Common use of Xxxxxx's Default Clause in Contracts

Xxxxxx's Default. If LESSOR should default in the performance of any provision, covenant, condition or obligation on its part to be performed under this Lease, and such default is not cured or commenced to be cured (and diligently prosecuted to completion thereafter) within sixty (60) days after written notice from LESSEE to LESSOR specifying the default, LESSEE may, at its option, perform the same at the expense of LESSOR. LESSEE shall then have the right in that event to deduct its reasonable and documented costs and expenses (including reasonable attorney’s fees) incurred by it by reason of any such default of LESSOR under this Lease against the next ensuing monthly installment(s) of Rent hereunder until it has been fully reimbursed for same. Regardless of the foregoing, if XXXXXX’s default materially impairs the operations of LESSEE at the Leased Premises LESSEE may, upon the expiration of the aforesaid sixty (60) day cure period and LESSOR having failed to cure (or to commence to cure and diligently pursue thereafter) during such sixty (60) day period, give LESSOR a second notice of default and state therein that XXXXXX’s failure to timely cure the default (or commence to cure and diligently pursue) is materially interfering with the LESSEE’s operations at the Leased Premises. XXXXXX shall then have a period of fifteen (15) Business Days from the receipt of the second notice to cure (or commence to cure and diligently pursue) the default. If LESSOR fails to cure the default within the fifteen (15) Business Day period, LESSEE, in addition to all other remedies available to LESSEE at law or in equity for LESSOR’s default, shall have the right to terminate this Lease upon notice to LESSOR given at any time thereafter, but before actual cure of the default by XXXXXX. Such termination shall be effective on a date specified in the notice which is not more than thirty (30) days following the date of the notice. In the event of such termination by XXXXXX, LESSOR, after deduction for unpaid Rent through the effective date of the termination, shall pay to LESSEE an amount equal to the net book value (i.e., the cost less straight line depreciation over the shorter of (i) useful life of the improvement under the Internal Revenue Code or (ii) twenty-five (25) years), as of the effective date of the termination, of any improvements to the Leased Premises by LESSEE that were approved by LESSOR under Section 5.06 or any other applicable provision of this Lease. LESSOR’s obligation to pay the amount due to LESSEE under this Section 13.03 shall be LESSEE’s sole remedy under this Lease, and LESSEE shall have no right to seek additional damages or pursue any other remedy against XXXXXX. LESSOR shall pay any amount due to LESSEE under this Section 13.03 within thirty (30) days from the termination date of this Lease.

Xxxxxx's Default. If LESSOR should Each of the following events shall be a default by Xxxxxx and a breach of this Lease: Failure to timely and fully perform Lessee's obligations under Article 9 of this Lease or under the _______________________________________. Failure or refusal to pay when due the Rent as provided in the performance Article 5 of this Lease. Failure or refusal to pay when due any provision, covenant, condition or obligation on its part other sum required by this Lease to be performed under this Lease, and paid by Lessee if such default failure to pay is not cured or commenced to be cured within twenty (and diligently prosecuted to completion thereafter) within sixty (6020) days after written notice from LESSEE thereof is provided to LESSOR specifying Xxxxxx. Failure by Lessee to perform as required any other covenant, agreement or obligation (other than the default, LESSEE may, at its option, perform the same at the expense payment of LESSOR. LESSEE shall then have the right in that event to deduct its reasonable and documented costs and expenses (including reasonable attorney’s feesa liquidated sum of money) incurred by it by reason of any such default of LESSOR Lessee under this Lease against and the next ensuing monthly installment(s) of Rent hereunder until it has been fully reimbursed for same. Regardless of the foregoing, if XXXXXX’s default materially impairs the operations of LESSEE at the Leased Premises LESSEE may, upon the expiration of the aforesaid sixty (60) day cure period and LESSOR having failed to cure (or to commence to cure and diligently pursue thereafter) during such sixty (60) day period, give LESSOR a second notice of default and state therein that XXXXXX’s failure to timely cure the default (or commence to cure and diligently pursue) is materially interfering with the LESSEE’s operations at the Leased Premises. XXXXXX shall then have a period of fifteen (15) Business Days from the receipt of the second notice to cure (or commence to cure and diligently pursue) the default. If LESSOR fails to cure the default within the fifteen (15) Business Day period, LESSEE, in addition to all other remedies available to LESSEE at law or in equity for LESSOR’s default, shall have the right to terminate this Lease upon notice to LESSOR given at any time thereafter, but before actual cure of the default by XXXXXX. Such termination shall be effective on a date specified in the notice which same is not more than thirty (30) days following the date of the notice. In the event of such termination by XXXXXX, LESSOR, after deduction for unpaid Rent through the effective date of the termination, shall pay to LESSEE an amount equal to the net book value (i.e., the cost less straight line depreciation over the shorter of (i) useful life of the improvement under the Internal Revenue Code or (ii) twenty-five (25) years), as of the effective date of the termination, of any improvements to the Leased Premises by LESSEE that were approved by LESSOR under Section 5.06 or any other applicable provision of this Lease. LESSOR’s obligation to pay the amount due to LESSEE under this Section 13.03 shall be LESSEE’s sole remedy under this Lease, and LESSEE shall have no right to seek additional damages or pursue any other remedy against XXXXXX. LESSOR shall pay any amount due to LESSEE under this Section 13.03 cured within thirty (30) days after notice of such failure from Lessor to Lessee; provided, that, if such default is of a nature that cannot reasonably be expected to be cured within said thirty (30) days, then for such longer time as may be reasonably necessary so long as Lessee commences the termination date cure within said thirty (30) days and thereafter diligently prosecutes the same to completion. The taking by execution of this LeaseXxxxxx's leasehold estate for the benefit of any person other than a Lender or purchaser at a foreclosure under a Mortgage. The filing of a petition for relief against Lessee, as debtor, under the Federal Bankruptcy Code (the "Code"), as now or hereafter constituted, or any other applicable federal or state law of similar import, or the entry of a decree or order by a court having jurisdiction over the Premises, appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator, or other similar official of or for Lessee or any substantial part of the properties of Lessee or ordering the winding up or liquidation of the affairs of Xxxxxx, and the continuance of any such decree or order unstayed and in effect for a period of ninety (90) consecutive days. The commencement by Lessee of a voluntary case under the Code, as now or hereafter constituted, or any other applicable federal or state law of similar import, or the consent or acquiescence by Lessee to the commencement of a case under the Code or such law or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator, or other similar official of or for Lessee or any substantial part of the property of Lessee.

Xxxxxx's Default. If LESSOR should default in Each of the performance of any provision, covenant, condition or obligation on its part following events shall be deemed to be performed an “Event of Default” under this Lease, : (i) failure to pay Rent or any other monetary obligation as and when due and such default failure continues for two (2) business days after Xxxxxx’s receipt of Landlord’s written notice thereof (provided that Tenant shall only be entitled to such notice and cure period three (3) times in any consecutive 12-month period); (ii) Tenant abandons the Premises in violation of Section 4(b) above; (iii) Tenant becomes insolvent, makes an assignment for the benefit of creditors, or institutes a proceeding under state or federal bankruptcy laws (or successor laws) or Tenant shall be adjudged bankrupt or insolvent in proceedings filed against Tenant; (iv) a writ of attachment or execution is levied on this Lease, or a receiver is appointed with authority to take possession of the Premises, which attachment, execution or receiver is not cured or commenced to be cured (and diligently prosecuted to completion thereafter) removed within sixty (60) days after written notice from LESSEE of filing or appointment of a receiver; (v) Tenant shall be liquidated or dissolved; (vi) Tenant shall violate Section 23 hereof; (vii) the estate or interest of Tenant in the Premises or any part thereof shall be levied upon or attached in any proceeding relating to LESSOR specifying the defaultmore than One Hundred Seventy-Five Thousand and No/100 Dollars ($175,000.00), LESSEE may, at its option, perform and the same at shall not be vacated, discharged or stayed pending appeal (or bonded or otherwise similarly secured payment) within the expense earlier of LESSOR. LESSEE shall then have the right in that event to deduct its reasonable and documented costs and expenses ninety (including reasonable attorney’s fees90) incurred by it by reason of any such default of LESSOR under this Lease against the next ensuing monthly installment(s) of Rent hereunder until it has been fully reimbursed for same. Regardless of the foregoing, if XXXXXX’s default materially impairs the operations of LESSEE at the Leased Premises LESSEE may, upon the expiration of the aforesaid days after commencement thereof or sixty (60) day cure days after receipt by Tenant of notice thereof from Landlord or any earlier period and LESSOR having failed to cure (provided by Law for obtaining any stay pending appeal or to commence to cure prevent foreclosure or sale; provided, however, that such notice shall be in lieu of and diligently pursue thereafter) during such sixty (60) day period, give LESSOR a second notice of default and state therein that XXXXXX’s failure to timely cure the default (or commence to cure and diligently pursue) is materially interfering with the LESSEE’s operations at the Leased Premises. XXXXXX shall then have a period of fifteen (15) Business Days from the receipt of the second notice to cure (or commence to cure and diligently pursue) the default. If LESSOR fails to cure the default within the fifteen (15) Business Day period, LESSEE, not in addition to all any notice required under applicable Law; (viii) Tenant fails to maintain any insurance required by this Lease; and (ix) failure by Tenant to perform any other remedies available to LESSEE at law covenant, agreement or undertaking of the Tenant contained in equity for LESSOR’s default, shall have the right to terminate this Lease upon notice if the failure to LESSOR given at any time thereafter, but before actual cure of the default by XXXXXX. Such termination shall be effective on a date specified in the notice which perform is not more than thirty (30) days following the date of the notice. In the event of such termination by XXXXXX, LESSOR, after deduction for unpaid Rent through the effective date of the termination, shall pay to LESSEE an amount equal to the net book value (i.e., the cost less straight line depreciation over the shorter of (i) useful life of the improvement under the Internal Revenue Code or (ii) twenty-five (25) years), as of the effective date of the termination, of any improvements to the Leased Premises by LESSEE that were approved by LESSOR under Section 5.06 or any other applicable provision of this Lease. LESSOR’s obligation to pay the amount due to LESSEE under this Section 13.03 shall be LESSEE’s sole remedy under this Lease, and LESSEE shall have no right to seek additional damages or pursue any other remedy against XXXXXX. LESSOR shall pay any amount due to LESSEE under this Section 13.03 cured within thirty (30) days from after Xxxxxx’s receipt of Landlord’s written notice thereof; provided, however, if the termination date breach cannot reasonably be cured within thirty (30) days, the same shall not result in an Event of this LeaseDefault if Tenant commences to cure the breach within thirty (30) days of receipt of Landlord’s written notice and diligently and in good faith continues to prosecute the cure of said breach to completion; provided that such breach is cured within two hundred forty (240) days of receipt of Landlord’s written notice.