Termination of Lease. Terminate this Lease effective on the date Landlord specifies in its termination notice to Tenant. Upon termination, Tenant will immediately surrender possession of the Premises to Landlord. If Landlord terminates this Lease, Landlord may recover from Tenant and Tenant will pay to Landlord on demand all damages Landlord incurs by reason of Tenant’s default, including, without limitation: (a) all Rent due and payable under this Lease as of the effective date of the termination; (b) any amount necessary to compensate Landlord for any detriment proximately caused to Landlord by Tenant’s failure to perform its obligations under this Lease or which in the ordinary course would likely result from Tenant’s failure to perform, including but not limited to any Re-entry Costs; (c) an amount equal to the difference between the present worth, as of the effective date of the termination, of the Basic Rent for the balance of the Term remaining after the effective date of the termination (assuming no termination) and the present worth, as of the effective date of the termination, of a fair market Rent for the Premises for the same period (as Landlord reasonably determines the fair market Rent); and (d) Tenant’s Share of Expenses to the extent Landlord is not otherwise reimbursed for such Expenses. For purposes of this section, Landlord will utilize the Discount Rate to compute present worth. Nothing in this section shall limit or prejudice Landlord’s right to prove and obtain damages in an amount equal to the maximum amount allowed by the Laws, regardless whether such damages are greater than the amounts set forth in this section.
Appears in 3 contracts
Samples: Lease Agreement (G Iii Apparel Group LTD /De/), Lease Agreement (G Iii Apparel Group LTD /De/), Lease Agreement (Xata Corp /Mn/)
Termination of Lease. Terminate this Lease effective on One
(1) week before vacating the date Landlord specifies in its termination notice to Tenant. Upon terminationLeased premises, Tenant will immediately surrender possession notify Landlord and make an appointment for inspection of the Premises premises. Tenant may be present with Landlord during the inspection at which time Landlord will make an inspection report to Landlorddetermine any damages that are Tenant’s responsibility. If Tenant shall pay for the repairs that are deemed Tenants’ responsibility before vacating the premises. Tenant will thoroughly clean the Leased premises and restore it to its original condition, normal wear and tears excepted, or pay the Landlord terminates the cost of doing so. Any alterations made by Tenant without prior approval of Landlord shall be removed at the expense of Tenant, if Landlord requires it. Any alterations made by Tenant with prior approval of Landlord will remain part of the premises. Xxxxxx agrees to pay for all cleaning necessary (including carpets) to restore the premises to satisfactory condition for a new Tenant. It is agreed that these charges are to be deducted from Tenant’s security deposit prior to its return. Tenant shall lock all doors and windows, and return all keys to Landlord upon termination of Lease Agreement. Xxxxxx will personally notify Landlord of the date Tenant vacates the Leased premises and will provide Landlord with a forwarding address and telephone number of each person on Lease. Upon vacating the Leased premises and terminating this Lease, Tenant shall remove all personal property. Any property not removed by the end of Lease term will be considered abandoned and unwanted and may be disposed of within thirty (30) days of Tenant(s) termination of this Lease. Landlord may recover from remove and store such property if Tenant and fails to remove such property at the expense of Xxxxxx. Landlord shall not be liable to Tenant will pay to Landlord on demand all damages Landlord incurs by reason of Tenant’s default, including, without limitation: (a) all Rent due and payable under this Lease as of the effective date of the termination; (b) any amount necessary to compensate Landlord for any detriment proximately caused loss or damage to Landlord by Tenant’s failure to perform its obligations under this Lease or which in the ordinary course would likely result from Tenant’s failure to perform, including but not limited to any Re-entry Costs; (c) an amount equal to the difference between the present worth, as of the effective date of the termination, of the Basic Rent for the balance of the Term remaining after the effective date of the termination (assuming no termination) and the present worth, as of the effective date of the termination, of a fair market Rent for the Premises for the same period (as Landlord reasonably determines the fair market Rent); and (d) Tenant’s Share of Expenses to the extent Landlord is not otherwise reimbursed for such Expenses. For purposes of this section, Landlord will utilize the Discount Rate to compute present worth. Nothing in this section shall limit or prejudice Landlord’s right to prove and obtain damages in an amount equal to the maximum amount allowed by the Laws, regardless whether such damages are greater than the amounts set forth in this sectionproperty.
Appears in 3 contracts
Samples: Lease Agreement, Lease Agreement, Lease Agreement
Termination of Lease. Terminate Landlord may terminate this Lease effective on the date Landlord specifies in its termination by written notice to TenantTenant of Landlord’s election to do so, whether or not Landlord has previously elected to continue the Lease in effect, with or without reentry. Upon Landlord’s notice of termination, Tenant will immediately surrender possession of the Premises to Landlord. If Landlord terminates this Lease, Landlord may recover from Tenant and Tenant will shall pay to Landlord on demand all damages Landlord incurs by reason the amount of Tenant’s default, including, without limitation: (a) all Rent and other sums due and payable under this Lease as of to the effective date of termination. Also, Tenant shall pay Landlord, at Landlord’s option, on demand, Landlord’s prospective damages over the termination; remaining Lease Term (bas if the Lease had not been terminated) as a lump sum in an amount determined by Landlord which, so long as determined reasonably and in good faith, shall be conclusive, binding on both Parties and enforceable by any amount necessary to compensate Landlord for any detriment proximately caused to Landlord by Tenant’s failure to perform its obligations under this Lease or which in the ordinary course would likely result from Tenant’s failure to perform, including but not limited to any Re-entry Costs; (c) court of competent jurisdiction. The prospective damages shall be an amount equal to Landlord’s calculation of the probable amount of the difference between by which the present worth, as of the effective date of the termination, of the Basic Rent for the balance full Lease Term, plus all accrued and reasonably anticipated costs, damages and expenses for which the Tenant is or would become liable for under this Lease (including those arising out of Tenant’s Default), will exceed all offsetting actual Rent received from Tenant, all actual and reasonably anticipatable net reletting income over the remaining Lease Term, and all security deposits and other credits, if any, to Tenant’s account. The Parties agree that such lump-sum determination is a reasonable, appropriate and agreed-upon means of liquidating damages prior to the expiration of the Term remaining after the effective date period of the termination (assuming no termination) full Lease Term, that if Landlord elects such lump-sum settlement neither Landlord nor Tenant shall be entitled to any subsequent redetermination of damages over the remaining Lease Term, and that on the present worth, as payment of the effective date lump sum, Tenant shall be released of all liability for any claim of Landlord for additional damages arising over the termination, of a fair market Rent for the Premises for the same period (as Landlord reasonably determines the fair market Rent); and (d) Tenant’s Share of Expenses to the extent Landlord is not otherwise reimbursed for such Expenses. For purposes of this section, Landlord will utilize the Discount Rate to compute present worth. Nothing in this section shall limit or prejudice Landlord’s right to prove and obtain damages in an amount equal to the maximum amount allowed by the Laws, regardless whether such damages are greater than the amounts set forth in this sectionremaining Lease Term.
Appears in 3 contracts
Samples: Land and Improvements Lease, Land and Improvements Lease, Land and Improvements Lease
Termination of Lease. Terminate The Lease shall terminate on the Termination Date. This Lease shall only be terminated prior to the stated Termination Date upon the written and signed agreement of both Landlord and Tenant stating an exact date the Lease shall end, and such date shall be substituted in this Lease effective as the New Termination Date. Should Landlord find Tenant or Tenant’s personal property remaining in the Unit beginning on the date first day after the Termination Date, Landlord specifies in its termination notice to Tenant. Upon termination, at Landlord’s option may begin the process of evicting Tenant will immediately surrender possession of the Premises to Landlordas permitted and outlined by law. If Landlord terminates this Leasechooses not to begin the eviction process, and in the absence of a new Lease between Landlord may recover from and Tenant, Tenant shall pay Landlord Fair Use and Tenant will pay Occupancy in the amount of $ per , due and payable to Landlord on demand all , 20 at the location listed in paragraph 5 titled “Rent; Time and Manner of Payment of Rent,” As allowable by law, by accepting one or more Fair Use and Occupancy payment(s) from Tenant, Landlord shall not be deemed to have waived, voided, or precluded Landlord’s ability to evict Tenant or to xxx Tenant for any damages Landlord incurs by reason sustained as a result of Tenant’s defaultcontinued occupancy at the Unit past the Termination Date, includingor New Termination Date (as applicable). Further, without limitation: (aby accepting one or more Fair Use and Occupancy payment(s) all Rent due and payable under this Lease as of the effective date of the termination; (b) any amount necessary to compensate Landlord for any detriment proximately caused to Landlord by Tenant’s failure to perform its obligations under this Lease or which in the ordinary course would likely result from Tenant’s failure to perform, including but not limited to any Re-entry Costs; (c) an amount equal to the difference between the present worth, as of the effective date of the termination, of the Basic Rent for the balance of the Term remaining after the effective date of the termination (assuming no termination) and the present worth, as of the effective date of the termination, of a fair market Rent for the Premises for the same period (as Landlord reasonably determines the fair market Rent); and (d) Tenant’s Share of Expenses to the extent Landlord is not otherwise reimbursed agreeing to a new Lease but rather shall be deemed to be collecting reasonable monies owed to Landlord for such Expenses. For purposes Tenant’s continued possession, use, and occupancy of this section, Landlord will utilize the Discount Rate to compute present worth. Nothing in this section shall limit or prejudice Landlord’s right to prove and obtain damages in an amount equal to the maximum amount allowed by the Laws, regardless whether such damages are greater than the amounts set forth in this sectionproperty.
Appears in 3 contracts
Samples: Residential Lease Agreement, Residential Lease Agreement, Residential Lease Agreement
Termination of Lease. Terminate Landlord can terminate this Lease effective on and Tenant’s right to possession of the date Premises by giving written notice of termination, and then re-enter the Premises and take possession thereof. No act by Landlord specifies in its termination other than giving written notice to TenantTenant of such termination shall terminate this Lease. Upon termination, Tenant will immediately surrender possession of Landlord has the Premises right to Landlord. If Landlord terminates this Lease, Landlord may recover from Tenant and Tenant will pay to Landlord on demand all damages incurred by Landlord incurs by reason as a result of Tenant’s default, including, without limitation: :
(a) all Rent due and payable under this Lease as The worth at the time of award of any unpaid rent that had been earned at the effective date time of the such termination; plus
(b) any The worth at the time of award of the amount by which the unpaid rent that would have been earned after the date of termination until the time of award exceeds the amount of the loss of rent that Tenant proves could have been reasonably avoided; plus
(c) The worth at the time of award of the amount by which the unpaid rent for the balance of the Lease Term after the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; plus
(d) Any other amount necessary to compensate Landlord for any all the detriment proximately caused to Landlord by Tenant’s failure to perform its obligations under this Lease or which in the ordinary course would likely result from Tenant’s failure to performdefault, including including, but not limited to any Re-entry Costs; (ci) an amount equal to expenses for cleaning, repairing or restoring the difference between the present worthPremises, as of the effective date of the termination(Ii) expenses for altering, of the Basic Rent for the balance of the Term remaining after the effective date of the termination (assuming no termination) and the present worth, as of the effective date of the termination, of a fair market Rent for remodeling or otherwise improving the Premises for the same period purpose of reletting, (Iii) brokers’ fees and commissions, advertising costs and other expenses of retelling the Premises, (iv) costs of carrying the Premises, such as Landlord reasonably determines taxes, insurance premiums, utilities and security precautions, (v) expenses in retaking possession of the fair market Rent); Premises, (vi) attorneys’ fees and costs, (vii) any unearned brokerage commissions paid in connection with this Lease, and (dviii) Tenant’s Share reimbursement of Expenses to the extent Landlord is not otherwise reimbursed for such Expenses. For purposes of this sectionany previously waived or abated Minimum Monthly Rent, Landlord will utilize the Discount Rate to compute present worth. Nothing in this section shall limit Additional Rent or prejudice other charges; plus
(e) At Landlord’s right election, such other amounts in addition to prove or in lieu of the foregoing as may be permitted from time to time under applicable law. As used in paragraphs (a) and obtain damages in an amount equal to (b) above, the “worth at the time of award” shall be computed by allowing interest at the maximum permissible legal rate. As used in paragraph (c) above, the “worth at the time of award” shall be computed by discounting such amount allowed by at the Laws, regardless whether such damages are greater than discount rate of the amounts set forth in this sectionFederal Reserve Bank of San Francisco at the time of award plus one percent (1%).
Appears in 2 contracts
Samples: Standard Industrial Net Lease (Mabvax Therapeutics Holdings, Inc.), Standard Industrial Net Lease (Mabvax Therapeutics Holdings, Inc.)
Termination of Lease. Terminate Landlord can terminate this Lease effective on and Tenant’s right to possession of the date Premises by giving written notice of termination, and then re-enter the Premises and take possession thereof. No act by Landlord specifies in its termination other than giving written notice to TenantTenant of such termination shall terminate this Lease. Upon termination, Tenant will immediately surrender possession of Landlord has the Premises right to Landlord. If Landlord terminates this Lease, Landlord may recover from Tenant and Tenant will pay to Landlord on demand all damages incurred by Landlord incurs by reason as a result of Tenant’s default, including, without limitation: :
(a) all Rent due and payable under this Lease as The worth at the time of award of any unpaid rent that had been earned at the effective date time of the such termination; plus
(b) any The worth at the time of award of the amount by which the unpaid rent that would have been earned after the date of termination until the time of award exceeds the amount of the loss of rent that Tenant proves could have been reasonably avoided; plus
(c) The worth at the time of award of the amount by which the unpaid rent for the balance of the Lease Term after the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; plus
(d) Any other amount necessary to compensate Landlord for any all the detriment proximately caused to Landlord by Tenant’s failure to perform its obligations under this Lease or which in the ordinary course would likely result from Tenant’s failure to performdefault, including including, but not limited to any Re-entry Costs; (ci) an amount equal to expenses for cleaning, repairing or restoring the difference between the present worthPremises, as of the effective date of the termination(ii) expenses for altering, of the Basic Rent for the balance of the Term remaining after the effective date of the termination (assuming no termination) and the present worth, as of the effective date of the termination, of a fair market Rent for remodeling or otherwise improving the Premises for the same period purpose of reletting, (iii) brokers’ fees and commissions, advertising costs and other expenses of reletting the Premises, (iv) costs of carrying the Premises, such as Landlord reasonably determines taxes, insurance premiums, utilities and security precautions, (v) expenses in retaking possession of the fair market Rent); Premises, (vi) attorneys’ fees and costs, (vii) any unearned brokerage commissions paid in connection with this Lease, and (dviii) Tenant’s Share reimbursement of Expenses to the extent Landlord is not otherwise reimbursed for such Expenses. For purposes of this sectionany previously waived or abated Minimum Monthly Rent, Landlord will utilize the Discount Rate to compute present worth. Nothing in this section shall limit Additional Rent or prejudice other charges; plus
(e) At Landlord’s right election, such other amounts in addition to prove or in lieu of the foregoing as may be permitted from time to time under applicable law. As used in paragraphs (a) and obtain damages in an amount equal to (b) above, the “worth at the time of award” shall be computed by allowing interest at the maximum permissible legal rate. As used in paragraph (c) above, the “worth at the time of award” shall be computed by discounting such amount allowed by at the Laws, regardless whether such damages are greater than discount rate of the amounts set forth in this sectionFederal Reserve Bank of San Francisco at the time of award plus one percent (1%).
Appears in 2 contracts
Samples: Sublease Agreement (Locust Walk Acquisition Corp.), Standard Industrial Net Lease (Halozyme Therapeutics Inc)
Termination of Lease. Terminate Landlord can terminate this Lease effective on and Tenant's right to possession of the date Premises by giving written notice of termination, and then re-enter the Premises and take possession thereof. No act by Landlord specifies in its termination other than giving written notice to TenantTenant of such termination shall terminate this Lease. Upon termination, Tenant will immediately surrender possession of Landlord has the Premises right to Landlord. If Landlord terminates this Lease, Landlord may recover from Tenant and Tenant will pay to Landlord on demand all damages incurred by Landlord incurs by reason as a result of Tenant’s 's default, including, without limitation: :
(a) all Rent due and payable under this Lease as The worth at the time of award of any unpaid rent that had been earned at the effective date time of the such termination; plus
(b) any The worth at the time of award of the amount by which the unpaid rent that would have been earned after the date of termination until the time of award exceeds the amount of the loss of rent that Tenant proves could have been reasonably avoided; plus
(c) The worth at the time of award of the amount by which the unpaid rent for the balance of the Lease Term after the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; plus
(d) Any other amount necessary to compensate Landlord for any all the detriment proximately caused to Landlord by Tenant’s failure to perform its obligations under this Lease or which in the ordinary course would likely result from Tenant’s failure to perform's default, including including, but not limited to any Re-entry Costs; (ci) an amount equal to expenses for cleaning, repairing or restoring the difference between the present worthPremises, as of the effective date of the termination(ii) expenses for altering, of the Basic Rent for the balance of the Term remaining after the effective date of the termination (assuming no termination) and the present worth, as of the effective date of the termination, of a fair market Rent for remodeling or otherwise improving the Premises for the same period purpose of reletting, (iii) brokers' fees and commissions, advertising costs and other expenses of reletting the Premises, (iv) costs of carrying the Premises, such as Landlord reasonably determines taxes, insurance premiums, utilities and security precautions, (v) expenses in retaking possession of the fair market Rent); Premises, (vi) attorneys' fees and costs, (vii) any unearned brokerage commissions paid in connection with this Lease, and (dviii) Tenant’s Share reimbursement of Expenses any previously waived or abated Minimum Monthly Rent, Additional Rent or other charges; plus
(e) At Landlord's election, such other amounts in addition to or in lieu of the extent Landlord is not otherwise reimbursed for such Expensesforegoing as may be permitted from time to time under applicable law. For purposes As used in paragraphs (a) and (b) above, the "worth at the time of this section, Landlord will utilize the Discount Rate to compute present worth. Nothing in this section award" shall limit or prejudice Landlord’s right to prove and obtain damages in an amount equal to be computed by allowing interest at the maximum permissible legal rate. As used in paragraph (c) above, the "worth at the time of award" shall be computed by discounting such amount allowed by at the Laws, regardless whether such damages are greater than discount rate of the amounts set forth in this sectionFederal Reserve Bank of San Francisco at the time of award plus one percent (1%).
Appears in 2 contracts
Samples: Standard Industrial Net Lease (Genetronics Biomedical Corp), Standard Industrial Net Lease (Jmar Technologies Inc)
Termination of Lease. Terminate Lessor may terminate this Lease effective on or Lessee's -------------------- right to possession of the date Landlord specifies in its termination Premises by notice to Tenant. Upon terminationLessee or any other lawful means, Tenant will in which case this Lease shall terminate and Lessee shall immediately surrender possession of the Premises to LandlordLessor. If Landlord terminates this Lease, Landlord may In such event Lessor shall be entitled to recover from Tenant and Tenant will pay to Landlord on demand all damages Landlord incurs by reason Lessee:
(i) The worth at the time of Tenant’s default, including, without limitation: (a) all Rent due and payable under this Lease as award of the effective date unpaid Rentals which had been earned at the time of termination;
(ii) The worth at the time of award of the terminationamount by which the unpaid Rentals which would have been earned after termination until the time of award exceeds the amount of such rental loss that Lessee proves could have been reasonably avoided;
(iii) The worth at the time of award (computed by discounting at the discount rate of the Federal Reserve Bank of San Francisco at the time of award plus one percent) of the amount by which the unpaid Rentals for the balance of the Term after the time of award exceeds the amount of such rental loss that Lessee proves could be reasonably avoided; and
(biv) any amount Any other amounts necessary to compensate Landlord Lessor for any detriment proximately caused to Landlord by Tenant’s failure to perform its obligations under this Lease the default by Lessee or which in the ordinary course of events would likely result from Tenant’s failure to performresult, including but not limited to any Re-entry Costs; without limitation the reasonable costs and expenses incurred by Lessor for:
(cA) an amount equal to the difference between the present worth, as Retaking possession of the effective date Premises;
(B) Cleaning and making repairs and alterations (including installation of leasehold improvements, whether or not the terminationsame shall be funded by a reduction of rent, of direct payment or otherwise) necessary to return the Basic Rent for the balance of the Term remaining after the effective date of the termination (assuming no termination) Premises to good condition and the present worth, as of the effective date of the termination, of a fair market Rent for preparing the Premises for reletting;
(C) Removing, transporting, and storing any of Lessee's property left at the same period Premises (although Lessor shall have no obligation to remove, transport, or store any of the property);
(D) Reletting the Premises, including without limitation, brokerage commissions, advertising costs, and attorneys' fees;
(E) Attorneys' fees, expert witness fees and court costs;
(F) Any unamortized real estate brokerage commissions paid in connection with this Lease; and
(G) Costs of carrying the Premises, such as Landlord reasonably determines the fair market Rent); repairs, maintenance, taxes and (d) Tenant’s Share of Expenses to the extent Landlord is not otherwise reimbursed for such Expenses. For purposes of this sectioninsurance premiums, Landlord will utilize the Discount Rate to compute present worth. Nothing in this section shall limit or prejudice Landlord’s right to prove utilities and obtain damages in an amount equal to the maximum amount allowed by the Lawssecurity precautions, regardless whether such damages are greater than the amounts set forth in this sectionif any.
Appears in 2 contracts
Samples: Office Lease (Inktomi Corp), Sublease (Inktomi Corp)
Termination of Lease. Terminate this Lease effective on the date Landlord specifies in its termination notice to Tenant. Upon termination, Tenant will immediately surrender possession of the Premises to Landlord. If Landlord terminates this Lease, Landlord may recover from Tenant and Tenant will pay to Landlord on demand all damages Landlord incurs by reason of Tenant’s 's default, including, without limitation: (a) all Rent due and payable under this Lease as of the effective date of the termination; (b) any amount necessary to compensate Landlord for any detriment proximately caused to Landlord by Tenant’s 's failure to perform its obligations under this Lease or which in the ordinary course would likely result from Tenant’s 's failure to perform, including but not limited to any Re-entry Costs; (c) an amount equal to the difference between the present worth, as of the effective date of the termination, of the Basic Rent for the balance of the Term remaining after the effective date of the termination (assuming no termination) and the present worth, as of the effective date of the termination, of a fair market Rent for the Premises for the same period (as Landlord reasonably determines the fair market Rent); and (d) Tenant’s 's Share of Expenses to the extent Landlord is not otherwise reimbursed for such Expenses. For purposes of this section, Landlord will utilize the Discount Rate to compute present worth. Nothing in this section shall limit or prejudice Landlord’s 's right to prove and obtain damages in an amount equal to the maximum amount allowed by the Laws, regardless whether such damages are greater than the amounts set forth in this section.
Appears in 2 contracts
Samples: Consent of Landlord to Sublease (Aspirity Holdings LLC), Lease Agreement (Aspirity Holdings LLC)
Termination of Lease. Terminate Lessor may terminate this Lease effective on or Lessee’s right to possession of the date Landlord specifies in its termination Premises by notice to Tenant. Upon terminationLessee or any other lawful means, Tenant will in which case this Lease shall terminate and Lessee shall immediately surrender possession of the Premises to LandlordLessor. If Landlord terminates this Lease, Landlord may In such event Lessor shall be entitled to recover from Tenant and Tenant will pay to Landlord on demand all damages Landlord incurs by reason Lessee:
(i) The worth at the time of Tenant’s default, including, without limitation: (a) all Rent due and payable under this Lease as award of the effective date unpaid Rentals which had been earned at the time of termination;
(ii) The worth at the time of award of the terminationamount by which the unpaid Rentals which would have been earned after termination until the time of award exceeds the amount of such rental loss that Lessee proves could have been reasonably avoided;
(iii) The worth at the time of award (computed by discounting at the discount rate of the Federal Reserve Bank of San Francisco at the time of award plus one percent) of the amount by which the unpaid Rentals for the balance of the Term after the time of award exceeds the amount of such rental loss that Lessee proves could be reasonably avoided; and
(biv) any amount Any other amounts necessary to compensate Landlord Lessor for any detriment proximately caused to Landlord by Tenant’s failure to perform its obligations under this Lease the default by Lessee or which in the ordinary course of events would likely result from Tenant’s failure to performresult, including but without limitation the reasonable costs and expenses incurred by Lessor for:
(A) Retaking possession of the Premises;
(B) Cleaning and making repairs and alterations (including installation of leasehold improvements, whether or not limited the same shall be funded by a reduction of rent, direct payment or otherwise) necessary to return the Premises to good condition and preparing the Premises for reletting;
(C) Removing, transporting, and storing any Re-entry Costsof Lessee’s property left at the Premises (although Lessor shall have no obligation to remove, transport, or store any of the property);
(D) Reletting the Premises, including without limitation, brokerage commissions, advertising costs, and attorneys’ fees;
(E) Attorneys’ fees, expert witness fees and court costs;
(F) Any unamortized real estate brokerage commissions paid in connection with this Lease; and
(cG) Costs of carrying the Premises, such as repairs, maintenance, taxes and insurance premiums, utilities and security precautions, if any. The “worth at the time of award” of the amounts referred to in Articles 23.a.(i) and 23.a.(ii) is computed by allowing interest at an amount annual rate equal to the difference between greater of: ten percent (10%); or five percent (5%) plus the present worthrate established by the Federal Reserve Bank of San Francisco, as of the effective date 25th day of the terminationmonth immediately preceding the default by Lessee, on advances to member banks under Section 13 and 13(a) of the Basic Rent for Federal Reserve Act, as not in effect or hereafter from time to time amended (the balance “Stipulated Rate”). The computation of the Term remaining after amount of rental loss that could be or could have been reasonably avoided by Lessor pursuant to California Civil Code section 1951.2 shall take into account the effective date of the termination (assuming no termination) and the present worth, as of the effective date of the termination, of a fair market Rent for the Premises for the same period (as Landlord reasonably determines the fair market Rent); and (d) Tenant’s Share of Expenses use restrictions set forth in Article 8.a. above except to the extent Landlord is not otherwise reimbursed for such Expenses. For purposes that Lessee proves that under all circumstances the enforcement of this section, Landlord will utilize the Discount Rate to compute present worth. Nothing in this section shall limit or prejudice Landlord’s right to prove and obtain damages in an amount equal to the maximum amount allowed by the Laws, regardless whether such damages are greater than the amounts set forth in this sectionuse restriction would be unreasonable.
Appears in 2 contracts
Samples: Net Office Lease (Borland Software Corp), Net Office Lease (Vyyo Inc)
Termination of Lease. Terminate this Lease effective on the date Landlord specifies in its termination Landlord's notice to Tenant. Upon termination, Tenant will immediately surrender possession of the Premises to LandlordLandlord as provided in Article 16. If Landlord terminates this Lease, Landlord may recover from Tenant and Tenant will pay to Landlord on demand all damages Landlord incurs by reason of Tenant’s 's default, including, without limitation: , (a) all Rent due and payable under this Lease as of the effective date of the termination; (b) any amount necessary to compensate Landlord for any detriment proximately caused to Landlord by Tenant’s 's failure to perform its obligations under this Lease or which in the ordinary course would likely result from Tenant’s 's failure to perform, including including, but not limited to to, any Re-entry Costs; (c) an amount equal to the difference between amount by which (i) the present worth, as of the effective date of the termination, of the Basic Rent for the balance of the Term remaining after the effective date of the termination (assuming no termination) and exceeds (ii) the present worth, as of the effective date of the termination, of a fair market Rent for the Premises for the same period (as Landlord reasonably determines the fair market Rent); and (d) Tenant’s Share of Expenses Property Expenses, to the extent Landlord is not otherwise reimbursed for such Property Expenses. For purposes of this section, Landlord will utilize the Discount Rate to compute present worthworth by utilizing a discount rate of 8% per annum. Nothing in this section shall limit limits or prejudice prejudices Landlord’s 's right to prove and obtain damages in an amount equal to the maximum amount allowed by the Laws, regardless whether such damages are greater than the amounts set forth in this section.
Appears in 2 contracts
Samples: Lease Agreement (Advanced Digital Information Corp), Lease Agreement (Wells Real Estate Fund Xiii L P)
Termination of Lease. Terminate this Lease effective on the date Landlord specifies in its termination Landlord’s notice to Tenant. Upon termination, Tenant will immediately surrender possession of the Premises to Landlord. If Landlord terminates this Lease, Landlord may recover from Tenant and Tenant will pay to Landlord on demand all damages Landlord incurs by reason of Tenant’s default, including, without limitation: , (a) all Rent due and payable under this Lease as of the effective date of the DT-Carvana Lease 11 termination; (b) any amount necessary to compensate Landlord for any detriment damages proximately caused to Landlord by Tenant’s failure to perform its obligations under this Lease or which in the ordinary course would likely result from Tenant’s failure to perform, including including, but not limited to to, any Re-entry Costs; and (c) an amount equal to the difference positive difference, if any, between the present worthRent, as including Tenant’s Share of the effective date of the terminationOperating Costs, of the Basic Rent for the balance of the Term remaining after the effective date of the termination (assuming no termination) and the present worthamount of Rent, as including Tenant’s Share of Operating Costs, for the effective date of the termination, of a fair market Rent for Premises that Tenant proves that Landlord will receive from reletting the Premises for the same period (as Landlord reasonably determines period, with such positive difference discounted to present value at the fair market Rent); and (d) Tenant’s Share of Expenses to the extent Landlord is not otherwise reimbursed for such Expenses. For purposes of this section, Landlord will utilize the Discount Rate to compute present worthPrime Rate. Nothing in this section shall limit Section limits or prejudice prejudices Landlord’s right to prove and obtain damages in an amount equal to the maximum amount allowed by the Laws, regardless whether such damages are greater than the amounts set forth in this sectionSection.
Appears in 2 contracts
Samples: Lease Agreement (Carvana Co.), Lease Agreement (Carvana Co.)
Termination of Lease. Terminate this Lease effective on the date Landlord specifies in its termination and all of Tenant's rights and obligations hereunder by delivery of written notice to Tenant. Upon termination, Such termination shall be effective upon delivery of such notice to Tenant will and Tenant shall immediately surrender possession of the Premises to Landlord. If Landlord terminates this LeaseIn such event, Landlord may shall be entitled to recover from Tenant and Tenant will shall pay to Landlord on demand immediately upon demand, all damages incurred by Landlord incurs by reason of Tenant’s 's default, including, including without limitation: limitation (a) all Rent due and payable under this Lease as of the effective date of the termination; (b) any amount necessary to compensate Landlord for any all detriment proximately caused to Landlord by Tenant’s 's failure to perform its obligations under this Lease or which in the ordinary course of things would be likely to result from Tenant’s failure to performtherefrom, including but not limited to to, any Re-entry Costscosts or expenses incurred in (i) maintaining or preserving the Premises after such default, (ii) recovering possession of the Premises, removing persons and property from the Premises and storing such property, including court costs and reasonable attorneys' fees incurred in connection therewith (iii) reletting, renovating or altering the Premises, and (iv) real estate commission paid or payable in connection with reletting the Premises; and (c) an amount equal to the difference between the present worth, as of the effective date of the termination, of the Basic Rent for the balance of the Term remaining after the effective date of the termination (assuming no termination) and the present worth, as of the effective date of the termination, of a fair and reasonable market Rent rent for the Premises for the same period (as Landlord reasonably determines the fair market Rent); and (d) Tenant’s Share of Expenses to the extent Landlord is not otherwise reimbursed for such Expensesperiod. For purposes of this section, Landlord will utilize the Discount Rate to compute present worthworth shall be computed by utilizing a discount rate of six percent (6%). Nothing in this section shall limit or prejudice Landlord’s 's right to prove and obtain damages in an amount equal to the maximum amount allowed by the Laws, regardless of whether such damages are greater than the amounts set forth in this sectionherein.
Appears in 2 contracts
Samples: Office Lease Agreement (Primis Inc), Office Lease Agreement (Netbank Inc)
Termination of Lease. Terminate Lessor may terminate this Lease effective on or Lessee’s right to possession of the date Landlord specifies in its termination Premises by notice to Tenant. Upon terminationLessee or any other lawful means, Tenant will in which case this Lease shall terminate and Lessee shall immediately surrender possession of the Premises to LandlordLessor. If Landlord terminates this Lease, Landlord may In such event Lessor shall be entitled to recover from Tenant and Tenant will pay to Landlord on demand all damages Landlord incurs by reason Lessee:
(i) The worth at the time of Tenant’s default, including, without limitation: (a) all Rent due and payable under this Lease as award of the effective date unpaid Rentals which have been earned at the time of termination;
(ii) The worth at the time of award of the terminationamount by which the unpaid Rentals which would have been earned after termination until the time of award exceeds the amount of such rental loss that Lessee proves could have been reasonably avoided;
(iii) The worth at the time of award (computed by discounting at the discount rate of the Federal Reserve Bank of San Francisco at the time of award plus one percent) of the amount by which the unpaid Rentals for the balance of the Term after the time of award exceeds the amount of such rental loss that Lessee proves could be reasonably avoided; and
(biv) any amount Any other amounts necessary to compensate Landlord Lessor for any all the detriment proximately caused to Landlord by Tenant’s failure to perform its obligations under this Lease the default by Lessee or which in the ordinary course of events would likely result from Tenant’s failure to performtherefrom, including but not limited to any Re-entry Costs; without limitation the reasonable costs and expense incurred by Lessor for:
(cA) an amount equal to the difference between the present worth, as Retaking possession of the effective date Premises;
(B) Cleaning and making repairs and alterations (including installation of leasehold improvements, whether or not the terminationsame shall be funded by a reduction of rent, of direct payment or otherwise) necessary to return the Basic Rent for the balance of the Term remaining after the effective date of the termination (assuming no termination) Premises to good condition and the present worth, as of the effective date of the termination, of a fair market Rent for preparing the Premises for reletting;
(C) Removing, transporting and storing any of Lessee’s property left at the same period Premises (although Lessor shall have no obligation to remove, transport or store any of the property);
(D) Reletting the Premises, including without limitation, brokerage commissions, advertising costs and attorneys’ fees;
(E) Attorneys’ fees, expert witness fees and court costs;
(F) Any unamortized real estate brokerage commissions paid in connection with this Lease; and
(G) Costs of carrying the Premises, such as Landlord reasonably determines the fair market Rent); repairs, maintenance, taxes and (d) Tenant’s Share of Expenses to the extent Landlord is not otherwise reimbursed for such Expenses. For purposes of this sectioninsurance premiums, Landlord will utilize the Discount Rate to compute present worth. Nothing in this section shall limit or prejudice Landlord’s right to prove utilities and obtain damages in an amount equal to the maximum amount allowed by the Lawssecurity precautions, regardless whether such damages are greater than the amounts set forth in this sectionif any.
Appears in 2 contracts
Samples: Lease Agreement (Asante Solutions, Inc.), Lease Agreement (Asante Solutions, Inc.)
Termination of Lease. Terminate Lessor may terminate this Lease effective on or Lessee’s right to possession of the date Landlord specifies in its termination Premises by notice to Tenant. Upon terminationLessee or any other lawful means, Tenant will in which case this Lease shall terminate and Lessee shall immediately surrender possession of the Premises to LandlordLessor. If Landlord terminates this Lease, Landlord may In such event Lessor shall be entitled to recover from Tenant and Tenant will pay to Landlord on demand all damages Landlord incurs by reason Lessee:
(i) The worth at the time of Tenant’s default, including, without limitation: (a) all Rent due and payable under this Lease as award of the effective date unpaid Rentals which had been earned at the time of termination;
(ii) The worth at the time of award of the terminationamount by which the unpaid Rentals which would have been earned after termination until the time of award exceeds the amount of such rental loss that Lessee proves could have been reasonably avoided;
(iii) The worth at the time of award (computed by discounting at the discount rate of the Federal Reserve Bank of San Francisco at the time of award plus one percent) of the amount by which the unpaid Rentals for the balance of the Term after the time of award exceeds the amount of such rental loss that Lessee proves could be reasonably avoided; and
(biv) any amount Any other amounts necessary to compensate Landlord Lessor for any detriment proximately caused to Landlord by Tenant’s failure to perform its obligations under this Lease the default by Lessee or which in the ordinary course of events would likely result from Tenant’s failure to performresult, including but without limitation the reasonable costs and expenses incurred by Lessor for:
(A) Retaking possession of the Premises;
(B) Cleaning and making repairs and alterations (including installation of leasehold improvements, whether or not limited the same shall be funded by a reduction of rent, direct payment or otherwise) necessary to return the Premises to good condition and preparing the Premises for reletting;
(C) Removing, transporting, and storing any Re-entry Costsof Lessee’s property left at the Premises (although Lessor shall have no obligation to remove, transport, or store any of the property);
(D) Reletting the Premises, including without limitation, brokerage commissions, advertising costs, and attorneys’ fees;
(E) Attorneys’ fees, expert witness fees and court costs;
(F) Any unamortized real estate brokerage commissions paid in connection with this Lease; and
(cG) Costs of carrying the Premises, such as repairs, maintenance, taxes and insurance premiums, utilities and security precautions, if any. The “worth at the time of award” of the amounts referred to in Articles 23.a.(i) and 23.a.(ii) is computed by allowing interest at an amount annual rate equal to the difference between greater of: ten percent (10%); or five percent (5%) plus the present worthrate established by the Federal Reserve Bank of San Francisco, as of the effective date 25th day of the terminationmonth immediately preceding the default by Lessee, on advances to member banks under Section 13 and 13(a) of the Basic Rent for Federal Reserve Act, as now in effect or hereafter from time to time amended (the balance “Stipulated Rate”). The computation of the Term remaining after amount of rental loss that could be or could have been reasonably avoided by Lessor pursuant to California Civil Code section 1951.2 shall take into account the effective date of the termination (assuming no termination) and the present worth, as of the effective date of the termination, of a fair market Rent for the Premises for the same period (as Landlord reasonably determines the fair market Rent); and (d) Tenant’s Share of Expenses use restrictions set forth in Article 8.a. above except to the extent Landlord is not otherwise reimbursed for such Expenses. For purposes that Lessee proves that under all circumstances the enforcement of this section, Landlord will utilize the Discount Rate to compute present worth. Nothing in this section shall limit or prejudice Landlord’s right to prove and obtain damages in an amount equal to the maximum amount allowed by the Laws, regardless whether such damages are greater than the amounts set forth in this sectionuse restriction would be unreasonable.
Appears in 2 contracts
Samples: Net Office Lease (Pure Storage, Inc.), Net Office Lease (SourceForge, Inc)
Termination of Lease. Terminate this Lease effective on the date Landlord specifies in its termination notice to Tenant. Upon termination, Tenant will immediately surrender possession of the Premises to Landlord. If Landlord terminates this LeaseLease under Section 14.02(a), Landlord may recover from then Tenant and Tenant will shall pay to Landlord on demand the amount of all damages loss and damage suffered by Landlord incurs by reason of Tenantthe termination, to be determined by one or a combination of the following measures of damages:
(i) Until Landlord is able, through good faith efforts (the nature of which shall be at Landlord’s defaultsole discretion), includingto relet the Premises, without limitation: (a) all Rent due and payable Tenant shall pay to Landlord, on or before the first day of each calendar month, the amounts required to be paid by Tenant under this Lease as of Lease. After the effective date of the termination; (b) any amount necessary to compensate Landlord for any detriment proximately caused Premises have been relet by Landlord, Tenant shall pay to Landlord by Tenant’s failure to perform its obligations under this Lease or which in on the ordinary course would likely result from Tenant’s failure to perform20th day of each calendar month, including but not limited to any Re-entry Costs; (c) an amount equal to the difference between the present worthamount required to be paid by Tenant under this Lease for that calendar month and the amount actually collected by Landlord for that month. If it becomes necessary for Landlord to bring suit to collect a deficiency, as Landlord may allow the deficiency to accumulate and may bring an action on several or all of the effective date of the termination, of the Basic Rent for the balance of the Term remaining after the effective date of the termination (assuming no termination) and the present worth, as of the effective date of the termination, of a fair market Rent for the Premises for the same period (as Landlord reasonably determines the fair market Rent); and (d) Tenant’s Share of Expenses to the extent Landlord is not otherwise reimbursed for such Expensesaccrued deficiencies at one time. For purposes of this section, Landlord will utilize the Discount Rate to compute present worth. Nothing No suit shall prejudice in this section shall limit or prejudice any way Landlord’s right to prove bring a similar action for any deficiency or deficiencies that arise later. Any amount collected by Landlord from subsequent tenants for any calendar month which exceeds the amounts required to be paid by Tenant under this Lease shall be retained by Landlord and obtain damages in an credited to reduce Tenant’s liability for any subsequent calendar month for which the amount collected by Landlord is less than the amount required to be paid by Tenant, as Tenant’s sole right to that excess.
(ii) When Landlord desires to do so, including after it has elected to proceed under Section 14.03(b)(i) immediately above (that election not being exclusive under this Lease), Landlord may demand a final settlement. On that demand, Landlord is entitled to receive from Tenant the difference between the total of all amounts required to be paid by Tenant under this Lease for the remainder of the Term minus the reasonable rental value of the Premises for that period, with such difference to be discounted to a present value based on a rate equal to the maximum amount rate of interest allowed by law in Texas when the Lawsparties to a contract have not agreed on a particular rate of interest (or, regardless whether in the absence of such damages are greater than a stipulated rate, at the amounts set forth rate of 10% per annum).
(iii) Landlord’s election to proceed under Section 14.03(b)(i) above shall not prejudice its right thereafter to cancel that election in this sectionfavor of the remedy described in Section 14.03(b)(ii) above, so long as at the time of that cancellation, Tenant is still in default.
Appears in 2 contracts
Samples: Lease Agreement (Peloton Therapeutics, Inc.), Lease Agreement (Peloton Therapeutics, Inc.)
Termination of Lease. Terminate Lessor may terminate this Lease effective on or Lessee's right -------------------- to possession of the date Landlord specifies in its termination Premises by notice to Tenant. Upon terminationLessee or any other lawful means, Tenant will in which case this Lease shall terminate and Lessee shall immediately surrender possession of the Premises to LandlordLessor. If Landlord terminates this Lease, Landlord may In such event Lessor shall be entitled to recover from Tenant and Tenant will pay to Landlord on demand all damages Landlord incurs by reason Lessee:
(i) The worth at the time of Tenant’s default, including, without limitation: (a) all Rent due and payable under this Lease as award of the effective date unpaid Rentals which had been earned at the time of termination;
(ii) The worth at the time of award of the terminationamount by which the unpaid Rentals which would have been earned after termination until the time of award exceeds the amount of such rental loss that Lessee proves could have been reasonably avoided;
(iii) The worth at the time of award (computed by discounting at the discount rate of the Federal Reserve Bank of San Francisco at the time of award plus one percent) of the amount by which the unpaid Rentals for the balance of the Term after the time of award exceeds the amount of such rental loss that Lessee proves could be reasonably avoided; and
(biv) any amount Any other amounts necessary to compensate Landlord Lessor for any detriment proximately caused to Landlord by Tenant’s failure to perform its obligations under this Lease the default by Lessee or which in the ordinary course of events would likely result from Tenant’s failure to performresult, including but not limited to any Re-entry Costs; without limitation the reasonable costs and expenses incurred by Lessor for:
(cA) an amount equal to the difference between the present worth, as Retaking possession of the effective date Premises;
(B) Cleaning and making repairs and alterations (including installation of leasehold improvements, whether or not the terminationsame shall be funded by a reduction of rent, of direct payment or otherwise) necessary to return the Basic Rent for the balance of the Term remaining after the effective date of the termination (assuming no termination) Premises to good condition and the present worth, as of the effective date of the termination, of a fair market Rent for preparing the Premises for reletting;
(C) Removing, transporting, and storing any of Lessee's property left at the same period Premises (although Lessor shall have no obligation to remove, transport, or store any of the property);
(D) Reletting the Premises, including without limitation, brokerage commissions, advertising costs, and attorneys' fees;
(E) Attorneys' fees, expert witness fees and court costs,
(F) Any unamortized real estate brokerage commissions paid in connection with this Lease; and
(G) Costs of carrying the Premises, such as Landlord reasonably determines the fair market Rent); repairs, maintenance, taxes and (d) Tenant’s Share of Expenses to the extent Landlord is not otherwise reimbursed for such Expensesinsurance premiums. For purposes of this sectionutilities and security precautions, Landlord will utilize the Discount Rate to compute present worth. Nothing in this section shall limit or prejudice Landlord’s right to prove and obtain damages in an amount equal to the maximum amount allowed by the Laws, regardless whether such damages are greater than the amounts set forth in this sectionif any.
Appears in 2 contracts
Samples: Net Office Lease (Chordiant Software Inc), Net Office Lease (Chordiant Software Inc)
Termination of Lease. Terminate this Lease effective on the date Landlord specifies in its termination and all of Tenant's rights and obligations hereunder by delivery of written notice to Tenant. Upon termination, Such termination shall be effective upon delivery of such notice to Tenant will and Tenant shall immediately surrender possession of the Premises to Landlord. If Landlord terminates this LeaseIn such event, Landlord may shall be entitled to recover from Tenant and Tenant will shall pay to Landlord on demand immediately upon demand, all damages incurred by Landlord incurs by reason of Tenant’s default's Event of Default, including, including without limitation: limitation (a) all Rent due and payable under this Lease as of the effective date of the termination; (b) any amount necessary to compensate Landlord for any all detriment proximately caused to Landlord by Tenant’s 's failure to perform its obligations under this Lease or which in the ordinary course of things would be likely to result from Tenant’s failure to performtherefrom, including but not limited to to, any Re-entry Costs; costs or expenses incurred in (i) maintaining or preserving the Premises after such default, (ii) recovering possession of the Premises, removing persons and property from the Premises and storing such property, including court costs and reasonable attorneys' fees incurred in connection therewith (iii) reletting, renovating or altering the Premises, and (iv) real estate commission paid or payable in connection with reletting the Premises, and (c) an amount equal to the difference between the present worth, as of the effective date of the termination, of the Basic Rent for the balance of the Term remaining after the effective date of the termination (assuming no termination) and the present worth, as of the effective date of the termination, of a fair and reasonable market Rent for the Premises for the same period (as Landlord reasonably determines the fair market Rent); and (d) Tenant’s Share of Expenses to the extent Landlord is not otherwise reimbursed for such Expensesperiod. For purposes of this section, Landlord will utilize the Discount Rate to compute present worthworth shall be computed by utilizing a discount rate of six percent (6%). Nothing in this section shall limit or prejudice Landlord’s 's right to prove and obtain damages in an amount equal to the maximum amount allowed by the Laws, regardless of whether such damages are greater than the amounts set forth in this sectionherein; provided, however, Landlord agrees to use commercially reasonable efforts to mitigate its damages.
Appears in 1 contract
Termination of Lease. Terminate Landlord may terminate this Lease effective on the date Landlord specifies in its termination notice and Tenant’s right to Tenant. Upon termination, Tenant will immediately surrender possession of the Premises. If Tenant has abandoned and vacated the Premises, the mere entry of the Premises by Landlord in order to perform acts of maintenance, cure defaults, preserve the Premises or to attempt to relet the Premises, or the appointment of a receiver in order to protect the Landlord’s interest under this Lease, shall not be deemed a termination of Tenant’s right to possession or a termination of this Lease unless Landlord has notified Tenant in writing that this Lease is terminated. Notification of any default described in Section 23 of this Lease shall be in lieu of, and not in addition to, any notice required under Sections 1161 et seq. of the California Code of Civil Procedure. If Landlord terminates this LeaseLease and Tenant’s right to possession of the Premises, Landlord may recover from Tenant and Tenant will pay to Landlord on demand all damages Landlord incurs by reason of Tenant’s default, including, without limitation: :
(ai) all Rent due and payable under this Lease as The worth at the time of the effective date award of unpaid rent which had been earned at the time of termination; plus
(ii) The worth at the time of the terminationaward of the amount by which the unpaid rent which would have been earned after termination until the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; plus
(biii) any The worth at the time of the award of the amount by which the unpaid rent for the balance of the Term after the time of the award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided; plus
(iv) Any other amounts necessary to compensate the Landlord for any all of the detriment proximately caused to Landlord by Tenant’s failure to perform its obligations under this Lease or which in the ordinary course of things would be likely to result from Tenant’s failure to performtherefrom, including but not limited to any Re-entry Costs; legal expenses, brokers commissions or finders fees (c) an amount equal in connection with reletting the Premises and the pro rata portion of any leasing commission paid by Landlord in connection with this Lease which is applicable to the difference between portion of the present worthTerm, including option periods, which is unexpired as of the effective date on which this Lease terminated), the costs of repairs, cleanup, refurbishing, removal and storage or disposal of Tenant’s personal property, equipment, fixtures and anything else that Tenant is required under this Lease to remove but does not remove (including those alterations which Tenant is required to remove pursuant to an election by Landlord and Landlord actually removes whether notice to remove shall be delivered to Tenant), and any costs for alterations, additions and renovations incurred by Landlord in regaining possession of and reletting (or attempting to relet) the termination, of the Basic Rent Premises. Tenant shall also reimburse Landlord for the balance pro rata portion of leasehold improvement costs paid by Landlord to install leasehold improvements on the Premises which is applicable to that portion of the Term remaining after the effective date including any terminated option periods which is unexpired as of the termination date on which this Lease terminated, discounted to present value. All computations of the “worth at the time of the award” of amounts recoverable by Landlord under (assuming no termination1) and (2) hereof shall be computed by allowing interest at the maximum lawful contract rate per annum. The “worth at the time of the award” recoverable by Landlord under (3) and the present worthdiscount rate for purposes of determining any amounts recoverable under (4), as if applicable, shall be computed by discounting the amount recoverable by Landlord at the discount rate of the effective date Federal Reserve Bank, San Francisco, California, at the time of the terminationaward plus one percent (1%). Upon termination of this Lease, whether by lapse of a fair market Rent for time or otherwise, Tenant shall immediately vacate the Premises for and deliver possession to Landlord, and Landlord shall have the same period (as Landlord reasonably determines the fair market Rent); and (d) Tenant’s Share of Expenses to the extent Landlord is not otherwise reimbursed for such Expenses. For purposes of this section, Landlord will utilize the Discount Rate to compute present worth. Nothing in this section shall limit or prejudice Landlord’s right to prove and obtain damages in an amount equal to re-enter the maximum amount allowed by the Laws, regardless whether such damages are greater than the amounts set forth in this sectionPremises.
Appears in 1 contract
Samples: Lease Agreement (Garden Fresh Restaurant Corp /De/)
Termination of Lease. Terminate this Lease effective on In the date Landlord specifies in its termination notice to Tenant. Upon event of termination, Tenant will immediately surrender possession of reentry or dispossess by Landlord under the Premises to Landlord. If Landlord terminates this Lease, Landlord may recover from Tenant may, at its option, either terminate the Sublease or take over all of the right, title and Tenant will pay interest of Sublandlord under this Sublease, and Subtenant shall, at Landlord's option, attorn to Landlord on demand all damages pursuant to the provisions of this Sublease, except that Landlord incurs by reason of Tenant’s default, including, without limitation: shall not (a) all Rent be liable for any previous act, omission or negligence of Sublandlord, (b) be subject to any counterclaim, defense or offset, (c) be bound by any modification or amendment of the Sublease or by any prepayment of more than one month's rent and additional rent which shall be payable as provided in such Sublease, unless such modification or prepayment shall have been approved in writing by Landlord, or (d) be obligated to perform any repairs or other work in the Subleased Premises (or provide any landlord contribution, work allowance or free rent or abatement period) beyond Landlord's obligations under the Lease. In the event of any such attornment, (i) the Base Rent, tax and expense escalation payments, electricity payments and additional rental payments at the time of such attornment to Landlord shall, to the extent applicable, be increased to equal the allocable (i.e., on a Rentable Square Foot basis) payments of Fixed Rent, tax and operating expense escalation and other payments for which Sublandlord is liable under Article 4 of the Lease, electricity payments and additional rental payments as are due and payable by Sublandlord under this the Lease as of the effective date of the termination; (b) any amount necessary to compensate Landlord for any detriment proximately caused to Landlord by Tenant’s failure to perform its obligations under this Lease or which in the ordinary course would likely result from Tenant’s failure to perform, including but not limited to any Re-entry Costs; (c) an amount equal to the difference between the present worth, as of the effective date of the termination, of the Basic Rent for the balance of the initial Term remaining after of the effective date Lease and (if applicable) any Renewal Term of the Lease, and (ii) Subtenant shall, promptly upon Landlord's request, execute and deliver all instruments reasonably required to confirm such attornment. Subtenant hereby waives all rights under any present or future law to elect, by reason of the termination of Lease, to terminate this Sublease or surrender possession of the Subleased Premises. Subject to the foregoing and to Section 5.2 hereof, if for any reason whatsoever the term of the Lease shall terminate prior to the expiration date of this Sublease, this Sublease shall thereupon be terminated and Sublandlord shall not be liable to Subtenant by reason thereof; provided, however, that if (assuming no terminationv) the Lease is terminated due to a default of Sublandlord under the Lease that is not in any way caused by Subtenant, (w) Landlord has not provided a Subtenant SNDA in favor of Subtenant in accordance with Section 16.3 hereof, (x) Landlord does not otherwise permit Subtenant to remain in the Subleased Premises from and after the termination of the Lease, (y) Subtenant enters into an arm’s length lease with a third party (i.e. not Landlord, Subtenant, or an affiliate of Landlord or Subtenant) for substitute space not exceeding 32,545 rentable square feet for the duration of the stated Term (i.e. through December 30, 2023) (the “Substitute Lease”) and provides a fully executed copy thereof to Sublandlord, certified as true, complete, correct in all respects and as representing the full agreement by and between Subtenant and the landlord thereunder with respect to Subtenant’s leasing of space from said landlord, and (z) Subtenant’s rent due under the Substitute Lease is higher than the Rental due hereunder for the duration of the stated Term (i.e. December 30, 2023) (taking into account all relevant economic terms set forth in the Substitute Lease, including, but not limited to, any abatements or rebates), then Sublandlord shall be liable to Subtenant for the difference between (A) the lesser of (i) the rent due under the Substitute Lease and (ii) one hundred ten percent (110%) of the Rental due hereunder, and (B) and the present worthRental due hereunder, as for the duration of the effective date stated Term (i.e. December 30, 2023) (the “Rent Differential”). If payable pursuant to the preceding sentence, the Rent Differential shall be (I) payable by Sublandlord to Subtenant in arrears in monthly installments following Sublandlord’s receipt of invoices therefor, which invoices shall include the amounts paid by Subtenant under the Substitute Lease, a calculation of the terminationRent Differential for such month, of a fair market Rent back-up documentation for the Premises foregoing and a certification from the Subtenant that the Substitute Lease has not been amended, modified or supplemented in any way that would affect the Rent Differential, and (II) reconciled promptly following December 30, 2023 to correct any overpayment or underpayment. Furthermore, if Subtenant (1) incurs reasonable arm’s-length moving expenses in connection with moving to substitute space under a Substitute Lease (collectively, “Moving Expenses”), and (2) no later than one (1) month after the Moving Expenses are incurred by Subtenant provides to Sublandlord all invoices and relevant backup documentation with respect to the Moving Expenses (and any other documentation as Sublandlord may reasonably request), all certified by Subtenant as true, complete and correct in all respects, then Sublandlord shall reimburse Subtenant for the same period lesser of (as Landlord reasonably determines the fair market Rent); a) such Moving Expenses and (db) Tenant’s Share Twenty Thousand Dollars ($20,000.00), within thirty (30) days after receipt of Expenses all invoices and relevant backup and other documentation therefor. For the avoidance of doubt, Sublandlord shall not be liable to Subtenant for any amounts other than the Rent Differential, if applicable, and Moving Expenses, if applicable, in connection with the termination of this Sublease prior to the extent Landlord is not otherwise reimbursed for expiration of the Term as a result of the termination of the Lease. Upon such Expenses. For purposes termination of this sectionSublease, Landlord will utilize the Discount Rate to compute present worth. Nothing in this section shall limit or prejudice Landlord’s right to prove obligations of Sublandlord and obtain damages in an amount equal to the maximum amount allowed by the Laws, regardless whether such damages are greater Subtenant (other than the amounts obligation of Subtenant for the payment of any monies then owing to Sublandlord and such other obligations that are expressly made to be effective upon the termination of this Sublease as are set forth in the Lease and incorporated herein by reference and/or as are set forth in this sectionSublease) shall cease, except that the parties shall remain liable for any obligations incurred prior to any such termination date for any matter occurring prior to such date.
Appears in 1 contract
Samples: Sublease Agreement (Datadog, Inc.)
Termination of Lease. Terminate Landlord may terminate this Lease effective on the date Landlord specifies in its termination notice and Tenant's right to Tenant. Upon termination, Tenant will immediately surrender possession of the Premises. If Tenant has abandoned and vacated the Premises, the mere entry of the Premises by Landlord in order to perform acts of maintenance, cure defaults, preserve the Premises or to attempt to relet the Premises, or the appointment of a receiver in order to protect the Landlord's interest under this Lease, shall not be deemed a termination of Tenant's right to possession or a termination of this Lease unless Landlord has notified Tenant in writing that this Lease is terminated. Notification of any default described in Paragraph 23 of this Lease shall be in lieu of, and not in addition to, any notice required under Section 1161 et seq. of the California Code of Civil Procedure. If Landlord terminates this LeaseLease and Tenant's right to possession of the Premises, Landlord may recover from Tenant and Tenant will pay to Landlord on demand all damages Landlord incurs by reason of Tenant’s default, including, without limitation: (a) all Rent due and payable under this Lease as :
i. The worth at the time of the effective date award of unpaid rent which had been earned at the time of termination; plus
ii. The worth at the time of the terminationaward of the amount by which the unpaid rent which would have been earned after termination until the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; (b) any plus
iii. The worth at the time of the award of the amount by which the unpaid rent for the balance of the Lease Term after the time of the award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided; plus
iv. Any other amounts necessary to compensate the Landlord for any all of the detriment proximately caused to Landlord by Tenant’s 's failure to perform its obligations under this Lease or which in the ordinary course of things would be likely to result from Tenant’s failure to performtherefrom, including but not limited to any Re-entry Costs; legal expenses, brokers commissions or finders fees (c) an amount equal in connection with reletting the Premises and the pro rata portion of any leasing commission paid by Landlord in connection with this Lease which is applicable to the difference between portion of the present worthLease Term, including option periods, which is unexpired as of the effective date on which this Lease terminated), the costs of repairs, cleanup, refurbishing, removal and storage or disposal of Tenant's personal property, equipment, fixtures and anything else that Tenant is required under this Lease to remove but does not remove (including those alterations which Tenant is required to remove pursuant to an election by Landlord and Landlord actually removes whether notice to remove shall be delivered to Tenant), and any costs for alterations, additions and renovations incurred by Landlord in regaining possession of and reletting (or attempting to relet) the Premises. Tenant shall also reimburse Landlord for the pro rata portion of leasehold improvement costs paid by Landlord to install leasehold improvements on the Premises which is applicable to that portion of the termination, of the Basic Rent for the balance of the Lease Term remaining after the effective date of the termination (assuming no termination) and the present worth, including any terminated option periods which is unexpired as of the effective date of the terminationon which this Lease terminated, of a fair market Rent for the Premises for the same period (as Landlord reasonably determines the fair market Rent); and (d) Tenant’s Share of Expenses discounted to the extent Landlord is not otherwise reimbursed for such Expenses. For purposes of this section, Landlord will utilize the Discount Rate to compute present worth. Nothing in this section shall limit or prejudice Landlord’s right to prove and obtain damages in an amount equal to the maximum amount allowed by the Laws, regardless whether such damages are greater than the amounts set forth in this sectionvalue.
Appears in 1 contract
Samples: Lease Agreement (Bloom Energy Corp)
Termination of Lease. Terminate Landlord may terminate this Lease effective on the date Landlord specifies in its termination notice and Tenant's right to Tenant. Upon termination, Tenant will immediately surrender possession of the Premises. If Tenant has abandoned and vacated the Premises, the mere entry of the Premises by Landlord in order to perform acts of maintenance, cure defaults, preserve the Premises or to attempt to relet the Premises, or the appointment of a receiver in order to protect the Landlord's interest under this Lease, shall not be deemed a termination of Tenant's right to possession or a termination of this Lease unless Landlord has notified Tenant in writing that this Lease is terminated. If Landlord terminates this LeaseLease and Tenant's right to possession of the Premises, Landlord may recover from Tenant and Tenant will pay to Landlord on demand all damages Landlord incurs by reason of Tenant’s default, including, without limitation: :
(a1) all Rent due and payable under this Lease as The worth at the time of the effective date award of unpaid rent which had been earned at the time of termination; plus
(2) The worth at the time of the terminationaward of the amount by which the unpaid rent which would have been earned after termination until the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; plus
(b3) any The worth at the time of the award of the amount by which the unpaid rent for the balance of the Term after the time of the award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided; plus
(4) Any other amounts necessary to compensate the Landlord for any all of the detriment proximately caused to Landlord by Tenant’s 's failure to perform its obligations under this Lease or which in the ordinary course of things would be likely to result from Tenant’s failure to performtherefrom, including but not limited to any Re-entry Costs; legal expenses, brokers commissions or finders fees (c) an amount equal in connection with reletting the Premises and the pro rata portion of any leasing commission paid by Landlord in connection with this Lease which is applicable to the difference between portion of the present worthTerm, including option periods, which is unexpired as of the effective date on which this Lease terminated), the costs of repairs, cleanup, refurbishing, removal and storage or disposal of Tenant's personal property, equipment, fixtures and anything else that Tenant is required under this Lease to remove but does not remove (including those alterations which Tenant is required to remove pursuant to an election by Landlord and Landlord actually removes whether notice to remove shall be delivered to Tenant), and any costs for alterations, additions and renovations incurred by Landlord in regaining possession of and reletting (or attempting to relet) the termination, of the Basic Rent Premises. Tenant shall also reimburse Landlord for the balance pro rata portion of leasehold improvement costs paid by Landlord to install leasehold improvements on the Premises which is applicable to that portion of the Term remaining after the effective date including any terminated option periods which is unexpired as of the termination date on which this Lease terminated, discounted to present value. All computations of the "worth at the time of the award" of amounts recoverable by Landlord under (assuming no termination1) and (2) hereof shall be computed by allowing interest at the maximum lawful contract rate per annum. The "worth at the time of the award" recoverable by Landlord under (3) and the present worthdiscount rate for purposes of determining any amounts recoverable under (4), as if applicable, shall be computed by discounting the amount recoverable by Landlord at the discount rate of the effective date Federal Reserve Bank, San Francisco, California, at the time of the terminationaward plus one percent (1%). Upon termination of this Lease, whether by lapse of a fair market Rent for time or otherwise, Tenant shall immediately vacate the Premises for and deliver possession to Landlord, and Landlord shall have the same period (as Landlord reasonably determines the fair market Rent); and (d) Tenant’s Share of Expenses to the extent Landlord is not otherwise reimbursed for such Expenses. For purposes of this section, Landlord will utilize the Discount Rate to compute present worth. Nothing in this section shall limit or prejudice Landlord’s right to prove and obtain damages in an amount equal to re-enter the maximum amount allowed by the Laws, regardless whether such damages are greater than the amounts set forth in this sectionPremises.
Appears in 1 contract
Termination of Lease. Terminate Lessor may terminate this Lease effective on or Lessee’s right to possession of the date Landlord specifies in its termination Premises by notice to Tenant. Upon terminationLessee or any other lawful means, Tenant will in which case this Lease shall terminate and Lessee shall immediately surrender possession of the Premises to LandlordLessor. If Landlord terminates this Lease, Landlord may In such event Lessor shall be entitled to recover from Tenant and Tenant will pay to Landlord on demand all damages Landlord incurs by reason Lessee:
(i) The worth at the time of Tenant’s default, including, without limitation: (a) all Rent due and payable under this Lease as award of the effective date unpaid Rentals which had been earned at the time of termination;
(ii) The worth at the time of award of the terminationamount by which the unpaid Rentals which would have been earned after termination until the time of award exceeds the amount of such rental loss that Lessee proves could have been reasonably avoided;
(iii) The worth at the time of award (computed by discounting at the discount rate of the Federal Reserve Bank of San Francisco at the time of award plus one percent) of the amount by which the unpaid Rentals for the balance of the Term after the time of award exceeds the amount of such rental loss that Lessee proves could be reasonably avoided; and
(biv) any amount Any other amounts necessary to compensate Landlord Lessor for any detriment proximately caused to Landlord by Tenant’s failure to perform its obligations under this Lease the default by Lessee or which in the ordinary course of events would likely result from Tenant’s failure to performresult, including but without limitation the reasonable costs and expenses incurred by Lessor for:
(A) Retaking possession of the Premises;
(B) Cleaning and making repairs and alterations (including installation of leasehold improvements, whether or not limited the same shall be funded by a reduction of rent, direct payment or otherwise) necessary to return the Premises to good condition and preparing the Premises for reletting;
(C) Removing, transporting, and storing any Re-entry Costsof Lessee’s property left at the Premises (although Lessor shall have no obligation to remove, transport, or store any of the property);
(D) Retelling the Premises, including without limitation, brokerage commissions, advertising costs, and attorneys’ fees;
(E) Attorneys’ fees, expert witless fees and court costs;
(F) Any unamortized real estate brokerage commissions paid in connection with this Lease; and
(cG) Costs of carrying the Premises, such as repairs, maintenance, taxes and insurance premiums, utilities and security precautions, if any. The “worth at the time of award” of the amounts referred to in Articles 23.a.(i) and 23.a.(ii) is computed by allowing interest at an amount amoral rate equal to the difference between greater of: ten percent (10%); or five percent (5%) plus the present worthrate established by the Federal Reserve Bank of San Francisco, as of the effective date 25th day of the terminationmonth immediately preceding the default by Lessee, on advances to member banks under Section 13 and 13(a) of the Basic Rent for Federal Reserve Act, as now in effect or hereafter from time to time amended (the balance “Stipulated Rate”). The computation of the Term remaining after amount of rental loss that could be or could have been reasonably avoided by Lessor pursuant to California Civil Code section 1951.2 shall take into account the effective date of the termination (assuming no termination) and the present worth, as of the effective date of the termination, of a fair market Rent for the Premises for the same period (as Landlord reasonably determines the fair market Rent); and (d) Tenant’s Share of Expenses use restrictions set forth in Article 8.a. above except to the extent Landlord is not otherwise reimbursed for such Expenses. For purposes that Lessee proves that under all circumstances the enforcement of this section, Landlord will utilize the Discount Rate to compute present worth. Nothing in this section shall limit or prejudice Landlord’s right to prove and obtain damages in an amount equal to the maximum amount allowed by the Laws, regardless whether such damages are greater than the amounts set forth in this sectionuse restriction would be unreasonable.
Appears in 1 contract
Samples: Net Office Lease (Splunk Inc)
Termination of Lease. Terminate this Lease effective on the date Landlord specifies in its termination notice to Tenant. Upon termination, Tenant will immediately surrender possession of the Premises to Landlord. If Landlord terminates this Lease, Landlord may recover from Tenant the sum of: (i) all Base Rent and all other amounts accrued hereunder to the date of such termination; (ii) the cost of reletting the whole or any part of the Premises, including brokerage fees and/or leasing commissions incurred by Landlord (provided that Tenant will shall not be liable for any portion applicable to the period after the scheduled termination of this Lease); (iii) costs of removing and storing Tenant’s or any other occupant’s property; (iv) costs of repairing, altering, remodeling, or otherwise putting the Premises into the condition that Tenant was required to leave it on termination of this Lease; (v) all reasonable expenses incurred by Landlord in pursuing its remedies, including reasonable attorneys’ fees and court costs; and (vi) the excess of the then present value of the Rent Tenant would have been required to pay to Landlord on demand all damages Landlord incurs by reason during the period following the termination of Tenant’s default, including, without limitation: (a) all Rent due and payable under this Lease as of measured from the effective date of such termination to the termination; (b) any amount necessary to compensate Landlord for any detriment proximately caused to Landlord by Tenant’s failure to perform its obligations under expiration date stated in this Lease or which in the ordinary course would likely result from Tenant’s failure to perform(excluding any extension periods), including but not limited to any Re-entry Costs; (c) an amount equal to the difference between over the present worth, as value of the effective date of the termination, of the Basic Rent for the balance of the Term remaining after the effective date of the termination (assuming no termination) and the present worth, as of the effective date of the termination, of a fair market Rent for any net amounts Tenant establishes Landlord can reasonably expect to recover by reletting the Premises for such period, taking into consideration the same period availability of acceptable tenants and other market conditions affecting leasing. Such present values shall be calculated at a discount rate of ten percent (as Landlord reasonably determines the fair market Rent); 10%) per annum. However, if in Landlord’s sole and (d) Tenant’s Share of Expenses to the extent Landlord is not otherwise reimbursed for such Expenses. For purposes of this sectionabsolute discretion, Landlord will utilize disagrees with the Discount Rate net amounts Tenant established under subsection (vi) above, subject to compute present worth. Nothing in this section shall limit or prejudice Landlord’s right duty to prove mitigate its damages, Landlord may elect to continue to collect Rent as and obtain damages when Rent is due and not recover from Tenant any amounts described in an amount equal to the maximum amount allowed by the Laws, regardless whether such damages are greater than the amounts set forth in this sectionsubsection (vi) above.
Appears in 1 contract
Samples: Lease Agreement (ROX Financial LP)
Termination of Lease. Terminate this Lease effective on the date Landlord specifies in its termination notice to Tenant. Upon termination, Tenant will immediately surrender possession of the Premises to Landlord. If Landlord terminates this LeaseLease pursuant to -------------------- the terms and provisions of this Section 16, Landlord may recover from Tenant and Tenant will shall pay to Landlord, on demand, the Rent and other charges payable by Tenant to Landlord through the date of termination, and, in addition, shall pay to Landlord on demand all damages Landlord incurs by reason as damages, at the election of Tenant’s defaultLandlord, including, without limitationeither: (a) all Rent due and payable under this Lease as of the effective date of the termination; (b) any amount necessary to compensate Landlord for any detriment proximately caused to Landlord by Tenant’s failure to perform its obligations under this Lease or which in the ordinary course would likely result from Tenant’s failure to perform, including but not limited to any Re-entry Costs; (cx) an accelerated lump sum amount equal to the difference between present value (calculated using a discount rate equal to Landlord's reasonable estimate of the present worthyield, as of the effective date of the termination, produced by United States Treasury general obligation bills or notes (as the case may be) maturing on the date nearest in time to the Expiration Date) of the Basic Rent for the balance amount by which Landlord's reasonable estimate of the Term remaining after aggregate amount of Rent owing from the effective date of such termination through the termination (assuming no termination) and the present worth, as Expiration Date plus Landlord's reasonable estimate of the effective date aggregate expenses of reletting the Premises exceeds Landlord's reasonable estimate of the termination, fair rental value of a fair market Rent for the Premises for the same period (as Landlord reasonably determines after deducting from such fair rental value the fair market Renttime needed to relet the Premises and the amount of concessions which would normally be given to a new tenant); or (y) amounts equal to the Rent which would have been payable by Tenant had this Lease not been so terminated, payable upon the due dates therefor specified herein following such termination and until the Expiration Date; provided, however, if Landlord shall re-let the Premises during such period, then Landlord shall credit Tenant with the net rents received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses incurred or paid by Landlord in tenninating this Lease, as well as the expenses of re-letting, including altering and preparing the Premises for new tenants, brokerage commissions, and all other similar and dissimilar expenses properly chargeable against the Premises and the rental therefrom, it being understood that any such re-letting rday be for a period equal to or shorter or longer than the remaining Tenn of this Lease; and provided, further, that (i) in no event shall Tenant be entitled to receive any excess of such net rents over the sums payable by Tenant to Landlord hereunder and (dii) Tenant’s Share in no event shall Tenant be entitled in any suit for the collection of Expenses damages pursuant to this subparagraph or to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord is not otherwise reimbursed prior to the commencement of such suit. If the Premises or any part thereof shall be re-let in combination with other space, a proper apportionment on a square foot area basis shall be made of the rent received from re-letting and other expenses of such reletting. Suit or suits for the recovery of such Expenses. For purposes damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the Term of this section, Landlord will utilize the Discount Rate to compute present worth. Nothing in this section shall limit or prejudice Landlord’s right to prove and obtain damages in an amount equal to the maximum amount allowed by the Laws, regardless whether such damages are greater than the amounts set forth in this sectionLease would have expired if it had not been terminated hereunder.
Appears in 1 contract
Samples: Lease (Convergent Networks Inc)
Termination of Lease. Terminate Lessor may terminate this Lease effective and all rights -------------------- of Lessee hereunder by giving Lessee written notice that this Lease is terminated, in which event the Term of this Lease shall terminate and all right, title and interest of Lessee hereunder shall expire on the date Landlord specifies stated in its termination notice to Tenantsuch notice. Upon such termination, Tenant will immediately surrender possession Lessor shall be entitled to recover from Lessee all the fixed dollar amounts of Total Rental accrued and unpaid for the period up to and including such date of termination, as well as all other additional sums payable by Lessee or for which Lessee is liable or in respect of which Lessee has agreed to indemnify Lessor under the provisions of this Lease. In addition, Lessor shall be entitled to recover as damages for the loss of the Premises bargain and not as a penalty (i) the unamortized cost to Landlord. If Landlord terminates Lessor, computed and determined in accordance with generally accepted accounting principles, of the Lessee's contribution toward all improvements and alterations, if any, paid for and installed by Lessor pursuant to this Lease, Landlord may recover from Tenant and Tenant will pay to Landlord on demand all damages Landlord incurs by reason plus (ii) the aggregate sum which at the time of Tenant’s defaultsuch termination represents the excess, including, without limitation: (a) all Rent due and payable under this Lease as of the effective date of the termination; (b) any amount necessary to compensate Landlord for any detriment proximately caused to Landlord by Tenant’s failure to perform its obligations under this Lease or which in the ordinary course would likely result from Tenant’s failure to perform, including but not limited to any Re-entry Costs; (c) an amount equal to the difference between the present worth, as of the effective date of the terminationif any, of the Basic Rent present value of the aggregate Total Rental at the same annual rate for the remainder of the Term as then in effect pursuant to the applicable provisions of this Lease, over the then present value of the then aggregate fair total rental value of the Leased Premises for the balance of the Term remaining after Lease Term, such present worth to be computed in each case on the effective date basis of a three percent (3%) per annum discount from the respective dates upon which such Total Rentals would have been payable hereunder had this Lease not been terminated, plus (iii) any damages in addition thereto, including reasonable attorneys' fees and court costs, which Lessor shall have sustained by reason of the termination (assuming no termination) and the present worth, as breach of any of the effective date covenants of the termination, of a fair market Rent this Lease other than for the Premises for the same period (as Landlord reasonably determines the fair market Rent); and (d) Tenant’s Share payment of Expenses to the extent Landlord is not otherwise reimbursed for such Expenses. For purposes of this section, Landlord will utilize the Discount Rate to compute present worth. Nothing in this section shall limit or prejudice Landlord’s right to prove and obtain damages in an amount equal to the maximum amount allowed by the Laws, regardless whether such damages are greater than the amounts set forth in this sectionTotal Rental.
Appears in 1 contract
Samples: Lease Agreement (Sequiam Corp)
Termination of Lease. Terminate Landlord may terminate this Lease effective on or Tenant's right to possession of the date Landlord specifies in its termination Premises by notice to Tenant. Upon terminationTenant or any other lawful means, in which case this Lease shall terminate and Tenant will shall immediately surrender possession of the Premises to Landlord. If In such event Landlord terminates this Lease, Landlord may shall be entitled to recover from Tenant and Tenant will pay to Landlord on demand all damages Landlord incurs by reason Tenant:
(i) The worth at the time of Tenant’s default, including, without limitation: (a) all Rent due and payable under this Lease as award of the effective date unpaid Rentals which had been earned at the time of termination;
(ii) The worth at the time of award of the terminationamount by which the unpaid Rentals which would have been earned after termination until the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided;
(iii) The worth at the time of award (computed by discounting at the discount rate of the Federal Reserve Bank of San Francisco at the time of award plus one percent) of the amount by which the unpaid Rentals for the balance of the Term after the time of award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided; and
(biv) any amount Any other amounts necessary to compensate Landlord for any detriment proximately caused to Landlord by Tenant’s failure to perform its obligations under this Lease the default by Tenant or which in the ordinary course of events would likely result from Tenant’s failure to performresult, including but not limited to any Re-entry Costs; without limitation the reasonable costs and expense incurred by Landlord for:
(cA) an amount equal to the difference between the present worth, as Retaking possession of the effective date Premises;
(B) Cleaning and making repairs and alterations (including installation of leasehold improvements, whether or not the terminationsame shall be funded by a reduction of rent, of direct payment or otherwise) necessary to return the Basic Rent for the balance of the Term remaining after the effective date of the termination (assuming no termination) Premises to good condition and the present worth, as of the effective date of the termination, of a fair market Rent for preparing the Premises for reletting;
(C) Removing, transporting, and storing any of Tenant's property left at the same period Premises (although Landlord shall have no obligation to remove, transport, or store any of the property);
(D) Reletting the Premises, including without limitation, brokerage commissions, advertising costs, and attorneys' fees;
(E) Attorneys' fees, expert witness fees and court costs;
(F) Any unamortized real estate brokerage commissions paid in connection with this Lease; and
(G) Costs of carrying the Premises, such as Landlord reasonably determines the fair market Rent); repairs, maintenance, taxes and (d) Tenant’s Share of Expenses to the extent Landlord is not otherwise reimbursed for such Expenses. For purposes of this sectioninsurance premiums, Landlord will utilize the Discount Rate to compute present worth. Nothing in this section shall limit or prejudice Landlord’s right to prove utilities and obtain damages in an amount equal to the maximum amount allowed by the Lawssecurity precautions, regardless whether such damages are greater than the amounts set forth in this sectionif any.
Appears in 1 contract
Samples: Office Lease (QCS Net Corp)
Termination of Lease. Terminate Landlord can terminate this Lease effective on and Tenant's right to possession of the date Premises by giving written notice of termination, and then re-enter the Premises and take possession thereof. No act by Landlord specifies in its termination other than giving written notice to TenantTenant of such termination shall terminates this Lease. Upon termination, Tenant will immediately surrender possession of Landlord has the Premises right to Landlord. If Landlord terminates this Lease, Landlord may recover from Tenant and Tenant will pay to Landlord on demand all damages incurred by Landlord incurs by reason as a result of Tenant’s 's default, including, without limitation: :
(a) all Rent due and payable under this Lease as The worth at the time of award of any unpaid rent that had been earned at the effective date time of the such termination; plus
(b) any The worth at the time of award of the amount by which the unpaid rent that would have been earned after the date of termination until the time of award exceeds the amount of the loss of rent that Tenant proves could have been reasonably avoided; plus
(c) The worth at the time of award of the amount by which the unpaid rent for the balance of the Lease Term after the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; plus
(d) Any other amount necessary to compensate Landlord for any all the detriment proximately approximately caused to Landlord by Tenant’s failure to perform its obligations under this Lease or which in the ordinary course would likely result from Tenant’s failure to perform's default, including including, but not limited to any Re-entry Costs; expenses for cleaning, repairing or restoring the Premises, (cii) an amount equal to the difference between the present worthexpenses for altering, as of the effective date of the termination, of the Basic Rent for the balance of the Term remaining after the effective date of the termination (assuming no termination) and the present worth, as of the effective date of the termination, of a fair market Rent for remodeling or otherwise improving the Premises for the same period purpose of reletting, (iii) brokers' fees and commissions, advertising costs and other expenses of reletting the Premises, (iv) costs of carrying the Premises such as Landlord reasonably determines taxes, insurance premiums, utilities and security precautions, (v) expenses in retaking possession of the fair market Rent); Premises, (vi) attorneys' fees and costs, (vii) any unearned brokerage commissions paid in connection with this Lease and (dviii) Tenant’s Share reimbursement of Expenses any previously waived or abated Minimum Monthly Rent and/or Additional Rent; plus
(e) At Landlord's election, such other amounts in addition to or in lieu of the extent Landlord is not otherwise reimbursed for such Expensesforegoing as may be permitted from time to time under applicable California law. For purposes As used in paragraphs (a) and (b) above, the "worth at the time of this section, Landlord will utilize the Discount Rate to compute present worth. Nothing in this section award" shall limit or prejudice Landlord’s right to prove and obtain damages in an amount equal to be computed by allowing interest at the maximum permissible legal rate. As used in paragraph (c) above, the "worth at the time of award" shall be computed by discounting such amount allowed by at the Laws, regardless whether such damages are greater than discount rate of the amounts set forth in this sectionFederal Reserve Bank of San Francisco at the time of award plus one percent (1%).
Appears in 1 contract
Samples: Standard Industrial Gross Lease (Inland Entertainment Corp)
Termination of Lease. Terminate At the expiration or earlier termination of the Lease for whatever reason or upon Tenant vacating the Premises with the permission of Landlord prior to the expiration hereof, Tenant shall, if so required by Landlord, remove all or specified improvements including, without limitation, all improvements installed by landlord or Tenant in the Premises and regardless of whether Landlord or Tenant is or was responsible for the cost thereof, Tenant shall thereupon become obligated to restore the Premises to their original condition, save for such improvements as Landlord permits to remain. Should Tenant not be required to remove any of such improvements, they shall, upon the expiration or earlier termination of this Lease effective for any other reason, remain in the Premises as the property of Landlord without any compensation being paid therefore to Tenant. Moreover, all obligations of Tenant under the Lease which have arisen on or before its expiration or earlier termination, all obligations to pay amounts due hereunder and/or pursuant to adjustment provided for by the date Lease shall survive the expiration or earlier termination of the Lease.
(i) Tenant shall pay Landlord specifies forthwith on demand all charges as determined and allocated by Landlord, acting reasonably, in its termination respect of all special services provided to or for the benefit of Tenant beyond building standard services, the costs for which are included in Operating Expenses, such special services including, without limitation, charges for security, hoisting, supervision, waste removal and receiving, storing and handling materials and articles.
(ii) Landlord shall have the right, to be exercised by written notice to Tenant. Upon termination, to require that Landlord be the exclusive supplier, at Tenant’s expense, of such materials or services for Tenant will immediately surrender possession in respect of the Premises to Landlord. If Landlord terminates and the Project not otherwise expressly provided for in this Lease, Lease as Landlord may recover designate from Tenant and Tenant will pay time to Landlord on demand all damages Landlord incurs by reason of Tenant’s default, time (“Services”) including, without limitation: replacement of tubes, bulbs and ballasts; waste removal; any services requiring drilling or otherwise penetrating floors, walls and ceilings; and locksmithing and security arrangements. If Landlord does not require that it be the supplier of Services, only persons approved by Landlord, acting reasonably, may supply Services to Tenant but subject to reasonable rules and regulations established by Landlord.
(aiii) all Rent due and payable under this Lease as of the effective date of the termination; (b) any amount necessary to compensate Landlord shall not be liable for any detriment proximately damages caused to in performance of any maintenance or cleaning provided hereunder, no matter how caused, whether by negligence or otherwise. Landlord by Tenant’s shall not be liable for any indirect or consequential damage arising from any default in or failure to perform its obligations under this Lease any such maintenance or which in the ordinary course would likely result from Tenant’s failure to perform, including but not limited to any Re-entry Costs; (c) an amount equal to the difference between the present worth, as of the effective date of the termination, of the Basic Rent for the balance of the Term remaining after the effective date of the termination (assuming no termination) and the present worth, as of the effective date of the termination, of a fair market Rent for the Premises for the same period (as Landlord reasonably determines the fair market Rent); and (d) Tenant’s Share of Expenses to the extent Landlord is not otherwise reimbursed for such Expenses. For purposes of this section, Landlord will utilize the Discount Rate to compute present worth. Nothing in this section shall limit or prejudice Landlord’s right to prove and obtain damages in an amount equal to the maximum amount allowed by the Laws, regardless whether such damages are greater than the amounts set forth in this sectioncleaning.
Appears in 1 contract
Termination of Lease. Terminate Landlord can terminate this Lease effective on and Tenant’s right to possession of the date Premises by giving written notice of termination, and then re-enter the Premises and take possession thereof. No act by Landlord specifies in its termination other than giving written notice to TenantTenant of such termination shall terminate this Lease. Upon termination, Tenant will immediately surrender possession of Landlord has the Premises right to Landlord. If Landlord terminates this Lease, Landlord may recover from Tenant and Tenant will pay to Landlord on demand all damages incurred by Landlord incurs by reason as a result of Tenant’s default, including, without limitation: :
(a) all Rent due and payable under this Lease as The worth at the time of award of any unpaid rent that had been earned at the effective date time of the such termination; plus
(b) any The worth at the time of award of the amount by which the unpaid rent that would have been earned after the date of termination until the time of award exceeds the amount of the loss of rent that Tenant proves could have been reasonably avoided; plus
(c) The worth at the time of award of the amount by which the unpaid rent for the balance of the Lease Term after the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; plus
(d) Any other amount necessary to compensate Landlord for any all the detriment proximately caused to Landlord by Tenant’s failure to perform its obligations under this Lease or which in the ordinary course would likely result from Tenant’s failure to performdefault, including Including, but not limited to any Re-entry Costs; (ci) an amount equal to expenses for cleaning, repairing or restoring the difference between the present worthPremises, as of the effective date of the termination(ii) expenses for altering, of the Basic Rent for the balance of the Term remaining after the effective date of the termination (assuming no termination) and the present worth, as of the effective date of the termination, of a fair market Rent for remodeling or otherwise improving the Premises for the same period purpose of reletting, (iii) brokers’ fees and commissions, advertising costs and other expenses of reletting the Premises, (iv) costs of carrying the Premises, such as Landlord reasonably determines taxes, insurance premiums, utilities and security precautions, (v) expenses in retaking possession of the fair market Rent); Premises, (vi) attorneys’ fees and costs, (vii) any unearned brokerage commissions paid in connection with this Lease, and (dviii) Tenant’s Share payment of Expenses to the extent Landlord is not otherwise reimbursed for such Expenses. For purposes of this section, Landlord will utilize the Discount Rate to compute present worth. Nothing in this section shall limit any previously waived or prejudice abated Minimum Monthly Rent and/or Additional Rent; plus
(e) At Landlord’s right election, such other amounts in addition to prove or in lieu of the foregoing as may be permitted from time to time under applicable law. As used in paragraphs (a) and obtain damages in an amount equal to (b) above, the “worth at the time of award” shall be computed by allowing interest at the maximum permissible legal rate. As used in paragraph (c) above, the “worth at the time of award” shall be computed by discounting such amount allowed by at the Laws, regardless whether such damages are greater than discount rate of the amounts set forth in this sectionFederal Reserve Bank of San Francisco at the time of award plus one percent (1%).
Appears in 1 contract
Termination of Lease. Terminate Upon the occurrence of any Event of Default, Landlord may terminate this Lease effective on the date Landlord specifies in its termination notice and Tenant's right to Tenant. Upon termination, Tenant will immediately surrender possession of the Premises. If Tenant has abandoned and vacated the Premises, the mere entry of the Premises by Landlord in order to perform acts of maintenance, cure defaults, preserve the Premises or to attempt to relet the Premises, or the appointment of a receiver in order to protect the Landlord's interest under this Lease, shall not be deemed a termination of Tenant's right to possession or a termination of this Lease unless Landlord has notified Tenant in writing that this Lease is terminated. Notification of any default described in Paragraph 23 of this Lease shall be in lieu of, and not in addition to, any notice required under applicable Arizona law. If Landlord terminates this LeaseLease and Tenant's right to possession of the Premises, Landlord may recover from Tenant and Tenant will pay to Landlord on demand all damages Landlord incurs by reason of Tenant’s default, including, without limitation: .
(a1) all Rent due and payable under this Lease as The worth at the time of the effective date award of unpaid rent which had been earned at the time of termination; plus
(2) The worth at the time of the terminationaward of the amount by which the unpaid rent which would have been earned after termination until the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; plus
(b3) any The worth at the time of the award of the amount by which the unpaid rent for the balance of the Lease Term after the time of the award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided; plus
(4) Any other amounts necessary to compensate the Landlord for any all of the detriment proximately caused to Landlord by Tenant’s 's failure to perform its obligations under this Lease or which in the ordinary course of things would be likely to result from Tenant’s failure to performtherefrom, including but not limited to any Re-entry Costs; legal expenses, brokers commissions or finders fees (c) an amount equal in connection with reletting the Premises and the pro rata portion of any leasing commission paid by Landlord in connection with this Lease which is applicable to the difference between portion of the present worthLease Term, including option periods, which is unexpired as of the effective date on which this Lease terminated), the costs of repairs, cleanup, refurbishing (to the extent provided herein below), removal and storage or disposal of Tenant's personal property, equipment, fixtures and anything else that Tenant is required under this Lease to remove but does 680272v7 not remove (including those alterations which Tenant is required to remove pursuant to an election by Landlord and Landlord actually removes whether notice to remove shall be delivered to Tenant), and any costs for alterations, additions and renovations incurred by Landlord in regaining possession of the terminationPremises and reletting (or attempting to relet) the Premises, and restoring the Premises to the condition Tenant is required to surrender possession thereof pursuant to Paragraph 21 hereof. All computations of the Basic Rent for "worth at the balance time of the Term remaining after award" of amounts recoverable by Landlord under (1) and (2) hereof shall be computed by allowing interest at the effective date maximum lawful contract rate per annum. The "worth at the time of the termination award" recoverable by Landlord under (assuming no termination3) and the present worthdiscount rate for purposes of determining any amounts recoverable under (4), as if applicable, shall be computed by discounting the amount recoverable by Landlord at the discount rate of the effective date Federal Reserve Bank, San Francisco, California, at the time of the terminationaward plus one percent (1%). Upon termination of this Lease, whether by lapse of a fair market Rent for time or otherwise, Tenant shall immediately vacate the Premises for and deliver possession to Landlord, and Landlord shall have the same period (as right to re-enter the Premises. If required by Legal Requirements, Landlord reasonably determines the fair market Rent); and (d) Tenant’s Share of Expenses shall use commercially reasonable efforts to the extent Landlord is not otherwise reimbursed for such Expenses. For purposes mitigate its damages following a termination of this section, Landlord will utilize the Discount Rate to compute present worth. Nothing in this section shall limit or prejudice Landlord’s right to prove and obtain damages in Lease resulting from an amount equal to the maximum amount allowed Event of Default by the Laws, regardless whether such damages are greater than the amounts set forth in this sectionTenant.
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Termination of Lease. Terminate Landlord may terminate this Lease effective on the date Landlord specifies in its termination notice and Tenant’s right to Tenant. Upon termination, Tenant will immediately surrender possession of the Premises. If Tenant has abandoned and vacated the Premises, the mere entry of the Premises by Landlord in order to perform acts of maintenance, cure defaults, preserve the Premises or to attempt to relet the Premises, or the appointment of a receiver in order to protect the Landlord’s interest under this Lease, shall not be deemed a termination of Tenant’s right to possession or a termination of this Lease unless Landlord has notified Tenant in writing that this Lease is terminated. Notification of any default described in Section 23 of this Lease shall be in lieu of, and not in addition to, any notice required under applicable Oregon law. If Landlord terminates this LeaseLease and Tenant’s right to possession of the Premises, Landlord may recover from Tenant:
(i) The amount of unpaid rent which had been earned at the time of termination; plus
(ii) The amount by which the unpaid rent which would have been earned after termination until the time of award exceeds the amount of such rental loss that Tenant and Tenant will pay to Landlord on demand all damages Landlord incurs proves could have been reasonably avoided; plus
(iii) The amount by reason of Tenant’s default, including, without limitation: (a) all Rent due and payable under this Lease as which the unpaid rent for the balance of the effective date Term after the time of the terminationaward exceeds the amount of such rental loss that Tenant proves could be reasonably avoided; plus
(biv) any amount Any other amounts necessary to compensate the Landlord for any all of the detriment proximately caused to Landlord by Tenant’s failure to perform its obligations under this Lease or which in the ordinary course of things would be likely to result from Tenant’s failure to performtherefrom, including but not limited to any Re-entry Costs; legal expenses, brokers commissions or finders fees (c) an amount equal in connection with reletting the Premises and the pro rata portion of any leasing commission paid by Landlord in connection with this Lease which is applicable to the difference between portion of the present worthTerm, including option periods, which is unexpired as of the effective date on which this Lease terminated), the costs of repairs, cleanup, refurbishing, removal and storage or disposal of Tenant’s personal property, equipment, fixtures and anything else that Tenant is required under this Lease to remove but does not remove (including those alterations which Tenant is required to remove pursuant to an election by Landlord and Landlord actually removes whether notice to remove shall be delivered to Tenant), and any costs for alterations, additions and renovations incurred by Landlord in regaining possession of and reletting (or attempting to relet) the termination, of the Basic Rent Premises. Tenant shall also reimburse Landlord for the balance pro rata portion of TI Allowance paid by Landlord to install Tenant Improvements on the Premises which is applicable to that portion of the Term remaining after the effective date of the termination (assuming no termination) and the present worth, including any terminated option periods which is unexpired as of the effective date on which this Lease terminated, discounted to present value. All computations of the termination, “worth at the time of a fair market Rent for the Premises for the same period award” of amounts recoverable by Landlord under (as Landlord reasonably determines the fair market Rent); i) and (dii) Tenant’s Share of Expenses to the extent Landlord is not otherwise reimbursed for such Expenses. For purposes of this section, Landlord will utilize the Discount Rate to compute present worth. Nothing in this section hereof shall limit or prejudice Landlord’s right to prove and obtain damages in an amount equal to be computed by allowing interest at the maximum amount allowed lawful contract rate per annum. The “worth at the time of the award” recoverable by the Laws, regardless whether such damages are greater than the amounts set forth in this section.Landlord under (iii) and the
Appears in 1 contract
Samples: Lease Agreement (Avi Biopharma Inc)
Termination of Lease. Terminate Landlord may terminate this Lease effective on the date Landlord specifies in its termination notice and Xxxxxx’s right to Tenant. Upon termination, Tenant will immediately surrender possession of the Premises. If Tenant has abandoned and vacated the Premises, the mere entry of the Premises by Landlord in order to perform acts of maintenance, cure defaults, preserve the Premises or to attempt to relet the Premises, or the appointment of a receiver in order to protect the Landlord’s interest under this Lease, shall not be deemed a termination of Tenant’s right to possession or a termination of this Lease unless Landlord has notified Tenant in writing that this Lease is terminated. Notification of any default described in Paragraph 23 of this Lease shall be in lieu of, and not in addition to, any notice required under Section 1161 et seq. of the California Code of Civil Procedure. If Landlord terminates this LeaseLease and Xxxxxx’s right to possession of the Premises, Landlord may recover from Tenant and Tenant will pay to Landlord on demand all damages Landlord incurs by reason of Tenant’s default, including, without limitation: :
(a1) all Rent due and payable under this Lease as The worth at the time of the effective date award of unpaid rent which had been earned at the time of termination; plus
(2) The worth at the time of the terminationaward of the amount by which the unpaid rent which would have been earned after termination until the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; plus
(b3) any The worth at the time of the award of the amount by which the unpaid rent for the balance of the Lease Term after the time of the award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided; plus
(4) Any other amounts necessary to compensate the Landlord for any all of the detriment proximately caused to Landlord by Tenant’s failure to perform its obligations under this Lease or which in the ordinary course of things would be likely to result from Tenant’s failure to performtherefrom, including but not limited to any Re-entry Costs; legal expenses, brokers’ commissions or finders fees (c) an amount equal in connection with reletting the Premises and the pro rata portion of any leasing commission paid by Landlord in connection with this Lease which is applicable to the difference between portion of the present worthLease Term, including option periods, which is unexpired as of the effective date on which this Lease terminated), the costs of repairs, cleanup, refurbishing, removal and storage or disposal of Tenant’s personal property, equipment, fixtures and anything else that Tenant is required under this Lease to remove but does not remove (including those alterations which Tenant is required to remove pursuant to an election by Landlord and Landlord actually removes whether notice to remove shall be delivered to Tenant), and any costs for alterations, additions and renovations incurred by Landlord in regaining possession of and reletting (or attempting to relet) the Premises. Tenant shall also reimburse Landlord for the pro rata portion of leasehold improvement costs paid by Landlord to install leasehold improvements on the Premises which is applicable to that portion of the termination, Lease Term including any terminated option periods which is unexpired as of the Basic Rent for the balance date on which this Lease terminated, discounted to present value. All computations of the Term remaining after “worth at the effective date time of the termination award” of amounts recoverable by Landlord under (assuming no termination1) and (2) hereof shall be computed by allowing interest at the maximum lawful contract rate per annum. The “worth at the time of the award” recoverable by Landlord under (3) and the present worthdiscount rate for purposes of determining any amounts recoverable under (4), as if applicable, shall be computed by discounting the amount recoverable by Landlord at the discount rate of the effective date Federal Reserve Bank, San Francisco, California, at the time of the terminationaward plus one percent (1%). Upon termination of this Lease, whether by lapse of a fair market Rent for time or otherwise, Xxxxxx shall immediately vacate the Premises for and deliver possession to Landlord, and Landlord shall have the same period (as Landlord reasonably determines the fair market Rent); and (d) Tenant’s Share of Expenses to the extent Landlord is not otherwise reimbursed for such Expenses. For purposes of this section, Landlord will utilize the Discount Rate to compute present worth. Nothing in this section shall limit or prejudice Landlord’s right to prove and obtain damages in an amount equal to re-enter the maximum amount allowed by the Laws, regardless whether such damages are greater than the amounts set forth in this sectionPremises.
Appears in 1 contract
Termination of Lease. Terminate In the event of the termination of this Lease effective on the date by Landlord specifies in its termination notice to Tenantas provided for by Paragraph 24.A(ii). Upon termination, Tenant will immediately surrender possession of the Premises to Landlord. If Landlord terminates this Leaseabove, Landlord may shall be entitled to recover from Tenant and Tenant will pay all sums which Landlord is entitled to Landlord on demand all damages Landlord incurs by reason recover under any provision of Tenant’s default, this Lease including, without limitation: (a) all Rent due and payable under this Lease as of the effective date of the termination; (b) any amount necessary to compensate Landlord for any detriment proximately caused to Landlord by Tenant’s failure to perform its obligations under this Lease or which in the ordinary course would likely result from Tenant’s failure to perform, including but not limited to, all rent accrued and unpaid for the period up to any Re-entry Costs; (c) and including such termination date, as well as all other additional sums payable by Tenant and an amount equal to the difference between excess of the present worth, as value of Base Rent and the CPI component of the effective date Additional Rent provided to be paid for the remainder of the termination, Term over the present value of the Basic Fair Market Rent value of the Premises and the CPI component of the Additional Rent for the balance remainder of the Term remaining after deduction of all reasonably anticipated expenses of reletting. In the effective date alternative, Landlord shall have the right, from time to time, to recover from Tenant, and Tenant shall remain liable for, all Base Rent, Additional Rent and other amounts due and owing under this Lease accelerated and paid pursuant to the provisions of this Lease. Should the present value of the termination (assuming no termination) Fair Market Rent value of the Premises and the present worth, as CPI component of the effective date Additional Rent after deduction of all anticipated expenses of reletting exceed the present value of the termination, Base Rent and the CPI component of a fair market the Additional Rent provided to be paid by Tenant for the Premises for remainder of the same period (as Landlord reasonably determines the fair market Rent); and (d) Tenant’s Share of Expenses to the extent Landlord is not otherwise reimbursed for such Expenses. For purposes of this sectionTerm, Landlord will utilize the Discount Rate shall not be obligated to compute present worth. Nothing in this section shall limit or prejudice Landlord’s right pay to prove and obtain damages in an amount equal to the maximum amount allowed by the Laws, regardless whether Tenant any part of such damages are greater than the amounts set forth in this sectionexcess.
Appears in 1 contract
Samples: Sublease (Universal Access Inc)
Termination of Lease. Terminate (A) At the termination of this Lease effective on the date Landlord specifies in its termination notice to Tenant. Upon terminationby cancellation or expiration or for any other reason whatsoever, Tenant will Lessee shall immediately surrender yield up possession of the Leased Premises to LandlordBoard. If Landlord terminates In case of failure or refusal of Lessee to yield up the Leased Premises, Lessee shall pay as liquidated damages for the whole time such possession is withheld double the proportionate amount of the rent herein specified. This provision shall not constitute a waiver by Board of any remedies now or hereafter afforded to Board by the laws of Louisiana.
(B) At such termination, Lessee shall have the right and Lessee may be required by Board, to remove any and all facilities, building or structures placed by Lessee or Lessee's agents on the Leased Premises, and Lessee shall restore the Leased Premises to as good condition as at the commencement of this Lease, Landlord may recover ordinary wear and tear excepted. In any event, Lessee shall immediately remove all trash, stocks of materials, supplies, tools etc. from Tenant the Leased Premises and Tenant will pay from the adjacent areas of responsibility of Lessee.
(C) If the facilities, buildings or structures which are required by Board to Landlord on demand be removed from the Leased Premises and all damages Landlord incurs trash, stocks of materials, supplies, tools, etc. shall not have been removed by reason Lessee prior to the date of Tenant’s default, including, without limitation: (a) all Rent due and payable under this Lease as termination of the effective date Lease, and the Leased Premises not restored as aforesaid, Lessee hereby agrees Board shall have the option either to collect double the proportionate amount of rent as liquidated damages until the terminationsaid facilities, buildings, structures, trash, stocks of materials, supplies, tools, etc. have been removed and the Leased Premises restored by Lessee's cost, risk and expense, the double rental to continue until ultimate removal thereof and completion of restoration; (b) or to retain such property of Lessee, or any amount necessary part thereof, which remains on the Leased Premises without payment or reimbursement to compensate Landlord for any detriment proximately caused to Landlord by Tenant’s failure to perform its obligations under this Lease or which Lessee unless other arrangements have been made in the ordinary course would likely result from Tenant’s failure to perform, including but not limited to any Re-entry Costs; (c) an amount equal writing between Board and Lessee with regard to the difference between the present worth, as of the effective date of the termination, of the Basic Rent for the balance of the Term remaining after the effective date of the termination (assuming no termination) and the present worth, as of the effective date of the termination, of a fair market Rent for the Premises for the same period (as Landlord reasonably determines the fair market Rent); and (d) Tenant’s Share of Expenses to the extent Landlord is not otherwise reimbursed for such Expenses. For purposes of this section, Landlord will utilize the Discount Rate to compute present worth. Nothing in this section shall limit or prejudice Landlord’s right to prove and obtain damages in an amount equal to the maximum amount allowed by the Laws, regardless whether such damages are greater than the amounts set forth in this sectionremoval thereof.
Appears in 1 contract
Termination of Lease. Terminate Lessor may terminate this Lease effective and all rights of Lessee hereunder by giving Lessee written notice that this Lease is terminated, in which event the Term of this Lease shall terminate and all right, title and interest of Lessee hereunder shall expire on the date Landlord specifies stated in its termination notice to Tenantsuch notice. Upon such termination, Tenant will immediately surrender possession Lessor shall be entitled to recover from Lessee all the fixed dollar amounts of Total Rental accrued and unpaid for the period up to and including such date of termination, as well as all other additional sums payable by Lessee or for which Lessee is liable or in respect of which Lessee has agreed to indemnify Lessor under the provisions of this Lease. In addition, Lessor shall be entitled to recover as damages for the loss of the Premises bargain and not as a penalty (i) the unamortized cost to Landlord. If Landlord terminates Lessor, computed and determined in accordance with generally accepted accounting principles, of the Lessee improvements and alterations, if any, paid for and installed by Lessor pursuant to this Lease, Landlord may recover from Tenant and Tenant will pay to Landlord on demand all damages Landlord incurs by reason plus (ii) the aggregate sum which at the time of Tenant’s defaultsuch termination represents the excess, including, without limitation: (a) all Rent due and payable under this Lease as of the effective date of the termination; (b) any amount necessary to compensate Landlord for any detriment proximately caused to Landlord by Tenant’s failure to perform its obligations under this Lease or which in the ordinary course would likely result from Tenant’s failure to perform, including but not limited to any Re-entry Costs; (c) an amount equal to the difference between the present worth, as of the effective date of the terminationif any, of the Basic Rent present value of the aggregate Total Rental at the same annual rate for the remainder of the Term as then in effect pursuant to the applicable provisions of this Lease, over the then present value of the then aggregate fair total rental value of the Leased Premises (based on gross rent) for the balance of the Term remaining after Lease Term, such present worth to be computed in each case on the effective date basis of a five percent (5%) per annum discount from the respective dates upon which such Total Rentals would have been payable hereunder had this Lease not been terminated, plus (iii) any damages in addition thereto, including reasonable attorneys’ fees and court costs, which Lessor shall have sustained by reason of the termination (assuming no termination) and the present worth, as breach of any of the effective date covenants of the termination, of a fair market Rent this Lease other than for the Premises for the same period (as Landlord reasonably determines the fair market Rent); and (d) Tenant’s Share payment of Expenses to the extent Landlord is not otherwise reimbursed for such Expenses. For purposes of this section, Landlord will utilize the Discount Rate to compute present worth. Nothing in this section shall limit or prejudice Landlord’s right to prove and obtain damages in an amount equal to the maximum amount allowed by the Laws, regardless whether such damages are greater than the amounts set forth in this sectionTotal Rental.
Appears in 1 contract
Termination of Lease. Terminate this Lease effective If Tenant shall neglect or fail to pay rent, perform or observe any of the covenants herein contained on Tenant’s part to be observed and performed, then Landlord shall have all the date Landlord specifies rights to repossess the Premises as provided by law. The Tenant agrees to indemnify and reimburse Landlord, as provided by law, for all expenses incurred in its termination notice to Tenant. Upon termination, Tenant will immediately surrender obtaining possession of the Premises to Landlord. If Landlord terminates Premises, enforcing Tenant’s obligation under this Leaselease, and all loss of rent which the Landlord may recover from Tenant and Tenant will pay to Landlord on demand all damages Landlord incurs incur by reason of Tenant’s default, including, without limitation: (a) all Rent due and payable under this Lease as such repossession during the remainder of the effective date term herein specified. In the event Landlord retakes possession of the termination; (b) any amount necessary to compensate Landlord Premises, for any detriment proximately caused to Landlord by Tenant’s failure to perform its obligations under this Lease or which in the ordinary course would likely result from Tenant’s failure to performreason, including but not limited to any Re-entry Costs; (c) an amount equal prior to the expiration of the lease term, Tenant acknowledges that Landlord through his attempts to rent the Premises will incur certain expenses, and therefore Tenant agrees to pay Landlord the sum of one-half one month’s Rent Installment payment as liquidated damages which both parties agree are reasonable charges that Landlord will incur in its effort to rent the Premises. Landlord shall re-enter and take possession only by lawful means pursuant to a court order or after the Premises have been surrendered or abandoned by Tenant and shall not re-enter by means of force, lockout, or termination of essential services. In the event of recovery of the Premises by the Landlord, the Landlord shall use his best efforts to re-rent the Premises on reasonable terms. Tenant agrees to pay Landlord any difference between the present worth, as rent agreed upon in this lease and rent collected from re- rental of the effective date of the termination, of the Basic Rent for the balance of the Term remaining after the effective date of the termination (assuming no termination) and the present worth, as of the effective date of the termination, of a fair market Rent for the Premises for the same period (as Landlord reasonably determines the fair market Rent); and (d) Tenant’s Share of Expenses to the extent Landlord is not otherwise reimbursed for such Expenses. For purposes remaining term of this section, Landlord will utilize the Discount Rate to compute present worth. Nothing in this section shall limit or prejudice Landlord’s right to prove and obtain damages in an amount equal to the maximum amount allowed by the Laws, regardless whether such damages are greater than the amounts set forth in this sectionlease.
Appears in 1 contract
Samples: Campus Lease Agreement
Termination of Lease. Terminate this Lease effective on the date Landlord specifies Lease, in its termination notice to Tenant. Upon termination, which event -------------------- Tenant will shall immediately surrender possession of the Demised Premises to Landlord. If Tenant shall fail to do so, Landlord terminates may without notice and prejudice to any other remedy available, enter and take possession of the Premises and remove Tenant or anyone occupying the Demised Premises and its effects without being liable to prosecution or any claim for damages. Tenant shall indemnify Landlord for all loss and damage suffered by Landlord because of such termination whether through inability to re-let the Demised Premises or otherwise, including any loss of rent for the remainder of the term of this Lease. If Landlord elects to terminate this Lease, Landlord may recover from Tenant and Tenant will pay Tenant's liability to Landlord on demand for damages shall survive such termination. Landlord shall use commercially reasonable efforts to relet the Premises. B. Acceleration of Rent. Declare the entire amount of all damages Landlord incurs by reason rent -------------------- past due as well as the net present value of Tenant’s default, including, without limitation: (a) all Rent that which would have become due and payable under during the remainder of the term of this Lease as to be due and payable immediately. In this event, Tenant shall pay the same to Landlord immediately. Such payment shall constitute payment of past due rent and payment in advance of the effective date rent stipulated for the remainder of the termination; (b) any amount necessary to compensate Lease term. Acceptance by Landlord for any detriment proximately caused to Landlord by Tenant’s failure to perform its obligations under this Lease or which in the ordinary course would likely result from Tenant’s failure to perform, including but not limited to any Re-entry Costs; (c) an amount equal to the difference between the present worth, as of the effective date payment of the termination, such rent shall not constitute a waiver of the Basic Rent for the balance of the Term remaining after the effective date of the termination (assuming no termination) and the present worth, as of the effective date of the termination, of a fair market Rent for the Premises for the same period (as Landlord reasonably determines the fair market Rent); and (d) Tenant’s Share of Expenses to the extent Landlord is not otherwise reimbursed for such Expenses. For purposes of this section, Landlord will utilize the Discount Rate to compute present worth. Nothing in this section shall limit or prejudice Landlord’s right to prove and obtain damages in an amount equal to the maximum amount allowed by the Laws, regardless whether such damages are greater than the amounts set forth in this sectionany then existing default occurring thereafter.
Appears in 1 contract
Samples: Lease (Sonic Foundry Inc)
Termination of Lease. Terminate Upon the termination of this Lease effective on Lease, or the date Landlord specifies in its termination notice of Tenant’s right to possession as the result of Tenant. Upon termination, Tenant will immediately surrender possession ’s breach of the Premises to Landlord. If Landlord terminates this Lease, Landlord may recover from Tenant exercise any or all of the following rights:
i. To relet the Premises for such rent and Tenant will pay to Landlord on demand all damages Landlord incurs by reason of Tenant’s default, including, without limitation: (a) all Rent due terms as are commercially reasonable under the circumstances. If the rent and payable additional rent reserved under this Lease as (and any of the effective date costs, expenses or damages indicated below) shall not be realized by Landlord, Tenant shall be liable for the damages sustained by Landlord, including without limitation, deficiency in rent, reasonable attorneys’ fees and collection costs, brokerage fees, and expenses of placing the Premises in good order. Landlord’s putting the Premises in good order or preparing the same for rental shall not release Tenant from this Lease. Landlord shall not be required to relet the Premises in advance of or for more favorable terms than available space within the Building or Project. Tenant shall not be entitled to receive any excess of net rent collected over the sums due hereunder. Any damage or loss of rent sustained by Landlord may be recovered by Landlord, at Landlord’s option, at the time of the termination; (b) any amount necessary to compensate first reletting, in separate actions thereafter, or deferred until the expiration of the term of this Lease. All rights and remedies of Landlord for any detriment proximately caused to Landlord by Tenant’s failure to perform its obligations under this Lease shall be cumulative and shall not be exclusive of any other rights and remedies provided to Landlord under applicable law.
ii. To remove any and all persons and property from the Premises pursuant to such rights and remedies as the laws of the State of Nevada shall then provide. Said property may, at Landlord’s option, be stored or which in the ordinary course would likely result from Tenant’s failure to performotherwise dealt with as such laws may then provide or permit, including but not limited to the right of Landlord to store the same, or any Re-entry Costs; (c) an amount equal to part thereof, in a warehouse or elsewhere at the difference between the present worth, as expense and risk of the effective date of the termination, of the Basic Rent and for the balance account of Tenant. Landlord shall not be liable for damage to or the Term remaining after the effective date loss of the termination (assuming no termination) and the present worth, as of the effective date of the termination, of a fair market Rent for the Premises for the same period (as Landlord reasonably determines the fair market Rent); and (d) Tenant’s Share of Expenses to the extent Landlord is not otherwise reimbursed for such Expensesproperty.
iii. For purposes of this section, Landlord will utilize the Discount Rate to compute present worth. Nothing in this section shall limit To enforce any other rights or prejudice Landlord’s right to prove and obtain damages in an amount equal to the maximum amount allowed by the Laws, regardless whether such damages are greater than the amounts remedies set forth in this sectionLease or otherwise applicable hereto by operation of law or contract.
Appears in 1 contract
Samples: Lease Agreement (Switch, Inc.)
Termination of Lease. Terminate Landlord may terminate this Lease effective on the date Landlord specifies in its termination notice and/or Tenant’s right to Tenant. Upon termination, Tenant will immediately surrender possession of the Premises. If Tenant has abandoned and vacated the Premises, the mere entry of the Premises by Landlord in order to perform acts of maintenance, cure defaults, preserve the Premises or to attempt to relet the Premises, or the appointment of a receiver in order to protect the Landlord’s interest under this Lease, shall not be deemed a termination of Tenant’s right to possession or a termination of this Lease unless Landlord has notified Tenant in writing that this Lease is terminated. Notification of any default described in Paragraph 23 of this Lease shall be in lieu of, and not in addition to, any notice required under applicable law. If Landlord terminates this LeaseLease and Tenant’s right to possession of the Premises, Landlord may recover from Tenant and Tenant will pay to Landlord on demand all damages Landlord incurs by reason of Tenant’s default, including, without limitation: :
(a1) all Rent due and payable under this Lease as The worth at the time of the effective date award of unpaid rent which had been earned at the time of termination; plus
(2) The worth at the time of the terminationaward of the amount by which the unpaid rent which would have been earned after termination until the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; plus
(b3) any The worth at the time of the award of the amount by which the unpaid rent for the balance of the Lease Term after the time of the award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided; plus
(4) Any other amounts necessary to compensate the Landlord for any all of the detriment proximately caused to Landlord by Tenant’s failure to perform its obligations under this Lease or which in the ordinary course of things would be likely to result from Tenant’s failure to performtherefrom, including but not limited to any Re-entry Costs; legal expenses, brokers’ commissions or finders fees (c) an amount equal in connection with reletting the Premises and the pro rata portion of any leasing commission paid by Landlord in connection with this Lease which is applicable to the difference between portion of the present worthLease Term, including option periods, which is unexpired as of the effective date on which this Lease terminated), the costs of repairs, cleanup, refurbishing, removal and storage or disposal of Tenant’s personal property, equipment, fixtures and anything else that Tenant is required under this Lease to remove but does not remove (including those alterations which Tenant is required to remove pursuant to an election by Landlord and Landlord actually removes whether notice to remove shall be delivered to Tenant), and any costs for alterations, additions and renovations incurred by Landlord in regaining possession of and reletting (or attempting to relet) the Premises. Tenant shall also reimburse Landlord for the pro rata portion of leasehold improvement costs paid by Landlord to install leasehold improvements on the Premises which is applicable to that portion of the termination, Lease Term including any terminated option periods which is unexpired as of the Basic Rent for the balance date on which this Lease terminated, discounted to present value. All computations of the Term remaining after “worth at the effective date time of the termination award” of amounts recoverable by Landlord under (assuming no termination1) and (2) hereof shall be computed by allowing interest at the maximum lawful contract rate per annum. The “worth at the time of the award” recoverable by Landlord under (3) and the present worthdiscount rate for purposes of determining any amounts recoverable under (4), as if applicable, shall be computed by discounting the amount recoverable by Landlord at the discount rate of the effective date Federal Reserve Bank, San Francisco, California at the time of the terminationaward plus one percent (1%). Upon termination of this Lease, whether by lapse of a fair market Rent for time or otherwise, Tenant shall immediately vacate the Premises for and deliver possession to Landlord, and Landlord shall have the same period (as Landlord reasonably determines the fair market Rent); and (d) Tenant’s Share of Expenses to the extent Landlord is not otherwise reimbursed for such Expenses. For purposes of this section, Landlord will utilize the Discount Rate to compute present worth. Nothing in this section shall limit or prejudice Landlord’s right to prove and obtain damages in an amount equal to re-enter the maximum amount allowed by the Laws, regardless whether such damages are greater than the amounts set forth in this sectionPremises.
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Termination of Lease. Terminate In the event of any such default by Tenant not cured within the applicable notice and cure periods, then, in addition to any other remedies available to Landlord under Applicable Laws. Landlord shall have the option to terminate this Lease and all rights of Tenant hereunder by giving Tenant notice of termination. Such notice of termination may be made effective on immediately and may be included in any notice hereinabove provided, pertaining to any default and in such case shall be conditioned upon the date Landlord specifies in its termination notice failure of Tenant to Tenant. Upon termination, Tenant will immediately surrender possession of the Premises to Landlordcure such default. If Landlord terminates elects to so terminate this Lease, then Landlord may recover from Tenant:
(a) At Landlord's option either:
(1) a sum which, at the time of such termination of this Lease represents the then value of the excess, if any discounted to present value with an interest rate of ten percent ( 10%) calculated as of the date of termination, of (x) the aggregate of the Base Rent and Additional Rent payable under this Lease through the Expiration Date, had this Lease not so terminated (conclusively presuming the Additional Rent to be the same as was payable for the one (1) year period immediately preceding and ending on such termination, increased at the average rate of increase for each category of Additional Rent subject to increase hereunder, experienced during the period not exceeding three (3) years prior to such termination), over (y) the aggregate fair market rental value of the Demised Premises for the same period;
(2) the amount of the Base Rent and Additional Rent (as above presumed) payable pursuant to this Lease had it not so terminated, payable on the due dates therefor hereunder following such termination through the Expiration Date (as had this Lease not so terminated), provided, however, that if Landlord shall re-let the Demised Premises during said period, Landlord shall credit Tenant with the net rents received by Landlord from such re-letting, (such net rents shall be determined by the deduction from the gross rents as and when received by Landlord from such re-letting) the expenses incurred or paid by Landlord in terminating this Lease, re-entering the Demised Premises, securing possession thereof, and of re-letting, but excluding altering and preparing the Demised Premises therefor, broker's commissions, and all other reasonable expenses properly chargeable to Tenant's default and re-letting of the Demised Premises) and in this connection, the following shall apply: (i) in no event shall Tenant will pay be entitled to receive any excess of such net rent over the sums payable by Tenant to Landlord on demand all hereunder unless Landlord terminates after Tenant requests Landlord consent to assignment or sublet hereunder; (ii) any such re-letting may, at Landlord's option be for a shorter period or longer than the remaining Lease Term; (iii) nothing herein contained shall be construed as requiring Landlord to re-let, and Landlord shall have no obligation to do so except as may be required by Applicable Laws; and (iv) the parties agree that the amount of rent reserved upon such re-letting shall, prima facie, constitute the fair market value for the Demised Premises, or part thereof re-let during the term of such re-letting; or
(3) at Landlord's option, any other measure of Landlord's damages Landlord incurs by reason of Tenant’s defaultpermitted under Applicable Laws, including, without limitation: (a) all Rent due and payable under this Lease as , the acceleration of the effective date of the termination; (b) any amount necessary to compensate Landlord for any detriment proximately caused to Landlord by Tenant’s failure to perform its obligations under this Lease or which in the ordinary course would likely result from Tenant’s failure to perform, including but not limited to any Re-entry Costs; (c) an amount equal to the difference between the present worth, as of the effective date of the termination, of the Basic Rent future Rents for the balance of the Lease Term remaining after the effective date of the termination discounted to present value with an interest rate often percept (assuming no termination10%) and the present worth, calculated as of the effective date of the termination, following Tenant's default in the payment of a fair market Rent any monthly installment, provided, that if Landlord elect to accelerate as herein provided, Tenant shall be entitled to possession of the Demised Premises upon payment of the Rents reserved for the Premises balance of the Lease Term and all other provisions of this Lease shall remain in effect; and
(b) The amount of any unpaid Base Rent and Additional Rent hereunder accrued at the time of such termination; and
(c) Any other, including any alternative, amount necessary or proper to compensate Landlord for its damages, losses or expenses resulting from Tenant's default hereunder and permitted by Applicable Laws as well as any reasonable costs and expenses, and the same period (as reasonable amount of attorneys' fees incurred by Landlord reasonably determines the fair market Rent)resulting therefrom; and and
(d) Tenant’s Share Interest on the amount of Expenses to the extent Landlord is not otherwise reimbursed for such Expenses. For purposes unpaid Rents in accordance with Section 1.07 of this section, Landlord will utilize the Discount Rate to compute present worth. Nothing in this section shall limit or prejudice Landlord’s right to prove and obtain damages in an amount equal to the maximum amount allowed by the Laws, regardless whether such damages are greater than the amounts set forth in this sectionLease.
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Samples: Lease Agreement (Bion Environmental Technologies Inc)