Common use of Tenant Default Clause in Contracts

Tenant Default. (a) It shall be a “Tenant Default” if: (i) Tenant shall default in the payment of Fixed Rent or any other amount payable to Landlord hereunder, and such default shall continue for more than fifteen (15) days after written notice to Tenant; or (ii) Tenant shall default in fulfilling any of the other covenants of this Lease, and such default shall continue for more than 30 days after written notice thereof from Landlord, specifying such default (provided that if Tenant has commenced to cure within said 30 days, and thereafter is prosecuting same to completion, said 30 day period shall be extended for a reasonable period of time under the circumstances, where, due to the nature of the default, it is unable to be completely cured within 30 days); then, in any such event, Landlord may give to Tenant notice of intention to end the Term hereof, and if Landlord shall do so, the Term shall expire as if that day were the day herein fixed for the expiration of the Term, and Tenant shall then quit the Property and surrender the same, but shall remain liable as hereinafter provided.

Appears in 4 contracts

Samples: Lease Agreement (TBS International PLC), Lease Agreement (TBS International LTD), Lease Agreement (TBS International LTD)

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Tenant Default. (a) It Any of the following occurrences or acts shall be a “Tenant constitute an "Event of Default” if" under this Lease: if (i) Tenant shall default in the payment when due of any installment of Fixed Rent or any other amount payable to Landlord hereunder, and such default shall continue for more than fifteen twenty (1520) days after the Due Date thereof; or (ii) Tenant shall default in the payment when due of any installment of Additional Rent payable hereunder and such default shall continue for thirty (30) days after written notice of such default is sent to TenantTenant by Landlord; or (iiiii) Tenant shall default in fulfilling any of the other covenants covenants, agreements or obligations of this Lease, and such default shall continue for more than 30 thirty (30) days after written notice thereof from Landlord, Landlord specifying such default (provided default, provided, that if Tenant has commenced to cure within said 30 thirty (30) days, and thereafter is in good faith diligently prosecuting same to completion, said 30 thirty (30) day period shall be extended extended, for a reasonable period of time under the circumstances, where, due (not to the nature of the default, it is unable to be completely cured within 30 exceed an additional one hundred eighty (180) days); then, in any such event, Landlord may give to Tenant notice of intention to end the Term hereof, and if Landlord shall do so, the Term shall expire as if that day were the day herein fixed for the expiration of the Term, and Tenant shall then quit the Property and surrender the same, but shall remain liable as hereinafter provided.or

Appears in 1 contract

Samples: Lease Agreement (Kingsway Financial Services Inc)

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