Common use of Tenant Default and Landlord Remedies Clause in Contracts

Tenant Default and Landlord Remedies. Upon the occurrence of any Event of Default, Landlord shall have the following rights and remedies, in addition to those allowed by law, any one or more of which may be exercised without further notice to or demand upon Tenant: (a) in accordance with applicable laws, Landlord may reenter the Leased Premises and cure any default of Tenant, and Tenant shall reimburse Landlord within ten (10) days after written notice as Additional Rent for any costs and expenses which Landlord thereby incurs. (b) Landlord may terminate this Lease or, without terminating this Lease, terminate Tenant's right to possession of the Leased Premises as of the date of such default, and thereafter (i) neither Tenant nor any person claiming under or through Tenant shall be entitled to possession of the Leased Premises, and Tenant shall immediately surrender the Leased Premises to Landlord; and (ii) in accordance with applicable laws, Landlord may reenter the Leased Premises and dispossess Tenant and any other occupants of the Leased Premises by any lawful means and may remove and dispose of their effects, without prejudice to any other remedy which Landlord may have. Upon the termination of this Lease, Landlord may declare the discounted present value (as reasonably determined by Landlord using a discount rate of five percent (5%) per annum) of all Base Rent and Additional Rent which would have been due under this Lease for the balance of the Lease Term to be immediately due and payable, whereupon Tenant shall be obligated to pay the same to Landlord, together with all loss or damage which Landlord may sustain by reason of Tenant's default ("Default Damages"), which shall include without limitation expenses of preparing the Leased Premises for re-letting, demolition, repairs, tenant finish improvements, and brokers' and attorneys' fees, it being expressly understood and agreed that the liabilities and remedies specified in this subsection (b) shall survive the termination of this Lease. (c) In accordance with applicable laws, Landlord may, without terminating this Lease, re-enter the Leased Premises and re-let all or any part thereof for a term different from that which would otherwise have constituted the balance of the Lease Term and for rent and on terms and conditions different from those contained herein, whereupon Tenant shall be obligated to pay to Landlord as liquidated damages the difference between the Base Rent and Additional Rent provided for herein and that provided for in any lease covering a subsequent re-letting of the Leased Premises, for the period which would otherwise have constituted the balance of the Lease Term, together with all of Landlord's Default Damages. (d) Landlord may sue for injunctive relief or to recover damages for any loxx resulting from the breach including, but not limited to, Base Rent and Additional Rent payable under this Lease. (e) Landlord may exercise any other right or remedy now or hereafter existing at law or in equity. (f) Upon and after any termination of this Lease by Landlord, Landlord shall use commercially reasonable efforts to relet the Leased Premises or any portion thereof to the extent required by law to any person, firm or corporation other than the Tenant for a fair market rent and upon such terms and conditions as are commercially reasonable. (g) Notwithstanding the foregoing, if, and only if, (i) one or more Events of Default specified in subsection (d) of Section 12.1 (herein referred to as the "Limited Remedy Defaults") has occurred and is continuing and has not been waived by Landlord, and (ii) no Event of Default specified in subsection (a), (b) or (c) of Section 12.1 (herein referred to as the "Unlimited Remedy Defaults") has occurred, then the present value as of the Occurrence Date (as hereinafter defined), discounted from the date of payment at the annual rate of seven percent (7%) per annum, of the aggregate amount Tenant pays and shall be required to pay to Landlord from and after the date of the occurrence of such Limited Remedy Default (the "Occurrence Date") with respect to Base Rent and Additional Rent (subject to the following provisos), shall be limited to the present value as of the Occurrence Date, discounted at the annual rate of seven percent (7%), of all Base Rent reserved hereunder for the unexpired portion (after the Occurrence Date) of the Term devised herein as if this Lease had not expired or been terminated. In addition to the above, the Tenant shall be obligated for (i) any amounts of Additional Rent which are due and payable or have accrued under this Lease through the Occurrence Date, and (ii) any amounts of Additional Rent which are due and payable or have accrued under this Lease after the Occurrence Date while the Tenant remains in possession of the Leased Premises after any Limited Remedy Default that relate to Impositions, insurance, utilities, repairs, maintenance, environmental maintenance, remediation and compliance and other routine and customary costs and expenses of operating and maintaining the Leased Premises. Notwithstanding the foregoing, if the Tenant remains in possession of the Leased Premises and assumes, ratifies or affirms this Lease during any pending bankruptcy or other event described in subsection 12.1(d), then Tenant shall be obligated to pay all amounts of Base Rent and Additional Rent which become due and payable under this Lease without limitation by this subsection (g). Nothing contained in this subsection 12.2(g) shall limit any amounts payable by Tenant with respect to Base Rent or Additional Rent if any Unlimited Remedy Default has occurred.

Tenant Default and Landlord Remedies. Upon the occurrence Each of any Event of Default, Landlord shall have the following rights and remedies, in addition to those allowed by law, any one or more constitutes an event of which may be exercised without further notice to or demand upon default of Tenant: (ai) in accordance with applicable lawsTenant’s failure to pay any monthly installments of rent (including annual minimum rent and additional rent), Landlord may reenter the Leased Premises and cure or any default of Tenant, and Tenant shall reimburse Landlord other sums required to be paid hereunder within ten (10) days of the date when due or five (5) days following notice of non-payment from Landlord, whichever is later; (ii) Tenant’s failure to keep, observe or perform any of the other terms, conditions or covenants set forth in this Lease if the failure continues for thirty (30) days after written notice as Additional Rent for from Landlord of such failure, or such shorter time specified in this Lease, or if not reasonably capable of being cured within said period, then if Tenant shall not commence to cure such failure within such applicable period and continuously prosecute the performance of the same to completion with due diligence within ninety (90) days following the Landlord’s notice ; or (iii) Tenant becomes insolvent, or commences a case under Title 11 of the United States Code or consents to or does not obtain within ninety (90) days of its filing a dismissal of an involuntary petition filed under Title 11 of the United States Code. Upon an event of default, Landlord shall be entitled to exercise, at its option, concurrently, successively or in any costs combination, all non-conflicting remedies available at law or in equity, including without limitation any one or more of the following (except that (a) and expenses which Landlord thereby incurs.(b) shall be mutually exclusive remedies): (a) To terminate this Lease and collect all pre-termination actual damages from Tenant (including without limitation rent in arrears and interest and late fees accrued thereon); (b) To terminate Tenant’s right of possession, reenter and take possession of the Premises or any part thereof, any or all personal property or fixtures of Landlord may upon the Premises, and other rights or privileges of Tenant pertaining to the use and operation of the Premises without compensation to Tenant and to recover from Tenant an amount equal to all delinquent rent plus all rent hereunder as same becomes due. (Any such entry upon the Premises for such purpose shall not operate to terminate this Lease oror be deemed to be for the benefit of Landlord unless Landlord expressly so elects in writing.) Upon taking possession as described in this Section 20 (b), Landlord shall in good faith attempt to relet the Premises or any part thereof in an “arms length” transaction for such term or terms (including a term which extends beyond the original term of this Lease), at such rentals and upon such other terms as Landlord, in its sole discretion, may determine, for the benefit of Tenant, with all proceeds received from such reletting, less all out of pocket costs of reletting and collection (including without terminating limitation (i) the costs of complying with any new tenant’s obligations hereunder; (ii) the cost of repairs, alterations, and remodeling necessary to put the Premises in a condition consistent with the condition of the Premises upon delivery of same to the undersigned Tenant plus all brokerage fees/commissions in connection with any reletting; (iii) reasonable attorneys’ fees and costs incurred and not otherwise recoverable under this Lease; and (iv) other expenses incurred by Landlord in enforcing its remedies), being applied to the Rents and other sums due from Tenant under this Lease, terminate with Tenant remaining liable for any deficiency. Provided that the lease entered into with a replacement tenant is pursuant to “arms-length” negotiations, Tenant agrees that the rental rate for the replacement tenant may be at, below or above the then market rate, it being important to Landlord that the Buildings remain occupied, and accordingly, Tenant shall not claim as a defense to. payment of the deficiency any failure on the part of Landlord to mitigate to the full extent of Tenant's ’s rental obligations. Furthermore, in lieu of Landlord’s right to possession of the Leased Premises as of the date of such default, and thereafter (i) neither Tenant nor any person claiming under or through Tenant shall be entitled to possession of the Leased Premises, and Tenant shall immediately surrender the Leased Premises to Landlord; and (ii) in accordance with applicable laws, Landlord may reenter the Leased Premises and dispossess Tenant and any other occupants of the Leased Premises by any lawful means and may remove and dispose of their effects, without prejudice to any other remedy which Landlord may have. Upon the termination of this Lease, Landlord may declare the discounted present value (as reasonably determined by Landlord using a discount rate of five percent (5%) per annum) of all Base Rent and Additional Rent which would have been due under this Lease accelerate future rents upon Tenant’s default for the balance of the Lease Term term, Tenant agrees that Landlord may pursue all Rent that becomes due after the filing of the complaint through entry of the judgment, in addition to any unpaid Rent due prior to filing of the complaint, without the necessity of Landlord amending the complaint or filing a new complaint for such Rent, provided that should Tenant thereafter fail to pay to Landlord the amount of any monthly deficiency, if the Premises has been re-leased and remains leased and the new tenant is paying rent, or the full amount of monthly Rent, if the Premises has not been released or the replacement tenant has ceased paying rent, within ten (10) days following the first day of each month for the balance of the Lease term, then Landlord may accelerate the amount of deficiency rent or full Rent as the case may be immediately due for the balance of the Lease term, discounted to then present value at Landlord’s mortgage interest rate, and payable, whereupon Tenant shall be obligated pay same immediately upon demand, however, such payment shall not waive the rights in favor of Landlord to collect any further deficiency or cost of enforcement arising from to time thereafter for whatever reason including the failure of any replacement tenant(s) to pay the same to Landlord, together with all loss or damage which Landlord may sustain by reason of Tenant's default ("Default Damages"), which shall include without limitation expenses of preparing the Leased Premises for re-letting, demolition, repairs, tenant finish improvements, and brokers' and attorneys' fees, it being expressly understood and agreed that the liabilities and remedies specified in this subsection (b) shall survive the termination of this Lease.its required rent; (c) In accordance addition to any late fees charged under this Lease to offset, in part, Landlord’s costs arising from Tenant’s delinquency in the payment of Rent, any sums past due hereunder and not paid upon demand by Landlord shall accrue interest thereon until paid at a rate equal to the greater of ten percent (10%) per annum or the rate per annum that is 200 basis points over the prime rate of interest as published in the Wall Street Journal or other national publication in the absence of the former or comparable rate or index in the absence of a prime rate, as of the date the sums were first due (the “Default Rate”), or such other rate as expressly provided for elsewhere in this Lease in connection with applicable lawsspecific defaults; and/or (d) To recover from Tenant all expenses, including reasonable attorneys’ fees, paid or incurred by Landlord as a result of any breach or event of default. In addition, in the event of any non-monetary breach or default by Tenant, Landlord may, without terminating this Leasebut shall not be obligated to, reimmediately or at any time thereafter, and with notice, correct such breach or default at the expense of Tenant. Any sum or sums so paid by Landlord, together with interest at the Default Rate, but not higher than the maximum non-enter the Leased Premises usurious rate permitted by law, shall be deemed to be additional rent hereunder and re-let all shall be immediately due from Tenant to Landlord. Landlord’s forbearance in pursuing or exercising one or more of its remedies shall not be deemed or construed to constitute a waiver of any event of default or any part thereof for a term different from that which would otherwise have constituted remedy. Notwithstanding anything to the balance of the Lease Term and for rent and on terms and conditions different from those contrary contained herein, whereupon Tenant shall in no event be obligated to pay liable to Landlord as liquidated damages the difference between the Base Rent and Additional Rent provided for herein and that provided for in any lease covering a subsequent re-letting of the Leased Premises, for the period which would otherwise have constituted the balance of the Lease Term, together with all of Landlord's Default Damagesconsequential or punitive damages. (d) Landlord may sue for injunctive relief or to recover damages for any loxx resulting from the breach including, but not limited to, Base Rent and Additional Rent payable under this Lease. (e) Landlord may exercise any other right or remedy now or hereafter existing at law or in equity. (f) Upon and after any termination of this Lease by Landlord, Landlord shall use commercially reasonable efforts to relet the Leased Premises or any portion thereof to the extent required by law to any person, firm or corporation other than the Tenant for a fair market rent and upon such terms and conditions as are commercially reasonable. (g) Notwithstanding the foregoing, if, and only if, (i) one or more Events of Default specified in subsection (d) of Section 12.1 (herein referred to as the "Limited Remedy Defaults") has occurred and is continuing and has not been waived by Landlord, and (ii) no Event of Default specified in subsection (a), (b) or (c) of Section 12.1 (herein referred to as the "Unlimited Remedy Defaults") has occurred, then the present value as of the Occurrence Date (as hereinafter defined), discounted from the date of payment at the annual rate of seven percent (7%) per annum, of the aggregate amount Tenant pays and shall be required to pay to Landlord from and after the date of the occurrence of such Limited Remedy Default (the "Occurrence Date") with respect to Base Rent and Additional Rent (subject to the following provisos), shall be limited to the present value as of the Occurrence Date, discounted at the annual rate of seven percent (7%), of all Base Rent reserved hereunder for the unexpired portion (after the Occurrence Date) of the Term devised herein as if this Lease had not expired or been terminated. In addition to the above, the Tenant shall be obligated for (i) any amounts of Additional Rent which are due and payable or have accrued under this Lease through the Occurrence Date, and (ii) any amounts of Additional Rent which are due and payable or have accrued under this Lease after the Occurrence Date while the Tenant remains in possession of the Leased Premises after any Limited Remedy Default that relate to Impositions, insurance, utilities, repairs, maintenance, environmental maintenance, remediation and compliance and other routine and customary costs and expenses of operating and maintaining the Leased Premises. Notwithstanding the foregoing, if the Tenant remains in possession of the Leased Premises and assumes, ratifies or affirms this Lease during any pending bankruptcy or other event described in subsection 12.1(d), then Tenant shall be obligated to pay all amounts of Base Rent and Additional Rent which become due and payable under this Lease without limitation by this subsection (g). Nothing contained in this subsection 12.2(g) shall limit any amounts payable by Tenant with respect to Base Rent or Additional Rent if any Unlimited Remedy Default has occurred.

Tenant Default and Landlord Remedies. Upon the occurrence of any Event of Default, The Landlord shall have certain remedies if the Tenant defaults under this Lease. this Lease, all necessary changes or alterations (and obtaining all required approvals, permits or certificates therefor from the applicable governmental authorities) shall be the responsibility of the Tenant, with the costs thereof borne by the Tenant, and must be made in compliance with Paragraph 14. The Tenant agrees not to do or permit anything to be done in the leased premises, or keep anything in the leased premises, which will increase the rate of fire insurance premiums, or which will obstruct or interfere with the rights of the Landlord or other tenants, or conflict with the regulations of the Fire Department or with any insurance policy. If any increase in insurance premiums results from the Tenant’s occupancy of the leased premises, or from any act or omission on the part of the Tenant, the Tenant agrees to pay such increase as additional rent. The Landlord may give 5 days written notice to the Tenant to correct any of the following rights and remedies, in addition to those allowed by law, any one or more of which may be exercised without further notice to or demand upon Tenantdefaults: (a1) in accordance with applicable laws, Landlord may reenter the Leased Premises and cure any default failure to pay base rent or additional rent; (2) improper assignment of Tenant, and Tenant shall reimburse Landlord within ten (10) days after written notice as Additional Rent for any costs and expenses which Landlord thereby incurs. (b) Landlord may terminate this Lease or, without terminating improper subletting of all or part of the leased premises; (3) improper use of the leased premises or improper conduct by the Tenant or other occupant of the leased premises; or (4) failure to fully perform any other provision in this Lease. If the Tenant fails to correct any default within the 5 day-period, terminate the Landlord may cancel this Lease by giving the Tenant a written 3 day notice stating the date the Term will end. On that date the Term and the Tenant's right ’s rights in this Lease automatically end and the Tenant must leave the leased premises and give the Landlord the keys. The Tenant continues to possession be responsible for rent, expenses, damages and losses. If this Lease is terminated, or base rent or additional rent is not paid on time, or the Tenant vacates the leased premises, the Landlord may in addition to other remedies take any of the Leased Premises as of following steps: 1) enter the date of such default, leased premises and thereafter (i) neither remove the Tenant nor and any person claiming under or through property; and 2) use eviction or other lawsuit methods to take back the leased premises. If the Lease is terminated or the Landlord takes back the leased premises, base rent and additional rent for the unexpired Term become due and payable. The Landlord may re-rent the leased premises and anything in it for any term. The Landlord may re-rent for a lower rent and give allowances to the new tenant. The Tenant shall be responsible for the Landlord’s cost of re- renting. The Landlord’s cost shall include the cost of repairs, decorations, broker’s fees, attorney’s fees, advertising and preparation for renting. Any rent received from the re-renting shall be applied to the reduction of money the Tenant owes. The Tenant waives all rights to return to the leased premises after possession is given to the Landlord by a court. The Tenant shall not be entitled to possession any surplus accruing as a result of the Leased Premises, and Tenant shall immediately surrender the Leased Premises to Landlord; and (ii) in accordance with applicable laws, Landlord may reenter the Leased Premises and dispossess Tenant and any other occupants of the Leased Premises by any lawful means and may remove and dispose of their effects, without prejudice to any other remedy which Landlord may have. Upon the termination of this Lease, Landlord may declare the discounted present value (as reasonably determined by Landlord using a discount rate of five percent (5%) per annum) of all Base Rent and Additional Rent which would have been due under this Lease for the balance of the Lease Term to be immediately due and payable, whereupon Tenant shall be obligated to pay the same to Landlord, together with all loss or damage which Landlord may sustain by reason of Tenant's default ("Default Damages"), which shall include without limitation expenses of preparing the Leased Premises for re-letting, demolition, repairs, tenant finish improvements, and brokers' and attorneys' fees, it being expressly understood and agreed that the liabilities and remedies specified in this subsection (b) shall survive the termination of this Leaserenting. (c) In accordance with applicable laws, Landlord may, without terminating this Lease, re-enter the Leased Premises and re-let all or any part thereof for a term different from that which would otherwise have constituted the balance of the Lease Term and for rent and on terms and conditions different from those contained herein, whereupon Tenant shall be obligated to pay to Landlord as liquidated damages the difference between the Base Rent and Additional Rent provided for herein and that provided for in any lease covering a subsequent re-letting of the Leased Premises, for the period which would otherwise have constituted the balance of the Lease Term, together with all of Landlord's Default Damages. (d) Landlord may sue for injunctive relief or to recover damages for any loxx resulting from the breach including, but not limited to, Base Rent and Additional Rent payable under this Lease. (e) Landlord may exercise any other right or remedy now or hereafter existing at law or in equity. (f) Upon and after any termination of this Lease by Landlord, Landlord shall use commercially reasonable efforts to relet the Leased Premises or any portion thereof to the extent required by law to any person, firm or corporation other than the Tenant for a fair market rent and upon such terms and conditions as are commercially reasonable. (g) Notwithstanding the foregoing, if, and only if, (i) one or more Events of Default specified in subsection (d) of Section 12.1 (herein referred to as the "Limited Remedy Defaults") has occurred and is continuing and has not been waived by Landlord, and (ii) no Event of Default specified in subsection (a), (b) or (c) of Section 12.1 (herein referred to as the "Unlimited Remedy Defaults") has occurred, then the present value as of the Occurrence Date (as hereinafter defined), discounted from the date of payment at the annual rate of seven percent (7%) per annum, of the aggregate amount Tenant pays and shall be required to pay to Landlord from and after the date of the occurrence of such Limited Remedy Default (the "Occurrence Date") with respect to Base Rent and Additional Rent (subject to the following provisos), shall be limited to the present value as of the Occurrence Date, discounted at the annual rate of seven percent (7%), of all Base Rent reserved hereunder for the unexpired portion (after the Occurrence Date) of the Term devised herein as if this Lease had not expired or been terminated. In addition to the above, the Tenant shall be obligated for (i) any amounts of Additional Rent which are due and payable or have accrued under this Lease through the Occurrence Date, and (ii) any amounts of Additional Rent which are due and payable or have accrued under this Lease after the Occurrence Date while the Tenant remains in possession of the Leased Premises after any Limited Remedy Default that relate to Impositions, insurance, utilities, repairs, maintenance, environmental maintenance, remediation and compliance and other routine and customary costs and expenses of operating and maintaining the Leased Premises. Notwithstanding the foregoing, if the Tenant remains in possession of the Leased Premises and assumes, ratifies or affirms this Lease during any pending bankruptcy or other event described in subsection 12.1(d), then Tenant shall be obligated to pay all amounts of Base Rent and Additional Rent which become due and payable under this Lease without limitation by this subsection (g). Nothing contained in this subsection 12.2(g) shall limit any amounts payable by Tenant with respect to Base Rent or Additional Rent if any Unlimited Remedy Default has occurred.