TENANT'S DEFAULT; LANDLORD'S REMEDIES. If Tenant shall: (i) default in the payment when due of any Basic Rent, Additional Rent, or any other charges hereunder, and such default shall continue for five (5) days after written notice from Landlord of such default; or (ii) if Tenant shall default in the performance or observance of any of the other covenants contained in this Lease on Tenant’s part to be performed or observed and shall fail, within thirty (30) days after written notice from Landlord of such default, to cure such default, or if such cure cannot reasonably be completed within thirty (30) days, if Tenant fails promptly to commence such cure, and thereafter diligently complete it (and in any event within sixty (60) days following the end of said thirty (30) day period); or (iii) if the estate hereby created shall be taken on execution, or by other process of law or if Tenant shall be found, under Title 11 of the United States Code as from time to time in effect, or under any applicable law, other than said Title 11, of any jurisdiction relating to the liquidation or reorganization of debtors or to the modification or alteration of the rights of creditors, to be bankrupt or insolvent, or an order by a court of competent jurisdiction shall be entered approving its liquidation or reorganization or any modification or alteration of the rights of its creditors (which order is not discharged within 60 days after such entry) or assuming custody of, or appointing a receiver or other custodian for, all or a substantial part of its property (in every such case, a “Default of Tenant”); then, and in any of said cases, Landlord may, to the extent permitted by law, immediately or at any time thereafter and without demand or notice, terminate this Lease and enter into and upon the Premises, or any part thereof in the name of the whole, and repossess the same as of Landlord’s former estate, and, by any lawful means, expel Tenant and those claiming through or under Tenant and remove its effects without being deemed guilty of any manner of trespass, and without prejudice to any remedies which might otherwise be used for arrears of rent or preceding breach of covenant. No termination or repossession provided for in this Paragraph 23 shall relieve Tenant or any guarantor of the obligations of Tenant under this Lease of or from its liabilities and obligations under this Lease, all of which shall survive any such termination or repossession. In the event of any such termination or repossession, Tenant shall pay to Landlord either: (i) in advance on the first day of each month, for what would have been the entire balance of the Term one-twelfth (1/12) (and a pro rata portion thereof for any fraction of a month) of the annual Basic Rent, Additional Rent and all other amounts for which Tenant is obligated hereunder, less, in each case, the actual net receipts by Landlord by reason of any reletting of the Premises after deducting Landlord’s expenses in connection with such reletting, including, without limitation, removal, storage and repair and renovation costs and reasonable brokers’ and attorneys’ fees; or (ii) at the option of Landlord exercisable by Landlord’s giving notice to Tenant within thirty (30) days after any such termination, an amount equal to the amount by which the payments of Basic Rent and Additional Rent reasonably estimated to be payable for the balance of the Term after the date of the exercise of said option would exceed the payments reasonably estimated to be the fair rental value of the Premises over such period, determined as of such date. Landlord will use reasonable efforts to mitigate its damages. Without thereby affecting any other right or remedy of Landlord hereunder, Landlord may, at its option, cure for Tenant’s account any default by Tenant hereunder which remains uncured after said thirty (30) days’ notice of default from Landlord to Tenant, and the cost to Landlord of such cure shall be deemed to be Additional Rent and shall be paid to Landlord by Tenant with the installment of Basic Rent next accruing, together with interest thereon, from the date so expended until the date repaid, at the annual rate of ten percent (10%). Without thereby affecting any other right or remedy of Landlord hereunder, Landlord may, at its option, charge Tenant a late charge in the amount of five percent (5%) of the amount overdue in connection with any Basic Rent or Additional Rent not paid within five (5) days of the date when due.
Appears in 2 contracts
Samples: Lease Agreement (Implant Sciences Corp), Lease (Implant Sciences Corp)
TENANT'S DEFAULT; LANDLORD'S REMEDIES. If the Tenant shall: (i) shall default in the payment when due of any Basic Rent, Rent or Additional Rent, or any other charges hereunder, Rent and such default shall continue for five ten (510) days after written notice from Landlord of such defaultthe Landlord; or (ii) if the Tenant shall default in the performance or observance of any of the other covenants contained in this Lease these presents and on the Tenant’s 's part to be performed or observed and shall fail, within thirty (30) days after written notice from the Landlord of such default, to cure such default, default or if such default is not susceptible of cure cannot reasonably be completed within thirty (30) days, if Tenant fails promptly to commence such cure, and thereafter diligently complete it (and in any event within sixty (60) days following the end of said thirty (30) day period), promptly to make provision for such cure and thereafter to pursue such cure diligently to completion; or (iii) if the estate hereby created shall be taken on execution, or by other process of law law; or if the Tenant shall be found, involved in financial difficulties as evidenced:
(1) by its commencement of a voluntary case under Title 11 of the United States Code as from time to time in effect, or by its authorizing, by appropriate proceeding of trustees or other governing body the commencement of such voluntary case,
(2) by its filing an answer or other pleading admitting or failing to deny the material allegations of a petition filed against it commencing an involuntary case under said Title 11, or seeking, consenting to or acquiescing in the relief therein provided, or by its failing to controvert timely the material allegations of any such petition,
(3) by the entry of an order for relief in an involuntary case commenced under said Title 11,
(4) by its seeking relief as a debtor under any applicable law, other than said Title 11, of any jurisdiction relating to the liquidation or reorganization of debtors or to the modification or alteration of the rights of creditors, or by its consenting to be bankrupt or insolvent, or acquiescing in such relief,
(5) by the entry of an order by a court of competent jurisdiction shall (i) finding it to be entered bankrupt or insolvent, (ii) ordering or approving its liquidation or liquidation, reorganization or any modification or alteration of the rights of its creditors creditors, or (which order is not discharged within 60 days after such entryiii) or assuming custody of, or appointing a receiver or other custodian for, all or a substantial part of its property property, or
(in every such case6) by its making an assignment for the benefit of, or entering into a “Default composition with, its creditors, or appointing or consenting to the appointment of Tenant”)a receiver or other custodian for all or a substantial part of its property; then, then and in any of said cases, the Landlord may, to the extent permitted by law, immediately or at any time thereafter so long as such default remains incurred and without with reasonable demand or and notice, terminate this Lease and enter into and upon the Premises, or any part thereof in the name of the whole, and or repossess the same as of the Landlord’s 's former estate, and, by any lawful means, and expel the Tenant and those claiming through or under the Tenant and remove its effects without being deemed guilty of any manner of trespass, and without prejudice to any remedies which might otherwise be used for arrears of rent or preceding breach of covenant. No termination or repossession provided for in this Paragraph 23 22 shall relieve the Tenant or any guarantor of the obligations of the Tenant under this Lease of or from its liabilities and obligations under this Lease, all of which shall survive any such termination or repossession. In the event of any such termination or repossession, the Tenant shall pay to the Landlord either: either (i) in advance on the first day of each month, for what would have been the entire balance of the Term Term, one-twelfth (1/12) (and a pro rata portion thereof for any fraction of a month) of the annual Basic Rent, Additional Rent and all other amounts for which the Tenant is obligated hereunder, less, in each case, the actual net receipts by the Landlord by reason of any reletting of the Premises after deducting the Landlord’s 's reasonable expenses in connection with such reletting, including, without limitation, removal, storage and repair and renovation costs and reasonable brokers’ ' and attorneys’ ' fees; , or (ii) at the option of the Landlord exercisable by the Landlord’s 's giving notice to the Tenant within thirty (30) days after any such termination, an amount equal to the present value (computed at a capitalization rate based upon the so-called corporate "Base Rate" then in effect at The First National Bank of Boston) of the amount by which the payments of Basic Rent and the Additional Rent reasonably estimated to be payable for the balance of the Term after the date of the exercise of said option would exceed the payments reasonably estimated to be the fair rental value of the Premises on the terms and conditions of this Lease over such period, determined as of such date. Landlord will shall use reasonable efforts to mitigate its damagesrelet the Premises for the reasonable rental value thereof and to collect the rent under such reletting but Landlord shall not be liable for failure to relet the Premises or in the event that the Premises are relet for failure to collect the rent under such reletting. Without thereby affecting any other right or remedy of the Landlord hereunder, the Landlord may, at its option, cure for the Tenant’s 's account any default by the Tenant hereunder which remains uncured uncured, after said thirty (30) days’ notice the end of default from Landlord to Tenantcure period provided for in this Lease, and the cost to the Landlord of such cure shall be deemed to be Additional Rent and shall be paid to the Landlord by the Tenant with the installment of Basic Rent next accruing, together with interest thereon, . In the event that the Landlord fails to perform any of its obligation under this Lease within thirty (30) days after notice of such default from the date so expended until the date repaidTenant, at the annual rate of ten percent (10%). Without thereby affecting then Tenant may cure such default and any other right or remedy of Landlord hereunder, Landlord may, at its option, charge reasonable costs incurred by Tenant a late charge in the amount of five percent (5%) of the amount overdue in connection with any Basic Rent or Additional Rent not paid within five (5) days of the date when duesuch default shall be promptly reimbursed by Landlord upon presentation with appropriate invoices.
Appears in 1 contract
Samples: Lease Agreement (Navisite Inc)
TENANT'S DEFAULT; LANDLORD'S REMEDIES. If If
(a) the Tenant shall: (i) shall default in the payment when due of any Basic Rent, Rent or Additional Rent, or any other charges hereunder, Rent and such default shall continue for five fourteen (514) days after written notice from the Landlord of such defaultdefault without cure; or (iib) if the Tenant shall default in the performance or observance of any of the other covenants contained in this Lease and on the Tenant’s 's part to be performed or observed and shall fail, within thirty (30) days after written notice from the Landlord of such default, default to cure such default, or if it is beyond the reasonable control of the Tenant to cure such cure cannot reasonably be completed default within thirty (30) days, if Tenant fails promptly to commence such cure, cure and thereafter to pursue such cure diligently complete it (and in any event within sixty (60) days following the end of said thirty (30) day period)to completion; or (iiic) if the estate hereby created shall be taken on execution, or by other process of law law, or if the Tenant shall be found, involved in financial difficulties as evidenced
(1) by its commencement of a voluntary case under Title 11 of the United States Code as from time to time in effect, or by its authorizing, by appropriate proceedings of trustees or other governing body, the commencement of such voluntary case,
(2) by its filing an answer or other pleading admitting or failing to deny the material allegations of a petition filed against it commencing an involuntary case under said Title 11, or seeking, consenting to or acquiescing in the relief therein provided, or by its failing to controvert timely the material allegations of any such petition.
(3) by the entry of an order for relief in any involuntary case commenced under said Title 11,
(4) by its seeking relief as a debtor under any applicable law, other than said Title 11, of any jurisdiction relating to the liquidation or reorganization of debtors or to the modification or alteration of the rights of creditors, or by its consenting to be bankrupt or insolvent, or acquiescing in such relief,
(5) by the entry of an order by a court of competent jurisdiction shall (i) finding it to be entered bankrupt or insolvent, (ii) ordering or approving its liquidation or liquidation, reorganization or any modification or alteration of the rights of its creditors creditors, or (which order is not discharged within 60 days after such entryiii) or assuming custody of, or appointing a receiver or other custodian for, all or a substantial part of its property property, or
(in every such case6) by its making an assignment for the benefit of, or entering into a “Default composition with, its creditors, or appointing or consenting to the appointment of Tenant”)a receiver or other custodian for all or a substantial part of its property; then, and in any of said casescases (a), (b), or (c) (each of which, subject to the following sentence is herein sometimes called a ("Terminable Default"), the Landlord may, to the extent permitted by law, immediately or at any time thereafter and without demand or notice, terminate this Lease and enter into onto and upon the Premises, or any part thereof in the name of the wholethereof, and repossess the same as of the Landlord’s 's former estate, and, by any lawful means, and expel the Tenant and those claiming through or under the Tenant and remove its effects without being deemed guilty of any manner of trespass, and without prejudice to any remedies which might otherwise be used for arrears of rent or preceding breach of covenant. No termination or repossession provided for in this Paragraph 23 22 shall relieve Tenant or any guarantor the Tenant, of the its obligations of Tenant under this Lease of or from its and liabilities and obligations under this Lease, all of which shall survive any such termination or repossession. In the event of any such termination or repossession, the Tenant shall pay to the Landlord either: either (i) in advance on the first day of each month, for what would have been the entire balance of the Term Term, one-twelfth (1/12) (and a pro rata portion thereof for any fraction of a month) of the annual Basic Rent, Additional Rent and all other amounts for which the Tenant is obligated hereunder, less, in each case, the actual net receipts by the Landlord by reason of any reletting of the Premises after deducting the Landlord’s 's reasonable expenses in connection with such reletting, including, without limitation, removal, storage and repair and renovation costs and reasonable brokers’ broker's and attorneys’ ' fees; , or (ii) at the option of the Landlord exercisable by the Landlord’s 's giving notice to the Tenant within thirty (30) days after any such termination, an amount equal to the present value of the amount by which the payments of Basic Rent and the Additional Rent reasonably estimated to be payable for the balance of the Term after the date of the exercise of said option would exceed the payments reasonably estimated to be the fair rental value of the Premises on the terms and conditions of this Lease over such period, determined as of such date. In connection with reletting the Premises as provided for herein, Landlord will agrees to use all reasonable efforts to mitigate its damagesin connection with the same. Without thereby affecting any other right or remedy of the Landlord hereunder, in the event of (i) any default on the part of the Tenant in the performance or observance of any non-monetary covenant contained in this Lease and on the Tenant's part to be performed or observed and the failure of the Tenant, within thirty (30) days after notice from the Landlord of such default, to cure such default or if it is beyond the reasonable control of the Tenant to cure such default within thirty (30) days or promptly to commence such cure and thereafter to pursue such cure diligently to completion or (ii) any default on the part of the Tenant which results in jeopardy to the Landlord's title to the Premises or to the Landlord's interest under any mortgage of the Premises and which remains uncured for two (2) business days after notice of such default from the Landlord to the Tenant (or if it is beyond the reasonable control of the Tenant to cure such default within two (2) business days, if the Tenant shall not promptly commence such cure and thereafter diligently pursue such cure to completion) or (iii) imminent danger of injury to persons or damage to property as a result of any default on the part of the Tenant as to which the Landlord has given telephone notice to the Tenant, or (iv) any Terminable Default on the part of the Tenant hereunder, then in any of such events the Landlord may, at its option, cure such default or Terminable Default for the Tenant’s 's account any default by Tenant hereunder which remains uncured after said thirty (30) days’ notice of default from Landlord to Tenant, and the cost to the Landlord of such cure cure, together with interest thereon at the Lease Interest Rate, shall be deemed to be Additional Rent and shall be paid to the Landlord by the Tenant with the installment of Basic Rent next accruing. If the Landlord shall be required to commence proceedings to enforce its remedies as provided for herein, together with interest thereonit shall, from the date so expended until the date repaidin addition to damages, at the annual rate of ten percent (10%). Without thereby affecting be entitled to receive all its costs and its reasonable attorney's fees incurred by it in any other right or remedy of Landlord hereunder, Landlord may, at its option, charge Tenant a late charge in the amount of five percent (5%) of the amount overdue in connection with any Basic Rent or Additional Rent not paid within five (5) days of the date when duesuch action.
Appears in 1 contract
Samples: Lease Agreement (Avici Systems Inc)
TENANT'S DEFAULT; LANDLORD'S REMEDIES. If Tenant shall: (ia) default in In the event of the non-payment when due of any the Basic Rent, Rent or Additional Rent, or any other charges hereunderinstallment thereof, at the times and in the manner above provided, and such if the same shall remain in default shall continue for five (5) days after written notice from Landlord of such default; or (ii) if Tenant shall default in the performance or observance of any of the other covenants contained in this Lease on Tenant’s part to be performed or observed and shall failbecoming due, within thirty (30) days after written notice from Landlord of such default, to cure such default, or if such cure cannot reasonably be completed within thirty (30) days, if Tenant fails promptly to commence such cure, and thereafter diligently complete it (and in any event within sixty (60) days following the end of said thirty (30) day period); or (iii) if the estate hereby created shall be taken on execution, or by other process of law or if Tenant shall be founddispossessed for non-payment of such rent, under Title 11 or if the Premises shall be deserted or vacated, Landlord or its agents shall have the right to and may enter the Premises as the agent of Tenant, either by force or otherwise, without being liable for any prosecution or damages therefor, and may relet the Premises as the agent of the United States Code Tenant, and receive the rent therefor, upon such terms as shall be satisfactory to Landlord, and all rights of the Tenant to repossess the Premises under this Lease shall be forfeited. Such re-entry by Landlord shall not operate to release Tenant from time any rent to time be paid or covenants to be performed hereunder during the full term of this Lease. For the purpose of reletting, Landlord shall be authorized to make such repairs or alterations in effect, or under any applicable law, other than said Title 11, of any jurisdiction relating to the liquidation or reorganization of debtors or to the modification Premises as may be necessary to place the same in good order and condition. Tenant shall be liable to Landlord for the cost of such repairs or alteration alterations, and all expenses of such reletting. If the sum realized or to be realized from the reletting is insufficient to satisfy the monthly or term rent provided in this Lease, Landlord, at its option, may require tenant to pay such deficiency month by month, or may hold liable the Tenant in advance for the entire deficiency to be realized during the term of the rights of creditors, reletting. Tenant shall not be entitled to be bankrupt or insolvent, or an order by any surplus accruing as a court of competent jurisdiction shall be entered approving its liquidation or reorganization or any modification or alteration result of the rights reletting. Landlord is hereby granted a lien, in addition to any statutory lien or right to distrain that may exist, on all personal property of its creditors (which order is not discharged within 60 days after such entry) Tenant in or assuming custody of, or appointing a receiver or other custodian for, all or a substantial part of its property (in every such case, a “Default of Tenant”); then, and in any of said cases, Landlord may, to the extent permitted by law, immediately or at any time thereafter and without demand or notice, terminate this Lease and enter into and upon the Premises, or any part thereof in the name to secure payment of the wholerent and performance of the covenants and conditions of this Lease. Landlord shall have the right, as agent of Tenant, to take possession of any furniture, fixtures or other personal property of Tenant found in or about the Premises, and repossess sell the same as of Landlord’s former estate, and, by any lawful means, expel Tenant at public or private sale and those claiming through or under Tenant and remove its effects without being deemed guilty to apply the proceeds thereof to the payment of any manner monies becoming due under this Lease, Tenant hereby waiving the benefit of trespassall laws exempting property from execution, levy and without prejudice sale on distress or judgment. Tenant agrees to pay, as additional rent, all reasonable attorneys' fees and other expenses incurred by Landlord in enforcing any remedies which might otherwise be used for arrears of rent or preceding breach of covenant. No termination or repossession provided for in this Paragraph 23 shall relieve Tenant or any guarantor of the obligations of Tenant under this Lease of or from its liabilities and Tenant's obligations under this Lease, all .
(b) In case of which shall survive any such termination or repossession. In the event violation by Tenant of any such termination or repossession, Tenant shall pay to Landlord either: (i) in advance on the first day of each month, for what would have been the entire balance of the Term one-twelfth (1/12) (covenants, agreements and a pro rata portion thereof for any fraction conditions of a month) this Lease, or of the annual Basic Rentrules and regulations now or hereafter to be reasonably established by Landlord, Additional Rent and all other amounts for which Tenant is obligated hereunderupon failure to discontinue such violation with ten (10) days after notice thereof given to Tenant, lessthis Lease shall thenceforth, in each case, the actual net receipts by Landlord by reason of any reletting of the Premises after deducting Landlord’s expenses in connection with such reletting, including, without limitation, removal, storage and repair and renovation costs and reasonable brokers’ and attorneys’ fees; or (ii) at the option of Landlord, become null and void, and Landlord exercisable by Landlord’s giving may re-enter without further notice to Tenant within thirty (30) days after any or demand. The rent in such terminationcase shall become due, an amount equal be apportioned and paid on and up to the amount day of such re-entry, and the Tenant shall be liable for all loss or damage resulting from such violation as aforesaid. No waiver by which Landlord of any violation or breach of condition by Tenant shall constitute or be construed as a waiver of any other violation or breach of condition, nor shall lapse of time after breach of condition by Tenant before Landlord shall exercise its option under this paragraph operate to defeat the payments right of Basic Rent Landlord to declare this Lease null and Additional Rent reasonably estimated void and to be payable re-enter upon the Premises after the said breach or violation.
(c) It is further agreed that if at any time during the Term of this Lease Tenant shall make any assignment for the balance benefit of the Term after the date of the exercise of said option would exceed the payments reasonably estimated creditors, or be decreed insolvent or bankrupt according to law, or if a receiver shall be the fair rental value of the Premises over such periodappointed for Tenant, determined as of such date. Landlord will use reasonable efforts to mitigate its damages. Without thereby affecting any other right or remedy of Landlord hereunder, then Landlord may, at its option, cure terminate this Lease, exercise of such option to be evidenced by notice to that effect served upon the assignee, receiver, trustee or other person in charge of the liquidation of the property of Tenant or Tenant's estate, but such termination shall not release or discharge any payment of rent payable hereunder and then accrued, or any liability then accrued by reason of any agreement or covenant herein contained on the part of Tenant, or Tenant's legal representatives.
(d) In addition to the foregoing, Landlord shall be entitled to all rights and remedies against Tenant which Landlord would be entitled to at law or in equity.
(e) To the extent permitted by law, Tenant waives any and all rights of redemption granted by or under any present or future laws if Tenant is evicted or dispossessed for Tenant’s account any default by Tenant hereunder which remains uncured after said thirty (30) days’ notice cause, or if Landlord obtains possession of default from Landlord the Premises due to Tenant, and the cost to Landlord of such cure shall be deemed to be Additional Rent and shall be paid to Landlord by Tenant with the installment of Basic Rent next accruing, together with interest thereon, from the date so expended until the date repaid, at the annual rate of ten percent (10%). Without thereby affecting any other right 's default hereunder or remedy of Landlord hereunder, Landlord may, at its option, charge Tenant a late charge in the amount of five percent (5%) of the amount overdue in connection with any Basic Rent or Additional Rent not paid within five (5) days of the date when dueotherwise.
Appears in 1 contract
TENANT'S DEFAULT; LANDLORD'S REMEDIES. If A. In the event Tenant shall: (i) default in the payment shall fail to pay when due due, any installment of any Basic Rent, Additional Rent, rent or any other charges hereunder, or monetary obligations to be paid by Tenant hereunder (all of which obligations of Tenant shall bear interest at the Default Rate from the date due until paid in full) and such default shall continue for failure is not cured within five (5) days after written notice thereof from Landlord of such defaultLandlord; or (ii) if Tenant shall default in performing any of the performance covenants, terms or observance provisions of this Lease (other than the payment, when due, of any of Tenant's monetary obligations hereunder) or any of the other covenants contained in this Lease on Tenant’s part rules and regulations now or hereafter reasonably established and uniformly enforced by Landlord to be performed or observed govern the operation of the project and shall fail, fails to cure such default within thirty (30) days after written notice thereof from Landlord of (or such default, additional time as may be necessary to cure such default, or if such default provided tenant commences the cure cannot reasonably be completed within thirty (30) days, if Tenant fails promptly to commence such cure, and thereafter diligently complete it (and in any event within sixty (60) days following the end of said thirty (30) day periodperiod and diligently completes said cure); or (iii) if the estate hereby created there shall be taken on execution, or occur any event described as an event of default by other process of law Tenant under this Lease; or if Tenant shall abandon or vacate the Premises; or if Tenant or any guarantor of Tenant's obligations shall file a petition or be found, under Title 11 of the United States Code as from time to time in effect, adjudged bankrupt or insolvent under any applicable law, other than said Title 11, of any jurisdiction relating to the liquidation federal or reorganization of debtors state bankruptcy or to the modification insolvency law or alteration of the rights of creditors, to be bankrupt admit that it cannot meet its financial obligations as they become due; or insolvent, or an order by a court of competent jurisdiction shall be entered approving its liquidation or reorganization or any modification or alteration of the rights of its creditors (which order is not discharged within 60 days after such entry) or assuming custody of, or appointing a receiver or other custodian for, trustee shall be appointed for all or a substantial part substantially all of its property (in every such case, a “Default the assets of Tenant or any guarantor of Tenant”)'s obligations; or Tenant shall make a transfer to defraud creditors or shall make an assignment for the benefit of creditors; or Tenant shall do or permit to be done any act which results in a lien being filed against the Premises or Building, which lien is not removed or bonded over in accordance with Georgia law within twenty (20) days after written notice thereof by Landlord to Tenant or such shorter period as required by the holder of any Security Deed; then, and in any of said casesevents, Landlord, at its option may pursue any one or more of the remedies set forth in Section 20.B. without any notice or demand whatsoever. Landlord shall only be obligated to give written notices of monetary defaults and opportunity to cure to Tenant two (2) times in any period of twelve (12) consecutive months in the event of the reoccurrence of any default.
B. Upon the occurrence of an event of default as described in Section 20.A., Landlord shall have the option to do and perform any one or more of the following in addition to, and not in limitation of, any other remedy or right permitted it by law or in equity or by this Lease:
(1) Commence dispossessory proceedings with or without the termination of this Lease. In the absence of Landlord's electing to terminate the Lease, Tenant shall remain liable for the payment of all rents accruing after any writ of possession as to the Premises is issued to Landlord.
(2) Commence proceedings against Tenant for all amounts owed by Tenant to Landlord, whether as base monthly rental, additional rent, damages or otherwise.
(3) Terminate the Lease, in which event Tenant shall immediately surrender the Premises to Landlord. Tenant agrees to pay on demand the amount of all loss and damage which Landlord may suffer by reason of the termination of the term under this Section 20. or otherwise which loss and damage shall include, without limitation, an amount which, at the date of the termination, represents the present value, as computed using an eight percent (8%) per annum discount rate, of the excess, if any, of (A) the base monthly rental, additional rental and all other amounts which would have otherwise been payable hereunder during the remaindxx xx xxx Xxxxx xxrm over (B) the aggregate reasonable net rental value of the Premises for the same period, after deducting all expenses expected to be incurred in re-letting the Premises.
(4) Upon any termination of Tenant's right to possession only, without termination of the Lease, Landlord may, to the extent permitted by lawat Landlord's option, immediately or at any time thereafter and without demand or notice, terminate this Lease and enter into and upon the Premises, remove Tenant's signs and other evidences of tenancy, and take and hold possession thereof as provided below, without such entry and possession terminating the Lease or releasing Tenant, in whole or in part, from any part thereof in obligation, including Tenant's obligation to pay rent, including any amounts treated as additional rent, hereunder for the name full term of the wholeLease. In any such case, and repossess Landlord may relet the same as of Landlord’s former estate, and, by any lawful means, expel Tenant and those claiming through or under Tenant and remove its effects without being deemed guilty of any manner of trespass, and without prejudice to any remedies which might otherwise be used for arrears of rent or preceding breach of covenant. No termination or repossession provided for in this Paragraph 23 shall relieve Tenant or any guarantor of the obligations Premises on behalf of Tenant under this Lease of for such term or from its liabilities and obligations under this Lease, all of terms (which shall survive any such termination may be greater or repossession. In less than the event of any such termination or repossession, Tenant shall pay to Landlord either: (i) in advance on period which would otherwise have constituted the first day of each month, for what would have been the entire balance of the Term one-twelfth (1/12) (and a pro rata portion thereof for any fraction of a month) term of the annual Basic RentLease) and on such terms and conditions (which may include concessions of free rent and alteration, Additional Rent repair and all other amounts for which Tenant is obligated hereunder, lessimprovement of the Premises) as Landlord, in each caseits sole discretion, may determine and receive directly the actual net receipts rent by reason of the reletting. Tenant agrees to pay Landlord on demand any deficiency that may arise by reason of any reletting of the Premises. Tenant further agrees to reimburse Landlord upon demand for any expenditures made by it for remodeling or repairing in order to relet the Premises after deducting Landlord’s and for all other expenses incurred in connection with such reletting (including without limitation attorney's fees and brokerage commissions). Landlord shall have no obligation to relet the Premises or any part thereof and shall in no event be liable for failure to relet the Premises or any part thereof, or, in the event of any such reletting, including, without limitation, removal, storage for refusal or failure to collect any rent due upon such reletting. No such refusal or failure shall operate to relieve Tenant of any liability under this Lease. Tenant shall instead remain liable for all rent and repair for all such expenses.
(5) Change the locks or otherwise enter upon and renovation costs and reasonable brokers’ and attorneys’ fees; or (ii) at the option of Landlord exercisable by Landlord’s giving notice to Tenant within thirty (30) days after any such termination, an amount equal to the amount by which the payments of Basic Rent and Additional Rent reasonably estimated to be payable for the balance of the Term after the date of the exercise of said option would exceed the payments reasonably estimated to be the fair rental value take possession of the Premises over such periodwithout the requirement of resorting to the dispossessory procedures set forth in O.C.G.A. 44-7-50, determined as and without being liable for prosecution of such dateany claim for damages or for trespass or other tort.
(6) Do or cause to be done whatever Tenant is obligated to do under the terms of this Lease, in which case Tenant agrees to reimburse Landlord on demand for any and all reasonable costs or expenses which Landlord may thereby incur. Tenant agrees that Landlord will use reasonable efforts shall not be liable for any damages resulting to mitigate its damages. Without thereby affecting any other right or remedy Tenant from effecting compliance with Tenant's obligations under this Section 20., whether caused by the negligence of Landlord or otherwise.
(7) Enforce the performance of Tenant's obligations hereunder by injunction or other equitable relief (which remedy may be exercised upon any breach or default or any threatened breach or default of Tenant's obligations hereunder, Landlord may, at its option, cure for Tenant’s account any default by Tenant hereunder which remains uncured after said thirty (30) days’ notice of default from Landlord to Tenant, and the cost to Landlord of such cure shall be deemed to be Additional Rent and shall be paid to Landlord by Tenant with the installment of Basic Rent next accruing, together with interest thereon, from the date so expended until the date repaid, at the annual rate of ten percent (10%). Without thereby affecting any other right or remedy of Landlord hereunder, Landlord may, at its option, charge Tenant a late charge in the amount of five percent (5%) of the amount overdue in connection with any Basic Rent or Additional Rent not paid within five (5) days of the date when due.
Appears in 1 contract
Samples: Commercial Lease Contract (United Natural Foods Inc)
TENANT'S DEFAULT; LANDLORD'S REMEDIES. (a) If Tenant shall: (i) default in the payment Tenant shall fail to pay Rent when due of any Basic Rent(a “Monetary Default”), Additional Rent, or any other charges hereunder, and such default shall continue for five (5) days after written notice from Landlord of such default; or (ii) if Tenant shall default in the timely performance or observance of any of the other provisions or covenants contained in this Lease on Tenant’s part (which is other than a Monetary Default) and fail to be performed or observed and shall fail, cure the same within thirty (30) 30 days after written notice from Landlord of such defaultnotice, to cure such default, or if such cure cannot reasonably be completed within thirty (30) days, if Tenant fails promptly to commence such cure, and thereafter diligently complete it (and in any event within sixty (60) days following the end of said thirty (30) day period); or (iii) if the leasehold estate hereby created is taken by process or operation of Law, or (iv) Tenant abandons all or any portion of the Premises (which shall not be applicable for portions of the Premises not occupied due to casualty or condemnation), or (v) Tenant or any guarantor of this Lease shall be taken on executioninvolved in Financial Difficulties (as defined below), or by other process of law or if Tenant shall be found, under Title 11 of the United States Code as from time to time in effect, or under any applicable law, other than said Title 11, of any jurisdiction relating to the liquidation or reorganization of debtors or to the modification or alteration of the rights of creditors, to be bankrupt or insolvent, or an order by a court of competent jurisdiction shall be entered approving its liquidation or reorganization or any modification or alteration of the rights of its creditors (which order is not discharged within 60 days after such entry) or assuming custody of, or appointing a receiver or other custodian for, all or a substantial part of its property (in every such case, a “Default of Tenant”); then, then and in any of said cases, Landlord may, to the extent permitted by law, immediately or at any time thereafter and without demand or upon statutory notice, terminate this Lease and enter into and upon the Premises, or any part thereof in the name of the whole, and repossess the same as of Landlord’s former estate, and, by any lawful means, and expel Tenant and those claiming through or under Tenant and remove its effects without being deemed guilty of any manner of trespass, and without prejudice to any remedies which might otherwise be used for arrears of rent or preceding breach of covenant. .
(b) Notwithstanding anything in Section 22(a) above to the contrary, the following notice provisions, grace periods and restrictions shall apply to a default by Tenant:
(i) Landlord shall not more than two times in any 12 consecutive month period give Tenant written notice of its failure to pay Rent when due and 5 days after giving of such notice within which to cure said failure and upon such cure Tenant shall not be deemed in Monetary Default, provided further that after the second notice is given within any such 12 month period, no additional notice shall be required and Tenant shall be deemed to be automatically in Monetary Default upon failure to pay Base Rent or Additional Rent when due.
(ii) if the nature of Tenant’s failure to cure a default (other than a Monetary Default) reasonably requires more than thirty (30) days, then Tenant shall not be deemed in default if Tenant promptly commences to cure such failure and thereafter diligently and in good faith prosecutes such cure to completion, provided, however, that Tenant shall in no event be allowed greater than 90 days to cure any default hereunder.
(iii) No termination or repossession provided for notice and grace period shall apply in this Paragraph 23 shall relieve the event of a default due to Financial Difficulties as set forth in subsections (i), (iv) and (vi) of Section 22(c) below.
(c) As used herein, “Financial Difficulties” means any of the following events, occurring by and/or against Tenant or any guarantor of the obligations of Tenant under this Lease of or from its liabilities and obligations under this Lease, all of which shall survive any such termination or repossession. In the event of any such termination or repossession, Tenant shall pay to Landlord either: (i) in advance on the first day of each month, for what would have been the entire balance of the Term one-twelfth (1/12) (and a pro rata portion thereof for any fraction of a month) of the annual Basic Rent, Additional Rent and all other amounts for which Tenant is obligated hereunder, less, in each case, the actual net receipts by Landlord by reason of any reletting of the Premises after deducting Landlord’s expenses in connection with such reletting, including, without limitation, removal, storage and repair and renovation costs and reasonable brokers’ and attorneys’ fees; or (ii) at the option of Landlord exercisable by Landlord’s giving notice to Tenant within thirty (30) days after any such termination, an amount equal to the amount by which the payments of Basic Rent and Additional Rent reasonably estimated to be payable for the balance of the Term after the date of the exercise of said option would exceed the payments reasonably estimated to be the fair rental value of the Premises over such period, determined as of such date. Landlord will use reasonable efforts to mitigate its damages. Without thereby affecting any other right or remedy of Landlord hereunder, Landlord may, at its option, cure for Tenant’s account any default by Tenant hereunder which remains uncured after said thirty (30) days’ notice of default from Landlord to Tenant, and the cost to Landlord of such cure shall be deemed to be Additional Rent and shall be paid to Landlord by Tenant with the installment of Basic Rent next accruing, together with interest thereon, from the date so expended until the date repaid, at the annual rate of ten percent (10%). Without thereby affecting any other right or remedy of Landlord hereunder, Landlord may, at its option, charge Tenant a late charge in the amount of five percent (5%) of the amount overdue in connection with any Basic Rent or Additional Rent not paid within five (5) days of the date when due.applicable:
Appears in 1 contract
TENANT'S DEFAULT; LANDLORD'S REMEDIES. If Tenant shall: (a) The occurrence of any of the following shall constitute an event of default (each, an “Event of Default”) hereunder by Tenant:
(i) default in the payment when due of any Basic Rent, Additional Rent, The Rent or any other charges hereunder, and such default shall continue for five sum of money due of Tenant hereunder is not paid (5A) within ten (10) days after Tenant’s receipt of written notice from Landlord of such default; or failure;
(ii) if Any petition is filed by or against Tenant shall default under any section or chapter of the National or Federal Bankruptcy Act or any other applicable Federal or State bankruptcy, insolvency or other similar law, and, in the performance or observance case of any of the other covenants contained in this Lease on a petition filed against Tenant’s part to be performed or observed and shall fail, such petition is not dismissed within thirty (30) days after written notice from Landlord the date of such default, filing; if Tenant shall become insolvent or transfer property to cure such default, defraud creditors; if Tenant shall make an assignment for the benefit of creditors; or if a receiver is appointed for any of Tenant’s assets;
(iii) Tenant fails to bond off or otherwise remove any lien filed against the Premises or the Building by reason of Tenant’s actions, within ten (10) business days after Tenant has notice of the filing of such cure cannot reasonably lien;
(iv) Tenant fails to observe, perform and keep the covenants, agreements, provisions, stipulations, conditions, and Rules and Regulations herein contained to be completed within observed, performed and kept by Tenant and persists in such failure after thirty (30) daysdays written notice by Landlord requiring that Tenant remedy, correct, desist or comply (or if any such failure to comply on the part of Tenant fails promptly to commence such cure, and thereafter diligently complete it would reasonably require more than thirty (and in any event within sixty (6030) days following to rectify, unless Tenant commences rectification within the end of said thirty (30) day periodperiod and thereafter promptly, effectively and continuously proceeds with the rectification of the failure to comply on the part of Tenant and, in all such events, cures such failure to comply on the part of Tenant no later than ninety (90) days after such notice); ;
(v) If all or (iii) if the estate hereby created any part of this Lease shall be taken on executionassigned, or if all or any part of the Premises shall be sublet, either voluntarily or by other process operation of law law, except in strict accordance with the requirements of Section 9 hereof;
(vi) Tenant or any guarantor of Tenant’s obligations (“Guarantor”) (if either is a corporation) is liquidated or dissolved or its charter expires or is revoked, or Tenant or Guarantor (if either is a partnership or business association) is dissolved or partitioned, or Tenant or Guarantor (if either is a trust) is terminated or expires, or if Tenant or Guarantor (if either is an individual) dies; or
(vii) If Tenant shall be foundfail to comply with the terms and conditions of Section 43 hereof within ten (10) days of written notice from Landlord.
(b) Upon the occurrence of an Event of Default, under Title 11 Landlord shall have the option to do and perform any one or more of the United States Code as from time following:
(i) Terminate this Lease, in which event Tenant shall immediately surrender the Premises to time in effect, or under any applicable law, other than said Title 11, of any jurisdiction relating Landlord. If Tenant shall fail to the liquidation or reorganization of debtors or to the modification or alteration of the rights of creditors, to be bankrupt or insolvent, or an order by a court of competent jurisdiction shall be entered approving its liquidation or reorganization or any modification or alteration of the rights of its creditors (which order is not discharged within 60 days after such entry) or assuming custody of, or appointing a receiver or other custodian for, all or a substantial part of its property (in every such case, a “Default of Tenant”); then, and in any of said casesdo so, Landlord may, to the extent permitted by law, immediately or at any time thereafter and without demand or notice, terminate this Lease and enter into and upon the Premises, or any part thereof in the name of the whole, and repossess the same as of Landlord’s former estate, and, by any lawful means, expel Tenant and those claiming through or under Tenant and remove its effects without being deemed guilty of any manner of trespass, further notice and without prejudice to any remedies which might otherwise be used other remedy Landlord may have, enter upon the Premises without the requirement of resorting to the dispossessory procedures and expel or remove Tenant and Tenant’s effects without being liable for arrears of rent any claim for trespass or preceding breach of covenantdamages therefor. No termination or repossession provided for in this Paragraph 23 shall relieve Tenant or any guarantor of the obligations of Tenant under this Lease of or from its liabilities and obligations under this Lease, all of which shall survive Upon any such termination or repossession. In the event of any such termination or repossessiontermination, Tenant shall pay remain liable to Landlord either: (i) in advance for damages, due and payable monthly on the first day of each month, for what Rent would have been payable hereunder, in an amount equal to the entire Rent and any other amounts which would have been owing by Tenant for the balance of the Term one-twelfth (1/12) (and a pro rata portion thereof for any fraction of a month) of Term, had this Lease not been terminated, less the annual Basic Rentnet proceeds, Additional Rent and all other amounts for which Tenant is obligated hereunderif any, less, in each case, the actual net receipts by Landlord by reason of any reletting of the Premises by Landlord, after deducting all of Landlord’s costs and expenses (including, without limitation, brokerage and attorneys’ fees and expenses) incurred in connection with or in any way related to the termination of this Lease, eviction of Tenant and such reletting; and/or
(ii) Declare the entire amount of Rent calculated on the current rate being paid by Tenant, including, without limitation, removalBase Rental and a reasonable estimate of Tenant’s Pro Rata Share of Operating Expenses and Tax, storage which in Landlord’s reasonable determination would become due and repair and renovation costs and payable during the remainder of the Term, discounted to present value by using a reasonable brokers’ and attorneys’ fees; or (ii) at the option of Landlord exercisable discount rate selected by Landlord, to be due and payable immediately. Upon such acceleration of such amounts, Tenant agrees to pay the same at once, together with all Rent and other amounts theretofore due, at Landlord’s giving notice address as provided herein; provided however, that such payment shall not constitute a penalty or forfeiture but shall constitute liquidated damages for Tenant’s failure to comply with the terms and provisions of this Lease (Landlord and Tenant within thirty (30) days after any agreeing that Landlord’s actual damages in such termination, an amount equal event are impossible to ascertain and that the amount by which set forth above is a reasonable estimate thereof). Notwithstanding the payments of Basic Rent foregoing, if Landlord elects to enforce accelerated payment, and Additional Rent reasonably estimated provided Tenant has vacated the Premises, then Landlord shall be obligated to be payable for the balance of the Term after the date of the exercise of said option would exceed the payments reasonably estimated to be the fair rental value of the Premises over such period, determined as of such date. Landlord will use reasonable efforts to mitigate its damagesdamages in connection with an Event of Default by Tenant. Without thereby affecting Notwithstanding the foregoing, Landlord’s obligation to use reasonable efforts to mitigate its damages shall not require Landlord to (A) favor leasing the Premises over leasing any other vacant space held by Landlord at such time; (B) lease the Premises to a tenant or tenants at less than fair market rental rates or on terms less acceptable to Landlord than the terms typically used by Landlord in similar leases; (C) lease the Premises to tenants which, in the absence of a duty to mitigate, Landlord would find unsuitable for any reason; or (D) provide any tenant improvement allowance or construct any tenant improvements. Upon making such payment, Tenant shall receive from Landlord all rents received by Landlord from other tenants renting the Premises during the Term, provided that the monies to which Tenant shall so become entitled shall in no event exceed the entire amount actually paid by Tenant to Landlord pursuant to the preceding sentence, less all of Landlord’s costs and expenses (including, without limitation, brokerage and attorneys’ fees and expenses) incurred in connection with or in any way related to Termination of this Lease, eviction of Tenant and the reletting of the Premises. The acceptance of such payment by Landlord shall not constitute a waiver of rights or remedies to Landlord for any failure of Tenant thereafter occurring to comply with any term, provision, condition or covenant of this Lease; and/or
(iii) Enter the Premises as the agent of Tenant without the requirement of resorting to the dispossessory procedures and without being liable for any claim for trespass or damages therefor, and, in connection therewith, rekey the Premises, remove Tenant’s effects therefrom and store the same at Tenant’s expense, without being liable for any damage thereto, and relet the Premises as the agent of Tenant, with or without advertisement, by private negotiations or otherwise, for any term Landlord deems proper, and receive the rent therefor. Tenant shall pay Landlord on demand any deficiency that may arise by reason of such reletting, but Tenant shall not be entitled to any surplus so arising. Provided Tenant has vacated the Premises, Landlord shall be obligated to use reasonable efforts to mitigate its damages in connection with an Event of Default by Tenant. Notwithstanding the foregoing, Landlord’s obligation to use reasonable efforts to mitigate its damages shall not require Landlord to (A) favor leasing the Premises over leasing any other vacant space held by Landlord at such time; (B) lease the Premises to a tenant or tenants at less than fair market rental rates or on terms less acceptable to Landlord than the terms typically used by Landlord in similar leases; (C) lease the Premises to tenants which, in the absence of a duty to mitigate, Landlord would find unsuitable for any reason; or (D) provide any tenant improvement allowance or construct any tenant improvements. Tenant shall reimburse Landlord for all costs and expenses (including, without limitation, reasonable brokerage and reasonable attorneys’ fees and expenses) incurred in connection with or in any way related to the eviction of Tenant and reletting the Premises, and for the amount of any other Rent which would have been due from Tenant to Landlord hereunder which is not recovered from reletting or due to inability to relet the Premises. Landlord, in addition to but not in lieu of or in limitation of any other right or remedy provided to Landlord under the terms of this Lease or otherwise (but only to the extent such sum is not reimbursed to Landlord hereunderin conjunction with any other payment made by Tenant to Landlord), shall have the right to be immediately repaid by Tenant the amount of all sums expended by Landlord may, at its option, cure for and not repaid by Tenant in connection with preparing or improving the Premises to Tenant’s account specifications and any default and all costs and expenses incurred in renovating or altering the Premises to make it suitable for reletting; and/or
(iv) As agent of Tenant, do whatever Tenant is obligated to do by the provisions of this Lease, including, but not limited to, entering the Premises, without being liable to prosecution or any claims for damages in order to accomplish this purpose. Tenant hereunder agrees to reimburse Landlord immediately upon demand for reasonable expenses which remains uncured after said thirty (30) days’ notice Landlord may incur in thus effecting compliance with this Lease on behalf of default from Landlord to Tenant, and Tenant further agrees that Landlord shall not be liable for any damages resulting to Tenant from such action, whether caused by the cost to negligence of Landlord of such cure shall be deemed to be Additional Rent and shall be paid to Landlord by Tenant with the installment of Basic Rent next accruing, together with interest thereon, from the date so expended until the date repaid, at the annual rate of ten percent or otherwise; and/or
(10%). Without thereby affecting v) Pursue any other right or remedy available to Landlord at law or in equity.
(c) Pursuit by Landlord of any of the foregoing remedies shall not preclude the pursuit of any damages incurred, or of any of the other remedies provided herein or available, at law or in equity.
(d) No act or thing done by Landlord or Landlord’s employees or agents during the Term shall be deemed an acceptance of a surrender of the Premises. Neither the mention in this Lease of any particular remedy, nor the exercise by Landlord of any particular remedy hereunder, or at law or in equity, shall preclude Landlord mayfrom any other remedy Landlord might have under this Lease, or at its option, charge Tenant a late charge law or in the amount equity. Any waiver of five percent (5%) or redress for any violation of any covenant or condition contained in this Lease or any of the amount overdue in connection Rules now or hereafter adopted by Landlord, shall not prevent a subsequent act, which would have originally constituted a violation, from having all the force and effect of an original violation. The receipt by Landlord of Rent with any Basic Rent or Additional Rent not paid within five (5) days knowledge of the date when duebreach of any covenant in this lease shall not be deemed a waiver of such breach.
Appears in 1 contract
Samples: Lease Agreement (Longeveron LLC)
TENANT'S DEFAULT; LANDLORD'S REMEDIES. If the Tenant shall: (i) shall default in the payment when due of any Basic Rent, Rent or Additional Rent, or any other charges hereunder, Rent and such default shall continue for five ten (510) days after written notice from Landlord of such defaultthe Landlord; or (ii) if the Tenant shall default in the performance or observance of any of the other covenants contained in this Lease and on the Tenant’s 's part to be performed or observed and shall fail, within thirty (30) days after written notice from form the Landlord of such default, to cure such default, default or if such default is not susceptible of cure cannot reasonably be completed within thirty (30) days, if Tenant fails promptly to commence such cure, and thereafter diligently complete it (and in any event within sixty (60) days following the end of said thirty (30) day period), promptly to make provision for such cure and thereafter to pursue such cure diligently to completion; or (iii) if the estate hereby created shall be taken on execution, or by other process of law law; or if the Tenant shall be found, involved in financial difficulties as evidenced:
(1) by its commencement of a voluntary case under Title 11 of the United States Code as from time to time in effect, or by its authorizing, by appropriate proceeding of trustees or other governing body the commencement of such voluntary case,
(2) by its filing an answer or other pleading admitting or failing to deny the material allegations of a petition filed against it commencing an involuntary case under said Title 11, or seeking, consenting to or acquiescing in the relief therein provided, or by its failing to controvert timely the material allegations of any such petition,
(3) by the entry of an order for relief in any involuntary case commenced under said Title 11,
(4) by its seeking relief as a debtor under any applicable law, other than said Title 11, of any jurisdiction relating to the liquidation or reorganization of debtors or to the modification or alteration of the rights of creditors, or by its consenting to be bankrupt or insolvent, or acquiescing in such relief,
(5) by the entry of an order by a court of competent jurisdiction shall (i) fording it to be entered bankrupt or insolvent, (ii) ordering or approving its liquidation or liquidation, reorganization or any modification or alteration of the rights right of its creditors creditors, or (which order is not discharged within 60 days after such entryiii) or assuming custody of, or appointing a receiver or other custodian for, all or a substantial part of its property property, or
(in every such case6) by its making an assignment for the benefit of, or entering into a “Default composition with, its creditors, or appointing or consenting to the appointment of Tenant”)a receiver or other custodian for all or a substantial part of its property; then, then and in any of said cases, the Landlord may, to the extent permitted by law, immediately or at any time thereafter and without with reasonable demand or and notice, terminate this Lease and enter into and upon the Premises, or any part thereof in the name of the whole, and repossess the same as of the Landlord’s 's former estate, and, by any lawful means, and expel the Tenant and those claiming through or under the Tenant and remove its effects without being deemed guilty of any manner of trespass, and without prejudice to any remedies which might otherwise be used for arrears of rent or preceding breach of covenant. No termination or repossession provided for in this Paragraph 23 22 shall relieve Tenant or any guarantor of the obligations of Tenant under this Lease of or from its liabilities and obligations under this Lease, all of which shall survive any such termination or repossession. In the event of any such termination or repossession, the Tenant shall pay to the Landlord either: either (i) in advance on the first day of each month, for what would have been the entire balance of the Term Term, one-twelfth (1/12) (and a pro rata portion thereof for any fraction of a month) of the annual Basic Rent, Additional Rent and all other amounts for which the Tenant is obligated hereunder, less, in each case, the actual net receipts by the Landlord by reason of any reletting of the Premises after deducting the Landlord’s 's reasonable expenses in connection with such reletting, including, without limitation, removal, storage and repair and renovation costs and reasonable brokers’ ' and attorneys’ ' fees; , or (ii) at the option of the Landlord exercisable by the Landlord’s 's giving notice to the Tenant within thirty (30) days after any such termination, an amount equal to the present value (computed at a capitalization rate based upon the so-called corporate "Base Rate" then in effect at The First National Bank of Boston) of the amount by which the payments of Basic Rent and the Additional Rent reasonably estimated to be payable for the balance of the Term after the date of the exercise of said option would exceed the payments reasonably estimated to be the fair rental value of the Premises on the terms and conditions of this Lease over such period, determined as of such date. Landlord will shall use reasonable efforts to mitigate its damagesrelet the Premises for the reasonable rental value thereof and to collect the rent under such reletting but Landlord shall not be liable for failure to relet the Premises or in the event that the Premises are relet for failure to collect the rent under such reletting. Without thereby affecting any other right or remedy of the Landlord hereunder, the Landlord may, at its option, cure for the Tenant’s 's account any default by the Tenant hereunder which remains uncured after said thirty (30) days’ notice the expiration of default from Landlord to Tenantany applicable cure period provided hereunder, and the cost to the Landlord of such cure shall be deemed to be Additional Rent and shall be paid to the Landlord by the Tenant with the installment of Basic Rent next accruing, together with interest thereon, from the date so expended until the date repaid, at the annual rate of ten percent (10%). Without thereby affecting any other right or remedy of Landlord hereunder, Landlord may, at its option, charge Tenant a late charge in the amount of five percent (5%) of the amount overdue in connection with any Basic Rent or Additional Rent not paid within five (5) days of the date when due.
Appears in 1 contract
Samples: Lease Agreement (Nitromed Inc)
TENANT'S DEFAULT; LANDLORD'S REMEDIES. 20.1. The following events shall be deemed to be Events of Default under this Lease:
20.1.1. If Tenant shall: (i) shall default in the payment when due of any Basic Rent, Additional Rent, rent or any other charges hereunder, monetary obligation under this Lease and such default shall continue for five (5) days after Tenant's receipt of written notice from Landlord of such default; or (ii) if or
20.1.2. If Tenant shall default in the performance or observance of any of the other covenants contained in this Lease and on Tenant’s 's part to be performed or observed and shall fail, within thirty twenty (3020) days after Tenant's receipt of written notice from Landlord of such default, to cure such defaultdefault (or, or if such default is not susceptible of cure cannot reasonably be completed within thirty twenty (3020) days, if Tenant fails promptly to commence such cure, cure promptly and thereafter diligently complete it (and in any event within sixty (60) days following the end of said thirty (30) day periodto pursue such cure to completion); or (iii) if or
20.1.3. If the leasehold estate hereby created shall be taken on execution, or by other process of law law; or if Tenant shall be found, under Title 11 of the United States Code involved in financial difficulties as from time to time in effect, or evidenced: (i) by its seeking relief as a debtor under any applicable law, other than said Title 11, of any jurisdiction relating to the liquidation or reorganization of debtors (including under the Federal Bankruptcy Code) or to the modification or alteration of the rights of creditors, or by its consenting to be bankrupt or insolvent, or acquiescing in such relief; (ii) by the entry of an order by a court of competent jurisdiction shall finding it to be entered bankrupt or insolvent, ordering or approving its liquidation or liquidation, reorganization or any modification or alteration of the rights of its creditors (which order is not discharged within 60 days after such entry) creditors, or assuming custody of, or appointing a receiver or other custodian for, all or a substantial part of its property property; or (in every such caseiii) by its making an assignment for the benefit of, or entering into a “Default composition with, its creditors, or appointing or consenting to the appointment of Tenant”)a receiver or other custodian for all or a substantial part of its property; then, then and in any of said cases.
20.2. Upon the occurrence of any Event of Default and after all applicable notice and cure periods, Landlord maymay at its option, without further notice or demand, and in addition to all rights and remedies now or hereafter available to Landlord at law or equity or stated elsewhere in this Lease, elect (a) to cancel and terminate this Lease or (b) without terminating this Lease and to the extent permitted by law, immediately immediately, or at any time thereafter and without demand while the situation still exists, at Landlord's absolute option, Landlord shall have the absolute right to terminate all power to the Premises of the Building, or notice, terminate this Lease and enter into and upon the Premises, or any part thereof in the name of the whole, and repossess the same as of Landlord’s 's former estate, and, by any lawful means, and expel Tenant and those claiming through or under Tenant and remove its effects without being deemed guilty of any manner of trespass, and without prejudice to any remedies which might otherwise be used for arrears of rent or preceding breach of covenant. No termination or repossession provided for in this Paragraph 23 shall relieve Tenant or Landlord may at any guarantor of the obligations of Tenant under time elect to terminate this Lease of or from under clause (a) above despite a prior election to exercise its liabilities and obligations remedies under this Lease, all of which shall survive any such termination or repossessionclause (b) above. In the event of any such termination or repossession, Tenant shall pay to Landlord either: (i) in advance on as and when it becomes due, the first day of each month, for what would have been the entire balance remainder of the Term one-twelfth (1/12) (and a pro rata portion thereof for total rental owed during the then current Term, including any fraction of a month) of the annual Basic Rent, amounts treated as Additional Rent and all other amounts for which Tenant is obligated hereunderunder this Lease, less, in each case, less the actual net receipts by Landlord by reason of any good faith reletting of the Premises after deducting Landlord’s 's reasonable expenses in connection with such reletting, including, including without limitation, removal, removal and storage and repair and renovation costs and reasonable brokers’ ' fees and attorneys’ ' fees. Landlord shall use commercially reasonable efforts to relet the Premises on such terms as Landlord in its sole discretion may determine (including a term different from the Term, rental concessions, and alterations to, and improvement of, the Premises); however, Landlord shall not be obligated to expend funds in connection with reletting the Premises, nor to relet the Premises before leasing other property owned by Landlord, and Landlord shall not be obligated to accept any prospective tenant proposed by Tenant unless such proposed tenant meets all of Landlord's leasing criteria. Landlord shall not be liable for, nor shall Tenant's obligations hereunder be diminished because of, Landlord's failure to relet the Premises or (ii) to collect rent due for such reletting. Tenant shall not be entitled to the excess of any consideration obtained by reletting over the rent due hereunder. As an alternative to the measure of damages set forth in the immediately preceding paragraph, Landlord may, at its election, require Tenant to pay, as liquidated damages and not as a penalty, a sum which at the option time of Landlord exercisable by Landlord’s giving notice termination represents the present value (discounted at a rate equal to Tenant 10% per year) of the excess, if any, of the then value of all Base Rent and Additional Rent payable hereunder (making reasonable assumptions with respect to Additional Rent) for the remainder of the then current Term, over and above the fair market rental value of the Premises for such period, with such discounted amount being due and payable within thirty (30) days after any such termination, an amount equal to the amount by which the payments of Basic Rent and Additional Rent reasonably estimated to be payable for the balance of the Term after the date of the exercise of said option would exceed the payments reasonably estimated to be the fair rental value of the Premises over such period, determined as of such date. Landlord will use reasonable efforts to mitigate its damagesacceleration. Without thereby affecting any other right or remedy of Landlord hereunder, Landlord may, at its option, cure for Tenant’s 's account any default by Tenant hereunder which remains uncured after said thirty (30) days’ notice of default from Landlord to Tenant, Tenant and expiration of the cure period provided hereinabove in this Section 20 and the reasonable cost to Landlord of such cure shall be deemed to be Additional Rent and shall be paid to Landlord by Tenant with the installment of Basic Base Rent next accruing, together with interest thereon, from the date so expended until the date repaid, at the annual rate of ten percent (10%). Without thereby affecting any other right or remedy of Landlord hereunder, Landlord may, at its option, charge Tenant a late charge in the amount of five percent (5%) of the amount overdue in connection with any Basic Rent or Additional Rent not paid within five (5) days of the date when due.
Appears in 1 contract
Samples: Lease (Riot Blockchain, Inc.)
TENANT'S DEFAULT; LANDLORD'S REMEDIES. (a) If Tenant shall: at any time subsequent to the date of this Lease any one or more of the following events (herein referred to as a "Default of Tenant") shall happen:
(i) default in Tenant shall fail to pay the payment when due of any Basic Fixed Rent, Additional Rent, Rent or any other charges hereunder, hereunder when due and such default failure shall continue for five (5) days full Business Days, not to include the first seven (7) day period, as outlined in Paragraph 3, following its due date, after written notice to Tenant from Landlord of such defaultLandlord; or or
(ii) if Tenant shall default in the performance neglect or observance of fail to perform or observe any of the other covenants covenant herein contained in this Lease on Tenant’s 's part to be performed or observed and Tenant shall fail, fail to remedy the same within thirty (30) days after written notice from Landlord of to Tenant specifying such default, to cure such defaultneglect or failure, or if such cure failure is of such a nature that Tenant cannot reasonably be completed remedy the same within thirty (30) days, if Tenant fails promptly to commence such cure, and thereafter diligently complete it (and in any event within sixty (60) days following the end of said thirty (30) day period), Tenant shall fail to commence promptly to remedy the same and to prosecute such remedy to completion with diligence and continuity; or or
(iii) if Tenant's leasehold interest in the estate hereby created Premises shall be taken on execution, execution or by other process of law directed against Tenant; or
(iv) Tenant deserts, vacates, or if abandons the Premises for fifteen (15) consecutive days without payment of rent and/or utilities, without prior written consent; or
(v) Tenant shall make an assignment for the benefit of creditors or shall file a voluntary petition in bankruptcy or shall be found, under Title 11 of the United States Code as from time to time in effect, or under any applicable law, other than said Title 11, of any jurisdiction relating to the liquidation or reorganization of debtors or to the modification or alteration of the rights of creditors, to be adjudicated bankrupt or insolvent, or shall file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future Federal, State or other statute, law or regulation and shall remain undismissed or unstayed for an order by a court aggregate of competent jurisdiction shall be entered approving its liquidation sixty (60) days (whether or reorganization not consecutive), or if any debtor in possession (whether or not Tenant) trustee, receiver or liquidator of Tenant or of all or any modification or alteration of the rights of its creditors (which order is not discharged within 60 days after such entry) or assuming custody of, or appointing a receiver or other custodian for, all or a substantial part of its property properties or of the Premises shall be appointed without the consent or acquiescence of Tenant and such appointment shall remain unvacated or unstayed for an aggregate of sixty (60) days whether or not consecutive); then in every such case, a “case (1) if such Default of Tenant”); thenTenant shall occur prior to the Commencement Date, this Lease shall ipso facto, and without further act on the part of Landlord, terminate, and (2) if such Default of Tenant shall occur after the Commencement Date, Landlord may terminate this Lease by notice to Tenant, specifying a date not less than ten (10) days after the giving of such notice on which this Lease shall terminate and this Lease shall come to an end on the date specified therein as fully and completely as if such date were the date herein originally fixed for the expiration of the Term of this Lease and Tenant will then quit and surrender the Premises to Landlord, but Tenant shall remain liable as hereinafter provided.
(b) If this Lease shall have been terminated as provided in this Article, or if any execution or attachment shall be issued against Tenant or any of said casesTenant's property whereupon the Premises shall be taken or occupied by someone other than Tenant, then Landlord may, to the extent permitted by with or without process of law, immediately or at any time thereafter and without demand or notice, terminate this Lease and re-enter into and upon the Premises, either by force, summary proceedings, ejectment or any part thereof in the name of the wholeotherwise, and repossess the same as of Landlord’s former estate, and, by any lawful means, expel remove and dispossess Tenant and those claiming through or under Tenant and remove its effects without being deemed guilty of any manner of trespass, and without prejudice to any remedies which might otherwise be used for arrears of rent or preceding breach of covenant. No termination or repossession provided for in this Paragraph 23 shall relieve Tenant or any guarantor of the obligations of Tenant under this Lease of or from its liabilities and obligations under this Lease, all of which shall survive any such termination or repossession. In the event of any such termination or repossession, Tenant shall pay to Landlord either: (i) in advance on the first day of each month, for what would have been the entire balance of the Term one-twelfth (1/12) (and a pro rata portion thereof for any fraction of a month) of the annual Basic Rent, Additional Rent and all other amounts for which Tenant is obligated hereunder, less, in each case, the actual net receipts by Landlord by reason of persons and any reletting of the Premises after deducting Landlord’s expenses in connection with such reletting, including, without limitation, removal, storage and repair and renovation costs and reasonable brokers’ and attorneys’ fees; or (ii) at the option of Landlord exercisable by Landlord’s giving notice to Tenant within thirty (30) days after any such termination, an amount equal to the amount by which the payments of Basic Rent and Additional Rent reasonably estimated to be payable for the balance of the Term after the date of the exercise of said option would exceed the payments reasonably estimated to be the fair rental value of the Premises over such period, determined as of such date. Landlord will use reasonable efforts to mitigate its damages. Without thereby affecting any other right or remedy of Landlord hereunder, Landlord may, at its option, cure for Tenant’s account any default by Tenant hereunder which remains uncured after said thirty (30) days’ notice of default from Landlord to Tenant, and the cost to Landlord of such cure shall be deemed to be Additional Rent and shall be paid to Landlord by Tenant with the installment of Basic Rent next accruing, together with interest thereon, all property from the date so expended until the date repaidsame, at the annual rate of ten percent (10%). Without thereby affecting any other right or remedy of Landlord hereunder, Landlord may, at its option, charge Tenant a late charge in the amount of five percent (5%) of the amount overdue in connection with any Basic Rent or Additional Rent as if this Lease had not paid within five (5) days of the date when due.been made,
Appears in 1 contract
Samples: Deed of Lease (Infogrames Inc)
TENANT'S DEFAULT; LANDLORD'S REMEDIES. If the Tenant shall: (i) shall default in the payment when due of any Basic Rent, Rent or Additional Rent, or any other charges hereunder, Rent and such default shall continue for five ten (510) days after written notice from Landlord of such defaultthe Landlord; or (ii) if the Tenant shall default in the performance or observance of any of the other covenants contained in this Lease these presents and on the Tenant’s 's part to be performed or observed and shall fail, within thirty (30) days after written notice from form the Landlord of such default, to cure such default, default or if such default is not susceptible of cure cannot reasonably be completed within thirty (30) days, if Tenant fails promptly to commence such cure, and thereafter diligently complete it (and in any event within sixty (60) days following the end of said thirty (30) day period), promptly to make provision for such cure and thereafter to pursue such cure diligently to completion; or (iii) if the estate hereby created shall be taken on execution, or by other process of law law; or if the Tenant shall be found, involved in financial difficulties as evidenced:
(1) by its commencement of a voluntary case under Title 11 of the United States Code as from time to time in effect, or by its authorizing, by appropriate proceeding of trustees or other governing body the commencement of such voluntary case,
(2) by its filing an answer or other pleading admitting or failing to deny the material allegations of a petition filed against it commencing an involuntary case under said Title 11, or seeking, consenting to or acquiescing in the relief therein provided, or by its failing to controvert timely the material allegations of any such petition,
(3) by the entry of an order for relief in any involuntary case commenced under said Title 11,
(4) by its seeking relief as a debtor under any applicable law, other than said Title 11, of any jurisdiction relating to the liquidation or reorganization of debtors or to the modification or alteration of the rights of creditors, or by its consenting to be bankrupt or insolvent, or acquiescing in such relief,
(5) by the entry of an order by a court of competent jurisdiction shall (i) finding it to be entered bankrupt or insolvent, (ii) ordering or approving its liquidation or liquidation, reorganization or any modification or alteration of the rights right of its creditors creditors, or (which order is not discharged within 60 days after such entry) or assuming iii)assuming custody of, or appointing a receiver or other custodian for, all or a substantialpart of its property, or
(6) by its making an assignment for the benefit of, or entering into a composition with, its creditors, or appointing or consenting to the appointment of a receiver or other custodian for all or a substantial part of its property (in every such case, a “Default of Tenant”)property; then, then and in any of said cases, the Landlord may, to the extent permitted by law, immediately or at any time thereafter and without with reasonable demand or and notice, terminate this Lease and enter into and upon the Premises, or any part thereof in the name of the whole, and repossess the same as of the Landlord’s 's former estate, and, by any lawful means, and expel the Tenant and those claiming through or under the Tenant and remove its effects without being deemed guilty of any manner of trespass, and without prejudice to any remedies which might otherwise be used for arrears of rent or preceding breach of covenant. No termination or repossession provided for in this Paragraph 23 22 shall relieve the Tenant or any guarantor of the obligations of the Tenant under this Lease of or from its liabilities and obligations under this Lease, all of which shall survive any such termination or repossession. In the event of any such termination or repossession, the Tenant shall pay to the Landlord either: either (i) in advance on the first day of each month, for what would have been the entire balance of the Term Term, one-twelfth (1/12) (and a pro rata portion thereof for any fraction of a month) of the annual Basic Rent, Additional Rent and all other amounts for which the Tenant is obligated hereunder, less, in each case, the actual net receipts by the Landlord by reason of any reletting of the Premises after deducting the Landlord’s 's reasonable expenses in connection with such reletting, including, without limitation, removal, storage and repair and renovation costs and reasonable brokers’ ' and attorneys’ ' fees; , or (ii) at the option of the Landlord exercisable by the Landlord’s 's giving notice to the Tenant within thirty (30) days after any such termination, an amount equal to the present value (computed at a capitalization rate based upon the so-called corporate "Base Rate" then in effect at Bank of America) of the amount by which the payments of Basic Rent and the Additional Rent reasonably estimated to be payable for the balance of the Term after the date of the exercise of said option would exceed the payments reasonably estimated to be the fair rental value of the Premises on the terms and conditions of this Lease over such period, determined as of such date. Landlord will shall use reasonable efforts to mitigate its damagesrelet the Premises for the reasonable rental value thereof and to collect the rent under such reletting but Landlord shall not be liable for failure to relet the Premises or in the event that the Premises are relet for failure to collect the rent under such reletting. Without thereby affecting any other right or remedy of the Landlord hereunder, the Landlord may, at its option, cure for the Tenant’s 's account any default by the Tenant hereunder which remains uncured after said thirty (30) days’ ' notice of default from the Landlord to the Tenant, and the cost to the Landlord of such cure shall be deemed to be Additional Rent and shall be paid to the Landlord by the Tenant with the installment of Basic Rent next accruing, together with interest thereon, from the date so expended until the date repaid, at the annual rate of ten percent (10%). Without thereby affecting any other right or remedy of Landlord hereunder, Landlord may, at its option, charge Tenant a late charge in the amount of five percent (5%) of the amount overdue in connection with any Basic Rent or Additional Rent not paid within five (5) days of the date when due.
Appears in 1 contract
Samples: Lease Agreement (Insulet Corp)
TENANT'S DEFAULT; LANDLORD'S REMEDIES. A. If Tenant shall: (i) default shall be made in payment of the Rent or any installment thereof or in the payment when due of any Basic Rent, Additional Rent, or any other charges hereunder, sum required to be paid by Tenant under this Lease and such default shall continue for five (5) days after written notice from Landlord of such default; due date, or (ii) if Tenant default shall default be made in the observance or performance or observance of any of the other covenants contained or conditions in this Lease on Tenant’s part which Tenant is required to be performed or observed observe and perform and such default shall fail, within continue for thirty (30) days after written notice from Landlord of such defaultto Tenant, to cure such default, or provided that if such cure default cannot reasonably be completed cured within thirty (30) days the period of grace shall be extended for so long as Tenant in good faith is diligently prosecuting a cure, but, in no event whatsoever, shall such cure period extend beyond ninety (90) days, or if a default involves a hazardous condition and is not cured or action commenced to cure by Tenant fails promptly immediately upon written notice to commence such cureTenant, or if the interest of Tenant in this Lease shall be levied or under execution or other legal process, or if any voluntary petition in bankruptcy or for corporate reorganization or any similar relief shall be filed by Tenant, or if any involuntary petition in bankruptcy shall be filed against Tenant under any federal or state bankruptcy or insolvency act and thereafter diligently complete it (and in any event shall not have been dismissed within sixty (60) days following the end of said thirty (30) day period); days from the filing thereof, or (iii) if the estate hereby created a receiver shall be taken on executionappointed for Tenant or any of the property of Tenant by any court and such receiver shall not have been dismissed within thirty (30) days from the date of his appointment, or by other process of law or if Tenant shall be found, under Title 11 of make an assignment for the United States Code as from time to time in effect, or under any applicable law, other than said Title 11, of any jurisdiction relating to the liquidation or reorganization of debtors or to the modification or alteration of the rights benefit of creditors, or if Tenant shall admit in writing Tenant’s inability to be bankrupt or insolventmeet Tenant’s debts as they mature, or an order by a court if Tenant shall abandon and cease paying Rent for the Premises during the Term, then Landlord may treat the occurrence of competent jurisdiction shall be entered approving its liquidation anyone or reorganization or any modification or alteration more of the rights foregoing events as a breach of its creditors (which order is not discharged within 60 days after such entry) or assuming custody of, or appointing a receiver or other custodian for, all or a substantial part of its property (in every such case, a “Default of Tenant”); thenthis Lease, and in any thereupon at its option may by process of said cases, Landlord may, to the extent permitted by law, immediately or at any time thereafter law and without demand breaching the peace, with notice to Tenant, have any one or notice, more of the following described remedies in addition to all other rights and remedies provided at law or in equity or elsewhere herein:
(i) Landlord may cancel and terminate this Lease by notice in writing to Tenant, and if such notice is given, all rights of the Tenant to the use and occupancy of the Premises will terminate as of the date set forth in such notice, and Tenant will at once surrender the possession of the Premises to Landlord and remove all of Tenant’s effects therefrom, and Landlord may forthwith re-enter into the Premises and upon repossess itself thereof No termination of this Lease prior to the Premisesnormal expiration thereof will affect Landlord’s right to collect Rent for the period prior to the termination thereof. If Tenant holds over after said notice of termination hereunder for a period of thirty (30) or more days, by failing to deliver possession, use and occupancy to Landlord, or any part thereof in by failing to remove all of Tenant’s effects therefrom, or otherwise, then Tenant will be deemed to be a tenant from month to month, and the name value of the whole, use of the Premises by Tenant as such tenant will be calculated in accordance with Section 18 above.
(ii) Landlord may terminate Tenant’s right of possession and may repossess the same Premises by forcible entry and detainer suit, so long as such can be accomplished without a breach of Landlord’s former estate, andthe peace., by any lawful meanstaking peaceful possession or otherwise, expel Tenant and those claiming through or under Tenant and remove its effects without being deemed guilty of any manner of trespass, and without prejudice to any remedies which might otherwise be used for arrears of rent or preceding breach of covenant. No termination or repossession provided for in this Paragraph 23 shall relieve Tenant or any guarantor of the obligations of Tenant under this Lease of or from its liabilities and obligations under this Lease, all in which event Landlord will use reasonable best efforts to relet the same for the account of which Tenant, for such rent and upon such terms as shall survive any such termination or repossessionbe satisfactory to Landlord. In If Landlord shall fail to relet the event of any such termination or repossessionPremises, Tenant shall pay to Landlord either: (i) in advance on the first day of each monthas damages, for what would have been the entire balance of the Term one-twelfth (1/12) (and a pro rata portion thereof for any fraction of a month) of the annual Basic Rent, Additional Rent and all other amounts for which Tenant is obligated hereunder, less, in each case, the actual net receipts by Landlord by reason of any reletting of the Premises after deducting Landlord’s expenses in connection with such reletting, including, without limitation, removal, storage and repair and renovation costs and reasonable brokers’ and attorneys’ fees; or (ii) at the option of Landlord exercisable by Landlord’s giving notice to Tenant within thirty (30) days after any such termination, an amount sum equal to the amount by which of the payments of Basic Rent and Additional Rent reasonably estimated to be payable reserved in this Lease for the balance of the Term Term. If the Premises are relet and a sufficient sum shall not be realized from such reletting after the date paying all of the exercise reasonable costs and expenses of said option would exceed all decoration, repairs, remodeling, alterations and additions, and the payments reasonably estimated to be the fair rental value expenses of such reletting and of the Premises over such periodcollection of the rent accruing therefrom to satisfy the Rent provided for in this Lease, determined as of such dateTenant shall satisfy and pay the same upon demand. therefor from time to time. Nothing set forth herein shall relieve Landlord will use reasonable efforts from its obligation to act reasonably to mitigate its damages. Without thereby affecting .
B. Tenant agrees that Landlord may file suit to recover any sums falling due under the terms of this Section 23 from time to time.
C. Notwithstanding any other right provisions contained in this Lease, in the event (i) Tenant, or remedy of Landlord hereunderits successors or assigns, shall become insolvent or bankrupt, or if it or their interest under this Lease shall be Levied upon or sold under execution or other legal process, or; (ii) is seized or taken over by Tenant’s supervisory authority (“Authority”) , Landlord may, at its optionin either such event, cure terminate this Lease only with the concurrence of any receiver or liquidator appointed by such Authority; provided, further, that in the event this Lease is terminated by the receiver or liquidator, the maximum claim of Landlord for Tenant’s account any default Rent, damages or indemnity for injury resulting from the termination, rejection or abandonment of the unexpired Lease shall by Tenant hereunder which remains uncured after said thirty (30) days’ notice of default from Landlord law in no event be in an amount greater than all accrued and unpaid Rent to Tenant, and the cost to Landlord date of such cure shall be deemed to be Additional Rent and shall be paid to Landlord by Tenant with the installment of Basic Rent next accruing, together with interest thereon, from the date so expended until the date repaid, at the annual rate of ten percent (10%). Without thereby affecting any other right or remedy of Landlord hereunder, Landlord may, at its option, charge Tenant a late charge in the amount of five percent (5%) of the amount overdue in connection with any Basic Rent or Additional Rent not paid within five (5) days of the date when duetermination.
Appears in 1 contract
Samples: Lease Agreement (Acell Inc)
TENANT'S DEFAULT; LANDLORD'S REMEDIES. If the Tenant shall: (i) shall default in the payment when due of any Basic Rent, Rent or Additional Rent, or any other charges hereunder, and such default shall continue for five has not been cured within ten (510) days after written notice from Landlord of such default; the Landlord, or (ii) if the Tenant shall default in the timely performance or observance of any of the other covenants contained in this Lease these presents and on the Tenant’s 's part to be performed or observed observed, and shall fail, such default has not been cured within thirty (30) days after written notice from the Landlord of (provided that if a cure can not be effectuated within such default, to cure such default, or if such cure cannot reasonably be completed within thirty (30) days, if then so long as Tenant fails promptly has commenced to commence cure and continues to diligently pursue completion of such cure, and thereafter diligently complete it (and in any event within then Tenant shall be permitted a reasonable time, not to exceed sixty (60) days following days, as shall be determined by Landlord in the end exercise of said thirty (30) day periodits reasonable discretion, within which to complete the cure prior to a default being deemed to have occurred); , or (iii) if the estate hereby created shall be taken on execution, or by other process of law law, or if the Tenant shall be found, involved in financial difficulties as evidenced
(1) by its commencement of a voluntary case under Title 11 of the United States Code as from time to time in effect, or by its authorizing, by appropriate proceedings of trustees or other governing body the commencement of such a voluntary case,
(2) by its filing an answer or other pleading admitting or failing to deny the material allegations of a petition filed against it commencing an involuntary case under said Title 11, or seeking, consenting to or acquiescing in the relief therein provided, or by its failing to controvert timely the material allegations of any such petition,
(3) by the entry of an order for relief in any involuntary case commenced, under said Title 11,
(4) by its seeking relief as a `debtor under any applicable law, other than said Title 11, of any jurisdiction relating to the liquidation or reorganization of debtors or to the modification or alteration of the rights of creditors, or by its consenting to be bankrupt or insolvent, or acquiescing in such relief;
(5) by the entry of an order by a court of competent jurisdiction shall (i) finding it to be entered bankrupt or insolvent, (ii) ordering or approving its liquidation or liquidation, reorganization or any modification or alteration of the rights of its creditors creditors, or (which order is not discharged within 60 days after such entryiii) or assuming custody of, ; or appointing a receiver or other custodian for, all or a substantial part of its property property, or
(in every such case6) by its making an assignment for the benefit of; or entering into a composition with, its creditors, or appointing or consenting to the appointment of a “Default receiver or other custodian for all or a substantial part of Tenant”)its property; then, then and in any of said cases, the Landlord may, to the extent permitted by law, immediately or at any time thereafter and without demand or notice, terminate this Lease and enter into and upon the Premises, or any part thereof in the name of the whole, and repossess the same as of the Landlord’s 's former estate, and, by any lawful means, and expel the Tenant and those claiming through or under the Tenant and remove its effects without being deemed guilty of any manner of trespass, and without prejudice to any remedies which might otherwise be used for arrears of rent or preceding breach of covenant. No termination or repossession provided for in this Paragraph 23 22 shall relieve the Tenant or any guarantor of the obligations of the Tenant under this Lease of or from its liabilities and obligations under this Lease, all of which shall survive any such termination or repossession. In the event of any such termination or repossession, the Tenant shall pay to the Landlord either: either (i) in advance on the first day of each month, for what would have been the entire balance of the Term Term, one-twelfth (1/12) (and a pro rata portion thereof for any fraction of a month) of the annual Basic Rent, Additional Rent and all other amounts for which the Tenant is obligated hereunder, less, in each case, the actual net receipts by the Landlord by reason of any reletting of the Premises after deducting the Landlord’s 's reasonable expenses in connection with such reletting, including, without limitation, removal, storage and repair and renovation costs and reasonable brokers’ ' and attorneys’ ' fees; , or (ii) upon demand and at the option of the Landlord exercisable by the Landlord’s 's giving notice to the Tenant within thirty (30) days after any such termination, an amount equal to the present value (computed at a capitalization rate based upon the so-called "Prime Rate" then in effect at The First National Bank of Boston) of the amount by which the payments of Basic Rent and Additional Rent reasonably estimated to be payable for the balance of the Term after the date of the exercise of said option would exceed the payments reasonably estimated to be the fair rental value of the Premises on the terms and conditions of this Lease over such period, determined as of such date. Landlord will use reasonable efforts to mitigate its damages, less reletting costs. Without thereby affecting any other right or remedy of the Landlord hereunder, the Landlord may, at its option, cure for the Tenant’s 's account any default by the Tenant hereunder which remains uncured after said thirty (30) days’ ' notice of default from the Landlord to the Tenant, and the cost to the Landlord of such cure shall be deemed to be Additional Rent and shall be paid to the Landlord by the Tenant with the installment of Basic Rent next accruing, together with interest thereon, from the date so expended until the date repaid, at the annual rate of ten percent (10%). Without thereby affecting any other right or remedy of Landlord hereunder, Landlord may, at its option, charge Tenant a late charge in the amount of five percent (5%) of the amount overdue in connection with any Basic Rent or Additional Rent not paid within five (5) days of the date when due.
Appears in 1 contract
Samples: Lease (Cidra Corp)
TENANT'S DEFAULT; LANDLORD'S REMEDIES. If B. A. Each of the following events shall be a default by Xxxxxx and a breach by Tenant shall: of this Lease:
(i) default in the payment when due If Tenant fails to pay Landlord any installment of any Basic Base Rent, Additional Rent, Rent or any other charges hereunder, charge required to be paid by Tenant under this Lease as and such default shall continue for five (5) days after written notice from Landlord of such default; or when the same becomes due and payable;
(ii) if If Tenant shall default in the performance fails to perform or observance of comply with any of the other non monetary agreements, terms, covenants contained in this Lease or conditions hereof on Tenant’s part to be performed and such lack of performance or observed lack of compliance shall continue for a period of 10 days after notice by Landlord to Tenant or, if such performance or compliance cannot be reasonably had within such 10 day period, Tenant shall not in good faith have commenced such performance or compliance within such 10 day period and shall fail, within thirty (30) days after written notice from Landlord of such default, not diligently proceed to cure such default, or if such cure cannot reasonably be completed within thirty (30) days, if Tenant fails promptly to commence such cure, and thereafter diligently complete it (and in any event within sixty (60) days following the end of said thirty (30) day period); or completion;
(iii) if the estate hereby created If a judgment is entered against Tenant or a levy under execution or attachment shall be taken on executionmade against Tenant or its property and such judgment, execution or attachment shall not be satisfied, stayed, vacated or removed by payment, court order, bonding or otherwise within a period of 15 days after entry of such judgment or levy under execution or attachment;
(iv) If Tenant notifies Landlord, at any time prior to the Term Commencement Date, that Xxxxxx does not intend to take occupancy of the Premises upon the Term Commencement Date, or by other process of law or if Tenant shall be found, under Title 11 fail to promptly move into and take possession of the United States Code as Premises when the Premises are ready for occupancy or shall cease to do business in or abandon any substantial portion of the Premises;
(v) If Tenant shall remove or permit the removal of any furniture, fixtures or equipment from time the Premises other than in the ordinary course of its business;
(vi) If Tenant fails more than twice within any 12 month period to time in effectobserve or perform any covenant, condition, or agreement of this Lease (including without limitation the payment of Rent), regardless of whether such defaults shall have been cured by Tenant, the third default shall at the election of Landlord, in its sole and absolute discretion, be deemed a noncurable default;
(vii) The filing of an involuntary petition against Tenant under the Bankruptcy Code or any applicable law, state or other than said Title 11, of any jurisdiction federal law relating to bankruptcy or insolvency that is not dismissed within 60 days after being filed or the liquidation making or reorganization entry of debtors a decree or to the modification order by a court or alteration of the rights of creditorsdetermination by any regulatory or governmental agency, to be if any, having jurisdiction over Tenant (a) that Tenant is a bankrupt or insolvent, or an order by (b) approving as properly filed a court petition seeking reorganization of competent jurisdiction shall be entered approving its liquidation or reorganization Tenant under the Bankruptcy Code or any modification state or alteration of the rights of its creditors other federal law relating to bankruptcy or insolvency, (which order is not discharged within 60 days after such entryc) or assuming custody of, or appointing a receiver or other custodian for, all liquidator or a substantial part trustee in bankruptcy or insolvency of Tenant or of its property or any substantial portion of its property, or (in every such case, a “Default d) winding up or liquidating the affairs of Tenant”); thenand
(viii) If Tenant shall (a) institute proceedings to be adjudged a voluntary bankrupt, and in any of said cases, Landlord may, (b) consent to the extent permitted by filing of a bankruptcy proceeding against it, (c) file a petition or answer or consent seeking reorganization or readjustment under the Bankruptcy Code or any state or other federal law, immediately or at otherwise invoke any time thereafter and without demand or notice, terminate this Lease and enter into and upon law for the Premisesaid of debtors, or any part thereof in consent to the name of the whole, and repossess the same as of Landlord’s former estate, and, by any lawful means, expel Tenant and those claiming through or under Tenant and remove its effects without being deemed guilty of any manner of trespass, and without prejudice to any remedies which might otherwise be used for arrears of rent or preceding breach of covenant. No termination or repossession provided for in this Paragraph 23 shall relieve Tenant or any guarantor of the obligations of Tenant under this Lease of or from its liabilities and obligations under this Lease, all of which shall survive any such termination or repossession. In the event filing of any such termination petition, (d) consent to the appointment of a receiver or repossessionliquidator or trustee in bankruptcy or insolvency of it or of its property or any substantial portion of its property, Tenant shall pay to Landlord either: (ie) in advance on make an assignment for the first day of each month, for what would have been the entire balance benefit of the Term one-twelfth (1/12) (and a pro rata portion thereof for any fraction of a month) of the annual Basic Rentcreditors, Additional Rent and all other amounts for which Tenant is obligated hereunder, less, in each case, the actual net receipts by Landlord by reason of any reletting of the Premises after deducting Landlord’s expenses in connection with such reletting, including, without limitation, removal, storage and repair and renovation costs and reasonable brokers’ and attorneys’ fees; or (iif) at the option of Landlord exercisable by Landlord’s giving notice admit in writing its inability to Tenant within thirty pay its debts generally as they become due.
(30ix) days after any such termination, an amount equal Failure to the amount by which the payments of Basic Rent and Additional Rent reasonably estimated to be payable for the balance of the Term after the date of the exercise of said option would exceed the payments reasonably estimated to be the fair rental value of the Premises over such period, determined as of such date. Landlord will use reasonable efforts to mitigate its damages. Without thereby affecting pay labor or material men or any other right or remedy vendors resulting in recordation of Landlord hereunder, Landlord may, at its option, cure for Tenant’s account any default by Tenant hereunder which remains uncured after said thirty (30) days’ notice of default from Landlord to Tenant, and the cost to Landlord of such cure shall be deemed to be Additional Rent and shall be paid to Landlord by Tenant with the installment of Basic Rent next accruing, together with interest thereon, from the date so expended until the date repaid, at the annual rate of ten percent (10%). Without thereby affecting any other right or remedy of Landlord hereunder, Landlord may, at its option, charge Tenant a late charge in the amount of five percent (5%) of the amount overdue in connection with any Basic Rent or Additional Rent not paid lien unless same is discharged within five (5) 10 days of the date when duefiling.
Appears in 1 contract
Samples: Lease Agreement (Vapor Corp.)
TENANT'S DEFAULT; LANDLORD'S REMEDIES. If (a) It is mutually covenanted and agreed that if Tenant shall: shall fail to keep and perform all of the covenants, conditions and agreements herein made binding upon Tenant, and if such failure continues for 10 days (i) default in the payment when due of with respect to any Basic Rent, Additional Rentmonetary default), or 30 days (with respect to any other charges hereundernon-monetary default), and such default shall continue for five (5) days after written notice from Landlord of to Tenant identifying such default; or (ii) failure, if Tenant shall default in vacate or abandon the performance or observance of any of the other covenants contained in this Lease on Tenant’s part to be performed or observed and shall fail, within thirty (30) days after written notice from Landlord of such default, to cure such defaultPremises, or if such cure cannot reasonably be completed within thirty (30) days, if Tenant fails promptly to commence such cure, and thereafter diligently complete it (and in any event within sixty (60) days following the end of said thirty (30) day period); or (iii) if the estate hereby created shall be taken on execution, execution or by other process of law law, or if Tenant shall petition to be founddeclared or shall be declared bankrupt or insolvent according to law, under Title 11 or if a receiver or similar officer shall be appointed to take charge of all or any part of the United States Code as from time to time in effectproperty of Tenant, or under if any applicable law, other than said Title 11, assignment shall be made of any jurisdiction relating to Tenant's property for the liquidation or reorganization of debtors or to the modification or alteration of the rights benefit of creditors, to be bankrupt or insolvent, or an order by a court of competent jurisdiction shall be entered approving its liquidation or reorganization or any modification or alteration of the rights of its creditors (which order is not discharged within 60 days after such entry) or assuming custody of, or appointing a receiver or other custodian for, all or a substantial part of its property (then and in every each such case, a “Default at the sole option of Landlord, Tenant”); then, 's right of possession shall thereupon cease and in any determine and Landlord shall be entitled to possession of said cases, Landlord may, the Premises and to re-enter the extent permitted by law, immediately same without further demand of rent or at any time thereafter and without demand or notice, terminate this Lease and enter into and upon of possession of the Premises, or any part and may, forthwith recover possession thereof by whatever process of law may be available in the name jurisdiction in which the Premises may be located, any notice to quit or of the wholeintention to re-enter being hereby expressly waived by Tenant, and repossess the same as or Landlord may retake possession without process of Landlord’s former estate, and, by any lawful means, expel Tenant and those claiming through or under Tenant law and remove all persons and property therefrom without becoming liable in damages, unless resulting from the willful acts of Landlord or its effects without being deemed guilty of any manner of trespass, and without prejudice to any remedies which might otherwise be used for arrears of rent or preceding breach of covenant. No termination or repossession provided for in this Paragraph 23 shall relieve Tenant or any guarantor of the obligations of Tenant under this Lease of or from its liabilities and obligations under this Lease, all of which shall survive any such termination or repossessionagents. In the event of any such termination re-entry or repossessionre-taking, Tenant shall pay nevertheless remain liable and answerable for the full rental to the date of such re-taking or re-entry, and for damages for the deficiency or loss of rent which Landlord either: (i) may thereby sustain in advance on respect of the first day of each month, for what would have been the entire balance of the Term one-twelfth (1/12) (term; and a pro rata portion thereof in such case, Landlord shall use reasonable efforts to let the Premises for any fraction the benefit of a month) and as the agent for Tenant, in liquidation and discharge, in whole or in part, as the case may be, of the annual Basic Rentliability of Tenant hereunder; and such damages, Additional Rent and all other amounts for which Tenant is obligated hereunder, less, in each case, the actual net receipts by Landlord by reason of any reletting of the Premises after deducting Landlord’s expenses in connection with such reletting, including, without limitation, removal, storage and repair and renovation costs and reasonable brokers’ and attorneys’ fees; or (ii) at the option of Landlord exercisable by Landlord’s giving notice to Tenant within thirty (30) days after any such termination, an amount equal to may be recovered at the amount by which the payments of Basic Rent and Additional Rent reasonably estimated to be payable for the balance time of the Term after the date of the exercise of said option would exceed the payments reasonably estimated to be the fair rental value of the Premises over such periodre-taking or re-entry, determined as of such date. Landlord will use reasonable efforts to mitigate its damages. Without thereby affecting any other right or remedy of Landlord hereunder, Landlord may, at its option, cure for Tenant’s account any default by Tenant hereunder which remains uncured after said thirty (30) days’ notice of default from Landlord to Tenant, and the cost to Landlord of such cure shall be deemed to be Additional Rent and shall be paid to Landlord by Tenant with the installment of Basic Rent next accruing, together with interest thereon, from the date so expended until the date repaid, at the annual rate of ten percent (10%). Without thereby affecting any other right or remedy of Landlord hereunder, Landlord may, at its option, charge Tenant a late charge in the amount of five percent (5%) of the amount overdue in connection with any Basic Rent or Additional Rent not paid within five (5) days of the date when due.separate actions
Appears in 1 contract
Samples: Lease Agreement (Didax Inc)
TENANT'S DEFAULT; LANDLORD'S REMEDIES. If 24.1 Tenant's compliance with each and every covenant and obligation hereof on its part to be performed hereunder is a condition precedent to each and every covenant and obligation of Landlord hereunder. Any one or more of the following shall be a "Default" under this Lease:
25.1.1 Tenant shall: (i) shall default in the payment when due of any Basic Rent, Additional Rent, or any other charges hereunder, sum of money required to be paid hereunder and such default shall continue continues for five seven (57) days after written notice from Landlord of the date any such defaultpayment was due; or (ii) if or
25.1.2 Tenant shall default in the performance or observance of any other term, covenant or condition of the other covenants contained in this Lease on Tenant’s the part of Tenant to be kept and performed or observed and shall fail, within thirty such default continues for twenty (3020) days after written notice thereof from Landlord to Tenant; provided, however, that is the default complained of in such notice is of such defaulta nature that the same can be rectified or cured, to cure such default, or if such cure but cannot reasonably with reasonable diligence be completed done within said twenty (20) day period, then such default shall be deemed to be rectified or cured if Tenant shall, within said twenty (20) day period, commence to rectify and cure the same and shall thereafter complete such rectification and cure with all due diligence, and in any event, within forty (40) days from the date of giving of such notice; or
25.1.3 Tenant should vacate or abandon the Premises during the Term of this Lease. Abandonment is defined to include, but is not limited to, any absence by Tenant from the Premises for thirty (30) days, if Tenant fails promptly to commence such cure, and thereafter diligently complete it consecutive days (and or longer) or forty-five (45) days (whether consecutive or not) in any event within sixty (60) days following the end of said thirty (30) day period)calendar year; or
25.1.4 There is filed any petition in bankruptcy or (iii) if the estate hereby created shall be taken on execution, or by other process of law or if Tenant shall be found, under Title 11 of the United States Code is adjudicated as from time to time in effect, or under any applicable law, other than said Title 11, of any jurisdiction relating to the liquidation or reorganization of debtors or to the modification or alteration of the rights of creditors, to be a bankrupt or insolvent, or an order by a court of competent jurisdiction shall be entered approving its liquidation or reorganization or any modification or alteration of the rights of its creditors (which order there is not discharged within 60 days after such entry) or assuming custody of, or appointing appointed a receiver or other custodian for, trustee to take possession of Tenant or of all or a substantial part substantially all of its property (in every such case, a “Default the assets of Tenant”); then, and in any or there is a general assignment by Tenant for the benefit of said cases, Landlord may, to the extent permitted by law, immediately or at any time thereafter and without demand or notice, terminate this Lease and enter into and upon the Premisescreditors, or any part thereof in the name of the wholeaction is taken by or against Tenant under any state or federal insolvency or bankruptcy act, and repossess the same as of Landlord’s former estate, and, by any lawful means, expel Tenant and those claiming through or under Tenant and remove its effects without being deemed guilty of any manner of trespass, and without prejudice to any remedies which might otherwise be used for arrears of rent or preceding breach of covenant. No termination or repossession provided for in this Paragraph 23 shall relieve Tenant or any guarantor of the obligations of Tenant under this Lease of similar law now or from its liabilities and obligations under this Lease, all of which shall survive any such termination or repossession. In the event of any such termination or repossession, Tenant shall pay to Landlord either: (i) hereafter in advance on the first day of each month, for what would have been the entire balance of the Term one-twelfth (1/12) (and a pro rata portion thereof for any fraction of a month) of the annual Basic Rent, Additional Rent and all other amounts for which Tenant is obligated hereunder, less, in each case, the actual net receipts by Landlord by reason of any reletting of the Premises after deducting Landlord’s expenses in connection with such relettingeffect, including, without limitation, removal, storage the filing of execution or attachment against Tenant and repair and renovation costs and reasonable brokers’ and attorneys’ fees; or such levy continued in effect for a period of twenty (ii) at the option of Landlord exercisable by Landlord’s giving notice to Tenant within thirty (30) days after any such termination, an amount equal to the amount by which the payments of Basic Rent and Additional Rent reasonably estimated to be payable for the balance of the Term after the date of the exercise of said option would exceed the payments reasonably estimated to be the fair rental value of the Premises over such period, determined as of such date. Landlord will use reasonable efforts to mitigate its damages. Without thereby affecting any other right or remedy of Landlord hereunder, Landlord may, at its option, cure for Tenant’s account any default by Tenant hereunder which remains uncured after said thirty (30) days’ notice of default from Landlord to Tenant, and the cost to Landlord of such cure shall be deemed to be Additional Rent and shall be paid to Landlord by Tenant with the installment of Basic Rent next accruing, together with interest thereon, from the date so expended until the date repaid, at the annual rate of ten percent (10%20). Without thereby affecting any other right or remedy of Landlord hereunder, Landlord may, at its option, charge Tenant a late charge in the amount of five percent (5%) of the amount overdue in connection with any Basic Rent or Additional Rent not paid within five (5) days of the date when due.
Appears in 1 contract
Samples: Lease (Truevision International Inc)
TENANT'S DEFAULT; LANDLORD'S REMEDIES. If Section 18.1 Tenant's Events of Default. Tenant shall: shall be deemed in default of this Lease (ia "Tenant Default") default in the payment if:
(a) Tenant fails to pay any installment of Rent when due of any Basic Rent, Additional Rent, or any other charges hereunder, and such default shall continue continues for five a period of ten (510) days Business Days after written notice from Landlord of such default; or
(b) Tenant fails to perform any material term, covenant or (ii) if Tenant shall default in the performance or observance condition of any of the other covenants contained in this Lease on Tenant’s 's part to be observed or performed or observed (other than the covenants for the payment of Rent), and shall fail, Tenant fails to remedy such default within thirty (30) 30 days after written notice from by Landlord to Tenant of such default, to cure such default, or if such cure default is of such a nature that it cannot reasonably be completed completely remedied within thirty (such 30) days-day period, if Tenant fails does not promptly to commence such cure, institute and thereafter diligently complete it prosecute to completion all steps necessary to remedy the default within 90 days after Landlord's notice of default; or
(and c) Tenant files a voluntary petition in any event within sixty (60) days following the end of said thirty (30) day period); bankruptcy or (iii) if the estate hereby created shall be taken on executioninsolvency, or by is adjudicated a bankrupt or insolvent or files any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or any future federal bankruptcy act or any other process of law present or if Tenant shall be foundfuture applicable federal, under Title 11 of the United States Code as from time to time in effectstate or other statute or law, or under any applicable law, other than said Title 11, makes an assignment for the benefit of creditors or seeks or consents to acquiesce in the appointment of any jurisdiction relating to the liquidation or reorganization of debtors or to the modification or alteration of the rights of creditorstrustee, to be bankrupt or insolvent, or an order by a court of competent jurisdiction shall be entered approving its liquidation or reorganization or any modification or alteration of the rights of its creditors (which order is not discharged within 60 days after such entry) or assuming custody of, or appointing a receiver or other custodian for, liquidator of Tenant or of all or a substantial part of its property (in every such case, a “Default of Tenant”); then, and in any of said cases, Landlord may, to the extent permitted by law, immediately or at any time thereafter and without demand or notice, terminate this Lease and enter into and upon the Premises, or any part thereof in of Tenant's Property; or
(d) Within 90 days after the name of the whole, and repossess the same as of Landlord’s former estate, and, by any lawful means, expel Tenant and those claiming through or under Tenant and remove its effects without being deemed guilty commencement of any manner proceeding described in subsection (c) above against Tenant, such proceeding has not been dismissed, or if, within 90 days after the appointment of trespassany trustee, and receiver or liquidator of Tenant or of all or any part of Tenant's Property, with or without prejudice to the consent or acquiescence of Tenant, such appointment has not been vacated or otherwise discharged, or if any remedies which might otherwise be used for arrears of rent execution or preceding breach of covenant. No termination or repossession provided for in this Paragraph 23 shall relieve attachment has been issued against Tenant or any guarantor of Tenant's Property pursuant to which part or all of the obligations of Tenant under this Lease of Building has been taken or from its liabilities and obligations under this Lease, all of which shall survive any such termination occupied or repossession. In the event of any such termination or repossession, Tenant shall pay to Landlord either: (i) in advance on the first day of each month, for what would have been the entire balance of the Term one-twelfth (1/12) (and a pro rata portion thereof for any fraction of a month) of the annual Basic Rent, Additional Rent and all other amounts for which Tenant is obligated hereunder, less, in each case, the actual net receipts by Landlord by reason of any reletting of the Premises after deducting Landlord’s expenses in connection with such reletting, including, without limitation, removal, storage and repair and renovation costs and reasonable brokers’ and attorneys’ fees; or (ii) at the option of Landlord exercisable by Landlord’s giving notice to Tenant within thirty (30) days after any such termination, an amount equal to the amount by which the payments of Basic Rent and Additional Rent reasonably estimated attempted to be payable for the balance of the Term after the date of the exercise of said option would exceed the payments reasonably estimated to be the fair rental value of the Premises over such period, determined as of such date. Landlord will use reasonable efforts to mitigate its damages. Without thereby affecting any other right taken or remedy of Landlord hereunder, Landlord may, at its option, cure for Tenant’s account any default by Tenant hereunder which remains uncured after said thirty (30) days’ notice of default from Landlord to Tenant, and the cost to Landlord of such cure shall be deemed to be Additional Rent and shall be paid to Landlord by Tenant with the installment of Basic Rent next accruing, together with interest thereon, from the date so expended until the date repaid, at the annual rate of ten percent (10%). Without thereby affecting any other right or remedy of Landlord hereunder, Landlord may, at its option, charge Tenant a late charge in the amount of five percent (5%) of the amount overdue in connection with any Basic Rent or Additional Rent not paid within five (5) days of the date when dueoccupied.
Appears in 1 contract
Samples: Lease (Cidra Corp)
TENANT'S DEFAULT; LANDLORD'S REMEDIES. If Tenant shall: (i) shall default in the payment when due of any Basic Rent, Rent or Additional Rent, or any other charges hereunder, and such default shall continue for five (5) days after written notice from Landlord the Landlord, or 777923v2 if Tenant shall default more than twice in any twelve (12) month period in the payment when due of any Basic Rent or Additional Rent and such default; default shall continue for five business (5) days, or (ii) if Tenant shall default in the timely performance or observance of any of the other covenants contained in this Lease on the Tenant’s 's part to be performed or observed and shall fail, within thirty (30) days after written notice from Landlord of such default, to cure such default, default or if such cure candefault is not reasonably be completed susceptible of cure within thirty (30) days, if Tenant fails promptly shall fail to commence such cure, and thereafter diligently complete it (and in any event to cure within sixty (60) days following the end of said thirty (30) day period); days after notice of such default from Landlord or (iii) shall thereafter fail with reasonable diligence to prosecute such cure to completion, or if the estate hereby created shall be taken on execution, or by other process of law law, or if Tenant shall be found, involved in financial difficulties as evidenced:
(1) by its commencement of a voluntary case under Title 11 of the United States Code as from time to time in effect, or by its authorizing, by appropriate proceedings of trustees or other governing body the commencement of such a voluntary case,
(2) by its filing an answer or other pleading admitting or failing to deny the material allegations of a petition filed against it commencing an involuntary case under said Title 11, or seeking, consenting to or acquiescing in the relief therein provided, or by its failing to controvert timely the material allegations of any such petition,
(3) by the entry of an order for relief in any involuntary case commenced under said Title 11,
(4) by its seeking relief as a debtor under any applicable law, other than said Title 11, of any jurisdiction relating to the liquidation or reorganization of debtors or to the modification or alteration of the rights of creditors, or by its consenting to be bankrupt or insolvent, or acquiescing in such relief,
(5) by the entry of an order by a court of competent jurisdiction shall (i) finding it to be entered bankrupt or insolvent, (ii) ordering or approving its liquidation or liquidation, reorganization or any modification or alteration of the rights of its creditors creditors, or (which order is not discharged within 60 days after such entryiii) or assuming custody of, or appointing a receiver or other custodian for, all or a substantial part of its property property, or
(in every such case6) by its making an assignment for the benefit of, or entering into a “Default composition with, its creditors, or appointing or consenting to the appointment of Tenant”)a receiver or other custodian for all or a substantial part of its property; then, then and in any of said cases, the Landlord may, to the extent permitted by law, immediately or at any time thereafter and without demand or notice, terminate this Lease and enter into and upon the Premises, or any part thereof in the name of the whole, and repossess the same as of the Landlord’s 's former estate, and, by any lawful means, and expel the Tenant and those 777923v2 claiming through or under the Tenant and remove its effects without being deemed guilty of any manner of trespass, and without prejudice to any remedies which might otherwise be used for arrears of rent or preceding breach of covenant. No termination or repossession provided for in this Paragraph 23 Section 22 shall relieve the Tenant or any guarantor of the obligations of the Tenant under this Lease of or from its liabilities and obligations under this Lease, all of which shall survive survive, as set forth below, any such termination or repossession. In the event of any such termination or repossession, the Tenant shall pay to the Landlord either: either (i) in advance on the first day of each month, for what would have been the entire balance of the Term Term, one-twelfth (1/12) (and a pro rata portion thereof for any fraction of a month) of the annual Basic Rent, Additional Rent and all other amounts for which the Tenant is obligated hereunder, less, in each case, the actual net receipts by the Landlord by reason of any reletting of the Premises after deducting the Landlord’s 's reasonable expenses in connection with such reletting, including, without limitation, removal, storage and repair and renovation costs and reasonable brokers’ ' and attorneys’ ' fees; , or (ii) upon demand and at the option of the Landlord exercisable by the Landlord’s 's giving notice to the Tenant within thirty (30) days after any such termination, an amount equal to the present value (computed at a capitalization rate based upon the so-called "Prime Rate" then in effect at Citizens Bank) of the amount by which the payments of Basic Rent and Additional Rent reasonably estimated to be payable for the balance of the Term (excluding the Extended Term, unless Tenant has exercised the Extension Option prior to a default hereunder) after the date of the exercise of said option would exceed the payments reasonably estimated to be the fair rental value of the Premises on the terms and conditions of this Lease over such period, determined as of such datedate or (iii) such damages, costs, and expenses and other compensation as Landlord may be entitled to as a matter of law. In the event Landlord will terminates this Lease or otherwise re-enters the Premises following a default by Tenant, Landlord shall use reasonable efforts to mitigate its damagesdamages arising in connection with this Lease. Without thereby affecting any other right or remedy of the Landlord hereunder, the Landlord may, at its option, cure for the Tenant’s 's account any default by the Tenant hereunder (other than a default in the payment of Basic Rent or Additional Rent) which remains uncured after said thirty (30) days’ ' notice of default (or such longer period of time during which Tenant may be entitled hereunder to cure such default) from the Landlord to the Tenant, and the reasonable cost to the Landlord of such cure shall be deemed to be Additional Rent and shall be paid to the Landlord by the Tenant with the installment of Basic Rent next accruing, together with interest thereon, from the date so expended until the date repaid, at the annual rate of ten percent (10%). Without thereby affecting any other right or remedy of Landlord hereunder, Landlord may, at its option, charge Tenant a late charge in the amount of five percent (5%) of the amount overdue in connection with any Basic Rent or Additional Rent not paid within five (5) days of the date when due.
Appears in 1 contract
Samples: Lease Agreement (Cross a T Co)
TENANT'S DEFAULT; LANDLORD'S REMEDIES. If Tenant shall: (i) default in the payment when due of any Basic Rent, Additional Rent, or any other charges hereunder, and such default shall continue for five ten (510) days after receipt of written notice from Landlord of such default; or (ii) if Tenant shall default in the performance or observance of any of the other covenants contained in this Lease on Tenant’s 's part to be performed or observed and shall fail, within thirty (30) days after receipt of written notice from Landlord of such default, to cure such default, or if such cure cannot reasonably be completed within thirty (30) days, if Tenant fails promptly to commence such curecure within the thirty (30) day period, and thereafter diligently complete it (and in any event within sixty (60) days following the end of said thirty (30) day period); or (iii) if the estate hereby created shall be taken on execution, or by other process of law or if Tenant shall be found, under Title 11 of the United States Code as from time to time in effect, or under any applicable law, other than said Title 11, of any jurisdiction relating to the liquidation or reorganization of debtors or to the modification or alteration of the rights of creditors, to be bankrupt or insolvent, or an order by a court of competent jurisdiction shall be entered approving its liquidation or reorganization or any modification or alteration of the rights of its creditors (which order is not discharged within 60 45 days after such entry) or assuming custody of, or appointing a receiver or other custodian for, all or a substantial part of its property (in every such case, a “"Default of Tenant”"); then, and in any of said cases, Landlord may, to the extent permitted by law, immediately or at any time thereafter and without demand or notice, terminate this Lease and enter into and upon the Premises, or any part thereof in the name of the whole, and repossess the same as of Landlord’s 's former estate, and, by any lawful means, expel Tenant and those claiming through or under Tenant and remove its effects without being deemed guilty of any manner of trespass, and without prejudice to any remedies which might otherwise be used for arrears of rent or preceding breach of covenant. No termination or repossession provided for in this Paragraph 23 shall relieve Tenant or any guarantor of the obligations of Tenant under this Lease of or from its liabilities and obligations under this Lease, all of which shall survive any such termination or repossession. In the event of any such termination or repossession, Tenant shall pay to Landlord either: (i) in advance on the first day of each month, for what would have been the entire balance of the Term one-twelfth (1/12) (and a pro rata portion thereof for any fraction of a month) of the annual Basic Rent, Additional Rent and all other amounts for which Tenant is obligated hereunder, less, in each case, the actual net receipts by Landlord by reason of any reletting of the Premises after deducting Landlord’s 's expenses in connection with such reletting, including, without limitation, removal, storage and repair and renovation costs and reasonable brokers’ ' and attorneys’ ' fees; or (ii) at the option of Landlord exercisable by Landlord’s 's giving notice to Tenant within thirty (30) days after any such termination, an amount equal to the amount by which the payments of Basic Rent and Additional Rent reasonably estimated to be payable for the balance of the Term after the date of the exercise of said option would exceed the payments reasonably estimated to be the fair rental value of the Premises over such period, determined as of such date. Landlord will use reasonable efforts to mitigate its damages. Without thereby affecting any other right or remedy of Landlord hereunder, Landlord may, at its option, cure for Tenant’s 's account any default by Tenant hereunder which remains uncured after said thirty (30) days’ ' notice of default from Landlord to Tenant, and the cost to Landlord of such cure shall be deemed to be Additional Rent and shall be paid to Landlord by Tenant with the installment of Basic Rent next accruing, together with interest thereon, from the date so expended until the date repaid, repaid at the annual rate of ten percent (10%). Without thereby affecting any other right or remedy of Landlord hereunder, Landlord may, at its option, charge Tenant a late charge in the amount of five percent (5%) of the amount overdue in connection with any Basic Rent or Additional Rent not paid within five (5) days of the date when due. Notwithstanding the foregoing, in the event Tenant wishes to contest a payment to be made by Tenant to a third party and provided that Tenant has provided Landlord with security or other assurances reasonably satisfactory to Landlord that such contest shall have no adverse effect on Landlord or the Property, Landlord shall forbear exercising the rights set forth in this grammatical paragraph with respect to such payment while such contest is undertaken.
Appears in 1 contract
TENANT'S DEFAULT; LANDLORD'S REMEDIES. 18.1. If Tenant shall: (i) default fails to pay any payment of Rent as provided in the payment when due of any Basic Rent, Additional Rent, or any other charges hereunder, this Lease and such default shall continue failure continues for five (5) days after written notice from Landlord of such defaultfollowing the date when due; or (ii) if Tenant shall default in the performance breaches any other agreement, covenant or observance of any of the other covenants contained in this Lease on Tenant’s part obligation herein set forth and fails to be performed or observed and shall fail, cure such breach within thirty fifteen (3015) days after written notice thereof from Landlord of such default(provided, however, Tenant shall not be deemed in default with respect to cure such defaultany matter which, or if such cure canby its nature (as same shall be determined by Landlord in its sole discretion), may not reasonably be completed cured within thirty fifteen (3015) days, if Tenant fails shall promptly within such fifteen (15) day period commence to commence cure such cure, default and thereafter diligently complete it prosecute the cure to completion), Landlord may terminate this Lease upon five (5) business days' notice to Tenant sent at any time thereafter, but before Tenant has cured or removed the cause for such event of default and in any termination. Upon the giving of a notice as set forth above, Tenant's right to cure the cause for such event within sixty of default and termination shall cease. Such termination shall take effect on the fifth (605th) days business day following the end giving of said thirty (30) day period); or (iii) if the estate hereby created such notice to Tenant, and shall be taken on executionwithout prejudice to any remedy Landlord might otherwise have for any prior breach of covenant. If this Lease shall be terminated as herein provided, or by in addition to any other process of remedies which Landlord shall have at law or if Tenant shall be foundin equity, under Title 11 including, without limitation the right to recover the value of the United States Code as from time to time in effect, or under any applicable law, other than said Title 11, of any jurisdiction relating to the liquidation or reorganization of debtors or to the modification or alteration unexpired term of the rights of creditors, to be bankrupt or insolvent, or an order by a court of competent jurisdiction shall be entered approving its liquidation or reorganization or any modification or alteration of the rights of its creditors (which order is not discharged within 60 days after such entry) or assuming custody of, or appointing a receiver or other custodian for, all or a substantial part of its property (in every such case, a “Default of Tenant”); then, and in any of said casesLease, Landlord may, to may reenter the extent permitted by law, immediately or Demised Premises at any time thereafter and remove therefrom Tenant, Tenant's agents and subtenants either by dispossess proceedings or by a suitable action or proceeding at law and without demand any liability on the part of Landlord. Tenant waives any rights to the service of any notice of Landlord's intention to re enter provided for by any present or notice, terminate future law.
18.2. If Landlord or Tenant retains an attorney and commences a legal proceeding as a result of a breach of any covenant of this Lease by the other party or for any other relief against the other party pertaining to this Lease or the relationship of Landlord and enter into and upon the PremisesTenant hereunder, or any part thereof in the name of the whole, and repossess the same as of Landlord’s former estate, and, by any lawful means, expel Tenant and those claiming through or under Tenant and remove its effects without being deemed guilty of any manner of trespass, and without prejudice is required to any remedies which might otherwise be used for arrears of rent or preceding breach of covenant. No termination or repossession provided for in this Paragraph 23 shall relieve Tenant or any guarantor of the obligations of Tenant under this Lease of or from its liabilities and obligations under this Lease, all of which shall survive defend any such termination action or repossession. In proceeding, unless the event of any judgment or award in such termination legal action or repossessionproceeding shall provide otherwise, Tenant the non prevailing party after final judgment shall pay to Landlord either: (i) in advance on the first day of each monthprevailing party all reasonable out-of-pocket costs, for what would have been expenses and reasonable attorneys' fees and disbursements that the entire balance of the Term one-twelfth (1/12) (and a pro rata portion thereof for any fraction of a month) of the annual Basic Rent, Additional Rent and all other amounts for which Tenant is obligated hereunder, less, in each case, the actual net receipts by Landlord by reason of any reletting of the Premises after deducting Landlord’s expenses prevailing party reasonably incurred in connection with such reletting, including, without limitation, removal, storage and repair and renovation costs and reasonable brokers’ and attorneys’ fees; or (ii) at the option of Landlord exercisable by Landlord’s giving notice to Tenant within thirty (30) days after any such termination, an amount equal to the amount by which the payments of Basic Rent and Additional Rent reasonably estimated to be payable for the balance of the Term after the date of the exercise of said option would exceed the payments reasonably estimated to be the fair rental value of the Premises over such period, determined as of such date. Landlord will use reasonable efforts to mitigate its damages. Without thereby affecting any other right or remedy of Landlord hereunder, Landlord may, at its option, cure for Tenant’s account any default by Tenant hereunder which remains uncured after said thirty (30) days’ notice of default from Landlord to Tenant, and the cost to Landlord of such cure shall be deemed to be Additional Rent and shall be paid to Landlord by Tenant with the installment of Basic Rent next accruing, together with interest thereon, from the date so expended until the date repaid, at the annual rate of ten percent (10%). Without thereby affecting any other right or remedy of Landlord hereunder, Landlord may, at its option, charge Tenant a late charge in the amount of five percent (5%) of the amount overdue in connection with any Basic Rent or Additional Rent not paid within five (5) days of the date when duetherewith.
Appears in 1 contract
Samples: Lease (Terra Tech Corp.)
TENANT'S DEFAULT; LANDLORD'S REMEDIES. If If
(a) the Tenant shall: (i) shall default in the payment when due of any Basic Rent, Rent or Additional Rent, or any other charges hereunder, Rent and such default shall continue for five fourteen (514) days after written notice from the Landlord of such defaultdefault without cure; or (iib) if the Tenant shall default in the performance or observance of any of the other covenants contained in this Lease and on the Tenant’s 's part to be performed or observed and shall fail, within thirty (30) days after written notice from the Landlord of such default, default to cure such default, or if it is beyond the reasonable control of the Tenant to cure such cure cannot reasonably be completed default within thirty (30) days, if Tenant fails promptly to commence such cure, cure and thereafter to pursue such cure diligently complete it (and in any event within sixty (60) days following the end of said thirty (30) day period)to completion; or (iiic) if the estate hereby created shall be taken on execution, or by other process of law law, or if the Tenant shall be found, involved in financial difficulties as evidenced:
1. by its commencement of a voluntary case under Title 11 of the United States Code as from time to time in effect, or by its authorizing, by appropriate proceedings of trustees or other governing body, the commencement of such voluntary case;
2. by its filing an answer or other pleading admitting or failing to deny the material allegations of a petition filed against it commencing an involuntary case under said Title 11, or seeking, consenting to or acquiescing in the relief therein provided, or by its failing to controvert timely the material allegations of any such petition;
3. by the entry of an order for relief in any involuntary case commenced under said Title 11;
4. by its seeking relief as a debtor under any applicable law, other than said Title 11, of any jurisdiction relating to the liquidation or reorganization of debtors or to the modification or alteration of the rights of creditors, or by its consenting to be bankrupt or insolvent, or acquiescing in such relief;
5. by the entry of an order by a court of competent jurisdiction shall (i) finding it to be entered bankrupt or insolvent, (ii) ordering or approving its liquidation or liquidation, reorganization or any modification or alteration of the rights of its creditors creditors, or (which order is not discharged within 60 days after such entryiii) or assuming custody of, or appointing a receiver or other custodian for, all or a substantial part of its property (in every such caseproperty; or
6. by its making an assignment for the benefit of, or entering into a “Default composition with, its creditors, or appointing or consenting to the appointment of Tenant”)a receiver other custodian or all or a substantial part of its property; then, and in any of said casescases (S)(S)(a), (b), or (c), each of which, subject to the following sentence is herein sometimes called a ("Terminable Default"), the Landlord may, to the extent permitted by law, immediately or at any time thereafter and without demand or notice, terminate this Lease and enter into onto and upon the Premises, or any part thereof in the name of the wholethereof, and repossess the same as of the Landlord’s 's former estate, and, by any lawful means, and expel the Tenant and those claiming through or under the Tenant and remove its effects without being deemed guilty of any manner of trespass, and without prejudice to any remedies which might otherwise be used for arrears of rent or preceding breach of covenant. No termination or repossession provided for in this Paragraph 23 22 shall relieve Tenant or any guarantor the Tenant, of the its obligations of Tenant under this Lease of or from its and liabilities and obligations under this Lease, all of which shall survive any such termination or repossession. In the event of any such termination or repossession, the Tenant shall pay to the Landlord either: either (i) in advance on the first day of each month, for what would have been the entire balance of the Term Term, one-twelfth (1/12) (and a pro rata portion thereof for any fraction of a month) of the annual Basic Rent, Additional Rent and all other amounts for which the Tenant is obligated hereunder, less, in each case, the actual net receipts by the Landlord by reason of any reletting of the Premises after deducting the Landlord’s 's reasonable expenses in connection with such reletting, including, without limitation, removal, storage and repair and renovation costs and reasonable brokers’ broker's and attorneys’ ' fees; , or (ii) at the option of the Landlord exercisable by the Landlord’s 's giving notice to the Tenant within thirty (30) days after any such termination, an amount equal to the present value of the amount by which the payments of Basic Rent and the Additional Rent reasonably estimated to be payable for the balance of the Term after the date of the exercise of said option would exceed the payments reasonably estimated to be the fair rental value of the Premises on the terms and conditions of this Lease over such period, determined as of such date. In connection with reletting the Premises as provided for herein, Landlord will agrees to use all reasonable efforts to mitigate its damagesin connection with the same. Without thereby affecting any other right or remedy of the Landlord hereunder, in the event of (i) any default on the part of the Tenant in the performance or observance of any non-monetary covenant contained in this Lease and on the Tenant's part to be performed or observed and the failure of the Tenant, within thirty (30) days after notice from the Landlord of such default, to cure such default or if it is beyond the reasonable control of the Tenant to cure such default within thirty (30) days or promptly to commence such cure and thereafter to pursue such cure diligently to completion or (ii) any default on the part of the Tenant which results in jeopardy to the Landlord's title to the Premises or to the Landlord's interest under any mortgage of the Premises and which remains uncured for two (2) business days after notice of such default from the Landlord to the Tenant (or if it is beyond the reasonable control of the Tenant to cure such default within two (2) business days, if the Tenant shall not promptly commence such cure and thereafter diligently pursue such cure to completion) or (iii) imminent danger of injury to persons or damage to property as a result of any default on the part of the Tenant as to which the Landlord has given telephone notice to the Tenant, or (iv) any Terminable Default on the part of the Tenant hereunder, then in any of such events the Landlord may, at its option, cure such default or Terminable Default for the Tenant’s 's account any default by Tenant hereunder which remains uncured after said thirty (30) days’ notice of default from Landlord to Tenant, and the cost to the Landlord of such cure cure, together with interest thereon at the Lease Interest Rate, shall be deemed to be Additional Rent and shall be paid to the Landlord by the Tenant with the installment of Basic Rent next accruing. If the Landlord shall be required to commence proceedings to enforce its remedies as provided for herein, together with interest thereonit shall, from the date so expended until the date repaidin addition to damages, at the annual rate of ten percent (10%). Without thereby affecting be entitled to receive all its costs and its reasonable attorney's fees incurred by it in any other right or remedy of Landlord hereunder, Landlord may, at its option, charge Tenant a late charge in the amount of five percent (5%) of the amount overdue in connection with any Basic Rent or Additional Rent not paid within five (5) days of the date when duesuch action.
Appears in 1 contract
Samples: Lease (Avici Systems Inc)
TENANT'S DEFAULT; LANDLORD'S REMEDIES. If the Tenant shall: (i) shall default in the payment when due of any Basic Rent, Rent or Additional Rent, or any other charges hereunder, Rent and such default shall continue for five ten (510) days after written notice from Landlord of such defaultthe Landlord; or (ii) if the Tenant shall default in the performance or observance of any of the other covenants contained in this Lease these presents and on the Tenant’s 's part to be performed or observed and shall fail, within thirty (30) days after written notice from the Landlord of such default, to cure such default, default or if such default is not susceptible of cure cannot reasonably be completed within thirty (30) days, if Tenant fails promptly to commence such cure, and thereafter diligently complete it (and in any event within sixty (60) days following the end of said thirty (30) day period), promptly to make provision for such cure and thereafter to pursue such cure diligently to completion; or (iii) if the estate hereby created shall be taken on execution, or by other process of law law; or if the Tenant shall be found, involved in financial difficulties as evidenced:
(1) by its commencement of a voluntary case under Title 11 of the United States Code as from time to time in effect, or by its authorizing, by appropriate proceeding of trustees or other governing body the commencement of such voluntary case,
(2) by its filing an answer or other pleading admitting or failing to deny the material allegations of a petition filed against it commencing an involuntary case under said Title 11, or seeking, consenting to or acquiescing in the relief therein provided, or by its failing to controvert timely the material allegations of any such petition,
(3) by the entry of an order for relief in any involuntary case commenced under said Title 11,
(4) by its seeking relief as a debtor under any applicable law, other than said Title 11, of or any jurisdiction relating to the liquidation or reorganization of debtors or to the modification or alteration of the rights of creditors, or by its consenting to be bankrupt or insolvent, or acquiescing in such relief,
(5) by the entry of an order by a court of competent jurisdiction shall (i) finding it to be entered bankrupt or insolvent, (ii) ordering or approving its liquidation or liquidation, reorganization or any modification or alteration of the rights right of its creditors creditors, or (which order is not discharged within 60 days after such entryiii) or assuming custody of, or appointing a receiver or other custodian for, all or a substantial part of its property property, or
(in every such case6) by its making an assignment for the benefit of, or entering into a “Default composition with, its creditors, or appointing or consenting to the appointment of Tenant”)a receiver or other custodian for all or a substantial part of its property; then, then and in any of said cases, the Landlord may, to the extent permitted by law, immediately or at any time thereafter so long as such default remains incurred and without with reasonable demand or and notice, terminate this Lease and enter into and upon the Premises, or any part thereof in the name of the whole, and repossess the same as of the Landlord’s 's former estate, and, by any lawful means, and expel the Tenant and those claiming through or under the Tenant and remove its effects without being deemed guilty of any manner of trespass, and without prejudice to any remedies which might otherwise be used for arrears of rent or preceding breach of covenant. No termination or repossession provided for in this Paragraph 23 22 shall relieve the Tenant or any guarantor of the obligations of the Tenant under this Lease of or from its liabilities and obligations under this Lease, all of which shall survive any such termination or repossession. In the event of any such termination or repossession, the Tenant shall pay to the Landlord either: either (i) in advance on the first day of each month, for what would have been the entire balance of the Term Term, one-twelfth (1/12) (and a pro rata portion thereof for any fraction of a month) of the annual Basic Rent, Additional Rent and all other amounts for which the Tenant is obligated hereunder, less, in each case, the actual net receipts by the Landlord by reason of any reletting of the Premises after deducting the Landlord’s 's reasonable expenses in connection with such reletting, including, without limitation, removal, storage and repair and renovation costs and reasonable brokers’ ' and attorneys’ ' fees; , or (ii) at the option of the Landlord exercisable by the Landlord’s 's giving notice to the Tenant within thirty (30) days after any such termination, an amount equal to the present value (computed at a capitalization rate based upon the so-called corporate "Base Rate" then in effect at The First National Bank of Boston) of the amount by which the payments of Basic Rent and the Additional Rent reasonably estimated to be payable for the balance of the Term after the date of the exercise of said option would exceed the payments reasonably estimated to be the fair rental value of the Premises on the terms and conditions of this Lease over such period, determined as of such date. Landlord will shall use reasonable efforts to mitigate its damagesrelet the Premises for the reasonable rental value thereof and to collect the rent under such reletting but Landlord shall not be liable for failure to relet the Premises or in the event that the Premises are relet for failure to collect the rent under such reletting. Without thereby affecting any other right or remedy of the Landlord hereunder, the Landlord may, at its option, cure for the Tenant’s 's account any default by the Tenant hereunder which remains uncured uncured, after said thirty (30) days’ notice the end of default from Landlord to Tenantcure period provided for in this Lease, and the cost to the Landlord of such cure shall be deemed to be Additional Rent and shall be paid to the Landlord by the Tenant with the installment of Basic Rent next accruing, together with interest thereon, . In the event that the Landlord fails to perform any of its obligation under this Lease within thirty (30) days after notice of such default from the date so expended until the date repaidTenant, at the annual rate of ten percent (10%). Without thereby affecting then Tenant may cure such default and any other right or remedy of Landlord hereunder, Landlord may, at its option, charge reasonable costs incurred by Tenant a late charge in the amount of five percent (5%) of the amount overdue in connection with any Basic Rent or Additional Rent not paid within five (5) days of the date when duesuch default shall be promptly reimbursed by Landlord upon presentation with appropriate invoices.
Appears in 1 contract
Samples: Sublease (Navisite Inc)
TENANT'S DEFAULT; LANDLORD'S REMEDIES. If Tenant shall: (i) the Tenant shall default in the payment when due of any Basic Rent, Rent or Additional Rent, or any other charges hereunder, and such default shall continue for five (5) days after written notice from Landlord of such default; or (ii) if the Tenant shall default in the timely performance or observance of any of the other covenants contained in this Lease these presents and on the Tenant’s 's part to be performed or observed and shall fail, within thirty five (305) days after written notice from Landlord of such defaultdefault in payment, performance or observance by the Landlord to cure such defaultthe Tenant, or if such cure cannot reasonably be completed within thirty (30) days, if Tenant fails promptly to commence such cure, and thereafter diligently complete it (and in any event within sixty (60) days following the end of said thirty (30) day period); or (iiiii) if the estate hereby created shall be taken on execution, or (iii) by other process of law law, or if the Tenant shall be found, involved in financial difficulties as evidenced (1) by its commencement of a voluntary case under Title 11 of the United States Code as from time to time in effect, or by its authorizing, by appropriate proceedings of trustees or other governing body the commencement of such a voluntary case, (2) by its filing an answer or other pleading admitting or failing to deny the material allegations of a petition filed against it commencing an involuntary case under said Title 11, or seeking, consenting to or acquiescing in the relief therein provided, or by its failing to controvert timely the material allegations of any such petition, (3) by the entry of an order for relief in any involuntary case commenced under said Title 11, (4) by its seeking relief as a debtor under any applicable law, other than said Title 11, of any jurisdiction relating to the liquidation or reorganization of debtors or to the modification or alteration of the rights of creditors, or by its consenting to be bankrupt or insolvent, or an order by a court of competent jurisdiction shall be entered approving its liquidation or reorganization or any modification or alteration of the rights of its creditors (which order is not discharged within 60 days after acquiescing in such entry) or assuming custody of, or appointing a receiver or other custodian for, all or a substantial part of its property (in every such case, a “Default of Tenant”); then, and in any of said cases, Landlord may, to the extent permitted by law, immediately or at any time thereafter and without demand or notice, terminate this Lease and enter into and upon the Premises, or any part thereof in the name of the whole, and repossess the same as of Landlord’s former estate, and, by any lawful means, expel Tenant and those claiming through or under Tenant and remove its effects without being deemed guilty of any manner of trespass, and without prejudice to any remedies which might otherwise be used for arrears of rent or preceding breach of covenant. No termination or repossession provided for in this Paragraph 23 shall relieve Tenant or any guarantor of the obligations of Tenant under this Lease of or from its liabilities and obligations under this Lease, all of which shall survive any such termination or repossession. In the event of any such termination or repossession, Tenant shall pay to Landlord either: (i) in advance on the first day of each month, for what would have been the entire balance of the Term one-twelfth (1/12) (and a pro rata portion thereof for any fraction of a month) of the annual Basic Rent, Additional Rent and all other amounts for which Tenant is obligated hereunder, less, in each case, the actual net receipts by Landlord by reason of any reletting of the Premises after deducting Landlord’s expenses in connection with such reletting, including, without limitation, removal, storage and repair and renovation costs and reasonable brokers’ and attorneys’ fees; or (ii) at the option of Landlord exercisable by Landlord’s giving notice to Tenant within thirty (30) days after any such termination, an amount equal to the amount by which the payments of Basic Rent and Additional Rent reasonably estimated to be payable for the balance of the Term after the date of the exercise of said option would exceed the payments reasonably estimated to be the fair rental value of the Premises over such period, determined as of such date. Landlord will use reasonable efforts to mitigate its damages. Without thereby affecting any other right or remedy of Landlord hereunder, Landlord may, at its option, cure for Tenant’s account any default by Tenant hereunder which remains uncured after said thirty (30) days’ notice of default from Landlord to Tenant, and the cost to Landlord of such cure shall be deemed to be Additional Rent and shall be paid to Landlord by Tenant with the installment of Basic Rent next accruing, together with interest thereon, from the date so expended until the date repaid, at the annual rate of ten percent (10%). Without thereby affecting any other right or remedy of Landlord hereunder, Landlord may, at its option, charge Tenant a late charge in the amount of five percent (5%) of the amount overdue in connection with any Basic Rent or Additional Rent not paid within five (5) days of the date when duerelief.
Appears in 1 contract
Samples: Lease (Cambridge Heart Inc)
TENANT'S DEFAULT; LANDLORD'S REMEDIES. If the Tenant shall: (i) shall default in the payment when due of any Basic Rent, Rent or Additional Rent, or any other charges hereunder, Rent and such default shall continue for five (5) days after written notice from the Landlord of (provided, however, that the Landlord shall not be obligated to provide such default; notice more than twice in any calendar year) or (ii) if the Tenant shall default in the timely performance or observance of any of the other covenants contained in this Lease these presents and on the Tenant’s 's part to be performed or observed and shall fail, the Tenant fails promptly to commence to cure such default and fails to cure the same within thirty (30) days after written notice from Landlord of such default, to cure such defaultthe Landlord, or if such cure cannot reasonably be completed within thirty (30) days, if Tenant fails promptly to commence such cure, and thereafter diligently complete it (and in any event within sixty (60) days following the end of said thirty (30) day period); or (iii) if the estate hereby created shall be taken on execution, or by other process of law law, or if the Tenant shall be found, involved in financial difficulties as evidenced
(1) by its commencement of a voluntary case under Title 11 of the United States Code as from time to time in effect, or by its authorizing, by appropriate proceedings of trustees or other governing body the commencement of such a voluntary case,
(2) by its filing an answer or other pleading admitting or failing to deny the material allegations of a petition filed against it commencing an involuntary case under said Title 11, or seeking, consenting to or acquiescing in the relief therein provided, or by its failing to controvert timely the material allegations of any such petition,
(3) by the entry of an order for relief in any involuntary case commenced under said Title 11,
(4) by its seeking relief as a debtor under any applicable law, other than said Title 11, of any jurisdiction relating to the liquidation or reorganization of debtors or to the modification or alteration of the rights of creditors, or by its consenting to be bankrupt or insolvent, or acquiescing in such relief,
(5) by the entry of an order by a court of competent jurisdiction shall (i) finding it to be entered bankrupt or insolvent, (ii) ordering or approving its liquidation or liquidation, reorganization or any modification or alteration of the rights of its creditors creditors, or (which order is not discharged within 60 days after such entryiii) or assuming custody of, or appointing a receiver or other custodian for, all or a substantial part of its property property, or
(in every such case6) by its making an assignment for the benefit of, or entering into a “Default composition with, its creditors, or appointing or consenting to the appointment of Tenant”)a receiver or other custodian for all or a substantial part of its property; then, then and in any of said cases, the Landlord may, may to the extent permitted by law, immediately or at any time thereafter and without demand or notice, terminate this Lease and enter into and upon the Premises, or any part thereof in the name of the whole, and repossess the same as of the Landlord’s 's former estate, and, by any lawful means, and expel the Tenant and those claiming through or under the Tenant and remove its effects without being deemed guilty of any manner of trespass, and without prejudice to any remedies which might otherwise be used for arrears of rent or preceding breach of covenant. No termination or repossession provided for in this Paragraph 23 21 shall relieve the Tenant or any guarantor of the obligations of the Tenant under this Lease of or from its liabilities and obligations under this Lease, all of which shall survive any such termination or repossession. In the event of any such termination or repossession, the Tenant shall pay to the Landlord either: either (i) in advance on the first day of each month, for what would have been the entire balance of the Term Term, one-twelfth (1/12) (and a pro rata portion thereof for any fraction of a month) of the annual Basic Rent, Additional Rent and all other amounts for which the Tenant is obligated hereunder, less, in each case, the actual net receipts by the Landlord by reason of any reletting of the Premises after deducting the Landlord’s 's reasonable expenses in connection with such reletting, including, without limitation, removal, storage and repair and renovation costs and reasonable brokers’ ' and attorneys’ ' fees; , or (ii) upon demand and at the option of the Landlord exercisable by the Landlord’s 's giving notice to the Tenant within thirty (30) days after any such termination, an amount equal to the present value (computed at a capitalization rate based upon the so-called "Prime Rate" then in effect at Fleet Bank) of the amount by which the payments of Basic Rent and Additional Rent reasonably estimated to be payable for the balance of the Term after the date of the exercise of said option would exceed the payments reasonably estimated to be the fair rental value of the Premises on the terms and conditions of this Lease over such period, determined as of such date. Landlord will use reasonable efforts to mitigate its damages. Without thereby affecting any other right or remedy of the Landlord hereunder, the Landlord may, at its option, cure for the Tenant’s 's account any default by the Tenant hereunder which remains uncured after said thirty (30) days’ ' notice of default from the Landlord to the Tenant, and the cost to the Landlord of such cure shall be deemed to be Additional Rent and shall be paid to the Landlord by the Tenant with the installment of Basic Rent next accruing, together with interest thereon, from the date so expended until the date repaid, at the annual rate of ten percent (10%). Without thereby affecting any other right or remedy of Landlord hereunder, Landlord may, at its option, charge Tenant a late charge in the amount of five percent (5%) of the amount overdue in connection with any Basic Rent or Additional Rent not paid within five (5) days of the date when due.
Appears in 1 contract
TENANT'S DEFAULT; LANDLORD'S REMEDIES. If If
(a) the Tenant shall: (i) shall default in the payment when due of any Basic Rent, Rent or Additional Rent, or any other charges hereunder, Rent and such default shall continue for five fourteen (514) days after written notice from the Landlord of such defaultdefault without cure; or (iib) if the Tenant shall default in the performance or observance of any of the other covenants contained in this Lease and on the Tenant’s 's part to be performed or observed and shall fail, within thirty (30) days after written notice from the Landlord of such default, default to cure such default, or if it is beyond the reasonable control of the Tenant to cure such cure cannot reasonably be completed default within thirty (30) days, if Tenant fails promptly to commence such cure, cure and thereafter to pursue such cure diligently complete it (and in any event within sixty (60) days following the end of said thirty (30) day period)to completion; or (iiic) if the estate hereby created shall be taken on execution, or by other process of law law, or if the Tenant shall be found, involved in financial difficulties as evidenced:
1. by its commencement of a voluntary case under Title 11 of the United States Code as from time to time in effect, or by its authorizing, by appropriate proceedings of trustees or other governing body, the commencement of such voluntary case;
2. by its filing an answer or other pleading admitting or failing to deny the material allegations of a petition filed against it commencing an involuntary case under said Title 11, or seeking, consenting to or acquiescing in the relief therein provided, or by its failing to controvert timely the material allegations of any such petition;
3. by the entry of an order for relief in any involuntary case commenced under said Title 11;
4. by its seeking relief as a debtor under any applicable law, other than said Title 11, of any jurisdiction relating to the liquidation or reorganization of debtors or to the modification or alteration of the rights of creditors, or by its consenting to be bankrupt or insolvent, or acquiescing in such relief;
5. by the entry of an order by a court of competent jurisdiction shall (i) finding it to be entered bankrupt or insolvent, (ii) ordering or approving its liquidation or reorganization liquidation,.reorganization or any modification or alteration of the rights of its creditors creditors, or (which order is not discharged within 60 days after such entryiii) or assuming custody of, or appointing a receiver or other custodian for, all or a substantial part of its property (in every such caseproperty; or
6. by its making an assignment for the benefit of, or entering into a “Default composition with, its creditors, or appointing or consenting to the appointment of Tenant”)a receivor other custodian or all or a substantial part of its property; then, and in any of said casescases A, B, or C, each of which, subject to the following sentence is herein sometimes called a ("Terminable Default"), the Landlord may, to the extent permitted by law, immediately or at any time thereafter and without demand or notice, terminate this Lease and enter into onto and upon the Premises, or any part thereof in the name of the wholethereof, and repossess the same as of the Landlord’s 's former estate, and, by any lawful means, and expel the Tenant and those claiming through or under the Tenant and remove its effects without being deemed guilty of any manner of trespass, and without prejudice to any remedies which might otherwise be used for arrears of rent or preceding breach of covenant. No termination or repossession provided for in this Paragraph 23 22 shall relieve Tenant or any guarantor the Tenant, of the its obligations of Tenant under this Lease of or from its and liabilities and obligations under this Lease, all of which shall survive any such termination or repossession. In the event of any such termination or repossession, the Tenant shall pay to the Landlord either: either (i) in advance on the first day of each month, for what would have been the entire balance of the Term Term, one-twelfth (1/12) (and a pro rata portion thereof for any fraction of a month) of the annual Basic Rent, Additional Rent and all other amounts for which the Tenant is obligated hereunder, less, in each case, the actual net receipts by the Landlord by reason of any reletting of the Premises after deducting the Landlord’s 's reasonable expenses in connection with such reletting, including, without limitation, removal, storage and repair and renovation costs and reasonable brokers’ broker's and attorneys’ ' fees; , or (ii) at the option of the Landlord exercisable by the Landlord’s 's giving notice to the Tenant within thirty (30) days after any such termination, an amount equal to the present value of the amount by which the payments of Basic Rent and the Additional Rent reasonably estimated to be payable for the balance of the Term after the date of the exercise of said option would exceed the payments reasonably estimated to be the fair rental value of the Premises on the terms and conditions of this Lease over such period, determined as of such date. In connection with reletting the Premises as provided for herein, Landlord will agrees to use all reasonable efforts to mitigate its damagesin connection with the same. Without thereby affecting any other right or remedy of the Landlord hereunder, in the event of (i) any default on the part of the Tenant in the performance or observance of any non-monetary covenant contained in this Lease and on the Tenant's part to be performed or observed and the failure of the Tenant, within thirty (30) days after notice from the Landlord of such default, to cure such default or if it is beyond the reasonable control of the Tenant to cure such default within thirty (30) days or promptly to commence such cure and thereafter to pursue such cure diligently to completion or (ii) any default on the part of the Tenant which results in jeopardy to the Landlord's title to the Premises or to the Landlord's interest under any mortgage of the Premises and which remains uncured for two (2) business days after notice of such default from the Landlord to the Tenant (or if it is beyond the reasonable control of the Tenant to cure such default within two (2) business days, if the Tenant shall not promptly commence such cure and thereafter diligently pursue such cure to completion) or (iii) imminent danger of injury to persons or damage to property as a result of any default on the part of the Tenant as to which the Landlord has given telephone notice to the Tenant, or (iv) any Terminable Default on the part of the Tenant hereunder, then in any of such events the Landlord may, at its option, cure such default or Terminable Default for the Tenant’s 's account any default by Tenant hereunder which remains uncured after said thirty (30) days’ notice of default from Landlord to Tenant, and the cost to the Landlord of such cure cure, together with interest thereon at the Lease Interest Rate, shall be deemed to be Additional Rent and shall be paid to the Landlord by the Tenant with the installment of Basic Rent next accruing. If the Landlord shall be required to commence proceedings to enforce its remedies as provided for herein, together with interest thereonit shall, from the date so expended until the date repaidin addition to damages, at the annual rate of ten percent (10%). Without thereby affecting be entitled to receive all its costs and its reasonable attorney's fees incurred by it in any other right or remedy of Landlord hereunder, Landlord may, at its option, charge Tenant a late charge in the amount of five percent (5%) of the amount overdue in connection with any Basic Rent or Additional Rent not paid within five (5) days of the date when duesuch action.
Appears in 1 contract
Samples: Lease Agreement (Avici Systems Inc)
TENANT'S DEFAULT; LANDLORD'S REMEDIES. If A. In the event Tenant shall: (i) default in the payment shall fail to pay when due due, any installment of any Basic Base Rent, Additional Rent, Rent or any other charges hereunder, amount or charge required to be paid by Tenant hereunder (all of which obligations of Tenant shall bear interest at the Default Rate from the date due until paid in full) and such default shall continue for failure is not cured within five (5) days after written notice thereof from Landlord of such defaultLandlord; or (ii) if Tenant shall default materially Default in performing any of the performance covenants, terms or observance provisions of this Lease (other than the payment, when due, of any of the other covenants contained in this Lease on Tenant’s part monetary obligations hereunder) or any of the rules and regulations now or hereafter reasonably established and uniformly enforced by Landlord to be performed or observed govern the operation of the Project and shall fail, Tenant fails to cure such Default within thirty (30) days after written notice thereof from Landlord of such default, to cure such default, Landlord; or if such cure there shall occur any event described as an Event of Default by Tenant under this Lease; or if Tenant or any guarantor of Tenant’s obligations shall file a petition or be adjudged bankrupt or insolvent under any applicable federal or state bankruptcy or insolvency law or admit that it cannot reasonably meet its financial obligations as they become due; or a receiver or trustee shall be completed appointed for all or substantially all of the assets of Tenant or any guarantor of Tenant’s obligations; or Tenant shall make a transfer to defraud creditors or shall make an assignment for the benefit of creditors; or Tenant shall do or permit to be done any act which results in a lien being filed against the Premises or Building, which lien is not removed or bonded over in accordance with Georgia law within thirty (30) days, if days after written notice thereof by Landlord to Tenant fails promptly to commence or such cure, and thereafter diligently complete it (and in any event within sixty (60) days following shorter period as required by the end of said thirty (30) day period); or (iii) if the estate hereby created shall be taken on execution, or by other process of law or if Tenant shall be found, under Title 11 of the United States Code as from time to time in effect, or under any applicable law, other than said Title 11, holder of any jurisdiction relating to the liquidation or reorganization of debtors or to the modification or alteration of the rights of creditors, to be bankrupt or insolvent, or an order by a court of competent jurisdiction shall be entered approving its liquidation or reorganization or any modification or alteration of the rights of its creditors (which order is not discharged within 60 days after such entry) or assuming custody of, or appointing a receiver or other custodian for, all or a substantial part of its property (in every such case, a “Default of Tenant”)Security Deed; then, and in any of said casesevents (referred to herein as a “Default” or “Event of Default”), Landlord, at its option may pursue any one or more of the remedies set forth in Section 19.B. without any further notice or demand whatsoever. Landlord shall only be obligated to give written notices of Default and opportunity to cure to Tenant two (2) times in any period of twelve (12) consecutive months in the event of the reoccurrence of any Default.
B. Upon the occurrence of an Event of Default as described in Section 19.A., Landlord may, shall have the option to the extent permitted by law, immediately do and perform any one or at any time thereafter and without demand or notice, terminate this Lease and enter into and upon the Premises, or any part thereof in the name more of the wholefollowing in addition to, and repossess not in limitation of, any other remedy or right permitted it by law or in equity or by this Lease:
(1) Commence dispossessory proceedings with or without the same as termination of this Lease. In the absence of Landlord’s former estate, and, by any lawful means, expel Tenant and those claiming through or under Tenant and remove its effects without being deemed guilty of any manner of trespass, and without prejudice electing to any remedies which might otherwise be used for arrears of rent or preceding breach of covenant. No termination or repossession provided for in this Paragraph 23 shall relieve Tenant or any guarantor of terminate the obligations of Tenant under this Lease of or from its liabilities and obligations under this Lease, all of which shall survive any such termination or repossession. In the event of any such termination or repossession, Tenant shall pay remain liable for the payment of all Rents accruing after any writ of possession as to the Premises is issued to Landlord.
(2) Commence proceedings against Tenant for all amounts owed by Tenant to Landlord, whether as Base Rent, Additional Rent, damages or otherwise.
(3) Terminate the Lease, in which event Tenant shall immediately surrender the Premises to Landlord. Landlord either: may declare to be due and payable immediately the amount of all loss and damage which Landlord may suffer by reason of the termination of the term under this Section 19. or otherwise which loss and damage shall include, without limitation, an amount which, at the date of the termination, represents the present value, as computed using an eight percent (8%) per annum discount rate, of the excess, if any, of (i) in advance on the first day of each month, for what would have been the entire balance of the Term one-twelfth (1/12) (and a pro rata portion thereof for any fraction of a month) of the annual Basic Base Rent, Additional Rent and all other amounts which would have otherwise been payable hereunder during the remainder of the term of this Lease over (ii) the aggregate reasonable net rental value of the Premises for which the same period, after deducting the then reasonable rental value of the Premises and all expenses expected to be incurred in re-letting the Premises. Upon the acceleration of such amounts, Tenant is obligated hereunder, lessagrees to pay the same at once, in each addition to all Base Rent, Additional Rent and all other amounts theretofore due; provided, however, that such payment shall not constitute a penalty or forfeiture, but shall constitute liquidated damages for Tenant’s failure to comply with the terms and provisions of this Lease (Landlord and Tenant agreeing that Landlord’s actual damages in such event are impossible to ascertain and that the amount set forth above is a reasonable estimate thereof).
(4) Upon any termination of Tenant’s right to possession only, without termination of the Lease, Landlord may, at Landlord’s option, enter into the Premises, remove Tenant’s signs and other evidences of tenancy, and take and hold possession thereof as provided below, without such entry and possession terminating the Lease or releasing Tenant, in whole or in part, from any obligation hereunder. In any such case, Landlord may relet the actual net receipts Premises on behalf of Tenant for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the term of the Lease) and on such terms and conditions (which may include reasonable concessions of free rent and alteration, repair and improvement of the Premises as long as such concessions are reasonably consistent with current market conditions) as Landlord, in its reasonable discretion, may determine and receive directly the Rent by reason of the reletting. Tenant agrees to pay Landlord on demand any deficiency that may arise by reason of any reletting of the Premises. Landlord shall make reasonable efforts to relet the Premises after deducting Landlord’s expenses in connection with such relettingfollowing termination; provided, includinghowever, without limitation, removal, storage and repair and renovation costs and reasonable brokers’ and attorneys’ fees; or (ii) at the option that no failure of Landlord exercisable by Landlord’s giving notice to relet the Premises shall operate to relieve Tenant within thirty (30) days after of any such termination, an amount equal to the amount by which the payments of Basic liability under this Lease. Tenant shall instead remain liable for all Rent and Additional Rent reasonably estimated to be payable for all such expenses.
(5) Change the balance of the Term after the date of the exercise of said option would exceed the payments reasonably estimated to be the fair rental value locks or otherwise enter upon and take possession of the Premises over such periodwithout the requirement of resorting to the dispossessory procedures set forth in O.C.G.A. 44-7-50, determined as and without being liable for prosecution of such dateany claim for damages or for trespass or other tort.
(6) Do or cause to be done whatever Tenant is obligated to do under the terms of this Lease, in which case Tenant agrees to reimburse Landlord. Tenant agrees that Landlord will use reasonable efforts shall not be liable for any damages resulting to mitigate its damages. Without thereby affecting any other right or remedy of Landlord hereunder, Landlord may, at its option, cure for Tenant from effecting compliance with Tenant’s account obligations under this Section 19., except caused by the negligence of Landlord.
(7) Enforce the performance of Tenant’s obligations hereunder by injunction or other equitable relief (which remedy may be exercised upon any default by Tenant hereunder which remains uncured after said thirty (30) days’ notice breach or Default or any threatened breach or Default of default from Landlord to Tenant, and the cost to Landlord of such cure shall be deemed to be Additional Rent and shall be paid to Landlord by Tenant with the installment of Basic Rent next accruing, together with interest thereon, from the date so expended until the date repaid, at the annual rate of ten percent (10%’s obligations hereunder). Without thereby affecting any other right or remedy of Landlord hereunder, Landlord may, at its option, charge Tenant a late charge in the amount of five percent (5%) of the amount overdue in connection with any Basic Rent or Additional Rent not paid within five (5) days of the date when due.
Appears in 1 contract
Samples: Commercial Lease Contract With Purchase Option (Teamstaff Inc)
TENANT'S DEFAULT; LANDLORD'S REMEDIES. If If
(a) the Tenant shall: (i) shall default in the payment when due of any Basic Rent, Rent or Additional Rent, or any other charges hereunder, Rent and such default shall continue for five fourteen (514) days after written notice from the Landlord of such defaultdefault without cure; or (iib) if the Tenant shall default in the performance or observance of any of the other material covenants contained in this Lease and on the Tenant’s 's part to be performed or observed and shall fail, within thirty (30) days after written notice from the Landlord of such default, default to cure such default, or if it is beyond the reasonable control of the Tenant to cure such cure cannot reasonably be completed default within thirty (30) days, if Tenant fails promptly to commence such cure, cure and thereafter to pursue such cure diligently complete it (and in any event within sixty (60) days following the end of said thirty (30) day period)to completion; or (iiic) if the estate hereby created shall be taken on execution, or by other process of law law, or if the Tenant shall be found, involved in financial difficulties as evidenced
(1) by its commencement of a voluntary case under Title 11 of the United States Code as from time to time in effect, or under any applicable lawby its authorizing, other than said Title 11, by appropriate proceedings of any jurisdiction relating to the liquidation or reorganization of debtors or to the modification or alteration of the rights of creditors, to be bankrupt or insolvent, or an order by a court of competent jurisdiction shall be entered approving its liquidation or reorganization or any modification or alteration of the rights of its creditors (which order is not discharged within 60 days after such entry) or assuming custody of, or appointing a receiver trustees or other custodian forgoverning body, all or a substantial part the commencement of its property (in every such case, a “Default of Tenant”); then, and in any of said cases, Landlord may, to the extent permitted by law, immediately or at any time thereafter and without demand or notice, terminate this Lease and enter into and upon the Premises, or any part thereof in the name of the whole, and repossess the same as of Landlord’s former estate, and, by any lawful means, expel Tenant voluntary case and those claiming through proceedings have not been vacated, Dismissed or under Tenant and remove its effects without being deemed guilty of any manner of trespass, and without prejudice to any remedies which might otherwise be used for arrears of rent or preceding breach of covenant. No termination or repossession provided for in this Paragraph 23 shall relieve Tenant or any guarantor of the obligations of Tenant under this Lease of or from its liabilities and obligations under this Lease, all of which shall survive any such termination or repossession. In the event of any such termination or repossession, Tenant shall pay to Landlord either: (i) in advance on the first day of each month, for what would have been the entire balance of the Term one-twelfth (1/12) (and a pro rata portion thereof for any fraction of a month) of the annual Basic Rent, Additional Rent and all other amounts for which Tenant is obligated hereunder, less, in each case, the actual net receipts by Landlord by reason of any reletting of the Premises after deducting Landlord’s expenses in connection with such reletting, including, without limitation, removal, storage and repair and renovation costs and reasonable brokers’ and attorneys’ fees; or (ii) at the option of Landlord exercisable by Landlord’s giving notice to Tenant set aside within thirty (30) days after any such termination, an amount equal to the amount by which the payments of Basic Rent and Additional Rent reasonably estimated to be payable for the balance of the Term after from the date of commencement thereof, (2) by its filing an answer or other pleading admitting or failing to deny the exercise material allegations of a petition filed against it commencing an involuntary case under said option would exceed the payments reasonably estimated Title 11, or seeking, consenting to be the fair rental value of the Premises over such period, determined as of such date. Landlord will use reasonable efforts to mitigate its damages. Without thereby affecting any other right or remedy of Landlord hereunder, Landlord may, at its option, cure for Tenant’s account any default by Tenant hereunder which remains uncured after said thirty (30) days’ notice of default from Landlord to Tenant, and the cost to Landlord of such cure shall be deemed to be Additional Rent and shall be paid to Landlord by Tenant with the installment of Basic Rent next accruing, together with interest thereon, from the date so expended until the date repaid, at the annual rate of ten percent (10%). Without thereby affecting any other right or remedy of Landlord hereunder, Landlord may, at its option, charge Tenant a late charge acquiescing in the amount relief therein provided, or by its failing to controvert timely the material allegations of five percent (5%) of the amount overdue in connection with any Basic Rent or Additional Rent not paid within five (5) days of the date when due.such petition,
Appears in 1 contract
TENANT'S DEFAULT; LANDLORD'S REMEDIES. 18.1 If Tenant shall: (i) default fails to pay any payment of Rent as provided in the payment when due of any Basic Rent, Additional Rent, or any other charges hereunder, this Lease and such default shall continue failure continues for five (5) days after written notice from Landlord of such defaultfollowing the date when due; or (ii) if Tenant shall default in the performance breaches any other agreement, covenant or observance of any of the other covenants contained in this Lease on Tenant’s part obligation herein set forth and fails to be performed or observed and shall fail, cure such breach within thirty fifteen (3015) days after written notice thereof from Landlord of such default(provided, however, Tenant shall not be deemed in default with respect to cure such defaultany matter which, or if such cure canby its nature (as same shall be determined by Landlord in its sole discretion), may not reasonably be completed cured within thirty fifteen (3015) days, if Tenant fails shall promptly within such fifteen (15) day period commence to commence cure such cure, default and thereafter diligently complete it prosecute the cure to completion), Landlord may terminate this Lease upon five (5) business days’ notice to Tenant sent at any time thereafter, but before Tenant has cured or removed the cause for such event of default and in any termination. Upon the giving of a notice as set forth above, Xxxxxx’s right to cure the cause for such event within sixty of default and termination shall cease. Such termination shall take effect on the fifth (605th) days business day following the end giving of said thirty (30) day period); or (iii) if the estate hereby created such notice to Tenant, and shall be taken on executionwithout prejudice to any remedy Landlord might otherwise have for any prior breach of covenant. If this Lease shall be terminated as herein provided, or by in addition to any other process of remedies which Landlord shall have at law or if Tenant shall be foundin equity, under Title 11 including, without limitation the right to recover the value of the United States Code as from time to time in effect, or under any applicable law, other than said Title 11, of any jurisdiction relating to the liquidation or reorganization of debtors or to the modification or alteration unexpired term of the rights of creditors, to be bankrupt or insolvent, or an order by a court of competent jurisdiction shall be entered approving its liquidation or reorganization or any modification or alteration of the rights of its creditors (which order is not discharged within 60 days after such entry) or assuming custody of, or appointing a receiver or other custodian for, all or a substantial part of its property (in every such case, a “Default of Tenant”); then, and in any of said casesLease, Landlord may, to may reenter the extent permitted by law, immediately or Demised Premises at any time thereafter and remove therefrom Tenant, Tenant’s agents and subtenants either by dispossess proceedings or by a suitable action or proceeding at law and without demand any liability on the part of Landlord. Tenant waives any rights to the service of any notice of Xxxxxxxx’s intention to re-enter provided for by any present or notice, terminate future law.
18.2 If Landlord or Tenant retains an attorney and commences a legal proceeding as a result of a breach of any covenant of this Lease by the other party or for any other relief against the other party pertaining to this Lease or the relationship of Landlord and enter into and upon the PremisesTenant hereunder, or any part thereof in the name of the whole, and repossess the same as of Landlord’s former estate, and, by any lawful means, expel Tenant and those claiming through or under Tenant and remove its effects without being deemed guilty of any manner of trespass, and without prejudice is required to any remedies which might otherwise be used for arrears of rent or preceding breach of covenant. No termination or repossession provided for in this Paragraph 23 shall relieve Tenant or any guarantor of the obligations of Tenant under this Lease of or from its liabilities and obligations under this Lease, all of which shall survive defend any such termination action or repossession. In proceeding, unless the event of any judgment or award in such termination legal action or repossessionproceeding shall provide otherwise, Tenant the non-prevailing party after final judgment shall pay to Landlord either: (i) in advance on the first day of each monthprevailing party all reasonable out-of-pocket costs, for what would have been expenses and reasonable attorneys’ fees and disbursements that the entire balance of the Term one-twelfth (1/12) (and a pro rata portion thereof for any fraction of a month) of the annual Basic Rent, Additional Rent and all other amounts for which Tenant is obligated hereunder, less, in each case, the actual net receipts by Landlord by reason of any reletting of the Premises after deducting Landlord’s expenses prevailing party reasonably incurred in connection with such reletting, including, without limitation, removal, storage and repair and renovation costs and reasonable brokers’ and attorneys’ fees; or (ii) at the option of Landlord exercisable by Landlord’s giving notice to Tenant within thirty (30) days after any such termination, an amount equal to the amount by which the payments of Basic Rent and Additional Rent reasonably estimated to be payable for the balance of the Term after the date of the exercise of said option would exceed the payments reasonably estimated to be the fair rental value of the Premises over such period, determined as of such date. Landlord will use reasonable efforts to mitigate its damages. Without thereby affecting any other right or remedy of Landlord hereunder, Landlord may, at its option, cure for Tenant’s account any default by Tenant hereunder which remains uncured after said thirty (30) days’ notice of default from Landlord to Tenant, and the cost to Landlord of such cure shall be deemed to be Additional Rent and shall be paid to Landlord by Tenant with the installment of Basic Rent next accruing, together with interest thereon, from the date so expended until the date repaid, at the annual rate of ten percent (10%). Without thereby affecting any other right or remedy of Landlord hereunder, Landlord may, at its option, charge Tenant a late charge in the amount of five percent (5%) of the amount overdue in connection with any Basic Rent or Additional Rent not paid within five (5) days of the date when duetherewith.
Appears in 1 contract
Samples: Lease (Edible Garden AG Inc)