquidated damages damages, and not as a penalty, a sum equal to the sum aggregate of the following: (ai) all past unpaid payments as are due amounts owing under this Lease, including late charges and interest, (b) property taxes accrued or to be accrued during the lease term payable for the Equipment, which may be estimated by the Lessor, (c) all future payments yet to become due discounted to present value at 5% per annum, and (d) interest on all amounts past due hereunder at the rate any items of 18% per annum. In addition Equipment up to the foregoing liquidated damages, Lessee will also be responsible for all recovery costs that Lessor incurs after a default, including, but not limited to, attorneys' fees and all other out-of-pocket costs associated with enforcing the Lessee's obligations or in repossessing the Equipment. If the Lessor sells or releases the Equipment, the liquidated damages for which Lessee is responsible will be credited for the present value date of the sale or release proceeds. No right or remedy conferred upon or reserved to Lessor repossession by this Lease shall be exclusive of an other right or remedy herein or by law provided; all rights and remedies of Lessor conferred on Lessor by this Lease or by law shall be cumulative and in addition to every other right and remedy available to Lessor.;
Appears in 1 contract
Samples: www.mobilemodular.com
REMEDIES OF LESSOR. Upon the occurrence of a default by Lessee hereunder and at any time thereafter (subject to any applicable grace provisions), Lessor may exercise any one or more of the following remedies, as Lessor, in its sole discretion, shall selectelect: (a) declare all unpaid rentals under this Lease to be immediately due and payable; , the amount to be due to be computed as hereinafter set forth; (b) terminate this Lease as to any or all items of Equipment Equipment, but no such termination shall be deemed to occur unless written notice to that express effect is given by Lessor to Lessee; (c) whether or not this Lease is terminated, take immediate possession of any or all of the Equipment Equipment, without notice or demand and without court order or process, and for such purpose, enter upon any premises premiss without liability for so doing; (d) sell, lease or otherwise dispose of the Equipment Equipment, or any item thereof, at a public or private sale or lease at such time or times and upon such terms as Lessor may determine, free and clear of any rights of Lessee; (e) proceed by appropriate action either at law or in equity to enforce performance by Lessee of the applicable covenants of this Lease or recover damages for the breach thereof; and (f) exercise any and all rights accruing to a lessor of Lessor or personal property under any applicable law upon a default by a lesseeLessee. Upon defaultIn furtherance of the foregoing, the Lessor shall be entitled to recover immediately as liquidated damages and not as a penalty, a sum equal to the sum aggregate of the following: (ai) all past unpaid rentals and other amounts or other sums which are due amounts owing and payable for any item of Equipment up to the date delivered to or repossessed by Lessor; (ii) any expenses paid or incurred by Lessor in connection with the repossession, holding, repair, appraisal, transportation and subsequent sale, lease or other disposition of the Equipment, including attorneys' fees and court costs; and (iii) an amount equal to the difference between (aa) all unpaid rentals and other amounts, due and to become due under this Lease, including late charges and interest, (b) property taxes accrued each of which have been permitted or required to be accrued during purchase the lease Equipment at the end of the Lease term for the Equipmenthereof, which may amount shall be estimated by the Lessor, (c) all future payments yet to become due discounted to present value at 5an annual rate of 7% per annum, ("Purchase Amount") and (dbb) interest on all amounts past due hereunder at the rate then fair market value of 18% per annum. In addition any Equipment returned to or repossessed by Lessor ("Return Value"); provided, however, that the Return Value of each such item of Equipment shall be deemed to be an amount equal to the foregoing liquidated damagesproceeds, Lessee will also if any, of any sale or lease thereof by Lessor, less any costs or expenses incurred by Lessor from such sale or lease. If Lessor is unable, after the exercise of reasonable efforts to sell or lease any such item of equipment, the Return Value of such item of equipment shall be responsible for all recovery costs that Lessor incurs after a default, including, but not limited to, attorneys' fees and all other out-of-pocket costs associated with enforcing the Lessee's obligations or in repossessing the Equipmentdeemed to be zero. If the Lessor sells or releases the Equipment, the liquidated damages for which Lessee is responsible will be credited for the present value Return Value of the sale or release proceedsEquipment exceeds the sum of the Unpaid Rentals plus the Purchase Amount, Lessor shall be entitled to the excess. No right or remedy conferred upon or reserved to Lessor by this Lease shall be exclusive of an any other right or remedy herein or by law provided; all rights and remedies of Lessor conferred on Lessor by this Lease or by law shall be cumulative and in addition to every other right and remedy available to Lessor. Lessee shall pay all costs and reasonable attorney's fees incurred by Lessor in collecting any sums owed under this Lease or in obtaining possession of leased Equipment, including attorney's fees incurred in seeking relief from stay in bankruptcy court together with interest at the rate of the lesser of 18% compounded annually, or the maximum amount permitted by law on each of the foregoing and on all sums not paid when due under any provision of this Lease.
Appears in 1 contract
