Common use of Remedies; Termination Clause in Contracts

Remedies; Termination. (a) Upon an Event of Default under any Schedule, all of Lessee's rights (including its rights to the Products), but not its obligations thereunder, shall automatically be canceled without notice and Lessor may exercise one or more of the following remedies in its sole discretion: (i) require Lessee to retum any and all such Products in accordance with Section 8, or if requested by Lessor, to assemble the Products in a single location designated by Lessor and to xxxxx Xxxxxx the right to enter the premises where such Products are located (regardless of where assembled) for the purpose of repossession; (ii) sell, lease or dispose of any or all Products (as agent and attorney-in-fact for Lessee to the extent necessary) upon such terms and in such manner (at public or private sale) as Lessor deems advisable in its sole ("Disposition"); (iii) declare immediately due and payable as a pre-estimate of liquidated damages for loss of bargain and not as a penalty, the Stipulated Loss Value of the Products in lieu of any further Rent, in which event Lessee shall pay such amount to Lessor within days after the date of Lessor's demand; or (iv) proceed by appropriate court action either at law or in equity (including action for specific performance) to enforce the performance by Xxxxxx or recover damages associated with such Event of Default or exercise any other remedy available to lessor in law or in equity. (b) Lessee shall pay all costs and expenses arising or incurred by Lessor, including reasonable attorney fees, in connection with or related to an Event of Default or the repossession, transportation, re-furbishing, storage and Disposition of any or all Products ("Default Expenses"). In the event Lessor recovers proceeds (net of Default Expenses) from its Disposition of the Products, Lessor shall credit such proceeds against the owed Stipulated Loss Value. Lessee shall remain liable to Lessor for any deficiency. With respect to this Section, to the extent the proceeds of the Disposition (net of Default Expenses) exceed the Stipulated Loss Value owed under the Lease, or Lessee has paid Lessor the Stipulated Loss Value, the Default Expenses and all other amounts owing under the Lease, Lessee shall be entitled to such excess and shall have no further obligations with respect to such Lease. All rights of Lessor are cumulative and not alternative and may be by Lessor separately or together.

Remedies; Termination. (a) Upon an Event of Default under any Schedule, all of Lessee's rights (including its rights to the Products), but not its obligations thereunder, shall automatically be canceled without notice and Lessor may exercise one or more of the following remedies in its sole discretionmay: (i) require Lessee to retum return any or all Products as provided in Section 7; (ii) without further notice, take possession of any or all Products ("Repossession") and all for such Products in accordance with Section 8purpose Lessee hereby (A) shall, or if requested by Lessor, to assemble the Products in and deliver them to a single location designated by Lessor and to xxxxx Xxxxxx (B) grants Lessor the right to enter the premises where such Products are located (regardless of where assembled) for the purpose of repossessionRepossession; (iiiii) terminate this Agreement and/or any or all Schedules; (iv) without terminating or being deemed to have terminated this Agreement or any Schedule, sell, lease or otherwise dispose of any or all Products (as agent and attorney-in-fact attorney for Lessee to the extent necessary) upon such terms and in such manner (at public or private sale) as Lessor deems advisable in its sole discretion ("Disposition");; or (iiiv) declare immediately due and payable in addition to any other right or remedy Lessor may have at law or in equity, demand as a genuine pre-estimate of liquidated damages for loss of bargain and not as a penalty, the Stipulated Loss Value then present value of all the unpaid and future Rent together with any other amounts owed with respect to the Products, and (if any Products are not returned to or repossessed by Lessor) the present value of the purchase option amount for such Products determined in lieu accordance with the applicable Schedule, or the estimated in-place fair market value of any further Rentsuch Products at the end of the Lease Term as determined by Lessor if no purchase option is provided in such Schedule (calculated by discounting such amounts using the discount rate of the Federal Reserve Bank of Chicago, on the date of the Event of Default plus 1%), in which event Lessee shall immediately pay all such amount amounts to Lessor within days after the date of Lessor's demand; or (iv) proceed by appropriate court action either at law or in equity (including action for specific performance) to enforce the performance by Xxxxxx or recover damages associated with such Event of Default or exercise any other remedy available to lessor in law or in equity. (b) Upon termination of this Agreement or termination or expiration of any Schedule, all right, title and interest of Lessee in or to the use of the Products subject to the terminated Schedule(s) shall absolutely cease and Lessee shall return any and all such Products as provided in Section 7. Termination of this Agreement shall constitute termination of all Schedules hereto, but termination or expiration of one or more Schedules shall not in and of itself constitute termination or expiration of this Agreement. (c) Lessee shall pay all costs and expenses arising or incurred by LessorLessor as a result of any Default by Lessee or any Guarantor, including reasonable attorney fees, in connection with or legal fees and costs related to an Event of Default or the repossession, transportationRepossession, re-furbishing, storage conditioning and Disposition of any or all Products ("Default Expenses")Products. Such costs shall be deducted from the proceeds of any Disposition. In the event Lessor recovers proceeds (net of Default Expenses) from its Disposition an amount in excess of the Productsamount described in clause 15(a)(v) is received by Lessor, after costs, from the exercise of its remedies under Section 15(a), Lessor shall credit promptly pay to Lessee any such proceeds against the owed Stipulated Loss Value. excess. (d) Lessee shall remain liable pay Lessor interest at a rate equal to the Overdue Rate on all sums not paid by Lessee to Lessor for any deficiency. With respect to this Section, to the extent the proceeds of the Disposition (net of Default Expenses) exceed the Stipulated Loss Value owed under the Lease, or Lessee has paid Lessor the Stipulated Loss Value, the Default Expenses when due and all other amounts owing under the Lease, Lessee provisions of this Agreement or any Schedule. Such interest shall be entitled to such excess due and shall have payable on demand by Lessor, or, if no further obligations with respect to such Lease. demand is made, monthly on the same days as provided for the payment of Rent so long as payment of any monies due and payable hereunder is in arrears. (e) All rights of Lessor are cumulative and not alternative and may be exercised by Lessor separately or together, in any order or combination. In addition to the rights of Lessor specifically set forth in this Agreement or any Schedule, Lessor shall be entitled to damages for breach of this Agreement or any Schedule, to an order requiring performance of the obligations of this Agreement or any Schedule, or to any other appropriate order or remedy available by contract, at law or in equity.

Remedies; Termination. (a) Upon If an Event of Default under occurs and Owner, at any Scheduletime thereafter, all of Lessee's rights (including at its rights to option, gives Tenant notice stating that this Lease and the Products), but not its obligations thereunder, Term shall automatically be canceled without notice and Lessor may exercise one or more of terminate on the following remedies in its sole discretion: (i) require Lessee to retum any and all such Products in accordance with Section 8, or if requested by Lessor, to assemble the Products in a single location designated by Lessor and to xxxxx Xxxxxx the right to enter the premises where such Products are located (regardless of where assembled) for the purpose of repossession; (ii) sell, lease or dispose of any or all Products (as agent and attorney-in-fact for Lessee to the extent necessary) upon such terms and date specified in such manner (at public or private sale) as Lessor deems advisable in its sole ("Disposition"); (iii) declare immediately due and payable notice as a pre-estimate result of liquidated damages for loss such Event of bargain and Default, which date shall not as a penalty, the Stipulated Loss Value of the Products in lieu of any further Rent, in which event Lessee shall pay such amount to Lessor within be less than twenty (20) days after the giving of such notice of termination, then this Lease and the Term and all rights of Tenant under this Lease shall terminate as if the date of Lessor's demand; or (iv) proceed by appropriate court action either at law specified in the notice were the Fixed Expiration Date, and Tenant shall quit and surrender the Premises forthwith, but Tenant shall remain liable for damages or otherwise as provided in equity (including action for specific performance) to enforce the performance by Xxxxxx or recover damages associated with such Event of Default or exercise any other remedy available to lessor in law or in equitythis Lease. (b) Lessee shall pay all costs and expenses arising or incurred by LessorIf this Lease is terminated as provided in this Article, including reasonable attorney feesOwner may, at any time after the date specified in connection with or related the termination notice delivered to an Event of Default or the repossessionTenant, transportationwithout further notice, re-furbishingenter and repossess the Premises and may dispossess Tenant by summary proceedings or other judicial proceeding. (c) If this Lease shall be terminated as provided in this Article, storage all rights to any plans and Disposition specifications prepared with respect to the Building shall be assigned to Owner and Owner may complete all Tenant’s Work required to be performed by Tenant hereunder and may repair and alter any portion(s) of the Premises in such manner as Owner may deem necessary or advisable without relieving Tenant of any liability under this Lease or all Products ("Default Expenses"). In otherwise affecting any such liability, or let or relet the event Lessor recovers proceeds (net of Default Expenses) from its Disposition Premises or any portion thereof for the whole or any part of the Productsremainder of the Term or for a longer period, Lessor in Owner’s name or as agent of Tenant, and out of any rent and other sums collected or received as a result of such reletting Owner shall credit (i) first, pay to itself the reasonable cost and expense of terminating what would otherwise have constituted the unexpired portion of the Term, retaking, repossessing, repairing, altering or entering, completing construction of any portion(s) of the Premises and the cost and expense of removing all persons and property therefrom, including in such proceeds against costs, brokerage commissions and reasonable attorneys’ fees and disbursements; (ii) second, pay to itself the owed Stipulated Loss Value. Lessee shall remain liable to Lessor for cost and expense sustained in securing any deficiency. With respect to this Sectionnew tenants and other occupants, including in such costs, brokerage commissions, legal expenses and reasonable attorneys’ fees and disbursements and other expenses of preparing any portion(s) of the Premises and, to the extent the proceeds that Owner shall maintain and operate any portion(s) of the Disposition (net of Default Expenses) exceed the Stipulated Loss Value owed under the Lease, or Lessee has paid Lessor the Stipulated Loss ValuePremises, the Default Expenses cost and all expense of operating and maintaining same; and (iii) third, pay to itself any balance remaining on account of the liability of Tenant to Owner. Owner in no way shall be responsible or liable for any failure to relet any portion(s) of the Premises or for any failure to collect any rent due on any such reletting, and no such failure to relet or to collect rent shall operate to relieve Tenant of any liability under this Lease or to otherwise affect any such liability; and Tenant shall pay to Owner, in addition to any other amounts owing payable under this Lease by reason of Tenant’s default hereunder, at the Leaseelection of Owner, Lessee shall be entitled to such excess and shall have no further obligations with respect to such Lease. All rights of Lessor are cumulative and not alternative and may be by Lessor separately or together.either

Remedies; Termination. (a) Upon an Event of Default under any ScheduleDefault, all of Lessee's rights (including its rights to the Products), but not its obligations thereunder, shall automatically be canceled without notice and Lessor may exercise one or more of the following remedies in its sole discretion: may: (i) require Lessee to retum return any or all Products as provided in Section 7; (ii) without further notice, take possession of any or all Products ("Repossession") and all for such Products in accordance with Section 8purpose Lessee hereby (A) shall, or if requested by Lessor, to assemble the Products in and deliver them to a single location designated by Lessor and to xxxxx Xxxxxx (B) grants Lessor the right to enter the premises where such Products Products, are located (regardless of where assembled) for the purpose of repossession; at Repossession; (iiiii) terminate this Agreement and/or any or all Schedules; (iv) without terminating or being deemed to have terminated this Agreement or any Schedule, sell, lease or otherwise dispose of any or all Products (as agent and attorney-in-fact for Lessee to the extent necessary) upon such terms and in such manner (at public or private sale) as Lessor deems advisable in its sole discretion ("Disposition"); ; or (iiiv) declare immediately due and payable as a pre-estimate of liquidated damages for loss of bargain and not as a penalty, the Stipulated Loss Value of the Products in lieu of any further Rent, in which event Lessee shall pay such amount to Lessor within 10 days after the date of Lessor's demand; or (iv) proceed by appropriate court action either at law or in equity (including action for specific performance) to enforce the performance by Xxxxxx or recover damages associated with such Event of Default or exercise any other remedy available to lessor in law or in equity. (b) Upon termination of this Agreement or termination or expiration of any Schedule, all right, title and interest of Lessee in or to the use of the Products subject to the terminated Schedule(s) shall absolutely cease and Lessee shall return any and all such Products in accordance with Lessor's instructions. Termination or expiration of one or more of the Schedules shall not in and of itself constitute termination of this Agreement. (c) Lessee shall pay all costs and expenses arising or incurred by Lessor, including reasonable attorney fees, in connection with or related to Lessor as a result of an Event of Default by Lessee or any Guarantor, including reasonable legal fees and expenses, and all costs related to the repossessionRepossession, transportation, re-re- furbishing, storage and Disposition of any or all Products ("Default Expenses"). In the event Lessor recovers proceeds (net of Default Expenses) from its Disposition of the Products, Lessor shall credit such proceeds against the owed Stipulated Loss ValueValue owed by Lessee under Section 14(a)(v). Lessee shall remain liable to Lessor for any deficiency. With respect to this Section, to the extent If the proceeds of the Disposition (net of Default Expenses) exceed the Stipulated Loss Value owed under the LeaseValue, or Lessee has paid Lessor the Stipulated Loss Value, the Default Expenses and all any other amounts owing under the Leaseowing, Lessee shall be entitled to such excess and shall have no further obligations with respect to such Lease. excess. (d) All rights of Lessor are cumulative and not alternative and may be exercised by Lessor separately or together.. In addition to the rights of Lessor specifically set forth in this Agreement or any Schedule, Lessor shall be entitled to any other appropriate order or remedy available by contract, at law or in equity