Subtenant Default. If Subtenant shall default in the payment of Base Rent or Additional Rent hereunder or in the performance or observance of any of the terms, covenants or conditions of this Sublease on the part of Subtenant to be performed or observed, or cause a violation of the Prime Lease, Sublandlord shall have the right (but not the obligation) to exercise all of the same rights and remedies provided to or reserved by Landlord in the Prime Lease and at law; however, the foregoing shall in no way be deemed to limit or impair the rights and privileges of Landlord under the Prime Lease, or to impose any obligations on the part of Sublandlord by reason of the exercise by Landlord of any of such rights or privileges under the Prime Lease with respect to the Subleased Premises or to the use and occupation thereof by Subtenant. Sublandlord shall have the same rights and remedies in the event of non-payment or late payment by Subtenant of Base Rent or Additional Rent hereunder as are available to Landlord under the Prime Lease and at law for the non-payment or late payment of Prime Lease Rent, including the imposition of the late fee and interest set forth in the Prime Lease for late payments. With respect to any of the foregoing claimed defaults or violations on the part of the Subtenant, the Subtenant shall have the benefit of all of the same rights and remedies, including but not limited to rights to notice, curative periods and other curative opportunities, that are available to the Sublandlord, as Tenant under the Prime Lease, for any alleged default of the Sublandlord as Tenant under the Prime Lease; provided, however, that any cure period available to Subtenant for any matter that would also constitute an Event of default by Sublandlord under the Prime Lease shall expire five (5) days before the applicable cure period under the Prime Lease expires.
Subtenant Default. In the event Subtenant shall breach any of the terms, covenants or conditions of this Sublease or the Master Lease, beyond any commercially reasonable and mutually agreed cure period, then, in that event, in addition to the remedies in the Master Lease, Sublandlord shall have the right to enter and retake the Sublet Premises and terminate Subtenant’s interest under this Sublease.
Subtenant Default. The occurrence of any one or more of the following events shall constitute a material default and breach of this Sublease by Subtenant (“Event of Default”):
a. vacation or abandonment of all or any material portion of the Subleased Premises; provided that the vacating of all or a material part of the Subleased Premises by Subtenant shall not constitute an Event of Default so long as (i) Subtenant gives Sublandlord and Master Landlord not less than thirty (30) days notice of the date Subtenant intends to vacate the Subleased Premises, (ii) on or before the date Subtenant vacates the Subleased Premises Subtenant pays to Sublandlord rent for the next month in advance of the date otherwise due (e.g., pay on September 1, the installments of rent for the months of October and November), and (iii) otherwise continue to perform Subtenant’s obligations under this Sublease;
b. failure by Subtenant to make any payment of Rent or any other sum payable by Subtenant under this Sublease where such failure continues for more than ten (10) calendar days after Sublandlord has provided Subtenant with notice of the delinquent payment; provided, however, Sublandlord need not give any such notice, and Subtenant shall not be entitled to any such period of grace, more than two times in any twelve (12) month period;
c. an assignment of this Sublease by Subtenant or a sublease of any or all of the Subleased Premises without Sublandlord’s permission except in conformance with Paragraph 10.04 hereof;
d. failure by Subtenant to observe or perform any covenant or condition of this Sublease, other than the making of payments, where such failure shall continue for a period of fifteen (15) calendar days after written notice from Sublandlord; provided,
(1) the making by Subtenant of any general assignment or general arrangement for the benefit of creditors; (2) the filing by or against Subtenant of a petition in bankruptcy, including reorganization or arrangement, unless, in the case of a petition filed against Subtenant, unless the same is dismissed within forty-five (45) calendar days; (3) the appointment of a trustee or receiver to take possession of substantially all of Subtenant’s assets located in the Subleased Premises or of Subtenant’s interest in this Sublease; (4) any execution, levy, attachment or other process of law against any property of Subtenant or Subtenant’s interest in this Sublease, unless the same is dismissed within forty-five (45) calendar days; (5) adjudication tha...
Subtenant Default. Section 1. Subtenant shall be deemed in default hereunder if, after receipt from Landlord of the required notice and the expiration of the applicable cure period (each as described more fully below), (a) Subtenant shall neglect or fail to make any payment of Annual Base Rent, Additional Rent or other payments to be made by it hereunder or shall neglect or fail to perform or observe any of the other material covenants and agreements contained in this Sublease and on its part to be performed or observed, (b) the estate created hereby shall be taken upon execution, attachment, or any other process of law and such process shall not be rendered inoperative within twenty (20) days thereafter, (c) Subtenant shall be adjudged a bankrupt or insolvent, or if any receiver or trustee of all or any part of the business or property of Subtenant, wherever located, shall be appointed and shall not be discharged within ninety (90) days after appointment, (d) Subtenant shall make any general assignment of its property for the benefit of creditors, or if Subtenant shall file a voluntary petition in bankruptcy or insolvency or shall apply for reorganization or arrangement with its creditors under the bankruptcy or insolvency laws now in force or hereinafter enacted, federal, state or otherwise, or if any such petition shall be filed against Subtenant and shall not be discharged within ninety (90) days after the filing, provided that the rent and all other monetary obligations of Subtenant shall be paid, or (e) Subtenant shall seek a composition with its creditors by trust mortgage or otherwise. Anything herein contained to the contrary notwithstanding, Subtenant shall not be in default until it receives written notice from Landlord of one or more of (a) through (e) above, as applicable, and is given the opportunity to cure the same, as follows. If such potential default shall relate to the payment of money, Subtenant shall have five (5) days to make payment. If such potential default shall be other than the payment of money, Subtenant shall have thirty (30) days to cure, provided that if the potential default complained of is of such character that it reasonably requires more than thirty (30) days to cure the same, Subtenant shall have a reasonable period of time, not to exceed sixty (60) days, subsequent to such thirty (30) day period, provided that Subtenant shall commence to cure such potential default within such thirty (30) day period and proceed diligently until complet...
Subtenant Default. Subtenant shall be in default under this Sublease (“Default”) if:
(a) Subtenant fails to pay any rent or other amount due under this Sublease within ten (10) days after notice that the same is due;
(b) Subtenant fails to comply with any provisions of the Master Lease or this Sublease regarding the permitted use of the Sublease Premises and fails to cure such failure within three (3) business days following delivery of notice from Sublandlord or Master Landlord;
(c) Subtenant fails to comply with any other provision of this Sublease and does not cure such failure within twenty (20) days after delivery of notice from Sublandlord, provided, however, if the nature of such default is such that it cannot be completed cured or remedied within said twenty (20) day period, provided Subtenant diligently commences a cure of such default within said twenty (20) day period and thereafter pursues such cure in good faith and with reasonable diligence, such 20 day cure period shall be extended for such reasonable period of time necessary to cure such default;
(d) Subtenant violates any of the provisions of Section 10.04; or
(e) Subtenant commits or permits any default as defined in Article 17 of the Master Lease which is not cured within any notice and/or cure period provided for in said Article 17.
Subtenant Default. Upon a Default by Subtenant under this Sublease, (after notice and cure periods), Sublandlord may, without waiving or releasing any obligation of Subtenant hereunder and without waiving any rights or remedies at law or otherwise, make such payment or perform such act. All sums so paid or incurred by Sublandlord, together with interest thereon, from the date such sums were paid or incurred, at the annual rate equal to 12% per annum or the highest rate permitted by law, whichever is less, shall be payable to Sublandlord on demand as Additional Rent.
Subtenant Default. Subtenant's performance of each of its obligations under this Sublease, the Prime Sublease and the Master Lease (to the extent incorporated herein) constitutes a condition as well as a covenant, and Subtenant's right to continue in possession of the Sublease Premises is conditioned upon such performance. In addition, Subtenant shall be in material default of its obligations under this Sublease (a “Subtenant Default”) if Subtenant commits, or is responsible for the occurrence of, any of the Defaults set forth in the Master Lease, including Article 24 of the Original Lease, as modified by Section 9.g of the First Amendment, or any Subtenant Default set forth in the Prime Sublease, including Section 16 of the Prime Sublease. Notwithstanding anything to the contrary contained in Section 24(b) of the Original Lease, Subtenant shall not be in default pursuant to this Sublease with respect to its failure to pay Rent or other sum due hereunder unless Subtenant fails to pay such sum within three (3) days after Xxxxxxxxxxx’s written notice that such sum is past due.
Subtenant Default. If this Sublease is terminated prior to the end of the Sublease Term because of an Event of Default by Subtenant, then in addition to any other amounts due Sublandlord, Subtenant shall pay to Sublandlord the sum of the unamortized portions of the Tenant Improvement Allowance, the Brokerage Commission and the Free Rent, which amount shall be amortized over the full Sublease Term at an annual interest rate of nine percent (9%).
Subtenant Default. Upon a Default by Subtenant under this Sublease, (after notice and cure periods), Sublandlord may, without waiving or releasing any obligation of Subtenant hereunder and without waiving any rights or remedies at law or otherwise, make such payment or perform such act to cure said Default or enforce Sublandlord’s rights under this Sublease. All sums so paid or incurred by Sublandlord, together with interest thereon, from the date such sums were paid or incurred, at the annual rate equal to 12% per annum or the highest rate permitted by law, whichever is less, shall be payable to Sublandlord on demand as Additional Rent.
Subtenant Default. The parties agree that the maximum amount of interest payable in the event of Default by Subtenant under Section 12 of the Sublease shall be increased from 12% to 15%. Further, should late payment by Subtenant exceed one week beyond notice of such late payment by Shire, Shire shall have the right to demand prepaid Extension Term Rent and estimated Operating Expenses for the subsequent two-month period following the month in which payment was delayed by Subtenant.
