TENANT’S DEFAULTS. Tenant shall be deemed to be in default hereunder if: (i) Tenant fails to pay the Rent or other charges on the date due and such failure continues for fifteen (15) days after written notice from Landlord thereof; or (ii) Tenant fails to perform or observe any other term or condition contained in this Lease within thirty (30) days after written notice from Landlord thereof. In any of such events, Landlord may, immediately or at any time thereafter, and without demand or notice, enter into and upon the Premises, or any part thereof, and repossess the Premises and Equipment, and expel Tenant and those claiming through or under Tenant and remove Tenant's effects, all without force or breach of the peace, and without prejudice to any remedies which might otherwise be permitted for default under this Lease, and upon entry as aforesaid, Landlord may either (a) terminate this Lease in which event Landlord shall be entitled to recover from Tenant the unpaid rent which has been earned at the time of termination, plus the amount by which the unpaid rent which would have been earned for the balance of the term exceeds the amount such rental loss that the Tenant proves could have been reasonably avoided, plus any other amount necessary to compensate Landlord for all the determent approximately caused by Tenant's failure to perform its obligations under this Lease; or (b) without terminating this Lease, make such alterations and relet the Premises or any part thereof for such term or terms and at such rental or rentals and upon such other terms and conditions as Landlord in its sole discretion my deem advisable, and all rentals received by Landlord from such reletting shall be applied to the payment of any indebtedness other than rent due hereunder from Tenant to Landlord, second, to the payment of any cost or expense of such reletting, and third, to the payment of rent due and unpaid hereunder, and being understood that if such rentals received from such reletting during any month be less than that to be paid during that month by Tenant hereunder, Tenant shall pay any such deficiency to Landlord, the same calculated and paid monthly notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such prior material default or breach.
Appears in 2 contracts
Samples: Lease Agreement (Petro Stopping Centers Holdings Lp), Lease Agreement (Petro Stopping Centers L P)
TENANT’S DEFAULTS. Tenant shall be deemed to be in default hereunder if: (ia) Tenant fails to pay the Rent or other charges on or before the date on which the same become due and payable to Landlord under and in accordance with the terms of this Lease, and such failure continues for fifteen (15) days after written notice from Landlord thereof; or (iib) Tenant fails to perform or observe any other term or condition contained in this Lease within thirty (30) days after written notice from Landlord thereof. In any of such events, Landlord may, immediately or at any time thereafter, and without demand or notice, enter into and upon the Premises, or any part thereof, and repossess the Premises and Equipmentsame, and expel Tenant and those claiming through or under Tenant and remove Tenant's effects, all without force or breach of the peace, and without prejudice to any remedies which might otherwise be permitted for default under this Lease, and upon entry as aforesaid, Landlord may either (a) terminate this Lease in which event Landlord shall be entitled to recover from Tenant the unpaid rent which has been earned at the time of termination, plus the amount by which the unpaid rent which would have been earned for the balance of the term exceeds the amount such rental loss that the Tenant Lessee proves could have been reasonably avoided, plus any other amount necessary to compensate Landlord for all the determent approximately caused by Tenant's failure to perform its obligations under this Lease; or (b) without terminating this Lease, make such alterations and relet the Premises or any part thereof for such term or terms and at such rental or rentals and upon such other terms and conditions as Landlord in its sole discretion my deem advisable, and all rentals received by Landlord from such reletting shall be applied to the payment of any indebtedness other than rent due hereunder from Tenant to Landlord, second, to the payment of any cost or expense of such reletting, and third, to the payment of rent due and unpaid hereunder, and being understood that if such rentals received from such reletting during any month be less than that to be paid during that month by Tenant hereunder, Tenant shall pay any such deficiency to Landlord, the same calculated and paid monthly notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such prior material default or breach.
Appears in 2 contracts
Samples: Lease Agreement (Petro Stopping Centers Holdings Lp), Lease Agreement (Petro Stopping Centers L P)
TENANT’S DEFAULTS. Tenant shall be deemed to be in default hereunder if: (i) Tenant fails to pay the Rent or other charges on the date due and such failure continues for fifteen ten (1510) days after written notice from Landlord thereof; or (ii) Tenant fails to perform or observe any other term or condition contained in this Lease within thirty twenty (3020) days after written notice from Landlord thereof. In any of such events, Landlord may, immediately or at any time thereafter, and without demand or notice, enter into and upon the Premises, or any part thereof, and repossess the Premises and Equipment, and expel Tenant and those claiming through or under Tenant and remove Tenant's effects, all without force or breach of the peace, and without prejudice to any remedies which might otherwise be permitted for default under this Lease, and upon entry as aforesaid, Landlord may either (a) terminate this Lease in which event Landlord shall be entitled to recover from Tenant the unpaid rent which has been earned at the time of termination, plus the amount by which the unpaid rent which would have been earned for the balance of the term exceeds the amount such rental loss that the Tenant proves could have been reasonably avoided, plus any other amount necessary to compensate Landlord for all the determent approximately caused by Tenant's failure to perform its obligations under this Lease; or (b) without terminating this Lease, make such alterations and relet the Premises or any part thereof for such term or terms and at such rental or rentals and upon such other terms and conditions as Landlord in its sole discretion my deem advisable, and all rentals received by Landlord from such reletting shall be applied to the payment of any indebtedness other than rent due hereunder from Tenant to Landlord, second, to the payment of any cost or expense of such reletting, and third, to the payment of rent due and unpaid hereunder, and being understood that if such rentals received from such reletting during any month be less than that to be paid during that month by Tenant hereunder, Tenant shall pay any such deficiency to Landlord, the same calculated and paid monthly notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such prior material default or breach.
Appears in 2 contracts
Samples: Lease Agreement (Petro Stopping Centers Holdings Lp), Lease Agreement (Petro Stopping Centers L P)
TENANT’S DEFAULTS. In addition to any other event of default set forth in this Lease, the occurrence of any one or more of the following events (following the expiration of any cure period set forth below, if any is provided) shall constitute a “Default” by Tenant: (a) The failure by Tenant to make any payment of Rent required to be made by Tenant, as and when due, where the failure continues for a period of 5 days after written notice from Landlord to Tenant. The term “Rent” as used in this Lease shall be deemed to mean the Basic Rent and all other sums required to be paid by Tenant to Landlord pursuant to the terms of this Lease. (b) Except as provided in default hereunder if: (i) Tenant fails to pay Article 9 of this Lease, the Rent assignment, sublease, encumbrance or other charges on Transfer of the date due and Lease by Tenant, either voluntarily or by operation of law, whether by judgment, execution, transfer by intestacy or testacy, or other means, where such failure continues assignment, sublease, encumbrance or other transfer remains in effect for a period of fifteen (15) days after written notice from Landlord thereof; to Tenant. (c) The discovery by Landlord that any financial statement provided by Tenant, or by any affiliate, successor or guarantor of Tenant, was materially false. (iid) Tenant fails to perform or observe any other term or condition contained Except where a specific time period is otherwise set forth for Tenant’s performance in this Lease (in which event the failure to perform by Tenant within thirty (30) such time period shall be a Default), the failure or inability by Tenant to observe or perform any of the covenants or provisions of this Lease to be observed or performed by Tenant, other than as specified in any other subsection of this Section 14.1, where the failure continues for a period of 30 days after written notice from Landlord thereofto Tenant. In any However, if the nature of the failure is such eventsthat more than 30 days are reasonably required for its cure, Landlord may, immediately or at any time thereafterthen Tenant shall not be deemed to be in Default if Tenant commences the cure within 30 days, and without demand or noticethereafter diligently pursues the cure to completion. The notice periods provided herein are in lieu of, enter into and upon the Premisesnot in addition to, any notice periods provided by law, and Landlord shall not be required to give any additional notice under California Code of Civil Procedure Section 1161, or any part thereofsuccessor statute, and repossess the Premises and Equipment, and expel Tenant and those claiming through or under Tenant and remove Tenant's effects, all without force or breach of the peace, and without prejudice in order to any remedies which might otherwise be permitted for default under this Lease, and upon entry as aforesaid, Landlord may either (a) terminate this Lease in which event Landlord shall be entitled to recover from Tenant commence an unlawful detainer proceeding (but the unpaid rent which has been earned at foregoing shall not limit or modify the time of termination, plus the amount by which the unpaid rent which would have been earned for the balance of the term exceeds the amount such rental loss that the Tenant proves could have been reasonably avoided, plus any other amount necessary to compensate Landlord for all the determent approximately caused by Tenant's failure to perform its obligations under cure periods specifically set forth in this Lease; or (b) without terminating this Lease, make such alterations and relet the Premises or any part thereof for such term or terms and at such rental or rentals and upon such other terms and conditions as Landlord in its sole discretion my deem advisable, and all rentals received by Landlord from such reletting shall be applied to the payment of any indebtedness other than rent due hereunder from Tenant to Landlord, second, to the payment of any cost or expense of such reletting, and third, to the payment of rent due and unpaid hereunder, and being understood that if such rentals received from such reletting during any month be less than that to be paid during that month by Tenant hereunder, Tenant shall pay any such deficiency to Landlord, the same calculated and paid monthly notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such prior material default or breachSection 14). 14.2.
Appears in 1 contract
Samples: eHealth, Inc.
TENANT’S DEFAULTS. Tenant (a) The occurrence of any of the following shall be deemed to be in default hereunder ifconstitute an event of default: (i) Tenant fails to pay the Any installment of Fixed Rent or any other charges on the date due sums required to be paid by Tenant hereunder, or any part thereof shall at any time be in arrears and such failure continues unpaid for fifteen ten (1510) days after written notice from Landlord thereof; the date due, or (ii) There is any default or breach on the part of Tenant fails to perform in the observance or observe performance of any of the other term covenants, agreements, or condition contained in conditions of this Lease within on the part of Tenant to be kept and performed and said default or breach shall continue for a period of thirty (30) days after written notice thereof from Landlord thereofto Tenant (unless such default cannot reasonably be cured within thirty (30) days and in such case, Tenant shall have commenced to cure said default within said thirty {30) days and thereafter continue diligently to pursue to completion the curing of same, but in no event to exceed sixty (60) days after notice from Landlord to Tenant), or (iii) Tenant shall file a petition in bankruptcy or be adjudicated a bankrupt, or 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, or make an assignment for the benefit of creditors, or (iv) Any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within ten (10) days after such appointment, or (v) Tenant shall attempt to assign this Lease or sublet any portion of the Premises without the consent of Landlord except as permitted by Paragraph 15 hereof, or (vi) Tenant shall fail to deliver within twenty (20) days after a request therefor any document described in Paragraphs 11 or 17 hereof. In (b) If and whenever any event of such eventsdefault as defined above or elsewhere in this Lease shall occur and is continuing, Landlord may, immediately shall have the right at its election then or at any time thereafterthereafter to pursue any one or more of the following remedies in addition to all other rights or remedies provided herein or at law or in equity: (i) In the event that Landlord elects, upon occurrence of an event of default, to declare a breach of this Lease, then Landlord shall have the right to give Tenant seven (7) days' notice of its intention to terminate this Lease and Tenant's right to possession of the Premises and, at the expiration of said seven (7) day period, the Term shall expire as fully and completely as if that day were the day specified in this Lease for the expiration of the Term and Tenant shall vacate and deliver possession of the Premises to Landlord, but Tenant shall remain liable as hereafter provided. If Tenant fails to so vacate and deliver the Premises, Landlord shall have the right, subject to applicable law, to re-enter the Premises and dispossess Tenant and the legal representatives of Tenant and all other occupants of the Premises by unlawful detainer or other summary proceedings, and without demand remove their effects and regain possession of the Premises (but Landlord shall not be obligated to effect such removal). (ii) In the event of termination of this Lease or notice, enter into termination of right to possession (as a result of Tenant's breach of this Lease). Landlord shall have: (1) The right to remove any and upon all persons and property from the Premises, in accordance with applicable law, but Landlord shall not be obligated to effect such removal. Said property may, at Landlord's option, be stored or otherwise dealt with as provided within this Lease or as applicable law may then provide or permit, including but not limited to the right of Landlord to sell or otherwise dispose of the same or to store the same, or any part thereof, in a warehouse or elsewhere at the expense and repossess risk of and for the Premises account of Tenant; (2) The rights and Equipment, and expel Tenant and those claiming through or under Tenant and remove Tenant's effects, all without force or breach of the peace, and without prejudice to any remedies which might otherwise be permitted for default under this Lease, and upon entry as aforesaid, Landlord may either (a) terminate this Lease in which event Landlord shall be entitled provided by California Civil Code Section 1951.2 to recover from Tenant upon termination of the Lease: (a) the worth at the time of award of the unpaid rent Fixed Rent and Additional Rent or other charges which has had been earned at the time of termination, plus ; (b) the worth at the time of award of the amount by which the unpaid rent Fixed Rent and Additional Rent and other charges which would have been earned for after termination until the balance time of the term award exceeds the amount of such rental loss that the Tenant proves could have been reasonably avoided; (c) subject to Subdivision (c) of California Civil Code Section 1951.2, plus the worth at the time of award of the amount by which the unpaid Fixed Rent, Additional Rent and other charges for the balance of the Term after the time of award exceeds the amount of Rent loss that Tenant proves could be reasonably avoided; and (d) any other amount necessary to compensate Landlord for all the determent approximately detriment proximate1y caused by Tenant's failure to perform its obligations under this Lease; Lease or which in the ordinary course of things would be likely to result therefrom. The "worth " at the time of award of the amounts referred to in clause (b)(ii)(2)(a) and (b) without terminating of this Paragraph sha1l be computed by allowing interest at a rate equal to the Prime Rate of interest announced from time to time by the Wall Street Journal plus two percent (2%). That worth at the time of the award of the amount referred to in clause (b)(ii)(2)(c) of this Paragraph shall be computed by discounting such amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of award plus one percent (I %). (3) The right to enforce, to the extent permitted by the laws of the State of California then in force and effect, any other rights or remedies set forth in this Lease: or otherwise applicable hereto by operation of law or contract. (iii) In the event of any breach of this Lease by Tenant (and regardless of whether or not Tenant has abandoned the Premises), this Lease shall not terminate unless Landlord, at Landlord's option, elects at any time after occurrence of any event of default to terminate Tenant's right to possession as provided in clause (b)(1) of this Paragraph or, at Landlord's further option, by the giving of any notice (including but not limited to any notice preliminary or prerequisite to the bringing of legal proceedings in unlawful detainer) which terminates Tenant's right to possession. As long as this Lease continues in effect, Landlord may enforce all of Landlord's rights and remedies under this Lease, make such alterations and including the right to recover all Rent as it becomes due hereunder. For the purpose of this Paragraph, the following shall not constitute termination of Tenant's right to possession: (1) acts of maintenance or preservation or efforts to relet the Premises Premises, or (2) the appointment of a receiver upon initiative of Landlord to protect Landlord's interest under this Lease. (iv) In the event of a breach or threatened breach by Tenant of any part thereof of the terms, covenants, conditions, provisions or agreements of this Lease, Landlord shall additionally have the right of injunction and Tenant agrees to pay the premium for any bond required in connection with such term injunction. Provision in this Lease of any particular remedy sha11 not preclude Landlord from any other remedy, at law or terms in equity. All rights and at such rental or rentals and upon such other terms and conditions as remedies of Landlord in its sole discretion my deem advisableherein enumerated shall be cumulative, and all rentals received the exercise by Landlord from such reletting of any right or remedy provided for herein or allowed by law or equity shall not be applied to the payment exclusion of any indebtedness other than rent due hereunder from Tenant to Landlord, second, to the payment of any cost right or expense of such reletting, and third, to the payment of rent due and unpaid hereunder, and being understood that if such rentals received from such reletting during any month be less than that to be paid during that month by Tenant hereunder, Tenant shall pay any such deficiency to Landlord, the same calculated and paid monthly notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such prior material default or breachremedy. 21.
Appears in 1 contract
Samples: Ace Hardware Corp
TENANT’S DEFAULTS. In addition to any other event of default set forth as such in this Lease, the occurrence of any one or more of the following events shall constitute a default by Tenant: (a) The failure by Tenant shall be deemed to make any payment of rent required to be in default hereunder if: (i) Tenant fails to pay made by Tenant, as and when due, where the Rent or other charges on the date due and such failure continues for fifteen a period of three (153) business days after written notice from Landlord thereofto Tenant; provided, however, that any such notice shall be in lieu of, and not in addition to, any notice required under California Code of Civil Procedure Section 1161 as amended. For purposes of these default and remedies provisions, the term “additional rent” shall be deemed to include all amounts of any type whatsoever other than Basic Rent to be paid by Tenant pursuant to the terms of this Lease. (b) The assignment, sublease, encumbrance or other transfer of the Lease by Tenant, either voluntarily or by operation of law, whether by judgment, execution, transfer by intestacy or testacy, or other means, without the prior written consent of Landlord unless otherwise authorized herein. (iic) The discovery by Landlord that any financial statement provided by Tenant fails or by any successor of Tenant, materially, willfully or negligently underrepresented the financial situation of Tenant, or any successor of Tenant. (d) The failure or inability by Tenant to observe or perform any of the covenants or observe provisions of this Lease to be observed or performed by Tenant, other than as specified in any other term or condition contained in subsection of this Lease within Section, where the failure continues for a period of thirty (30) days after written notice from Landlord thereof. In to Tenant; provided, however, that any of such events, Landlord may, immediately or at any time thereafternotice shall be in lieu of, and without demand or noticenot in addition to, enter into and upon any notice required under California Code of Civil Procedure Section 1161 as amended. However, if the Premisesnature of the failure is such that more than thirty (30) days are reasonably required for its cure, or any part thereofthen Tenant shall not be deemed to be in default if Tenant commences the cure within thirty (30) days, and repossess thereafter diligently pursues the Premises and Equipment, and expel cure to completion. (e) (i) The making by Tenant and those claiming through or under Tenant and remove Tenant's effects, all without force or breach of the peace, and without prejudice to any remedies which might otherwise be permitted for default under this Lease, and upon entry as aforesaid, Landlord may either (a) terminate this Lease in which event Landlord shall be entitled to recover from Tenant the unpaid rent which has been earned at the time of termination, plus the amount by which the unpaid rent which would have been earned general assignment for the balance benefit of creditors; (ii) the term exceeds filing by or against Tenant of a petition to have Tenant adjudged a Chapter 7 debtor under the amount such rental loss that Bankruptcy Code or to have debts discharged or a petition for reorganization or arrangement under any law relating to bankruptcy (unless, in the Tenant proves could have been reasonably avoided, plus any other amount necessary to compensate Landlord for all the determent approximately caused by case of a petition filed against Tenant's failure to perform its obligations under this Lease; or (b) without terminating this Lease, make such alterations and relet the Premises or any part thereof for such term or terms and at such rental or rentals and upon such other terms and conditions as Landlord in its sole discretion my deem advisable, and all rentals received by Landlord from such reletting shall be applied to the payment of any indebtedness other than rent due hereunder from Tenant to Landlord, second, to the payment of any cost or expense of such reletting, and third, to the payment of rent due and unpaid hereunder, and being understood that if such rentals received from such reletting during any month be less than that to be paid during that month by Tenant hereunder, Tenant shall pay any such deficiency to Landlord, the same calculated and paid monthly notwithstanding any such reletting without termination, Landlord may at any time thereafter elect is dismissed within sixty (60) days); (iii) the appointment of a trustee or receiver to terminate this Lease for such prior material default or breach.take possession of substantially all of Tenant’s IOPLEGAL-10-26611 5/11/2018-248639-4.2 21
Appears in 1 contract
Samples: BofI Holding, Inc.
TENANT’S DEFAULTS. Tenant shall be deemed to be in default hereunder if: (i) Tenant fails to pay the Rent or other charges on the date due and such failure continues for fifteen thirty (1530) days after written notice from Landlord thereof; or (ii) Tenant fails to perform or observe any other term or condition contained in this Lease within thirty (30) days after written notice from Landlord thereof. In any of such events, Landlord may, immediately or at any time thereafter, and without demand or notice, enter into and upon the Premises, or any part thereof, and repossess the Premises and Equipment, and expel Tenant and those claiming through or under Tenant and remove Tenant's ’s effects, all without force or breach of the peace, and without prejudice to any remedies which might otherwise be permitted for default under this Lease, and upon entry as aforesaid, Landlord may either (a) terminate this Lease in which event Landlord shall be entitled to recover from Tenant the unpaid rent which has been earned at the time of termination, plus the amount by which the unpaid rent which would have been earned for the balance of the term exceeds the amount such term. In any event, this Landlord shall have a duty to make a good faith effort to mitigate its damages as to any rental loss that the Tenant proves could have been reasonably avoided, plus any other amount necessary to compensate Landlord for all the determent approximately caused by Tenant's failure to perform its obligations under this Leaseloss; or (b) without terminating this Lease, make such alterations and relet the Premises or any part thereof for such term or terms and at such rental or rentals and upon such other terms and conditions as Landlord in its sole discretion my deem advisable, and all rentals received by Landlord from such reletting shall be applied to the payment of any indebtedness other than rent due hereunder from Tenant to Landlord, second, to the payment of any cost or expense of such relettingreletting including the costs of any alterations, and third, to the payment of rent due and unpaid hereunder, and being understood that if such rentals received from such reletting during any month be less than that to be paid during that month by Tenant hereunder, Tenant shall pay any such deficiency to Landlord, the same calculated and paid monthly notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such prior material default or breach.
Appears in 1 contract
TENANT’S DEFAULTS. Tenant shall be deemed to be in default hereunder if: (i) Tenant fails to pay the Rent or other charges on the date due and such failure continues for fifteen thirty (1530) days after written notice from Landlord thereof; or (ii) Tenant fails to perform or observe any other term or condition contained in this Lease within thirty (30) days after written notice from Landlord thereof. In any of such events, Landlord may, immediately or at any time thereafter, and without demand or notice, enter into and upon the Premises, or any part thereof, and repossess the Premises and Equipment, and expel Tenant and those claiming through or under Tenant and remove Tenant's ’s effects, all without force or breach of the peace, and without prejudice to any remedies which might otherwise be permitted for default under this Lease, and upon entry as aforesaid, Landlord may either (a) terminate this Lease in which event Landlord shall be entitled to recover from Tenant the unpaid rent which has been earned at the time of termination, plus the amount by which the unpaid rent which would have been earned for the balance of the term exceeds the amount such rental loss that the Tenant proves could have been reasonably avoided, plus any other amount necessary to compensate Landlord for all the determent approximately damages proximately caused by Tenant's ’s failure to perform its obligations under this Lease; or (b) without terminating this Lease, make such alterations and relet the Premises or any part thereof for such term or terms and at such rental or rentals and upon such other terms and conditions as Landlord in its sole discretion my deem advisable, and all rentals received by Landlord from such reletting shall be applied to the payment of any indebtedness other than rent due hereunder from Tenant to Landlord, second, to the payment of any cost or expense of such relettingreletting including the costs of any alterations, and third, to the payment of rent due and unpaid hereunder, and being understood that if such rentals received from such reletting during any month be less than that to be paid during that month by Tenant hereunder, Tenant shall pay any such deficiency to Landlord, the same calculated and paid monthly notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such prior material default or breach.
Appears in 1 contract
TENANT’S DEFAULTS. Time is of the essence hereof, and in the event ----------------- Tenant shall be deemed to be in default hereunder if: (i) Tenant violates or breaches or fails to pay the Rent keep or other charges on the date due and such failure continues for fifteen (15) days after written notice from Landlord thereof; or (ii) Tenant fails to perform or observe any other covenant, agreement, term or condition contained in this Lease within thirty (30) days after written notice from Landlord thereof. In any of such events, Landlord may, immediately or at any time thereafter, and without demand or notice, enter into and upon the Premises, or any part thereof, and repossess the Premises and Equipment, and expel Tenant and those claiming through or under Tenant and remove Tenant's effects, all without force or breach of the peace, and without prejudice to any remedies which might otherwise be permitted for default under this Lease, and upon entry if such default or violation continues or is not remedied within five (5) business days (or, if no default in the payment of money is involved, then within twenty (20) days, or if such breach cannot be cured within twenty (20) days, then Tenant commences a cure within twenty (20) days and thereafter diligently prosecutes such cure to completion) after notice in writing thereof is given by Landlord to Tenant specifying the matter claimed to be in default, or if Tenant abandons or vacates the Premises or any significant portion thereof, Landlord, at its option, may immediately declare Tenant's rights under this Lease terminated, and reenter the Premises using such force as aforesaidmay be necessary, and repossess itself thereof, as of its former estate, and remove all persons and property from the Premises. Notwithstanding any such reentry, the liability of Tenant for the full payment of rent and other amounts owed hereunder or provided for herein shall not be extinguished for the balance of this Lease, and Tenant shall make good to Landlord any deficiency arising from a reletting of the Premises at a lesser rent, plus the reasonable costs and expenses of renovating, altering and reletting the Premises, including attorneys' fees or brokers' fees incident to Landlord's reentry or reletting. Tenant shall pay any such deficiency each month as the amount thereof is ascertained by Landlord or, at Landlord's option, Landlord may either (a) terminate this Lease recover, in which event Landlord shall be entitled addition to recover from Tenant any other sums, the unpaid rent which has been earned amount at the time of termination, plus the amount judgment by which the unpaid rent which would have been earned for the balance of the term after judgment exceeds the amount such of rental loss that the which Tenant proves could have been be reasonably avoided, plus discounted at the then Federal Discount Rate less three percent (3%). The calculation of any other amount necessary of rental loss which Tenant claims could be reasonably avoided shall take into account those sums which are reasonably anticipated to compensate be expended by Landlord for tenant improvements, moving expenses, lease assumption costs, real estate commissions, and all other costs associated with reletting the determent approximately caused by Tenant's failure Premises. In reletting the Premises, Landlord may grant rent concessions and Tenant shall not be credited therefor. Nothing herein shall be deemed to perform its obligations affect the right of Landlord to recover for indemnification under this Lease; or (b) without terminating Section 17 herein arising prior to the termination of this Lease, or for any other remedy at law or in equity. Landlord shall make such alterations and relet reasonable efforts to mitigate its damages in the Premises or any part thereof for such term or terms and at such rental or rentals and upon such other terms and conditions as Landlord in its sole discretion my deem advisable, and all rentals received by Landlord from such reletting shall be applied to the payment event of any indebtedness other than rent due hereunder from Tenant to Landlord, second, to the payment of any cost or expense of such reletting, and third, to the payment of rent due and unpaid hereunder, and being understood that if such rentals received from such reletting during any month be less than that to be paid during that month by Tenant hereunder, Tenant shall pay any such deficiency to Landlord, the same calculated and paid monthly notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such prior material default or breachTenant's default.
Appears in 1 contract
Samples: Lease Agreement (Stamps Com Inc)
TENANT’S DEFAULTS. Tenant shall be deemed to be in default hereunder if: (i) Tenant fails to pay the Rent or other charges on or before the date on which the same become due and payable to Landlord under and in accordance with the terms of this Lease, and such failure continues for fifteen (15) days after written notice from Landlord thereof; or (ii) Tenant fails to perform or observe any other term or condition contained in this Lease within thirty (30) days after written notice from Landlord thereof. In any of such events, Landlord may, immediately or at any time thereafter, and without demand or notice, enter into and upon the Premises, or any part thereof, and repossess the Premises and Equipmentsame, and expel Tenant and those claiming through or under Tenant and remove Tenant's effects, all without force or breach of the peace, and without prejudice to any remedies which might otherwise be permitted for default under this Lease, and upon entry as aforesaid, Landlord may either (a) terminate this Lease in which event Landlord shall be entitled to recover from Tenant the unpaid rent which has been earned at the time of termination, plus the amount by which the unpaid rent which would have been earned for the balance of the term exceeds the amount such rental loss that the Tenant Lessee proves could have been reasonably avoided, plus any other amount necessary to compensate Landlord for all the determent approximately caused by Tenant's failure to perform its obligations under this Lease; or (b) without terminating this Lease, make such alterations and relet the Premises or any part thereof for such term or terms and at such rental or rentals and upon such other terms and conditions as Landlord in its sole discretion my deem advisable, and all rentals received by Landlord from such reletting shall be applied to the payment of any indebtedness other than rent due hereunder from Tenant to Landlord, second, to the payment of any cost or expense of such reletting, and third, to the payment of rent due and unpaid hereunder, and being understood that if such rentals received from such reletting during any month be less than that to be paid during that month by Tenant hereunder, Tenant shall pay any such deficiency to Landlord, the same calculated and paid monthly notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such prior material default or breach.
Appears in 1 contract
TENANT’S DEFAULTS. Time is of the essence hereof, and in the event Tenant shall be deemed to be in default hereunder if: (i) Tenant violates or breaches or fails to pay the Rent keep or other charges on the date due and such failure continues for fifteen (15) days after written notice from Landlord thereof; or (ii) Tenant fails to perform or observe any other covenant, agreement, term or condition contained in this Lease within thirty (30) days after written notice from Landlord thereof. In any of such events, Landlord may, immediately or at any time thereafter, and without demand or notice, enter into and upon the Premises, or any part thereof, and repossess the Premises and Equipment, and expel Tenant and those claiming through or under Tenant and remove Tenant's effects, all without force or breach of the peace, and without prejudice to any remedies which might otherwise be permitted for default under this Lease, and upon entry if such default or violation continues or is not be remedied within five (5) business days (or, if no default in the payment of money is involved, then within ten (10) days, or if such breach cannot be cured within ten (10) days, then Tenant commences a cure within ten (10) days and thereafter diligently prosecutes such cure to completion) after notice in writing thereof is given by Landlord to Tenant specifying the matter claimed to be in default, or if Tenant abandons or vacates the Premises or any significant portion thereof, Landlord, at its option, may immediately declare Tenant's rights under this Lease terminated, and reenter the Premises using such force as aforesaidmay be necessary, and repossess itself thereof, as of its former estate, and remove all persons and property from the Premises. Notwithstanding any such reentry, the liability of Tenant for the full payment of rent and other amounts owed hereunder or provided for herein shall not be extinguished for the balance of this Lease, and Tenant shall make good to Landlord any deficiency arising from a reletting of the Premises at a lesser rent, plus the costs and expenses of renovating, altering and reletting the Premises, including attorneys' fees or brokers' fees incident to Landlord's reentry or reletting. Tenant shall pay any such deficiency each month as the amount thereof is ascertained by Landlord or, at Landlord's option, Landlord may either (a) terminate this Lease recover, in which event Landlord shall be entitled addition to recover from Tenant any other sums, the unpaid rent which has been earned amount at the time of termination, plus the amount judgment by which the unpaid rent which would have been earned for the balance of the term after judgment exceeds the amount such of rental loss that the which Tenant proves could have been be reasonably avoided, plus discounted at the then Federal Discount Rate less two percent (2%). The calculation of any other amount necessary of rental loss which Tenant claims could be reasonably avoided shall take into account those sums which are reasonably anticipated to compensate be expended by Landlord for tenant improvements, moving expenses, lease assumption costs, real estate commissions, and all other costs associated with reletting the determent approximately caused by Tenant's failure Premises. In reletting the Premises, Landlord may grant rent concessions and Tenant shall not be credited therefore. Nothing herein shall be deemed to perform its obligations affect the right of Landlord to recover for indemnification under this Lease; or (b) without terminating Section 17 herein arising prior to the termination of this Lease, make such alterations and relet the Premises or for any part thereof for such term other remedy at law or terms and at such rental or rentals and upon such other terms and conditions as Landlord in its sole discretion my deem advisable, and all rentals received by Landlord from such reletting shall be applied to the payment of any indebtedness other than rent due hereunder from Tenant to Landlord, second, to the payment of any cost or expense of such reletting, and third, to the payment of rent due and unpaid hereunder, and being understood that if such rentals received from such reletting during any month be less than that to be paid during that month by Tenant hereunder, Tenant shall pay any such deficiency to Landlord, the same calculated and paid monthly notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such prior material default or breachequity.
Appears in 1 contract