Common use of Right to Remedy Default Clause in Contracts

Right to Remedy Default. 13. IN THE EVENT that the Tenant shall make default in the payment of any sum required to be paid by it or shall make default in the performance of any covenant or the doing of anything required to be performed or done by it hereunder, then the Landlord shall have the right to pay any such sum in so default or to perform or do any such thing and such sums so paid or the costs for performing or doing such things, and in every such case, shall be deemed to be additional rent payable under the provisions of this Lease and the Landlord shall be entitled to charge all such sums or monies to the Tenant and the Tenant shall pay them forthwith on demand; and the Landlord, in addition to any other rights, shall have the same remedies and may take the same steps for the recovery of all such sums or monies as it might have and take for the recovery of rent in arrears under the terms of this Lease. All arrears of rent and monies payable as rent or additional rent under the terms of this Lease which may be in arrears shall bear interest at the rate RBC Prime plus 5% at the time such arrears become due until paid to the Landlord. As security for the payment of rent and additional rent, the Tenant hereby grants the Landlord a security interest over its business undertaking, inventory and receivables and the Landlord shall have the rights of a secured party under the Personal Property Security Act in the event of a default. The Tenant consents to the registration of a Financing Statement under the said Act.

Right to Remedy Default. 13. IN THE EVENT that the Tenant Lessee shall make default in the payment of any sum required to be paid by it or shall make default in the performance of any covenant or the doing of anything required to be performed or done by it hereunder, then the Landlord Lessor shall have the right to pay any such sum so in so default or to perform or do any such thing and such sums so paid or the costs casts for performing or doing such things, and in every such case, shall be deemed to be additional rent payable under the provisions of this Lease and the Landlord Lessor shall be entitled to charge all such sums or monies to the Tenant Lessee plus 15% for administration and the Tenant Lessee shall pay them forthwith on demand; and the LandlordLessor, in addition to any other rights, shall have the same remedies and may take the same steps for the recovery of all such sums or monies as it might have and take for the recovery of rent in arrears under the terms of this Lease. All arrears of rent and monies payable as rent or additional rent under the terms of or this Lease which may be in arrears shall bear interest at the rate RBC Prime plus 5% at of twenty-four percent (24%) per annum from the time such arrears become due until paid to the LandlordLessor. As security for the payment of for rent and additional rent, the Tenant Lessee hereby grants the Landlord Lessor a security interest over its business undertaking, inventory and receivables and the Landlord Lessor shall have all the rights of a secured party under the Personal Property Security Act in the event of a defaultAct. The Tenant Lessee consents to the registration of a Financing Statement under the said Act.. Notice or Sale

Right to Remedy Default. 13. IN THE EVENT that the Tenant Lessee shall make default in the payment of any sum required to be paid by it or shall make default in the performance of any covenant or the doing of anything required to be performed or done by it hereunder, then the Landlord Lessor shall have the right to pay any such sum so in so default or to perform or do any such thing and such sums so paid or the costs casts for performing or doing such things, and in every such case, shall be deemed to be additional rent payable under the provisions of this Lease and the Landlord Lessor shall be entitled to charge all such sums or monies to the Tenant Lessee plus 15% for administration and the Tenant Lessee shall pay them forthwith on demand; and the LandlordLessor, in addition to any other rights, shall have the same remedies and may take the same steps for the recovery of all such sums or monies as it might have and take for the recovery of rent in arrears under the terms of this Lease. All arrears of rent and monies payable as rent or additional rent under the terms of this Lease which may be in arrears shall bear interest at the rate RBC Prime plus 5% at of twenty-four percent (24%) per annum from the time such arrears become due until paid to the LandlordLessor. As security for the payment of for rent and additional rent, the Tenant Lessee hereby grants the Landlord Lessor a security interest over its business undertaking, inventory and receivables and the Landlord Lessor shall have all the rights of a secured party under the Personal Property Security Act in the event of a defaultAct. The Tenant Lessee consents to the registration of a Financing Statement under the said Act.