Rights Upon Default. (a) Notwithstanding any provision herein to the contrary and irrespective of whether all or any rights conferred upon Landlord by this Article XVII are expressly or by implication conferred upon Landlord elsewhere in this Lease, in the event of (i) any failure of Tenant to pay any Fixed Rent or Percentage Rent or any other charges or sums whatsoever due hereunder (including without limitation, amounts due as reimbursement to Landlord for costs incurred by Landlord in performing obligations of Tenant hereunder upon Tenant's failure so to perform) for more than ten (10) days after written notice from Landlord to Tenant that such Fixed Rent or any other charges or sums whatsoever due hereunder were not received on the date required for payment pursuant to this Lease, or (ii) any default or failure by Tenant to perform any other of the terms, conditions, or covenants of this Lease to be observed or performed by Tenant for more than twenty (20) days after written notice from Landlord to Tenant of such default unless such default cannot be cured within said twenty (20) days in which event Tenant shall have commenced to cure said default within twenty (20) days and shall proceed to cure the same with all reasonable dispatch and diligently pursue same to completion, or (iii) Tenant fails continuously to operate in the manner and during the hours established by Landlord pursuant to Section 7.02 hereof or for the use specified in the Section 7.01, writ of execution or similar writ or order, then Landlord, in addition to or in lieu of other rights or remedies it may have under this Lease or by law, shall have the right to (a) immediately terminate this Lease and Tenant's right to possession of the Premises by giving Tenant written notice that this Lease is terminated, in which event, upon such termination, Landlord shall have the right to recover from Tenant the sum of (1) the worth at the time of award of the unpaid rental which had been earned at the time of termination; (2) the worth at the time of award of the amount by which the unpaid rental which would have been earned after termination until the time of award exceeds the amount of such rental loss that Tenant affirmatively proves could have been reasonably avoided; (3) the worth at the time of award of the amount by which the unpaid rental for the balance of the Term after the time of award exceeds the amount of such rental loss that Tenant affirmatively proves could be reasonably avoided; (4) any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant's failure to perform Tenant's obligations under this Lease or which in the ordinary course of things would be likely to result therefrom; and (5) all such other amounts in addition to or in lieu of the foregoing as may be permitted from time to time under applicable law; or (b) have this Lease continue in effect for so long as Landlord does not terminate this Lease and Tenant's right to possession of the Premises, in which event Landlord shall have the right to enforce all of Landlord's rights and remedies under this Lease including the right to recover the Fixed Rent, Percentage Rent and other charges payable by Tenant under this Lease as they become due under this Lease, and Tenant shall have the right to sublet the Premises or (at Landlord's option) assign Tenant's interest in this Lease for a use permitted under this Lease to a party determined by Landlord to be of good moral character and sound financial responsibility; or (c) without terminating this Lease, Landlord may pay or discharge any breach or violation hereof which amount so expended shall be added to the next monthly incremental payment of Fixed Rent due and treated in the same manner as rental hereunder; or (d) without terminating this Lease, make such alterations and repairs as may be necessary in order to relet the Premises, and relet the Premises or any part thereof for such term or terms (which may be for a term extending beyond the Term of this Lease) at such rental or rentals and upon such other terms and conditions as Landlord in its sole discretion may deem advisable.
Appears in 1 contract
Samples: Lease (Chicago Pizza & Brewery Inc)
Rights Upon Default. (a) Notwithstanding If a Default occurs, then at any provision herein time thereafter prior to the contrary curing thereof, with notice or demand and irrespective of whether without waiving any additional or remaining rights herein available to Landlord, Landlord may exercise any and all or any rights conferred upon and remedies available to Landlord by this Article XVII are expressly or by implication conferred upon Landlord elsewhere in under this Lease, at law, or in equity, including, without limitation, termination of this Lease and termination of Tenant's right to possession without terminating the Lease. In the event of a Default, Landlord may, without additional notice and without court proceedings, re-enter and repossess the Premises and remove all persons and property therefrom and said Tenant hereby agrees to surrender possession of the Premises and waives any claim arising by reason thereof or by reason of issuance of any distress warrant or writ of sequestration and agrees to hold Landlord harmless from any such claims. If Landlord elects to terminate this Lease, it may treat the Default as an entire breach of this Lease and Tenant shall immediately become liable to Landlord for damages equal to the total of: (i) any failure the reasonable cost of Tenant to pay any Fixed Rent or Percentage Rent or any other charges or sums whatsoever due hereunder recovering, reletting (including including, without limitation, amounts due as reimbursement the cost of lease commission attributable to Landlord for costs incurred by Landlord in performing obligations the unexpired portion of Tenant hereunder upon Tenant's failure so to perform) for more than ten (10) days after written notice from Landlord to Tenant that such Fixed Rent or any other charges or sums whatsoever due hereunder were not received on the date required for payment pursuant to Term of this Lease), or and remodeling the Premises per building standards; (ii) any default all unpaid Rent and other amounts earned or failure by Tenant to perform any other of the termsdue through such termination; plus, conditions, or covenants of this Lease to be observed or performed by Tenant for more than twenty (20) days after written notice from Landlord to Tenant of such default unless such default cannot be cured within said twenty (20) days in which event Tenant shall have commenced to cure said default within twenty (20) days and shall proceed to cure the same with all reasonable dispatch and diligently pursue same to completion, or (iii) the total Rent and other amounts to be paid by Tenant fails continuously to operate in the manner and during the hours established by Landlord pursuant to Section 7.02 hereof or hereunder for the use specified in remainder of the Section 7.01, writ of execution or similar writ or order, then Landlord, in addition full Term. If Landlord elects to or in lieu of other rights or remedies it may have under this Lease or by law, shall have the right to (a) immediately terminate this Lease and Tenant's right to possession of the Premises by giving Tenant written notice that this Lease is terminated, in which event, upon such terminationwithout terminating the Lease, Landlord shall have the right make commercially reasonable efforts to recover from Tenant the sum of (1) the worth at the time of award of the unpaid rental which had been earned at the time of termination; (2) the worth at the time of award of the amount by which the unpaid rental which would have been earned after termination until the time of award exceeds the amount of such rental loss that Tenant affirmatively proves could have been reasonably avoided; (3) the worth at the time of award of the amount by which the unpaid rental for the balance of the Term after the time of award exceeds the amount of such rental loss that Tenant affirmatively proves could be reasonably avoided; (4) any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant's failure to perform Tenant's obligations under this Lease or which in the ordinary course of things would be likely to result therefrom; and (5) all such other amounts in addition to or in lieu of the foregoing as may be permitted from time to time under applicable law; or (b) have this Lease continue in effect for so long as Landlord does not terminate this Lease and Tenant's right to possession of the Premises, in which event Landlord shall have the right to enforce all of Landlord's rights and remedies under this Lease including the right to recover the Fixed Rent, Percentage Rent and other charges payable by Tenant under this Lease as they become due under this Lease, and Tenant shall have the right to sublet the Premises or (at Landlord's option) assign Tenant's interest in this Lease for a use permitted under this Lease to a party determined by Landlord to be of good moral character and sound financial responsibility; or (c) without terminating this Lease, Landlord may pay or discharge any breach or violation hereof which amount so expended shall be added to the next monthly incremental payment of Fixed Rent due and treated in the same manner as rental hereunder; or (d) without terminating this Lease, make such alterations and repairs as may be necessary in order to relet the Premises, and relet rent the Premises or any part thereof for the account of Tenant to any person or persons for such term or terms (which may be rent and for a term extending beyond the Term of this Lease) at such rental or rentals and upon such other terms and conditions as Landlord deems appropriate, and Tenant shall be liable to Landlord for the amount, if any, by which the Rent for the unexpired balance of the Term exceeds the net amount, if any, received by Landlord from such reletting, (such amount received by Landlord being the gross amount so received by Landlord less the reasonable costs of repossession, reletting, remodeling, and other expenses incurred by Landlord). Such sum or sums shall be paid by Tenant in its sole discretion may deem advisablemonthly installments on the first day of each month of the Term. In no case shall Landlord be liable for failure to relet the Premises or to collect the rent due under such reletting, and in no event shall Tenant be entitled to any excess rents received by Landlord. All rights and remedies of Landlord shall be cumulative and not exclusive.
Appears in 1 contract
Samples: Lease Agreement (Spacehab Inc \Wa\)
Rights Upon Default. If the Events of Default specified in Sections 6(d) and 6(e) shall occur, the Banks' obligations to make Loans hereunder shall immediately terminate and any Loan (awith accrued interest thereon) Notwithstanding and other amounts owing under this Agreement and the Master Notes shall immediately become due and payable. If any provision herein other Event of Default shall occur, the Banks may (i) by notice of default to Borrower, declare the contrary Banks' obligations hereunder terminated forthwith, whereupon such obligations shall terminate, and/or (ii) by notice of default to Borrower, declare any Loan and irrespective of whether all or any rights conferred upon Landlord by this Article XVII are amounts owing hereunder and under the Master Notes to be due and payable forthwith, whereupon the same shall become immediately due and payable. Except as expressly or by implication conferred upon Landlord elsewhere provided above in this LeaseSection, in presentment, demand, protest and further notice of any kind are hereby expressly waived. Notwithstanding the foregoing, the Banks' obligations to maintain the confidentiality of any nonpublic financial information of Borrower provided to Banks pursuant to Section 4(a) of this Agreement shall survive the termination of its other obligations hereunder. In the event of (i) any failure occurrence of Tenant any Event of Default, Borrower shall pay all costs and expenses which may be incurred by Banks with respect thereto and with respect to pay the collection of any Fixed Rent or Percentage Rent or any other charges or sums whatsoever due hereunder (including without limitation, amounts due as reimbursement to Landlord for costs incurred by Landlord in performing obligations Banks pursuant hereto or the enforcement of Tenant hereunder upon Tenant's failure so to perform) for more than ten (10) days after written notice from Landlord to Tenant that any provisions hereof, including reasonable attorneys' fees and expenses of litigation, and all such Fixed Rent or any other charges or sums whatsoever due hereunder were not received on shall be and become part of the date required for payment indebtedness pursuant to this Lease, or (ii) any default or failure by Tenant to perform any other of the terms, conditions, or covenants of this Lease to be observed or performed by Tenant for more than twenty (20) days after written notice from Landlord to Tenant of such default unless such default cannot be cured within said twenty (20) days in which event Tenant shall have commenced to cure said default within twenty (20) days and shall proceed to cure the same with all reasonable dispatch and diligently pursue same to completion, or (iii) Tenant fails continuously to operate in the manner and during the hours established by Landlord pursuant to Section 7.02 hereof or for the use specified in the Section 7.01, writ of execution or similar writ or order, then Landlord, in Agreement. In addition to or and not in lieu of any other rights right or remedies it remedy they may have under this Lease or by lawat any time, shall have the right to (a) immediately terminate this Lease Banks at any time and Tenant's right to possession of the Premises by giving Tenant written notice that this Lease is terminated, in which event, upon such termination, Landlord shall have the right to recover from Tenant the sum of (1) the worth at the time of award of the unpaid rental which had been earned at the time of termination; (2) the worth at the time of award of the amount by which the unpaid rental which would have been earned after termination until the time of award exceeds the amount of such rental loss that Tenant affirmatively proves could have been reasonably avoided; (3) the worth at the time of award of the amount by which the unpaid rental for the balance of the Term after the time of award exceeds the amount of such rental loss that Tenant affirmatively proves could be reasonably avoided; (4) any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant's failure to perform Tenant's obligations under this Lease or which in the ordinary course of things would be likely to result therefrom; and (5) all such other amounts in addition to or in lieu of the foregoing as may be permitted from time to time under applicable law; at their election, may (but they shall not be required to) do or (b) have this Lease continue in effect for so long as Landlord does not terminate this Lease and Tenant's right perform or comply with or cause to possession of the Premises, in be done or performed or complied with anything which event Landlord shall have the right Borrower may be required to enforce all of Landlord's rights and remedies do or comply with under this Lease including the right Agreement if Borrower shall fail to recover the Fixed Rent, Percentage Rent and other charges payable by Tenant under this Lease as they become due under this Lease, and Tenant do so; Borrower shall have the right to sublet the Premises reimburse Banks upon demand for any reasonable cost or (at Landlord's option) assign Tenant's interest in this Lease for a use permitted under this Lease to a party determined by Landlord to be of good moral character and sound financial responsibility; or (c) without terminating this Lease, Landlord expense Banks may pay or discharge incur in such respect, together with interest thereon at the Prime Rate plus two percent (2%) from the date of such demand until paid. The failure of Banks at any breach time or violation hereof which amount so expended from time to time to exercise any right or remedy, whether arising from or by virtue of any event of default or otherwise, shall not constitute a waiver of any such right or remedy and shall not impair the right of Banks to exercise such right or remedy or any other right or remedy thereafter or to insist upon strict performance. No waiver of any right or remedy by Banks shall be added valid or effective unless made in writing and signed by an officer of each Bank. Any effective waiver of any right or remedy shall not be deemed to constitute a waiver of any other right or remedy then existing or which may thereafter arise or accrue. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. Upon the occurrence of any Event of Default, and pursuant to the next monthly incremental payment of Fixed Rent due and treated in the same manner as rental hereunder; or (d) without terminating this Lease, make such alterations and repairs as may be necessary in order to relet the Premises, and relet the Premises or any part thereof for such term or terms (which may be for a term extending beyond the Term provisions of this Lease) at such rental or rentals and upon such other terms and conditions as Landlord in its sole discretion Section, Banks may deem advisablesue to enforce the obligations of Borrower pursuant to this Agreemexx.
Appears in 1 contract
Rights Upon Default. (a) Notwithstanding the occurrence of any provision herein to the contrary and irrespective Event of whether all or any rights conferred upon Default, Landlord may, by this Article XVII are expressly or by implication conferred upon Landlord elsewhere in this Lease, in the event of (i) any failure of Tenant to pay any Fixed Rent or Percentage Rent or any other charges or sums whatsoever due hereunder (including without limitation, amounts due as reimbursement to Landlord for costs incurred by Landlord in performing obligations of Tenant hereunder upon Tenant's failure so to perform) for more than ten (10) days after written notice from Landlord to Tenant that such Fixed Rent or any other charges or sums whatsoever due hereunder were not received on the date required for payment pursuant to this LeaseTenant, or (ii) any default or failure by Tenant to perform any other of the terms, conditions, or covenants of this Lease to be observed or performed by Tenant for more than twenty (20) days after written notice from Landlord to Tenant of such default unless such default cannot be cured within said twenty (20) days in which event Tenant shall have commenced to cure said default within twenty (20) days and shall proceed to cure the same with all reasonable dispatch and diligently pursue same to completion, or (iii) Tenant fails continuously to operate in the manner and during the hours established by Landlord pursuant to Section 7.02 hereof or for the use specified in the Section 7.01, writ of execution or similar writ or order, then Landlord, in addition to or in lieu of other rights or remedies it may have under this Lease or by law, shall have the right to (a) immediately terminate this Lease and Tenant's right to possession of the Premises by giving Tenant written notice that this Lease is terminated, in which event, upon such termination, Landlord shall have the right to recover from Tenant the sum of (1) the worth at the time of award of the unpaid rental which had been earned at the time of termination; (2) the worth at the time of award of the amount by which the unpaid rental which would have been earned after termination until the time of award exceeds the amount of such rental loss that Tenant affirmatively proves could have been reasonably avoided; (3) the worth at the time of award of the amount by which the unpaid rental for the balance of the Term after the time of award exceeds the amount of such rental loss that Tenant affirmatively proves could be reasonably avoided; (4) any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant's failure to perform Tenant's obligations under this Lease or which in the ordinary course of things would be likely to result therefrom; and (5) all such other amounts in addition to or in lieu of the foregoing as may be permitted from time to time under applicable law; or (b) have this Lease continue in effect for so long as Landlord does not terminate this Lease and Tenant's right to possession of the Premisesonly, in which event Landlord shall have the right to enforce all of Landlord's rights and remedies under this Lease including the right to recover the Fixed Rent, Percentage Rent shall continue in full force and other charges payable by Tenant under this Lease as they become due under this Lease, and Tenant shall have the right to sublet the Premises or (at Landlord's option) assign Tenant's interest in this Lease for a use permitted under this Lease to a party determined by Landlord to be of good moral character and sound financial responsibility; or (c) without terminating this Leaseeffect. Upon such notice, Landlord may pay or discharge any breach or violation hereof which amount so expended shall be added to enter the next monthly incremental payment of Fixed Rent due Demised Premises and treated in re-let the same manner as rental hereunder; or (d) without terminating this Lease, make such alterations and repairs as may be necessary in order to relet the Premises, and relet the Demised Premises or any part thereof thereof, for Tenant's account, in the name of Landlord or otherwise, for such term or terms (which may be for a term extending beyond greater or less than the period which would otherwise have constituted the balance of the Term hereof) and on such conditions (which may include concessions or free rent) as Landlord, in its reasonable discretion, may determine, and may collect and receive the rent therefor. Landlord shall use reasonable efforts to, but in no way be responsible or liable for any failure to re-let the Demised Premises or any part thereof, or for any failure to collect any rent due upon any such re-letting. Tenant shall be immediately liable to Landlord for, and shall pay Landlord upon demand, an amount equal to all of reasonable Landlord's expenses in connection with such re-letting, including all repossession costs, brokerage and management commissions, operating expenses, legal expenses, attorney's fees, reasonable alteration costs and expenses of preparation for such re-letting. Tenant shall also pay to Landlord monthly on the days on which Basic Rent is payable under this Lease the amount of Basic Rent, and Supplemental Rent otherwise payable under this Lease) at such rental , less the proceeds, if any, of re-letting effected pursuant to the provisions hereof ("Deficiency" or rentals collectively, the "Deficiencies"). Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise or shall have the right to accumulate monthly Deficiencies and upon such other terms and conditions xxx to recover the same from time to time as Landlord in its sole discretion may deem advisabledetermine. No act by Landlord allowed by this paragraph shall terminate this Lease unless Landlord notifies Tenant that Landlord elects to terminate this Lease.
Appears in 1 contract
Samples: Stimsonite Corp
Rights Upon Default. (a) Notwithstanding If a Default by Tenant occurs, then at any provision herein time thereafter, with or without notice or demand, Landlord may exercise any and all rights and remedies available to the contrary and irrespective of whether all or any rights conferred upon Landlord by this Article XVII are expressly or by implication conferred upon Landlord elsewhere in under this Lease, at law or in the event of (i) any failure of Tenant to pay any Fixed Rent or Percentage Rent or any other charges or sums whatsoever due hereunder (equity, including without limitation, amounts due termination of this Lease and termination of Tenant's right to possession without terminating the Lease. In the event of a Default, Landlord may, without additional notice and without court proceedings, re-enter and repossess the Premises and remove all persons and property therefrom, and Tenant hereby agrees to surrender possession of the Premises, waives any claim arising by reason thereof or by reason of issuance of any distress warrant or writ of sequestration, and agrees to hold Landlord harmless from any such claims. If Landlord elects to terminate this Lease, it may treat the Default as reimbursement an entire breach of this Lease and Tenant shall immediately become liable to Landlord for costs incurred by Landlord in performing obligations damages equal to the total of Tenant hereunder upon Tenant's failure so (a) the cost of recovering, reletting, including, without limitation, the cost of leasing commissions attributable to perform) for more than ten (10) days after written notice from Landlord to Tenant that such Fixed Rent or any other charges or sums whatsoever due hereunder were not received on the date required for payment pursuant to unexpired portion of the Term of this Lease, and remodeling the Premises, (b) all unpaid Rent and other amounts earned or due through such termination, including interest thereon at the rate specified in Section 13.4 hereof, plus (iic) the present value (discounted at the same rate) of the fair market rental value of the Premises for said period and (d) any default or failure other sum of money and damages owed by Tenant to perform any other of the terms, conditions, or covenants of this Lease Landlord. If landlord elects to be observed or performed by Tenant for more than twenty (20) days after written notice from Landlord to Tenant of such default unless such default cannot be cured within said twenty (20) days in which event Tenant shall have commenced to cure said default within twenty (20) days and shall proceed to cure the same with all reasonable dispatch and diligently pursue same to completion, or (iii) Tenant fails continuously to operate in the manner and during the hours established by Landlord pursuant to Section 7.02 hereof or for the use specified in the Section 7.01, writ of execution or similar writ or order, then Landlord, in addition to or in lieu of other rights or remedies it may have under this Lease or by law, shall have the right to (a) immediately terminate this Lease and Tenant's right to possession of the Premises by giving Tenant written notice that this Lease is terminated, in which event, upon such termination, Landlord shall have the right to recover from Tenant the sum of (1) the worth at the time of award of the unpaid rental which had been earned at the time of termination; (2) the worth at the time of award of the amount by which the unpaid rental which would have been earned after termination until the time of award exceeds the amount of such rental loss that Tenant affirmatively proves could have been reasonably avoided; (3) the worth at the time of award of the amount by which the unpaid rental for the balance of the Term after the time of award exceeds the amount of such rental loss that Tenant affirmatively proves could be reasonably avoided; (4) any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant's failure to perform Tenant's obligations under this Lease or which in the ordinary course of things would be likely to result therefrom; and (5) all such other amounts in addition to or in lieu of the foregoing as may be permitted from time to time under applicable law; or (b) have this Lease continue in effect for so long as Landlord does not terminate this Lease and Tenant's right to possession of the Premises, in which event Landlord shall have the right to enforce all of Landlord's rights and remedies under this Lease including the right to recover the Fixed Rent, Percentage Rent and other charges payable by Tenant under this Lease as they become due under this Lease, and Tenant shall have the right to sublet the Premises or (at Landlord's option) assign Tenant's interest in this Lease for a use permitted under this Lease to a party determined by Landlord to be of good moral character and sound financial responsibility; or (c) without terminating this Lease, Landlord may pay or discharge any breach or violation hereof which amount so expended (but shall not be added to the next monthly incremental payment of Fixed Rent due and treated in the same manner as rental hereunder; or (dobligated to) without terminating this Lease, make such alterations and repairs as may be necessary in order to relet the Premises, and relet rent the Premises or any part thereof for the account of Tenant to any person or persons for such term or terms (which may be rent and for a term extending beyond the Term of this Lease) at such rental or rentals and upon such other terms and conditions as Landlord deems appropriate, and Tenant shall be liable to Landlord for the amount, if any, by which the Rent for the unexpired balance of the Term exceeds the net amount, if any, received by Landlord from such reletting, being the gross amount so received by Landlord less the costs of repossession, reletting, remodeling, and other expenses incurred by Landlord. Such sum or sums shall be paid by Tenant in its sole discretion may deem advisablemonthly installments on the first day of each month of the Term. In no case shall Landlord be liable for failure to relet the Premises or to collect the rent due under such reletting, and in no event shall Tenant be entitled to any excess rents received by Landlord. All rights and remedies of Landlord shall be cumulative and not exclusive.
Appears in 1 contract
Rights Upon Default. If the Events of Default specified in Sections 6(d) and 6(e) shall occur, the Banks' obligations to make Loans hereunder shall immediately terminate and any Loan (awith accrued interest thereon) Notwithstanding and other amounts owing under this Agreement and the Master Notes shall immediately become due and payable. If any provision herein other Event of Default shall occur, the Banks may (i) by notice of default to Co-Borrowers, declare the contrary Banks' obligations hereunder terminated forthwith, whereupon such obligations shall terminate, and/or (ii) by notice of default to Co-Borrowers, declare any Loan and irrespective of whether all or any rights conferred upon Landlord by this Article XVII are amounts owing hereunder and under the Master Notes to be due and payable forthwith, whereupon the same shall become immediately due and payable. Except as expressly or by implication conferred upon Landlord elsewhere provided above in this LeaseSection, in presentment, demand, protest and further notice of any kind are hereby expressly waived. Notwithstanding the foregoing, the Banks' obligations to maintain the confidentiality of any non-public financial information of Co-Borrowers provided to Banks pursuant to Section 4(a) of this Agreement shall survive the termination of its other obligations hereunder. In the event of (i) any failure occurrence of Tenant any Event of Default, Co-Borrowers shall pay all costs and expenses which may be incurred by Banks with respect thereto and with respect to pay the collection of any Fixed Rent or Percentage Rent or any other charges or sums whatsoever due hereunder (including without limitation, amounts due as reimbursement to Landlord for costs incurred by Landlord in performing obligations Banks pursuant hereto or the enforcement of Tenant hereunder upon Tenant's failure so to perform) for more than ten (10) days after written notice from Landlord to Tenant that any provisions hereof, including reasonable attorneys' fees and expenses of litigation, and all such Fixed Rent or any other charges or sums whatsoever due hereunder were not received on shall be and become part of the date required for payment indebtedness pursuant to this Lease, or (ii) any default or failure by Tenant to perform any other of the terms, conditions, or covenants of this Lease to be observed or performed by Tenant for more than twenty (20) days after written notice from Landlord to Tenant of such default unless such default cannot be cured within said twenty (20) days in which event Tenant shall have commenced to cure said default within twenty (20) days and shall proceed to cure the same with all reasonable dispatch and diligently pursue same to completion, or (iii) Tenant fails continuously to operate in the manner and during the hours established by Landlord pursuant to Section 7.02 hereof or for the use specified in the Section 7.01, writ of execution or similar writ or order, then Landlord, in Agreement. In addition to or and not in lieu of any other rights right or remedies it remedy they may have under this Lease or by lawat any time, shall have the right to (a) immediately terminate this Lease Banks at any time and Tenant's right to possession of the Premises by giving Tenant written notice that this Lease is terminated, in which event, upon such termination, Landlord shall have the right to recover from Tenant the sum of (1) the worth at the time of award of the unpaid rental which had been earned at the time of termination; (2) the worth at the time of award of the amount by which the unpaid rental which would have been earned after termination until the time of award exceeds the amount of such rental loss that Tenant affirmatively proves could have been reasonably avoided; (3) the worth at the time of award of the amount by which the unpaid rental for the balance of the Term after the time of award exceeds the amount of such rental loss that Tenant affirmatively proves could be reasonably avoided; (4) any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant's failure to perform Tenant's obligations under this Lease or which in the ordinary course of things would be likely to result therefrom; and (5) all such other amounts in addition to or in lieu of the foregoing as may be permitted from time to time under applicable law; at their election, may (but they shall not be required to) do or (b) have this Lease continue in effect for so long as Landlord does not terminate this Lease and Tenant's right perform or comply with or cause to possession of the Premises, in be done or performed or complied with anything which event Landlord shall have the right Co-Borrowers may be required to enforce all of Landlord's rights and remedies do or comply with under this Lease including the right Agreement if Co-Borrowers shall fail to recover the Fixed Rent, Percentage Rent and other charges payable by Tenant under this Lease as they become due under this Lease, and Tenant do so; Co-Borrowers shall have the right to sublet the Premises reimburse Banks upon demand for any reasonable cost or (at Landlord's option) assign Tenant's interest in this Lease for a use permitted under this Lease to a party determined by Landlord to be of good moral character and sound financial responsibility; or (c) without terminating this Lease, Landlord expense Banks may pay or discharge incur in such respect, together with interest thereon at the Prime Rate plus two percent (2%) from the date of such demand until paid. The failure of Banks at any breach time or violation hereof which amount so expended from time to time to exercise any right or remedy, whether arising from or by virtue of any event of default or otherwise, shall not constitute a waiver of any such right or remedy and shall not impair the right of Banks to exercise such right or remedy or any other right or remedy thereafter or to insist upon strict performance. No waiver of any right or remedy by Banks shall be added valid or effective unless made in writing and signed by an officer of each Bank. Any effective waiver of any right or remedy shall not be deemed to constitute a waiver of any other right or remedy then existing or which may thereafter arise or accrue. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. Upon the occurrence of any Event of Default, and pursuant to the next monthly incremental payment of Fixed Rent due and treated in the same manner as rental hereunder; or (d) without terminating this Lease, make such alterations and repairs as may be necessary in order to relet the Premises, and relet the Premises or any part thereof for such term or terms (which may be for a term extending beyond the Term provisions of this Lease) at such rental or rentals and upon such other terms and conditions as Landlord in its sole discretion Section, Banks may deem advisablesue to enforce the obligations of Xx-Borrowers pursuant to this Agreement.
Appears in 1 contract
Samples: Loan Agreement (Fresh Brands Inc)
Rights Upon Default. (a) Notwithstanding If a Default by Tenant occurs, then at any provision herein time thereafter prior to the contrary curing thereof, with or without notice or demand, Landlord may exercise any and irrespective of whether all or any rights conferred upon and remedies available to Landlord by this Article XVII are expressly or by implication conferred upon Landlord elsewhere in under this Lease, at law or in the event of (i) any failure of Tenant to pay any Fixed Rent or Percentage Rent or any other charges or sums whatsoever due hereunder (equity, including without limitation, amounts due termination of this Lease and termination of Tenant’s right to possession without terminating the Lease. In addition, upon the occurrence of a Default, Landlord may terminate the waiver of Rent pursuant to Section 3.04, for that portion of the abatement period accruing after the date of such waiver and may remove, at Tenant’s expense, Tenant’s parapet signage from the exterior of the Building. In the event of a Default, Landlord may, without additional notice and without court proceedings, re-enter and repossess the Premises and remove all persons and property therefrom, and Tenant hereby agrees to surrender possession of the Premises, waives any claim arising by reason thereof or by reason of issuance of any distress warrant or writ of sequestration, and agrees to hold Landlord harmless from any such claims. If Landlord elects to terminate this Lease, it may treat the default as reimbursement an entire breach of this Lease and Tenant shall immediately become liable to Landlord for costs incurred by Landlord in performing obligations damages equal to the total of Tenant hereunder upon Tenant's failure so (a) the cost of recovering, reletting, including, without limitation, the cost of leasing commissions attributable to perform) for more than ten (10) days after written notice from Landlord to Tenant that such Fixed Rent or any other charges or sums whatsoever due hereunder were not received on the date required for payment pursuant to unexpired portion of the Term of this Lease, and remodeling the Premises, (b) all unpaid Rent and other amounts earned or due through such termination, including interest thereon at the rate specified in Section 13.04 hereof, plus (iic) the present value (discounted at the rate of 8% per annum) of the balance of the Rent for the remainder of the Term less the present value (discounted at the same rate) of the fair market rental value of the Premises for said period and (d) any default or failure other sum of money and damages owed by Tenant to perform any other of the terms, conditions, or covenants of this Lease Landlord. If Landlord elects to be observed or performed by Tenant for more than twenty (20) days after written notice from Landlord to Tenant of such default unless such default cannot be cured within said twenty (20) days in which event Tenant shall have commenced to cure said default within twenty (20) days and shall proceed to cure the same with all reasonable dispatch and diligently pursue same to completion, or (iii) Tenant fails continuously to operate in the manner and during the hours established by Landlord pursuant to Section 7.02 hereof or for the use specified in the Section 7.01, writ of execution or similar writ or order, then Landlord, in addition to or in lieu of other rights or remedies it may have under this Lease or by law, shall have the right to (a) immediately terminate this Lease and Tenant's ’s right to possession of the Premises by giving Tenant written notice that this Lease is terminated, in which event, upon such termination, Landlord shall have the right to recover from Tenant the sum of (1) the worth at the time of award of the unpaid rental which had been earned at the time of termination; (2) the worth at the time of award of the amount by which the unpaid rental which would have been earned after termination until the time of award exceeds the amount of such rental loss that Tenant affirmatively proves could have been reasonably avoided; (3) the worth at the time of award of the amount by which the unpaid rental for the balance of the Term after the time of award exceeds the amount of such rental loss that Tenant affirmatively proves could be reasonably avoided; (4) any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant's failure to perform Tenant's obligations under this Lease or which in the ordinary course of things would be likely to result therefrom; and (5) all such other amounts in addition to or in lieu of the foregoing as may be permitted from time to time under applicable law; or (b) have this Lease continue in effect for so long as Landlord does not terminate this Lease and Tenant's right to possession of the Premises, in which event Landlord shall have the right to enforce all of Landlord's rights and remedies under this Lease including the right to recover the Fixed Rent, Percentage Rent and other charges payable by Tenant under this Lease as they become due under this Lease, and Tenant shall have the right to sublet the Premises or (at Landlord's option) assign Tenant's interest in this Lease for a use permitted under this Lease to a party determined by Landlord to be of good moral character and sound financial responsibility; or (c) without terminating this Lease, Landlord may pay or discharge any breach or violation hereof which amount so expended (but shall not be added to the next monthly incremental payment of Fixed Rent due and treated in the same manner as rental hereunder; or (dobligated to) without terminating this Lease, make such alterations and repairs as may be necessary in order to relet the Premises, and relet rent the Premises or any part thereof for the account of Tenant to any person or persons for such term or terms (which may be rent and for a term extending beyond the Term of this Lease) at such rental or rentals and upon such other terms and conditions as Landlord deems appropriate, and Tenant shall be liable to Landlord for the amount, if any, by which the Rent for the unexpired balance of the Term exceeds the net amount, if any, received by Landlord from such reletting, being the gross amount so received by Landlord less the costs of repossession, reletting, remodeling, and other expenses incurred by Landlord. Such sum or sums shall be paid by Tenant in its sole discretion may deem advisablemonthly installments on the first day of each month of the Term. In no case shall Landlord be liable for failure to relet the Premises or to collect the rent due under such reletting, and in no event shall Tenant be entitled to more than 50% of any excess rents received by Landlord. All rights and remedies of Landlord shall be cumulative and not exclusive.
Appears in 1 contract
Samples: Lease Agreement (Wells Real Estate Investment Trust Ii Inc)
Rights Upon Default. (a) Notwithstanding If a Default by Tenant occurs and Tenant fails to cure such Default within any provision herein applicable cure period set forth in Section 13.01, then Landlord, with or without any further notice or demand, may exercise any and all rights and remedies available to the contrary and irrespective of whether all or any rights conferred upon Landlord by this Article XVII are expressly or by implication conferred upon Landlord elsewhere in under this Lease, at law or in the event of (i) any failure of Tenant to pay any Fixed Rent or Percentage Rent or any other charges or sums whatsoever due hereunder (equity, including without limitation, amounts due termination of this Lease and termination of Tenant's right to possession without terminating the Lease. If Tenant is in Default for nonpayment of Rent and if Tenant fails to pay same in full within five (5) days after Landlord hand delivers to the Premises written notice of Landlord's intent to exercise its lockout rights, then Landlord shall be entitled to change or modify door locks on all entry doors of the Premises and Tenant shall not be entitled to a key to re-enter the Premises until all delinquent Rent is paid in full; provided, however, Landlord shall immediately thereafter post a notice on an entry door to the Premises, stating that Landlord has exercised such lockout rights. The preceding sentence shall supersede any conflicting provisions of Section 93.002 of the Texas Property Code or any successor statute. In the event of a Default by Tenant and Tenant fails to cure such Default within any applicable cure period set forth in Section 13.01, Landlord may, without additional notice and without court proceedings, re-enter and repossess the Premises and remove all persons and property therefrom, and Tenant hereby agrees to surrender possession of the Premises, waives any claim arising by reason thereof or by reason of issuance of any distress warrant or writ of sequestration, and agrees to hold Landlord harmless from any such claims. If Landlord elects to terminate this Lease, it may treat the default as reimbursement an entire breach of this Lease and Tenant shall immediately become liable to Landlord for costs incurred by Landlord in performing obligations damages equal to the total of Tenant hereunder upon Tenant's failure so (a) the cost of recovering, reletting, including, without limitation, the cost of leasing commissions attributable to perform) for more than ten (10) days after written notice from Landlord to Tenant that such Fixed Rent or any other charges or sums whatsoever due hereunder were not received on the date required for payment pursuant to unexpired portion of the Term of this Lease, and remodeling the Premises, (b) all unpaid Rent and other amounts earned or due through such termination, including interest thereon at the rate specified in Section 13.04 hereof, plus (iic) the present value (discounted at the rate of 8% per annum) of the balance of the Rent for the remainder of the Term less the present value (discounted at the same rate) of the fair market rental value of the Premises for said period and (d) any default or failure other sum of money and damages owed by Tenant to perform any other of the terms, conditions, or covenants of this Lease Landlord. If Landlord elects to be observed or performed by Tenant for more than twenty (20) days after written notice from Landlord to Tenant of such default unless such default cannot be cured within said twenty (20) days in which event Tenant shall have commenced to cure said default within twenty (20) days and shall proceed to cure the same with all reasonable dispatch and diligently pursue same to completion, or (iii) Tenant fails continuously to operate in the manner and during the hours established by Landlord pursuant to Section 7.02 hereof or for the use specified in the Section 7.01, writ of execution or similar writ or order, then Landlord, in addition to or in lieu of other rights or remedies it may have under this Lease or by law, shall have the right to (a) immediately terminate this Lease and Tenant's right to possession of the Premises by giving Tenant written notice that this Lease is terminated, in which event, upon such termination, Landlord shall have the right to recover from Tenant the sum of (1) the worth at the time of award of the unpaid rental which had been earned at the time of termination; (2) the worth at the time of award of the amount by which the unpaid rental which would have been earned after termination until the time of award exceeds the amount of such rental loss that Tenant affirmatively proves could have been reasonably avoided; (3) the worth at the time of award of the amount by which the unpaid rental for the balance of the Term after the time of award exceeds the amount of such rental loss that Tenant affirmatively proves could be reasonably avoided; (4) any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant's failure to perform Tenant's obligations under this Lease or which in the ordinary course of things would be likely to result therefrom; and (5) all such other amounts in addition to or in lieu of the foregoing as may be permitted from time to time under applicable law; or (b) have this Lease continue in effect for so long as Landlord does not terminate this Lease and Tenant's right to possession of the Premises, in which event Landlord shall have the right to enforce all of Landlord's rights and remedies under this Lease including the right to recover the Fixed Rent, Percentage Rent and other charges payable by Tenant under this Lease as they become due under this Lease, and Tenant shall have the right to sublet the Premises or (at Landlord's option) assign Tenant's interest in this Lease for a use permitted under this Lease to a party determined by Landlord to be of good moral character and sound financial responsibility; or (c) without terminating this Lease, Landlord may pay or discharge any breach or violation hereof which amount so expended (but shall not be added to the next monthly incremental payment of Fixed Rent due and treated in the same manner as rental hereunder; or (dobligated to) without terminating this Lease, make such alterations and repairs as may be necessary in order to relet the Premises, and relet rent the Premises or any part thereof for the account of Tenant to any person or persons for such term or terms (which may be rent and for a term extending beyond the Term of this Lease) at such rental or rentals and upon such other terms and conditions as Landlord deems appropriate, and Tenant shall be liable to Landlord for the amount, if any, by which the Rent for the unexpired balance of the Term exceeds the net amount, if any, received by Landlord from such reletting, being the gross amount so received by Landlord less the costs of repossession, reletting, remodeling, and other expenses incurred by Landlord. Such sum or sums shall be paid by Tenant in monthly installments on the first day of each month of the Term. In such event, Landlord agrees to use reasonable business judgment in its sole discretion may deem advisableattempts to re-lease the Premises. However, Landlord shall not be liable for failure to relet the Premises or to collect the rent due under such reletting, and in no event shall Tenant be entitled to more than 50% of any excess rents received by Landlord. All rights and remedies of Landlord shall be cumulative and not exclusive.
Appears in 1 contract
Rights Upon Default. (a) Notwithstanding If Lessee abandons the Premises, if proceedings are commenced against Lessee in any provision herein to court under a bankruptcy act or for the contrary and irrespective appointment of whether all a trustee or any rights conferred upon Landlord by this Article XVII are expressly or by implication conferred upon Landlord elsewhere in this Leasereceiver of Xxxxxx’s property, if Xxxxxx makes an assignment for the benefit of creditors, if Xxxxxx’s interest in the event Premises is sold under execution or other legal process, if Lessee defaults in the payment of (i) any failure rent, or if Lessee defaults in the performance of Tenant to pay any Fixed Rent or Percentage Rent or any other charges covenant, agreement, condition, rule, or sums whatsoever due hereunder regulation herein contained or hereafter established, and Lessee shall fail to remedy such default within fifteen (including without limitation, amounts due as reimbursement to Landlord for costs incurred by Landlord in performing obligations of Tenant hereunder upon Tenant's failure so to perform) for more than ten (1015) days after a written notice from Landlord to Tenant that such Fixed Rent or any other charges or sums whatsoever due hereunder were not received on identifying the date required for payment pursuant to this Lease, or (ii) any default or failure by Tenant to perform any other nature and scope of the termsdefault is mailed by Lessor to Lessee at 000 Xxxx Xxxxx Xxxxxx, conditionsXxxxx 000, or covenants of this Lease to be observed or performed by Tenant for more than twenty (20) days after written notice from Landlord to Tenant of such default unless such default cannot be cured within said twenty (20) days in which event Tenant shall have commenced to cure said default within twenty (20) days and shall proceed to cure the same with all reasonable dispatch and diligently pursue same to completionX.X. Xxx 0000, or (iii) Tenant fails continuously to operate in the manner and during the hours established by Landlord pursuant to Section 7.02 hereof or for the use specified in the Section 7.01Xxxxxxxx, writ of execution or similar writ or orderXX 00000, then LandlordLessor, in addition to or in lieu of other rights or remedies it may have under this Lease or by lawat its option, shall have the right to (a) immediately terminate declare this Lease null and Tenant's right to possession of the Premises by giving Tenant written notice that this Lease is terminatedvoid, in which event, upon such termination, Landlord and Lessor shall have the right to recover from Tenant the sum of (1) the worth at the time of award of the unpaid rental which had been earned at the time of termination; (2) the worth at the time of award of the amount by which the unpaid rental which would have been earned after termination until the time of award exceeds the amount of such rental loss that Tenant affirmatively proves could have been reasonably avoided; (3) the worth at the time of award of the amount by which the unpaid rental for the balance of the Term after the time of award exceeds the amount of such rental loss that Tenant affirmatively proves could be reasonably avoided; (4) any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant's failure to perform Tenant's obligations under this Lease re-enter or which in the ordinary course of things would be likely to result therefrom; and (5) all such other amounts in addition to or in lieu of the foregoing as may be permitted from time to time under applicable law; or (b) have this Lease continue in effect for so long as Landlord does not terminate this Lease and Tenant's right to possession of the Premises, in which event Landlord shall have the right to enforce all of Landlord's rights and remedies under this Lease including the right to recover the Fixed Rent, Percentage Rent and other charges payable by Tenant under this Lease as they become due under this Lease, and Tenant shall have the right to sublet the Premises or (at Landlord's option) assign Tenant's interest in this Lease for a use permitted under this Lease to a party determined by Landlord to be of good moral character and sound financial responsibility; or (c) without terminating this Lease, Landlord may pay or discharge any breach or violation hereof which amount so expended shall be added to the next monthly incremental payment of Fixed Rent due and treated in the same manner as rental hereunder; or (d) without terminating this Lease, make such alterations and repairs as may be necessary in order to relet repossess the Premises, and dispossess and remove Lessee, or other occupants thereof, and their effects. In such case, Lessor may, at its option, relet the Premises or any part thereof thereof, and Lessee shall be liable to Lessor for future rent or damages based on future rent and shall pay Lessor the difference between the rent then being paid (or agreed to be paid) by Lessee for the portion of the term remaining at the time of re-entry or repossession, and the amount, if any, received or to be received under such reletting for such portion of the term. Any such re-entry or repossession shall not prejudice Xxxxxx’s rights to recover from Lessee all rents and other obligations due at the time of such entry. These remedies shall be cumulative and in addition to any other legal or equitable remedies available to Lessor. Lessor’s failure to insist upon a strict performance of any term or terms (which may be for a term extending beyond the Term condition of this Lease) at such rental , or rentals and upon such other terms and conditions to avail themselves of any available remedy, shall not be deemed as Landlord in its sole discretion may deem advisablea waiver, either express or implied, of any subsequent breach either of the same or difference character. At Lessee’s request, Xxxxxx agrees that this Paragraph 21 does not supersede the federal bankruptcy law or any federal, state or local law relating to Xxxxxx’s legal rights.
Appears in 1 contract
Samples: Commercial Lease Agreement
Rights Upon Default. (a) Notwithstanding any provision herein to the contrary and irrespective of whether all or any rights conferred upon Landlord by this Article XVII XIX are expressly or by by' implication conferred upon Landlord elsewhere in this Lease, in the event of (i) any failure of Tenant to pay any Fixed Rent Minimum Annual Rental, Percentage Rental or Percentage Additional Rent or any other charges or sums whatsoever due hereunder (including without limitation, amounts due as reimbursement to Landlord for costs incurred by Landlord in performing obligations of Tenant hereunder upon Tenant's failure so to perform) for more than ten five (105) days after written notice from Landlord to Tenant that such Fixed Rent rental or any other charges or sums whatsoever due hereunder were not received on the date required require for payment pursuant to this Lease, provided that such notice from Landlord shall be in lieu of, and not in addition to, any notice of default required by applicable laws, or (ii) any default or failure by Tenant to perform any other of the terms, conditions, or covenants of this Lease to be observed or performed by Tenant for more than twenty (20) days after written notice from Landlord to Tenant of such default (unless such default cannot be cured within said twenty (20) days in which event Tenant shall not be deemed to be in default hereunder if Tenant shall have commenced to cure said default promptly within twenty (20) days and shall thereafter proceed to prosecute such cure the same to completion with all reasonable dispatch and diligently pursue same to completiondiligence, provided that in no event shall such cure period extend beyond one hundred twenty (120) days), provided that such notice from Landlord shall be in lieu of, and not in addition to, any notice of default required by applicable laws, or (iii) any failure by Tenant fails continuously to move into the Premises and to initially open for business on or before the Rental Commencement Date, or (iv) any failure by Tenant to operate continuously in the manner and during the hours established by Landlord pursuant to Section 7.02 7.02(a) hereof or for the use purpose specified in the Section 7.01Data Sheet (the Permitted Use), or (v)Tenant's abandonment of the Premises, or permitting this Lease to be taken under any writ of execution or similar writ or order, then Landlord, in addition to or in lieu of other rights or remedies it may have under this Lease or by law, shall have the right to following rights: Landlord may at its sale discretion: (aA) immediately terminate this Lease and Tenant's right to possession of the Premises by giving Tenant written notice that this Lease is terminated, in which event, upon such termination, Landlord shall have the right to recover from Tenant the sum of (1) the worth at the time of award of the unpaid rental which had been earned at the time of termination; (2) the worth at the time of award of the amount by which the unpaid rental which would have been earned after termination until the time of award exceeds the amount of such rental loss that Tenant affirmatively proves could have been reasonably avoided; (3) the worth at the time of award of the amount by which the unpaid rental for the balance of the Term after the time of award exceeds the amount of such rental loss that Tenant affirmatively proves could be reasonably avoided; (4) any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant's failure to perform Tenant's obligations under this Lease or which in the ordinary course of things would be likely to result therefrom; and (5) all such other amounts in addition to or in lieu of the foregoing as may be permitted from time to time under applicable law; or (bB) have this Lease continue in effect for so long as Landlord does not terminate this Lease and Tenant's right to possession of the Premises, in which event Landlord shall have the right to enforce all of Landlord's rights and remedies under this Lease including the right to recover the Fixed RentMinimum Annual Rental, Percentage Rental, Additional Rent and other charges payable by Tenant under this Lease as they become due under this Lease, and Tenant shall have the right to sublet the Premises or (at Landlord's option) assign Tenant's interest in this Lease for a use permitted under this Lease to a party determined by Landlord to be of good moral character and sound financial responsibility; or (cC) without terminating this Lease, Landlord may pay or payor discharge any breach or violation hereof which amount so expended shall be added to the next monthly incremental payment of Fixed Minimum Annual Rent, Percentage Rental and Additional Rent due and treated in the same manner as rental Rental hereunder; or (dD) without terminating this Lease, make such alterations and repairs as may be necessary in order to relet the Premises, and relet the Premises or any part thereof for such term or terms (which may be maybe for a term extending beyond the Term of this LeaseTerm) at such rental or rentals and upon such other terms and conditions as Landlord in its sole discretion may deem advisable.
Appears in 1 contract
Samples: Lease (Melt Inc)
Rights Upon Default. If the Defaulting Party does not cure the default within the grace period provided in Paragraph 9C above, the party complaining of the default (athe “Complaining Party”) may terminate this Agreement. To terminate this Agreement for default, the Complaining Party must issue a written notice of termination to the Defaulting Party clearly stating the basis for the termination and the Defaulting Party’s failure to cure the alleged default (the “Default Termination Notice”). The termination shall be effective thirty (30) days after the date of the Default Termination Notice, provided such notice was properly delivered (the “Default Termination Effective Date”). At any time after the Default Termination Effective Date and within the applicable statute of limitations, the parties may pursue all rights and remedies available in law or equity, including payment of accrued amounts pursuant to Paragraph 7 hereof. Notwithstanding any provision herein contrary provisions herein, Antares’ rights to recover damages from Owner shall be limited to the contrary and irrespective of whether all or any rights conferred upon Landlord by this Article XVII are expressly or by implication conferred upon Landlord elsewhere in this Lease, in the event sum of (i) any failure accrued and unpaid Base Management Fees and Incentive Management Fees as of Tenant to pay any Fixed Rent or Percentage Rent or any the applicable termination effective date, and other charges or sums whatsoever due hereunder (including without limitation, amounts due as reimbursement hereunder, including, if applicable, all amounts to Landlord for fully pay all sums due to third party vendors who provided goods or services to the Courses, along with all accrued late fees, interest, and any attorney’s fees and costs incurred by Landlord in performing obligations of Tenant hereunder upon Tenant's failure so collecting or attempting to perform) for more than ten (10) days after written notice from Landlord to Tenant that collect such Fixed Rent or any other charges or sums whatsoever due hereunder were not received on the date required for payment pursuant to this Lease, or unpaid amounts; (ii) any default or failure by Tenant actual damages for damages sustained prior to perform any other of the terms, conditions, or covenants of this Lease to be observed or performed by Tenant for more than twenty (20) days after written notice from Landlord to Tenant of such default unless such default cannot be cured within said twenty (20) days in which event Tenant shall have commenced to cure said default within twenty (20) days applicable termination effective date; and shall proceed to cure the same with all reasonable dispatch and diligently pursue same to completion, or (iii) Tenant fails continuously the Cancellation Fee, Termination Fee or Sale Termination Fee, if applicable (defined below) as fixed, agreed liquidated damages and not as a penalty (it being agreed by the parties that Antares’ damages would be extremely difficult to operate measure and that the Cancellation Fee, Termination Fee and Sale Termination Fee have been agreed upon, after negotiations, as a reasonable estimate of such damages). The parties also agree that notwithstanding any contrary provision hereof, Owner’s damages shall be limited as provided in the manner and during the hours established by Landlord pursuant Paragraph 14A, if any be proven. In no event will Antares or Owner be subject to Section 7.02 hereof or for the use specified in the Section 7.01any consequential, writ of execution special, punitive or similar writ or orderdamages, then Landlord, in addition to or in lieu of other rights or remedies each party hereby waiving any right it may have under this Lease to seek or by law, shall have the right to (a) immediately terminate this Lease and Tenant's right to possession of the Premises by giving Tenant written notice that this Lease is terminated, in which event, upon claim such termination, Landlord shall have the right to recover from Tenant the sum of (1) the worth at the time of award of the unpaid rental which had been earned at the time of termination; (2) the worth at the time of award of the amount by which the unpaid rental which would have been earned after termination until the time of award exceeds the amount of such rental loss that Tenant affirmatively proves could have been reasonably avoided; (3) the worth at the time of award of the amount by which the unpaid rental for the balance of the Term after the time of award exceeds the amount of such rental loss that Tenant affirmatively proves could be reasonably avoided; (4) any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant's failure to perform Tenant's obligations under this Lease or which in the ordinary course of things would be likely to result therefrom; and (5) all such other amounts in addition to or in lieu of the foregoing as may be permitted from time to time under applicable law; or (b) have this Lease continue in effect for so long as Landlord does not terminate this Lease and Tenant's right to possession of the Premises, in which event Landlord shall have the right to enforce all of Landlord's rights and remedies under this Lease including the right to recover the Fixed Rent, Percentage Rent and other charges payable by Tenant under this Lease as they become due under this Lease, and Tenant shall have the right to sublet the Premises or (at Landlord's option) assign Tenant's interest in this Lease for a use permitted under this Lease to a party determined by Landlord to be of good moral character and sound financial responsibility; or (c) without terminating this Lease, Landlord may pay or discharge any breach or violation hereof which amount so expended shall be added to the next monthly incremental payment of Fixed Rent due and treated in the same manner as rental hereunder; or (d) without terminating this Lease, make such alterations and repairs as may be necessary in order to relet the Premises, and relet the Premises or any part thereof for such term or terms (which may be for a term extending beyond the Term of this Lease) at such rental or rentals and upon such other terms and conditions as Landlord in its sole discretion may deem advisabledamages.
Appears in 1 contract
Samples: Town of Amherst
Rights Upon Default. (a) Notwithstanding any provision herein to the contrary and irrespective of whether all or any rights conferred upon Landlord by this Article XVII are expressly or by implication conferred upon Landlord elsewhere in this Lease, in the event of (i) any failure of Tenant to pay any Fixed Rent or Percentage Rent or any other charges or sums whatsoever due hereunder (including without limitation, amounts due as reimbursement to Landlord for costs incurred by Landlord in performing obligations of Tenant hereunder upon Tenant's failure so to perform) for more than ten (10) days after written notice from Landlord to Tenant that such Fixed Rent or any other charges or sums whatsoever due hereunder were not received on the date required for payment pursuant to this Lease, or (ii) any default or failure by Tenant to perform any other of the terms, conditions, or covenants of this Lease to be observed or performed by Tenant for more than twenty (20) days after written notice from Landlord to Tenant of such default unless such default cannot be cured within said twenty (20) days in which event Tenant shall have commenced to cure said default within twenty (20) days and shall proceed to cure the same with all reasonable dispatch and diligently pursue same to completion, or (iii) Tenant fails continuously to operate in the manner and during the hours established by Landlord pursuant to Section 7.02 hereof or for the use specified in the Section 7.01, writ of execution or similar writ or order, then Landlord, in addition to or in lieu of other rights or remedies it may have under this Lease or by law, The Assignee shall have the right to and may receive the Rents, issues, profits and income from said Mortgaged Property, including all Rents covered by this instrument or hereafter made for application on the Secured Indebtednessonly if and in the event the Assignor defaults in, breaches or fails to perform any one or more of the covenants and agreements contained in (a) immediately terminate this Lease and Tenant's right to possession of the Premises by giving Tenant written notice that this Lease is terminatedNote, in which event, upon such termination, Landlord shall have the right to recover from Tenant the sum of (1b) the worth at the time of award of the unpaid rental which had been earned at the time of termination; Mortgage, (2c) this Assignment or (d) the worth at other Loan Documents, and such is not cured within the time applicable curative period, if any, specified in the applicable Loan Document(s). In the event of award of the amount by which the unpaid rental which would have been earned after termination until the time of award exceeds the amount of any such rental loss that Tenant affirmatively proves could have been reasonably avoided; (3) the worth at the time of award of the amount by which the unpaid rental for the balance of the Term after the time of award exceeds the amount of such rental loss that Tenant affirmatively proves could be reasonably avoided; (4) any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant's default, breach or failure to perform Tenantwhich is not cured within the period as aforesaid, and the exercise of the Assignee of its right to receive such Rents, issues, profits and income, the amount so received prior to foreclosure sale, less all costs, fees and expenses of collection, including a reasonable attorney's obligations fee, shall be applied on the Loan but any such default, breach or failure to perform, or the exercise by the Assignee of its right to receive the Rents, issues, profits and income, shall not prevent the Assignee from exercising any of its rights under the Loan Documents, including its right to foreclose any mortgage nor any of its other rights under this Lease Assignment. Upon the occurrence of any such default, breach or failure to perform which in the ordinary course of things would be likely to result therefrom; and (5) all such other amounts is not cured within any applicable curative period, as aforesaid, in addition to or all rights, remedies contained herein and the rights and remedies provided for in lieu of Florida Statutes § 697.07, as amended from time to time, the foregoing as Assignee shall have and may be permitted exercise from time to time any and all rights and remedies of a secured party under the Uniform Commercial Code of the State of Florida, as such Code is from time to time in effect, and any and all other rights and remedies available to it under any other applicable law; or (b) have this Lease continue in effect for so long as Landlord does , including but not terminate this Lease and Tenant's right to possession of the Premiseslimited to, in which event Landlord shall have the right to enforce all of Landlord's rights foreclose this Assignment and remedies under this Lease including the right to recover the Fixed Rent, Percentage Rent and other charges payable by Tenant under this Lease as they become due under this Lease, and Tenant shall have the right to sublet the Premises or (at Landlord's option) assign Tenant's interest in this Lease for a use permitted under this Lease to a party determined by Landlord to be of good moral character and sound financial responsibility; or (c) without terminating this Lease, Landlord may pay or discharge any breach or violation hereof which amount so expended shall be added to the next monthly incremental payment of Fixed Rent due and treated Mortgage in the same manner as rental hereunder; or (d) without terminating this Lease, make such alterations and repairs as may be necessary in order to relet the Premises, and relet the Premises or any part thereof for such term or terms (which may be for a term extending beyond the Term proceedings. The security of this Lease) at such rental or rentals Assignment is and upon such other terms shall be primary and conditions as Landlord in its sole discretion may deem advisableon a parity with the real estate encumbered by the Mortgage and not secondary.
Appears in 1 contract
Samples: Bovie Medical Corp
Rights Upon Default. (a) Notwithstanding If Lessee abandons the Premises, if proceedings are commenced against Lessee in any provision herein to court under a bankruptcy act or for the contrary and irrespective appointment of whether all a trustee or any rights conferred upon Landlord by this Article XVII are expressly or by implication conferred upon Landlord elsewhere in this Leasereceiver of Lessee’s property, if Lessee makes an assignment for the benefit of creditors, if Lessee’s interest in the event Premises is sold under execution or other legal process, if Lessee defaults in the payment of (i) any failure rent, or if Lessee defaults in the performance of Tenant to pay any Fixed Rent or Percentage Rent or any other charges covenant, agreement, condition, rule, or sums whatsoever due hereunder regulation herein contained or hereafter established, and Lessee shall fail to remedy such default within fifteen (including without limitation, amounts due as reimbursement to Landlord for costs incurred by Landlord in performing obligations of Tenant hereunder upon Tenant's failure so to perform) for more than ten (1015) days after a written notice from Landlord to Tenant that such Fixed Rent or any other charges or sums whatsoever due hereunder were not received on identifying the date required for payment pursuant to this Lease, or (ii) any default or failure by Tenant to perform any other nature and scope of the termsdefault is mailed by Lessor to Lessee at 000 Xxxx Xxxxx Xxxxxx, conditionsXxxxx 000, or covenants of this Lease to be observed or performed by Tenant for more than twenty (20) days after written notice from Landlord to Tenant of such default unless such default cannot be cured within said twenty (20) days in which event Tenant shall have commenced to cure said default within twenty (20) days and shall proceed to cure the same with all reasonable dispatch and diligently pursue same to completionX.X. Xxx 0000, or (iii) Tenant fails continuously to operate in the manner and during the hours established by Landlord pursuant to Section 7.02 hereof or for the use specified in the Section 7.01Xxxxxxxx, writ of execution or similar writ or orderXX 00000, then LandlordLessor, in addition to or in lieu of other rights or remedies it may have under this Lease or by lawat its option, shall have the right to (a) immediately terminate declare this Lease null and Tenant's right to possession of the Premises by giving Tenant written notice that this Lease is terminatedvoid, in which event, upon such termination, Landlord and Lessor shall have the right to recover from Tenant the sum of (1) the worth at the time of award of the unpaid rental which had been earned at the time of termination; (2) the worth at the time of award of the amount by which the unpaid rental which would have been earned after termination until the time of award exceeds the amount of such rental loss that Tenant affirmatively proves could have been reasonably avoided; (3) the worth at the time of award of the amount by which the unpaid rental for the balance of the Term after the time of award exceeds the amount of such rental loss that Tenant affirmatively proves could be reasonably avoided; (4) any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant's failure to perform Tenant's obligations under this Lease re-enter or which in the ordinary course of things would be likely to result therefrom; and (5) all such other amounts in addition to or in lieu of the foregoing as may be permitted from time to time under applicable law; or (b) have this Lease continue in effect for so long as Landlord does not terminate this Lease and Tenant's right to possession of the Premises, in which event Landlord shall have the right to enforce all of Landlord's rights and remedies under this Lease including the right to recover the Fixed Rent, Percentage Rent and other charges payable by Tenant under this Lease as they become due under this Lease, and Tenant shall have the right to sublet the Premises or (at Landlord's option) assign Tenant's interest in this Lease for a use permitted under this Lease to a party determined by Landlord to be of good moral character and sound financial responsibility; or (c) without terminating this Lease, Landlord may pay or discharge any breach or violation hereof which amount so expended shall be added to the next monthly incremental payment of Fixed Rent due and treated in the same manner as rental hereunder; or (d) without terminating this Lease, make such alterations and repairs as may be necessary in order to relet repossess the Premises, and dispossess and remove Lessee, or other occupants thereof, and their effects. In such case, Lessor may, at its option, relet the Premises or any part thereof thereof, and Lessee shall be liable to Lessor for future rent or damages based on future rent and shall pay Lessor the difference between the rent then being paid (or agreed to be paid) by Lessee for the portion of the term remaining at the time of re-entry or repossession, and the amount, if any, received or to be received under such reletting for such portion of the term. Any such re-entry or repossession shall not prejudice Lessor’s rights to recover from Lessee all rents and other obligations due at the time of such entry. These remedies shall be cumulative and in addition to any other legal or equitable remedies available to Lessor. Lessor’s failure to insist upon a strict performance of any term or terms (which may be for a term extending beyond the Term condition of this Lease) at such rental , or rentals and upon such other terms and conditions to avail themselves of any available remedy, shall not be deemed as Landlord in its sole discretion may deem advisablea waiver, either express or implied, of any subsequent breach either of the same or difference character. At Lessee’s request, Lessor agrees that this Paragraph 21 does not supersede the federal bankruptcy law or any federal, state or local law relating to Lessee’s legal rights.
Appears in 1 contract
Samples: Commercial Lease Agreement
Rights Upon Default. 33. (a) Notwithstanding If an Act of Default beyond any provision herein applicable notice and cure period occurs, Landlord, at any time thereafter prior to the contrary curing of such Act of Default and irrespective of whether all without waiving any other right available to Landlord herein, at law or any rights conferred upon Landlord by this Article XVII are expressly or by implication conferred upon Landlord elsewhere in this Leaseequity, in the event of may either (i) any failure of Tenant to pay any Fixed Rent or Percentage Rent or any other charges or sums whatsoever due hereunder (including without limitation, amounts due as reimbursement to Landlord for costs incurred by Landlord in performing obligations of Tenant hereunder upon Tenant's failure so to perform) for more than ten (10) days after written notice from Landlord to Tenant that such Fixed Rent or any other charges or sums whatsoever due hereunder were not received on the date required for payment pursuant to terminate this Lease, Lease or (ii) any default or failure by Tenant to perform any other of the terms, conditions, or covenants of this Lease to be observed or performed by Tenant for more than twenty (20) days after written notice from Landlord to Tenant of such default unless such default cannot be cured within said twenty (20) days in which event Tenant shall have commenced to cure said default within twenty (20) days and shall proceed to cure the same with all reasonable dispatch and diligently pursue same to completion, or (iii) Tenant fails continuously to operate in the manner and during the hours established by Landlord pursuant to Section 7.02 hereof or for the use specified in the Section 7.01, writ of execution or similar writ or order, then Landlord, in addition to or in lieu of other rights or remedies it may have under this Lease or by law, shall have the right to (a) immediately terminate this Lease and Tenant's ’s right to possession and use without terminating this Lease, whichever Landlord elects. In either event, Landlord may, without additional notice and with or without court proceedings, reenter and repossess the Premises, and remove all persons and property therefrom using such force as may be necessary, and Tenant hereby waives any claim arising by reason of issuance of any distress warrant or writ of sequestration and agrees to hold Landlord harmless from any such claims. In no event shall Landlord’s exercise of any one or more remedies hereunder granted or otherwise available to it be deemed to be an acceptance of surrender of the Premises by giving Tenant Tenant, whether by agreement or operation of law, it being understood that such surrender can be effected only by the written notice that agreement of Landlord and Tenant. If Landlord elects to terminate this Lease, it may treat the Act of Default as an entire breach of this Lease and Tenant immediately shall become liable to Landlord for damages for the entire breach in an amount equal to the amount by which (A) the Rent (being the Base Rent set forth in Section 5 hereof plus the Operating Rent set forth in Section 6 hereof for any increase and estimated increase in Operating Expenses which would be payable by Tenant during the unexpired balance of the Term and all other payments due for the balance of the Term) is terminatedin excess of (B) the fair market rental value of the Premises for the balance of the Term as of the time of default, in which eventboth discounted at the rate of ten percent (10%) per annum to the then present value, upon plus the cost of recovering, remodeling and releasing the Premises, and all unpaid Rent due through the date of such termination. If Landlord elects to terminate Tenant’s right to possession without terminating this Lease, Landlord shall have the right at any time thereafter to recover from Tenant the sum of (1) the worth at the time of award of the unpaid rental which had been earned at the time of termination; (2) the worth at the time of award of the amount by which the unpaid rental which would have been earned after termination until the time of award exceeds the amount of such rental loss that Tenant affirmatively proves could have been reasonably avoided; (3) the worth at the time of award of the amount by which the unpaid rental for the balance of the Term after the time of award exceeds the amount of such rental loss that Tenant affirmatively proves could be reasonably avoided; (4) any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant's failure to perform Tenant's obligations under this Lease or which in the ordinary course of things would be likely to result therefrom; and (5) all such other amounts in addition to or in lieu of the foregoing as may be permitted from time to time under applicable law; or (b) have this Lease continue in effect for so long as Landlord does not terminate this Lease and Tenant's right to possession of the Premises, in which event Landlord shall have the right to enforce all of Landlord's rights and remedies under this Lease including the right to recover the Fixed Rent, Percentage Rent and other charges payable by Tenant under this Lease as they become due under this Lease, and whereupon the foregoing provisions with respect to termination will thereafter apply. If an Act of Default occurs or in the case of any holding over or possession by Tenant shall have the right to sublet of the Premises after the expiration or (at Landlord's option) assign Tenant's interest in this Lease for a use permitted under this Lease to a party determined by Landlord to be termination of good moral character and sound financial responsibility; or (c) without terminating this Lease, Tenant shall reimburse Landlord may pay or discharge any breach or violation hereof which amount so expended shall be added to on demand for all costs incurred by Landlord in connection therewith including, but not limited to, reasonable attorneys’ fees, court costs, and related expenses plus interest thereon at the next monthly incremental payment of Fixed Rent due and treated in the same manner as rental hereunder; lesser of: (i) fifteen percent (15%) per annum, or (dii) without terminating this Lease, make the maximum rate of interest allowed by applicable law from the date such alterations and repairs as may be necessary in order to relet costs are paid by Landlord until Tenant reimburses Landlord for the Premises, and relet the Premises or any part thereof for such term or terms (which may be for a term extending beyond the Term of this Lease) at such rental or rentals and upon such other terms and conditions as Landlord in its sole discretion may deem advisablesame.
Appears in 1 contract
Rights Upon Default. (a) Notwithstanding If a Default by Tenant occurs, then at any provision herein time thereafter, with or without notice or demand, Landlord may exercise any and all rights and remedies available to the contrary and irrespective of whether all or any rights conferred upon Landlord by this Article XVII are expressly or by implication conferred upon Landlord elsewhere in under this Lease, at law or in the event of (i) any failure of Tenant to pay any Fixed Rent equity, statutory or Percentage Rent or any other charges or sums whatsoever due hereunder (at common law, including without limitation, amounts due termination of this Lease and termination of Tenant's right to possession without terminating the Lease. In the event of a Default, Landlord may, without additional notice and without court proceedings, re-enter and repossess the Premises and remove all persons and property therefrom, and Tenant hereby agrees to surrender possession of the Premises, waives any claim arising by reason thereof or by reason of issuance of any distress warrant or writ of sequestration, and agrees to hold Landlord harmless from any such claims. If Landlord elects to terminate this Lease, it may treat the Default as reimbursement an entire breach of this Lease and Tenant shall immediately become liable to Landlord for costs incurred by Landlord in performing obligations damages equal to the total of Tenant hereunder upon Tenant's failure so (a) the cost of recovering, reletting, including, without limitation, the cost of leasing commissions attributable to perform) for more than ten (10) days after written notice from Landlord to Tenant that such Fixed Rent or any other charges or sums whatsoever due hereunder were not received on the date required for payment pursuant to unexpired portion of the Term of this Lease, and remodeling of the Premises for a normal and customary office tenant, (b) all unpaid Rent and other amounts earned or due through such termination, including interest thereon at the rate specified in Section 13.04 hereof, plus (iic) the present value (discounted at the rate of eight percent (8%) per annum) of the balance of the Rent for the remainder of the Term less the present value (discounted at the same rate) of the fair market rental value of the Premises for said period and (d) any default or failure other sum of money and damages owed by Tenant to perform any other of the terms, conditions, or covenants of this Lease Landlord. If Landlord elects to be observed or performed by Tenant for more than twenty (20) days after written notice from Landlord to Tenant of such default unless such default cannot be cured within said twenty (20) days in which event Tenant shall have commenced to cure said default within twenty (20) days and shall proceed to cure the same with all reasonable dispatch and diligently pursue same to completion, or (iii) Tenant fails continuously to operate in the manner and during the hours established by Landlord pursuant to Section 7.02 hereof or for the use specified in the Section 7.01, writ of execution or similar writ or order, then Landlord, in addition to or in lieu of other rights or remedies it may have under this Lease or by law, shall have the right to (a) immediately terminate this Lease and Tenant's right to possession of the Premises by giving Tenant written notice that this Lease is terminated, in which event, upon such termination, Landlord shall have the right to recover from Tenant the sum of (1) the worth at the time of award of the unpaid rental which had been earned at the time of termination; (2) the worth at the time of award of the amount by which the unpaid rental which would have been earned after termination until the time of award exceeds the amount of such rental loss that Tenant affirmatively proves could have been reasonably avoided; (3) the worth at the time of award of the amount by which the unpaid rental for the balance of the Term after the time of award exceeds the amount of such rental loss that Tenant affirmatively proves could be reasonably avoided; (4) any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant's failure to perform Tenant's obligations under this Lease or which in the ordinary course of things would be likely to result therefrom; and (5) all such other amounts in addition to or in lieu of the foregoing as may be permitted from time to time under applicable law; or (b) have this Lease continue in effect for so long as Landlord does not terminate this Lease and Tenant's right to possession of the Premises, in which event Landlord shall have the right to enforce all of Landlord's rights and remedies under this Lease including the right to recover the Fixed Rent, Percentage Rent and other charges payable by Tenant under this Lease as they become due under this Lease, and Tenant shall have the right to sublet the Premises or (at Landlord's option) assign Tenant's interest in this Lease for a use permitted under this Lease to a party determined by Landlord to be of good moral character and sound financial responsibility; or (c) without terminating this Lease, Landlord may pay or discharge any breach or violation hereof which amount so expended (but shall not be added to the next monthly incremental payment of Fixed Rent due and treated in the same manner as rental hereunder; or (dobligated to) without terminating this Lease, make such alterations and repairs as may be necessary in order to relet the Premises, and relet rent the Premises or any part thereof for the account of Tenant to any person or persons for such term or terms (which may be rent and for a term extending beyond the Term of this Lease) at such rental or rentals and upon such other terms and conditions as Landlord reasonably deems appropriate, and Tenant shall be liable to Landlord for the amount, if any, by which the Rent for the unexpired balance of the Term exceeds the net amount, if any, received by Landlord from such reletting, being the gross amount so received by Landlord less the costs of repossession, reletting, remodeling, and other expenses incurred by Landlord. Such sum or sums shall be paid by Tenant in its sole discretion may deem advisablemonthly installments on the first day of each month of the Term. In no case shall Landlord be liable for failure to relet the Premises or to collect the rent due under such reletting, and in no event shall Tenant be entitled to more than 50% of any excess rents received by Landlord. All rights and remedies of Landlord shall be cumulative and not exclusive. Landlord shall use commercially reasonable efforts to mitigate Tenant's damages in the event of Tenant's default.
Appears in 1 contract
Samples: Lease Agreement (Eloyalty Corp)
Rights Upon Default. Upon the occurrence of an Event of Default, (a) Notwithstanding the principal of and accrued interest in respect of this Note shall become due and payable without presentment, demand, protest or other notice of any provision herein kind, all of which are hereby expressly waived by the Maker and (b) the Company shall have all of the rights and remedies provided by law, including, without limitation, those provided by the Uniform Commercial Code. In case of an Event of Default and the acceleration of the Maker's obligations hereunder, the Maker will pay to the contrary holder hereof such further amount as shall be sufficient to cover the cost and irrespective expense of whether collection, including, without limitation, reasonable attorney's fees, expenses and disbursements. No delay or omission on the part of the holder hereof in exercising any right shall operate as a waiver or otherwise prejudge the rights of the holder of this Note. No waiver of any single breach or default shall be deemed a waiver or breach of any other right referred to herein or now or hereafter available at law, in equity by, statute or otherwise; all remedies shall by cumulative and not alternative. In case there shall exist an Event of Default, but subject to the provisions of the Uniform Commercial Code or other applicable law, the Company may cause all or any rights conferred upon Landlord by this Article XVII are expressly of the Pledged Securities (as hereinafter defined) to be transferred into its name or by implication conferred upon Landlord elsewhere in this Leaseinto the name of its nominee or nominees. Initials: /s/ AB ------- Upon the occurrence of an Event of Default, in the event of (i) Company shall have the right at any failure of Tenant time or times thereafter to pay any Fixed Rent or Percentage Rent sell, resell, assign and deliver all or any other charges of the Pledged Securities in one or sums whatsoever due hereunder (including without limitationmore parcels at any exchange or broker's board or at public or private sale. Unless the Pledged Securities threaten to decline speedily in value or are of a type customarily sold on a recognized market, amounts due as reimbursement to Landlord for costs incurred by Landlord in performing obligations of Tenant hereunder upon Tenant's failure so to perform) for more than the Company will give the Maker at least ten (10) days after prior written notice from Landlord to Tenant that such Fixed Rent of the time and place of any public sale thereof or of the time after which any private sale or any other charges intended disposition thereof is to be made. Any such notice shall be deemed to meet any requirements hereunder or sums under any applicable law (including the Uniform Commercial Code) that reasonable notification by given of the time and place of such sale or other disposition. Such notice may be given without any demand of performance or other demand, all such demands being hereby expressly waived by the Maker. All such sakes shall be at such commercially reasonable price or prices, as the Company shall deem best and either for cash or on credit or for future delivery (without assuming any responsibility for credit risk). At any such sale or sales the Company may purchase any or all of the Pledged Securities to be sold thereat upon such terms as the Company may deem best. Upon any such sale or sales the Pledged Securities so purchased shall be held by the purchaser absolutely free from any claims or rights of whatsoever due hereunder were not received on kind or nature, including any equity or redemption and any similar rights, all such equity of redemption and any similar rights being hereby expressly waived and released by the date required for payment pursuant Maker, other than restrictions under applicable securities law. In the event of consent, approval or authorization of any governmental agency will necessary to this Leaseeffectuate any such sale or sales, the Maker shall execute all such applications or (ii) other instruments as may be required. The proceeds of any default such sale or failure by Tenant to perform sales, together with any other of the terms, conditions, or covenants of this Lease to be observed or performed by Tenant for more than twenty (20) days after written notice from Landlord to Tenant of such default unless such default cannot be cured within said twenty (20) days in which event Tenant shall have commenced to cure said default within twenty (20) days and shall proceed to cure the same with all reasonable dispatch and diligently pursue same to completion, or (iii) Tenant fails continuously to operate in the manner and during the hours established by Landlord pursuant to Section 7.02 hereof or for the use specified in the Section 7.01, writ of execution or similar writ or order, then Landlord, in addition to or in lieu of other rights or remedies it may have under this Lease or by law, shall have the right to (a) immediately terminate this Lease and Tenant's right to possession of the Premises by giving Tenant written notice that this Lease is terminated, in which event, upon such termination, Landlord shall have the right to recover from Tenant the sum of (1) the worth additional collateral security at the time received and held hereunder, shall be received and applied: first, to the payment all costs and expenses of award of such sale, including reasonable attorneys' fees; second, to the unpaid rental which had been earned at the time of termination; (2) the worth at the time of award payment of the amount by owed hereunder to which the unpaid rental which would Company does not have been earned after termination until recourse against the time of award exceeds Maker; third, to the amount of such rental loss that Tenant affirmatively proves could have been reasonably avoided; (3) the worth at the time of award payment of the amount by owed hereunder to which the unpaid rental Company does have recourse against the Maker, and any surplus thereafter remaining shall be paid to the Maker or to whomever may be legally entitled thereto (including, if applicable, any subordinated creditor of the Maker). The Maker recognizes that the Company may be unable to effect a public sale of all or a part of the Pledged Securities by reason of certain prohibitions contained in the Securities Act of 1933, as amended (the "SECURITIES ACT") but may be compelled to resort to one or more private sales to a restricted group of purchasers, each of whom will be obligated to agree, among other things, to acquire such Pledged Securities for its own account, for investment and not with a view to the distribution or resale thereof. The Maker acknowledges that private sales so made may be at prices and upon other terms less favorable to the seller than if such Pledged Securities were sold at public sales, and that the Company has no obligation to delay sale of any such Pledged Securities for the balance period of the Term after the time of award exceeds the amount of such rental loss that Tenant affirmatively proves could be reasonably avoided; (4) any other amount necessary to compensate Landlord permit such Pledged Securities to be registered for all public sale under the detriment proximately caused by Tenant's failure Securities Act. The Maker agrees that any such private sales shall not be deemed to perform Tenant's obligations have been made in a commercially unreasonable manner solely because they shall have been made under this Lease or which in the ordinary course of things would be likely to result therefrom; and (5) all such other amounts in addition to or in lieu of the foregoing as may be permitted from time to time under applicable law; or (b) have this Lease continue in effect for so long as Landlord does not terminate this Lease and Tenant's right to possession of the Premises, in which event Landlord shall have the right to enforce all of Landlord's rights and remedies under this Lease including the right to recover the Fixed Rent, Percentage Rent and other charges payable by Tenant under this Lease as they become due under this Lease, and Tenant shall have the right to sublet the Premises or (at Landlord's option) assign Tenant's interest in this Lease for a use permitted under this Lease to a party determined by Landlord to be of good moral character and sound financial responsibility; or (c) without terminating this Lease, Landlord may pay or discharge any breach or violation hereof which amount so expended shall be added to the next monthly incremental payment of Fixed Rent due and treated in the same manner as rental hereunder; or (d) without terminating this Lease, make such alterations and repairs as may be necessary in order to relet the Premises, and relet the Premises or any part thereof for such term or terms (which may be for a term extending beyond the Term of this Lease) at such rental or rentals and upon such other terms and conditions as Landlord in its sole discretion may deem advisablecircumstances.
Appears in 1 contract
Rights Upon Default. (a) Notwithstanding any provision herein to the contrary and irrespective of whether all or any rights conferred upon Landlord by this Article XVII are expressly or by implication conferred upon Landlord elsewhere in this Lease, in In the event of (i) any failure of Tenant to pay any Fixed Rent Rental or Percentage Rent or any other charges or sums amounts whatsoever due hereunder (including without limitation, amounts due as reimbursement or required to be reimbursed to Landlord for costs incurred by Landlord in performing obligations of Tenant hereunder upon Tenant's failure so to perform) for more than ten (10) days after written notice from Landlord to Tenant that such Fixed Rent or any other charges or sums whatsoever due hereunder were not received on the date required for payment pursuant to this LeaseLandlord, or (ii) any default or failure by Tenant Xxxxxx to perform any other of the terms, conditions, or covenants of this Lease to be observed or performed by Tenant for more than twenty thirty (2030) days after written notice from Landlord to Tenant of such default failure (unless such default failure cannot be cured within said twenty thirty (2030) days in which event Tenant shall not be deemed to be in default hereunder if Tenant shall have commenced to cure said default promptly within twenty thirty (2030) days and shall thereafter diligently proceed to complete such cure, provided that in no event shall such cure the same with all reasonable dispatch and diligently pursue same to completionperiod extend beyond one hundred twenty (120) days), or (iii) any failure by Tenant fails continuously to timely commence Tenant’s Work, or (iv) any failure by Tenant to move into the Premises and to initially open for business on or before the Rental Commencement Date, or (v) any failure by Tenant to operate continuously in the manner and during the hours established by Landlord pursuant to Section 7.02 7.02(a) hereof or for the use specified in Permitted Use, or (vi) Tenant’s abandonment of the Section 7.01, writ of execution or similar writ or orderPremises, then Landlord, in addition to or in lieu of other rights or remedies it may have under this Lease or and to the fullest extent allowed by law, shall have the right to (a) immediately terminate this the Lease and or Tenant's ’s right to possession of the Premises by giving Tenant written notice that this Lease is terminatedpossession, in which eventor both, upon such termination, Landlord shall have the right and to recover damages from Tenant the sum of which include, but are not limited to: (1) past due Rental; (2) Rental due through the time of award, (3), the worth at the time of award of the unpaid rental which had been earned at the time of termination; (2) the worth at the time of award of the amount by which the unpaid rental which would have been earned after termination until the time of award exceeds the amount of such rental loss that Tenant affirmatively proves could have been reasonably avoided; (3) the worth at the time of award of the amount by which the unpaid rental for all Rental due through the balance of the Term after the time of award exceeds the amount of such rental Term, less any Rental loss that Tenant affirmatively proves could be reasonably avoided, discounted to present value at the Federal Funds Rate then in effect; and (4) any other amount necessary to compensate Landlord for all the detriment damages proximately caused by Tenant's failure to perform Tenant's obligations , including without limitation, the unamortized amount of the Allowance set forth in Exhibit B-1 and the unamortized amount of any broker commission paid by Landlord. Any payment of Rental into a lockbox or similar account following Landlord’s service of a default notice under this Lease or which in the ordinary course of things would be likely to result therefrom; and (5) all such other amounts in addition to or in lieu Article shall not constitute acceptance of the foregoing as may be permitted from time to time under applicable law; or (b) have this Lease continue in effect for so long as Landlord does not terminate this Lease and Tenant's right to possession of the Premises, in which event Landlord shall have the right to enforce all of Rental by Landlord's rights and remedies under this Lease including the right to recover the Fixed Rent, Percentage Rent and other charges payable by Tenant under this Lease as they become due under this Lease, and Tenant shall have the right to sublet the Premises or (at Landlord's option) assign Tenant's interest in this Lease for a use permitted under this Lease to a party determined by Landlord to be of good moral character and sound financial responsibility; or (c) without terminating this Lease, Landlord may pay or discharge any breach or violation hereof which amount so expended shall be added to the next monthly incremental payment of Fixed Rent due and treated in the same manner as rental hereunder; or (d) without terminating this Lease, make such alterations and repairs as may be necessary in order to relet the Premises, and relet the Premises or any part thereof for such term or terms (which may be for a term extending beyond the Term of this Lease) at such rental or rentals and upon such other terms and conditions as Landlord in its sole discretion may deem advisable.
Appears in 1 contract