Common use of TENANT'S BREACH; LANDLORD'S REMEDIES Clause in Contracts

TENANT'S BREACH; LANDLORD'S REMEDIES. 10.01 Tenant's Breach --------------- The occurrence of any one of the following events shall constitute an "Event of Default" and a breach of this Lease by Tenant: (a) The failure by Tenant to make any payment of Monthly Rent, Additional Rent or other payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of five (5) days after written notice thereof from Landlord to Tenant. (b) The failure by Tenant to observe or perform any of the material covenants or obligations under this Lease to be observed or performed by Tenant, other than as specified in subsections (a) and (d) of this Section 10.01, where such failure shall continue for a period of thirty (30) days after written notice thereof from Landlord to Tenant; provided, however, that if the nature of such failure is such that more than thirty (30) days are reasonably required for its cure, then Tenant shall not be in default if Tenant shall commence such cure within said 30-day period and thereafter diligently prosecutes such cure to completion. (c) The abandonment of the Premises by Tenant. (d) The failure by Tenant to remain fully licensed as a "card club operator" in good standing at all times during the Term of this Lease which failure shall continue for a period of five (5) days. (e) The appointment by any court of a receiver, interim trustee or trustee to take possession of any asset or assets of Tenant, said receivership or trusteeship remaining undischarged for a period of sixty (60) days. (f) A general assignment by Tenant for the benefit of creditors. (g) The filing of a voluntary petition by Tenant in bankruptcy or any other petition under any section or chapter of the Bankruptcy Code or any similar law, whether state, federal or foreign, for the relief of debtors. (h) The filing against Tenant of an involuntary petition or any other petition under any section or chapter of the Bankruptcy Code or any similar law, whether state, federal or foreign, for the relief of debtors by the creditors of Tenant, said petition remaining undischarged for a period of sixty (60) days. (i) The attachment, execution or judicial seizure of all or any part of the properties and assets of Tenant, such attachment, execution or other seizure remaining undismissed or undischarged for a period of fifteen (15) days after the levy thereof. (j) The admission in writing by Tenant of its inability to pay its respective debts or perform its obligations as they become due. (k) The calling of a meeting of the creditors representing a significant portion of the unsecured liabilities of Tenant for the purpose of effecting a moratorium, extension, composition or any of the foregoing. (l) The occurrence of any of the events specified in subsections (e) through (l), inclusive, with respect to any general partner of Tenant (if Tenant is a partnership) or any guarantor of Tenant's obligations under this Lease. (m) The occurrence of a default not cured within the applicable cure period, under that certain Management Agreement with respect to the operation of the Hotel, between Landlord and Tenant, of even date herewith. (n) The occurrence of any event which expressly constitutes an incurable breach of this Lease. The notices specified in subsections (a) and (b) of this Section 10.01 shall be in lieu of, and not in addition to, any notices required under California Code of Civil Procedure Section 1161 or any successor statute.

TENANT'S BREACH; LANDLORD'S REMEDIES. 10.01 Tenant's Breach --------------- The occurrence of any one of the following events shall constitute an "Event of Default" and a breach of this Lease by Tenant: (a) The failure by Tenant to make any payment of Monthly Base Rent, Additional Rent or other payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of five (5) days after written notice thereof from Landlord to Tenant; provided, however, that no such notice shall be required if, during the preceding twelve (12) calendar months, Landlord shall have provided three (3) such notices. (b) The failure by Tenant to observe or perform any of the material covenants or obligations under this Lease to be observed or performed by Tenant, other than as specified in subsections (a) and (d) of this Section 10.01, where such failure shall continue for a period of thirty (30) days after written notice thereof from Landlord to TenantTenant (provided however, that if the default involves a hazardous condition or substance, Tenant shall have such shorter cure period as Landlord shall specify in writing in its written notice to Tenant of the default if such shorter period is reasonable under then existing circumstances, such as imminent danger of spread of contaminants or other danger to persons or health); provided, however, that if the nature of such failure is such that more than thirty (30) days are reasonably required for its cure, then Tenant shall not be in default if Tenant shall commence such cure within said 30-day period and thereafter diligently prosecutes such cure to completion. (c) The abandonment of the Premises (or a substantial portion thereof) by Tenant. (d) The failure by Tenant to remain fully licensed as a "card club operator" in good standing at all times during the Term of this Lease which failure shall continue for a period of five (5) days. (e) The appointment by any court of a receiver, interim trustee or trustee to take possession of any asset or assets of Tenant, said receivership or trusteeship remaining undischarged for a period of sixty (60) days. (fe) A general assignment by Tenant for the benefit of creditors. (gf) The filing of a voluntary petition by Tenant in bankruptcy or any other petition under any section or chapter of the Bankruptcy Code or any similar law, whether state, federal or foreign, for the relief of debtors. (hg) The filing against Tenant of an involuntary petition or any other petition under any section or chapter of the Bankruptcy Code or any similar law, whether state, federal or foreign, for the relief of debtors by the creditors of Tenant, said petition remaining undischarged for a period of sixty (60) days. (ih) The levy, attachment, execution or judicial seizure of Tenant's interest in this Lease or all or any substantial part of the properties and assets of Tenant, such attachment, execution or other seizure remaining undismissed or undischarged for a period of fifteen (15) days after the levy thereof. (ji) The admission in writing by Tenant of its inability to pay its respective debts or perform its obligations as they become due. (kj) The calling of a meeting of the creditors representing a significant portion of the unsecured liabilities of Tenant for the purpose of effecting a moratorium, extension, composition or any of the foregoing. (lk) The occurrence of any of the events specified in subsections (e) through (l), inclusive, with respect to any general partner of Tenant (if Tenant is a partnership) or any guarantor of Tenant's obligations under this Lease. (m) The occurrence of a default not cured within the applicable cure period, under that certain Management Agreement with respect to the operation of the Hotel, between Landlord and Tenant, of even date herewith. (nl) The occurrence of any event which expressly constitutes an incurable breach of this Lease. The notices specified in subsections (a) and (b) of this Section 10.01 shall be in lieu of, and not in addition to, any notices required under California Code of Civil Procedure Section 1161 or any successor statute.

TENANT'S BREACH; LANDLORD'S REMEDIES. 10.01 Tenant's Breach --------------- The occurrence of any one of the following events shall constitute an "Event of Default" and a breach of this Lease by Tenant: (a) The failure by Tenant to make any payment of Monthly Rent, Additional Rent or other payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of five (5) days after written notice thereof from Landlord to Tenant. (b) The failure by Tenant to observe or perform any of the material covenants or obligations under this Lease to be observed or performed by Tenant, other than as specified in subsections (a) and (d) of this Section 10.010, where such failure shall continue for a period of thirty (30) days after written notice thereof from Landlord to Tenant; provided, however, that if the nature of such failure is such that more than thirty (30) days are reasonably required for its cure, then Tenant shall not be in default if Tenant shall commence such cure within said 30-day period and thereafter diligently prosecutes such cure to completion. (c) The abandonment of the Premises by Tenant. (d) The failure by Tenant to remain fully licensed as a "card club operator" in good standing at all times during the Term of this Lease which failure shall continue for a period of five (5) days. (e) The appointment by any court of a receiver, interim trustee or trustee to take possession of any asset or assets of Tenant, said receivership or trusteeship remaining undischarged for a period of sixty (60) days. (f) A general assignment by Tenant for the benefit of creditors. (g) The filing of a voluntary petition by Tenant in bankruptcy or any other petition under any section or chapter of the Bankruptcy Code or any similar law, whether state, federal or foreign, for the relief of debtors. (h) The filing against Tenant of an involuntary petition or any other petition under any section or chapter of the Bankruptcy Code or any similar law, whether state, federal or foreign, for the relief of debtors by the creditors of Tenant, said petition remaining undischarged for a period of sixty (60) days. (i) The attachment, execution or judicial seizure of all or any part of the properties and assets of Tenant, such attachment, execution or other seizure remaining undismissed or undischarged for a period of fifteen (15) days after the levy thereof. (j) The admission in writing by Tenant of its inability to pay its respective debts or perform its obligations as they become due. (k) The calling of a meeting of the creditors representing a significant portion of the unsecured liabilities of Tenant for the purpose of effecting a moratorium, extension, composition or any of the foregoing. (l) The occurrence of any of the events specified in subsections (e) through (l), inclusive, with respect to any general partner of Tenant (if Tenant is a partnership) or any guarantor of Tenant's obligations under this Lease. (m) The occurrence of a default not cured within the applicable cure period, under that certain Management Agreement with respect to the operation of the Hotel, between Landlord and Tenant, of even date herewith. (n) The occurrence of any event which expressly constitutes an incurable breach of this Lease. The notices specified in subsections (a) and (b) of this Section 10.01 0 shall be in lieu of, and not in addition to, any notices required under California Code of Civil Procedure Section 1161 or any successor statute.

TENANT'S BREACH; LANDLORD'S REMEDIES. 10.01 13.01 Tenant's Breach --------------- The occurrence of any one of the following events shall constitute an "Event of Default" and a breach of this Lease by Tenant: (a) The failure by Tenant to make any payment of Monthly Base Rent, Additional Rent or other payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of five (5) days after written notice thereof from Landlord to Tenant; provided, however, that no such notice shall be required if, during the preceding twelve (12) calendar months, Landlord shall have provided three (3) such notices. (b) The failure by Tenant to observe or perform any of the material covenants or obligations under this Lease to be observed or performed by Tenant, other than as specified in subsections (a) and (d) of this Section 10.0113.01, where such failure shall continue for a period of thirty (30) days after written notice thereof from Landlord to TenantTenant (provided however, that if the default involves a hazardous condition or substance, Tenant shall have such shorter cure period as Landlord shall specify in writing in its written notice to Tenant of the default if such shorter period is reasonable under then existing circumstances, such as imminent danger of spread of contaminants or other danger to persons or health); provided, however, that if the nature of such failure is such that more than thirty (30) days are reasonably required for its cure, then Tenant shall not be in default if Tenant shall commence such cure within said 30-day period and thereafter diligently prosecutes such cure to completion. (c) The abandonment of the Premises (or a substantial portion thereof) by Tenant. (d) The failure by Tenant to remain fully licensed as a "card club operator" in good standing at all times during the Term of this Lease which failure shall continue for a period of five (5) days. (e) The appointment by any court of a receiver, interim trustee or trustee to take possession of any asset or assets of Tenant, said receivership or trusteeship remaining undischarged for a period of sixty (60) days. (f) A general assignment by Tenant for the benefit of creditors. (g) The filing of a voluntary petition by Tenant in bankruptcy or any other petition under any section or chapter of the Bankruptcy Code or any similar law, whether state, federal or foreign, for the relief of debtors. (h) The filing against Tenant of an involuntary petition or any other petition under any section or chapter of the Bankruptcy Code or any similar law, whether state, federal or foreign, for the relief of debtors by the creditors of Tenant, said petition remaining undischarged for a period of sixty (60) days. (i) The levy, attachment, execution or judicial seizure of Tenant's interest in this Lease or all or any part of the properties and assets of Tenant, such attachment, execution or other seizure remaining undismissed or undischarged for a period of fifteen (15) days after the levy thereof. (j) The admission in writing by Tenant of its inability to pay its respective debts or perform its obligations as they become due. (k) The calling of a meeting of the creditors representing a significant portion of the unsecured liabilities of Tenant for the purpose of effecting a moratorium, extension, composition or any of the foregoing. (l) The occurrence of any of the events specified in subsections (e) through (l), inclusive, with respect to any general partner of Tenant (if Tenant is a partnership) or any guarantor of Tenant's obligations under this Lease. (m) The occurrence of a default not cured within the applicable cure period, under that certain Management Agreement with respect to the operation of the Hotel, between Landlord and Tenant, of even date herewith. (n) The occurrence of any event which expressly constitutes an incurable breach of this Lease. The notices specified in subsections (a) and (b) of this Section 10.01 13.01 shall be in lieu of, and not in addition to, any notices required under California Code of Civil Procedure Section 1161 or any successor statute.