Common use of Sublessor’s Remedies Clause in Contracts

Sublessor’s Remedies. Upon the occurrence of an Event of Default, Sublessor may proceed at its option: (i) to keep this Agreement in effect, reserving its right to proceed later for the remaining installments of rent as they become due, and at Sublessor’s option, proceed for specific performance and/or an injunction to enforce specific provisions of this Agreement; or (ii) declare all of the unpaid installments of monthly rent for the remainder of the term at once due and payable, with each monthly rent installment being discounted to present value at the rate of 3% per annum (the “Discount Rate”), whereupon this entire amount shall become and be immediately due and payable, with this Agreement remaining in effect, Subtenant remaining obligated to perform all other obligations this Agreement, and Sublessor reserving the right to collect all additional amounts that become due; (iii) terminate this Agreement by notice to Subtenant, and in that event, this Agreement will terminate on the date designated by Sublessor in its termination notice, and Subtenant will remain liable as provided below; and/or (iv) enforce any or all other rights or remedies provided in this Agreement or permitted by law. All rights and remedies of Sublessor under this Agreement shall be cumulative, and none shall exclude any other right or remedy allowed by this Agreement or by law. If Sublessor elects option (iii) and terminates this Agreement, then Sublessor may release the Subleased Premises for such price and on such terms as may be immediately obtainable, and Subtenant will be and remain liable, not only for all rent due and other obligations incurred up to the termination date of this Lease and for all damages that accrue until Subtenant vacates or is removed from the Subleased Premises, but also for stipulated or liquidated damages for its nonperformance equal to the sum of (a) all expenses that Sublessor incurs in re-entering and re-possessing the Subleased Premises, putting the Subleased Premises in proper repair, curing Subtenant’s defaults, removing improvements and Subtenant’s property and reletting the Subleased Premises, including reasonable attorney’s fees and disbursements, actual sheriff’s fees, and market-rate brokerage fees incurred in this re-leasing, plus the amount by which the aggregate of all monthly rent that Sublessor was to have received under this Agreement from the date on which Subtenant vacated or was removed from the Subleased Premises to the term expiration, exceeds the fair market value of the Subleased Premises during this period. In addition to, and not instead of the above remedies, if Subtenant fails to perform any of its obligations under this Agreement when its performance is due, then Sublessor will have the right, but not the obligation, to pay all sums and take all actions that are necessary or desirable to perform Subtenant’s obligations. If Sublessor elects to perform Subtenant’s obligations, then Subtenant will reimburse Sublessor for the costs incurred by Sublessor in doing so, plus an additional 15% of these costs to reimburse Sublessor for its administrative expense, within 5 days after demand. The performance by Sublessor of Subtenant’s obligations will not be construed as a modification or waiver of any provision of this Agreement and these obligations will remain the obligations of Subtenant. In addition, neither the performance of Subtenant’s obligation by Sublessor nor Sublessor’s failure to perform obligations will preclude Sublessor from exercising any of its rights or remedies set out in this Agreement or by law by reason of Subtenant’s default.

Sublessor’s Remedies. Upon the occurrence of an Event of DefaultSublessee’s default, Sublessor may proceed at its option: (i) to keep this Agreement shall have all remedies provided in effectlaw or equity, reserving its including without limitation, the right to proceed later for end this Sublease or Sublessee’s right to possession hereunder, in which case Sublessee shall immediately vacate the remaining installments Sublet Premises; with or without process of rent as they become duelaw, and if necessary, remove Sublessee, with or without having ended the Sublease, and alter locks and other security devices at the Sublet Premises, and Sublessee waives any claim for damages by reason of Sublessor’s optionreentry, proceed repossession, or alteration of locks or other security devices and for specific performance and/or an injunction damages by reason of any legal process. If Sublessor ends this Sublease or Sublessee’s right to enforce specific provisions possess the Sublet Premises hereunder, Sublessee shall be liable to Sublessor for monthly rent, and any other indebtedness of Sublessee under this Agreement; or (ii) declare all of Sublease, accrued to the unpaid installments of monthly rent for date the Sublease ends and thereafter scheduled during the remainder of the term Term. Sublessor may sxx and take any other action provided by law to collect the amounts due hereunder at once any time and from time to time without waiving its rights to sxx for and collect further amounts due and payablefrom Sublessee hereunder. Notwithstanding the foregoing, with each monthly rent installment being discounted (i) Sublessor agrees to present value at the rate use commercially reasonable efforts to mitigate its damages following an event of 3% per annum (the “Discount Rate”), whereupon this entire amount shall become and be immediately due and payable, with this Agreement remaining in effect, Subtenant remaining obligated to perform all other obligations this Agreementdefault by Sublessee, and (ii) Sublessor reserving the right to collect shall comply with all additional amounts that become due; (iii) terminate this Agreement by notice to Subtenant, and in that event, this Agreement will terminate on the date designated by Sublessor in its termination notice, and Subtenant will remain liable as provided below; and/or (iv) enforce any or all other rights or remedies provided in this Agreement or permitted by law. All rights and remedies of Sublessor under this Agreement shall be cumulative, and none shall exclude any other right or remedy allowed by this Agreement or by law. If Sublessor elects option (iii) and terminates this Agreement, then Sublessor may release the Subleased Premises for such price and on such terms as may be immediately obtainable, and Subtenant will be and remain liable, not only for all rent due and other obligations incurred up applicable laws with respect to the termination date of this Lease and for all damages that accrue until Subtenant vacates or is removed from the Subleased Premises, but also for stipulated or liquidated damages for its nonperformance equal to the sum of (a) all expenses that Sublessor incurs in re-entering and re-possessing the Subleased Premises, putting the Subleased Premises in proper repair, curing Subtenant’s defaults, removing improvements and Subtenant’s property and reletting the Subleased Premises, including reasonable attorney’s fees and disbursements, actual sheriff’s fees, and market-rate brokerage fees incurred in this re-leasing, plus the amount by which the aggregate of all monthly rent that Sublessor was to have received under this Agreement from the date on which Subtenant vacated or was removed from the Subleased Premises to the term expiration, exceeds the fair market value of the Subleased Premises during this period. In addition to, and not instead of the above remedies, if Subtenant fails to perform any of its obligations under this Agreement when its performance is due, then Sublessor will have the right, but not the obligation, to pay all sums and take all actions that are necessary or desirable to perform Subtenant’s obligations. If Sublessor elects to perform Subtenant’s obligations, then Subtenant will reimburse Sublessor for the costs incurred by Sublessor in doing so, plus an additional 15% of these costs to reimburse Sublessor for its administrative expense, within 5 days after demand. The performance by Sublessor of Subtenant’s obligations will not be construed as a modification or waiver pursuit of any provision remedy against Sublessee following an event of this Agreement and these obligations will remain the obligations of Subtenant. In addition, neither the performance of Subtenant’s obligation default by Sublessor nor Sublessor’s failure to perform obligations will preclude Sublessor from exercising any of its rights or remedies set out in this Agreement or by law by reason of Subtenant’s defaultSublessee.

Sublessor’s Remedies. Upon each occurrence of an Event of Default and so long as such Event of Default shall be continuing and Sublessee has not made reasonable steps to cure such default, Sublessor may at any time thereafter at its election: terminate this Sublease or Sublessee’s right of possession, (but Sublessee shall remain liable as hereinafter provided) and/or pursue any other remedies at law or in equity. Upon the occurrence termination of this Sublease or termination of Sublessee’s right of possession, it shall be lawful for Sublessor, without formal demand or notice of any kind, to re-enter the Subleased Premises by summary dispossession proceedings or any other action or proceeding authorized by law and to remove Sublessee and all persons and property therefrom. If Sublessor re-enters the Subleased Premises, Sublessor shall have the right to keep in place and use, or remove and store, all of the furniture, fixtures and equipment at the Subleased Premises. If Sublessor terminates this Sublease by reason of an Event of Default, Sublessor may proceed at its optionrecover from Sublessee the sum of: (i) all Rent and all other amounts accrued hereunder to keep this Agreement in effectthe date of such termination; the cost of reletting the whole or any part of the Subleased Premises, reserving its right to proceed later for the remaining installments of rent as they become dueincluding without limitation brokerage fees and/or leasing commissions incurred by Sublessor, and at Sublessorcosts of removing and storing Sublessee’s optionor any other occupant’s property, proceed for specific performance and/or an injunction repairing, altering, remodeling, or otherwise putting the Subleased Premises into condition acceptable to enforce specific provisions of this Agreement; a new tenant or (ii) declare all of the unpaid installments of monthly rent for the remainder of the term at once due and payable, with each monthly rent installment being discounted to present value at the rate of 3% per annum (the “Discount Rate”), whereupon this entire amount shall become and be immediately due and payable, with this Agreement remaining in effect, Subtenant remaining obligated to perform all other obligations this Agreementtenants, and Sublessor reserving the right to collect all additional amounts that become due; (iii) terminate this Agreement by notice to Subtenant, and in that event, this Agreement will terminate on the date designated reasonable expenses incurred by Sublessor in pursuing its remedies, including reasonable attorneys’ fees and court costs; and the excess of the then present value of the Rent and other amounts payable by Sublessee under this Sublease as would otherwise have been required to be paid by Sublessee to Sublessor during the period following the termination notice, and Subtenant will remain liable as provided below; and/or (iv) enforce any or all other rights or remedies provided of this Sublease measured from the date of such termination to the expiration date stated in this Agreement or permitted by law. All rights and remedies of Sublessor under this Agreement Sublease, which shall be cumulative, and none shall exclude deemed not to exceed twelve (12) months over the present value of any other right or remedy allowed net amounts which Sublessee establishes Sublessor can reasonably expect to recover by this Agreement or by law. If Sublessor elects option (iii) and terminates this Agreement, then Sublessor may release reletting the Subleased Premises for such price and on such terms as may be immediately obtainableperiod, and Subtenant will be and remain liable, not only for all rent due taking into consideration the availability of acceptable tenants and other obligations incurred up to the termination date of this Lease and for all damages that accrue until Subtenant vacates or is removed from the Subleased Premises, but also for stipulated or liquidated damages for its nonperformance market conditions affecting leasing. Such present values shall be calculated at a discount rate equal to the sum 90-day U.S. Treasury bxxx rate at the date of (a) all expenses that Sublessor incurs in re-entering and re-possessing the Subleased Premises, putting such termination. If the Subleased Premises in proper repairare not relet, curing Subtenant’s defaults, removing improvements and Subtenant’s property and reletting then Sublessee shall pay to Sublessor as reasonable damages a sum equal to the Subleased Premises, including reasonable attorney’s fees and disbursements, actual sheriff’s fees, and market-rate brokerage fees incurred amount of the rental reserved in this re-leasingSublease for such period or periods, plus the amount by which the aggregate cost of all monthly rent that Sublessor was to have received under this Agreement from the date on which Subtenant vacated or was removed from the Subleased Premises to the term expiration, exceeds the fair market value recovering possession of the Subleased Premises during this period. In addition to(including reasonable attorneys’ fees and costs of suit), the unpaid Rent and other amounts accrued hereunder at the time of repossession, and not instead of the above remedies, if Subtenant fails to perform any of its obligations under this Agreement when its performance is due, then Sublessor will have the right, but not the obligation, to pay all sums and take all actions that are necessary or desirable to perform Subtenant’s obligations. If Sublessor elects to perform Subtenant’s obligations, then Subtenant will reimburse Sublessor for the costs incurred in any attempt by Sublessor to relet the Subleased Premises. If the Subleased Premises are relet and a sufficient sum shall not be realized from such reletting [after first deducting therefrom, for retention by Sublessor, the unpaid Rent and other amounts accrued hereunder at the time of reletting, the cost of recovering possession (including reasonable attorneys’ fees and costs of suit), all of the costs and expense of repairs, changes, alterations, and additions, the expense of such reletting (including without limitation brokerage fees and leasing commissions) and the cost of collection of the rent accruing therefrom] to satisfy the rent provided for in doing sothis Sublease to be paid, plus an additional 15% of these costs then Sublessee shall immediately satisfy and pay any such deficiency. Any such payments due Sublessor shall be made upon demand therefor from time to reimburse time and Sublessee agrees that Sublessor for its administrative expense, within 5 days after demandmay file suit to recover any sums falling due from time to time. The performance Exercise by Sublessor of Subtenant’s obligations will any one or more remedies hereunder granted or otherwise available shall not be deemed to be an acceptance of surrender of the Subleased Premises and/or a termination of this Sublease by Sublessor, whether by agreement or by operation of law, it being understood that such surrender and/or termination can be effected only by the written agreement of Sublessor and Sublessee. Any law, usage, or custom to the contrary notwithstanding, Sublessor shall have the right at all times to enforce the provisions of this Sublease in strict accordance with the terms hereof; and the failure of Sublessor at any time to enforce its rights under this Sublease strictly in accordance with same shall not be construed as having created a modification custom in any way or manner contrary to the specific terms, provisions, and covenants of this Sublease or as having modified the same. Sublessee and Sublessor further agree that forbearance or waiver by Sublessor to enforce its rights pursuant to this Sublease or at law or in equity, shall not be a waiver of Sublessor’s right to enforce one or more of its rights in connection with any subsequent default. A receipt by Sublessor of rent or other payment with knowledge of the breach of any covenant hereof shall not be deemed a waiver of such breach, and no waiver by Sublessor of any provision of this Agreement Sublease shall be deemed to have been made unless expressed in writing and these signed by Sublessor. To the greatest extent permitted by law, Sublessee waives the service of notice of Sublessor’s intention to re-enter as provided for in any statute, or to institute legal proceedings to that end, and also waives all right of redemption in case Sublessee shall be dispossessed by a judgment or by warrant of any court or judge. The terms “enter,” “re-enter,” “entry” or “re-entry,” as used in this Sublease, are not restricted to their technical legal meanings. Any reletting of the Subleased Premises shall be on such term and conditions as Sublessor in its sole discretion may determine (including without limitation a term different than the remaining Term, rental concessions, alterations and repair of the Subleased Premises, lease of less than the entire Subleased Premises to any tenant and leasing any or all other portions of the Project before reletting the Subleased Premises). Sublessor shall not be liable, nor shall Sublessee’s obligations will remain the obligations of Subtenant. In additionhereunder be diminished because of, neither the performance of Subtenant’s obligation by Sublessor nor Sublessor’s failure to perform obligations will preclude Sublessor from exercising any relet the Subleased Premises or collect rent due in respect of its rights or remedies set out in this Agreement or by law by reason of Subtenant’s defaultsuch reletting.