Common use of Tenant’s Right to Cure Clause in Contracts

Tenant’s Right to Cure. Notwithstanding the foregoing, if, at any time after the Commencement Date, any claimed Landlord default hereunder will immediately, materially and adversely affect Tenant’s ability to conduct its business in the Premises (a “Material Landlord Default”), Tenant shall, as soon as reasonably possible, but in any event within 2 business days of obtaining knowledge of such claimed Material Landlord Default, give Landlord written notice of such claim (which notice shall specifically state that a Material Landlord Default exists and shall specify that Tenant intends to exercise its self help rights under this Section 31(b)) and telephonic notice to Tenant’s principal contact with Landlord. Landlord shall then have the right within 5 business days after receipt of both written notice and telephonic notice to commence cure of such claimed Material Landlord Default and if commenced shall diligently prosecute such cure to completion. If such claimed Material Landlord Default is not a default by Landlord hereunder, Landlord shall be entitled to recover from Tenant, as Additional Rent, any costs incurred by Landlord in connection with such cure. If Landlord fails to commence cure of any claimed Material Landlord Default as provided above, then Tenant may commence and prosecute such cure to completion; provided that Tenant’s cure efforts do not affect (i) any Building Systems affecting other tenants or areas outside the Premises, (ii) the Building exterior, structure and structural components, (iii) Common Areas, or (iv) any other tenant’s use and enjoyment of their premises or the Project. Tenant shall be entitled to recover the costs of such cure (but not any consequential or other damages) from Landlord by way of reimbursement from Landlord within 30 days after invoice with no right to offset against Rent, to the extent of Landlord’s obligation to cure such claimed Material Landlord Default hereunder, subject to the limitations set forth in the immediately preceding sentence of this paragraph and the other provisions of this Lease. Tenant, at its option, may elect to pursue any and all other rights and remedies expressly provided in this Lease. In no event shall the provisions of this Section 31(b) benefit any subtenant or be exercisable by subtenants against Landlord.

Appears in 2 contracts

Samples: Lease Agreement (Kymera Therapeutics, Inc.), Lease Agreement (Kymera Therapeutics, Inc.)

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Tenant’s Right to Cure. If Landlord shall fail to pay any amount or perform any act on its part to be paid or performed under this Lease and such failure (i) is not corrected within thirty (30) days after notice thereof by Tenant (except in the event of an emergency) (provided, however, that if the failure cannot, by its nature, be cured within such thirty (30) day period, but Landlord commences and diligently pursues a cure of such default within the initial thirty (30) day cure period, then Tenant shall not have the right to exercise its remedies under this Section 22.5 so long as Landlord is diligently pursuing such cure), and (ii) has a material adverse effect on Tenant’s ability to use the Premises for the Permitted Uses of the Premises, then Tenant may, without obligation to do so, and without waiving or releasing Landlord from any obligations of Landlord or limiting any other remedies Tenant may have pursuant to this Lease, make any such payment or perform any such other act on Landlord’s part to be made or performed under this Lease. All sums so paid by Tenant and all necessary and reasonable costs and expenses actually incurred by Tenant may be deducted by Tenant from the next installments of Rent due hereunder. Notwithstanding the foregoing, if, at any time after the Commencement Date, any claimed Landlord default hereunder will immediately, materially and adversely affect Tenant’s ability to conduct its business in the Premises (a “Material Landlord Default”), Tenant shall, as soon as reasonably possible, but in any event within 2 business days right of obtaining knowledge of such claimed Material Landlord Default, give Landlord written notice of such claim (which notice shall specifically state that a Material Landlord Default exists and shall specify that Tenant intends to exercise its self help rights offset under this Section 31(b)) and telephonic notice to Tenant’s principal contact with Landlord. Landlord shall then have the right within 5 business days after receipt of both written notice and telephonic notice to commence cure of such claimed Material Landlord Default and if commenced shall diligently prosecute such cure to completion. If such claimed Material Landlord Default is not a default by Landlord hereunder, Landlord shall be entitled to recover from Tenant, as Additional Rent, any costs incurred by Landlord in connection with such cure. If Landlord fails to commence cure of any claimed Material Landlord Default as provided above, then Tenant may commence and prosecute such cure to completion; provided that Tenant’s cure efforts do not affect (i) any Building Systems affecting other tenants or areas outside the Premises, (ii) the Building exterior, structure and structural components, (iii) Common Areas, or (iv) any other tenant’s use and enjoyment of their premises or the Project. Tenant shall be entitled to recover the costs of such cure (but not any consequential or other damages) from Landlord by way of reimbursement from Landlord within 30 days after invoice with no right to offset against Rent, to the extent of Landlord’s obligation to cure such claimed Material Landlord Default hereunder, subject to the limitations set forth in the immediately preceding sentence shall be limited to twenty percent (20%) of this paragraph and each installment of Rent next becoming due unless insufficient Lease Term remains to fully recoup the other provisions of this Lease. amounts owed by Landlord to Tenant on the amounts expended by Tenant, at its option, may elect in which event the amount of Tenant’s offset shall be increased so that Tenant is able to pursue any and fully recoup all other rights and remedies expressly provided in this Lease. In no event shall such amounts expended by Tenant prior to the provisions expiration of this Section 31(b) benefit any subtenant or be exercisable by subtenants against Landlordthe Lease Term.

Appears in 2 contracts

Samples: Insys Therapeutics, Inc., Insys Therapeutics, Inc.

Tenant’s Right to Cure. Notwithstanding the foregoingIf Landlord shall fail to perform any maintenance or repair required by this Lease, if, at any time after the Commencement Date, any claimed Landlord default hereunder which if not performed will immediately, materially and adversely affect Tenant’s ability operations within the Premises, and such failure gives rise to conduct its business in the Premises (a “Material Landlord Default”)default after expiration of all applicable cure periods pursuant to Section 16.6, Tenant shallmay, as soon as reasonably possibleon five (5) Business Days’ notice to Landlord, but in shall not be required to, make or pay for any event within 2 business days of obtaining knowledge of such claimed Material Landlord Default, give Landlord written notice of such claim (which notice shall specifically state that a Material Landlord Default exists and shall specify maintenance or repair; provided that Tenant intends shall not perform any repair or maintenance that could be reasonably expected to exercise void any applicable warranties covering such repair or maintenance. In the event Tenant exercises its self help rights under this Section 31(b)16.7, Tenant shall utilize the services of a qualified contractor who normally and regularly performs similar work in Class A buildings. Within thirty (30) and telephonic notice to Tenant’s principal contact with Landlord. Landlord shall then have the right within 5 business days after receipt of both a reasonably detailed invoice from Tenant of its costs of taking action which Tenant claims should have been taken by Landlord, Landlord shall reimburse Tenant the amount set forth in such invoice; provided, that Tenant shall not be entitled to reimbursement of any amounts that would otherwise be payable by Tenant to Landlord hereunder, including without limitation charges for Operating Expenses and TDM Fees. If Landlord delivers to Tenant within thirty (30) days after receipt of Tenant’s invoice, a written notice and telephonic notice objection to commence cure the payment of such claimed Material invoice, setting forth in reasonable detail Landlord’s reasons for its claim that such action did not have to be taken by Landlord Default and if commenced pursuant to the terms of this Lease or that the charges are excessive (in which case Landlord shall diligently prosecute pay the amount it contends would not have been excessive), then Tenant shall not be entitled to such cure reimbursement (except pursuant to completion. If such claimed Material Landlord Default is not a court order), but as Tenant’s sole remedy, Tenant may proceed to claim a default by Landlord hereunder, Landlord shall be entitled to recover from Tenant, as Additional Rent, any costs incurred by Landlord in connection with such cure. If Landlord fails to commence cure of any claimed Material Landlord Default as provided above, then Tenant may commence and prosecute such cure to completion; provided that Tenant’s cure efforts do not affect (i) any Building Systems affecting other tenants or areas outside the Premises, (ii) the Building exterior, structure and structural components, (iii) Common Areas, or (iv) any other tenant’s use and enjoyment of their premises or the Project. Tenant shall be entitled to recover the costs of such cure (but not any consequential or other damages) from Landlord by way of reimbursement from Landlord within 30 days after invoice with no right to offset against Rent, to the extent of Landlord’s obligation to cure such claimed Material Landlord Default hereunder, subject to the limitations set forth in the immediately preceding sentence of this paragraph and the other provisions of under this Lease. Tenant, at its option, may elect to pursue any and all other rights and remedies expressly provided in this Lease. In no event shall the provisions of this Section 31(b) benefit any subtenant or be exercisable by subtenants against Landlord.

Appears in 2 contracts

Samples: Commercial Lease (Jazz Pharmaceuticals PLC), Commercial Lease (Jazz Pharmaceuticals PLC)

Tenant’s Right to Cure. Notwithstanding the foregoingforegoing or any other contrary provision in this Lease, ifif (i) Landlord fails to take or perform any of Landlord’s express construction, at any time after the Commencement Datemaintenance, any claimed Landlord default hereunder replacement or repair obligations under this Lease, (ii) no good faith dispute exists with respect to such obligation, and (iii) such failure to take action will immediately, materially and adversely affect Tenant’s ability to conduct its business in operate at the Premises (a “Material Landlord DefaultMaintenance Failure”), Tenant shall, as soon as reasonably possible, but in any event may deliver written notice thereof to Landlord (“Initial Notice”). If within 2 ten (10) business days of obtaining knowledge receiving Tenant’s Initial Notice, Landlord fails to cure or commence to cure and diligently pursue the cure of such claimed Material the items specified in the Initial Notice, Tenant may deliver to Landlord Default, give Landlord written a second notice (“Reminder Notice”). The Reminder Notice must include a copy of such claim (which notice shall specifically state that a Material Landlord Default exists the Initial Notice and shall specify that Tenant intends to exercise its self help will have the rights granted under this Section 31(b)) and telephonic notice to Tenant’s principal contact with Landlord. Landlord shall then have the right within 5 business days after receipt of both written notice and telephonic notice to commence cure of such claimed Material Landlord Default and if commenced shall diligently prosecute such cure to completion. If such claimed Material Landlord Default is not a default by Landlord hereunder, Landlord shall be entitled to recover from Tenant, as Additional Rent, any costs incurred by Landlord in connection with such cure25.8. If Landlord fails to take or commence cure to take the required action within five (5) business days of any claimed receiving the Reminder Notice (and diligently pursue the same to completion), then Tenant may, subject to the terms of this Section, proceed to take the required action with respect to correcting the Material Landlord Maintenance Failure; provided, however, if a Material Landlord Maintenance Failure is creating an imminent danger to Tenant’s improvements, personal property or personnel, Tenant may take immediate action to correct the Material Landlord Maintenance Failure without prior notice to Landlord, but only to the extent reasonably necessary to mitigate the imminent danger. Tenant may not take any such self-help action which alters or modifies the structural integrity of the Building, except in connection with an imminent danger. Landlord will reimburse Tenant for Tenant’s reasonable out-of-pocket costs and expenses in remedying the Material Landlord Maintenance Failure within thirty (30) days after receiving an invoice from Tenant setting forth a reasonably particularized breakdown of such costs and expenses. If Landlord does not pay such invoice within thirty (30) days after Landlord receives the invoice, then the amount due by Landlord hereunder shall begin accruing interest at the Default Rate beginning on the thirty-first (31st) day after Landlord receives the invoice and continuing until the day that such amount is paid by Landlord or abated, offset and/or recouped against Rent as provided aboveset forth in the following sentence. If Landlord does not pay such invoice within ninety (90) days after Landlord receives the invoice, then Tenant may commence and prosecute such cure to completion; provided that Tenant’s cure efforts do not affect (i) any Building Systems affecting other tenants or areas outside thereafter xxxxx, offset and/or recoup against Rent the Premises, (ii) the Building exterior, structure and structural components, (iii) Common Areas, or (iv) any other tenant’s use and enjoyment of their premises or the Project. Tenant shall be entitled to recover the costs of such cure (but not any consequential or other damages) from Landlord by way of reimbursement from Landlord within 30 days after invoice with no right to offset against Rent, to the extent of Landlord’s obligation to cure such claimed Material Landlord Default hereunder, subject to the limitations amount set forth in such invoice plus any interest which has accrued pursuant to the immediately preceding sentence of this paragraph and the other provisions of this Lease. Tenant, at its option, may elect to pursue any and all other rights and remedies expressly provided in this Lease. In no event shall the provisions of this Section 31(b) benefit any subtenant or be exercisable by subtenants against Landlordsentence.

Appears in 1 contract

Samples: Lease Agreement (Crinetics Pharmaceuticals, Inc.)

Tenant’s Right to Cure. Notwithstanding If Landlord fails to provide any services required to be provided by Landlord under this Lease or fails to commence to make any repair to the foregoingProject required to be made by Landlord under this Lease within thirty (30) days after receipt by Landlord of written notice (the “First Notice”) from Tenant of the need for such repair, if, at with a copy of the First Notice being sent simultaneously to any time after the Commencement Date, any claimed Landlord default hereunder will immediately, materially and adversely affect Tenantmortgagee that Tenant has been given written notice of (“Landlord’s ability to conduct its business in the Premises (a “Material Landlord DefaultMortgagee”), Tenant shall, as soon as reasonably possible, but in any event within 2 business days of obtaining knowledge and/or fails to diligently pursue the restoration of such claimed Material Landlord Default, give Landlord written notice services or the completion of such claim (which notice repair and/or fails to complete such restoration or repairs within a reasonable time, then, Tenant shall specifically state that a Material Landlord Default exists and shall specify that Tenant intends to exercise its self help rights under this Section 31(b)) and telephonic notice to Tenant’s principal contact with Landlord. Landlord shall then have the right within 5 to cure such default after giving an additional written notice (the “Second Notice”) to Landlord (and simultaneously sending a copy of the Second Notice to Landlord’s Mortgagee) if such default remains uncured for an additional five (5) business days after Landlord’s receipt of both written notice and telephonic notice to commence cure of the Second Notice. In such claimed Material Landlord Default and if commenced shall diligently prosecute such cure to completion. If such claimed Material Landlord Default is not a default by Landlord hereunder, event Landlord shall be entitled pay to recover from Tenant, as Additional Rent, any Tenant the reasonable out-of-pocket costs incurred by Tenant to cure such default to the extent such costs do not constitute Direct Expenses (“Reimbursable Costs”) within thirty (30) days following receipt by Landlord of the paid invoices therefor. If Landlord’s services or repair obligation is in connection with the nature of an emergency (as defined below) and Landlord and Landlord’s Mortgagee have received the First Notice, but Landlord or Landlord’s Mortgagee fails to respond within a reasonable period under the circumstances, then Tenant shall have the right to cure such curerepair obligation pursuant to the terms of this Section 26.1.2, regardless that the thirty (30) day period has not run. If Landlord fails to commence cure of any claimed Material Landlord Default as provided abovepay Tenant the Reimbursable Costs within such thirty (30) day period, then Tenant may commence and prosecute such cure to completion; provided that offset the Reimbursable Costs against Tenant’s cure efforts do not affect (i) any Building Systems affecting other tenants or areas outside next accruing installments of Base Rent until Tenant has been reimbursed for such costs; provided, however, that the Premises, (ii) the Building exterior, structure and structural components, (iii) Common Areas, or (iv) any other tenant’s use and enjoyment of their premises or the Project. Tenant shall be entitled to recover the costs of such cure (but not any consequential or other damages) from Landlord by way of reimbursement from Landlord within 30 days after invoice with no right to amount offset against Rent, to Base Rent in any single month shall not exceed ten percent (10%) of the extent of Landlord’s obligation to cure Base Rent payable for such claimed Material Landlord Default hereunder, subject to the limitations set forth in the immediately preceding sentence of this paragraph and the other provisions of this Lease. Tenant, at its option, may elect to pursue any and all other rights and remedies expressly provided in this Lease. In no event shall the provisions of this Section 31(b) benefit any subtenant or be exercisable by subtenants against Landlordmonth.

Appears in 1 contract

Samples: Office Lease (Arthrocare Corp)

Tenant’s Right to Cure. Notwithstanding anything to the foregoingcontrary set forth elsewhere in this Amendment, if, at any time after the Commencement Date, any claimed Landlord default hereunder will immediately, materially and adversely affect Tenant’s ability to conduct its business in the Premises event that for any reason other than (a “Material Landlord Default”)a) the occurrence of an event of Force Majeure, Tenant shall(b) any delay or hindrance on the part of Tenant, as soon as reasonably possible, but in or (c) any event within 2 business days of obtaining knowledge of such claimed Material Landlord Default, give Landlord written notice of such claim (which notice shall specifically state that a Material Landlord Default exists and shall specify that Tenant intends to exercise its self help rights under this Section 31(b)) and telephonic notice to Tenant’s principal contact with Landlord. Landlord shall then have the right within 5 business days after receipt of both written notice and telephonic notice to commence cure of such claimed Material Landlord Default and if commenced shall diligently prosecute such cure to completion. If such claimed Material Landlord Default is not a default by Landlord hereunderTenant with respect to any of the agreements, Landlord shall be entitled to recover from Tenantcovenants or obligations of Tenant set forth in the Lease, as Additional Rent, any costs incurred by Landlord in connection with such cure. If Landlord fails to commence cure of any claimed Material Landlord Default as provided above, then Tenant may commence and prosecute such cure to completion; provided that Tenant’s cure efforts do not affect (i) any Building Systems affecting other tenants Landlord shall fail to Substantially Complete the Landlord’s Roof Work on or areas outside before the PremisesLandlord’s Roof Work Substantial Completion Target Date, (ii) Landlord shall fail to Substantially Complete the Building exteriorAdditional Landlord Work on or before the Additional Landlord Work Substantial Completion Target Date, structure and structural components, and/or (iii) Common AreasLandlord shall fail to Substantially Complete the Windows/Doors Work on or before the Windows/Doors Work Substantial Completion Target Date, or then and in any such event (iv) any other tenant’s use but subject to the terms and enjoyment conditions of their premises or Article 44 of the Project. Original Lease), Tenant shall be entitled to recover have the costs of such cure right (but not the obligation) to complete such obligation on the part of Landlord in a commercially reasonable manner. If in accordance with the preceding terms and conditions of Section 26 of this Amendment, Tenant shall complete any consequential such obligation of Landlord, all reasonable costs and expenses actually incurred and paid by Tenant in such regard shall be reimbursed to Tenant by Landlord not later than thirty (30) days after written demand shall be made therefor by Tenant of Landlord (which written demand shall be accompanied by copies of invoices or other damages) from evidence reasonably satisfactory to Landlord by way of reimbursement from Landlord within 30 days after invoice with no right showing Tenant to offset against Rent, to have actually incurred and paid the extent of Landlord’s obligation to cure such claimed Material Landlord Default hereunder, subject to the limitations set forth costs and expenses in the immediately preceding sentence of this paragraph and the other provisions of this Lease. Tenant, at its option, may elect to pursue any and all other rights and remedies expressly provided in this Lease. In no event shall the provisions of this Section 31(b) benefit any subtenant or be exercisable by subtenants against Landlordquestion).

Appears in 1 contract

Samples: Lease (Martek Biosciences Corp)

Tenant’s Right to Cure. Notwithstanding the foregoing, if, at If Landlord fails to perform any time after the Commencement Date, any claimed Landlord default hereunder will immediately, materially obligation under this Lease which obligation is material to Tenant's use and adversely affect Tenant’s ability to conduct its business in enjoyment of the Premises and such failure continues for more than 30 days after written notice from Tenant (a “Material Landlord Default”)provided that, Tenant shall, as soon as reasonably possible, but in any event within 2 business days of obtaining knowledge if correction of such claimed Material Landlord Defaultfailure reasonably requires a period longer than 30 days, give Landlord written notice of such claim (which notice shall specifically state that a Material Landlord Default exists and shall specify that Tenant intends to exercise its self help rights under this Section 31(b)) and telephonic notice to Tenant’s principal contact with Landlord. Landlord shall then have the right within 5 business days after receipt of both written notice and telephonic notice to commence cure of such claimed Material Landlord Default and if commenced shall diligently prosecute Landlord commences such cure correction within 30 days and prosecutes such correction to completion. If such claimed Material Landlord Default is not a default by Landlord hereundercompletion with diligence and continuity, Landlord shall be entitled allowed such longer period as may be reasonably necessary to recover from Tenantcomplete such correction), as Additional RentTenant may, upon 10 business days' notice to Landlord of its intention so to do (such notice to include the notation "NOTICE OF INTENT TO CURE" in capital letters prominently displayed), but shall not be obligated to, cure any such failure, and all reasonable costs and expenses incurred by Tenant in curing such failure (including without limitation reasonable attorney's fees and interest on such costs and expenses at an annual rate equal to the so-called prime rate of interest published from time to time by THE WALL STREET JOURNAL (or substitute publication reasonably selected by Landlord in connection with if THE WALL STREET JOURNAL ceases to publish such cureinformation) plus two percentage points) shall be reimbursed by Landlord to Tenant within ten days after Xxxxxxxx receives a written bill from the Tenant. If Landlord fails to commence cure of reimburse Tenant for any claimed Material Landlord Default as provided above, then Tenant may commence such costs and prosecute such cure to completion; provided that Tenant’s cure efforts do not affect (i) any Building Systems affecting other tenants or areas outside the Premises, (ii) the Building exterior, structure and structural components, (iii) Common Areas, or (iv) any other tenant’s use and enjoyment of their premises or the Project. Tenant shall be entitled to recover the costs of such cure (but not any consequential or other damages) from Landlord by way of reimbursement from Landlord expenses within 30 days after invoice with no Landlord receives a written demand therefor, Tenant shall have the right to offset apply such amounts as a credit against payments of Annual Fixed Rent, additional rent and other charges due from Tenant to the extent of Landlord’s obligation to cure such claimed Material Landlord Default hereunder, subject to the limitations set forth in the immediately preceding sentence of this paragraph and the other provisions of under this Lease. Tenant, at its option, may elect to pursue any and all other rights and remedies expressly provided in this Lease. In no event shall the provisions of this Section 31(b) benefit any subtenant or be exercisable by subtenants against Landlord.

Appears in 1 contract

Samples: Lease (Cascade Communications Corp)

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Tenant’s Right to Cure. Notwithstanding the foregoing, if, at any time after the Commencement Post Rent Credit Date, any claimed Landlord default hereunder will immediately, materially and adversely affect Tenant’s ability to conduct its business in the Premises (a “Material Landlord Default”), Tenant shall, as soon as reasonably possible, but in any event within 2 business days of obtaining knowledge of such claimed Material Landlord Default, give Landlord written notice of such claim (which notice shall specifically state that a Material Landlord Default exists and shall specify that Tenant intends to exercise its self help rights under this Section 31(b)) and telephonic notice to Tenant’s principal contact with Landlord. Landlord shall then have the right within 5 2 business days after receipt of both written notice and telephonic notice to commence cure of such claimed Material Landlord Default and if commenced shall diligently prosecute such cure to completion. If such claimed Material Landlord Default is not a default by Landlord hereunder, Landlord shall be entitled to recover from Tenant, as Additional Rent, any costs incurred by Landlord in connection with such cure. If Landlord fails to commence cure of any claimed Material Landlord Default as provided above, then Tenant may commence and prosecute such cure to completion; provided that Tenant’s cure efforts do not affect (i) any Building Systems affecting other tenants or areas outside the Premises, (ii) the Building exterior, structure and structural components, (iii) Common Areas, or (iv) any other tenant’s use and enjoyment of their premises or the Project. Tenant shall be entitled to recover the costs of such cure (but not any consequential or other damages) from Landlord by way of reimbursement from Landlord within 30 days after invoice with no right to offset against RentLandlord, to the extent of Landlord’s obligation to cure such claimed Material Landlord Default hereunder, subject to the limitations set forth in the immediately preceding sentence of this paragraph and the other provisions of this Lease. Landlord shall reimburse Tenant for such costs within 30 days after invoice therefor, and, if not so paid, Tenant shall have the right to recover the same, together with interest on any unpaid amounts equal to the rate of interest on 10-year U.S. Treasury Notes at the time of Tenant’s demand, plus 4%, by an abatement of Base Rent, provided that such abatement shall cease at its optionsuch time as and to the extent that payment is tendered to Tenant. Notwithstanding the foregoing, may elect to pursue if the amount of such abatement is more than 35% of the Base Rent due in any month, then the amount abated in any one month shall not exceed 35% of such Base Rent, and all other rights and remedies expressly provided the excess amount of the abatement shall be carried forward until paid in this Leasefull. In no event shall the provisions of this Section 31(b) benefit any subtenant or be exercisable by subtenants against Landlord.

Appears in 1 contract

Samples: Lease Agreement (2seventy Bio, Inc.)

Tenant’s Right to Cure. Notwithstanding If Landlord shall default in the foregoingperformance of any of its obligations under this Section 5, if, at any time after the Commencement Date, any claimed Landlord which default hereunder will immediately, materially and adversely affect affects Tenant’s 's ability to conduct its business use and enjoy the Premises in the Premises manner contemplated by this Lease in any material respect, and in the event that Landlord fails to cure such default within ten (a “Material 10) days after Landlord's receipt of written notice from Tenant describing in reasonable detail the nature of such default (or such longer period of time as may reasonably be required to cure such default in the event that Landlord Default”commences to cure such default within such ten (10) day period and diligently pursues the cure of such default thereafter to completion), Tenant shallthen, as soon as reasonably possible, but in any event within 2 upon the giving of an additional three (3) business days of obtaining knowledge of such claimed Material Landlord Default, give Landlord days' prior written notice of such claim its election to do so (which notice shall specifically state that a Material in capital letters at the top of such notice: "IN THE EVENT THAT LANDLORD FAILS TO CURE THE BELOW DESCRIBED DEFAULT WITHIN THREE (3) BUSINESS DAYS AFTER LANDLORD RECEIVES THIS NOTICE, TENANT INTENDS TO CURE SUCH DEFAULT AT LANDLORD'S EXPENSE"), and if Landlord Default exists fails to cure such default within such three (3) business day period (or such longer period of time as reasonably may be required to cure such default in the event Landlord commences to cure such default within such three (3) business day period and shall specify that diligently pursues the cure of such default thereafter to completion), Tenant intends may at any time thereafter and prior to exercise its self help Landlord's cure thereof remedy such default for Landlord's account and at Landlord's expense without thereby waiving such default or any rights under this Section 31(b)) and telephonic notice to Tenant’s principal contact with Landlordor remedies of Tenant on account of such default. Landlord shall then have the right pay to Tenant within 5 business thirty (30) days after receipt of both written notice and telephonic notice to commence cure of such claimed Material Landlord Default and if commenced shall diligently prosecute such cure to completion. If such claimed Material Landlord Default is not a default demand all reasonable sums expended by Landlord hereunder, Landlord shall be entitled to recover from Tenant, as Additional Rentor other costs, any costs damages, expenses or liabilities reasonably incurred by Landlord Tenant, including, without limitation, reasonable attorneys' fees and costs, in connection with remedying or attempting to remedy such cure. If Landlord fails to commence cure of any claimed Material Landlord Default as provided abovedefault, then Tenant may commence and prosecute interest on all such cure to completion; provided that Tenant’s cure efforts do not affect (i) any Building Systems affecting other tenants or areas outside sums at the PremisesEffective Rate, (ii) which obligation shall survive the Building exterior, structure and structural components, (iii) Common Areas, or (iv) any other tenant’s use and enjoyment of their premises or the Project. Tenant shall be entitled to recover the costs of such cure (but not any consequential or other damages) from Landlord by way of reimbursement from Landlord within 30 days after invoice with no right to offset against Rent, to the extent of Landlord’s obligation to cure such claimed Material Landlord Default hereunder, subject to the limitations set forth in the immediately preceding sentence of this paragraph and the other provisions termination of this Lease. Tenant, at its option, may elect to pursue any and all other rights and remedies expressly provided in this Lease. In no event shall the provisions of this Section 31(b) benefit any subtenant or be exercisable by subtenants against Landlord.(h)

Appears in 1 contract

Samples: Schwab Charles Corp

Tenant’s Right to Cure. If Landlord shall default in the performance of any of its obligations under Section 9(b), which default affects Tenant's ability to use and enjoy the Premises in the manner contemplated by this Lease in any material respect, and in the event that Landlord fails to cure such default within ten (10) days after Landlord's receipt of written notice from Tenant describing in reasonable detail the nature of such default (or such longer period of time as may reasonably be required to cure such default in the event that Landlord commences to cure such default within such ten (10) day period and diligently pursues the cure of such default thereafter to completion), then, upon the giving of an additional three (3) business days' prior written notice of its election to do so (which notice shall state in capital letters at the top of such notice: "IN THE EVENT THAT LANDLORD FAILS TO CURE THE BELOW DESCRIBED DEFAULT WITHIN THREE (3) BUSINESS DAYS AFTER LANDLORD RECEIVES THIS NOTICE, TENANT INTENDS TO CURE SUCH DEFAULT AT LANDLORD'S EXPENSE"), and if Landlord fails to cure such default within such three (3) business day period (or such longer period of time as reasonably may be required to cure such default in the event Landlord commences to cure such default within such three (3) business day period and diligently pursues the cure of such default thereafter to completion), Tenant may at any time thereafter and prior to Landlord's cure thereof remedy such default for Landlord's account and at Landlord's expense without thereby waiving such default or any rights or remedies of Tenant on account of such default. Landlord shall pay to Tenant within thirty (30) days after demand all reasonable sums expended by Tenant, or other costs, damages, expenses or liabilities reasonably incurred by Tenant, including, without limitation, reasonable attorneys' fees and costs, in remedying or attempting to remedy such default, and interest on all such sums at the Effective Rate, which obligation shall survive the termination of this Lease. (e) Landlord to Minimize Interference. Landlord shall use reasonable diligence to minimize interference with Tenant's use and occupancy of the Premises in making any repairs; provided, however, that Landlord shall have no obligation to employ contractors or labor at so-called overtime or other premium pay rates or to incur any other overtime costs in connection with such repairs unless same shall adversely affect the health or safety of occupants of the Premises or impair Tenant's use of or access to the Premises in more than a de minimis amount, in which event Landlord shall perform such repairs as expeditiously as possible, including the use of overtime or premium pay rates if necessary to perform such work during hours other than Tenant's normal business hours. Notwithstanding the foregoing, if, at any time after the Commencement Date, any claimed Landlord default hereunder will immediately, materially and adversely affect Tenant’s ability to conduct its business if Tenant shall so request in the Premises (a “Material Landlord Default”), Tenant shall, as soon as reasonably possible, but in any event within 2 business days of obtaining knowledge of such claimed Material Landlord Default, give Landlord written notice of such claim (which notice shall specifically state that a Material Landlord Default exists and shall specify that Tenant intends to exercise its self help rights under this Section 31(b)) and telephonic notice to Tenant’s principal contact with Landlord. Landlord shall then have the right within 5 business days after receipt of both written notice and telephonic notice to commence cure of such claimed Material Landlord Default and if commenced shall diligently prosecute such cure to completion. If such claimed Material Landlord Default is not a default by Landlord hereunderwriting, Landlord shall be entitled use reasonable efforts to recover from employ contractors or labor at so-called overtime or other premium pay rates or incur other overtime costs in making any repairs requested by Tenant, as Additional Rentand Tenant shall pay to Landlord, any within thirty (30) days after demand therefor, which demand shall be accompanied by supporting documentation, an amount equal to the excess costs incurred by Landlord in connection to comply with such cureTenant's request. If Landlord fails to commence cure of any claimed Material Landlord Default as provided above, then Tenant may commence and prosecute such cure to completion; provided that Tenant’s cure efforts do not affect (i) any Building Systems affecting other tenants or areas outside the Premises, (ii) the Building exterior, structure and structural components, (iii) Common Areas, or (iv) any other tenant’s use and enjoyment of their premises or the Project. Tenant shall be entitled to recover the costs of such cure (but not any consequential or other damages) from Landlord by way of reimbursement from Landlord within 30 days after invoice with no right to offset against Rent, to the extent of Landlord’s obligation to cure such claimed Material Landlord Default hereunder, subject to the limitations set forth in the immediately preceding sentence of this paragraph and the other provisions of this Lease. Tenant, at its option, may elect to pursue any and all other rights and remedies expressly provided in this Lease. In no event shall the provisions of this Section 31(b) benefit any subtenant or be exercisable by subtenants against Landlord10.

Appears in 1 contract

Samples: Schwab Charles Corp

Tenant’s Right to Cure. Notwithstanding any provision set forth in the foregoingLease to the contrary, ifif (i) Tenant provides prior written notice to Landlord of an event or circumstance which requires the action of Landlord with respect to repair and/or maintenance as provided in Section 9.3 above, at any time and Landlord does not disagree that such repair and/or maintenance is Landlord’s obligation under this Lease or that the particular repair is required, (ii) Landlord fails to commence curative action within fifteen (15) days after the Commencement Date, any claimed Landlord default hereunder will immediately, receipt of such notice and (iii) Landlord’s failure to take such action materially and adversely affect affects Tenant’s ability use and/or occupancy of the Premises, then Tenant may proceed to conduct its business in take the Premises required action after delivery of an additional five (a “Material 5) days notice to Landlord Default”), Tenant shall, as soon as reasonably possible, but in any event within 2 business days of obtaining knowledge of such claimed Material Landlord Default, give Landlord written notice of such claim (which notice shall specifically state that a Material Landlord Default exists specifying the specific action required and shall specify that Tenant intends to exercise its self help rights under this Section 31(b)) and telephonic notice to Tenant’s principal contact with Landlord. Landlord shall then have the right within 5 business days after receipt of both written notice and telephonic notice to take or commence cure of such claimed Material Landlord Default and if commenced shall diligently prosecute such cure to completionrequired action. If such claimed Material Landlord Default action is not a default taken by Landlord hereunderwithin such five (5) day period, Landlord then Tenant shall be entitled to recover from Tenant, as Additional Rent, any costs incurred prompt reimbursement by Landlord of Tenant’s actual out-of-pocket costs and expenses in taking such action. Such amounts shall be reimbursed by Landlord within thirty (30) days after the receipt from Tenant of an invoice confirming the costs and expenses incurred in connection with such curethe action taken by Tenant. If Landlord fails to commence cure of reimburse Tenant for any claimed Material Landlord Default as provided abovesuch costs and expenses within forty-five (45) days, then Tenant may commence and prosecute offset such cure amounts against the Rent payable under this Lease up to completion; provided that Tenant’s cure efforts do a maximum of twenty (20%) percent of the monthly Base Rent amount per month. In exercising its rights under this Section 9.4, Tenant shall not affect (i) make any Building Systems affecting other tenants alterations or areas outside the Premises, (ii) improvements to the Building exterior, structure and structural components, (iii) Common Areas, or (iv) any other tenant’s use and enjoyment of their premises or the Project. Tenant shall be entitled to recover the costs of such cure (but not any consequential or other damages) from Landlord by way of reimbursement from Landlord within 30 days after invoice with no right to offset against Rent, to the extent of Landlord’s obligation to cure such claimed Material Landlord Default hereunder, subject to the limitations set forth in the immediately preceding sentence of this paragraph and the other provisions of this Lease. Tenant, at its option, may elect to pursue any and all other rights and remedies expressly provided in this Lease. In no event shall the provisions of this Section 31(b) benefit any subtenant or be exercisable by subtenants against LandlordBuilding Systems.

Appears in 1 contract

Samples: Work Letter Agreement (Zoosk, Inc)

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