Common use of Repeated Default Clause in Contracts

Repeated Default. Notwithstanding anything set forth in this Lease to the contrary, if Tenant defaults in the timely payment of Fixed Minimum Rent or any other charge or in the performance of its other agreements hereunder, and if any such default shall be repeated two (2) times in any period of twelve (12) consecutive months, then, notwithstanding that such default shall have been cured within the cure period provided in Section 7.1 hereof, any further similar default within said twelve (12) month period shall be deemed to be a “Repeated Default”. In the event of a Repeated Default, Tenant shall have no right to cure same and Landlord, without giving Tenant any notice or the opportunity to cure such default, may exercise all rights and remedies available to Landlord pursuant to Section 7.1 hereof, including, without limitation, the right to terminate this Lease. If Tenant defaults under this Lease more than one (1) time in any twelve (12) month period, irrespective of whether such default is cured by Tenant or waived by Landlord, then, immediately upon demand by Landlord, Tenant shall immediately increase the Security Deposit to an amount equal to the greater of (a) three (3) times the amount set forth in Section 2.6 or (b) one-fourth (1/4th) of the then applicable annual Fixed Minimum Rent.

Repeated Default. Notwithstanding anything set forth in this Lease to the contrary, if Tenant defaults in the timely payment of Fixed Minimum Rent or any other charge or in the performance of its other agreements hereunder, and if any such default shall be repeated two (2) times in any period of twelve (12) consecutive months, then, notwithstanding that such default shall have been cured within the cure period provided in Section 7.1 hereof, any further similar default within said twelve (12) month period shall be deemed to be a “"Repeated Default”". In the event of a Repeated Default, Tenant shall have no right to cure same and Landlord, without giving Tenant any notice or the opportunity to cure such default, may exercise all rights and remedies available to Landlord pursuant to Section 7.1 hereof, including, without limitation, the right to terminate this Lease. If Tenant defaults under this Lease more than one (1) time in any twelve (12) month period, irrespective of whether such default is cured by Tenant or waived by Landlord, then, immediately upon demand by Landlord, Tenant shall immediately increase the Security Deposit to an amount equal to the greater of (a) three (3) times the amount set forth in Section 2.6 or (b) one-fourth (1/4th) of the then applicable annual Fixed Minimum Rent.