Chronic Default definition

Chronic Default means failure by Tenant to pay Rent, or any other payments required to be paid by Tenant under this Lease within three (3) days after written notice thereof for any three (3) months (consecutive or nonconsecutive) during any period of twelve (12) months;

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Chronic Default as used in this Lease shall mean that Tenant is in default in the performance of any of its obligations under this Lease beyond-applicable notice and cure periods, if any, for more than two (2) times in any twelve (12) month period, regardless of whether or not Tenant cures any such default. If Tenant once becomes in Chronic Default, Tenant may become out of Chronic Default if no default by Tenant in the performance of any of its obligations under this Lease beyond applicable notice and cure periods, if any, occurs in the following twelve (12) month period.

Chronic Default. The term "Chronic Default" as used in this Lease shall mean that Tenant has materially defaulted in the performance of any of its obligations under this Lease more than three (3) times during the any twenty-four (24) month period during the term of the Lease, regardless of whether or not Tenant cures any such material default. A Chronic Default is not curable by Tenant. Upon the occurrence of a Chronic Default and at all times thereafter during the balance of the Term of this Lease, Landlord shall no longer be obligated to provide Tenant written notice of default as set forth in Section 18.3 hereof and Tenant shall no longer be entitled to any cure period set forth in this Lease, including without limitation, those cure periods set forth in Section 18.3. Following a Chronic Default, Landlord, in its sole discretion, may elect to provide written notice of default to Tenant or grant Tenant a period during which it may cure any such default, however, no such delivery of written notice or grant of a cure period by Landlord shall in any way obligate Landlord to provide Tenant any subsequent written notices of default or cure periods.

Examples of Chronic Default in a sentence

If Tenant is in Chronic Default, Landlord may immediately exercise any or all remedies available under this Lease or at law or in equity, all without giving Tenant any notice or an opportunity to cure the last default causing Tenant's Chronic Default (notwithstanding any notice and cure provision or other lease provision to the contrary).
The face amount of the Letter of Credit may be reduced to One Million Six Hundred Thirty-Five Thousand Dollars ($1,635,000) on the eighth (8th) anniversary of the Rent Commencement Date, so long as (i) Tenant is not in default under the Lease on such date, and (ii) Tenant is not in Chronic Default under this Lease on such date.
If Tenant is in Chronic Default, Landlord may immediately exercise any or all remedies available under this lease or at law or in equity, all without giving Tenant any notice or an opportunity to cure the last default causing Tenant's Chronic Default (notwithstanding any notice and cure provision or other lease provision to the contrary).
Tenant shall not be entitled to any abatement or to exercise any termination rights in the event Tenant is in Chronic Default of this Lease.
Sublessee will be in "Chronic Default" under this Sublease if Sublessee breaches any of the terms and conditions of this Sublease during any twelve (12) month period in which two (2) payment of rent defaults have already occurred (even though said defaults may have been timely cured).
If Sublessee is in Chronic Default, Sublessor may immediately exercise any and all rights and remedies available under this Sublease or at law or in equity, all without giving Sublessee any notice or opportunity to cure the breach(es) causing Sublessee's Chronic Default.
At any time after Tenant has become in Chronic Default hereunder, Landlord may require an-increase in the amount of the Security Deposit required hereunder for the then balance of the Term and Tenant shall, immediately on demand, pay to Landlord such additional sums.
At any time after Tenant has defaulted hereunder more than three (3) times in any twelve (12) month period (a "Chronic Default"), Landlord may require an increase in the amount of the Security Deposit required hereunder, up to a maximum of two hundred percent (200%) of the amount of the original Security Deposit, for the then balance of the Lease Term and Tenant shall, immediately on demand, pay to Landlord additional sums in the amount of such increase.
If Tenant is in "Chronic Default", Tenant shall no longer be entitled to any notice or opportunity to cure with regard to any Events of Default occurring thereafter and Landlord shall be entitled to all remedies available at its option at any time thereafter.
The face amount of the Letter of Credit may be reduced to Two Million One Hundred Fifteen Thousand Dollars ($2,115,000) on the eighth (8th) anniversary of the Rent Commencement Date, so long as (i) Tenant is not in default under the Lease on such date, and (ii) Tenant is not in Chronic Default under this Lease on such date.

More Definitions of Chronic Default

Chronic Default as used in this Lease shall mean that Tenant has materially defaulted in the performance of any of its obligations under this Lease more than three (3) times during the Term of the Lease, regardless of whether or not Tenant cures any such material default.