Common use of Remedying by Landlord, Non-payment and Interest Clause in Contracts

Remedying by Landlord, Non-payment and Interest. In addition to all the rights and remedies of the Landlord available to it in the event of any default hereunder by the Tenant either by any other provision of this Lease or by statute or the common law, the Landlord, provided it has given the Tenant at least five (5) Business Days’ prior written notice in respect of monetary defaults and twenty (20) days’ prior written notice for non-monetary defaults (or such longer period as may be required under the circumstances provided that the Landlord’s interests are not prejudiced): (a) shall have the right at all times to remedy or attempt to remedy any default of the Tenant, and in so doing may make any payments due or alleged to be due by the Tenant to third parties and may enter upon the Premises to do any work or other things therein and in such event all expenses of the Landlord in remedying or attempting to remedy such default shall be payable by the Tenant to the Landlord forthwith upon demand; (b) shall have the same rights and remedies in the event of any non-payment by the Tenant of any amounts payable by the Tenant under any provision of this Lease as in the case of non-payment of Rent; (c) if the Tenant shall fail to pay any Rent promptly when due, shall be entitled, if it shall demand it, to interest thereon at the Prime Rate plus 2% from the date upon which the same was due until actual payment thereof; and (d) shall be entitled to be reimbursed by the Tenant, and the Tenant shall forthwith pay the Landlord, the amount of all costs and expenses (including, without limitation, legal costs on a solicitor and own client basis) incurred by the Landlord in connection with the default or in efforts to enforce any of the rights, or to seek any of the remedies, to which the Landlord is or may be entitled hereunder. Notwithstanding the foregoing, in the event of an emergency, the Landlord may take such of the foregoing actions as are required to prevent damage to the Premises or harm to individuals without first giving the above stated prior written notice provided that the Landlord shall give the Tenant as much notice as reasonably possible prior to taking such actions.

Remedying by Landlord, Non-payment and Interest. In addition to all the rights and remedies of the Landlord available to it in the event of any default hereunder by the Tenant either by any other provision of this Lease or by statute or the common law, the Landlord, provided it has given the Tenant at least five (5) Business Days’ prior written notice in respect of monetary defaults and twenty (20) days’ prior written notice for non-monetary defaults (or such longer period as may be required under the circumstances provided that the Landlord’s interests are not prejudiced):: (a) shall have the right (but shall not be obligated to) at all times to remedy or attempt to remedy any default of the Tenant, and in so doing may make any payments due or alleged to be due by the Tenant to third parties and may enter upon the Premises to do any work or other things therein therein, and in such event all expenses of the Landlord in remedying or attempting to remedy such default shall be payable by the Tenant to the Landlord forthwith upon demand, together with a fee for supervision for carrying out the Tenant’s obligations in an amount equal to fifteen percent (15%) of the cost of repairs or other work carried out by or under the supervision of the Landlord which amount shall be in addition to the incurred costs of such work together with interest at a rate of six percent (6%) per annum above the Prime Rate from time to time on the aggregate of the foregoing from the date funds were expended by the Landlord until actual payment thereof by the Tenant; (b) shall have the same rights and remedies in the event of any non-payment may recover as Additional Rent all sums paid or expenses incurred hereunder by the Tenant of any amounts payable Landlord, which ought to have been paid or incurred by the Tenant under Tenant, or for which the Landlord hereunder is entitled to reimbursement from the Tenant, and any provision interest owing to the Landlord hereunder by any and all remedies available to it for the recovery of this Lease as Gross Rent in the case of non-payment of Rentarrears; (c) if the Tenant shall fail to pay any Rent or other amount from time to time payable by it to the Landlord hereunder promptly when due, shall be entitled, if it shall demand it, entitled to interest thereon at a rate of six percent (6%) per annum above the Prime Rate plus 2% from time to time from, except where interest commences to accrue earlier pursuant to Article 13.1(a), the date upon which the same was due until actual payment thereof; and (d) shall be entitled to be reimbursed by the Tenant, and the Tenant shall forthwith pay the Landlord, the amount of all costs and expenses (including, without limitation, legal costs on a solicitor and own client basis) incurred by the Landlord in connection with the default or in efforts to enforce any of the rights, or to seek any of the remedies, to which the Landlord is or may be entitled hereunder. Notwithstanding the foregoing, in the event of an emergency, the Landlord may take such of the foregoing actions as are required to prevent damage to the Premises or harm to individuals without first giving the above stated prior written notice provided that the Landlord shall give the Tenant as much notice as reasonably possible prior to taking such actions.